BlackRock

Equity

Dividend

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

September

30,

2021

Security

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

America

Corp.

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

225,060

9,553,797

Citigroup,

Inc.

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

175,502

12,316,730

First

Citizens

BancShares

Inc.,

Class

....

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

.......

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

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

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

47,857

3,262,792

Health

Care

Equipment

Supplies

—

4.9%

Alcon,

Inc.

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

35,895

2,906,445

Koninklijke

Philips

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

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

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

(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

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

Services

—

4.1%

Cognizant

Technology

Solutions

Corp.,

Class

80,200

5,951,642

Fidelity

National

Information

Services,

Inc.

43,321

5,271,299

Visa,

Inc.,

Class

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

16,516

3,678,939

14,901,880

Machinery

—

1.1%

Komatsu

Ltd.

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

162,400

3,889,224

Media

—

3.4%

Comcast

Corp.,

Class

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

131,257

7,341,204

Fox

Corp.,

Class

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

127,446

5,111,859

Fox

Corp.,

Class

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

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%

plc

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

1,479,247

6,737,755

ConocoPhillips

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

82,948

5,621,386

Enterprise

Products

Partners

(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

(Registered)

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

92,154

5,001,705

Sanofi

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

70,306

6,767,940

19,121,468

BlackRock

Equity

Dividend

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Security

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

Value

Wireless

Telecommunication

Services

—

1.2%

Rogers

Communications,

Inc.,

Class

(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

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

Excess

Other

Assets

—

(3.3)%

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

(12,115,652)

Net

Assets

—

100.0%

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

362,344,361

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

U.S.

dollar

denominated

security

issued

foreign

domiciled

entity.

(d)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(e)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(f)

Affiliate

the

Fund.

(g)

Annualized

7-day

yield

period

end.

(h)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the

period

ended

September

30,

2021

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

12/31/20

Purchases

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

09/30/21

Held

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

2,069

—

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

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

rating

group

indexes,

and/or

defined

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Equity

Dividend

V.I.

Fund

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Glossary

Terms

Used

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

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

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

•

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market-corroborated

inputs);

and

•

Level

—

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

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

Global

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/or

there

are

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")

per

quoted

market

value

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major