Summary

• BlackRock High Yield V.I. Fund posted a return of -0.41% (Class I shares) for the first quarter of 2026.
• Positive performance was driven by security selection in the wirelines, media & entertainment, and midstream sectors.
• The fund retained an underweight holding in BB rated securities, preferring to seek incremental yield in select B and higher-quality CCC rated credit.

• The fund posted a return of -0.41% (Class I shares) for the first quarter of 2026.
• Positive performance was driven by security selection in the wirelines, media & entertainment, and midstream sectors. Selection in the technology and chemicals sectors detracted, along