Consolidated

Schedule

Investments

(unaudited)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.4%

(a)(b)

522

Funding

CLO

Ltd.,

Series

2017-

1A,

Class

CR,

(3-mo.

CME

Term

SOFR

2.15%

Floor

2.41%),

6.74%,

10/20/34

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

USD

280‌

280,668‌

720

East

CLO

VII

Ltd.,

Series

2025-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.06%

Floor

1.06%),

5.34%,

04/20/37

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

660‌

661,024‌

Anchorage

Capital

CLO

Ltd.,

Series

2019-11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

2.40%

Floor

2.40%),

6.73%,

07/22/37

.......

270‌

271,966‌

AREIT

Ltd.,

Series

2025-CRE10,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.54%,

12/17/29

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

1,490‌

1,490,921‌

Battalion

CLO

Ltd.,

Series

2016-10A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

1.55%

Floor

1.81%),

6.13%,

01/25/35

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

485‌

485,681‌

BBAM

CLO

Ltd.,

Series

2022-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.20%

Floor

1.20%),

5.52%,

03/30/38

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

270‌

270,268‌

Bethpage

Park

CLO

Ltd.,

Series

2021-1A,

Class

(3-mo.

CME

Term

SOFR

1.13%

Floor

1.39%),

5.71%,

01/15/35

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

270‌

270,374‌

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.86%),

6.19%,

10/22/30

...

227‌

226,953‌

Series

2014-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.01%),

6.34%,

10/20/30

...

256‌

256,193‌

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

(3-mo.

CME

Term

SOFR

1.50%

Floor

1.76%),

6.08%,

07/15/31

.......

502‌

502,694‌

CIFC

Funding

Ltd.

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

1.91%

Floor

1.91%),

6.23%,

07/15/36

...

875‌

876,671‌

Series

2025-2A,

Class

(3-mo.

CME

Term

SOFR

1.13%

Floor

1.13%),

5.41%,

04/15/38

...

250‌

250,272‌

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.66%),

5.98%,

04/17/30

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

402‌

402,275‌

Diameter

Capital

CLO

Ltd.,

Series

2025-10A,

Class

(3-mo.

CME

Term

SOFR

1.31%

Floor

1.31%),

5.60%,

04/20/38

.......

2,000‌

2,006,597‌

Diameter

Capital

CLO

Ltd.,

Series

2025-9A,

Class

(3-mo.

CME

Term

SOFR

1.17%

Floor

1.17%),

5.50%,

04/20/38

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

260‌

260,334‌

Dryden

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(3-mo.

CME

Term

SOFR

1.60%

Floor

1.86%),

6.19%,

07/18/30

.......

250‌

250,375‌

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Elmwood

CLO

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

1.70%

Floor

1.70%),

6.03%,

10/20/37

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

USD

475‌

477,085‌

Golub

Capital

Partners

CLO

Ltd.,

Series

2024-77A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.25%

Floor

1.25%),

5.57%,

01/25/38

.......

250‌

250,499‌

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

(1-mo.

CME

Term

SOFR

1.02%

Floor

1.13%),

5.28%,

07/15/39

.......

68‌

68,102‌

Madison

Park

Funding

LXXI

Ltd.,

Series

2025-71A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.14%

Floor

1.14%),

5.41%,

04/23/38

.......

270‌

270,211‌

Madison

Park

Funding

XXXVII

Ltd.,

Series

2019-37A,

Class

AR2,

(3-mo.

CME

Term

SOFR

1.53%

Floor

1.53%),

5.85%,

04/15/37

.......

250‌

251,256‌

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL6,

Class

(1-mo.

CME

Term

SOFR

1.10%

Floor

1.21%),

5.35%,

07/16/36

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

40‌

39,680‌

New

Mountain

CLO

Ltd.,

Series

CLO-

1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

1.25%

Floor

1.25%),

5.57%,

01/15/38

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

270‌

270,537‌

Oak

Hill

Credit

Partners

X-R

Ltd.,

Series

2014-10RA,

Class

AR2,

(3-mo.

CME

Term

SOFR

1.13%

Floor

1.13%),

5.46%,

04/20/38

400‌

400,039‌

Oaktree

CLO

Ltd.,

Series

2021-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.97%

Floor

0.97%),

5.29%,

01/15/35

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

270‌

270,029‌

OCP

CLO

Ltd.,

Series

2014-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

1.40%

Floor

1.66%),

5.98%,

04/26/31

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

300‌

299,979‌

Octagon

Investment

Partners

Ltd.,

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

1.65%

Floor

1.91%),

6.23%,

07/15/36

.......

300‌

300,273‌

OHA

Credit

Funding

Ltd.,

Series

2020-7A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

1.28%

Floor

1.28%),

5.54%,

07/19/38

.......

250‌

250,625‌

Palmer

Square

Loan

Funding

Ltd.,

Series

2022-3A,

Class

A1BR,

(3-mo.

CME

Term

SOFR

1.40%

Floor

1.40%),

5.72%,

04/15/31

.......

270‌

270,405‌

Recette

CLO

Ltd.,

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.66%),

5.99%,

04/20/34

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

250‌

250,140‌

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

1.32%

Floor

1.32%),

5.64%,

01/15/38

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

270‌

271,073‌

Regatta

Funding

Ltd.,

Series

2025-

1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.17%

Floor

1.17%),

5.40%,

03/25/38

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

300‌

300,112‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Rockford

Tower

CLO

Ltd.

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

1.65%

Floor

1.91%),

6.24%,

04/20/34

...

USD

250‌

250,158‌

Series

2018-1A,

Class

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.36%),

5.57%,

05/20/31

...

75‌

75,458‌

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.55%

Floor

1.55%),

5.87%,

04/15/37

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

1,354‌

1,359,248‌

TICP

CLO

Ltd.

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

1.12%

Floor

1.38%),

5.70%,

01/15/34

...

250‌

250,414‌

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

1.50%

Floor

1.76%),

6.08%,

01/15/34

...

250‌

250,592‌

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

1.65%

Floor

1.91%),

6.23%,

07/15/34

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

300‌

300,672‌

Whitebox

CLO

Ltd.,

Series

2019-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

1.75%

Floor

1.75%),

6.07%,

07/24/36

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

300‌

300,804‌

15,790,657‌

Ireland

—

0.6%

(b)

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

(3-mo.

EURIBOR

3.75%

Floor

3.75%),

5.79%,

02/15/37

(c)

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

EUR

630‌

748,618‌

Arcano

Euro

CLO

DAC,

Series

1X,

Class

(3-mo.

EURIBOR

3.40%

Floor

3.40%),

5.59%,

04/25/39

(c)

820‌

978,016‌

Arcano

Euro

CLO

DAC,

Series

2X,

Class

(3-mo.

EURIBOR

3.30%

Floor

3.30%),

5.28%,

07/25/39

(c)

370‌

438,333‌

Arini

European

CLO

DAC,

Series

4X,

Class

(3-mo.

EURIBOR

3.50%

Floor

3.50%),

5.53%,

01/15/38

(c)

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

1,010‌

1,207,030‌

Arini

European

CLO

DAC,

Series

5X,

Class

(3-mo.

EURIBOR

2.80%

Floor

2.80%),

5.17%,

01/15/39

(c)

530‌

622,110‌

Aurium

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

3.15%

Floor

3.15%),

5.28%,

10/15/38

(c)

250‌

296,924‌

Aurium

CLO

XIII

DAC,

Series

13X,

Class

(3-mo.

EURIBOR

2.80%

Floor

2.80%),

5.17%,

04/15/38

(c)

370‌

433,358‌

Avoca

CLO

XVIII

DAC,

Series

18X,

Class

DR,

(3-mo.

EURIBOR

3.05%

Floor

3.05%),

5.08%,

01/15/38

(c)

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

400‌

472,272‌

Avoca

Static

CLO

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

2.90%

Floor

2.90%),

4.93%,

01/15/35

(c)

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

350‌

413,042‌

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.19%,

10/25/37

(c)

820‌

972,526‌

CIFC

European

Funding

CLO

DAC,

Series

2X,

Class

B1,

(3-mo.

EURIBOR

1.60%

Floor

1.60%),

3.63%,

04/15/33

(c)

...........

207‌

243,041‌

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Contego

CLO

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

3.10%

Floor

3.10%),

5.13%,

10/15/37

(c)

EUR

530‌

626,389‌

Contego

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

3.45%

Floor

3.45%),

5.42%,

01/23/38

(c)

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

680‌

807,296‌

Contego

CLO

DAC,

Series

11X,

Class

DR,

(3-mo.

EURIBOR

3.20%

Floor

3.20%),

5.23%,

11/20/38

(c)

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

510‌

605,310‌

CVC

Cordatus

Opportunity

Loan

Fund-R

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

2.80%

Floor

2.80%),

4.84%,

08/15/33

(c)

.....

1,640‌

1,928,185‌

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-1X,

Class

DR,

(3-mo.

EURIBOR

2.70%

Floor

2.70%),

4.74%,

02/15/38

(c)

...........

700‌

817,443‌

Harvest

CLO

XXXII

DAC,

Series

32X,

Class

(3-mo.

EURIBOR

3.60%

Floor

3.60%),

5.54%,

07/25/37

(c)

522‌

622,609‌

Henley

CLO

DAC,

Series

11X,

Class

(3-mo.

EURIBOR

2.60%

Floor

2.60%),

4.96%,

04/25/39

(c)

....

780‌

921,507‌

Henley

CLO

XII

DAC,

Series

12X,

Class

(3-mo.

EURIBOR

3.10%

Floor

3.10%),

5.13%,

01/15/38

(c)

510‌

607,218‌

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(3-mo.

EURIBOR

0.92%

Floor

0.92%),

2.95%,

11/14/32

(c)

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

66‌

77,756‌

Jubilee

CLO

DAC,

Series

2024-29X,

Class

(3-mo.

EURIBOR

3.20%

Floor

3.20%),

5.23%,

01/15/39

(c)

860‌

1,020,229‌

Palmer

Square

European

Loan

Funding

DAC

(c)

Series

2024-2X,

Class

(3-mo.

EURIBOR

3.15%

Floor

3.15%),

5.19%,

05/15/34

....

630‌

741,587‌

Series

2024-3X,

Class

(3-mo.

EURIBOR

3.05%

Floor

3.05%),

5.09%,

05/15/34

....

510‌

603,733‌

Penta

CLO

DAC,

Series

2024-17X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.29%,

08/15/38

(c)

580‌

685,550‌

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.61%),

6.77%,

07/25/51

...

USD

90‌

91,120‌

Series

2021-1A,

Class

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.86%),

8.02%,

07/25/51

...

53‌

54,015‌

Series

2021-1A,

Class

(1-mo.

CME

Term

SOFR

0.00%

Floor

6.01%),

10.17%,

07/25/51

43‌

43,781‌

Providus

CLO

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

3.20%

Floor

3.20%),

5.23%,

10/15/38

(c)

EUR

557‌

659,681‌

Rockford

Tower

Europe

CLO

DAC,

Series

2025-1X,

Class

(3-mo.

EURIBOR

3.00%

Floor

3.00%),

5.21%,

10/25/37

(c)

...........

680‌

803,001‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Signal

Harmonic

CLO

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

3.50%

Floor

3.50%),

5.42%,

07/15/38

(c)

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

EUR

450‌

534,397‌

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

(3-mo.

EURIBOR

3.25%

Floor

3.25%),

5.27%,

04/20/37

(c)

1,100‌

1,305,225‌

Sona

Fios

CLO

DAC,

Series

5X,

Class

(3-mo.

EURIBOR

3.30%

Floor

3.30%),

5.33%,

08/25/38

(c)

410‌

486,837‌

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2025-1X,

Class

(3-mo.

EURIBOR

3.00%

Floor

3.00%),

5.20%,

04/16/39

(c)

...........

820‌

974,207‌

Victory

Street

CLO

DAC,

Series

1X,

Class

(3-mo.

EURIBOR

3.45%

Floor

3.45%),

5.48%,

01/15/38

(c)

760‌

907,057‌

22,749,403‌

Jersey,

Channel

Islands

—

0.0%

Bayswater

Park

CLO

Ltd.,

Series

2023-

1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.73%

Floor

1.73%),

6.06%,

01/20/37

(a)(b)

..........

USD

250‌

250,784‌

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

6.46%,

03/30/32

(c)

....

GBP

737‌

1,034,905‌

United

States

—

1.4%

(a)

Ajax

Mortgage

Loan

Trust

(b)

Series

2021-E,

Class

A1,

1.74%,

12/25/60

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

USD

3,974‌

3,493,453‌

Series

2021-E,

Class

A2,

2.69%,

12/25/60

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

726‌

558,476‌

Series

2021-E,

Class

B1,

3.73%,

12/25/60

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

480‌

319,352‌

Series

2021-E,

Class

M1,

2.94%,

12/25/60

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

377‌

272,470‌

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

5.17%,

09/17/31

......

240‌

239,763‌

College

Avenue

Student

Loans

LLC,

Series

2021-B,

Class

3.78%,

06/25/52

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

60‌

56,234‌

Concord

Music

Royalties

LLC,

Series

2024-1A,

Class

5.64%,

10/20/74

779‌

784,866‌

FNA

LLC,

Series

2025-1,

Class

5.62%,

03/15/45

(b)

...........

1,541‌

1,552,190‌

Rialto

Issuer

LLC,

Series

2025-

FL10,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.52%,

08/19/42

(b)

...........

1,290‌

1,290,975‌

GoodLeap

Home

Improvement

Solutions

Trust,

Series

2024-1A,

Class

5.35%,

10/20/46

......

2,592‌

2,625,485‌

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

2.10%,

05/20/48

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

721‌

574,827‌

GreenSky

Home

Improvement

Trust

Series

2024-1,

Class

A4,

5.67%,

06/25/59

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

1,488‌

1,521,656‌

Series

2024-1,

Class

5.87%,

06/25/59

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

238‌

242,809‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B2,

(SOFR

day

Average

0.00%

Floor

1.40%),

5.79%,

05/20/32

(b)

USD

872‌

873,827‌

Lendmark

Funding

Trust,

Series

2021-

2A,

Class

4.46%,

04/20/32

...

640‌

595,135‌

Lyra

Music

Assets

Delaware

LP,

Series

2024-2A,

Class

A2,

5.76%,

12/22/64

1,895‌

1,922,304‌

Mariner

Finance

Issuance

Trust

Series

2024-AA,

Class

5.13%,

09/22/36

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

1,345‌

1,363,672‌

Series

2024-AA,

Class

6.77%,

09/22/36

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

223‌

228,859‌

Navient

Private

Education

Refi

Loan

Trust

Series

2021-DA,

Class

(US

Prime

Rate

0.00%

Floor

1.99%),

5.51%,

04/15/60

(b)

.........

1,306‌

1,296,497‌

Series

2021-DA,

Class

2.61%,

04/15/60

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

364‌

327,363‌

Series

2021-DA,

Class

3.48%,

04/15/60

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

980‌

918,525‌

Series

2024-A,

Class

5.66%,

10/15/72

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

2,861‌

2,937,770‌

Navient

Refinance

Loan

Trust,

Series

2025-B,

Class

4.72%,

09/15/55

1,620‌

1,616,391‌

Nelnet

Student

Loan

Trust

Series

2021-A,

Class

B1,

2.85%,

04/20/62

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

1,548‌

1,397,838‌

Series

2021-A,

Class

4.93%,

04/20/62

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

1,554‌

1,413,899‌

Series

2021-BA,

Class

3.57%,

04/20/62

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

1,640‌

1,450,706‌

Series

2025-AA,

Class

A1B,

(SOFR

day

Average

0.00%

Floor

1.10%),

5.47%,

03/15/57

(b)

...

2,822‌

2,811,320‌

Pagaya

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

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

40‌

39,580‌

Progress

Residential

Trust,

Series

2021-SFR3,

Class

3.44%,

05/17/26

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

699‌

693,165‌

Republic

Finance

Issuance

Trust

Series

2024-A,

Class

5.91%,

08/20/32

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

2,067‌

2,092,285‌

Series

2025-A,

Class

4.59%,

11/20/34

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

2,046‌

2,045,544‌

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

3.88%,

10/17/33

(d)

5,969‌

5,782,767‌

SMB

Private

Education

Loan

Trust

Series

2021-A,

Class

2.31%,

01/15/53

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

331‌

323,932‌

Series

2021-A,

Class

2.99%,

01/15/53

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

2,783‌

2,451,253‌

Series

2021-A,

Class

D2,

3.86%,

01/15/53

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

371‌

338,299‌

Series

2021-C,

Class

2.30%,

01/15/53

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

239‌

233,412‌

Series

2021-C,

Class

3.00%,

01/15/53

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

233‌

203,938‌

Series

2021-C,

Class

3.93%,

01/15/53

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

63‌

56,808‌

Series

2024-D,

Class

A1B,

(SOFR

day

Average

1.10%

Floor

1.10%),

5.47%,

07/15/53

(b)

...

1,734‌

1,728,699‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

SoFi

Personal

Loan

Trust

0.00%,

10/15/30

(e)

..........

USD

41‌

1,425,563‌

Series

2023-1A,

Class

6.00%,

11/12/30

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

799‌

809,893‌

Series

2024-1A,

Class

6.06%,

02/12/31

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

933‌

939,285‌

Splitrock

Services,

Inc.,

0.00%,

02/12/31

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

38‌

598,003‌

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

....

1,325‌

1,359,069‌

Truist

Bank

Auto

Credit-Linked

Notes,

Series

2025-1,

Class

4.73%,

09/26/33

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

1,990‌

1,986,834‌

55,794,991‌

Total

Asset-Backed

Securities

—

2.4%

(Cost:

$96,811,809)

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

95,620,740‌

Common

Stocks

Australia

—

0.3%

BHP

Group

Ltd.

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

146,687

4,097,734‌

Fortescue

Ltd.

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

34,518

427,486‌

Macquarie

Group

Ltd.

...........

11,736

1,703,481‌

Quintis

HoldCo

Pty.

Ltd.

(d)(f)(g)

......

7,642,509

50‌

Rio

Tinto

Ltd.

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

1,437

115,913‌

Santos

Ltd.

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

22,418

99,555‌

Telix

Pharmaceuticals

Ltd.

(g)

.......

56,318

544,430‌

Transurban

Group

(h)

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

233,403

2,129,535‌

Woolworths

Group

Ltd.

..........

75,782

1,337,407‌

Worley

Ltd.

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

56,867

528,293‌

10,983,884‌

Austria

—

0.0%

Raiffeisen

Bank

International

...

1,726

59,777‌

Belgium

—

0.0%

Elia

Group

SA/NV

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

5,667

654,714‌

UCB

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

924

257,921‌

912,635‌

Brazil

—

0.2%

Brasil

Bolsa

Balcao

.......

707,437

1,774,491‌

Banco

Brasil

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

139,062

574,825‌

Eneva

(g)

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

149,321

466,010‌

Localiza

Rent

Car

(g)

........

9,928

73,589‌

Lojas

Renner

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

417,964

1,176,401‌

MercadoLibre,

Inc.

(g)

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

745

1,741,020‌

Rede

D'Or

Sao

Luiz

(a)(c)(g)

......

20,188

159,994‌

Rumo

(g)

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

44,082

131,610‌

Seguridade

Participacoes

......

183,619

1,146,789‌

Vale

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

12,609

136,414‌

XP,

Inc.

Class

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

6,354

119,392‌

7,500,535‌

Canada

—

1.1%

Algoma

Steel

Group,

Inc.

........

130,421

463,647‌

Alimentation

Couche-Tard,

Inc.

.....

59,411

3,169,697‌

Barrick

Mining

Corp.

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

55,009

1,806,755‌

CAE,

Inc.

(g)

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

13,710

405,970‌

Cameco

Corp.

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

138,366

11,603,373‌

Canadian

National

Railway

Co.

....

26,511

2,500,038‌

Canadian

Natural

Resources

Ltd.

...

73,181

2,339,983‌

Cenovus

Energy,

Inc.

...........

74,677

1,267,958‌

Security

Value

Canada

(continued)

FirstService

Corp.

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

3,148

599,787‌

Fortis,

Inc.

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

7,563

383,611‌

Gildan

Activewear,

Inc.

(g)

.........

12,328

712,202‌

Kinross

Gold

Corp.

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

93,379

2,317,533‌

Nutrien

Ltd.

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

8,182

480,502‌

Power

Corp.

Canada

(i)

.........

5,563

240,716‌

Global,

Inc.

(g)

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

11,225

1,215,820‌

Sun

Life

Financial,

Inc.

..........

62,627

3,760,680‌

Suncor

Energy,

Inc.

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

185,155

7,748,385‌

Energy

Corp.

(i)

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

33,343

1,812,937‌

Teck

Resources

Ltd.

Class

.....

43,313

1,900,021‌

Thomson

Reuters

Corp.

.........

5,148

799,370‌

45,528,985‌

Cayman

Islands

—

0.1%

(g)

Accelerant

Holdings

Class

......

11,264

167,721‌

Bullish

(i)

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

42,855

2,726,006‌

Teya

Services

Ltd.,

Series

(Acquired

11/16/21,

cost

$2,251,184)

(d)(j)

...

1,159

379,167‌

3,272,894‌

Chile

—

0.0%

WOM

New

Holdco

(d)(g)

...........

1,359

31,257‌

China

—

1.3%

Airtac

International

Group

(g)

.......

31,000

769,977‌

Alibaba

Group

Holding

Ltd.

ADR

...

18,370

3,283,270‌

BYD

Co.

Ltd.

Class

..........

494,000

6,982,531‌

Eastroc

Beverage

Group

Co.

Ltd.

Class

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

8,800

375,535‌

Geely

Automobile

Holdings

Ltd.

....

338,000

849,132‌

Great

Wall

Motor

Co.

Ltd.

Class

585,974

2,026,218‌

Haidilao

International

Holding

Ltd.

(a)(c)

116,000

199,556‌

JD.com,

Inc.

Class

...........

119,900

2,100,709‌

Lenovo

Group

Ltd.

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

764,000

1,132,087‌

NetEase,

Inc.

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

45,800

1,391,054‌

Nongfu

Spring

Co.

Ltd.

Class

(a)(c)

129

892‌

NXP

Semiconductors

........

17,232

3,924,243‌

Pop

Mart

International

Group

Ltd.

(a)(c)

83,200

2,849,753‌

Prosus

Class

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

45,361

3,207,706‌

SAIC

Motor

Corp.

Ltd.

Class

(g)

...

681,900

1,641,307‌

Seres

Group

Co.

Ltd.

Class

.....

5,100

123,109‌

Shenzhou

International

Group

Holdings

Ltd.

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

91,800

726,752‌

Sungrow

Power

Supply

Co.

Ltd.

Class

(g)

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

19,200

437,683‌

Tencent

Holdings

Ltd.

...........

196,604

16,752,549‌

Trip.com

Group

Ltd.

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

9,800

743,208‌

Weichai

Power

Co.

Ltd.

Class

...

539,000

964,253‌

Xiaomi

Corp.

Class

(a)(c)(g)

.......

138,400

961,873‌

Yum

China

Holdings,

Inc.

........

50,026

2,147,116‌

53,590,513‌

Colombia

—

0.0%

Grupo

Cibest

ADR

(i)

.........

4,076

211,707‌

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

3,928

197,133‌

Moneta

Money

Bank

A/S

(a)(c)

......

12,058

96,235‌

293,368‌

Denmark

—

0.4%

Coloplast

A/S

Class

..........

9,186

791,742‌

DSV

A/S

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

36,343

7,260,267‌

Genmab

A/S

(g)

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

2,983

920,400‌

Novo

Nordisk

A/S

Class

.......

80,817

4,500,025‌

Pandora

A/S

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

5,258

687,470‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Denmark

(continued)

Vestas

Wind

Systems

A/S

........

48,839

929,076‌

15,088,980‌

Finland

—

0.1%

Elisa

OYJ

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

14,227

746,751‌

Kone

OYJ

Class

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

15,479

1,055,809‌

Sampo

OYJ

Class

...........

81,828

940,773‌

2,743,333‌

France

—

1.8%

Air

Liquide

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

1,248

260,029‌

Airbus

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

25,851

6,036,880‌

AXA

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

13,846

663,985‌

Bouygues

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

26,736

1,205,892‌

Carrefour

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

64,065

970,890‌

Cie

Saint-Gobain

.........

97,934

10,611,302‌

Dassault

Systemes

..........

62,477

2,101,790‌

Eiffage

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

13,086

1,676,551‌

Engie

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

114,675

2,465,115‌

EssilorLuxottica

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

54,631

17,796,256‌

Hermes

International

SCA

........

4,846

11,916,506‌

L'Oreal

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

1,231

534,854‌

LVMH

Moet

Hennessy

Louis

Vuitton

8,745

5,381,509‌

Orange

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

123,474

2,002,869‌

Renault

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

17,452

717,599‌

Safran

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

4,243

1,505,709‌

Societe

Generale

...........

29,819

1,985,239‌

Sodexo

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

11,195

706,340‌

Thales

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

6,481

2,048,737‌

70,588,052‌

Georgia

—

0.0%

Lion

Finance

Group

plc

..........

1,734

178,832‌

TBC

Bank

Group

plc

(g)

..........

2,204

134,910‌

313,742‌

Germany

—

0.5%

Allianz

(Registered)

..........

6,317

2,657,730‌

Bayer

(Registered)

..........

45,229

1,505,726‌

Caresyntax,

Inc.

(d)(g)

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

18,947

6,253‌

Deutsche

Bank

(Registered)

....

32,910

1,165,534‌

Deutsche

Telekom

(Registered)

27,611

940,692‌

E.ON

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

75,989

1,431,288‌

Fresenius

Medical

Care

.......

14,058

742,790‌

Merck

KGaA

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

1,197

155,304‌

Northern

Data

(g)(i)

...........

11,594

239,824‌

SAP

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

20,520

5,494,584‌

Siemens

Energy

(g)

...........

26,124

3,071,637‌

Symrise

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

15,462

1,344,734‌

18,756,096‌

Greece

—

0.0%

Athens

International

Airport

.....

26,745

325,932‌

Hellenic

Telecommunications

Organization

Class

......

10,757

203,583‌

National

Bank

Greece

......

13,944

203,045‌

OPAP

Class

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

7,716

180,002‌

912,562‌

Hong

Kong

—

0.1%

AIA

Group

Ltd.

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

305

2,923‌

Prudential

plc

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

125,624

1,758,701‌

Techtronic

Industries

Co.

Ltd.

......

134,500

1,719,344‌

3,480,968‌

Hungary

—

0.0%

OTP

Bank

Nyrt.

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

5,791

500,941‌

Security

Value

India

—

0.1%

Axis

Bank

Ltd.

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

5,636

71,799‌

Bajaj

Finance

Ltd.

(g)

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

5,800

65,259‌

Eicher

Motors

Ltd.

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

2,568

202,767‌

GAIL

India

Ltd.

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

52,300

103,857‌

Hindustan

Aeronautics

Ltd.

(c)

......

10,607

566,818‌

ICICI

Bank

Ltd.

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

5,318

80,596‌

Infosys

Ltd.

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

41,542

675,659‌

ITC

Ltd.

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

143,082

646,787‌

Think

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$2,928,536)

(d)(g)(j)

1,951

—‌

2,413,542‌

Indonesia

—

0.0%

Astra

International

Tbk.

.......

972,000

337,091‌

Bank

Mandiri

Persero

Tbk.

.....

1,937,300

512,007‌

Bank

Syariah

Indonesia

Tbk.

....

722,100

112,420‌

Ciputra

Development

Tbk.

.....

4,396,200

245,681‌

Mitra

Adiperkasa

Tbk.

........

1,748,100

118,061‌

Telkom

Indonesia

Persero

Tbk.

465,900

85,784‌

1,411,044‌

Ireland

—

0.1%

Accenture

plc

Class

..........

15,162

3,738,949‌

Israel

—

0.0%

(g)

Deep

Instinct

Ltd.

(d)

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

99,082

5,945‌

Teva

Pharmaceutical

Industries

Ltd.

ADR

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

68,487

1,383,437‌

1,389,382‌

Italy

—

1.3%

Banca

Monte

dei

Paschi

Siena

SpA

(g)

312,410

2,779,886‌

FinecoBank

Banca

Fineco

SpA

....

42,590

924,359‌

Intesa

Sanpaolo

SpA

...........

3,172,045

20,996,325‌

Leonardo

SpA

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

58,548

3,746,292‌

Mediobanca

Banca

Credito

Finanziario

SpA

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

49,791

1,009,061‌

UniCredit

SpA

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

278,573

21,198,043‌

Wizz

Air

Holdings

plc

(a)(c)(g)

........

12,652

197,175‌

50,851,141‌

Japan

—

1.8%

Advantest

Corp.

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

17,200

1,701,816‌

Asahi

Intecc

Co.

Ltd.

...........

34,800

565,512‌

Asahi

Kasei

Corp.

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

119,800

941,595‌

Bridgestone

Corp.

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

8,700

402,098‌

Canon,

Inc.

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

67,800

1,978,614‌

Dai-ichi

Life

Holdings,

Inc.

........

194,000

1,526,037‌

Daiichi

Sankyo

Co.

Ltd.

..........

35,146

790,792‌

Daikin

Industries

Ltd.

...........

7,953‌

Daiwa

Securities

Group,

Inc.

(i)

.....

123,600

1,004,383‌

Ebara

Corp.

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

13,000

296,329‌

ENEOS

Holdings,

Inc.

..........

466,300

2,953,174‌

Fast

Retailing

Co.

Ltd.

..........

1,500

455,568‌

FUJIFILM

Holdings

Corp.

........

38,970

969,118‌

Furukawa

Electric

Co.

Ltd.

(g)

......

11,400

702,656‌

GMO

Payment

Gateway,

Inc.

(g)

.....

8,000

448,750‌

Idemitsu

Kosan

Co.

Ltd.

.........

141,600

968,769‌

Isetan

Mitsukoshi

Holdings

Ltd.

(i)

...

33,200

612,278‌

Japan

Exchange

Group,

Inc.

......

114,200

1,275,269‌

Japan

Post

Bank

Co.

Ltd.

........

275,500

3,373,475‌

Japan

Post

Holdings

Co.

Ltd.

......

121,000

1,200,962‌

Japan

Tobacco,

Inc.

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

123,900

4,063,555‌

Kakaku.com,

Inc.

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

37,600

645,775‌

Kansai

Paint

Co.

Ltd.

(i)

..........

34,724

565,947‌

Kawasaki

Kisen

Kaisha

Ltd.

(i)

......

85,900

1,221,402‌

KDDI

Corp.

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

59,100

942,558‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Japan

(continued)

Keyence

Corp.

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

8,400

3,129,512‌

Komatsu

Ltd.

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

39,700

1,383,037‌

Kuraray

Co.

Ltd.

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

56,400

648,286‌

Corp.

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

485,100

1,557,175‌

Mazda

Motor

Corp.

(i)

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

88,100

641,500‌

MISUMI

Group,

Inc.

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

46,100

718,002‌

Mitsubishi

Corp.

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

20,700

493,476‌

Mitsubishi

UFJ

Financial

Group,

Inc.

59,676

962,656‌

Murata

Manufacturing

Co.

Ltd.

.....

220,800

4,191,680‌

Nexon

Co.

Ltd.

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

73,300

1,608,612‌

Nidec

Corp.

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

48,500

862,081‌

Nikon

Corp.

(i)

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

44,000

511,652‌

Nintendo

Co.

Ltd.

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

9,200

795,977‌

Nippon

Paint

Holdings

Co.

Ltd.

.....

518‌

Nippon

Steel

Corp.

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

36,800

151,570‌

Nippon

Yusen

(i)

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

20,100

685,916‌

Nissan

Chemical

Corp.

..........

21,300

771,565‌

Nissan

Motor

Co.

Ltd.

(g)

..........

238,300

579,540‌

Nomura

Holdings,

Inc.

..........

155,900

1,142,540‌

Obayashi

Corp.

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

55,100

904,385‌

Olympus

Corp.

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

144,300

1,824,388‌

Rakus

Co.

Ltd.

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

66,058

607,155‌

Rakuten

Group,

Inc.

(g)

...........

122,730

795,863‌

Santen

Pharmaceutical

Co.

Ltd.

....

49,665

551,349‌

Shimizu

Corp.

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

113,600

1,595,830‌

Socionext,

Inc.

(i)

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

33,100

622,069‌

SoftBank

Group

Corp.

..........

15,800

1,993,653‌

Sumitomo

Mitsui

Financial

Group,

Inc.

30,000

843,986‌

Suzuki

Motor

Corp.

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

150,900

2,196,936‌

TOTO

Ltd.

(g)(i)

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

38,500

1,012,531‌

Toyota

Motor

Corp.

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

168,800

3,242,051‌

Toyota

Tsusho

Corp.

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

50,900

1,409,030‌

Trend

Micro,

Inc.

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

21,299

1,165,753‌

Yaskawa

Electric

Corp.

..........

26,600

566,239‌

69,780,898‌

Jersey,

Channel

Islands

—

0.0%

Aptiv

plc

(g)

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

17,801

1,534,802‌

Kazakhstan

—

0.0%

(c)

Halyk

Savings

Bank

Kazakhstan

JSC

GDR

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

7,332

184,602‌

Kaspi.KZ

JSC

ADR

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

3,350

273,628‌

458,230‌

Macau

—

0.0%

Wynn

Macau

Ltd.

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

1,282,188

1,189,055‌

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

64,100

112,005‌

Frontken

Corp.

Bhd.

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

240,900

238,199‌

350,204‌

Mexico

—

0.1%

Cemex

SAB

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

359,884

322,281‌

Fomento

Economico

Mexicano

SAB

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

12,200

120,305‌

Fresnillo

plc

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

70,873

2,260,760‌

Grupo

Aeroportuario

del

Sureste

SAB

Class

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

12,637

408,095‌

Grupo

Financiero

Banorte

SAB

Class

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

197,530

1,989,807‌

Grupo

Mexico

SAB

CV,

Series

33,981

296,363‌

Promotora

Operadora

Infraestructura

SAB

(g)

....

11,771

160,585‌

5,558,196‌

Security

Value

Netherlands

—

1.3%

Argenx

(g)

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

3,306

2,442,637‌

Argenx

ADR

(g)

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

1,064

784,764‌

ASML

Holding

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

24,559

23,949,619‌

ING

Groep

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

262,333

6,877,258‌

Koninklijke

Ahold

Delhaize

.....

8,816

356,735‌

Koninklijke

Vopak

...........

7,545

346,298‌

Shell

plc

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

452,713

16,237,657‌

Wolters

Kluwer

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

15,559

2,123,802‌

53,118,770‌

Norway

—

0.1%

DNB

Bank

ASA

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

18,692

509,469‌

Kongsberg

Gruppen

ASA

(g)

.......

36,654

1,171,365‌

Telenor

ASA

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

63,298

1,050,335‌

2,731,169‌

Philippines

—

0.0%

Ayala

Land,

Inc.

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

317,500

132,954‌

Bloomberry

Resorts

Corp.

........

713,000

50,719‌

DigiPlus

Interactive

Corp.

........

135,430

58,756‌

International

Container

Terminal

Services,

Inc.

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

16,390

132,921‌

Metropolitan

Bank

Trust

Co.

.....

97,450

113,900‌

489,250‌

Poland

—

0.1%

LPP

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

423,630‌

Powszechna

Kasa

Oszczednosci

Bank

Polski

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

13,374

259,866‌

Powszechny

Zaklad

Ubezpieczen

(g)

107,187

1,605,150‌

2,288,646‌

Portugal

—

0.0%

Jeronimo

Martins

SGPS

.......

10,675

259,885‌

Republic

Turkiye

—

0.0%

Akbank

TAS

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

264,306

399,413‌

Eldorado

Gold

Corp.

(g)

..........

18,978

548,275‌

Turkiye

Bankasi

A/S

Class

....

1,148,831

391,874‌

1,339,562‌

Romania

—

0.0%

Banca

Transilvania

..........

32,189

208,804‌

Saudi

Arabia

—

0.1%

Rajhi

Bank

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

21,474

613,624‌

Elm

Co.

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

681

162,614‌

Etihad

Etisalat

Co.

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

26,357

474,752‌

Rasan

Information

Technology

Co.

(g)

8,292

226,458‌

Saudi

Basic

Industries

Corp.

......

7,739

127,016‌

Saudi

National

Bank

(The)

........

10,035

104,840‌

Yanbu

National

Petrochemical

Co.

18,207

169,680‌

1,878,984‌

Singapore

—

0.0%

STMicroelectronics

..........

38,383

1,084,892‌

UOL

Group

Ltd.

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

45,831

277,626‌

1,362,518‌

South

Africa

—

0.2%

FirstRand

Ltd.

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

310,527

1,396,188‌

Harmony

Gold

Mining

Co.

Ltd.

.....

100,969

1,824,309‌

Kumba

Iron

Ore

Ltd.

(i)

...........

15,270

287,230‌

Price

Group

Ltd.

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

47,636

561,735‌

Valterra

Platinum

Ltd.

...........

28,128

2,007,347‌

Vodacom

Group

Ltd.

(g)

..........

11,822

91,242‌

6,168,051‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

South

Korea

—

0.3%

Engineering

Construction

Corp.

21,846

286,795‌

Hyundai

Heavy

Industries

Co.

Ltd.

2,155

791,538‌

Hyundai

Marine

Solution

Co.

Ltd.

(g)

3,513

526,814‌

Hyundai

Mipo

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

6,744

979,280‌

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.

.........

2,933

859,426‌

Financial

Group,

Inc.

.........

4,724

389,900‌

Krafton,

Inc.

(g)

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

5,372

1,121,692‌

KT&G

Corp.

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

11,152

1,062,319‌

Misto

Holdings

Corp.

...........

6,310

173,446‌

NAVER

Corp.

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

14,852

2,849,900‌

Samsung

Electronics

Co.

Ltd.

.....

51,297

3,075,272‌

Hynix,

Inc.

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

6,833

1,693,887‌

13,810,269‌

Spain

—

0.6%

Banco

Bilbao

Vizcaya

Argentaria

283,858

5,469,840‌

Banco

Sabadell

..........

339,347

1,324,542‌

Bankinter

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

111,450

1,761,837‌

CaixaBank

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

422,901

4,466,645‌

Cellnex

Telecom

(a)(c)

..........

214,352

7,424,599‌

Industria

Diseno

Textil

......

28,621

1,583,996‌

Repsol

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

83,440

1,483,748‌

23,515,207‌

Sweden

—

0.2%

Assa

Abloy

Class

.........

9,965

346,861‌

Atlas

Copco

Class

.........

96,825

1,641,957‌

EQT

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

10,831

375,635‌

Evolution

(a)(c)

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

16,290

1,341,057‌

Investor

Class

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

33,726

1,055,770‌

SSAB

Class

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

51,306

308,257‌

SSAB

Class

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

80,279

468,164‌

Volvo

Class

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

49,537

1,424,565‌

6,962,266‌

Switzerland

—

0.4%

ABB

Ltd.

(Registered)

...........

13,162

952,446‌

Alcon

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

16,837

1,266,392‌

Belimo

Holding

(Registered)

....

1,215

1,277,823‌

Geberit

(Registered)

.........

2,332

1,761,130‌

Logitech

International

(Registered)

2,821

310,306‌

Partners

Group

Holding

.......

3,108

4,066,541‌

SGS

(Registered)

...........

5,161

536,330‌

Connectivity

plc

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

9,871

2,166,981‌

UBS

Group

(Registered)

......

13,519

555,814‌

Zurich

Insurance

Group

.......

2,870

2,051,428‌

14,945,191‌

Taiwan

—

1.2%

Accton

Technology

Corp.

........

33,000

1,141,180‌

ASMedia

Technology,

Inc.

........

9,000

440,527‌

ASPEED

Technology,

Inc.

(g)

.......

10,000

1,663,225‌

eMemory

Technology,

Inc.

(g)

.......

8,000

532,272‌

Genius

Electronic

Optical

Co.

Ltd.

54,707

771,343‌

Global

Unichip

Corp.

...........

10,000

442,970‌

International

Games

System

Co.

Ltd.

25,000

647,324‌

King

Slide

Works

Co.

Ltd.

........

11,000

1,194,742‌

MediaTek,

Inc.

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

27,000

1,170,983‌

Realtek

Semiconductor

Corp.

(g)

....

98,548

1,784,067‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

840,000

36,487,775‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

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

5,604

1,565,141‌

Financial

Holding

Co.

Ltd.

(g)

....

448,000

264,990‌

48,106,539‌

Security

Value

Thailand

—

0.0%

ALL

PCL

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

252,500

368,032‌

Krungthai

Card

PCL

(g)

...........

250,100

231,322‌

True

Corp.

PCL

NVDR

(g)

.........

506,800

162,723‌

762,077‌

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(g)

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

284,408

4‌

United

Kingdom

—

2.3%

Admiral

Group

plc

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

35,685

1,610,579‌

AstraZeneca

plc

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

3,404

521,496‌

B&M

European

Value

Retail

(g)

...

159,905

564,094‌

BAE

Systems

plc

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

786,278

21,887,173‌

plc

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

171,006

981,857‌

British

American

Tobacco

plc

......

26,836

1,427,335‌

Bunzl

plc

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

40,090

1,267,133‌

Compass

Group

plc

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

346,826

11,821,828‌

Flutter

Entertainment

plc

(g)

........

16,386

4,162,044‌

Genius

Sports

Ltd.

(g)

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

106,647

1,320,290‌

Imperial

Brands

plc

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

28,653

1,217,221‌

Sainsbury

plc

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

361,192

1,624,000‌

Lloyds

Banking

Group

plc

........

981,819

1,111,012‌

Marks

Spencer

Group

plc

.......

234,047

1,148,265‌

National

Grid

plc

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

1,148,746

16,505,953‌

NatWest

Group

plc

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

225,475

1,592,609‌

RELX

plc

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

270,972

12,946,728‌

Rolls-Royce

Holdings

plc

........

486,950

7,827,362‌

Schroders

plc

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

94,563

479,863‌

St.

James's

Place

plc

...........

33,037

565,445‌

90,582,287‌

United

States

—

47.0%

Abbott

Laboratories

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

7,552

1,011,515‌

AbbVie,

Inc.

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

5,744

1,329,966‌

Adobe,

Inc.

(g)(k)

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

18,158

6,405,234‌

Advanced

Micro

Devices,

Inc.

(g)

....

41,545

6,721,566‌

Air

Products

Chemicals,

Inc.

(i)

....

23,323

6,360,649‌

Airbnb,

Inc.

Class

(g)

...........

21,381

2,596,081‌

ALL

Health

Services

Corp.,

(Acquired

01/24/17,

cost

$0)

(d)(g)(j)

........

—‌

Alphabet,

Inc.

Class

..........

286,280

69,723,494‌

Altria

Group,

Inc.

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

60,510

3,997,291‌

Amazon.com,

Inc.

(g)(k)

...........

348,185

76,450,980‌

AMC

Networks,

Inc.

Class

(g)

.....

23,186

191,053‌

Amentum

Holdings,

Inc.

(g)

........

25,463

609,839‌

Ameren

Corp.

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

3,325

347,063‌

Amgen,

Inc.

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

5,212

1,470,826‌

Amphenol

Corp.

Class

........

28,948

3,582,315‌

Analog

Devices,

Inc.

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

14,959

3,675,426‌

Apollo

Global

Management,

Inc.

....

96,887

12,912,130‌

Apple,

Inc.

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

356,517

90,779,924‌

Applied

Materials,

Inc.

..........

10,244

2,097,357‌

Archer-Daniels-Midland

Co.

(i)

......

34,976

2,089,466‌

AT&T,

Inc.

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

126,308

3,566,938‌

Autodesk,

Inc.

(g)

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

28,985

9,207,665‌

AutoNation,

Inc.

(g)

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

1,867

408,444‌

Avaya,

Inc.

(g)

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

261

2,719‌

Ball

Corp.

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

22,173

1,117,963‌

Bank

America

Corp.

..........

548,275

28,285,507‌

Best

Buy

Co.,

Inc.

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

10,567

799,077‌

Boeing

Co.

(The)

(g)

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

100,490

21,688,757‌

Booking

Holdings,

Inc.

..........

1,208

6,522,318‌

Boston

Scientific

Corp.

(g)

.........

218,650

21,346,799‌

Bristol-Myers

Squibb

Co.

.........

70,076

3,160,428‌

Broadcom,

Inc.

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

148,961

49,143,723‌

Cadence

Design

Systems,

Inc.

(g)

...

17,460

6,133,000‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Caesars

Entertainment,

Inc.

(g)

.....

19,712

532,717‌

Capital

One

Financial

Corp.

.......

88,480

18,809,078‌

CarMax,

Inc.

(g)

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

54,663

2,452,729‌

Carrier

Global

Corp.

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

29,418

1,756,255‌

Centene

Corp.

(g)

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

25,549

911,588‌

Century

Communities,

Inc.

.......

12,821

812,467‌

Industries

Holdings,

Inc.

.......

15,721

1,410,174‌

Charles

River

Laboratories

International,

Inc.

(g)

...........

4,478

700,628‌

Charter

Communications,

Inc.

Class

(g)(i)

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

5,073

1,395,608‌

Cheniere

Energy,

Inc.

...........

7,402

1,739,322‌

Chevron

Corp.

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

82,562

12,821,053‌

Chipotle

Mexican

Grill,

Inc.

(g)

......

32,434

1,271,088‌

Cisco

Systems,

Inc.

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

209,717

14,348,837‌

Citigroup,

Inc.

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

292,516

29,690,374‌

Coca-Cola

Co.

(The)

...........

56,522

3,748,539‌

Cognizant

Technology

Solutions

Corp.

Class

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

20,157

1,351,930‌

Coinbase

Global,

Inc.

Class

(g)

....

2,011

678,692‌

Comerica,

Inc.

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

2,784

190,760‌

Confluent,

Inc.

Class

(g)

........

249,922

4,948,456‌

Core

Scientific,

Inc.

(g)(i)

..........

83,862

1,504,484‌

CoreWeave,

Inc.

Class

(g)

.......

16,353

2,237,908‌

Costco

Wholesale

Corp.

.........

31,135

28,819,490‌

CRH

plc

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

115,431

13,840,177‌

Crowdstrike

Holdings,

Inc.

Class

(g)

7,539

3,696,975‌

Crown

PropTech

Acquisitions

(d)(g)

...

80,064

84,962‌

Crown

PropTech

Acquisitions

Class

(g)

28,147

320,313‌

CSL

Ltd.

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

6,133

806,773‌

CVS

Health

Corp.

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

13,399

1,010,151‌

Danaher

Corp.

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

20,702

4,104,379‌

Davidson

Kempner

Merchant

Co.-

Invest

Fund

LP,

(Acquired

04/07/21,

cost

$0)

(g)(j)(l)

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

—

(m)

7,807,779‌

DaVita,

Inc.

(g)

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

3,171

421,331‌

Dayforce,

Inc.

(g)

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

5,985

412,307‌

Deckers

Outdoor

Corp.

(g)

.........

5,677

575,477‌

Dell

Technologies,

Inc.

Class

(i)

...

27,990

3,968,142‌

Delta

Air

Lines,

Inc.

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

135,930

7,714,027‌

Devon

Energy

Corp.

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

5,641

197,773‌

Dexcom,

Inc.

(g)

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

13,063

879,009‌

Residential

III

(d)(g)

.........

1,344,765

1,412,003‌

Digital

Realty

Trust,

Inc.

.........

3,682

636,544‌

Dillard's,

Inc.

Class

(i)

..........

689

423,377‌

Dollar

General

Corp.

...........

38,076

3,935,155‌

Horton,

Inc.

(i)

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

68,239

11,564,463‌

DraftKings,

Inc.

Class

(g)

........

86,739

3,244,039‌

Duke

Energy

Corp.

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

27,900

3,452,625‌

DuPont

Nemours,

Inc.

........

15,662

1,220,070‌

Eaton

Corp.

plc

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

4,653

1,741,385‌

eBay,

Inc.

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

21,370

1,943,601‌

EchoStar

Corp.

Class

(g)

........

45,724

3,491,485‌

Edwards

Lifesciences

Corp.

(g)

.....

16,364

1,272,628‌

Eli

Lilly

Co.

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

43,521

33,206,523‌

EMCOR

Group,

Inc.

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

1,562

1,014,581‌

EOG

Resources,

Inc.

...........

51,874

5,816,113‌

EPAM

Systems,

Inc.

(g)

...........

1,263

190,448‌

Epic

Games,

Inc.

(Acquired

07/02/20,

cost

$9,005,575)

(d)(g)(j)

.........

16,498

11,539,031‌

EQT

Corp.

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

144,809

7,881,954‌

Eversource

Energy

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

13,992

995,391‌

EXO

Capital

Technologies,

Inc.,

(Acquired

06/24/21,

cost

$2,122,371)

(d)(g)(j)

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

3,623

1,304‌

Security

Value

United

States

(continued)

Experian

plc

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

13,424

674,250‌

FactSet

Research

Systems,

Inc.

....

2,039

584,153‌

Fair

Isaac

Corp.

(g)

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

984

1,472,586‌

Fanatics

Holdings,

Inc.

Class

(Acquired

08/17/22,

cost

$9,001,757)

(d)(g)(j)

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

132,691

8,116,708‌

Farmers

Business

Network,

Inc.

(d)(g)

84,447

89,514‌

Fidelity

National

Information

Services,

Inc.

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

12,842

846,801‌

Figma,

Inc.

Class

(g)(i)

..........

6,041

313,347‌

First

Citizens

BancShares,

Inc.

Class

493

882,056‌

First

Horizon

Corp.

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

15,474

349,867‌

Fiserv,

Inc.

(g)

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

26,291

3,389,699‌

Flagstar

Financial,

Inc.

..........

208,198

2,404,687‌

Flowco

Holdings,

Inc.

Class

.....

41,253

612,607‌

Ford

Motor

Co.

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

194,967

2,331,805‌

Fortive

Corp.

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

22,656

1,109,917‌

Fox

Corp.

Class

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

66,264

4,178,608‌

Freeport-McMoRan,

Inc.

.........

308,406

12,095,683‌

Aerospace

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

46,491

13,985,423‌

HealthCare

Technologies,

Inc.

7,636

573,464‌

Vernova,

Inc.

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

5,887

3,619,916‌

Gen

Digital,

Inc.

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

38,947

1,105,705‌

General

Dynamics

Corp.

.........

4,983

1,699,203‌

General

Mills,

Inc.

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

21,073

1,062,501‌

GFL

Environmental,

Inc.

.........

13,712

649,884‌

Gilead

Sciences,

Inc.

...........

13,169

1,461,759‌

Goldman

Sachs

Group,

Inc.

(The)

4,655

3,707,009‌

Graco,

Inc.

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

9,629

818,080‌

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$6,542,036)

(d)(g)(j)

2,434,345

2,142,224‌

GSK

plc

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

95,391

2,048,234‌

Hewlett

Packard

Enterprise

Co.

....

81,875

2,010,850‌

Hilton

Worldwide

Holdings,

Inc.

....

30,406

7,888,533‌

Holcim

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

25,057

2,137,978‌

Home

Depot,

Inc.

(The)

.........

49,395

20,014,360‌

Honeywell

International,

Inc.

......

7,638

1,607,799‌

Howmet

Aerospace,

Inc.

.........

24,932

4,892,406‌

HP,

Inc.

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

28,504

776,164‌

HubSpot,

Inc.

(g)

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

358

167,472‌

Huntington

Ingalls

Industries,

Inc.

...

6,671

1,920,648‌

iHeartMedia,

Inc.

Class

(g)

.......

2,519

7,230‌

Incyte

Corp.

(g)

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

13,340

1,131,365‌

Insmed,

Inc.

(g)

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

5,131

738,915‌

Intel

Corp.

(g)

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

70,500

2,365,275‌

Interactive

Brokers

Group,

Inc.

Class

6,189

425,865‌

Interpublic

Group

Cos.,

Inc.

(The)

49,734

1,388,076‌

Intuit,

Inc.

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

15,997

10,924,511‌

Intuitive

Surgical,

Inc.

(g)

..........

29,569

13,224,144‌

Invesco

Ltd.

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

79,551

1,824,900‌

Jabil,

Inc.

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

16,953

3,681,683‌

JPMorgan

Chase

Co.

.........

111,785

35,260,343‌

Keurig

Pepper,

Inc.

..........

58,426

1,490,447‌

Lam

Research

Corp.

...........

46,785

6,264,511‌

Las

Vegas

Sands

Corp.

.........

101,618

5,466,032‌

Latch,

Inc.

(g)

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

174,273

17,253‌

Lionsgate

Studios

Corp.

(g)

........

185,013

1,276,590‌

Live

Nation

Entertainment,

Inc.

(g)(k)

73,322

11,980,815‌

Lockheed

Martin

Corp.

..........

6,758

3,373,661‌

Louisiana-Pacific

Corp.

..........

9,115

809,777‌

Lumen

Technologies,

Inc.

(g)

.......

254,357

1,556,665‌

M/I

Homes,

Inc.

(g)

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

3,246

468,852‌

MarketAxess

Holdings,

Inc.

.......

1,320

230,010‌

Marsh

McLennan

Cos.,

Inc.

.....

69,344

13,974,896‌

Masimo

Corp.

(g)(i)

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

24,251

3,578,235‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

United

States

(continued)

Mastercard,

Inc.

Class

.........

37,195

21,156,888‌

Match

Group,

Inc.

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

132,103

4,665,878‌

McDonald's

Corp.

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

17,631

5,357,885‌

McKesson

Corp.

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

25,880

19,993,335‌

Medtronic

plc

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

165,456

15,758,029‌

Meritage

Homes

Corp.

..........

10,190

738,062‌

Meta

Platforms,

Inc.

Class

......

90,966

66,803,611‌

MGM

Resorts

International

(g)

......

80,913

2,804,445‌

Microchip

Technology,

Inc.

(i)

.......

24,904

1,599,335‌

Micron

Technology,

Inc.

..........

113,852

19,049,717‌

Microsoft

Corp.

(k)

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

219,252

113,561,573‌

MongoDB,

Inc.

Class

(g)

........

7,227

2,243,116‌

Mosaic

Co.

(The)

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

46,120

1,599,442‌

MSCI,

Inc.

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

3,825

2,170,343‌

Nestle

(Registered)

..........

36,026

3,308,457‌

Netflix,

Inc.

(g)

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

17,713

21,236,470‌

NextEra

Energy,

Inc.

...........

181,685

13,715,401‌

Novartis

(Registered)

........

55,731

7,165,802‌

NRG

Energy,

Inc.

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

23,519

3,808,902‌

Nucor

Corp.

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

5,183

701,934‌

NVIDIA

Corp.

(k)

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

657,325

122,643,698‌

Omnicom

Group,

Inc.

(i)

..........

27,889

2,273,790‌

OneMain

Holdings,

Inc.

..........

11,651

657,815‌

Oracle

Corp.

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

54,779

15,406,046‌

Otis

Worldwide

Corp.

...........

30,366

2,776,363‌

Palantir

Technologies,

Inc.

Class

(g)

51,653

9,422,540‌

Palladyne

Corp.

(g)

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

7,132

61,264‌

Palladyne

Corp.

(g)

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

200,974

1,726,362‌

Paramount

Skydance

Corp.

Class

8,959

169,504‌

PayPal

Holdings,

Inc.

(g)

..........

45,613

3,058,808‌

Pfizer,

Inc.

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

137,009

3,490,989‌

Philip

Morris

International,

Inc.

.....

83,205

13,495,851‌

Phillips

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

11,634

1,582,457‌

Playstudios,

Inc.

Class

(g)

.......

277,748

267,360‌

PNC

Financial

Services

Group,

Inc.

(The)

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

5,894

1,184,281‌

Principal

Financial

Group,

Inc.

.....

39,464

3,271,960‌

Progressive

Corp.

(The)

.........

86,195

21,285,855‌

Pure

Storage,

Inc.

Class

(g)

......

1,824

152,869‌

QUALCOMM,

Inc.

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

14,094

2,344,678‌

Raymond

James

Financial,

Inc.

....

1,133

195,556‌

Regeneron

Pharmaceuticals,

Inc.

...

1,089

612,312‌

Relspace

(d)(g)

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

1,419

1,462‌

Robinhood

Markets,

Inc.

Class

(g)

6,800

973,624‌

ROBLOX

Corp.

Class

(g)

........

8,904

1,233,382‌

Roche

Holding

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

3,236

1,077,535‌

Royalty

Pharma

plc

Class

......

8,238

290,637‌

RTX

Corp.

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

3,767

630,332‌

S&P

Global,

Inc.

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

3,105

1,511,235‌

Salesforce,

Inc.

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

70,740

16,765,380‌

Sanofi

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

115,962

10,980,895‌

Schneider

Electric

...........

3,317

933,643‌

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$683,759)

(g)

(j)

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

67,266

459,323‌

ServiceNow,

Inc.

(g)

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

7,184

6,611,292‌

ServiceTitan,

Inc.

Class

(g)(i)

......

11,776

1,187,374‌

Six

Flags

Entertainment

Corp.

(g)

....

35,220

800,198‌

Skyworks

Solutions,

Inc.

.........

31,406

2,417,634‌

SLM

Corp.

(i)

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

14,047

388,821‌

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$234,442)

(d)(g)(j)

..........

15,609

95,527‌

Snowflake,

Inc.

Class

(g)

........

11,073

2,497,515‌

Solaris

Energy

Infrastructure,

Inc.

Class

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

69,651

2,783,950‌

Security

Value

United

States

(continued)

Sonder

Holdings,

Inc.

Class

(g)

....

27,555

34,995‌

SOURCE

Global

PBC

(d)(g)

........

38,066

3,045‌

Space

Exploration

Technologies

Corp.

Class

(Acquired

08/21/23,

cost

$2,030,751)

(d)(g)(j)

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

25,071

5,130,529‌

Space

Exploration

Technologies

Corp.

Class

(Acquired

08/21/23,

cost

$2,179,629)

(d)(g)(j)

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

26,909

5,506,658‌

Spotify

Technology

(g)

.........

2,572

1,795,256‌

Starz

Entertainment

Corp.

........

7,948

117,074‌

State

Street

Corp.

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

9,896

1,148,035‌

Stryker

Corp.

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

46,989

17,370,424‌

Synchrony

Financial

(i)

...........

31,277

2,222,231‌

Rowe

Price

Group,

Inc.

........

27,591

2,831,940‌

Take-Two

Interactive

Software,

Inc.

(g)

5,552

1,434,415‌

Tapestry,

Inc.

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

23,881

2,703,807‌

Targa

Resources

Corp.

..........

2,427

406,620‌

SYNNEX

Corp.

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

5,215

853,956‌

Tesla,

Inc.

(g)

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

69,025

30,696,798‌

Textron,

Inc.

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

44,268

3,740,203‌

Thermo

Fisher

Scientific,

Inc.

......

8,355

4,052,342‌

TJX

Cos.,

Inc.

(The)

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

106,116

15,338,007‌

T-Mobile

US,

Inc.

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

5,743

1,374,759‌

Toll

Brothers,

Inc.

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

19,484

2,691,520‌

Trane

Technologies

plc

..........

54,218

22,877,827‌

TransDigm

Group,

Inc.

..........

10,022

13,209,196‌

TRI

Pointe

Homes,

Inc.

(g)

.........

22,284

756,987‌

Uber

Technologies,

Inc.

(g)

........

110,279

10,804,034‌

Union

Pacific

Corp.

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

33,469

7,911,068‌

United

Airlines

Holdings,

Inc.

(g)

.....

55,548

5,360,382‌

UnitedHealth

Group,

Inc.

.........

6,432

2,220,970‌

Universal

Health

Services,

Inc.

Class

5,063

1,035,080‌

Valero

Energy

Corp.

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

53,986

9,191,656‌

VeriSign,

Inc.

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

4,367

1,220,882‌

Verizon

Communications,

Inc.

.....

142,134

6,246,789‌

Vertex

Pharmaceuticals,

Inc.

(g)

.....

13,813

5,409,723‌

Vertiv

Holdings

Co.

Class

......

150,124

22,647,707‌

Viatris,

Inc.

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

160,423

1,588,188‌

VICI

Properties,

Inc.

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

58,116

1,895,163‌

Visa,

Inc.

Class

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

12,523

4,275,102‌

Vistra

Corp.

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

92,431

18,109,082‌

Walmart,

Inc.

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

328,045

33,808,318‌

Walt

Disney

Co.

(The)

..........

106,706

12,217,837‌

Warner

Bros

Discovery,

Inc.

(g)

.....

66,433

1,297,436‌

Waste

Management,

Inc.

.........

7,505

1,657,329‌

Waters

Corp.

(g)

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

7,422

2,225,190‌

Wells

Fargo

Co.

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

298,250

24,999,315‌

Welltower,

Inc.

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

2,198

391,552‌

West

Pharmaceutical

Services,

Inc.

550

144,281‌

Western

Digital

Corp.

...........

14,790

1,775,687‌

Williams

Cos.,

Inc.

(The)

.........

188,434

11,937,294‌

Wolfspeed,

Inc.

(g)

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

2,622

74,989‌

Workday,

Inc.

Class

(g)

.........

9,946

2,394,301‌

Wynn

Resorts

Ltd.

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

3,171

406,744‌

XPO,

Inc.

(g)

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

7,090

916,524‌

Zimmer

Biomet

Holdings,

Inc.

(i)

.....

22,382

2,204,627‌

Zoetis,

Inc.

Class

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

12,499

1,828,854‌

Zoom

Communications,

Inc.

Class

(g)

2,041

168,382‌

1,869,711,788‌

Total

Common

Stocks

—

63.1%

(Cost:

$2,204,201,731)

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

2,511,686,939‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

(

000)

Value

Corporate

Bonds

Argentina

—

0.0%

(a)

Telecom

Argentina

SA,

9.25%,

05/28/33

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

USD

78‌

77,039‌

Vista

Energy

Argentina

SAU,

8.50%,

06/10/33

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

143‌

145,717‌

222,756‌

Australia

—

0.2%

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

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

455‌

433,915‌

Mineral

Resources

Ltd.

(a)

9.25%,

10/01/28

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

201‌

210,610‌

8.50%,

05/01/30

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

574‌

597,046‌

Oceana

Australian

Fixed

Income

Trust

(d)

12.50%,

07/31/26

...........

AUD

2,180‌

1,473,232‌

12.50%,

07/31/27

...........

3,633‌

2,512,134‌

Quintis

Australia

Pty.

Ltd.

(a)(d)(f)(g)(n)(o)

7.50%,

(7.50

Cash

8.00%

PIK),

10/01/26

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

USD

16,145‌

1,654,849‌

12.00%,

(12.00%

Cash

12.00%

PIK),

10/01/28

...........

14,449‌

1‌

6,881,787‌

Austria

—

0.0%

ams-OSRAM

AG,

2.13%,

11/03/27

(c)(p)

EUR

1,100‌

1,234,954‌

Belgium

—

0.0%

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(a)

......

USD

1,400‌

1,388,772‌

Brazil

—

0.0%

Celulose

International

GmbH,

7.95%,

01/26/32

(a)

...........

200‌

211,200‌

Petrobras

Global

Finance

BV,

6.75%,

01/27/41

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

268‌

270,529‌

Raizen

Fuels

Finance

(a)

6.45%,

03/05/34

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

257‌

249,290‌

6.95%,

03/05/54

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

200‌

185,600‌

Samarco

Mineracao

(o)

9.00%,

(9.00%

Cash

9.00%

PIK),

06/30/31

(c)

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

55‌

54,877‌

9.00%,

(9.00%

Cash

9.00%

PIK),

06/30/31

(a)

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

41‌

41,191‌

Vale

Overseas

Ltd.,

6.40%,

06/28/54

83‌

85,181‌

Vale

SA,

Series

A6,

0.00%

(b)(g)(n)(q)

...

BRL

10‌

691‌

1,098,559‌

Canada

—

0.5%

1011778

ULC

(a)

4.38%,

01/15/28

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

USD

79‌

77,624‌

4.00%,

10/15/30

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

71‌

66,912‌

Air

Canada

Pass-Through

Trust,

Series

2020-1,

Class

10.50%,

07/15/26

(a)

1,460‌

1,522,727‌

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(c)

...........

EUR

789‌

947,649‌

Bombardier,

Inc.,

7.25%,

07/01/31

(a)

USD

117‌

124,024‌

Brookfield

Residential

Properties,

Inc.,

4.88%,

02/15/30

(a)

...........

53‌

49,705‌

Garda

World

Security

Corp.

(a)

4.63%,

02/15/27

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

83‌

82,370‌

7.75%,

02/15/28

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

105‌

107,636‌

Ottawa

LP,

11.00%,

03/31/31

(a)

12,042‌

13,272,195‌

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

(a)

...........

100‌

104,519‌

Toucan

FinCo.

Ltd.,

9.50%,

05/15/30

(a)

1,581‌

1,548,740‌

17,904,101‌

Security

Par

(000)

Par

(000)

Value

Chile

—

0.0%

(a)(b)

AES

Andes

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.84%),

8.15%,

06/10/55

USD

270‌

285,555‌

WOM

Chile

Holdco

SpA,

5.00%,

(5.00%

Cash

5.00%

PIK),

04/01/32

(o)(p)

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

721‌

627,319‌

WOM

Mobile

SA,

12.50%,

(12.50%

Cash

12.50

PIK),

04/01/31

(o)

29‌

25,719‌

938,593‌

China

—

0.1%

Alibaba

Group

Holding

Ltd.,

0.50%,

06/01/31

(p)

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

1,084‌

1,991,308‌

Fantasia

Holdings

Group

Co.

Ltd.

(c)(g)(n)

10.88%,

01/09/25

...........

815‌

15,892‌

11.75%,

04/17/25

...........

716‌

8,055‌

Prosus

NV,

4.03%,

08/03/50

(c)

.....

209‌

146,432‌

2,161,687‌

Colombia

—

0.0%

(a)

ABRA

Global

Finance,

14.00%,

(14.00%

Cash

14.00%

PIK),

10/22/29

(o)

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

202‌

191,346‌

Gran

Tierra

Energy,

Inc.,

9.50%,

10/15/29

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

262‌

220,735‌

SURA

Asset

Management

SA,

6.35%,

05/13/32

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

200‌

213,500‌

625,581‌

Costa

Rica

—

0.0%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

(a)

....

206‌

219,596‌

Czech

Republic

—

0.1%

(c)

Allwyn

Entertainment

Financing

plc,

7.25%,

04/30/30

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

EUR

923‌

1,135,860‌

Czechoslovak

Group

A/S,

5.25%,

01/10/31

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

675‌

824,183‌

1,960,043‌

Denmark

—

0.0%

SGL

Group

ApS,

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.28%,

02/24/31

(a)(b)(c)

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

151‌

172,624‌

Finland

—

0.0%

(c)

Citycon

Treasury

5.00%,

03/11/30

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

150‌

176,177‌

5.38%,

07/08/31

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

200‌

236,115‌

Mehilainen

Yhtiot

5.13%,

06/30/32

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

479‌

574,298‌

(3-mo.

EURIBOR

0.00%

Floor

3.38%),

5.38%,

06/30/32

(b)

...

116‌

137,104‌

1,123,694‌

France

—

0.5%

Afflelou

SAS

(c)

6.00%,

07/25/29

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

388‌

475,167‌

6.00%,

07/25/29

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

100‌

122,466‌

Air

France-KLM,

(5-Year

EURIBOR

ICE

Swap

Rate

3.58%),

5.75%

(b)(c)(q)

300‌

359,409‌

Altice

France

(c)

4.13%,

01/15/29

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

188‌

190,371‌

4.25%,

10/15/29

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

188‌

191,421‌

Atos

(c)(r)

5.00%,

12/18/30

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

869‌

962,519‌

1.00%,

12/18/32

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

600‌

363,613‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Bertrand

Franchise

Finance

SAS

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.77%,

07/18/30

(b)(c)

....

EUR

632‌

709,450‌

BNP

Paribas

SA,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.20%),

4.63%

(a)(b)(q)

...

USD

216‌

212,596‌

ELO

SACA,

2.88%,

01/29/26

(c)

.....

EUR

300‌

350,682‌

Forvia

2.75%,

02/15/27

(c)

...........

298‌

348,985‌

6.75%,

09/15/33

(a)

...........

USD

425‌

431,188‌

Goldstory

SAS

(3-mo.

EURIBOR

0.00%

Floor

4.00%),

6.02%,

02/01/30

(a)(b)

EUR

846‌

1,005,492‌

6.75%,

02/01/30

(a)

...........

1,076‌

1,311,728‌

6.75%,

02/01/30

(c)

...........

144‌

175,547‌

Iliad

SA,

4.25%,

01/09/32

(c)

.......

800‌

944,339‌

IPD

5.50%,

06/15/31

(c)

...........

805‌

959,783‌

Lion/Polaris

Lux

(b)(c)

(3-mo.

EURIBOR

0.00%

Floor

3.63%),

5.56%,

07/01/29

....

385‌

457,040‌

(3-mo.

EURIBOR

0.00%

Floor

3.63%),

5.56%,

07/01/29

....

350‌

415,491‌

Loxam

SAS,

6.38%,

05/31/29

(c)

....

1,100‌

1,337,406‌

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

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

649‌

235,356‌

Maya

SAS,

5.63%,

10/15/28

(c)

.....

2,401‌

2,859,023‌

New

Immo

Holding

(c)

5.88%,

04/17/28

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

300‌

363,674‌

4.88%,

12/08/28

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

800‌

950,424‌

RCI

Banque

(b)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

3.84%),

6.13%

(q)

.........

200‌

234,692‌

(5-Year

EURIBOR

ICE

Swap

Rate

2.75%),

5.50%,

10/09/34

...

400‌

493,985‌

(5-Year

EURIBOR

ICE

Swap

Rate

2.75%),

5.50%,

10/09/34

...

500‌

617,482‌

(5-Year

EURIBOR

ICE

Swap

Rate

2.20%),

4.75%,

03/24/37

...

400‌

477,816‌

Sabena

technics

SAS,

(Acquired

10/28/22,

cost

$1,691,058),

(3-mo.

EURIBOR

5.00%),

6.98%,

09/30/29

(b)(d)(j)

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

1,713‌

2,010,563‌

Seche

Environnement

SACA,

4.50%,

03/25/30

(c)

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

105‌

125,449‌

Societe

Generale

SA,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.79%),

8.13%

(a)

(b)(q)

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

USD

267‌

279,686‌

Unibail-Rodamco-Westfield

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

2.43%),

4.75%

(b)(c)(q)

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

EUR

700‌

834,785‌

Veolia

Environnement

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

1.84%),

4.32%

(b)(c)(q)

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

300‌

352,915‌

Worldline

(c)

5.25%,

11/27/29

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

100‌

90,879‌

5.50%,

06/10/30

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

200‌

181,988‌

21,433,410‌

Germany

—

0.7%

ADLER

Pelzer

Holding

GmbH,

9.50%,

04/01/27

(a)

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

435‌

485,809‌

alstria

office

AG,

5.50%,

03/20/31

(c)

500‌

610,400‌

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

APCOA

Group

GmbH

(3-mo.

EURIBOR

0.00%

Floor

4.13%),

6.15%,

04/15/31

(b)(c)

..........

EUR

484‌

571,906‌

Aroundtown

Finance

SARL

(b)(c)(q)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.49%),

8.63%

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

GBP

799‌

1,106,584‌

(5-Year

EURIBOR

ICE

Swap

Rate

4.51%),

7.13%

..........

EUR

644‌

797,305‌

Bayer

AG,

(5-Year

EUR

Swap

Annual

4.46%),

5.38%,

03/25/82

(b)(c)

....

800‌

965,112‌

BRANICKS

Group

AG,

2.25%,

09/22/26

(c)

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

300‌

278,217‌

Commerzbank

(b)(c)(q)

(5-Year

EUR

Swap

Annual

4.39%),

4.25%

...........

400‌

464,924‌

(5-Year

EUR

Swap

Annual

6.74%),

6.50%

...........

400‌

502,854‌

(5-Year

EURIBOR

ICE

Swap

Rate

5.13%),

7.88%

..........

200‌

265,073‌

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)(r)

...

1,233‌

1,361,708‌

Deutsche

Bank

(b)(c)(q)

(5-Year

EURIBOR

ICE

Swap

Rate

4.55%),

4.50%

..........

200‌

233,049‌

(5-Year

EURIBOR

ICE

Swap

Rate

4.75%),

4.63%

..........

2,000‌

2,313,348‌

(5-Year

EURIBOR

ICE

Swap

Rate

4.60%),

7.13%

..........

400‌

495,449‌

Deutsche

Lufthansa

(b)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

2.86%),

5.25%,

01/15/55

...

400‌

484,586‌

(5-Year

EURIBOR

ICE

Swap

Rate

2.86%),

5.25%,

01/15/55

...

600‌

726,879‌

Dynamo

Newco

GmbH,

6.25%,

10/15/31

(c)

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

302‌

367,634‌

Envalior

Deutschland

Gmbh,

(6-mo.

EURIBOR

0.00%

Floor

9.50%),

12.37%,

(12.37%

Cash

12.37%

PIK),

04/01/31

(b)(d)(o)

..........

2,888‌

3,098,073‌

IHO

Verwaltungs

GmbH

(c)(o)

8.75%,

(8.75%

Cash

9.50%

PIK),

05/15/28

(b)

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

1,029‌

1,265,097‌

7.00%,

(7.00%

Cash

7.75%

PIK),

11/15/31

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

626‌

795,553‌

Mahle

GmbH,

6.50%,

05/02/31

(a)

...

1,226‌

1,489,986‌

PCF

GmbH

(c)

4.75%,

04/15/29

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

124‌

112,270‌

(3-mo.

EURIBOR

4.75%

Floor

4.75%),

6.78%,

04/15/29

(b)

...

417‌

376,242‌

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.78%,

07/01/29

(b)(c)

564‌

665,921‌

Progroup

(a)

5.13%,

04/15/29

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

360‌

430,199‌

5.38%,

04/15/31

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

362‌

429,137‌

Schaeffler

(c)

4.25%,

04/01/28

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

200‌

238,658‌

5.38%,

04/01/31

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

200‌

245,871‌

TAG

Immobilien

AG,

0.63%,

03/11/31

(c)

(p)

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

300‌

368,077‌

Techem

Verwaltungsgesellschaft

675

mbH,

4.63%,

07/15/32

(c)

.......

200‌

235,317‌

Tele

Columbus

AG,

10.00%,

(10.00%

Cash

10.00%

PIK),

01/01/29

(b)(c)(o)

953‌

750,147‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Elevator

Newco,

Inc.,

5.25%,

07/15/27

(a)

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

USD

200‌

199,293‌

TUI

Cruises

GmbH

6.25%,

04/15/29

(a)

...........

EUR

833‌

1,022,541‌

5.00%,

05/15/30

(c)

...........

250‌

301,346‌

Volkswagen

International

Finance

(b)(c)(q)

(5-Year

EURIBOR

ICE

Swap

Rate

3.17%),

5.49%

..........

100‌

121,188‌

(EUAMDB08

3.49%),

5.99%

300‌

365,519‌

Vonovia

SE,

Series

0.88%,

05/20/32

(c)(p)

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

400‌

471,055‌

Wintershall

Dea

Finance

BV,

(5-Year

EURIBOR

ICE

Swap

Rate

3.94%),

6.12%

(b)(c)(q)

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

786‌

964,329‌

Europe

Finance

BV,

7.00%,

06/12/30

(c)

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

500‌

609,348‌

26,586,004‌

Greece

—

0.0%

(b)(c)

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

1.70%),

4.00%,

02/07/36

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

714‌

842,483‌

National

Bank

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.15%),

5.88%,

06/28/35

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

378‌

477,420‌

1,319,903‌

Hong

Kong

—

0.0%

HKT

Capital

No.

Ltd.,

3.00%,

01/18/32

(c)

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

USD

350‌

318,857‌

India

—

0.0%

Magnum

Holdings,

5.38%,

10/31/26

(c)

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

300‌

298,537‌

Diamond

Ltd.,

7.95%,

07/28/26

(a)

200‌

201,500‌

Greenko

Dutch

BV,

3.85%,

03/29/26

(c)

176‌

174,285‌

India

Green

Power

Holdings,

4.00%,

02/22/27

(c)

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

244‌

238,883‌

REI

Agro

Ltd.

(d)(g)(n)(p)

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

199,722‌

Vedanta

Resources

Finance

plc

(a)

10.88%,

09/17/29

...........

240‌

251,250‌

9.85%,

04/24/33

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

200‌

202,800‌

1,566,978‌

Indonesia

—

0.0%

Freeport

Indonesia

PT,

4.76%,

04/14/27

(c)

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

252‌

252,504‌

Minejesa

Capital

BV,

5.63%,

08/10/37

(a)

200‌

198,800‌

451,304‌

Ireland

—

0.2%

AIB

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

3.71%),

6.00%

(b)(c)(q)

EUR

500‌

599,546‌

Cedacri

SpA,

(3-mo.

EURIBOR

4.63%

Floor

4.63%),

6.66%,

05/15/28

(b)(c)

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

225‌

265,673‌

eircom

Finance

DAC,

5.00%,

04/30/31

(c)

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

707‌

850,201‌

Flutter

Treasury

DAC

(c)

4.00%,

06/04/31

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

622‌

731,792‌

6.13%,

06/04/31

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

GBP

294‌

398,486‌

Helios

Software

Holdings,

Inc.,

7.88%,

05/01/29

(a)

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

EUR

1,328‌

1,631,454‌

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(a)

...........

USD

1,000‌

981,328‌

Virgin

Media

Vendor

Financing

Notes

DAC,

7.88%,

03/15/32

(c)

GBP

320‌

444,782‌

5,903,262‌

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

1.88%,

03/31/27

(c)

...........

EUR

513‌

590,952‌

3.75%,

05/09/27

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

1,015‌

1,198,811‌

7.38%,

09/15/29

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

50‌

66,040‌

7.38%,

09/15/29

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

163‌

215,292‌

7.88%,

09/15/31

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

1,061‌

1,493,243‌

3,564,338‌

Italy

—

0.6%

A2A

SpA

(5-Year

EURIBOR

ICE

Swap

Rate

2.26%),

5.00%

(b)(c)(q)

.....

284‌

347,245‌

Agrifarma

SpA,

4.50%,

10/31/28

(a)

1,983‌

2,339,780‌

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

.......

987‌

1,177,138‌

BPER

Banca

SpA

(5-Year

EURIBOR

ICE

Swap

Rate

4.35%),

6.50%

(b)(c)

(q)

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

400‌

491,388‌

Bubbles

Bidco

SpA

(c)

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.25%,

09/30/31

(b)

...

570‌

674,353‌

6.50%,

09/30/31

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

416‌

500,241‌

Dolcetto

Holdco

SpA,

5.63%,

07/14/32

(c)

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

674‌

811,289‌

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

0.00%

Floor

4.13%),

6.15%,

07/15/31

(b)(c)

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

705‌

832,657‌

Engineering

Ingegneria

Informatica

SpA,

11.13%,

05/15/28

(c)

.......

1,142‌

1,428,753‌

Eni

SpA,

(5-Year

EUR

Swap

Annual

2.40%),

4.88%

(b)(c)(q)

..........

500‌

596,666‌

Fedrigoni

SpA,

6.13%,

06/15/31

(c)

...

868‌

1,012,975‌

Fiber

Midco

SpA,

10.00%,

06/15/29

(c)

446‌

484,057‌

Fibercop

SpA

(c)

4.75%,

06/30/30

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

208‌

248,046‌

5.13%,

06/30/32

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

227‌

270,883‌

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

...........

607‌

718,039‌

IMA

Industria

Macchine

Automatiche

SpA

(b)

(3-mo.

EURIBOR

3.75%),

5.78%,

04/15/29

(a)

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

825‌

977,557‌

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.78%,

04/15/29

(c)

...

441‌

522,549‌

Intesa

Sanpaolo

SpA,

(5-Year

EUR

Swap

Annual

5.85%),

5.50%

(b)(c)(q)

250‌

303,372‌

Irca

SpA

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.76%,

12/15/29

(b)(c)

470‌

555,779‌

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(c)

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

151‌

180,365‌

Lottomatica

Group

SpA

(c)

5.38%,

06/01/30

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

218‌

265,219‌

4.88%,

01/31/31

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

434‌

525,021‌

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

5.30%,

06/01/31

(b)

...

329‌

388,562‌

Nexi

SpA,

0.00%,

02/24/28

(c)(e)(p)

....

500‌

537,509‌

Pachelbel

Bidco

SpA

(c)

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.27%,

05/17/31

(b)

...

291‌

344,196‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

7.13%,

05/17/31

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

EUR

319‌

403,518‌

Prysmian

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.01%),

5.25%

(b)(c)(q)

800‌

979,759‌

Rossini

SARL

(c)

(3-mo.

EURIBOR

0.00%

Floor

3.88%),

5.87%,

12/31/29

(b)

...

207‌

245,722‌

6.75%,

12/31/29

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

343‌

424,843‌

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$1,971,102),

(3-mo.

EURIBOR

3.25%),

5.77%,

08/22/27

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

1,786‌

2,083,190‌

TeamSystem

SpA

(c)

5.00%,

07/01/31

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

136‌

161,907‌

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%,

07/31/31

(b)

...

511‌

601,681‌

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

5.19%,

07/01/32

(b)

...

436‌

512,452‌

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

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

USD

237‌

262,547‌

Unipol

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

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

EUR

300‌

370,887‌

22,580,145‌

Japan

—

0.1%

Nissan

Motor

Co.

Ltd.,

5.25%,

07/17/29

(c)

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

758‌

906,952‌

Nomura

Holdings,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.08%),

7.00%

(b)

(q)

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

USD

239‌

247,388‌

Rakuten

Group,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.25%),

8.13%

(a)

(b)(q)

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

300‌

311,849‌

SoftBank

Group

Corp.

(c)

5.38%,

01/08/29

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

EUR

1,089‌

1,324,443‌

5.25%,

10/10/29

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

288‌

348,645‌

5.88%,

07/10/31

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

448‌

554,093‌

5.75%,

07/08/32

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

1,106‌

1,356,797‌

6.38%,

07/10/33

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

201‌

250,917‌

Sumitomo

Mitsui

Financial

Group,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.90%),

6.45%

(b)(q)

...........

USD

222‌

226,616‌

5,527,700‌

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%,

03/31/29

(a)

..........

924‌

904,648‌

10.38%,

03/31/29

(c)

..........

GBP

722‌

944,159‌

Deepocean

Ltd.,

6.00%,

04/08/31

(c)

EUR

215‌

255,831‌

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%,

10/02/25

(a)(e)

..........

USD

4,486‌

4,485,231‌

6,589,869‌

Kuwait

—

0.0%

EQUATE

Petrochemical

Co.

KSC,

4.25%,

11/03/26

(c)

...........

267‌

265,798‌

Luxembourg

—

0.3%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

8.25%

PIK),

12/31/28

(o)

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

EUR

1,912‌

2,270,089‌

Albion

Financing

SARL,

5.38%,

05/21/30

(c)

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

542‌

660,114‌

Currenta

Group

Holdings

SARL

(c)

5.50%,

05/15/30

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

467‌

561,879‌

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

(3-mo.

EURIBOR

0.00%

Floor

4.00%),

6.04%,

05/15/32

(b)

...

EUR

478‌

565,650‌

Encore

Issuances

SA,

Series

155,

(3-mo.

EURIBOR

10.00%),

2.13%,

11/06/25

(b)(c)

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

115‌

132,135‌

Herens

Holdco

SARL,

4.75%,

05/15/28

(a)

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

USD

200‌

175,218‌

Herens

Midco

SARL,

5.25%,

05/15/29

(a)

EUR

1,435‌

968,383‌

INEOS

Finance

plc

(c)

5.63%,

08/15/30

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

101‌

113,801‌

7.25%,

03/31/31

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

566‌

663,569‌

ION

Platform

Finance

SARL

(c)

6.50%,

09/30/30

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

358‌

420,310‌

6.88%,

09/30/32

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

276‌

324,038‌

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(c)

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

975‌

644,366‌

Luna

1.5

SARL,

10.50%,

(10.50%

Cash

11.25%

PIK),

07/01/32

(c)(o)

....

382‌

459,000‌

Luna

2.5

SARL,

5.50%,

07/01/32

(c)

230‌

274,723‌

Matterhorn

Telecom

SA,

3.13%,

09/15/26

(c)

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

1,427‌

1,673,332‌

Maxam

Prill

SARL,

6.00%,

07/15/30

(c)

998‌

1,189,531‌

SES

(c)

4.13%,

06/24/30

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

100‌

119,992‌

4.88%,

06/24/33

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

250‌

305,594‌

Summer

Holdco

SARL

(c)

5.88%,

02/15/30

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

530‌

607,757‌

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.29%,

02/15/30

(b)

...

309‌

356,259‌

Vivion

Investments

SARL,

6.50%,

(6.50%

Cash

8.25%

PIK),

08/31/28

(c)(o)

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

1,135‌

1,327,144‌

13,812,884‌

Macau

—

0.0%

Studio

City

Finance

Ltd.,

5.00%,

01/15/29

(c)

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

USD

334‌

321,976‌

Malaysia

—

0.0%

(c)

CIMB

Bank

Bhd.,

2.13%,

07/20/27

200‌

193,018‌

Dua

Capital

Ltd.,

2.78%,

05/11/31

...

341‌

313,568‌

Gohl

Capital

Ltd.,

4.25%,

01/24/27

300‌

298,687‌

805,273‌

Mauritius

—

0.2%

Flourishing

Trade

Investment

Ltd.,

11.04%,

04/02/28

(a)(d)

.........

5,969‌

6,237,413‌

Mexico

—

0.2%

Cemex

SAB

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.52%),

7.20%

(a)

(b)(q)

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

200‌

207,480‌

Fomento

Economico

Mexicano

SAB

CV,

2.63%,

02/24/26

(c)(p)

.......

EUR

1,600‌

1,875,412‌

Orbia

Advance

Corp.

SAB

CV,

6.80%,

05/13/30

(a)

...........

USD

200‌

207,951‌

Petroleos

Mexicanos,

7.50%,

03/20/26

(a)

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

6,405‌

6,366,570‌

8,657,413‌

Netherlands

—

0.3%

Boels

Topholding

6.25%,

02/15/29

(c)

...........

EUR

1,522‌

1,845,307‌

5.75%,

05/15/30

(a)

...........

296‌

360,425‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

ING

Groep

(b)(q)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.86%),

3.88%

...........

USD

600‌

575,223‌

(USISSO05

3.59%),

7.00%

...

200‌

206,215‌

(USISSO05

4.08%),

7.25%

(c)

550‌

582,313‌

Group

(5-Year

EURIBOR

ICE

Swap

Rate

3.45%),

5.75%

(b)(c)(q)

EUR

425‌

505,567‌

Q-Park

Holding

(c)

5.13%,

02/15/30

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

559‌

677,883‌

5.13%,

02/15/30

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

517‌

626,950‌

Sunrise

FinCo.

BV,

4.88%,

07/15/31

(a)

USD

1,280‌

1,219,392‌

Sunrise

HoldCo

BV,

5.50%,

01/15/28

(a)

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

400‌

398,748‌

Trivium

Packaging

Finance

BV,

6.63%,

07/15/30

(c)

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

EUR

190‌

234,493‌

Secured

Financing

BV,

5.25%,

01/15/33

(c)

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

784‌

920,414‌

Vendor

Financing

BV,

2.88%,

01/15/29

(c)

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

1,523‌

1,685,597‌

9,838,527‌

Peru

—

0.0%

(a)

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

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

USD

75‌

80,055‌

Volcan

Cia

Minera

SAA,

8.75%,

01/24/30

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

180‌

186,714‌

266,769‌

Portugal

—

0.0%

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.40%),

4.63%,

09/16/54

(b)(c)

EUR

600‌

724,219‌

Republic

Turkiye

—

0.0%

Turkcell

Iletisim

Hizmetleri

A/S,

7.65%,

01/24/32

(a)

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

USD

200‌

209,000‌

Saudi

Arabia

—

0.0%

Rajhi

Sukuk

Ltd.,

(6-Year

USD

Constant

Maturity

1.59%),

6.25%

(b)

(c)(q)

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

292‌

294,429‌

Singapore

—

0.1%

Continuum

Energy

Pte.

Ltd.,

12.85%,

09/11/27

(a)(d)

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

2,006‌

2,006,039‌

Slovenia

—

0.0%

United

Group

(3-mo.

EURIBOR

4.25%

Floor

4.25%),

6.29%,

02/15/31

(a)(b)

EUR

1,029‌

1,210,917‌

6.50%,

10/31/31

(c)

...........

150‌

178,333‌

1,389,250‌

South

Africa

—

0.0%

Sappi

Papier

Holding

GmbH,

4.50%,

03/15/32

(c)

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

354‌

409,985‌

Sasol

Financing

USA

LLC

4.38%,

09/18/26

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

USD

200‌

198,900‌

6.50%,

09/27/28

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

200‌

199,062‌

Stillwater

Mining

Co.,

4.50%,

11/16/29

(a)

200‌

186,125‌

994,072‌

Security

Par

(000)

Par

(000)

Value

South

Korea

—

0.0%

(c)

Shinhan

Financial

Group

Co.

Ltd.,

(5-

Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.06%),

2.88%

(b)(q)

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

USD

500‌

492,813‌

Battery

America,

Inc.,

2.13%,

01/26/26

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

480‌

474,158‌

966,971‌

Spain

—

0.2%

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

0.00%

Floor

2.50%),

4.52%,

05/01/30

(b)(c)

....

EUR

483‌

570,580‌

Banco

Bilbao

Vizcaya

Argentaria

(b)(q)

(5-Year

EURIBOR

ICE

Swap

Rate

5.54%),

8.38%

(c)

.........

400‌

520,808‌

(5-Year

EUR

Swap

Annual

4.27%),

6.88%

(c)

..........

600‌

760,486‌

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.25%),

7.75%

...........

USD

209‌

221,641‌

Bankinter

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

4.71%),

7.38%

(b)(c)(q)

EUR

200‌

254,954‌

CaixaBank

(5-Year

EURIBOR

ICE

Swap

Rate

3.94%),

6.25%

(b)(c)(q)

200‌

245,636‌

Cellnex

Telecom

SA,

0.75%,

11/20/31

(c)

(p)

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

400‌

424,153‌

Cirsa

Finance

International

SARL,

7.88%,

07/31/28

(c)

...........

1,027‌

1,255,371‌

Grifols

SA,

7.13%,

05/01/30

(c)

......

544‌

672,773‌

Iberdrola

Finanzas

SA,

Series

IBE,

1.50%,

03/27/30

(c)(p)

..........

500‌

602,652‌

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

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

477‌

566,846‌

6,095,900‌

Sweden

—

0.2%

Heimstaden

Bostad

Treasury

BV,

1.38%,

03/03/27

(c)

...........

341‌

392,643‌

Intrum

Investments

Financing

(c)

7.75%,

09/11/27

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

200‌

217,089‌

8.00%,

09/11/27

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

412‌

492,429‌

Series

7.75%,

09/11/28

(a)

.....

340‌

352,797‌

8.50%,

09/11/29

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

251‌

257,565‌

8.50%,

09/11/30

(a)

...........

211‌

215,467‌

Preem

Holdings

AB,

12.00%,

06/30/27

(c)

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

374‌

454,504‌

Stena

International

SA,

7.25%,

01/15/31

(c)

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

USD

1,314‌

1,339,648‌

Verisure

Holding

AB,

9.25%,

10/15/27

(a)

EUR

811‌

976,867‌

Verisure

Midholding

AB,

5.25%,

02/15/29

(c)

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

1,375‌

1,623,762‌

6,322,771‌

Switzerland

—

0.1%

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(c)

...........

CHF

800‌

994,128‌

UBS

(1-day

SOFR

0.72%),

4.86%,

01/10/28

(b)

...........

USD

256‌

258,169‌

UBS

Group

(a)(b)(q)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.40%),

4.88%

...........

225‌

221,538‌

(USISSO05

3.63%),

6.85%

...

1,175‌

1,211,640‌

(USISSO05

3.12%),

6.60%

...

277‌

278,482‌

(USISSO05

3.30%),

7.00%

...

200‌

203,886‌

VistaJet

Malta

Finance

plc

(a)

9.50%,

06/01/28

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

100‌

104,102‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Switzerland

(continued)

6.38%,

02/01/30

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

USD

100‌

97,468‌

3,369,413‌

Thailand

—

0.0%

Bangkok

Bank

PCL,

5.30%,

09/21/28

(a)

200‌

204,874‌

Krung

Thai

Bank

PCL,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.53%),

4.40%

(b)

(c)(q)

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

282‌

280,414‌

485,288‌

Ukraine

—

0.0%

NAK

Naftogaz

Ukraine

(o)

7.13%,

(7.13%

Cash

7.13%

PIK),

07/19/26

(c)

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

EUR

269‌

270,406‌

7.63%,

(7.63%

Cash

7.63%

PIK),

11/08/28

(a)

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

USD

251‌

196,427‌

Ukraine

PAT,

9.62%,

02/11/27

(c)(r)

250‌

237,334‌

704,167‌

United

Arab

Emirates

—

0.0%

World

Salaam,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.75%),

6.00%

(b)(c)(q)

...

404‌

404,073‌

MAF

Global

Securities

Ltd.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.54%),

6.38%

(b)

(c)(q)

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

202‌

202,315‌

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(a)

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

314‌

310,075‌

916,463‌

United

Kingdom

—

1.3%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$2,345,634),

15.00%,

(

15.00%

Cash

15.00%

PIK),

06/19/26

(d)(j)(o)

...

GBP

1,851‌

2,409,134‌

Bond

Co.

Ltd.,

6.50%,

01/31/26

(c)

662‌

889,652‌

Amber

Finco

plc,

6.63%,

07/15/29

(c)

EUR

1,240‌

1,530,149‌

Ardonagh

Finco

Ltd.

(a)

6.88%,

02/15/31

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

2,280‌

2,766,829‌

7.75%,

02/15/31

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

USD

200‌

209,278‌

Barclays

plc

(b)(q)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.41%),

4.38%

...........

216‌

207,215‌

(USISSO05

3.69%),

7.63%

...

200‌

211,937‌

BCP

Modular

Services

Finance

plc

6.13%,

11/30/28

(a)

...........

GBP

2,144‌

2,691,955‌

6.13%,

11/30/28

(c)

...........

358‌

449,496‌

BCP

Modular

Services

Finance

plc,

6.75%,

11/30/29

(a)

...........

EUR

1,699‌

1,495,462‌

Bellis

Acquisition

Co.

plc

8.00%,

07/01/31

(c)

...........

1,045‌

1,245,132‌

Boots

Group

Finco

(c)

5.38%,

08/31/32

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

300‌

362,343‌

7.38%,

08/31/32

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

GBP

150‌

205,512‌

Bracken

MidCo1

plc,

6.75%,

(6.75%

Cash

7.50%

PIK),

11/01/27

(c)(o)

286‌

383,134‌

British

Telecommunications

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.49%),

4.88%,

11/23/81

(a)(b)

..........

USD

723‌

693,489‌

California

Buyer

Ltd.,

5.63%,

02/15/32

(c)

EUR

390‌

476,515‌

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

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

GBP

189‌

267,056‌

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

2.51%),

6.50%,

05/21/55

(b)(c)

....

GBP

845‌

1,163,431‌

Connect

Finco

SARL,

9.00%,

09/15/29

(a)

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

USD

828‌

870,563‌

ContourGlobal

Power

Holdings

SA,

5.00%,

02/28/30

(c)

...........

EUR

404‌

485,527‌

Deuce

Finco

plc

5.50%,

06/15/27

(a)

...........

GBP

1,595‌

2,141,112‌

5.50%,

06/15/27

(c)

...........

1,314‌

1,763,901‌

Edge

Finco

plc,

8.13%,

08/15/31

(c)

965‌

1,383,811‌

Global

Finance

plc,

12.00%,

11/30/28

(a)

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

USD

1,073‌

1,178,536‌

Froneri

Lux

FinCo

SARL,

4.75%,

08/01/32

(c)

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

EUR

482‌

570,877‌

Gatwick

Airport

Finance

plc,

4.38%,

04/07/26

(c)

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

GBP

467‌

625,049‌

Global

Auto

Holdings

Ltd.,

11.50%,

08/15/29

(a)

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

USD

200‌

211,000‌

Heathrow

Finance

plc,

6.63%,

03/01/31

(c)

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

GBP

1,193‌

1,612,143‌

Howden

Refinance

plc,

7.25%,

02/15/31

(a)

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

USD

200‌

205,914‌

HSBC

Holdings

plc

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.64%),

6.95%

(b)

(q)

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

102‌

106,650‌

INEOS

Quattro

Finance

plc

(c)

8.50%,

03/15/29

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

EUR

539‌

632,631‌

6.75%,

04/15/30

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

328‌

360,898‌

Ithaca

Energy

North

Sea

plc,

8.13%,

10/15/29

(a)

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

USD

500‌

522,383‌

Lloyds

Banking

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.44%),

7.50%

(b)(q)

...

GBP

200‌

275,528‌

Mobico

Group

plc

(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.14%),

4.25%

(b)(q)

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

170‌

139,588‌

4.88%,

09/26/31

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

EUR

575‌

531,419‌

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

470‌

497,083‌

National

Grid

plc,

0.16%,

01/20/28

(c)

1,236‌

1,374,263‌

Nationwide

Building

Society

(b)(c)(q)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

5.63%),

5.75%

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

GBP

344‌

460,332‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.85%),

7.50%

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

881‌

1,214,692‌

NatWest

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.29%),

7.50%

(b)(q)

...

350‌

478,951‌

Ocado

Group

plc,

11.00%,

06/15/30

(c)

425‌

574,268‌

OEG

Finance

plc,

7.25%,

09/27/29

(c)

EUR

971‌

1,191,506‌

Pinewood

Finco

plc,

6.00%,

03/27/30

(a)

GBP

1,331‌

1,800,383‌

Pinnacle

Bidco

plc,

10.00%,

10/11/28

(c)

440‌

624,318‌

Stonegate

Pub

Co.

Financing

plc

(c)

(3-mo.

EURIBOR

6.63%),

8.66%,

07/31/29

(b)

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

EUR

193‌

223,298‌

10.75%,

07/31/29

...........

GBP

616‌

830,724‌

Thames

Water

Super

Senior

Issuer

plc

(a)

9.75%,

10/10/27

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

15‌

22,772‌

9.75%,

10/10/27

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

54‌

80,960‌

Thames

Water

Utilities

Finance

plc,

4.00%,

06/19/27

(c)

...........

1,381‌

1,320,999‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Thames

Water

Utilities

Ltd.,

0.00%,

03/22/27

(a)(e)

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

GBP

10‌

11,911‌

Virgin

Media

Finance

plc,

5.00%,

07/15/30

(a)

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

USD

239‌

221,985‌

Virgin

Media

Secured

Finance

plc

(c)

4.25%,

01/15/30

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

GBP

824‌

1,027,783‌

4.13%,

08/15/30

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

1,220‌

1,497,710‌

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

.......

2,155‌

2,822,916‌

Virgin

Media

Vendor

Financing

Notes

DAC,

5.00%,

07/15/28

(a)

.....

USD

200‌

195,910‌

Vmed

Financing

plc

4.50%,

07/15/31

(c)

...........

GBP

506‌

622,607‌

4.75%,

07/15/31

(a)

...........

USD

200‌

188,249‌

5.63%,

04/15/32

(c)

...........

EUR

290‌

349,180‌

Vodafone

Group

plc

(b)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.77%),

4.13%,

06/04/81

....

USD

141‌

131,904‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.84%),

8.00%,

08/30/86

(c)

.........

GBP

452‌

662,402‌

Zegona

Finance

plc

(c)

6.75%,

07/15/29

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

EUR

681‌

846,812‌

6.75%,

07/15/29

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

762‌

947,117‌

51,496,284‌

United

States

—

4.8%

Acadia

Healthcare

Co.,

Inc.

(a)

5.50%,

07/01/28

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

USD

100‌

99,155‌

7.38%,

03/15/33

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

79‌

82,017‌

Acrisure

LLC,

6.75%,

07/01/32

(a)

....

100‌

102,968‌

Adient

Global

Holdings

Ltd.,

7.50%,

02/15/33

(a)

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

73‌

75,589‌

Aethon

United

LP,

7.50%,

10/01/29

(a)

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

46‌

47,973‌

Alexander

Funding

Trust

II,

7.47%,

07/31/28

(a)

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

635‌

678,985‌

Allegiant

Travel

Co.,

7.25%,

08/15/27

(a)

431‌

436,359‌

Alliant

Holdings

Intermediate

LLC,

4.25%,

10/15/27

(a)

...........

214‌

210,447‌

Allied

Universal

Holdco

LLC

4.88%,

06/01/28

(c)

...........

GBP

2,568‌

3,376,374‌

7.88%,

02/15/31

(a)

...........

USD

89‌

93,316‌

Alpha

Generation

LLC,

6.75%,

10/15/32

(a)

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

13‌

13,420‌

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

1,254‌

1,321,403‌

4.25%,

02/15/29

(p)

...........

510‌

485,775‌

4.25%,

02/15/29

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

1,278‌

1,111,860‌

10.50%,

07/15/32

(a)

..........

111‌

117,375‌

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(a)

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

50‌

51,918‌

American

Axle

Manufacturing,

Inc.

6.88%,

07/01/28

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

63‌

62,986‌

5.00%,

10/01/29

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

83‌

78,873‌

American

Tower

Corp.,

0.45%,

01/15/27

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

EUR

2,157‌

2,468,308‌

AmeriGas

Partners

(a)

9.38%,

06/01/28

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

USD

68‌

69,860‌

9.50%,

06/01/30

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

148‌

154,938‌

Amkor

Technology,

Inc.,

6.63%,

09/15/27

(a)

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

322‌

322,093‌

AmWINS

Group,

Inc.,

6.38%,

02/15/29

(a)

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

85‌

86,728‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Aramark

Services,

Inc.,

5.00%,

02/01/28

(a)

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

USD

100‌

99,528‌

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(a)

105‌

102,894‌

Arcosa,

Inc.,

6.88%,

08/15/32

(a)

....

100‌

104,449‌

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(a)

...........

200‌

199,952‌

2.00%,

09/01/28

(c)

...........

EUR

509‌

570,223‌

Ardagh

Packaging

Finance

plc

2.13%,

08/15/26

(c)

...........

154‌

177,149‌

2.13%,

08/15/26

(c)

...........

1,876‌

2,141,796‌

4.13%,

08/15/26

(a)

...........

USD

4,760‌

4,569,600‌

Aretec

Group,

Inc.,

10.00%,

08/15/30

(a)

115‌

125,293‌

Arsenal

AIC

Parent

LLC,

11.50%,

10/01/31

(a)

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

111‌

123,280‌

Ashton

Woods

USA

LLC,

6.88%,

08/01/33

(a)

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

316‌

318,710‌

ATI,

Inc.,

7.25%,

08/15/30

........

116‌

121,763‌

Avianca

Midco

plc,

9.00%,

12/01/28

(c)

151‌

150,623‌

Avis

Budget

Car

Rental

LLC

(a)

5.38%,

03/01/29

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

111‌

108,243‌

8.38%,

06/15/32

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

17‌

17,781‌

Ball

Corp.,

4.25%,

07/01/32

.......

EUR

530‌

636,444‌

Bank

America

Corp.

(b)

(3-mo.

EURIBOR

0.91%),

1.95%,

10/27/26

(c)

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

875‌

1,027,814‌

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.35%),

6.25%

(q)

..........

USD

121‌

122,546‌

Bank

New

York

Mellon

Corp.

(The)

(b)

(q)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.30%),

6.30%

...........

101‌

103,913‌

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.27%),

5.95%

...........

200‌

202,233‌

Bausch

Lomb

Corp.

8.38%,

10/01/28

(a)

...........

436‌

454,394‌

(3-mo.

EURIBOR

0.00%

Floor

3.88%),

5.87%,

01/15/31

(b)(c)

EUR

288‌

342,591‌

BCPE

Flavor

Debt

Merger

Sub

LLC

BCPE

Flavor

Issuer,

Inc.,

9.50%,

07/01/32

(a)

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

USD

402‌

420,743‌

Beach

Acquisition

Bidco

LLC,

5.25%,

07/15/32

(c)

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

EUR

409‌

492,231‌

Becton

Dickinson

Euro

Finance

SARL,

3.55%,

09/13/29

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

1,455‌

1,749,268‌

Blue

Racer

Midstream

LLC,

7.25%,

07/15/32

(a)

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

USD

213‌

224,004‌

Boyd

Gaming

Corp.,

4.75%,

06/15/31

(a)

207‌

199,549‌

Bracelet

Holdings,

Inc.,

9.25%,

07/02/28

(a)

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

2,569‌

2,472,185‌

Breeze

Aviation

Group,

Inc.

(Acquired

01/26/24,

cost

$2,913,794)

20.00%,

(20.00%

Cash

20.00%

PIK),

01/30/28

(d)

(j)(o)

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

2,914‌

3,030,346‌

Caesars

Entertainment,

Inc.

(a)

7.00%,

02/15/30

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

100‌

102,861‌

6.00%,

10/15/32

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

159‌

156,608‌

California

Resources

Corp.

(a)

8.25%,

06/15/29

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

570‌

594,422‌

7.00%,

01/15/34

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

582‌

577,993‌

Calpine

Corp.

(a)

5.13%,

03/15/28

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

99‌

99,051‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.00%,

02/01/31

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

USD

96‌

95,719‌

CCO

Holdings

LLC,

4.75%,

02/01/32

(a)

296‌

273,730‌

Centene

Corp.,

4.25%,

12/15/27

...

1,800‌

1,767,631‌

Central

Parent,

Inc.,

7.25%,

06/15/29

(a)

198‌

170,489‌

Chemours

Co.

(The)

(a)

4.63%,

11/15/29

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

19‌

17,166‌

8.00%,

01/15/33

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

98‌

97,477‌

Churchill

Downs,

Inc.,

5.75%,

04/01/30

(a)

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

114‌

113,897‌

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(a)

89‌

92,502‌

Citigroup,

Inc.

(b)(q)

Series

FF,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.73%),

6.95%

....

119‌

122,214‌

Series

GG,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.89%),

6.88%

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

122‌

125,728‌

Civitas

Resources,

Inc.

(a)

5.00%,

10/15/26

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

705‌

701,610‌

8.38%,

07/01/28

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

672‌

696,561‌

8.63%,

11/01/30

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

575‌

595,507‌

Clarios

Global

6.75%,

05/15/28

(a)

...........

100‌

102,208‌

4.75%,

06/15/31

(c)

...........

EUR

685‌

819,378‌

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

02/15/31

(a)

...........

USD

97‌

100,264‌

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

1,384‌

1,396,484‌

9.00%,

09/30/29

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

404‌

419,031‌

8.25%,

06/30/32

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

472‌

500,676‌

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

04/15/30

(a)

...........

537‌

551,630‌

Cogent

Communications

Group

LLC,

7.00%,

06/15/27

(a)

...........

63‌

62,833‌

Comcast

Corp.,

0.25%,

09/14/29

...

EUR

513‌

544,819‌

CommScope

LLC,

9.50%,

12/15/31

(a)

USD

290‌

300,179‌

Community

Health

Systems,

Inc.

(a)

4.75%,

02/15/31

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

102‌

88,204‌

10.88%,

01/15/32

...........

101‌

106,969‌

Compass

Minerals

International,

Inc.,

8.00%,

07/01/30

(a)

...........

51‌

53,304‌

Comstock

Resources,

Inc.,

6.75%,

03/01/29

(a)

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

20‌

19,967‌

Core

Scientific,

Inc.,

0.00%,

06/15/31

(a)

(e)(p)

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

226‌

252,555‌

CoreWeave,

Inc.,

9.25%,

06/01/30

(a)

178‌

183,837‌

Cornerstone

Building

Brands,

Inc.,

9.50%,

08/15/29

(a)

...........

142‌

137,973‌

Crescent

Energy

Finance

LLC,

7.38%,

01/15/33

(a)

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

575‌

559,857‌

CSC

Holdings

LLC

(a)

5.50%,

04/15/27

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

1,673‌

1,587,892‌

11.25%,

05/15/28

...........

359‌

332,347‌

11.75%,

01/31/29

...........

784‌

659,300‌

CVR

Energy,

Inc.,

8.50%,

01/15/29

(a)

146‌

149,220‌

Dana

Financing

Luxembourg

SARL,

8.50%,

07/15/31

(c)

...........

EUR

741‌

937,684‌

Darling

Global

Finance

BV,

4.50%,

07/15/32

(c)

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

630‌

746,772‌

Delek

Logistics

Partners

LP,

8.63%,

03/15/29

(a)

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

USD

100‌

104,280‌

DirecTV

Financing

LLC

(a)

8.88%,

02/01/30

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

58‌

57,288‌

10.00%,

02/15/31

...........

300‌

299,559‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

DISH

Network

Corp.

(p)

0.00%,

12/15/25

(e)

...........

USD

1,454‌

1,432,719‌

3.38%,

08/15/26

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

411‌

394,971‌

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(a)

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

66‌

70,809‌

Energizer

Holdings,

Inc.,

4.38%,

03/31/29

(a)

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

55‌

52,748‌

EQT

Corp.,

7.50%,

06/01/30

......

210‌

231,656‌

EquipmentShare.com,

Inc.,

9.00%,

05/15/28

(a)

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

115‌

121,696‌

Fertitta

Entertainment

LLC,

4.63%,

01/15/29

(a)

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

76‌

72,332‌

Figeac

Aero

North

America,

Inc.,

(Acquired

08/19/25,

cost

$1,919,858),

7.79%,

07/23/30

(c)(d)(j)

EUR

1,650‌

1,932,340‌

First

Citizens

BancShares,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.97%),

6.25%,

03/12/40

(b)

...........

USD

3,700‌

3,748,366‌

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(a)

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

117‌

118,728‌

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(a)

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

68‌

69,640‌

Ford

Motor

Credit

Co.

LLC

6.95%,

03/06/26

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

360‌

362,866‌

6.95%,

06/10/26

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

876‌

887,388‌

4.54%,

08/01/26

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

349‌

348,702‌

5.13%,

11/05/26

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

706‌

708,339‌

4.27%,

01/09/27

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

702‌

696,258‌

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(a)

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

140‌

132,572‌

Freedom

Mortgage

Holdings

LLC,

9.13%,

05/15/31

(a)

...........

119‌

126,563‌

Frontier

Communications

Holdings

LLC

(a)

6.75%,

05/01/29

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

965‌

974,626‌

6.00%,

01/15/30

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

90‌

91,059‌

8.75%,

05/15/30

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

2,284‌

2,385,969‌

8.63%,

03/15/31

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

1,843‌

1,943,003‌

Frontier

Florida

LLC,

Series

6.86%,

02/01/28

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

1,880‌

1,961,404‌

Frontier

North,

Inc.,

Series

6.73%,

02/15/28

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

1,101‌

1,129,901‌

Full

House

Resorts,

Inc.,

8.25%,

02/15/28

(a)

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

59‌

54,755‌

General

Motors

Financial

Co.,

Inc.,

4.30%,

02/15/29

(c)

...........

EUR

598‌

729,993‌

Genesis

Energy

7.75%,

02/01/28

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

USD

100‌

100,705‌

8.00%,

05/15/33

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

77‌

80,538‌

Global

Payments,

Inc.,

4.88%,

03/17/31

EUR

423‌

521,758‌

Goldman

Sachs

Group,

Inc.

(The)

(c)

0.25%,

01/26/28

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

999‌

1,114,378‌

0.88%,

05/09/29

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

943‌

1,035,751‌

Goodyear

Tire

Rubber

Co.

(The),

5.63%,

04/30/33

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

USD

93‌

86,529‌

GoTo

Group,

Inc.

(a)

5.50%,

05/01/28

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

423‌

136,962‌

5.50%,

05/01/28

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

248‌

200,921‌

Gray

Media,

Inc.,

10.50%,

07/15/29

(a)

79‌

85,419‌

Finance

Corp.,

(10-Year

USD

Constant

Maturity

0.00%

Floor

and

5.00%

Cap

0.00%),

8.75%,

02/14/30

(b)

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

6,830‌

6,898,163‌

Hilton

Grand

Vacations

Borrower

LLC,

4.88%,

07/01/31

(a)

...........

100‌

93,324‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Homes

West

Bay

LLC,

11.00%,

02/06/30

(d)

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

USD

9,929‌

10,066,020‌

HUB

International

Ltd.,

7.25%,

06/15/30

(a)

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

100‌

104,291‌

Iron

Mountain,

Inc.,

4.75%,

01/15/34

(c)

EUR

769‌

904,836‌

ITT

Holdings

LLC,

6.50%,

08/01/29

(a)

USD

49‌

48,174‌

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(a)

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

48‌

48,685‌

JetBlue

Pass-Through

Trust,

Series

2019-1,

Class

AA,

2.75%,

05/15/32

268‌

237,219‌

JPMorgan

Chase

Co.

(b)

(3-mo.

EURIBOR

0.76%),

1.09%,

03/11/27

(c)

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

EUR

909‌

1,061,644‌

(3-mo.

EURIBOR

0.60%),

3.67%,

06/06/28

(c)

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

781‌

935,061‌

Series

OO,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.15%),

6.50%

(q)

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

USD

110‌

113,865‌

KeHE

Distributors

LLC,

9.00%,

02/15/29

(a)

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

45‌

47,347‌

Kronos

International,

Inc.

(c)

9.50%,

03/15/29

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

EUR

213‌

263,532‌

9.50%,

03/15/29

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

206‌

254,871‌

LCM

Investments

Holdings

LLC,

4.88%,

05/01/29

(a)

...........

USD

100‌

97,975‌

Lessen

LLC

(3-mo.

CME

Term

SOFR

8.50%),

12.76%,

01/05/28

(a)(b)(d)

5,070‌

4,714,861‌

Level

Financing,

Inc.,

6.88%,

06/30/33

(a)

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

162‌

165,107‌

LGI

Homes,

Inc.,

7.00%,

11/15/32

(a)

928‌

906,122‌

LifePoint

Health,

Inc.

(a)

11.00%,

10/15/30

...........

98‌

108,012‌

8.38%,

02/15/32

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

78‌

83,125‌

Light

Wonder

International,

Inc.,

7.25%,

11/15/29

(a)

...........

41‌

42,081‌

Live

Nation

Entertainment,

Inc.,

4.75%,

10/15/27

(a)

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

139‌

138,080‌

Magnera

Corp.,

7.25%,

11/15/31

(a)

104‌

97,862‌

Mauser

Packaging

Solutions

Holding

Co.

(a)

7.88%,

04/15/27

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

559‌

564,480‌

9.25%,

04/15/27

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

23‌

23,053‌

McGraw-Hill

Education,

Inc.,

7.38%,

09/01/31

(a)

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

112‌

116,362‌

Medline

Borrower

LP,

5.25%,

10/01/29

(a)

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

253‌

250,812‌

MGM

Resorts

International,

6.50%,

04/15/32

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

88‌

89,654‌

Mohegan

Tribal

Gaming

Authority,

11.88%,

04/15/31

(a)

..........

100‌

104,820‌

Morgan

Stanley

(b)

(3-mo.

EURIBOR

0.83%),

1.34%,

10/23/26

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

EUR

1,109‌

1,301,362‌

(3-mo.

EURIBOR

1.30%),

4.66%,

03/02/29

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

747‌

915,782‌

MPT

Operating

Partnership

LP,

7.00%,

02/15/32

(c)

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

531‌

651,428‌

Nasdaq,

Inc.,

4.50%,

02/15/32

.....

615‌

772,925‌

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

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

USD

100‌

100,000‌

5.13%,

12/15/30

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

49‌

49,431‌

5.75%,

11/15/31

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

66‌

66,693‌

7.13%,

02/01/32

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

262‌

273,477‌

NCL

Corp.

Ltd.,

6.75%,

02/01/32

(a)

74‌

76,104‌

NCL

Finance

Ltd.,

6.13%,

03/15/28

(a)

100‌

102,182‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

NCR

Atleos

Corp.,

9.50%,

04/01/29

(a)

USD

1,070‌

1,158,299‌

NCR

Voyix

Corp.,

5.13%,

04/15/29

(a)

100‌

98,392‌

New

Generation

Co.,

10.34%,

09/30/29

(a)(d)

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

4,370‌

4,370,270‌

Newell

Brands,

Inc.

6.38%,

05/15/30

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

35‌

34,678‌

6.63%,

05/15/32

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

68‌

67,110‌

Nissan

Motor

Acceptance

Co.

LLC,

5.63%,

09/29/28

(a)

...........

130‌

130,084‌

Northern

Oil

Gas,

Inc.

(a)

8.13%,

03/01/28

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

96‌

97,356‌

8.75%,

06/15/31

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

30‌

30,993‌

7.88%,

10/15/33

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

306‌

304,789‌

Novelis

Corp.

(a)

4.75%,

01/30/30

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

100‌

96,366‌

3.88%,

08/15/31

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

13‌

11,852‌

Occidental

Petroleum

Corp.,

5.20%,

08/01/29

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

430‌

436,320‌

Olympus

Water

Holding

Corp.

9.75%,

11/15/28

(a)

...........

530‌

556,235‌

7.25%,

06/15/31

(a)

...........

200‌

202,755‌

6.13%,

02/15/33

(c)

...........

EUR

643‌

756,712‌

7.25%,

02/15/33

(a)

...........

USD

201‌

201,209‌

OneMain

Finance

Corp.,

7.13%,

11/15/31

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

125‌

129,623‌

Organon

Co.,

5.13%,

04/30/31

(a)

200‌

175,210‌

Midco,

Inc.,

10.00%,

02/15/30

(a)

1,504‌

1,016,110‌

Outfront

Media

Capital

LLC

(a)

5.00%,

08/15/27

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

83‌

82,583‌

4.63%,

03/15/30

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

90‌

86,498‌

Owens-Brockway

Glass

Container,

Inc.,

6.63%,

05/13/27

(a)

...........

45‌

44,917‌

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(a)

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

56‌

58,247‌

Park

Intermediate

Holdings

LLC,

4.88%,

05/15/29

(a)

...........

118‌

115,050‌

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(a)

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

195‌

189,420‌

Permian

Resources

Operating

LLC,

8.00%,

04/15/27

(a)

...........

487‌

494,564‌

Perrigo

Finance

Unlimited

Co.,

5.38%,

09/30/32

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

EUR

258‌

313,115‌

Pioneer

Midco

LLC,

10.50%,

11/18/30

(a)

(b)(d)

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

USD

4,266‌

4,276,245‌

Pitney

Bowes,

Inc.,

6.88%,

03/15/27

(a)

1,268‌

1,266,996‌

Post

Holdings,

Inc.

(a)

5.50%,

12/15/29

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

100‌

99,601‌

4.50%,

09/15/31

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

33‌

30,830‌

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(a)

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

100‌

92,111‌

Quikrete

Holdings,

Inc.,

6.75%,

03/01/33

(a)

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

57‌

59,263‌

Resort

Communities

LoanCo.

LP,

12.50%,

11/21/28

(a)(b)(d)

........

6,518‌

6,673,379‌

Reworld

Holding

Corp.,

4.88%,

12/01/29

(a)

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

44‌

41,381‌

RingCentral,

Inc.,

8.50%,

08/15/30

(a)

2,082‌

2,215,317‌

Donnelley

Sons

Co.,

10.88%,

08/01/29

(a)

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

159‌

158,574‌

Sabre

GLBL,

Inc.

(a)

10.75%,

11/15/29

...........

2,209‌

2,134,775‌

11.13%,

07/15/30

...........

707‌

684,694‌

Schneider

Electric

SE,

1.25%,

09/23/33

(c)(p)

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

EUR

1,200‌

1,422,850‌

Scotts

Miracle-Gro

Co.

(The),

4.00%,

04/01/31

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

USD

96‌

88,593‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Seagate

Data

Storage

Technology

Pte.

Ltd.

(a)

8.25%,

12/15/29

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

USD

1,466‌

1,551,910‌

8.50%,

07/15/31

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

781‌

826,812‌

9.63%,

12/01/32

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

1,235‌

1,398,854‌

Select

Medical

Corp.,

6.25%,

12/01/32

(a)

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

362‌

362,152‌

Service

Properties

Trust

0.00%,

09/30/27

(a)(e)

..........

961‌

847,151‌

8.38%,

06/15/29

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

2,765‌

2,807,498‌

8.63%,

11/15/31

(a)

...........

270‌

287,467‌

8.88%,

06/15/32

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

2,472‌

2,485,890‌

Shift4

Payments

LLC,

5.50%,

05/15/33

(c)

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

EUR

544‌

665,031‌

Six

Flags

Entertainment

Corp.

5.50%,

04/15/27

(a)

...........

USD

90‌

89,856‌

5.25%,

07/15/29

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

35‌

33,848‌

Energy

Co.,

6.75%,

08/01/29

(a)

175‌

175,839‌

Snap,

Inc.,

6.88%,

03/01/33

(a)

.....

100‌

102,210‌

Solaris

Energy

Infrastructure,

Inc.,

4.75%,

05/01/30

(a)(p)

..........

1,919‌

3,434,829‌

Sonder

Holdings,

Inc.,

7.00%,

(7.00%

Cash

7.00%

PIK),

12/10/27

(d)(o)

5,729‌

4,295,669‌

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

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

1,346‌

1,417,633‌

9.75%,

11/15/30

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

2,971‌

3,267,488‌

Spirit

Airlines

Pass-Through

Trust

Series

2015-1,Class

4.10%,

04/01/28

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

39‌

36,788‌

Series

2017-1,Class

AA,

3.38%,

02/15/30

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

438‌

407,499‌

Series

2017-1A,Class

3.65%,

08/15/31

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

1,146‌

1,044,517‌

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(a)

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

201‌

207,801‌

Stagwell

Global

LLC,

5.63%,

08/15/29

(a)

72‌

69,942‌

Star

Parent,

Inc.,

9.00%,

10/01/30

(a)

68‌

71,889‌

Starz

Capital

Holdings

Inc.,

6.00%,

04/15/30

(a)

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

4,657‌

4,416,419‌

Starz

Capital

Holdings

LLC,

5.50%,

04/15/29

(a)

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

276‌

226,320‌

Station

Casinos

LLC,

4.63%,

12/01/31

(a)

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

100‌

94,332‌

Stem,

Inc.,

0.50%,

12/01/28

(a)(p)

....

166‌

47,310‌

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(a)

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

336‌

352,100‌

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(a)

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

100‌

95,149‌

Sunoco

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.23%),

7.88%

(a)(b)(q)

...

636‌

645,992‌

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(a)

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

755‌

801,462‌

Tallgrass

Energy

Partners

(a)

5.50%,

01/15/28

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

50‌

49,746‌

6.00%,

12/31/30

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

99‌

97,765‌

6.00%,

09/01/31

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

67‌

65,554‌

Tenneco,

Inc.,

8.00%,

11/17/28

(a)

...

1,487‌

1,489,715‌

Texas

Capital

Bancshares,

Inc.

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.15%),

4.00%,

05/06/31

(b)

...........

1,875‌

1,847,869‌

Thermo

Fisher

Scientific,

Inc.,

1.38%,

09/12/28

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

EUR

917‌

1,042,363‌

TransDigm,

Inc.

4.63%,

01/15/29

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

USD

14‌

13,720‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.88%,

05/01/29

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

USD

135‌

133,006‌

6.38%,

05/31/33

(a)

...........

100‌

101,124‌

Transocean

International

Ltd.,

8.25%,

05/15/29

(a)

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

776‌

765,032‌

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(a)

...........

124‌

126,904‌

Tronox,

Inc.,

4.63%,

03/15/29

(a)

....

220‌

143,494‌

UKG,

Inc.,

6.88%,

02/01/31

(a)

......

73‌

75,324‌

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

2.90%,

05/01/28

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

179‌

169,609‌

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(a)

...........

100‌

98,625‌

Uniti

Group

(a)

10.50%,

02/15/28

...........

1,705‌

1,795,706‌

4.75%,

04/15/28

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

104‌

101,843‌

Univision

Communications,

Inc.

(a)

8.50%,

07/31/31

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

100‌

103,264‌

9.38%,

08/01/32

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

18‌

19,182‌

USA

Compression

Partners

6.88%,

09/01/27

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

93‌

92,979‌

7.13%,

03/15/29

(a)

...........

113‌

116,540‌

6.25%,

10/01/33

(a)

...........

20‌

20,076‌

UWM

Holdings

LLC

(a)

6.63%,

02/01/30

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

626‌

636,819‌

6.25%,

03/15/31

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

58‌

57,724‌

Valaris

Ltd.,

8.38%,

04/30/30

(a)

.....

52‌

53,968‌

Venture

Global

LNG,

Inc.

(a)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.44%),

9.00%

(b)(q)

.........

789‌

781,962‌

7.00%,

01/15/30

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

504‌

521,521‌

Verizon

Communications,

Inc.,

4.25%,

10/31/30

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

EUR

796‌

984,676‌

Viking

Cruises

Ltd.,

7.00%,

02/15/29

(a)

USD

232‌

233,172‌

Vistra

Operations

Co.

LLC,

5.63%,

02/15/27

(a)

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

2,339‌

2,340,384‌

Vital

Energy,

Inc.,

7.88%,

04/15/32

(a)

55‌

53,391‌

Voyager

Parent

LLC,

9.25%,

07/01/32

(a)

53‌

56,047‌

Wand

NewCo

Inc.,

7.63%,

01/30/32

(a)

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

93‌

97,987‌

Warnermedia

Holdings,

Inc.,

3.76%,

03/15/27

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

2,283‌

2,251,609‌

Weekley

Homes

LLC,

4.88%,

09/15/28

(a)

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

17‌

16,645‌

Wells

Fargo

Co.,

0.63%,

03/25/30

(c)

EUR

921‌

977,381‌

Windstream

Services

LLC,

7.50%,

10/15/33

(a)

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

USD

184‌

183,950‌

Wolfspeed,

Inc.

2.50%,

06/15/31

(a)(p)

..........

13‌

11,872‌

2.50%,

06/15/31

(d)(p)

..........

48‌

45,691‌

7.00%,

(

7.00%

Cash

12.00%

PIK),

06/15/31

(d)(o)

.........

32‌

30,135‌

Grace

Holdings

LLC,

4.88%,

06/15/27

(a)

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

110‌

109,318‌

Xerox

Corp.

(a)

10.25%,

10/15/30

...........

1,094‌

1,111,325‌

13.50%,

04/15/31

...........

941‌

910,990‌

Xerox

Holdings

Corp.,

8.88%,

11/30/29

(a)

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

29‌

15,667‌

Zayo

Group

Holdings,

Inc.,

6.25%,

03/09/30

(a)(b)

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

169‌

161,728‌

189,649,552‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Uzbekistan

—

0.0%

Navoi

Mining

Metallurgical

Combinat,

6.95%,

10/17/31

(a)

...........

USD

200‌

213,558‌

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(a)

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

876‌

926,633‌

Total

Corporate

Bonds

—

11.0%

(Cost:

458,389,437)

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

438,744,579‌

Fixed

Rate

Loan

Interests

France

—

0.0%

Atos

SE,

1st

Lien

Term

Loan,

9.00%

12/17/29

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

EUR

1,264‌

1,575,428‌

United

States

—

0.1%

Aspen

Owner

LLC,

1st

Lien

Term

Loan,

7.27%

02/09/27

(d)

...........

USD

4,200‌

4,239,338‌

Corp.,

1st

Lien

Term

Loan

B3,

9.50%

10/26/29

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

432‌

433,020‌

4,672,358‌

Total

Fixed

Rate

Loan

Interests

—

0.1%

(Cost:

$6,018,342)

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

6,247,786‌

Floating

Rate

Loan

Interests

Canada

—

0.1%

(b)

Clarios

Global

LP,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

0.00%

Floor

3.25%),

5.16%

01/28/32

......

EUR

2,500‌

2,946,807‌

Garda

World

Security

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

7.17%

02/01/29

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

USD

453‌

452,539‌

3,399,346‌

Finland

—

0.1%

Mehilainen

Yhtiot

Oy,

Facility

1st

Lien

Term

Loan

B7,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.50%

08/05/31

(b)

...........

EUR

2,498‌

2,944,399‌

France

—

0.3%

(b)

Artemis

BidCo

Ltd.,

Facility

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.77%

08/07/32

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

1,654‌

1,945,594‌

Atos

SE,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

2.60%),

4.62%

12/17/30

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

700‌

703,490‌

Hestiafloor

SASU,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.50%

02/27/30

.....

1,176‌

1,389,730‌

HomeVi

SAS,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

4.75%),

6.78%

10/31/29

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

2,000‌

2,353,078‌

Obol

France

SAS,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

0.00%

Floor

5.00%),

7.19%

12/29/28

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

1,500‌

1,726,593‌

Parts

Europe

SA,

Facility

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

0.00%

Floor

3.00%),

4.92%

02/03/31

1,411‌

1,661,564‌

Security

Par

(000)

Par

(000)

Value

France

(continued)

Talbot

Participation

SAS,

Facility

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.44%

07/07/32

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

EUR

1,680‌

1,984,534‌

11,764,583‌

Germany

—

0.3%

(b)

AVIV

Group

GmbH,

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

4.00%),

6.10%

04/23/32

.....

2,293‌

2,708,915‌

IFCO

Management

GmbH,

1st

Lien

Term

Loan

(1-mo.

EURIBOR

0.00%

Floor

3.50%),

5.40%

11/29/29

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

1,000‌

1,177,819‌

Minimax

Viking

GmbH,

Facility

1st

Lien

Term

Loan

(1-mo.

EURIBOR

0.00%

Floor

2.50%),

4.41%

03/17/32

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

1,000‌

1,176,562‌

Mosel

Bidco

SE,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.75%

09/16/30

......

1,529‌

1,802,063‌

Nidda

Healthcare

Holding

GmbH,

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%

02/21/30

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

1,879‌

2,209,387‌

Rain

Carbon,

Inc.,

1st

Lien

Term

Loan,

10/31/28

(s)

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

1,000‌

1,171,995‌

Speedster

Bidco

GmbH,

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

3.50%),

5.62%

12/10/31

1,740‌

2,053,061‌

Tele

Columbus

AG,

Facility

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

0.50%),

0.50% 01/01/29

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

2,251‌

1,731,166‌

14,030,968‌

Ireland

—

0.1%

(b)

Applegreen

Ltd.,

Facility

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

5.00%),

7.03%

01/26/32

1,424‌

1,687,590‌

Helios

Software

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

5.33%

03/13/28

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

1,000‌

1,170,821‌

ION

Trading

Finance

Ltd.,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.75%

04/03/28

1,500‌

1,754,471‌

4,612,882‌

Jersey,

Channel

Islands

—

0.1%

Vita

Global

FinCo

Ltd.,

1st

Lien

Term

Loan

(b)(d)(o)

(6-mo.

EURIBOR

0.00%

Floor

8.00%),

10.05%

(9.66%

Cash

10.05%

PIK),

07/06/27

......

2,276‌

2,217,792‌

(Daily

SONIA

0.00%

Floor

8.00%),

11.97%

(11.55%

Cash

11.97%

PIK),

07/06/27

......

GBP

1,407‌

1,565,787‌

3,783,579‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Luxembourg

—

0.6%

(b)

Sirona

Luxembourg

Acquisition

SARL,

Facility

1st

Lien

Term

Loan

B3,

(1-mo.

EURIBOR

0.00%

Floor

4.00%),

5.91%

09/29/28

.....

EUR

2,000‌

2,353,430‌

Froneri

International

Ltd.,

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

2.50%),

4.58%, 09/30/31

....

2,000‌

2,346,151‌

07/19/32

(s)

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

2,035‌

2,391,063‌

Garfunkelux

Holdco

SA,

1st

Lien

Term

Loan

06/01/32

(s)

.......

1,435‌

1,665,808‌

Gategroup

Finance

Luxembourg

SA,

Facility

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

6.24%

06/16/32

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

2,124‌

2,518,493‌

Matterhorn

Telecom

SA,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

0.00%

Floor

2.50%),

4.50%

01/26/32

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

1,362‌

1,602,271‌

Speed

Midco

SARL,

1st

Lien

Term

Loan

09/23/32

(s)

...........

1,100‌

1,291,455‌

Speed

Midco

SARL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

0.00%

Floor

4.95%),

7.33%

05/16/29

(d)

...........

6,106‌

7,168,955‌

Tackle

SARL,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

5.37%

05/22/28

......

891‌

1,046,945‌

Tackle

SARL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

0.00%

Floor

3.25%),

5.37%

05/22/28

984‌

1,158,814‌

Traviata

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

8.00%),

8.00%

01/22/33

(d)

2,052‌

2,387,899‌

25,931,284‌

Netherlands

—

0.8%

(b)

Accell

Group

Holdings

BV,

1st

Lien

Term

Loan,

06/01/32

(s)

........

1,000‌

786,613‌

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.50%

06/29/28

1,459‌

1,716,403‌

Cypher

Bidco

BV,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

0.00%

12/30/28

(d)

....

5,188‌

5,938,171‌

Median

BV,

Facility

1st

Lien

Term

Loan

B1,

(3-mo.

EURIBOR

0.00%

Floor

4.93%),

6.93%

10/14/27

.....

1,964‌

2,306,123‌

Nobian

Finance

BV,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%

07/01/30

2,526‌

2,931,734‌

Peer

Holding

III

BV,

1st

Lien

Term

Loan

B6B,

(3-mo.

EURIBOR

0.00%

Floor

2.75%),

4.75%

07/01/31

2,200‌

2,586,836‌

Pegasus

Bidco

BV,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

3.00%),

4.95%

07/12/29

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

2,000‌

2,356,905‌

Stage

Entertainment

BV,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

0.00%

Floor

4.00%),

6.03%

06/01/29

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

2,000‌

2,364,983‌

Upfield

BV,

1st

Lien

Term

Loan

B11,

(Daily

SONIA

0.00%

Floor

5.25%),

9.51%

01/03/28

......

GBP

1,364‌

1,792,655‌

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

Ziggo

BV,

Facility

1st

Lien

Term

Loan

(1-mo.

EURIBOR

0.00%

Floor

3.00%),

4.88%

01/31/29

.....

EUR

9,179‌

10,616,204‌

33,396,627‌

New

Zealand

—

0.1%

FNZ

Finco

Ltd.,

1st

Lien

Term

Loan,

(Daily

SONIA

0.00%

Floor

6.00%),

9.97%

11/05/31

(b)(d)

....

GBP

2,000‌

2,151,840‌

Norway

—

0.0%

Sector

Alarm

Holding

A/S,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%

06/14/29

(b)

...........

EUR

1,017‌

1,199,509‌

Spain

—

0.1%

(b)

Aernnova

Aerospace

SAU,

Facility

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

4.00%),

5.98%

02/27/30

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

1,606‌

1,872,960‌

PAX

HoldCo

Spain

SL,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

0.00%

Floor

4.00%),

6.04%

6.95%

12/31/29

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

1,617‌

1,909,275‌

3,782,235‌

Sweden

—

0.1%

(b)

IGT

Holding

AB,

Facility

1st

Lien

Term

Loan

B4,

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

5.25%

08/29/31

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

1,667‌

1,965,928‌

Quimper

AB,

Facility

1st

Lien

Term

Loan

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

5.69%

03/29/30

1,017‌

1,202,100‌

3,168,028‌

United

Kingdom

—

1.2%

(b)

Acuris

Finance

US,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%

02/16/28

1,000‌

1,170,563‌

Bellis

Acquisition

Co.

plc,

Facility

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

4.00%),

6.31%

05/12/31

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

1,647‌

1,865,999‌

Belron

Finance

Plc,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

3.00%),

4.97%

10/16/31

1,988‌

2,340,840‌

Boots

Group

Bidco

Ltd.,

1st

Lien

Term

Loan,

(Daily

SONIA

0.00%

Floor

4.75%),

4.75%

08/30/32

.....

GBP

2,319‌

3,140,065‌

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B10,

(Daily

SONIA

0.00%

Floor

4.75%),

4.75%

04/30/29

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

2,781‌

3,742,516‌

Edge

Finco

plc,

Facility

1st

Lien

Term

Loan

B1,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%

08/22/31

EUR

1,453‌

1,715,404‌

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

EURIBOR

0.00%

Floor

3.25%),

5.29%

06/30/28

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

1,546‌

1,826,619‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Hbx

Group

International

plc,

Facility

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

2.75%),

4.87%

02/13/32

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

EUR

2,359‌

2,772,689‌

INEOS

Finance

plc,

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

0.00%

Floor

3.50%),

5.41%

06/23/31

2,000‌

2,194,746‌

INEOS

Quattro

Holdings

Ltd.,

Facility

1st

Lien

Term

Loan

(1-mo.

EURIBOR

0.00%

Floor

4.50%),

6.41%

04/03/29

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

1,940‌

2,091,253‌

Inspired

Finco

Holdings

Ltd.,

1st

Lien

Term

Loan

B6,

(1-mo.

EURIBOR

0.00%

Floor

3.25%),

5.16%

02/28/31

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

1,438‌

1,694,068‌

International

Entertainment

JJCo

Ltd.,

1st

Lien

Term

Loan

(Daily

SONIA

0.00%

Floor

4.75%),

4.75%

04/19/32

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

GBP

3,059‌

4,127,511‌

Market

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

0.00%

Floor

4.50%),

6.53%

11/04/30

EUR

689‌

809,683‌

Market

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(Daily

SONIA

0.00%

Floor

5.25%),

5.36%

11/04/30

GBP

404‌

536,320‌

Masorange

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B5,

(6-mo.

EURIBOR

0.00%

Floor

2.50%),

4.56%

03/25/31

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

EUR

1,839‌

2,156,718‌

Mercia,

1st

Lien

Term

Loan

A1,

(3-mo.

GBP

SONIA

0.00%

Floor

2.40%),

6.85%

04/08/26

(d)

.....

GBP

1,222‌

1,643,027‌

Mercia,

1st

Lien

Term

Loan

A2,

(3-mo.

GBP

SONIA

0.00%

Floor

2.40%),

6.85%

04/09/26

(d)

.....

4,829‌

6,494,355‌

Mercia,

1st

Lien

Term

Loan

B-1,

(3-mo.

CME

Term

SOFR

0.00%

Floor

0.00%),

7.10%

04/09/26

(d)

.....

280‌

376,789‌

Modulaire

Group

Holdings

Ltd.,

Facility

1st

Lien

Term

Loan

B3,

07/10/31

(s)

EUR

2,000‌

2,221,890‌

OCS

Group

Holding

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(Daily

SONIA

0.00%

Floor

5.75%),

5.75%

11/27/31

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

GBP

1,905‌

2,555,310‌

Zegona

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

(6-mo.

EURIBOR

0.00%

Floor

2.75%),

4.83%

07/16/29

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

EUR

831‌

979,568‌

46,455,933‌

United

States

—

1.9%

(b)

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

3.25%),

7.51%

08/20/32

.....

USD

680‌

682,098‌

Alorica,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

6.88%),

11.19%

12/21/27

(d)

2,493‌

2,474,205‌

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

0.50%

Floor

5.60%),

9.58%

02/01/30

3,621‌

3,428,292‌

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

6.41%

09/29/31

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

1,160‌

1,158,619‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Arsenal

AIC

Parent

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.91%

08/19/30

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

USD

91‌

90,950‌

Atlas

Luxco

SARL,

1st

Lien

Term

Loan

08/20/32

(s)

...........

EUR

1,538‌

1,809,472‌

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

1.00%

Floor

7.50%),

11.66%

08/01/28

......

USD

10‌

8,361‌

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

7.84%

10/02/28

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

1,055‌

1,022,539‌

Bausch

Lomb

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

8.41%

01/15/31

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

1,079‌

1,077,699‌

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

B2,

09/13/32

(s)

......

EUR

2,036‌

2,395,408‌

Boost

Newco

Borrower

LLC,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

6.00%

01/31/31

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

USD

1,390‌

1,390,092‌

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

3.50%),

5.53%

07/30/31

EUR

1,488‌

1,752,016‌

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

6.41%

02/06/31

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

USD

2,150‌

2,142,561‌

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

6.54%

12/15/31

......

229‌

228,551‌

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

3.25%),

7.25%

08/16/32

808‌

809,873‌

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.18%),

7.34%

04/13/29

......

1,375‌

1,372,873‌

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.76%

09/29/28

976‌

977,365‌

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

0.00%

Floor

1.50%),

8.75%

04/15/27

.....

475‌

459,091‌

CVR

CHC

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.00%

12/30/27

(d)

1,154‌

1,153,510‌

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

9.67%

12/21/28

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

788‌

771,973‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.75%

Floor

5.00%),

9.57%

08/02/27

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

56‌

55,977‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

5.50%),

9.81%

02/17/31

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

1,661‌

1,621,307‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

3.00%),

7.16%

08/30/30

......

USD

2,735‌

2,730,697‌

Emerald

Technologies

AcquisitionCo,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

6.25%),

10.60%

12/29/27

(d)

..........

907‌

626,054‌

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

7.41%

01/29/29

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

1,551‌

1,548,670‌

Finastra

USA,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

4.50%),

6.51%

07/30/32

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

EUR

2,098‌

2,475,718‌

Galaxy

Universal

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

1.00%

Floor

6.25%),

10.75%

11/12/26

(d)

USD

4,605‌

4,582,348‌

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.22%

04/30/28

407‌

240,311‌

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

1.00%

Floor

5.50%),

10.07%

10/25/28

(d)

..........

557‌

457,034‌

Icon

Parent

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

2.75%),

6.75%

11/13/31

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

3,208‌

3,202,442‌

ION

Platform

Finance

SARL,

1st

Lien

Term

Loan

4.00%

09/30/32

...

EUR

3,765‌

4,366,169‌

ITG

Communications

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

8.95%

07/09/31

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

USD

2,200‌

2,171,136‌

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

7.66%

04/26/30

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

886‌

875,739‌

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

8.16%

01/28/32

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

367‌

363,851‌

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

(d)

(US

Prime

Rate

0.00%

Floor

7.50%),

14.75%, 06/05/28

....

753‌

414,054‌

(US

Prime

Rate

0.00%

Floor

7.50%),

14.75%, 06/05/28

....

429‌

385,806‌

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

7.22%

03/01/29

1,864‌

1,777,408‌

Peninsula

Pacific

Entertainment

LLC,

1st

Lien

Term

Loan

08/16/32

(d)(s)

1,591‌

1,586,573‌

Pitney

Bowes,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.91%

03/19/32

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

1,323‌

1,321,422‌

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

0.00%

Floor

4.00%),

6.03%

06/02/28

EUR

2,481‌

2,707,836‌

Project

Aurora

Finco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

EURIBOR

3.25%),

3.25%, 09/24/32

..........

1,200‌

1,412,383‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

09/26/32

(s)

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

EUR

1,200‌

1,408,860‌

Redstone

Holdco

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

9.06%

04/27/28

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

USD

2,597‌

1,318,022‌

Redstone

HoldCo

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.00%

Floor

7.75%),

12.32%

04/27/29

...........

1,749‌

351,591‌

Runitonetime

LLC,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

2.00%

Floor

12.50%),

16.28%, 04/16/26

(d)

........

49‌

47,321‌

(1-mo.

CME

Term

SOFR

2.00%

Floor

12.50%),

16.66%, 05/06/26

.........

155‌

148,703‌

(12-mo.

CME

Term

SOFR

12.50%),

16.38%, 07/07/26

(d)

60‌

57,355‌

Solaris

Energy

Infrastructure

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

1.00%

Floor

6.00%),

10.00%

09/11/29

(d)

..........

4,804‌

4,840,219‌

Stakeholder

Midstream

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

4.00%),

8.04%

01/02/31

.....

2,166‌

2,168,279‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.50%

02/28/31

593‌

592,115‌

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

0.60%

Floor

5.00%),

9.15%

01/22/29

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

945‌

810,396‌

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

08/18/28

(s)

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

2,355‌

2,274,004‌

Veritas

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

2.50%

Floor

8.00%),

12.30% 06/30/31

489‌

493,007‌

West

Deptford

Energy

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

8.32%

07/26/32

......

878‌

869,879‌

Corp.,

1st

Lien

Term

Loan

B1,

10/26/29

(s)

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

227‌

222,709‌

Xerox

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

8.00%

8.16%

11/19/29

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

215‌

199,144‌

75,930,087‌

Total

Floating

Rate

Loan

Interests

—

5.8%

(Cost:

$227,404,358)

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

232,551,300‌

Foreign

Agency

Obligations

Chile

—

0.0%

Corp.

Nacional

del

Cobre

Chile,

6.44%,

01/26/36

(c)

...........

201‌

217,281‌

Empresa

Nacional

del

Petroleo,

5.95%,

07/30/34

(a)

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

200‌

209,562‌

426,843‌

Colombia

—

0.0%

Ecopetrol

SA,

8.88%,

01/13/33

.....

268‌

290,740‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

—

0.1%

Electricite

France

(b)(c)(q)

(5-Year

EUR

Swap

Annual

3.97%),

3.38%

...........

EUR

200‌

225,121‌

(5-Year

EURIBOR

ICE

Swap

Rate

2.07%),

4.38%

..........

300‌

349,573‌

(5-Year

EURIBOR

ICE

Swap

Rate

3.28%),

5.63%

..........

200‌

246,539‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.78%),

7.38%

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

GBP

400‌

548,661‌

1,369,894‌

Hungary

—

0.0%

Magyar

Export-Import

Bank

Zrt.,

6.00%,

05/16/29

(c)

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

EUR

200‌

253,741‌

Kazakhstan

—

0.0%

Development

Bank

Kazakhstan

JSC,

13.49%,

05/23/28

(a)

..........

KZT

114,000‌

185,989‌

Mexico

—

0.0%

Petroleos

Mexicanos

8.75%,

06/02/29

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

USD

249‌

269,065‌

5.95%,

01/28/31

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

187‌

181,296‌

450,361‌

Morocco

—

0.0%

OCP

SA,

7.50%,

05/02/54

(a)

.......

298‌

330,688‌

Peru

—

0.0%

(a)

Corp.

Financiera

Desarrollo

SA,

5.50%,

05/06/30

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

200‌

205,600‌

Petroleos

del

Peru

SA,

4.75%,

06/19/32

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

200‌

173,600‌

379,200‌

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$3,463,297)

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

3,687,456‌

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

Bahrain,

5.45%,

09/16/32

(c)

341‌

334,514‌

Barbados

—

0.0%

Barbados

Government

Bond,

8.00%,

06/26/35

(a)

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

190‌

197,885‌

Benin

—

0.0%

Benin

Government

Bond,

7.96%,

02/13/38

(a)

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

237‌

242,074‌

Brazil

—

0.1%

Federative

Republic

Brazil,

10.00%,

01/01/27

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

BRL

22‌

3,871,213‌

Canada

—

0.2%

Canadian

Government

Bond,

2.75%,

03/01/30

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

CAD

11,126‌

8,014,765‌

Chile

—

0.0%

Republic

Chile

3.75%,

01/14/32

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

EUR

452‌

542,945‌

4.34%,

03/07/42

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

USD

220‌

194,700‌

737,645‌

Colombia

—

0.2%

Republic

Colombia

5.75%,

11/03/27

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

COP

11,989,300‌

2,854,579‌

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

7.75%,

09/18/30

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

COP

8,132,000‌

1,830,522‌

8.00%,

04/20/33

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

USD

312‌

340,080‌

8.00%,

11/14/35

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

200‌

214,850‌

7.75%,

11/07/36

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

284‌

297,490‌

5,537,521‌

Costa

Rica

—

0.0%

Republic

Costa

Rica,

7.30%,

11/13/54

(a)

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

229‌

250,755‌

Czech

Republic

—

0.1%

Czech

Republic

5.00%,

09/30/30

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

CZK

50,380‌

2,528,075‌

4.50%,

11/11/32

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

27,020‌

1,316,650‌

3,844,725‌

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

(a)

4.50%,

01/30/30

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

USD

230‌

225,170‌

7.05%,

02/03/31

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

355‌

382,867‌

10.75%,

06/01/36

...........

DOP

42,000‌

731,221‌

6.95%,

03/15/37

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

USD

154‌

164,665‌

1,503,923‌

Ecuador

—

0.0%

Republic

Ecuador,

6.90%,

07/31/30

(a)

(r)

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

39‌

34,797‌

Egypt

—

0.1%

Arab

Republic

Egypt

24.46%,

10/01/27

...........

EGP

9,331‌

199,141‌

24.14%,

12/03/27

...........

1,142‌

24,130‌

21.38%,

02/04/28

...........

12,673‌

257,401‌

23.44%,

07/01/28

...........

10,413‌

218,118‌

5.63%,

04/16/30

(c)

...........

EUR

199‌

222,466‌

7.63%,

05/29/32

(c)

...........

USD

416‌

409,552‌

9.45%,

02/04/33

(a)

...........

200‌

213,438‌

8.50%,

01/31/47

(a)

...........

268‌

235,505‌

7.50%,

02/16/61

(a)

...........

303‌

237,249‌

2,017,000‌

France

—

0.1%

French

Republic,

3.20%,

05/25/35

(a)(c)

EUR

1,983‌

2,278,049‌

Gabon

—

0.0%

Gabon

Government

Bond,

9.50%,

02/18/29

(c)

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

USD

327‌

302,576‌

Guatemala

—

0.0%

Republic

Guatemala

(a)

7.05%,

10/04/32

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

200‌

219,600‌

6.60%,

06/13/36

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

225‌

238,275‌

457,875‌

Hungary

—

0.0%

Hungary

Government

Bond

5.25%,

06/16/29

(a)

...........

200‌

204,150‌

5.38%,

09/12/33

(c)

...........

EUR

143‌

181,981‌

7.00%,

10/24/35

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

HUF

293,700‌

892,823‌

5.50%,

03/26/36

(a)

...........

USD

200‌

201,440‌

1,480,394‌

Indonesia

—

0.2%

Republic

Indonesia

7.00%,

05/15/27

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

IDR

27,831,000‌

1,720,890‌

4.65%,

09/20/32

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

USD

200‌

200,750‌

3.88%,

01/15/33

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

EUR

142‌

169,424‌

6.75%,

07/15/35

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

IDR

24,449,000‌

1,503,715‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

8.25%,

05/15/36

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

IDR

13,309,000‌

908,085‌

7.13%,

06/15/38

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

19,664,000‌

1,220,077‌

5,722,941‌

Ireland

—

0.7%

Republic

Ireland,

2.60%,

10/18/34

(c)

EUR

24,185‌

27,611,110‌

Italy

—

0.2%

Buoni

Poliennali

del

Tesoro,

2.95%,

07/01/30

(c)

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

6,524‌

7,729,954‌

Ivory

Coast

—

0.0%

Republic

Cote

d'Ivoire

5.88%,

10/17/31

(c)

...........

148‌

172,782‌

8.08%,

04/01/36

(a)

...........

USD

200‌

206,800‌

379,582‌

Kenya

—

0.0%

Republic

Kenya,

9.75%,

02/16/31

(a)

241‌

257,219‌

Kyrgyzstan

—

0.0%

Kyrgyz

Republic

International

Bond,

7.75%,

06/03/30

(a)

...........

200‌

201,250‌

Latvia

—

0.0%

Latvia

Government

Bond,

5.13%,

07/30/34

(a)

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

280‌

286,984‌

Malaysia

—

0.1%

Malaysia

Government

Bond

4.64%,

11/07/33

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

MYR

8,990‌

2,310,239‌

3.83%,

07/05/34

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

2,229‌

543,275‌

4.46%,

03/31/53

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

1,026‌

262,686‌

3,116,200‌

Mexico

—

0.3%

Eagle

Funding

Luxco

SARL,

5.50%,

08/17/30

(a)

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

USD

420‌

426,510‌

Mex

Bonos

Desarr

Fix

7.00%,

09/03/26

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

MXN

643‌

3,497,758‌

8.50%,

03/01/29

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

246‌

1,360,067‌

7.50%,

05/26/33

............

794‌

4,084,124‌

8.00%,

02/21/36

............

146‌

751,832‌

7.75%,

11/13/42

............

88‌

414,936‌

United

Mexican

States

6.63%,

01/29/38

............

USD

200‌

210,250‌

5.13%,

03/19/38

............

EUR

105‌

125,510‌

7.38%,

05/13/55

............

USD

602‌

662,501‌

11,533,488‌

Montenegro

—

0.0%

Republic

Montenegro,

2.88%,

12/16/27

(c)

................

EUR

179‌

205,689‌

Morocco

—

0.0%

Kingdom

Morocco

(a)

5.95%,

03/08/28

............

USD

239‌

247,813‌

4.75%,

04/02/35

............

EUR

271‌

327,725‌

575,538‌

Nigeria

—

0.0%

Federal

Republic

Nigeria

10.38%,

12/09/34

(a)

..........

USD

200‌

222,600‌

7.63%,

11/28/47

(c)

...........

225‌

193,028‌

415,628‌

North

Macedonia

—

0.0%

Republic

North

Macedonia,

6.96%,

03/13/27

(c)

................

EUR

196‌

239,199‌

Security

Par

(000)

Par

(000)

Value

Oman

—

0.0%

Oman

Government

Bond,

6.75%,

01/17/48

(c)

................

USD

300‌

329,790‌

Panama

—

0.0%

Republic

Panama

7.50%,

03/01/31

............

327‌

360,845‌

6.40%,

02/14/35

............

212‌

219,738‌

580,583‌

Paraguay

—

0.0%

Republic

Paraguay

(c)

2.74%,

01/29/33

............

200‌

176,800‌

5.60%,

03/13/48

............

210‌

198,923‌

375,723‌

Peru

—

0.0%

Republic

Peru

2.78%,

01/23/31

............

93‌

85,769‌

1.86%,

12/01/32

............

149‌

123,000‌

6.85%,

08/12/35

(a)

...........

PEN

3,733‌

1,135,768‌

1,344,537‌

Philippines

—

0.1%

Republic

Philippines

6.25%,

02/28/29

............

PHP

46,845‌

816,055‌

6.38%,

04/28/35

............

77,080‌

1,357,868‌

2,173,923‌

Poland

—

0.2%

Republic

Poland

5.75%,

04/25/29

............

PLN

14,046‌

4,006,877‌

4.75%,

07/25/29

............

7,956‌

2,195,630‌

5.00%,

10/25/34

............

4,524‌

1,211,864‌

5.00%,

10/25/35

............

4,049‌

1,072,581‌

2.00%,

08/25/36

(b)

...........

1,480‌

363,990‌

5.50%,

04/04/53

............

USD

154‌

148,698‌

8,999,640‌

Republic

Turkiye

—

0.0%

Republic

Turkiye

(The)

31.08%,

11/08/28

...........

TRY

10,321‌

233,472‌

30.00%,

09/12/29

...........

6,046‌

133,993‌

7.13%,

02/12/32

............

USD

298‌

308,057‌

675,522‌

Romania

—

0.0%

Romania

Government

Bond

5.25%,

11/25/27

(a)

...........

124‌

125,301‌

2.12%,

07/16/31

(c)

...........

EUR

151‌

151,132‌

5.88%,

07/11/32

(a)

...........

121‌

145,434‌

6.25%,

09/10/34

(a)

...........

284‌

342,926‌

6.75%,

07/11/39

(a)

...........

115‌

137,662‌

902,455‌

Saudi

Arabia

—

0.0%

Kingdom

Saudi

Arabia

4.50%,

04/17/30

(c)

...........

USD

209‌

211,498‌

5.00%,

01/18/53

(a)

...........

230‌

207,575‌

419,073‌

Serbia

—

0.0%

Republic

Serbia

6.50%,

09/26/33

(c)

...........

200‌

216,660‌

6.00%,

06/12/34

(a)

...........

221‌

230,172‌

446,832‌

South

Africa

—

0.3%

Republic

South

Africa

8.00%,

01/31/30

............

ZAR

81,607‌

4,741,301‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

South

Africa

(continued)

7.00%,

02/28/31

............

ZAR

61,106‌

3,355,767‌

7.10%,

11/19/36

(a)

...........

USD

200‌

208,600‌

8.50%,

01/31/37

............

ZAR

31,688‌

1,689,069‌

5.00%,

10/12/46

............

USD

201‌

150,943‌

5.75%,

09/30/49

............

548‌

438,926‌

7.95%,

11/19/54

(a)

...........

220‌

223,242‌

10,807,848‌

Spain

—

0.3%

Bonos

Obligaciones

del

Estado

2.70%,

01/31/30

............

EUR

7,282‌

8,617,554‌

3.15%,

04/30/35

(a)(c)

..........

2,019‌

2,361,233‌

10,978,787‌

Thailand

—

0.1%

Kingdom

Thailand

2.50%,

11/17/29

............

THB

118,100‌

3,826,360‌

4.00%,

06/17/55

............

874‌

38,138‌

3,864,498‌

Trinidad

and

Tobago

—

0.0%

Republic

Trinidad

Tobago,

6.40%,

06/26/34

(a)

................

USD

266‌

270,855‌

Ukraine

—

0.0%

Ukraine

Government

Bond

(a)(r)

4.50%,

02/01/29

............

87‌

59,430‌

0.00%,

02/01/30

............

8‌

4,165‌

0.00%,

02/01/34

............

30‌

12,265‌

4.50%,

02/01/34

............

58‌

32,483‌

0.00%,

02/01/35

............

25‌

12,123‌

0.00%,

02/01/36

............

21‌

10,082‌

130,548‌

United

Arab

Emirates

—

0.0%

United

Arab

Emirates

Government

Bond,

3.90%,

09/09/50

(c)

.......

210‌

158,878‌

United

Kingdom

—

0.4%

U.K.

Treasury

Bonds,

4.38%,

03/07/30

(c)

................

GBP

12,666‌

17,194,397‌

Uruguay

—

0.0%

Oriental

Republic

Uruguay

9.75%,

07/20/33

............

UYU

8,525‌

233,948‌

5.25%,

09/10/60

............

USD

245‌

230,233‌

464,181‌

Uzbekistan

—

0.0%

Republic

Uzbekistan

(a)

5.38%,

05/29/27

............

EUR

206‌

248,937‌

7.85%,

10/12/28

............

USD

224‌

240,352‌

489,289‌

Total

Foreign

Government

Obligations

—

3.8%

(Cost:

$143,600,911)

.............................

149,987,852‌

Investment

Companies

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(f)(i)

........

130,551

4,932,217‌

iShares

China

Large-Cap

ETF

(f)(i)

...

262,087

10,782,259‌

iShares

Core

S&P

Small-Cap

ETF

(f)

19,759

2,347,962‌

iShares

MSCI

Brazil

ETF

(f)(i)

.......

59,131

1,833,061‌

SPDR

Blackstone

Senior

Loan

ETF

(i)

52,573

2,185,985‌

SPDR

Gold

(k)

(l)

..........

184,749

65,672,727‌

Security

Value

SPDR

S&P

Homebuilders

ETF

(i)

....

19,652

2,177,442‌

SPDR

S&P

Regional

Banking

ETF

(i)

100,353

6,352,345‌

VanEck

Semiconductor

ETF

......

8,805

2,873,600‌

Total

Investment

Companies

—

2.5%

(Cost:

87,390,999)

..............................

99,157,598‌

Par

(000)

(

000)

Municipal

Bonds

(a)

Arizona

0.0%

Maricopa

County

Industrial

Development

Authority

Series

2024,

RB,

7.38%, 10/01/29

.........

USD

875‌

916,241‌

Texas

0.1%

Port

Beaumont

Navigation

District

Series

2024B,

RB,

10.00%, 07/01/26

...........

1,250‌

1,256,541‌

Total

Municipal

Bonds

—

0.1%

(Cost:

$2,125,000)

..............................

2,172,782‌

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.3%

United

States

—

0.3%

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

3,551‌

2,959,022‌

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

4,695‌

4,237,654‌

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

2,344‌

1,604,329‌

MCM

Trust

(d)

Series

2018-NPL2, 2.50%,

09/25/31

...............

88‌

85,051‌

Series

2021-VFN1, 2.50%,

09/25/31

...............

18‌

12,998‌

TVC

DSCR,

Series

2021-1,

Class

2.38%,

02/01/51

(a)(d)

..........

3,122‌

2,877,795‌

TVC

DSCR

Trust,

Series

2021-

1, 0.00%,

03/25/28

(d)

.........

1,654‌

1,417,276‌

13,194,125‌

Commercial

Mortgage-Backed

Securities

—

2.0%

Cayman

Islands

—

0.0%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

(1-mo.

CME

Term

SOFR

3.37%

Floor

3.37%),

7.52%,

12/15/34

(a)(b)

926‌

922,218‌

United

States

—

2.0%

1211

Avenue

the

Americas

Trust,

Series

2015-1211,

Class

4.28%,

08/10/35

(a)(b)

...............

1,182‌

1,069,710‌

1301

Trust,

Series

2025-1301,

Class

5.06%,

08/11/42

(a)(b)

..........

820‌

830,553‌

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

1.75%,

05/15/53

(a)

...........

428‌

346,726‌

Atrium

Hotel

Portfolio

Trust,

Series

2025-ATRM,

Class

(1-mo.

CME

Term

SOFR

1.65%

Floor

1.65%),

5.80%,

08/15/42

(a)(b)

....

415‌

414,909‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BAHA

Trust,

Series

2024-MAR,

Class

7.77%,

12/10/41

(a)(b)

........

USD

1,320‌

1,374,261‌

BAMLL

Trust,

Series

2025-ASHF,

Class

(1-mo.

CME

Term

SOFR

5.25%

Floor

5.25%),

9.40%,

02/15/42

(a)(b)

...............

1,952‌

1,959,320‌

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

M6,

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.16%),

5.49%,

11/25/35

...

75‌

82,410‌

Series

2006-3A,

Class

M1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.62%),

4.78%,

10/25/36

...

68‌

65,371‌

BFLD

Commercial

Mortgage

Trust,

Series

2025-5MW,

Class

7.91%,

10/10/42

(a)(b)

...............

1,749‌

1,746,863‌

BHMS

Commercial

Mortgage

Trust,

Series

2025-ATLS,

Class

(1-mo.

CME

Term

SOFR

1.85%

Floor

1.85%),

6.00%,

08/15/42

(a)(b)

....

330‌

330,930‌

BMP,

Series

2024-MF23,

Class

(1-mo.

CME

Term

SOFR

3.39%

Floor

3.39%),

7.54%,

06/15/41

(a)(b)

602‌

602,000‌

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

3.63%,

03/10/33

(a)

1,000‌

910,146‌

Commercial

Mortgage

Trust

(a)(b)

Series

2021-NWM,

Class

(1-mo.

CME

Term

SOFR

0.91%

Floor

1.02%),

5.18%,

02/15/33

...

4,847‌

4,827,997‌

Series

2021-NWM,

Class

(1-mo.

CME

Term

SOFR

2.15%

Floor

2.26%),

6.41%,

02/15/33

...

2,843‌

2,833,667‌

Series

2021-NWM,

Class

(1-mo.

CME

Term

SOFR

4.25%

Floor

4.36%),

8.52%,

02/15/33

...

1,877‌

1,874,593‌

Series

2021-SOAR,

Class

(1-mo.

CME

Term

SOFR

2.80%

Floor

2.91%),

7.07%,

06/15/38

...

2,054‌

2,054,472‌

Series

2021-XL2,

Class

(1-mo.

CME

Term

SOFR

0.69%

Floor

0.80%),

4.95%,

10/15/38

...

193‌

192,616‌

Series

2021-XL2,

Class

(1-mo.

CME

Term

SOFR

2.24%

Floor

2.36%),

6.51%,

10/15/38

...

2,549‌

2,546,185‌

Series

2024-GPA3,

Class

(1-mo.

CME

Term

SOFR

1.64%

Floor

1.64%),

5.79%,

12/15/39

...

2,232‌

2,238,188‌

Series

2024-KING,

Class

(1-mo.

CME

Term

SOFR

1.54%

Floor

1.54%),

5.69%,

05/15/34

...

770‌

770,105‌

Series

2024-XL5,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.54%,

03/15/41

...

1,073‌

1,073,640‌

Trust

(a)(b)

Series

2019-OC11,

Class

4.08%,

12/09/41

...............

3,052‌

2,811,717‌

Series

2024-CNYN,

Class

(1-mo.

CME

Term

SOFR

1.44%

Floor

1.44%),

5.59%,

04/15/41

...

1,259‌

1,262,681‌

Series

2024-VLT4,

Class

(1-mo.

CME

Term

SOFR

2.89%

Floor

2.89%),

7.04%,

06/15/41

...

658‌

658,822‌

Series

2024-VLT4,

Class

(1-mo.

CME

Term

SOFR

3.94%

Floor

3.94%),

8.09%,

06/15/41

...

1,645‌

1,647,027‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2025-ROIC,

Class

(1-mo.

CME

Term

SOFR

2.94%

Floor

2.94%),

7.09%,

03/15/30

...

USD

1,151‌

1,152,338‌

CFSP

Mortgage

Trust,

Series

2024-

AHP1,

Class

6.50%,

04/15/37

1,282‌

1,240,936‌

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

(1-mo.

CME

Term

SOFR

4.49%

Floor

4.49%),

8.64%,

06/15/41

(a)(b)

....

780‌

777,138‌

CONE

Trust,

Series

2024-DFW1,

Class

(1-mo.

CME

Term

SOFR

3.89%

Floor

3.89%),

8.04%,

08/15/41

(a)(b)

...............

760‌

759,563‌

CSAIL

Commercial

Mortgage

Trust,

Series

2016-C5,

Class

4.74%,

11/15/48

(b)

................

166‌

164,122‌

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

(1-mo.

CME

Term

SOFR

4.86%

Floor

5.48%),

9.63%,

10/15/37

...

238‌

217,842‌

Series

2022-LION,

Class

(1-mo.

CME

Term

SOFR

3.59%

Floor

3.44%),

7.59%,

02/15/27

(d)

2,798‌

2,778,583‌

DBGS,

Series

2024-SBL,

Class

(1-mo.

CME

Term

SOFR

1.88%

Floor

1.88%),

6.03%,

08/15/34

(a)(b)

230‌

230,719‌

ELM

Trust,

Series

2024-ELM,

Class

E10,

8.05%,

06/10/39

(a)(b)

......

1,467‌

1,476,594‌

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

(1-mo.

CME

Term

SOFR

2.67%

Floor

2.78%),

6.93%,

11/15/38

(a)(b)

....

1,448‌

1,446,481‌

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

2.25%

Floor

2.36%),

6.51%,

07/15/38

...

2,654‌

2,653,790‌

Series

2021-ESH,

Class

(1-mo.

CME

Term

SOFR

2.85%

Floor

2.96%),

7.11%,

07/15/38

...

1,693‌

1,693,298‌

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2021-DM,

Class

(1-mo.

CME

Term

SOFR

2.94%

Floor

3.05%),

7.20%,

11/15/36

...

1,892‌

1,878,039‌

Series

2021-IP,

Class

(1-mo.

CME

Term

SOFR

0.95%

Floor

1.06%),

5.22%,

10/15/36

...

357‌

355,366‌

Series

2021-ROSS,

Class

(1-mo.

CME

Term

SOFR

1.15%

Floor

1.41%),

5.56%,

05/15/26

...

381‌

360,359‌

Series

2025-800D,

Class

(1-mo.

CME

Term

SOFR

2.65%

Floor

2.65%),

6.79%,

11/25/41

...

2,299‌

2,302,258‌

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

1,202‌

1,084,773‌

HILT

Commercial

Mortgage

Trust

(a)(b)

Series

2024-ORL,

Class

(1-mo.

CME

Term

SOFR

1.54%

Floor

1.54%),

5.69%,

05/15/37

...

1,317‌

1,319,058‌

Series

2024-ORL,

Class

(1-mo.

CME

Term

SOFR

3.19%

Floor

3.19%),

7.34%,

05/15/37

...

1,451‌

1,450,093‌

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

3.08%,

08/10/38

(a)(b)

...............

315‌

305,454‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2018-WPT,

Class

DFL,

(1-

mo.

CME

Term

SOFR

2.25%

Floor

2.49%),

6.74%,

07/05/33

USD

438‌

249,745‌

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.45%

Floor

2.81%),

6.97%,

04/15/38

...

1,839‌

1,841,299‌

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.95%

Floor

3.31%),

7.47%,

04/15/38

...

866‌

867,623‌

Series

2022-OPO,

Class

3.56%,

01/05/39

...............

700‌

582,157‌

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

(1-mo.

CME

Term

SOFR

3.19%

Floor

3.19%),

7.34%,

06/15/39

(a)(b)

....

540‌

543,620‌

KSL

Commercial

Mortgage

Trust,

Series

2024-HT2,

Class

(1-mo.

CME

Term

SOFR

1.54%

Floor

1.54%),

5.69%,

12/15/39

(a)(b)

....

906‌

905,370‌

LBA

Trust,

Series

2024-BOLT,

Class

(1-mo.

CME

Term

SOFR

4.44%

Floor

4.44%),

8.59%,

06/15/39

(a)(b)

239‌

238,347‌

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

(1-mo.

CME

Term

SOFR

1.39%

Floor

1.39%),

5.53%,

08/17/42

(a)(b)

....

1,320‌

1,322,448‌

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

8.73%,

06/12/39

(a)

508‌

516,555‌

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.10%

Floor

2.22%),

6.37%,

04/15/38

...

2,038‌

2,040,074‌

Series

2021-MHC,

Class

(1-mo.

CME

Term

SOFR

2.60%

Floor

2.72%),

6.87%,

04/15/38

...

233‌

233,478‌

MHP

Commercial

Mortgage

Trust,

Series

2021-STOR,

Class

(1-mo.

CME

Term

SOFR

2.75%

Floor

2.86%),

7.02%,

07/15/38

(a)(b)

....

870‌

869,687‌

Morgan

Stanley

Capital

Trust,

Series

2018-MP,

Class

4.42%,

07/11/40

(a)(b)

...............

552‌

523,626‌

ONNI

Commerical

Mortgage

Trust,

Series

2024-APT,

Class

5.75%,

07/15/39

(a)(b)

...............

660‌

675,198‌

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

(1-mo.

CME

Term

SOFR

3.35%

Floor

3.46%),

7.62%,

07/15/38

(a)(b)

....

204‌

51,974‌

PRM5

Trust,

Series

2025-PRM5,

Class

5.81%,

03/10/33

(a)(b)

........

1,400‌

1,395,421‌

SCG

Commercial

Mortgage

Trust,

Series

2025-DLFN,

Class

(1-mo.

CME

Term

SOFR

2.95%

Floor

2.95%),

7.10%,

03/15/35

(a)(b)

....

820‌

819,487‌

SREIT

Trust

(a)(b)

Series

2021-MFP,

Class

(1-mo.

CME

Term

SOFR

0.73%

Floor

0.85%),

5.00%,

11/15/38

...

323‌

322,659‌

Series

2021-MFP,

Class

(1-mo.

CME

Term

SOFR

2.63%

Floor

2.74%),

6.89%,

11/15/38

...

1,825‌

1,823,091‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-MFP2,

Class

(1-mo.

CME

Term

SOFR

2.62%

Floor

2.73%),

6.88%,

11/15/36

...

USD

524‌

524,246‌

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

321‌

301,880‌

VEGAS,

Series

2024-GCS,

Class

6.42%,

07/10/36

(a)(b)

..........

1,570‌

1,580,247‌

VEGAS

Trust,

Series

2024-GCS,

Class

6.42%,

07/10/36

(a)(b)

........

1,770‌

1,750,941‌

VNDO

Trust,

Series

2016-350P,

Class

4.03%,

01/10/35

(a)(b)

........

583‌

570,941‌

Wells

Fargo

Commercial

Mortgage

Trust

(a)(b)

Series

2018-1745,

Class

3.87%,

06/15/36

...............

375‌

345,252‌

Series

2024-1CHI,

Class

5.48%,

07/15/35

...............

669‌

675,125‌

79,742,204‌

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(b)

Benchmark

Mortgage

Trust,

Series

2021-B23,

Class

XA,

1.36%,

02/15/54

.................

13,956‌

664,106‌

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.77%,

12/12/53

(a)

................

1,400‌

90,287‌

Wells

Fargo

Commercial

Mortgage

Trust

Series

2020-C58,

Class

XA,

1.92%,

07/15/53

...............

7,742‌

529,529‌

Series

2021-C59,

Class

XA,

1.62%,

04/15/54

...............

6,273‌

369,409‌

1,653,331‌

Total

Non-Agency

Mortgage-Backed

Securities

—

2.4%

(Cost:

$99,190,309)

..............................

95,511,878‌

Preferred

Securities

Preferred

Stocks

—

3.1%

Brazil

—

0.2%

Banco

Bradesco

(Preference)

...

882,515

2,938,262‌

Gerdau

(Preference)

.........

236,849

740,953‌

Neon

Payments

Ltd.

(d)(g)

.........

10,763

4,283,566‌

7,962,781‌

China

—

0.5%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$9,000,423)

(d)(g)(j)

82,140

20,770,742‌

Germany

—

0.0%

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$7,547,351)

(d)(g)(j)

.........

1,420

—‌

India

—

0.0%

Think

Learn

Pvt

Ltd.,

Series

(Acquired

12/11/20,

cost

$4,447,311)

(d)(g)(j)

............

1,380

—‌

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Sweden

—

0.0%

Volta

Greentech

AB,

Series

(Acquired

02/22/22,

cost

$804,100)

(d)

(g)(j)

......................

6,817

—‌

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

Series

(Acquired

12/19/23,

cost

$6,197,921)

(d)(g)(j)

............

163,645

2,073,212‌

United

States

—

2.4%

Anduril

Engineering

LLC,

Series

(d)(g)

79,095

3,233,404‌

Breeze

Aviation

Group,

Inc.,

Series

(Acquired

01/26/24,

cost

$2,232,275)

(d)(g)(j)

............

4,133

645,327‌

Bright

Machines,

Inc.,

Series

(d)(g)

238,542

66,792‌

Bright

Machines,

Inc.,

Series

C-1

(d)(g)

496,892

54,658‌

CoreWeave,

Inc.,

10.00%

(d)

.......

2,520,000

6,904,800‌

Databricks,

Inc.,

Series

(Acquired

10/22/19,

cost

$3,030,010)

(d)(g)(j)

211,650

31,747,500‌

Databricks,

Inc.,

Series

(Acquired

02/01/21,

cost

$3,419,476)

(d)(g)(j)

57,837

8,675,550‌

Davidson

Homes,

Inc.,

12.00%

(d)

...

4,221

4,580,967‌

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(d)(q)

.......

8,429

8,365,782‌

EXO

Capital

Technologies,

Inc.,

Series

(Acquired

08/14/24,

cost

$102,781)

(d)(g)(j)

..............

168,405

124,619‌

Insightful

Corp.,

Series

(d)(g)

......

1,558,289

313,684‌

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$3,136,443)

(d)(g)(j)

1,719,824

4,058,784‌

JumpCloud,

Inc.,

Series

(Acquired

09/03/21,

cost

$677,436)

(d)(g)(j)

...

113,119

266,961‌

Lessen

Holdings,

Inc.,

Series

(d)(g)

63,570

31,785‌

Lessen

Holdings,

Inc.,

Series

(d)(g)

188,594

69,780‌

Loadsmart,

Inc.,

Series

(Acquired

10/05/20,

cost

$2,878,751)

(d)(g)(j)

336,696

1,976,405‌

Loadsmart,

Inc.,

Series

(Acquired

01/27/22,

cost

$596,540)

(d)(g)(j)

...

29,827

273,514‌

MNTN,

Inc.,

Series

(Acquired

11/05/21,

cost

$1,673,918)

(g)(j)

...

72,889

1,352,091‌

Mythic

AI,

Inc.,

Series

(Acquired

01/26/21,

cost

$1,646,873)

(d)(g)(j)

2,397

—‌

Noodle,

Inc.,

Series

(Acquired

08/26/21,

cost

$2,167,122)

(d)(g)(j)

242,823

366,663‌

PsiQuantum

Corp.,

Series

(Acquired

05/21/21,

cost

$1,355,632)

(d)(g)(j)

51,690

2,121,874‌

RapidSOS,

Inc.,

Series

C-1

(d)(g)

.....

1,308,937

1,518,367‌

SambaNova

Systems,

Inc.,

Series

(Acquired

02/19/20,

cost

$3,134,751)

(d)(g)(j)

............

58,878

1,310,036‌

SambaNova

Systems,

Inc.,

Series

(Acquired

04/09/21

cost

$1,780,353)

(d)(g)(j)

............

18,737

567,731‌

Snorkel

AI,

Inc.,

Series

(Acquired

06/30/21,

cost

$839,659)

(d)(g)(j)

...

55,904

427,107‌

Ursa

Major

Technologies,

Inc.,

Series

(Acquired

09/13/21,

cost

$2,149,052)

(d)(g)(j)

............

360,289

1,596,080‌

Ursa

Major

Technologies,

Inc.,

Series

(Acquired

10/14/22,

cost

$292,529)

(d)(g)(j)

..............

44,138

203,035‌

Verge

Genomics

(d)(g)

............

422,744

80,321‌

Veritas

Newco

(d)(g)

..............

9,276

211,025‌

Veritas

Newco,

Series

G-1

(d)(g)

.....

6,403

145,675‌

Wells

Fargo

Co.,

Series

7.50%

(i)(p)

(q)

......................

1,367

1,687,274‌

Security

Value

United

States

(continued)

x.AI,

Inc.,

Series

(d)(g)

...........

292,512

10,694,239‌

93,671,830‌

Total

Preferred

Stocks

—

3.1%

(Cost:

$100,211,749)

.............................

124,478,565‌

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

(3-mo.

CME

Term

SOFR

6.63%),

10.94%, 10/30/40

(b)

110,488

3,333,423‌

Total

Trust

Preferreds

—

0.1%

(Cost:

$3,055,235)

..............................

3,333,423‌

Total

Preferred

Securities

—

3.2%

(Cost:

$103,266,984)

.............................

127,811,988‌

Rights

United

States

—

0.0%

Walgreens

Boots

Alliance,

Inc.,

CVR

(d)

(g)

......................

61,636

32,667‌

Total

Rights

—

0.0%

(Cost:

$32,667)

................................

32,667‌

Par

(000)

(

000)

U.S.

Government

Meta

Platforms,

Inc.

..........................

10/17/25

USD

820.00

USD

3,745

5,636

Microsoft

Corp.

.............................

10/17/25

USD

560.00

USD

4,610

2,581

Paramount

Skydance

Corp.

.....................

263

10/17/25

USD

22.00

USD

498

5,786

Sabre

Corp.

...............................

189

10/17/25

USD

4.00

USD

1,890

Sabre

Corp.

...............................

236

10/17/25

USD

2.50

USD

1,770

SPDR

S&P

Regional

Banking

ETF

................

1,388

10/17/25

USD

67.00

USD

8,786

51,356

Tesla,

Inc.

.................................

102

10/17/25

USD

360.00

USD

4,536

888,420

Warner

Bros

Discovery,

Inc.

....................

153

10/17/25

USD

22.00

USD

299

4,284

Warner

Bros

Discovery,

Inc.

....................

189

10/17/25

USD

17.00

USD

369

54,621

Wells

Fargo

Co.

...........................

556

10/17/25

USD

85.00

USD

4,660

110,922

CBOE

Volatility

Index

.........................

197

10/22/25

USD

40.00

USD

321

3,743

Alphabet,

Inc.

..............................

134

11/21/25

USD

250.00

USD

3,264

145,055

Alphabet,

Inc.

..............................

318

11/21/25

USD

240.00

USD

7,745

502,440

Amazon.com,

Inc.

...........................

329

11/21/25

USD

240.00

USD

7,224

154,630

Apple,

Inc.

................................

219

11/21/25

USD

250.00

USD

5,576

284,153

Apple,

Inc.

................................

256

11/21/25

USD

235.00

USD

6,519

611,200

Citigroup,

Inc.

..............................

626

11/21/25

USD

105.00

USD

6,354

201,885

Horton,

Inc.

.............................

168

11/21/25

USD

185.00

USD

2,847

68,880

Horton,

Inc.

.............................

169

11/21/25

USD

175.00

USD

2,864

125,905

EURO

STOXX

Bank

Index

.....................

996

11/21/25

EUR

240.00

EUR

11,627

289,415

Informatica,

Inc.

............................

11/21/25

USD

35.00

USD

181

2,920

Intuit,

Inc.

.................................

11/21/25

USD

700.00

USD

5,122

187,125

McDonald's

Corp.

...........................

140

11/21/25

USD

330.00

USD

4,254

23,800

Meta

Platforms,

Inc.

..........................

11/21/25

USD

830.00

USD

3,672

60,750

MongoDB,

Inc.

.............................

152

11/21/25

USD

360.00

USD

4,718

86,640

NVIDIA

Corp.

..............................

107

11/21/25

USD

185.00

USD

1,996

143,380

SPDR

Gold

(a)

.........................

4,076

11/21/25

USD

360.00

USD

144,890

3,372,890

Walt

Disney

Co.

(The)

........................

310

11/21/25

USD

120.00

USD

3,550

100,750

Booking

Holdings,

Inc.

........................

12/19/25

USD

5,900.00

USD

6,479

137,340

Broadcom,

Inc.

.............................

198

12/19/25

USD

350.00

USD

6,532

422,235

Delta

Air

Lines,

Inc.

..........................

1,445

12/19/25

USD

62.50

USD

8,200

366,308

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Exchange-Traded

Options

Purchased

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

NVIDIA

Corp.

..............................

470

12/19/25

USD

185.00

USD

8,769

750,825

SPDR

Gold

(a)

.........................

1,761

12/19/25

USD

345.00

USD

62,598

3,310,680

Uber

Technologies,

Inc.

.......................

480

12/19/25

USD

100.00

USD

4,703

316,800

United

Airlines

Holdings,

Inc.

....................

583

12/19/25

USD

105.00

USD

5,626

332,310

Valero

Energy

Corp.

..........................

364

12/19/25

USD

170.00

USD

6,197

392,210

17,560,556

Put

SPDR

S&P

500

ETF

Trust

......................

851

10/10/25

USD

655.00

USD

56,692

184,667

WTI

Crude

Oil

(a)

.............................

10/16/25

USD

62.00

USD

93,280

American

Airlines

Group,

Inc.

....................

236

10/17/25

USD

11.00

USD

265

8,496

EURO

STOXX

Bank

Index

.....................

10/17/25

EUR

180.00

EUR

1,109

697

EURO

STOXX

Bank

Index

.....................

219

10/17/25

EUR

210.00

EUR

2,557

5,785

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

383

10/17/25

USD

80.00

USD

3,110

4,788

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.......

615

10/17/25

USD

79.00

USD

4,993

5,535

iShares

Russell

2000

ETF

......................

100

10/17/25

USD

235.00

USD

2,420

18,700

iShares

Russell

2000

ETF

......................

108

10/17/25

USD

230.00

USD

2,613

10,422

Rheinmetall

.............................

10/17/25

EUR

1,600.00

EUR

6,152

6,733

SPDR

S&P

500

ETF

Trust

......................

10/17/25

USD

642.00

USD

2,931

8,690

SPDR

S&P

500

ETF

Trust

......................

10/17/25

USD

645.00

USD

2,931

9,988

Alphabet,

Inc.

..............................

134

11/21/25

USD

245.00

USD

3,264

174,535

532,316

18,092,872

(a)

All

portion

the

security

held

wholly-owned

subsidiary.

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........................

Goldman

Sachs

International

10/02/25

USD

1.17

EUR

1,252

6,156

EUR

Currency

...........................

Bank

America

10/08/25

USD

1.20

EUR

32,475

13,044

USD

Currency

...........................

Morgan

Stanley

Co.

International

plc

10/16/25

MXN

19.00

USD

1,042

756

EUR

Currency

...........................

BNP

Paribas

10/29/25

USD

1.17

EUR

1,566

18,891

EUR

Currency

...........................

JPMorgan

Chase

Bank

10/29/25

USD

1.19

EUR

1,174

4,561

USD

Currency

...........................

Barclays

Bank

plc

10/29/25

MXN

19.20

USD

1,349

1,758

45,166

Put

EUR

Currency

...........................

JPMorgan

Chase

Bank

10/01/25

USD

1.18

EUR

39,950

85,809

EUR

Currency

...........................

BNP

Paribas

10/07/25

USD

1.17

EUR

1,545

1,761

USD

Currency

...........................

Deutsche

Bank

10/08/25

JPY

142.00

USD

37,472

2,617

EUR

Currency

...........................

Credit

Agricole

Corporate

Investment

Bank

10/10/25

USD

1.18

EUR

865

4,417

USD

Currency

...........................

Morgan

Stanley

Co.

International

plc

10/16/25

SGD

1.27

USD

1,354

525

USD

Currency

...........................

Standard

Chartered

Bank

10/16/25

TWD

29.70

USD

993

649

GBP

Currency

...........................

Citibank

12/04/25

JPY

196.00

GBP

3,842

57,167

152,945

198,111

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

OTC

Credit

Default

Swaptions

Purchased

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

Quarterly

Royal

Bank

Canada

10/15/25

USD

105.50

USD

6,140

1,527

Bought

Protection

5-Year

Credit

Default

Swap

......

.00

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

Quarterly

Bank

America

10/15/25

USD

107.00

USD

3,935

3,655

5,182

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

the

Fund

Received

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

3.80%

Annual

JPMorgan

Chase

Bank

10/30/25

.80

USD

19,990

137,080

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.65%

Annual

Goldman

Sachs

International

11/26/25

.65

USD

29,840

168,811

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.80%

Annual

Morgan

Stanley

Co.

International

plc

01/14/26

.80

USD

8,711

165,656

471,547

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Alphabet,

Inc.

...............................

10/17/25

USD

260.00

USD

1,266

(

8,138

)

Apollo

Global

Management,

Inc.

...................

10/17/25

USD

145.00

USD

173

(

1,072

)

Apple,

Inc.

.................................

10/17/25

USD

255.00

USD

1,375

(

26,460

)

Autodesk,

Inc.

...............................

10/17/25

USD

330.00

USD

540

(

4,335

)

Bank

America

Corp.

.........................

106

10/17/25

USD

55.00

USD

547

(

2,915

)

Bank

America

Corp.

.........................

325

10/17/25

USD

52.50

USD

1,677

(

31,687

)

Broadcom,

Inc.

..............................

10/17/25

USD

410.00

USD

2,507

(

2,356

)

Cameco

Corp.

...............................

10/17/25

USD

90.00

USD

235

(

4,215

)

Capital

One

Financial

Corp.

......................

10/17/25

USD

240.00

USD

425

(

750

)

Citigroup,

Inc.

...............................

199

10/17/25

USD

110.00

USD

2,020

(

11,344

)

EchoStar

Corp.

..............................

107

10/17/25

USD

80.00

USD

817

(

24,877

)

EQT

Corp.

.................................

10/17/25

USD

60.00

USD

446

(

1,886

)

Hilton

Worldwide

Holdings,

Inc.

...................

10/17/25

USD

300.00

USD

700

(

2,430

)

Intel

Corp.

.................................

705

10/17/25

USD

35.00

USD

2,365

(

94,117

)

Intuit,

Inc.

..................................

10/17/25

USD

730.00

USD

137

(

455

)

iShares

China

Large-Cap

ETF

....................

8,993

10/17/25

USD

45.00

USD

36,997

(

67,447

)

JPMorgan

Chase

Co.

........................

10/17/25

USD

325.00

USD

2,523

(

30,001

)

JPMorgan

Chase

Co.

........................

203

10/17/25

USD

315.00

USD

6,403

(

159,863

)

Live

Nation

Entertainment,

Inc.

...................

10/17/25

USD

185.00

USD

980

(

3,300

)

McKesson

Corp.

.............................

10/17/25

USD

780.00

USD

1,082

(

17,080

)

Micron

Technology,

Inc.

........................

10/17/25

USD

160.00

USD

218

(

14,722

)

Tesla,

Inc.

..................................

10/17/25

USD

420.00

USD

2,802

(

225,697

)

TJX

Cos.,

Inc.

(The)

...........................

10/17/25

USD

150.00

USD

1,055

(

2,737

)

Trane

Technologies

plc

.........................

10/17/25

USD

450.00

USD

338

(

1,081

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Exchange-Traded

Options

Written

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Warner

Bros

Discovery,

Inc.

.....................

153

10/17/25

USD

25.00

USD

299

(

688

)

Warner

Bros

Discovery,

Inc.

.....................

189

10/17/25

USD

20.00

USD

369

(

16,065

)

Wells

Fargo

Co.

............................

198

10/17/25

USD

90.00

USD

1,660

(

10,098

)

Williams

Cos.,

Inc.

(The)

........................

106

10/17/25

USD

65.00

USD

672

(

7,421

)

Alphabet,

Inc.

...............................

134

11/21/25

USD

280.00

USD

3,264

(

40,870

)

Apple,

Inc.

.................................

256

11/21/25

USD

255.00

USD

6,519

(

257,920

)

Meta

Platforms,

Inc.

...........................

100

11/21/25

USD

900.00

USD

7,344

(

42,750

)

NVIDIA

Corp.

...............................

107

11/21/25

USD

210.00

USD

1,996

(

45,475

)

NVIDIA

Corp.

...............................

208

11/21/25

USD

200.00

USD

3,881

(

144,560

)

SPDR

Gold

(a)

..........................

6,114

11/21/25

USD

380.00

USD

217,334

(

1,693,578

)

Alphabet,

Inc.

...............................

128

12/19/25

USD

210.00

USD

3,117

(

503,040

)

Alphabet,

Inc.

...............................

280

12/19/25

USD

220.00

USD

6,819

(

867,300

)

Amazon.com,

Inc.

............................

164

12/19/25

USD

260.00

USD

3,601

(

45,264

)

Apple,

Inc.

.................................

136

12/19/25

USD

250.00

USD

3,463

(

209,780

)

Apple,

Inc.

.................................

504

12/19/25

USD

240.00

USD

12,833

(

1,117,620

)

Bank

America

Corp.

.........................

150

12/19/25

USD

52.50

USD

774

(

32,850

)

Boeing

Co.

(The)

.............................

12/19/25

USD

260.00

USD

734

(

10,217

)

Boeing

Co.

(The)

.............................

12/19/25

USD

265.00

USD

734

(

8,755

)

Broadcom,

Inc.

..............................

12/19/25

USD

370.00

USD

1,221

(

54,667

)

Broadcom,

Inc.

..............................

151

12/19/25

USD

380.00

USD

4,982

(

184,597

)

Broadcom,

Inc.

..............................

235

12/19/25

USD

410.00

USD

7,753

(

160,975

)

Cameco

Corp.

...............................

12/19/25

USD

100.00

USD

411

(

13,940

)

Capital

One

Financial

Corp.

......................

12/19/25

USD

250.00

USD

1,658

(

19,890

)

Citigroup,

Inc.

...............................

128

12/19/25

USD

100.00

USD

1,299

(

86,400

)

CRH

plc

...................................

12/19/25

USD

110.00

USD

1,031

(

118,680

)

Delta

Air

Lines,

Inc.

...........................

12/19/25

USD

70.00

USD

(

1,648

)

Delta

Air

Lines,

Inc.

...........................

2,890

12/19/25

USD

72.50

USD

16,401

(

231,200

)

JPMorgan

Chase

Co.

........................

12/19/25

USD

325.00

USD

1,388

(

46,970

)

Mastercard,

Inc.

.............................

12/19/25

USD

650.00

USD

2,275

(

13,340

)

Meta

Platforms,

Inc.

...........................

12/19/25

USD

860.00

USD

2,056

(

33,390

)

Micron

Technology,

Inc.

........................

12/19/25

USD

150.00

USD

619

(

99,067

)

Microsoft

Corp.

..............................

271

12/19/25

USD

580.00

USD

14,036

(

136,177

)

NVIDIA

Corp.

...............................

470

12/19/25

USD

210.00

USD

8,769

(

293,750

)

NVIDIA

Corp.

...............................

636

12/19/25

USD

220.00

USD

11,866

(

260,760

)

Oracle

Corp.

................................

12/19/25

USD

280.00

USD

872

(

91,140

)

Oracle

Corp.

................................

531

12/19/25

USD

330.00

USD

14,934

(

663,751

)

Palantir

Technologies,

Inc.

.......................

12/19/25

USD

200.00

USD

(

5,550

)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.........

12/19/25

USD

270.00

USD

1,676

(

152,850

)

Tesla,

Inc.

..................................

12/19/25

USD

500.00

USD

311

(

21,770

)

Tesla,

Inc.

..................................

12/19/25

USD

460.00

USD

623

(

62,055

)

Uber

Technologies,

Inc.

........................

960

12/19/25

USD

110.00

USD

9,405

(

307,200

)

United

Airlines

Holdings,

Inc.

.....................

12/19/25

USD

115.00

USD

193

(

6,090

)

United

Airlines

Holdings,

Inc.

.....................

1,166

12/19/25

USD

125.00

USD

11,252

(

177,815

)

Alphabet,

Inc.

...............................

143

01/16/26

USD

250.00

USD

3,483

(

223,437

)

Amazon.com,

Inc.

............................

156

01/16/26

USD

270.00

USD

3,425

(

41,496

)

Apollo

Global

Management,

Inc.

...................

01/16/26

USD

170.00

USD

453

(

4,250

)

Apple,

Inc.

.................................

129

01/16/26

USD

270.00

USD

3,285

(

102,232

)

Autodesk,

Inc.

...............................

01/16/26

USD

350.00

USD

540

(

13,430

)

Bank

America

Corp.

.........................

325

01/16/26

USD

60.00

USD

1,677

(

17,062

)

Boeing

Co.

(The)

.............................

01/16/26

USD

270.00

USD

1,036

(

14,448

)

Broadcom,

Inc.

..............................

01/16/26

USD

380.00

USD

2,276

(

105,915

)

Cameco

Corp.

...............................

01/16/26

USD

95.00

USD

654

(

39,585

)

Capital

One

Financial

Corp.

......................

01/16/26

USD

260.00

USD

1,297

(

13,877

)

CRH

plc

...................................

01/16/26

USD

135.00

USD

779

(

19,012

)

Horton,

Inc.

..............................

01/16/26

USD

210.00

USD

322

(

4,655

)

Eli

Lilly

Co.

...............................

01/16/26

USD

900.00

USD

1,755

(

41,572

)

EQT

Corp.

.................................

01/16/26

USD

65.00

USD

446

(

10,496

)

Intuitive

Surgical,

Inc.

..........................

01/16/26

USD

575.00

USD

492

(

5,390

)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

1,594

01/16/26

USD

82.00

USD

12,942

(

28,692

)

JPMorgan

Chase

Co.

........................

01/16/26

USD

350.00

USD

1,893

(

31,500

)

Live

Nation

Entertainment,

Inc.

...................

01/16/26

USD

195.00

USD

752

(

9,085

)

McKesson

Corp.

.............................

01/16/26

USD

840.00

USD

1,082

(

24,990

)

Meta

Platforms,

Inc.

...........................

01/16/26

USD

920.00

USD

2,497

(

28,390

)

Micron

Technology,

Inc.

........................

01/16/26

USD

155.00

USD

753

(

115,087

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Exchange-Traded

Options

Written

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Microsoft

Corp.

..............................

01/16/26

USD

605.00

USD

4,610

(

34,043

)

Netflix,

Inc.

.................................

01/16/26

USD

1,500.00

USD

480

(

5,580

)

NVIDIA

Corp.

...............................

268

01/16/26

USD

230.00

USD

5,000

(

106,530

)

Salesforce,

Inc.

..............................

01/16/26

USD

310.00

USD

782

(

9,190

)

Tesla,

Inc.

..................................

01/16/26

USD

480.00

USD

1,112

(

111,562

)

Valero

Energy

Corp.

...........................

01/16/26

USD

170.00

USD

409

(

30,240

)

Walt

Disney

Co.

(The)

.........................

01/16/26

USD

140.00

USD

584

(

4,080

)

(

10,232,714

)

Put

SPDR

S&P

500

ETF

Trust

.......................

1,276

10/10/25

USD

645.00

USD

85,005

(

142,912

)

WTI

Crude

Oil

(a)

..............................

10/16/25

USD

56.00

USD

(

11,440

)

Boeing

Co.

(The)

.............................

10/17/25

USD

200.00

USD

1,036

(

5,784

)

Circle

Internet

Group,

Inc.

.......................

166

10/17/25

USD

110.00

USD

2,201

(

24,817

)

Costco

Wholesale

Corp.

........................

10/17/25

USD

850.00

USD

1,296

(

1,141

)

Freeport-McMoRan,

Inc.

........................

521

10/17/25

USD

40.00

USD

2,043

(

106,544

)

Hilton

Worldwide

Holdings,

Inc.

...................

10/17/25

USD

230.00

USD

493

(

1,140

)

Intuitive

Surgical,

Inc.

..........................

10/17/25

USD

410.00

USD

492

(

1,815

)

iShares

Russell

2000

ETF

.......................

100

10/17/25

USD

210.00

USD

2,420

(

1,650

)

iShares

Russell

2000

ETF

.......................

108

10/17/25

USD

200.00

USD

2,613

(

1,296

)

Live

Nation

Entertainment,

Inc.

...................

10/17/25

USD

135.00

USD

752

(

5,635

)

McKesson

Corp.

.............................

10/17/25

USD

590.00

USD

1,082

(

7,000

)

Meta

Platforms,

Inc.

...........................

102

10/17/25

USD

700.00

USD

7,491

(

60,945

)

Rheinmetall

..............................

10/17/25

EUR

1,400.00

EUR

6,152

(

38,579

)

SPDR

S&P

500

ETF

Trust

.......................

10/17/25

USD

600.00

USD

5,862

(

4,180

)

SPDR

S&P

Regional

Banking

ETF

.................

1,388

10/17/25

USD

59.00

USD

8,786

(

43,028

)

Walt

Disney

Co.

(The)

.........................

10/17/25

USD

105.00

USD

584

(

1,275

)

Alphabet,

Inc.

...............................

134

11/21/25

USD

210.00

USD

3,264

(

34,639

)

Amazon.com,

Inc.

............................

329

11/21/25

USD

200.00

USD

7,224

(

126,665

)

Apple,

Inc.

.................................

219

11/21/25

USD

230.00

USD

5,576

(

48,289

)

Citigroup,

Inc.

...............................

626

11/21/25

USD

90.00

USD

6,354

(

75,746

)

Horton,

Inc.

..............................

168

11/21/25

USD

155.00

USD

2,847

(

63,840

)

Horton,

Inc.

..............................

169

11/21/25

USD

145.00

USD

2,864

(

31,265

)

EURO

STOXX

Bank

Index

......................

498

11/21/25

EUR

205.00

EUR

5,813

(

46,043

)

Intel

Corp.

.................................

1,762

11/21/25

USD

25.00

USD

5,912

(

50,217

)

Intuit,

Inc.

..................................

11/21/25

USD

630.00

USD

5,122

(

87,750

)

McDonald's

Corp.

............................

140

11/21/25

USD

285.00

USD

4,254

(

35,140

)

MongoDB,

Inc.

..............................

152

11/21/25

USD

260.00

USD

4,718

(

58,900

)

NVIDIA

Corp.

...............................

11/21/25

USD

160.00

USD

1,493

(

24,600

)

SPDR

Gold

(a)

..........................

4,076

11/21/25

USD

335.00

USD

144,890

(

902,834

)

Walt

Disney

Co.

(The)

.........................

310

11/21/25

USD

100.00

USD

3,550

(

31,465

)

Alphabet,

Inc.

...............................

230

12/19/25

USD

200.00

USD

5,602

(

57,040

)

Booking

Holdings,

Inc.

.........................

12/19/25

USD

4,900.00

USD

6,479

(

134,700

)

Broadcom,

Inc.

..............................

235

12/19/25

USD

300.00

USD

7,753

(

345,450

)

EQT

Corp.

.................................

1,274

12/19/25

USD

45.00

USD

6,934

(

95,550

)

EQT

Corp.

.................................

1,274

12/19/25

USD

42.00

USD

6,934

(

47,775

)

NVIDIA

Corp.

...............................

470

12/19/25

USD

160.00

USD

8,769

(

209,150

)

SPDR

Gold

(a)

..........................

1,174

12/19/25

USD

310.00

USD

41,732

(

82,180

)

Valero

Energy

Corp.

...........................

364

12/19/25

USD

135.00

USD

6,197

(

43,498

)

Amazon.com,

Inc.

............................

156

01/16/26

USD

180.00

USD

3,425

(

41,340

)

Apollo

Global

Management,

Inc.

...................

01/16/26

USD

110.00

USD

453

(

9,350

)

Boeing

Co.

(The)

.............................

01/16/26

USD

180.00

USD

1,036

(

15,000

)

Boston

Scientific

Corp.

.........................

109

01/16/26

USD

90.00

USD

1,064

(

23,707

)

Costco

Wholesale

Corp.

........................

01/16/26

USD

840.00

USD

1,296

(

16,870

)

CRH

plc

...................................

01/16/26

USD

90.00

USD

779

(

6,825

)

EQT

Corp.

.................................

01/16/26

USD

40.00

USD

446

(

3,362

)

Intuit,

Inc.

..................................

01/16/26

USD

560.00

USD

410

(

4,050

)

Intuitive

Surgical,

Inc.

..........................

01/16/26

USD

380.00

USD

492

(

10,395

)

Live

Nation

Entertainment,

Inc.

...................

01/16/26

USD

130.00

USD

752

(

8,050

)

McKesson

Corp.

.............................

01/16/26

USD

580.00

USD

1,082

(

3,080

)

Meta

Platforms,

Inc.

...........................

01/16/26

USD

600.00

USD

2,497

(

33,660

)

Microsoft

Corp.

..............................

01/16/26

USD

420.00

USD

4,610

(

24,430

)

Netflix,

Inc.

.................................

01/16/26

USD

970.00

USD

480

(

5,560

)

NextEra

Energy,

Inc.

..........................

130

01/16/26

USD

60.00

USD

981

(

5,980

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Exchange-Traded

Options

Written

(continued)

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

NVIDIA

Corp.

...............................

268

01/16/26

USD

140.00

USD

5,000

(

65,526

)

Salesforce,

Inc.

..............................

01/16/26

USD

195.00

USD

782

(

13,447

)

Walt

Disney

Co.

(The)

.........................

01/16/26

USD

95.00

USD

584

(

5,559

)

(

3,388,108

)

(

13,620,822

)

(a)

All

portion

the

security

held

wholly-owned

subsidiary.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Deutsche

Bank

10/08/25

JPY

151.00

USD

37,472

(

20,833

)

USD

Currency

.............................

Standard

Chartered

Bank

10/16/25

TWD

30.50

USD

993

(

4,341

)

EUR

Currency

.............................

BNP

Paribas

10/29/25

USD

1.19

EUR

2,348

(

9,124

)

–

(

34,298

)

–

Put

EUR

Currency

.............................

JPMorgan

Chase

Bank

10/01/25

USD

1.17

EUR

39,950

(

667

)

USD

Currency

.............................

HSBC

Bank

plc

10/01/25

JPY

146.50

USD

8,910

(

587

)

EUR

Currency

.............................

Bank

America

10/08/25

USD

1.14

EUR

32,475

(

1,323

)

GBP

Currency

.............................

Citibank

12/04/25

JPY

192.00

GBP

5,763

(

42,766

)

USD

Currency

.............................

Bank

America

12/12/25

IDR

16,000.00

USD

11,350

(

15,323

)

USD

Currency

.............................

Citibank

12/12/25

BRL

5.25

USD

11,350

(

78,493

)

USD

Currency

.............................

HSBC

Bank

plc

12/12/25

ZAR

16.80

USD

11,217

(

56,681

)

USD

Currency

.............................

Citibank

12/15/25

MXN

18.00

USD

11,350

(

64,740

)

–

(

260,580

)

–

(

294,878

)

OTC

Credit

Default

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

.00

Quarterly

Royal

Bank

Canada

10/15/25

USD

100.00

USD

6,140

(

171

)

Sold

Protection

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

.00

Quarterly

Bank

America

10/15/25

USD

104.50

USD

3,935

(

540

)

(

711

)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

OTC

Interest

Rate

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

3.70%

Annual

6-mo.

PRIBOR

Semi-Annual

JPMorgan

Chase

Bank

10/27/25

.70

CZK

24,998

(

262

)

5-Year

Interest

Rate

Swap

(a)

3.70%

Annual

6-mo.

PRIBOR

Semi-Annual

Morgan

Stanley

Co.

International

plc

10/27/25

.70

CZK

16,666

(

175

)

30-Year

Interest

Rate

Swap

(a)

3.50%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

10/30/25

.50

USD

19,990

(

13,613

)

5-Year

Interest

Rate

Swap

(a)

3.10%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/14/25

.10

USD

49,610

(

67,815

)

5-Year

Interest

Rate

Swap

(a)

3.10%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

11/18/25

.10

USD

62,935

(

96,014

)

5-Year

Interest

Rate

Swap

(a)

3.05%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

11/20/25

.05

USD

62,163

(

78,554

)

5-Year

Interest

Rate

Swap

(a)

3.07%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/21/25

.07

USD

62,922

(

89,931

)

30-Year

Interest

Rate

Swap

(a)

3.15%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

11/26/25

.15

USD

29,840

(

11,829

)

2-Year

Interest

Rate

Swap

(a)

2.75%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

12/09/25

.75

USD

8,865

(

3,180

)

2-Year

Interest

Rate

Swap

(a)

2.85%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

12/22/25

.85

USD

265,982

(

177,851

)

10-Year

Interest

Rate

Swap

(a)

3.30%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

12/30/25

.30

USD

22,207

(

83,410

)

30-Year

Interest

Rate

Swap

(a)

3.25%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

01/14/26

.25

USD

4,356

(

9,918

)

30-Year

Interest

Rate

Swap

(a)

3.50%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

01/14/26

.50

USD

8,711

(

54,018

)

(

686,570

)

Put

5-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.90%

Annual

Barclays

Bank

plc

10/15/25

.90

USD

10,905

(

)

5-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Goldman

Sachs

International

12/12/25

.55

USD

61,877

(

191,733

)

2-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.45%

Annual

JPMorgan

Chase

Bank

12/17/25

.45

USD

13,489

(

19,209

)

2-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Deutsche

Bank

12/26/25

.55

USD

25,704

(

23,371

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Annual

JPMorgan

Chase

Bank

12/30/25

.00

USD

22,207

(

79,256

)

2-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.30%

Annual

Goldman

Sachs

International

09/20/27

.30

USD

177,131

(

492,424

)

(

806,007

)

(

1,492,577

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Avis

Budget

Car

Rental

LLC

............

.00

Quarterly

12/20/26

USD

3,496

(

167,692

)

(

123,002

)

(

44,690

)

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

.00

Quarterly

12/20/27

USD

3,853

(

63,323

)

(

2,449

)

(

60,874

)

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

.....................

.00

Quarterly

06/20/30

USD

12,399

(

1,005,807

)

(

843,233

)

(

162,574

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

Investment

Grade

Index

Series

44.V1

................

.00

Quarterly

06/20/30

USD

22,994

(

528,778

)

(

490,630

)

(

38,148

)

(

1,765,600

)

(

1,459,314

)

(

306,286

)

Centrally

Cleared

Credit

Defa

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

...........

.00

Quarterly

12/20/27

BB-

USD

4,609

306,664

2,046

304,618

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

.00

Quarterly

12/20/28

BB-

USD

8,106

645,064

197,465

447,599

iTraxx

Europe

Crossover

Index

Series

42.V3

.00

Quarterly

12/20/29

BB-

EUR

24,539

2,954,777

1,991,873

962,904

iTraxx

Europe

Crossover

Index

Series

43.V2

.00

Quarterly

06/20/30

BB-

EUR

403

51,544

37,986

13,558

3,958,049

2,229,370

1,728,679

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

9.31%

Monthly

1-day

MXIBTIIE

Monthly

N/A

01/09/26

MXN

68,128

(

21,811

)

—

(

21,811

)

1-day

MXIBTIIE

Monthly

8.47%

Monthly

N/A

02/25/26

MXN

122,553

35,201

—

35,201

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

6,905,897

124,599

—

124,599

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/26/26

ZAR

52,170

(

15,576

)

—

(

15,576

)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

275,832

2,313,962

14,542

2,299,420

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

05/07/26

ZAR

69,951

(

35,520

)

—

(

35,520

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

60,573

264,142

—

264,142

1-day

MXIBTIIE

Monthly

7.73%

Monthly

N/A

05/11/26

MXN

38,659

7,231

—

7,231

7.73%

Monthly

1-day

MXIBTIIE

Monthly

N/A

06/19/26

MXN

74,115

(

17,437

)

—

(

17,437

)

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

26,266

125,774

—

125,774

6.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/26

ZAR

58,712

(

3,285

)

—

(

3,285

)

4.21%

Termination

3-mo.

WIBOR

Quarterly

N/A

09/17/26

PLN

4,921

1,331

—

1,331

5.24%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/19/26

PLN

10,936

(

26,504

)

—

(

26,504

)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/23/26

ZAR

8,349

(

313

)

—

(

313

)

1-day

SOFR

Annual

4.00%

Annual

N/A

10/28/26

USD

93,778

(

36,538

)

—

(

36,538

)

1-day

MXIBTIIE

Monthly

9.26%

Monthly

N/A

11/18/26

MXN

778,635

1,050,696

—

1,050,696

1-day

SOFR

Annual

4.07%

Annual

N/A

01/14/27

USD

89,140

368,425

—

368,425

6-mo.

BUBOR

Semi-Annual

6.50%

Annual

N/A

03/19/27

HUF

310,036

32,313

—

32,313

7.25%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/27

ZAR

27,689

(

10,945

)

—

(

10,945

)

5.13%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

5,457

(

58,813

)

—

(

58,813

)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

9,095

(

98,646

)

—

(

98,646

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

485,437

71,756

—

71,756

3.88%

Annual

1-day

SOFR

Annual

N/A

03/20/27

USD

2,161

(

5,960

)

191

(

6,151

)

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

323,761

6,643,097

92,031

6,551,066

1-day

SOFR

Annual

4.10%

Annual

N/A

05/30/27

USD

72,500

675,968

—

675,968

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

Annual

4.15%

Annual

N/A

05/30/27

USD

72,500

746,313

—

746,313

6-mo.

BUBOR

Semi-Annual

5.68%

Annual

N/A

09/17/27

HUF

432,916

(

13,546

)

—

(

13,546

)

6-mo.

BUBOR

Semi-Annual

5.76%

Annual

N/A

09/17/27

HUF

652,000

(

17,519

)

—

(

17,519

)

6.99%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/27

ZAR

12,460

(

3,714

)

—

(

3,714

)

3.97%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/17/27

PLN

6,549

4,105

—

4,105

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

24,185

389,236

—

389,236

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

57,791

804,562

—

804,562

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

57,791

(

198,943

)

—

(

198,943

)

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

58,231

(

13,699

)

—

(

13,699

)

1-day

SONIA

Termination

3.18%

Termination

02/10/27

(a)

02/10/28

GBP

209,758

(

1,344,245

)

—

(

1,344,245

)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

15,705

629,215

—

629,215

1-day

SOFR

Annual

3.50%

Annual

N/A

08/20/28

USD

58,067

186,343

—

186,343

3-mo.

CD_KSDA

Quarterly

2.40%

Quarterly

N/A

09/17/28

KRW

4,227,653

(

11,391

)

—

(

11,391

)

3-mo.

CD_KSDA

Quarterly

2.40%

Quarterly

N/A

09/17/28

KRW

5,318,123

(

13,944

)

—

(

13,944

)

1-day

MIBOR

Semi-Annual

5.54%

Semi-Annual

N/A

09/17/28

INR

348,305

(

268

)

—

(

268

)

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

14,641

143,604

—

143,604

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

14,659

145,983

—

145,983

1-day

BZDIOVER

Termination

13.01%

Termination

N/A

01/02/29

BRL

8,840

(

7,632

)

—

(

7,632

)

1-day

BZDIOVER

Termination

13.14%

Termination

N/A

01/02/29

BRL

4,712

(

1,341

)

—

(

1,341

)

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

37,409

1,739,133

—

1,739,133

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

150,216

34,982

—

34,982

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

183,597

45,190

—

45,190

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

433,729

17,000,913

347,436

16,653,477

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

42,361

1,203,172

—

1,203,172

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

60,450

1,235,934

—

1,235,934

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

30,721

825,801

—

825,801

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/29

USD

29,663

94,485

—

94,485

1-day

MXIBTIIE

Monthly

9.04%

Monthly

N/A

11/14/29

MXN

211,951

756,020

—

756,020

8.97%

Monthly

1-day

MXIBTIIE

Monthly

N/A

12/14/29

MXN

14,280

(

49,371

)

—

(

49,371

)

1-day

SONIA

Annual

4.00%

Annual

N/A

01/16/30

GBP

33,697

215,646

—

215,646

1-day

SOFR

Annual

4.00%

Annual

N/A

01/23/30

USD

33,697

760,871

—

760,871

6-mo.

EURIBOR

Semi-Annual

2.42%

Annual

N/A

01/31/30

EUR

554

10,300

134

10,166

6-mo.

EURIBOR

Semi-Annual

2.63%

Annual

N/A

01/31/30

EUR

750

16,298

15,546

752

6-mo.

EURIBOR

Semi-Annual

2.43%

Annual

N/A

02/03/30

EUR

1,112

21,725

2,389

19,336

8.65%

Monthly

1-day

MXIBTIIE

Monthly

N/A

02/07/30

MXN

15,736

(

45,360

)

—

(

45,360

)

1-day

SOFR

Annual

3.23%

Annual

N/A

02/19/30

USD

33,284

(

434,845

)

—

(

434,845

)

1-day

SOFR

Annual

3.90%

Annual

N/A

02/24/30

USD

28,911

539,627

—

539,627

6-mo.

PRIBOR

Semi-Annual

3.46%

Annual

N/A

03/19/30

CZK

29,111

(

553

)

—

(

553

)

6-mo.

WIBOR

Semi-Annual

4.94%

Annual

N/A

03/19/30

PLN

3,560

56,531

—

56,531

6-mo.

BUBOR

Semi-Annual

6.55%

Annual

N/A

03/19/30

HUF

123,986

16,577

—

16,577

7.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/30

ZAR

50,310

(

114,543

)

—

(

114,543

)

7.73%

Monthly

1-day

MXIBTIIE

Monthly

N/A

05/06/30

MXN

7,081

(

6,885

)

—

(

6,885

)

6-mo.

EURIBOR

Semi-Annual

2.20%

Annual

N/A

06/04/30

EUR

7,659

(

60,033

)

—

(

60,033

)

1-day

MXIBTIIE

Monthly

7.82%

Monthly

N/A

06/07/30

MXN

14,162

16,780

—

16,780

6-mo.

PRIBOR

Semi-Annual

3.56%

Annual

N/A

06/18/30

CZK

7,357

(

5,328

)

—

(

5,328

)

6-mo.

PRIBOR

Semi-Annual

3.66%

Annual

N/A

06/18/30

CZK

11,493

(

5,734

)

1,280

(

7,014

)

1-day

MXIBTIIE

Monthly

7.72%

Monthly

N/A

06/24/30

MXN

8,910

8,533

—

8,533

1-day

MXIBTIIE

Monthly

7.69%

Monthly

N/A

07/30/30

MXN

52,799

46,567

—

46,567

1-week

CNREPOFIX_

CFXS

Quarterly

1.45%

Quarterly

N/A

09/17/30

CNY

16,885

(

23,176

)

—

(

23,176

)

6-mo.

PRIBOR

Semi-Annual

3.41%

Annual

N/A

09/17/30

CZK

21,583

(

24,276

)

—

(

24,276

)

6-mo.

PRIBOR

Semi-Annual

3.55%

Annual

N/A

09/17/30

CZK

28,391

(

22,858

)

—

(

22,858

)

6-mo.

WIBOR

Semi-Annual

4.04%

Annual

N/A

09/17/30

PLN

3,689

(

5,130

)

—

(

5,130

)

6-mo.

BUBOR

Semi-Annual

5.96%

Annual

N/A

09/17/30

HUF

55,794

(

2,171

)

—

(

2,171

)

7.60%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/30

ZAR

22,640

(

32,561

)

—

(

32,561

)

4.08%

Annual

6-mo.

WIBOR

Semi-Annual

12/17/25

(a)

12/17/30

PLN

2,291

1,512

—

1,512

4.08%

Annual

6-mo.

WIBOR

Semi-Annual

12/17/25

(a)

12/17/30

PLN

2,257

1,544

—

1,544

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

4.10%

Annual

6-mo.

WIBOR

Semi-Annual

12/17/25

(a)

12/17/30

PLN

2,291

1,099

—

1,099

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

29,481

4,666,029

—

4,666,029

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

18,373

(

173,676

)

—

(

173,676

)

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

69,070

552,830

—

552,830

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

34,535

276,537

—

276,537

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

34,535

279,158

—

279,158

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

61,741

19,808

—

19,808

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

61,741

20,260

—

20,260

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

312,429

17,794,023

495,717

17,298,306

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/34

USD

19,976

(

81,430

)

—

(

81,430

)

1-day

SOFR

Annual

3.67%

Annual

N/A

12/26/34

USD

34,848

(

57,019

)

—

(

57,019

)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/06/35

USD

27,248

29,214

—

29,214

1-day

SOFR

Annual

3.75%

Annual

N/A

03/27/35

USD

26,996

166,468

—

166,468

1-day

SOFR

Annual

3.75%

Annual

N/A

07/09/35

USD

13,221

93,428

—

93,428

1-day

THOR

Quarterly

1.35%

Quarterly

N/A

09/17/35

THB

15,663

(

4,702

)

—

(

4,702

)

1-day

THOR

Quarterly

1.38%

Quarterly

N/A

09/17/35

THB

15,663

(

3,557

)

—

(

3,557

)

1-day

THOR

Quarterly

1.61%

Quarterly

N/A

09/17/35

THB

7,957

3,557

—

3,557

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

11,768

268,625

—

268,625

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

3,732

(

137,080

)

2,211

(

139,291

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

12,585

730,662

—

730,662

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

702,103

(

964,313

)

—

(

964,313

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

702,103

(

963,462

)

—

(

963,462

)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

12,548

257,771

51,506

206,265

3.65%

Annual

1-day

SOFR

Annual

N/A

11/02/54

USD

104,627

6,019,738

29,032

5,990,706

1-day

SONIA

Annual

4.10%

Annual

N/A

11/07/54

GBP

12,000

(

1,461,143

)

54,903

(

1,516,046

)

63,954,408

1,106,918

62,847,490

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

Paid

the

Fund

Received

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

Termination

2.69%

Termination

08/15/32

EUR

3,450

142,256

—

142,256

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Hertz

Corp.

(The)

..........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

USD

(

193

)

1,447

(

1,640

)

Community

Health

Systems,

Inc.

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

125

(

149

)

4,193

(

4,342

)

Community

Health

Systems,

Inc.

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

(

)

2,070

(

2,165

)

BorgWarner,

Inc.

..........

.00

Quarterly

BNP

Paribas

12/20/27

USD

390

(

6,514

)

2,403

(

8,917

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Bank

America

12/20/27

USD

160

218

18,984

(

18,766

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

120

164

13,855

(

13,691

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Citibank

12/20/27

USD

8,507

(

8,412

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Citibank

12/20/27

USD

100

136

12,507

(

12,371

)

Pitney

Bowes,

Inc.

.........

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

120

164

13,862

(

13,698

)

Xerox

Corp.

.............

.00

Quarterly

JPMorgan

Chase

Bank

12/20/27

USD

190

64,098

9,881

54,217

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Simon

Property

Group

....

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

USD

1,005

(

18,145

)

12,574

(

30,719

)

UBS

Group

...........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/28

EUR

1,840

(

42,288

)

34,235

(

76,523

)

Boeing

Co.

(The)

..........

.00

Quarterly

Deutsche

Bank

12/20/28

USD

2,100

(

35,623

)

(

6,624

)

(

28,999

)

Boeing

Co.

(The)

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

2,100

(

37,483

)

18,757

(

56,240

)

DXC

Technology

Co.

.......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

177

(

25,658

)

(

14,761

)

(

10,897

)

DXC

Technology

Co.

.......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

355

(

51,462

)

(

33,496

)

(

17,966

)

Deutsche

Bank

.........

.00

Quarterly

BNP

Paribas

12/20/29

EUR

998

(

15,382

)

(

5,432

)

(

9,950

)

Intesa

Sanpaolo

SpA

.......

.00

Quarterly

JPMorgan

Chase

Bank

12/20/29

EUR

960

(

12,066

)

—

(

12,066

)

Telecom

Italia

SpA

.........

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

440

(

380

)

18,284

(

18,664

)

Ally

Financial,

Inc.

.........

.00

Quarterly

Goldman

Sachs

International

06/20/30

USD

600

(

95,515

)

(

82,673

)

(

12,842

)

Intesa

Sanpaolo

SpA

.......

.00

Quarterly

BNP

Paribas

06/20/30

EUR

1,063

(

37,065

)

(

21,366

)

(

15,699

)

Occidental

Petroleum

Corp.

...

.00

Quarterly

Deutsche

Bank

06/20/30

USD

360

(

4,019

)

(

902

)

(

3,117

)

Simon

Property

Group

....

.00

Quarterly

BNP

Paribas

06/20/30

USD

285

(

5,898

)

(

1,437

)

(

4,461

)

Republic

Panama

........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/30

USD

140

2,699

2,904

(

205

)

Southwest

Airlines

Co.

......

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

1,415

6,529

—

–

(

313,832

)

14,301

(

328,133

)

–

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

.00

Quarterly

JPMorgan

Chase

Bank

12/20/25

BB+

USD

527

6,067

2,044

4,023

Europe

Finance

.00

Quarterly

Deutsche

Bank

12/20/28

BB-

EUR

441

34,247

34,207

Eutelsat

..........

.00

Quarterly

Deutsche

Bank

12/20/29

EUR

249

33,447

(

21,327

)

54,774

Forvia

...........

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

255

32,105

15,453

16,652

Hannover

Rueck

....

.00

Quarterly

BNP

Paribas

12/20/29

EUR

499

8,456

2,638

5,818

iTraxx

Europe

Crossover

Index

Series

42.V2

.00

Quarterly

BNP

Paribas

12/20/29

BB-

EUR

1,622

266,160

180,437

85,723

iTraxx

Europe

Crossover

Index

Series

42.V3

.00

Quarterly

BNP

Paribas

12/20/29

BB-

EUR

870

65,865

57,085

8,780

iTraxx

Europe

Crossover

Index

Series

42.V3

.00

Quarterly

BNP

Paribas

12/20/29

BB-

EUR

870

65,865

67,707

(

1,842

)

Muenchener

Rueckversicherungs-

Gesellschaft

....

.00

Quarterly

BNP

Paribas

12/20/29

A+

EUR

499

8,652

2,740

5,912

Swedbank

........

.00

Quarterly

JPMorgan

Chase

Bank

12/20/29

EUR

960

8,380

(

2,428

)

10,808

AXA

............

.00

Quarterly

BNP

Paribas

06/20/30

A+

EUR

1,063

33,269

20,824

12,445

Eutelsat

..........

.00

Quarterly

JPMorgan

Chase

Bank

06/20/30

EUR

283

38,154

8,620

29,534

Eutelsat

..........

.00

Quarterly

BNP

Paribas

12/20/30

EUR

436

59,055

58,824

231

Vistra

Operations

Co.

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/30

BB+

USD

100

19,078

—

Vistra

Operations

Co.

LLC

.00

Quarterly

JPMorgan

Chase

Bank

12/20/30

BB+

USD

190

36,248

—

715,048

482,150

232,898

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

OTC

Interest

Rate

Swaps

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

14.18%

Termination

1-day

BZDIOVER

Termination

Barclays

Bank

plc

01/02/26

BRL

8,521

(

1,413

)

—

(

1,413

)

14.79%

Termination

1-day

BZDIOVER

Termination

Barclays

Bank

plc

01/02/26

BRL

3,834

277

—

277

8.07%

Termination

1-day

IBR

Termination

Barclays

Bank

plc

09/17/26

COP

205,263

406

—

406

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

456,141

1,527

—

1,527

1-day

BZDIOVER

Termination

10.00%

Termination

Bank

America

01/04/27

BRL

35,188

(

722,556

)

—

(

722,556

)

1-day

BZDIOVER

Termination

10.07%

Termination

BNP

Paribas

01/04/27

BRL

30,611

(

631,452

)

—

(

631,452

)

1-day

BZDIOVER

Termination

10.16%

Termination

Bank

America

01/04/27

BRL

43,391

(

870,095

)

—

(

870,095

)

1-day

BZDIOVER

Termination

10.16%

Termination

BNP

Paribas

01/04/27

BRL

41,632

(

834,081

)

—

(

834,081

)

1-day

BZDIOVER

Termination

10.16%

Termination

BNP

Paribas

01/04/27

BRL

232

(

4,659

)

—

(

4,659

)

1-day

BZDIOVER

Termination

8.65%

Termination

Goldman

Sachs

International

01/04/27

BRL

3,043

(

149,088

)

—

(

149,088

)

1-day

BZDIOVER

Termination

9.79%

Termination

BNP

Paribas

01/04/27

BRL

7,466

(

139,709

)

—

(

139,709

)

1-day

BZDIOVER

Termination

12.95%

Termination

Bank

America

01/02/29

BRL

16,270

(

34,081

)

—

(

34,081

)

1-day

BZDIOVER

Termination

13.00%

Termination

Bank

America

01/02/29

BRL

18,935

(

33,262

)

—

(

33,262

)

1-day

BZDIOVER

Termination

13.00%

Termination

Barclays

Bank

plc

01/02/29

BRL

29,130

(

51,172

)

—

(

51,172

)

1-day

BZDIOVER

Termination

13.12%

Termination

Bank

America

01/02/29

BRL

76,051

(

79,738

)

—

(

79,738

)

1-day

BZDIOVER

Termination

13.33%

Termination

Barclays

Bank

plc

01/02/29

BRL

1,581

(

)

—

(

)

1-day

BZDIOVER

Termination

13.34%

Termination

Barclays

Bank

plc

01/02/29

BRL

7,324

1,913

—

1,913

1-day

BZDIOVER

Termination

14.03%

Termination

Barclays

Bank

plc

01/02/29

BRL

3,514

19,400

—

19,400

8.64%

Quarterly

1-day

IBR

Quarterly

Morgan

Stanley

Co.

International

plc

04/04/30

COP

6,154,316

1,596

—

1,596

8.23%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/17/30

COP

5,442,760

26,537

—

26,537

1-day

BZDIOVER

Termination

13.04%

Termination

Barclays

Bank

plc

01/02/31

BRL

4,745

(

13,955

)

—

(

13,955

)

(

3,513,698

)

—

(

3,513,698

)

OTC

Total

Return

Swaps

Paid

the

Fund

Received

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

Quarterly

Citi

Equity

Volatility

Carry

Index

Quarterly

Citibank

12/19/25

USD

295

1,049

—

1,049

0.00%

...........

Quarterly

Variable

Notional

Long-

Short

Cross-

Currency

Carry

Index

Quarterly

Deutsche

Bank

12/19/25

USD

209

316

—

316

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

OTC

Total

Return

Swaps

(continued)

Paid

the

Fund

Received

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

126

231

—

231

0.00%

...........

Quarterly

Goldman

Sachs

Weekly

Volatility

Carry

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

173

889

—

889

0.00%

...........

Quarterly

J.P.

Morgan

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

12/19/25

USD

214

247

—

247

1-day

SOFR

minus

0.10%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

Goldman

Sachs

International

12/19/25

USD

(

9,650

)

—

(

9,650

)

1-day

SOFR

minus

0.15%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

JPMorgan

Chase

Bank

12/19/25

USD

159

20,726

—

20,726

1-day

SOFR

minus

0.20%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

JPMorgan

Chase

Bank

12/19/25

USD

115

(

16,328

)

—

(

16,328

)

1-day

SOFR

minus

0.25%

.........

Termination

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

Termination

BNP

Paribas

12/19/25

USD

139

(

19,510

)

—

(

19,510

)

1-day

SOFR

plus

0.20%

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

Termination

JPMorgan

Chase

Bank

12/19/25

USD

164

(

7,650

)

—

(

7,650

)

1-day

SOFR

plus

0.25%

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

Termination

BNP

Paribas

12/19/25

USD

(

2,093

)

—

(

2,093

)

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

Termination

1-day

SOFR

minus

0.50%

Termination

JPMorgan

Chase

Bank

12/19/25

USD

114

41,305

—

41,305

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

Termination

1-day

SOFR

minus

0.69%

Termination

Goldman

Sachs

International

12/19/25

USD

160

57,136

—

57,136

66,668

—

66,668

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

Adyen

.................

JPMorgan

Chase

Bank

USD

3,683,001

02/11/26

0.26%

OBFR01

Monthly

(

54,528

)

AMC

Networks,

Inc.

..........

Barclays

Bank

plc

166,591

08/23/26

0.20%

OBFR01

Monthly

7,611

AMC

Networks,

Inc.

..........

JPMorgan

Chase

Bank

296,862

02/09/26

0.20%

OBFR01

Monthly

12,385

Cirsa

Enterprises

.........

JPMorgan

Chase

Bank

414,116

02/09/26

0.26%

ESTR

Monthly

1,389

Derayah

Financial

Co.

........

JPMorgan

Chase

Bank

154,048

02/11/26

0.75%

OBFR01

Monthly

36,176

Eagle

Bancorp,

Inc.

..........

JPMorgan

Chase

Bank

148,100

02/09/26

0.20%

OBFR01

Monthly

3,065

Emirates

Integrated

Telecommunications

Co.

PJSC

JPMorgan

Chase

Bank

595,641

02/11/26

0.75%

OBFR01

Monthly

(

1,659

)

Flagstar

Financial,

Inc.

........

JPMorgan

Chase

Bank

735,074

02/09/26

0.20%

OBFR01

Monthly

(

75,904

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

flynas

Co.

SJSC

............

JPMorgan

Chase

Bank

USD

334,091

02/11/26

0.75%

OBFR01

Monthly

8,173

Iberdrola

...............

JPMorgan

Chase

Bank

863,993

02/11/26

0.26%

OBFR01

Monthly

23,793

Informatica,

Inc.

.............

JPMorgan

Chase

Bank

353,115

02/09/26

0.20%

OBFR01

Monthly

855

Paramount

Skydance

Corp.

.....

JPMorgan

Chase

Bank

188,640

02/09/26

0.20%

OBFR01

Monthly

17,342

Rasan

Information

Technology

Co.

JPMorgan

Chase

Bank

667,357

02/11/26

0.75%

OBFR01

Monthly

53,966

SMG

Swiss

Marketplace

Group

JPMorgan

Chase

Bank

38,632

02/11/26

0.26%

OBFR01

Monthly

(

602

)

Talabat

Holding

plc

...........

JPMorgan

Chase

Bank

400,588

02/11/26

0.75%

OBFR01

Monthly

(

32,427

)

Warner

Bros

Discovery,

Inc.

.....

JPMorgan

Chase

Bank

118,587

02/09/26

0.20%

OBFR01

Monthly

Total

long

positions

equity

swaps

(

288

)

Short

contracts

(b)

ABN

AMRO

Bank

NV,

CVA

.....

Citibank

(

648,106

)

02/26/26

(0.26)%

OBFR01

Monthly

(

15,106

)

Accelerant

Holdings

..........

Citibank

(

180,900

)

02/24/28

(0.15)%

OBFR01

Monthly

13,180

Alexandria

Real

Estate

Equities,

Inc.

Citibank

(

1,562,511

)

02/24/28

(0.15)%

OBFR01

Monthly

46,391

Alfa

SAB

.............

Citibank

(

119,935

)

02/24/28

(0.85)%

OBFR01

Monthly

(

1,212

)

Alfa

SAB

.............

JPMorgan

Chase

Bank

(

278,347

)

02/10/26

(0.50)%

OBFR01

Monthly

(

16,297

)

Align

Technology,

Inc.

.........

Citibank

(

873,336

)

02/24/28

(0.15)%

OBFR01

Monthly

34,487

Alstom

................

Citibank

(

1,019,507

)

02/26/26

(0.26)%

OBFR01

Monthly

(

36,963

)

Amcor

plc

.................

Citibank

(

1,814,509

)

02/24/28

(0.15)%

OBFR01

Monthly

2,541

Atlantic

Union

Bankshares

Corp.

JPMorgan

Chase

Bank

(

119,209

)

02/09/26

(0.15)%

OBFR01

Monthly

705

Axon

Enterprise,

Inc.

.........

Citibank

(

1,274,944

)

02/24/28

(0.15)%

OBFR01

Monthly

86,532

Bachem

Holding

..........

JPMorgan

Chase

Bank

(

150,756

)

02/11/26

(0.26)%

OBFR01

Monthly

7,915

Bank

Montreal

............

Citibank

(

3,438,303

)

02/24/28

(0.20)%

OBFR01

Monthly

(

16,169

)

Barratt

Redrow

plc

...........

Citibank

(

1,459,993

)

02/26/26

(0.25)%

OBFR01

Monthly

(

75,820

)

Barry

Callebaut

(Registered)

JPMorgan

Chase

Bank

(

1,416,325

)

02/11/26

(0.51)%

OBFR01

Monthly

45,998

BASF

.................

Citibank

(

2,295,566

)

02/26/26

(0.26)%

OBFR01

Monthly

(

13,782

)

Baxter

International,

Inc.

.......

Citibank

(

2,074,969

)

02/24/28

(0.15)%

OBFR01

Monthly

(

425

)

Semiconductor

Industries

Citibank

(

1,341,807

)

02/26/26

(0.26)%

OBFR01

Monthly

(

47,992

)

Beijer

Ref

..............

Citibank

(

88,752

)

02/26/26

(0.26)%

OBFR01

Monthly

4,434

Beijer

Ref

..............

JPMorgan

Chase

Bank

(

374,984

)

02/11/26

(0.26)%

OBFR01

Monthly

42,200

BeOne

Medicines

Ltd.

........

Citibank

(

1,053,941

)

02/25/26

(0.05)%

OBFR01

Monthly

(

29,397

)

Block,

Inc.

................

Citibank

(

2,974,522

)

02/24/28

(0.15)%

OBFR01

Monthly

189,236

Brandywine

Realty

Trust

.......

JPMorgan

Chase

Bank

(

5,627

)

02/09/26

(0.15)%

OBFR01

Monthly

319

Brookfield

Asset

Management

Ltd.

Citibank

(

2,647,567

)

02/24/28

(0.20)%

OBFR01

Monthly

197,984

Brown-Forman

Corp.

.........

Citibank

(

1,002,305

)

02/24/28

(0.15)%

OBFR01

Monthly

(

7,833

)

Builders

FirstSource,

Inc.

......

Citibank

(

961,812

)

02/24/28

(0.15)%

OBFR01

Monthly

4,422

Bullish

...................

Barclays

Bank

plc

(

873,712

)

08/23/26

(1.75)%

OBFR01

Monthly

69,300

Robinson

Worldwide,

Inc.

...

Citibank

(

3,449,696

)

02/24/28

(0.15)%

OBFR01

Monthly

40,661

Chailease

Holding

Co.

Ltd.

.....

Citibank

(

696,114

)

02/25/26

(0.36)%

OBFR01

Monthly

47,832

Chailease

Holding

Co.

Ltd.

.....

JPMorgan

Chase

Bank

(

3,397

)

02/10/26

(0.16)%

OBFR01

Monthly

132

China

Construction

Bank

Corp.

Citibank

(

1,530,280

)

02/25/26

(0.05)%

OBFR01

Monthly

(

549

)

China

Railway

Group

Ltd.

......

Citibank

(

545,368

)

02/25/26

(0.20)%

OBFR01

Monthly

(

21,935

)

China

Resources

Power

Holdings

Co.

Ltd.

................

Citibank

(

1,568,614

)

02/25/26

(0.30)%

OBFR01

Monthly

9,007

China

Resources

Power

Holdings

Co.

Ltd.

................

JPMorgan

Chase

Bank

(

13,767

)

02/10/26

(0.30)%

OBFR01

Monthly

942

Clariant

(Registered)

.......

Citibank

(

292,733

)

02/26/26

(0.26)%

OBFR01

Monthly

1,434

Community

Financial

System,

Inc.

JPMorgan

Chase

Bank

(

192,435

)

02/09/26

(0.15)%

OBFR01

Monthly

5,080

Continental

.............

Citibank

(

541,183

)

02/26/26

(0.26)%

OBFR01

Monthly

(

2,289

)

Convatec

Group

plc

..........

Citibank

(

622,691

)

02/26/26

(0.25)%

OBFR01

Monthly

1,731

Cosan

.................

Citibank

(

94,511

)

02/24/28

(0.30)%

OBFR01

Monthly

(

1,182

)

Cosan

.................

JPMorgan

Chase

Bank

(

151,826

)

02/10/26

(0.40)%

OBFR01

Monthly

23,483

CoStar

Group,

Inc.

...........

Citibank

(

1,225,775

)

02/24/28

(0.15)%

OBFR01

Monthly

27,552

CRRC

Corp.

Ltd.

............

Citibank

(

649,190

)

02/25/26

(0.30)%

OBFR01

Monthly

8,878

CVB

Financial

Corp.

..........

JPMorgan

Chase

Bank

(

164,125

)

02/09/26

(0.15)%

OBFR01

Monthly

10,481

Davide

Campari-Milano

.....

Citibank

(

1,038,033

)

02/26/26

(0.29)%

OBFR01

Monthly

41,441

Dentsu

Group,

Inc.

...........

Citibank

(

1,084,675

)

02/26/26

(0.10)%

OBFR01

Monthly

30,326

DiaSorin

SpA

..............

Citibank

(

430,717

)

02/26/26

(0.26)%

OBFR01

Monthly

14,942

Disco

Corp.

................

Citibank

(

1,029,972

)

02/26/26

(0.10)%

OBFR01

Monthly

26,642

DMG

Mori

Co.

Ltd.

...........

Citibank

(

1,104,614

)

02/26/26

(0.19)%

OBFR01

Monthly

(

1,658

)

Dollar

Tree,

Inc.

.............

Citibank

(

164,206

)

02/24/28

(0.15)%

OBFR01

Monthly

191

Dow,

Inc.

.................

Citibank

(

427,255

)

02/24/28

(0.15)%

OBFR01

Monthly

4,426

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Elevance

Health,

Inc.

.........

Citibank

USD

(

1,138,682

)

02/24/28

(0.15)%

OBFR01

Monthly

(

18,734

)

Enphase

Energy,

Inc.

.........

JPMorgan

Chase

Bank

(

14,864

)

02/09/26

(0.15)%

OBFR01

Monthly

1,310

Entain

plc

.................

Citibank

(

294,694

)

02/26/26

(0.25)%

OBFR01

Monthly

(

4,904

)

Expand

Energy

Corp.

.........

Citibank

(

4,260,150

)

02/24/28

(0.15)%

OBFR01

Monthly

(

339,617

)

FedEx

Corp.

...............

Citibank

(

1,591,970

)

02/24/28

(0.15)%

OBFR01

Monthly

(

39,364

)

First

Solar,

Inc.

.............

Citibank

(

1,410,771

)

02/24/28

(0.15)%

OBFR01

Monthly

(

8,560

)

Food

Life

Cos.

Ltd.

.........

Citibank

(

1,887,979

)

02/26/26

(0.14)%

OBFR01

Monthly

102,547

Formosa

Chemicals

Fibre

Corp.

Citibank

(

405,135

)

02/25/26

(0.63)%

OBFR01

Monthly

(

7,120

)

Formosa

Chemicals

Fibre

Corp.

JPMorgan

Chase

Bank

(

8,468

)

02/10/26

(0.44)%

OBFR01

Monthly

(

345

)

Formosa

Plastics

Corp.

........

Citibank

(

623,727

)

02/25/26

(2.30)%

OBFR01

Monthly

5,101

Fujitsu

Ltd.

................

Citibank

(

2,402,852

)

02/26/26

(0.14)%

OBFR01

Monthly

136,777

Genuine

Parts

Co.

...........

Citibank

(

1,455,240

)

02/24/28

(0.15)%

OBFR01

Monthly

(

5,881

)

Georg

Fischer

(Registered)

Citibank

(

469,009

)

02/26/26

(0.26)%

OBFR01

Monthly

(

4,711

)

Georg

Fischer

(Registered)

JPMorgan

Chase

Bank

(

255,059

)

02/11/26

(0.26)%

OBFR01

Monthly

11,755

Grifols

.................

Citibank

(

921,690

)

02/26/26

(0.26)%

OBFR01

Monthly

(

35,412

)

Halliburton

Co.

.............

Citibank

(

706,223

)

02/24/28

(0.15)%

OBFR01

Monthly

(

62,158

)

Hapvida

Participacoes

Investimentos

..........

Citibank

(

349,145

)

02/24/28

(0.30)%

OBFR01

Monthly

13,914

Harmonic

Drive

Systems,

Inc.

...

Citibank

(

718,375

)

02/26/26

(0.12)%

OBFR01

Monthly

100,367

HUTCHMED

China

Ltd.

.......

Citibank

(

98,683

)

02/25/26

(0.65)%

OBFR01

Monthly

4,945

HUTCHMED

China

Ltd.

.......

JPMorgan

Chase

Bank

(

94,331

)

02/10/26

(0.30)%

OBFR01

Monthly

593

Ibiden

Co.

Ltd.

..............

Citibank

(

255,962

)

02/26/26

(0.10)%

OBFR01

Monthly

1,904

IHI

Corp.

.................

Citibank

(

719,469

)

02/26/26

(0.10)%

OBFR01

Monthly

(

140,973

)

Iluka

Resources

Ltd.

..........

JPMorgan

Chase

Bank

(

621,367

)

02/10/26

(0.25)%

OBFR01

Monthly

(

3,289

)

IMCD

.................

Citibank

(

632,715

)

02/26/26

(0.26)%

OBFR01

Monthly

25,445

Innolux

Corp.

..............

Citibank

(

1,015,203

)

02/25/26

(0.35)%

OBFR01

Monthly

(

21,068

)

International

Paper

Co.

........

Citibank

(

5,376,255

)

02/24/28

(0.15)%

OBFR01

Monthly

(

27,953

)

International

Paper

Co.

........

JPMorgan

Chase

Bank

(

1,105,502

)

02/11/26

(0.50)%

OBFR01

Monthly

30,726

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

...............

Citibank

(

3,916,859

)

02/24/28

(0.38)%

OBFR01

Monthly

6,261

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

.......

JPMorgan

Chase

Bank

(

5,818,746

)

02/09/26

(0.59)%

OBFR01

Monthly

4,694

Japan

Steel

Works

Ltd.

(The)

....

Citibank

(

1,138,762

)

02/26/26

(0.15)%

OBFR01

Monthly

(

62,378

)

Health

International,

Inc.

.....

Citibank

(

1,199,738

)

02/25/26

(0.30)%

OBFR01

Monthly

24,668

Sports

Fashion

plc

.........

Citibank

(

969,665

)

02/26/26

(0.25)%

OBFR01

Monthly

(

91,570

)

Sports

Fashion

plc

.........

JPMorgan

Chase

Bank

(

112,685

)

02/11/26

(0.25)%

OBFR01

Monthly

429

JFE

Holdings,

Inc.

...........

Citibank

(

355,991

)

02/26/26

(0.10)%

OBFR01

Monthly

12,399

Kadokawa

Corp.

............

Citibank

(

769,832

)

02/26/26

(0.12)%

OBFR01

Monthly

(

10,244

)

Kering

.................

Citibank

(

3,801,520

)

02/26/26

0.00%

OBFR01

Monthly

(

281,976

)

KeyCorp

..................

Citibank

(

1,623,850

)

02/24/28

(0.15)%

OBFR01

Monthly

2,717

Kobayashi

Pharmaceutical

Co.

Ltd.

Citibank

(

384,467

)

02/26/26

(0.10)%

OBFR01

Monthly

3,672

Kuaishou

Technology

.........

Citibank

(

1,132,388

)

02/25/26

(0.13)%

OBFR01

Monthly

(

153,618

)

Lamb

Weston

Holdings,

Inc.

....

Citibank

(

261,734

)

02/24/28

(0.15)%

OBFR01

Monthly

(

12,810

)

Lamb

Weston

Holdings,

Inc.

....

JPMorgan

Chase

Bank

(

133,447

)

02/09/26

(0.15)%

OBFR01

Monthly

(

1,182

)

Energy

Solution

Ltd.

.......

Citibank

(

545,813

)

02/25/26

(8.50)%

OBFR01

Monthly

5,372

Auto,

Inc.

...............

Citibank

(

2,361,378

)

02/25/26

(0.23)%

OBFR01

Monthly

3,166

Localiza

Rent

Car

........

JPMorgan

Chase

Bank

(

)

02/10/26

(0.50)%

OBFR01

Monthly

(

)

Lululemon

Athletica,

Inc.

.......

Citibank

(

1,160,348

)

02/24/28

(0.15)%

OBFR01

Monthly

(

24,132

)

Lynas

Rare

Earths

Ltd.

........

JPMorgan

Chase

Bank

(

427,948

)

02/10/26

(0.25)%

OBFR01

Monthly

(

75,251

)

M3,

Inc.

..................

Citibank

(

899,547

)

02/26/26

(0.10)%

OBFR01

Monthly

(

24,806

)

Marvell

Technology,

Inc.

.......

Citibank

(

891,864

)

02/24/28

(0.15)%

OBFR01

Monthly

(

52,999

)

MatsukiyoCocokara

Co.

......

Citibank

(

881,764

)

02/26/26

(0.25)%

OBFR01

Monthly

4,239

MBRF

Global

Foods

Co.

....

Citibank

(

124,454

)

02/24/28

(0.41)%

OBFR01

Monthly

9,456

MBRF

Global

Foods

Co.

....

JPMorgan

Chase

Bank

(

118,181

)

02/10/26

(12.00)%

OBFR01

Monthly

15,117

Meituan

..................

Citibank

(

479,992

)

02/25/26

(0.05)%

OBFR01

Monthly

(

10,275

)

Mercari,

Inc.

...............

Citibank

(

958,758

)

02/26/26

(0.10)%

OBFR01

Monthly

Mercari,

Inc.

...............

JPMorgan

Chase

Bank

(

)

02/10/26

(0.25)%

OBFR01

Monthly

Mineral

Resources

Ltd.

........

JPMorgan

Chase

Bank

(

1,765,567

)

02/10/26

(0.25)%

OBFR01

Monthly

(

177,431

)

MMG

Ltd.

.................

Citibank

(

1,144,224

)

02/25/26

(0.30)%

OBFR01

Monthly

(

165,325

)

Molina

Healthcare,

Inc.

........

Citibank

(

1,511,340

)

02/24/28

(0.15)%

OBFR01

Monthly

(

78,862

)

Molson

Coors

Beverage

Co.

....

Citibank

(

2,841,741

)

02/24/28

(0.15)%

OBFR01

Monthly

(

11,860

)

Natura

Cosmeticos

........

Citibank

(

125,588

)

02/24/28

(0.40)%

OBFR01

Monthly

(

747

)

Natura

Cosmeticos

........

JPMorgan

Chase

Bank

(

7,102

)

02/10/26

(5.05)%

OBFR01

Monthly

(

787

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

NEC

Corp.

................

Citibank

USD

(

1,789,761

)

02/26/26

(0.12)%

OBFR01

Monthly

(

25,154

)

Neste

OYJ

................

Citibank

(

879,111

)

02/26/26

(0.26)%

OBFR01

Monthly

25,007

NEXTDC

Ltd.

..............

JPMorgan

Chase

Bank

(

236,890

)

02/10/26

(0.25)%

OBFR01

Monthly

(

7,566

)

NIKE,

Inc.

.................

Citibank

(

704,468

)

02/24/28

(0.15)%

OBFR01

Monthly

13,304

Nippon

Express

Holdings,

Inc.

...

Citibank

(

36,644

)

02/26/26

(0.15)%

OBFR01

Monthly

317

Norfolk

Southern

Corp.

........

Citibank

(

1,778,402

)

02/24/28

(0.15)%

OBFR01

Monthly

(

58,906

)

Northern

Star

Resources

Ltd.

....

JPMorgan

Chase

Bank

(

1,831,038

)

02/10/26

(0.25)%

OBFR01

Monthly

(

295,503

)

Norwegian

Cruise

Line

Holdings

Ltd.

Citibank

(

2,747,274

)

02/24/28

(0.15)%

OBFR01

Monthly

82,234

Novonesis

Novozymes

......

Citibank

(

1,614,687

)

02/26/26

(0.26)%

OBFR01

Monthly

(

35,924

)

Holdings

Ltd.

............

Citibank

(

1,407,531

)

02/24/28

(0.15)%

OBFR01

Monthly

22,394

Occidental

Petroleum

Corp.

.....

Citibank

(

875,618

)

02/24/28

(0.15)%

OBFR01

Monthly

(

28,511

)

Oji

Holdings

Corp.

...........

Citibank

(

422,754

)

02/26/26

(0.10)%

OBFR01

Monthly

9,109

Ono

Pharmaceutical

Co.

Ltd.

....

Citibank

(

1,043,740

)

02/26/26

(0.13)%

OBFR01

Monthly

2,623

ORLEN

................

Citibank

(

770,107

)

02/26/26

(0.50)%

OBFR01

Monthly

(

36,552

)

Packaging

Corp.

America

....

Citibank

(

1,898,424

)

02/24/28

(0.15)%

OBFR01

Monthly

(

45,076

)

Pernod

Ricard

...........

Citibank

(

1,953,374

)

02/26/26

(0.26)%

OBFR01

Monthly

72,180

Pool

Corp.

................

Citibank

(

1,422,368

)

02/24/28

(0.15)%

OBFR01

Monthly

9,379

POSCO

Future

Co.

Ltd.

......

Citibank

(

289,168

)

02/25/26

(11.00)%

OBFR01

Monthly

(

2,540

)

POSCO

Future

Co.

Ltd.

......

JPMorgan

Chase

Bank

(

359,933

)

02/10/26

(18.00)%

OBFR01

Monthly

(

26,109

)

Postal

Savings

Bank

China

Co.

Ltd.

...................

Citibank

(

1,718,528

)

02/25/26

(0.30)%

OBFR01

Monthly

23,872

Power

Corp.

Canada

.......

JPMorgan

Chase

Bank

(

232,613

)

02/09/26

(0.25)%

OBFR01

Monthly

(

8,103

)

PRIO

.................

Citibank

(

767,415

)

02/24/28

(0.30)%

OBFR01

Monthly

(

2,744

)

Provident

Financial

Services,

Inc.

JPMorgan

Chase

Bank

(

228,054

)

02/09/26

(0.15)%

OBFR01

Monthly

7,105

Puma

.................

Citibank

(

597,919

)

02/26/26

(0.26)%

OBFR01

Monthly

8,964

Quanta

Services,

Inc.

.........

Citibank

(

830,228

)

02/24/28

(0.15)%

OBFR01

Monthly

(

35,910

)

Rakuten

Group,

Inc.

..........

JPMorgan

Chase

Bank

(

377

)

02/10/26

(0.25)%

OBFR01

Monthly

(

)

Restaurant

Brands

International,

Inc.

Citibank

(

3,675,633

)

02/24/28

(0.20)%

OBFR01

Monthly

30,081

Revvity,

Inc.

...............

Citibank

(

1,047,799

)

02/24/28

(0.15)%

OBFR01

Monthly

(

20,304

)

Ryohin

Keikaku

Co.

Ltd.

.......

Citibank

(

1,051,756

)

02/26/26

(0.14)%

OBFR01

Monthly

13,124

Sandoz

Group

...........

Citibank

(

1,297,138

)

02/26/26

(0.26)%

OBFR01

Monthly

21,679

Sapporo

Holdings

Ltd.

........

JPMorgan

Chase

Bank

(

546,797

)

02/10/26

(0.25)%

OBFR01

Monthly

2,383

Sartorius

Stedim

Biotech

.......

JPMorgan

Chase

Bank

(

539,574

)

02/11/26

(0.26)%

OBFR01

Monthly

1,968

Sasol

Ltd.

.................

JPMorgan

Chase

Bank

(

970,856

)

02/11/26

(0.40)%

OBFR01

Monthly

125,908

SATS

Ltd.

.................

JPMorgan

Chase

Bank

(

354,311

)

02/10/26

(0.30)%

OBFR01

Monthly

(

9,969

)

SBI

Holdings,

Inc.

...........

Citibank

(

711,826

)

02/26/26

(0.15)%

OBFR01

Monthly

6,519

Seatrium

Ltd.

..............

Citibank

(

805,012

)

02/25/26

(1.10)%

OBFR01

Monthly

(

8,627

)

Seatrium

Ltd.

..............

JPMorgan

Chase

Bank

(

443,552

)

02/10/26

(1.13)%

OBFR01

Monthly

(

1,924

)

Sembcorp

Industries

Ltd.

......

Citibank

(

395,505

)

02/25/26

(0.30)%

OBFR01

Monthly

2,573

Sembcorp

Industries

Ltd.

......

JPMorgan

Chase

Bank

(

169,321

)

02/10/26

(0.30)%

OBFR01

Monthly

4,392

ServisFirst

Bancshares,

Inc.

....

JPMorgan

Chase

Bank

(

238,311

)

02/09/26

(0.15)%

OBFR01

Monthly

16,370

SGH

Ltd.

.................

JPMorgan

Chase

Bank

(

734,092

)

02/10/26

(0.25)%

OBFR01

Monthly

(

11,899

)

Sharp

Corp.

...............

Citibank

(

85,679

)

02/26/26

(1.34)%

OBFR01

Monthly

2,761

Sharp

Corp.

...............

JPMorgan

Chase

Bank

(

432,813

)

02/10/26

(0.62)%

OBFR01

Monthly

23,826

Sigma

Healthcare

Ltd.

........

JPMorgan

Chase

Bank

(

398,008

)

02/10/26

(0.25)%

OBFR01

Monthly

2,781

Smurfit

WestRock

plc

.........

Citibank

(

2,520,575

)

02/24/28

(0.15)%

OBFR01

Monthly

52,409

Solventum

Corp.

............

Citibank

(

435,184

)

02/24/28

(0.15)%

OBFR01

Monthly

4,484

Starbucks

Corp.

.............

Citibank

(

682,576

)

02/24/28

(0.15)%

OBFR01

Monthly

5,522

SUMCO

Corp.

..............

Citibank

(

801,428

)

02/26/26

(0.10)%

OBFR01

Monthly

2,907

SUMCO

Corp.

..............

JPMorgan

Chase

Bank

(

22,787

)

02/10/26

(0.25)%

OBFR01

Monthly

(

4,858

)

Super

Micro

Computer,

Inc.

.....

Citibank

(

1,987,241

)

02/24/28

(0.15)%

OBFR01

Monthly

(

45,367

)

Swatch

Group

(The)

.......

Citibank

(

962,006

)

02/26/26

(0.26)%

OBFR01

Monthly

12,670

Swatch

Group

(The)

.......

JPMorgan

Chase

Bank

(

204,686

)

02/11/26

(0.26)%

OBFR01

Monthly

(

4,157

)

Synopsys,

Inc.

..............

Citibank

(

3,193,253

)

02/24/28

(0.15)%

OBFR01

Monthly

113,513

Target

Corp.

...............

Citibank

(

2,246,395

)

02/24/28

(0.15)%

OBFR01

Monthly

(

76,117

)

Teledyne

Technologies,

Inc.

.....

Citibank

(

2,020,317

)

02/24/28

(0.15)%

OBFR01

Monthly

(

63,641

)

Teleperformance

..........

Citibank

(

530,762

)

02/26/26

(0.26)%

OBFR01

Monthly

(

5,835

)

Temenos

(Registered)

......

Citibank

(

1,219,109

)

02/26/26

(0.26)%

OBFR01

Monthly

(

1,129

)

Toyota

Industries

Corp.

........

Citibank

(

787,887

)

02/26/26

(0.14)%

OBFR01

Monthly

608

Treasury

Wine

Estates

Ltd.

.....

JPMorgan

Chase

Bank

(

103,487

)

02/10/26

(0.25)%

OBFR01

Monthly

6,890

Truist

Financial

Corp.

.........

Citibank

(

480,135

)

02/24/28

(0.15)%

OBFR01

Monthly

(

3,491

)

Wise

plc

..................

Citibank

(

402,256

)

02/26/26

(0.25)%

OBFR01

Monthly

12,833

Xinyi

Glass

Holdings

Ltd.

......

Citibank

(

430,420

)

02/25/26

(0.74)%

OBFR01

Monthly

(

28,613

)

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds

that

may

not

have

secondary

market

and/

or may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

Certain

investments

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

practical

expedient

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Xinyi

Glass

Holdings

Ltd.

......

JPMorgan

Chase

Bank

USD

(

73,188

)

02/10/26

(0.75)%

OBFR01

Monthly

(

3,606

)

Yakult

Honsha

Co.

Ltd.

........

Citibank

(

823,861

)

02/26/26

(0.10)%

OBFR01

Monthly

18,307

Zealand

Pharma

A/S

.........

Citibank

(

523,542

)

02/26/26

(0.28)%

OBFR01

Monthly

(

24,679

)

Zensho

Holdings

Co.

Ltd.

......

Citibank

(

576,834

)

02/26/26

(0.12)%

OBFR01

Monthly

8,486

Total

short

positions

equity

swaps

(

829,843

)

Total

long

and

short

position

equity

swaps

(

830,131

)

Net

dividends

and

financing

fees

(

355,746

)

Total

equity

swap

contracts

including

dividends

and

financing

fees

(

1,185,877

)

(a)

The

Fund

receives

the

total

return

reference

entity

and

pays

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

position.

(b)

The

Fund

pays

the

total

return

reference

entity

and

receives

variable

rate

interest,

based

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

the

individual

underlying

position.

The

following

reference

rates,

and

their

values

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

.06

1-day

ESTR

.........................................

Euro

Short-Term

Rate

.92

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

.73

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

.74

1-day

MXIBTIIE

.......................................

Mexico

Interbank

TIIE

1-day

.85

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

.31

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

.97

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

.49

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

.48

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

.65

3-mo.

CD_KSDA

......................................

Certificates

Deposit

the

Korean

Securities

Dealers

Association

.57

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

.00

3-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

.62

6-mo.

BUBOR

........................................

Budapest

Interbank

Offered

Rate

.48

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

.10

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

.50

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

.48

Consolidated

Schedule

Investments

(unaudited)

(continued)

September

30,

2025

BlackRock

Global

Allocation

V.I.

Fund

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major