Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print BlackRock Global Allocation V.I. I Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 333 Global Allocation Funds Morningstar® Style Box™ What is this? As of 2024-09-30 As of 2024-08-31 Total Fund Assets ($ Mil) 4,219.78 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks high total investment return. The fund invests in a portfolio of equity, debt and money market securities. Generally, its portfolio will include both equity and debt securities. In selecting equity investments, the fund mainly seeks securities that the adviser believes are undervalued. The fund may buy debt securities of varying maturities, debt securities paying a fixed or fluctuating rate of interest, and debt securities of any kind. It may invest up to 35% of its total assets in "junk bonds," corporate loans and distressed securities. The fund may also invest in REITs and securities related to real assets.

Morningstar Category: Global Allocation Global-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 47.0 Non-U.S. Stocks 18.8 Bonds 6.4 Cash 24.3 Other 3.5 Total 100.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 33.72 Basic Materials 4.12 Consumer Cyclical 11.83 Financial Services 15.99 Real Estate 1.78 Sensitive 46.28 Communication Services 6.25 Energy 4.99 Industrials 9.79 Technology 25.25 Defensive 20.00 Consumer Defensive 4.12 Healthcare 12.70 Utilities 3.18 Data through 2024-09-30 Morningstar Fixed-Income Sectors % Fund Government 34.11 Corporate 13.72 Securitized 4.47 Municipal 0.06 Cash & Equivalents 22.09 Derivative 25.55 Data through 2024-09-30 Credit Analysis % Bonds AAA 3.83 AA 16.52 A 6.42 BBB 10.45 BB 13.48 B 22.37 Below B 2.49 Not Rated 24.44 Data through 2024-08-31 Holding Status Total Number of Stock Holdings 707 Total Number of Bond Holdings 1016 % of Net Assets in Top 10 Holdings 95.11 Turnover % (as of 2023-12-31) 215.00 30 Day SEC Yield % 0.00 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Us 2Yr Note Dec 24 --- --- --- -1,952,563 43.00 Us 5Yr Note Dec 24 --- --- --- 939,110 20.68 Ultra 10 Year US Treasury Note Future Dec 24 --- USA 2024-12-19 -427,379 9.41 Euro Bobl Future Dec 24 --- DEU 2024-12-06 236,880 5.22 BlackRock Liquidity T-Fund Instl --- USA --- 220,248 4.85 Euro Bund Future Dec 24 --- DEU 2024-12-06 155,245 3.42 Microsoft Corp USA --- 124,643 2.75 NVIDIA Corp USA --- 97,889 2.16 10 Year Australian Treasury Bond Future Dec 24 --- AUS 2024-12-16 89,229 1.97 Amazon.com Inc USA --- 74,853 1.65 Data through 2024-09-30

Principal Risks    Lending, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, High Portfolio Turnover, Index Correlation/Tracking Error, Market/Market Volatility, Commodity, Convertible Securities, Distressed Investments, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Preferred Stocks, Underlying Fund/Fund of Funds, Warrants, Derivatives, Leverage, Fixed-Income Securities, Sovereign Debt, Management, Structured Products, Small Cap, Mid-Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 1992-02-28 Portfolio Manager(s) Rick Rieder   (2019-04-01) Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Responsible for roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investments Sub-Committee. He is also a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council. Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets. Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He has been awarded the 2023 Outstanding Portfolio Manager by Morningstar, was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar. From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta. Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy program, Graduation Generation Public School Collaboration in Atlanta. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Russ Koesterich   (2017-01-01) "Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team as well as the lead portfolio manager on the GA Selects model portfolio strategies. Mr. Koesterich's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the Fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media and the author of three books, including his most recent ""Portfolio Construction for Today's Markets."" Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA Charterholder." Investment Advisor(s) BlackRock Advisors, LLC Issuer BlackRock Subadvisor(s) BlackRock International Limited BlackRock (Singapore) Ltd

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