BlackRock

Equity

Dividend

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

94.0%

Aerospace

&

Defense

—

3.2%

BAE

Systems

plc

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

1,009,880

$

7,648,888

Huntington

Ingalls

Industries,

Inc.

........

9,602

1,853,762

Raytheon

Technologies

Corp.

..........

24,228

2,082,639

11,585,289

Auto

Components

—

0.5%

Lear

Corp.

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

11,898

1,861,799

Automobiles

—

1.9%

General

Motors

Co.

(a)

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

132,244

6,970,581

Banks

—

11.8%

Bank

of

America

Corp.

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

225,060

9,553,797

Citigroup,

Inc.

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

175,502

12,316,730

First

Citizens

BancShares

,

Inc.,

Class

A

....

3,009

2,537,098

JPMorgan

Chase

&

Co.

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

30,482

4,989,599

Wells

Fargo

&

Co.

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

287,648

13,349,744

42,746,968

Beverages

—

2.0%

Coca-Cola

Co.

(The)

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

60,823

3,191,383

Constellation

Brands,

Inc.,

Class

A

.......

18,574

3,913,356

7,104,739

Capital

Markets

—

5.4%

Apollo

Global

Management,

Inc.

.........

48,388

2,980,217

Charles

Schwab

Corp.

(The)

...........

66,226

4,823,902

Intercontinental

Exchange,

Inc.

.........

9,361

1,074,830

Morgan

Stanley

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

68,684

6,683,640

Raymond

James

Financial,

Inc.

.........

45,172

4,168,472

19,731,061

Chemicals

—

1.3%

Corteva

,

Inc.

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

36,861

1,551,111

DuPont

de

Nemours,

Inc.

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

13,832

940,437

PPG

Industries,

Inc.

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

14,974

2,141,432

4,632,980

Communications

Equipment

—

2.7%

Cisco

Systems,

Inc.

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

180,378

9,817,975

Consumer

Finance

—

0.8%

Capital

One

Financial

Corp.

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

17,895

2,898,453

Containers

&

Packaging

—

0.5%

Sealed

Air

Corp.

(b)

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

32,914

1,803,358

Diversified

Financial

Services

—

0.8%

Equitable

Holdings,

Inc.

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

92,923

2,754,238

Diversified

Telecommunication

Services

—

1.4%

Verizon

Communications,

Inc.

..........

93,649

5,057,983

Electric

Utilities

—

1.4%

American

Electric

Power

Co.,

Inc.

........

19,118

1,551,999

Edison

International

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

45,886

2,545,296

Exelon

Corp.

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

23,784

1,149,719

5,247,014

Food

Products

—

0.9%

Danone

SA

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

47,857

3,262,792

Health

Care

Equipment

&

Supplies

—

4.9%

Alcon,

Inc.

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

35,895

2,906,445

Koninklijke

Philips

NV

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

80,319

3,568,326

Medtronic

plc

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

51,933

6,509,801

Zimmer

Biomet

Holdings,

Inc.

..........

31,960

4,677,666

17,662,238

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

7.7%

Anthem,

Inc.

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

23,580

$

8,790,624

Cigna

Corp.

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

18,181

3,639,109

CVS

Health

Corp.

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

52,895

4,488,670

Humana,

Inc.

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

10,693

4,161,181

McKesson

Corp.

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

9,497

1,893,512

UnitedHealth

Group,

Inc.

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

12,444

4,862,368

27,835,464

Household

Durables

—

1.0%

Newell

Brands,

Inc.

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

66,548

1,473,373

Panasonic

Corp.

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

164,500

2,039,043

3,512,416

Industrial

Conglomerates

—

2.3%

General

Electric

Co.

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

56,201

5,790,389

Siemens

AG

(Registered)

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

15,203

2,486,467

8,276,856

Insurance

—

7.1%

Allstate

Corp.

(The)

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

18,464

2,350,652

American

International

Group,

Inc.

.......

202,374

11,108,309

Arthur

J

Gallagher

&

Co.

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

28,005

4,162,943

Fidelity

National

Financial,

Inc.

..........

82,580

3,744,177

MetLife,

Inc.

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

72,027

4,446,227

25,812,308

IT

Services

—

4.1%

Cognizant

Technology

Solutions

Corp.,

Class

A

80,200

5,951,642

Fidelity

National

Information

Services,

Inc.

..

43,321

5,271,299

Visa,

Inc.,

Class

A

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

16,516

3,678,939

14,901,880

Machinery

—

1.1%

Komatsu

Ltd.

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

162,400

3,889,224

Media

—

3.4%

Comcast

Corp.,

Class

A

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

131,257

7,341,204

Fox

Corp.,

Class

A

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

127,446

5,111,859

Fox

Corp.,

Class

B

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

1,061

39,384

12,492,447

Multiline

Retail

—

1.2%

Dollar

General

Corp.

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

20,126

4,269,530

Multi-Utilities

—

2.7%

Ameren

Corp.

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

24,859

2,013,579

CenterPoint

Energy,

Inc.

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

58,169

1,430,957

NiSource,

Inc.

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

79,481

1,925,825

Public

Service

Enterprise

Group,

Inc.

.....

73,414

4,470,913

9,841,274

Oil,

Gas

&

Consumable

Fuels

—

6.7%

BP

plc

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

1,479,247

6,737,755

ConocoPhillips

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

82,948

5,621,386

Enterprise

Products

Partners

LP

(b)

.......

290,494

6,286,290

Equinor

ASA

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

82,872

2,107,502

Marathon

Petroleum

Corp.

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

58,691

3,627,691

24,380,624

Personal

Products

—

2.0%

Unilever

plc,

ADR

(b)(c)

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

134,147

7,273,450

Pharmaceuticals

—

5.3%

AstraZeneca

plc

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

61,002

7,351,823

Bayer

AG

(Registered)

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

92,154

5,001,705

Sanofi

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

70,306

6,767,940

19,121,468

BlackRock

Equity

Dividend

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

Professional

Services

—

0.9%

Leidos

Holdings,

Inc.

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

34,482

$

3,314,755

Road

&

Rail

—

0.5%

Union

Pacific

Corp.

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

10,146

1,988,718

Semiconductors

&

Semiconductor

Equipment

—

0.5%

Analog

Devices,

Inc.

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

11,293

1,891,352

Software

—

2.7%

CDK

Global,

Inc.

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

50,910

2,166,221

Microsoft

Corp.

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

7,375

2,079,160

Open

Text

Corp.

(b)

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

27,025

1,317,198

SS&C

Technologies

Holdings,

Inc.

.......

62,352

4,327,229

9,889,808

Specialty

Retail

—

2.2%

Lowe's

Cos.,

Inc.

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

12,962

2,629,471

Ross

Stores,

Inc.

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

50,576

5,505,198

8,134,669

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Samsung

Electronics

Co.

Ltd.,

GDR

(c)(d)(e)

...

1,074

1,688,873

Tobacco

—

1.4%

Altria

Group,

Inc.

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

45,969

2,092,509

British

American

Tobacco

plc

...........

83,939

2,934,048

5,026,557

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

1.2%

Rogers

Communications,

Inc.,

Class

B

(b)

...

89,698

$

4,188,881

Total

Common

Stocks

—

94.0%

(Cost:

$280,740,625)

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

340,868,022

Total

Long-Term

Investments

—

94.0%

(Cost:

$280,740,625)

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

340,868,022

Short-Term

Securities

—

9.3%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

21,577,956

21,577,956

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(h)

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

12,010,432

12,014,035

Total

Short-Term

Securities

—

9.3%

(Cost:

$33,591,991)

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

33,591,991

Total

Investments

—

103.3%

(Cost:

$314,332,616

)

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

374,460,013

Liabilities

in

Excess

of

Other

Assets

—

(3.3)%

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

(12,115,652)

Net

Assets

—

100.0%

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

$

362,344,361

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

U.S.

dollar

denominated

security

issued

by

foreign

domiciled

entity.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/21

Shares

Held

at

09/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

19,884,502

$

1,693,454

$

—

$

—

$

—

$

21,577,956

21,577,956

$

2,069

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,489,725

7,525,016

—

(706)

—

12,014,035

12,010,432

8,523

(b)

—

$

(706)

$

—

$

33,591,991

$

10,592

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Equity

Dividend

V.I.

Fund

4

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

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

$

3,936,401

$

7,648,888

$

—

$

11,585,289

Auto

Components

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

1,861,799

—

—

1,861,799

Automobiles

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

6,970,581

—

—

6,970,581

Banks

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

42,746,968

—

—

42,746,968

Beverages

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

7,104,739

—

—

7,104,739

Capital

Markets

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

19,731,061

—

—

19,731,061

Chemicals

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

4,632,980

—

—

4,632,980

Communications

Equipment

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

9,817,975

—

—

9,817,975

Consumer

Finance

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

2,898,453

—

—

2,898,453

Containers

&

Packaging

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

1,803,358

—

—

1,803,358

Diversified

Financial

Services

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

2,754,238

—

—

2,754,238

Diversified

Telecommunication

Services

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

5,057,983

—

—

5,057,983

Electric

Utilities

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

5,247,014

—

—

5,247,014

Food

Products

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

—

3,262,792

—

3,262,792

Health

Care

Equipment

&

Supplies

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

11,187,467

6,474,771

—

17,662,238

Health

Care

Providers

&

Services

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

27,835,464

—

—

27,835,464

Household

Durables

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

1,473,373

2,039,043

—

3,512,416

BlackRock

Equity

Dividend

V.I.

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Level

1

Level

2

Level

3

Total

Industrial

Conglomerates

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

$

5,790,389

$

2,486,467

$

—

$

8,276,856

Insurance

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

25,812,308

—

—

25,812,308

IT

Services

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

14,901,880

—

—

14,901,880

Machinery

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

—

3,889,224

—

3,889,224

Media

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

12,492,447

—

—

12,492,447

Multiline

Retail

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

4,269,530

—

—

4,269,530

Multi-Utilities

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

9,841,274

—

—

9,841,274

Oil,

Gas

&

Consumable

Fuels

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

15,535,367

8,845,257

—

24,380,624

Personal

Products

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

7,273,450

—

—

7,273,450

Pharmaceuticals

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

—

19,121,468

—

19,121,468

Professional

Services

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

3,314,755

—

—

3,314,755

Road

&

Rail

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

1,988,718

—

—

1,988,718

Semiconductors

&

Semiconductor

Equipment

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

1,891,352

—

—

1,891,352

Software

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

9,889,808

—

—

9,889,808

Specialty

Retail

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

8,134,669

—

—

8,134,669

Technology

Hardware,

Storage

&

Peripherals

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

—

1,688,873

—

1,688,873

Tobacco

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

2,092,509

2,934,048

—

5,026,557

Wireless

Telecommunication

Services

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

4,188,881

—

—

4,188,881

Short-Term

Securities

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

21,577,956

—

—

21,577,956

$

304,055,147

$

58,390,831

$

—

$

362,445,978

Investments

Valued

at

NAV

(a)

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

12,014,035

$

—

$

374,460,013

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.