BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

September

30,

2021

Security

Value

Common

Stocks

—

99.0%

Aerospace

Defense

—

1.2%

Aerojet

Rocketdyne

Holdings,

Inc.

.......

2,094

91,194

Astronics

Corp.

(a)

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

7,550

106,153

Axon

Enterprise,

Inc.

(a)

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

6,921

1,211,313

Mercury

Systems,

Inc.

(a)

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

17,806

844,361

2,253,021

Air

Freight

Logistics

—

0.1%

(a)

Echo

Global

Logistics,

Inc.

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

771

36,784

Hub

Group,

Inc.,

Class

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

2,782

191,263

228,047

Airlines

—

0.8%

Alaska

Air

Group,

Inc.

(a)

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

27,003

1,582,376

Auto

Components

—

1.1%

BorgWarner,

Inc.

(b)

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

37,472

1,619,165

Cooper-Standard

Holdings,

Inc.

(a)

........

4,907

107,512

LCI

Industries

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

2,458

330,921

2,057,598

Banks

—

5.0%

Bank

Hawaii

Corp.

(b)

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

26,940

2,213,660

BankFinancial

Corp.

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

3,322

38,137

Capital

City

Bank

Group,

Inc.

...........

738

18,258

CIT

Group,

Inc.

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

468

24,313

Citizens

Northern

Corp.

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

1,214

30,666

Commerce

Bancshares,

Inc.

...........

451

31,426

Cullen/Frost

Bankers,

Inc.

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

1,805

214,109

First

Busey

Corp.

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

3,865

95,195

First

Business

Financial

Services,

Inc.

.....

899

25,810

First

Interstate

BancSystem

Inc.,

Class

(b)

24,394

982,102

First

Northwest

Bancorp

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

1,086

19,070

First

Western

Financial,

Inc.

(a)

..........

124

3,595

FNCB

Bancorp,

Inc.

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

2,151

17,853

Heartland

Financial

USA,

Inc.

..........

9,481

455,846

HomeTrust

Bancshares,

Inc.

...........

1,946

54,449

Independent

Bank

Corp.

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

6,552

140,737

Investar

Holding

Corp.

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

760

16,735

Lakeland

Bancorp,

Inc.

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

5,315

93,703

Level

One

Bancorp,

Inc.

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

4,186

123,152

Macatawa

Bank

Corp.

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

4,839

38,857

Mercantile

Bank

Corp.

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

2,127

68,128

Mid

Penn

Bancorp,

Inc.

(b)

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

810

22,316

Midland

States

Bancorp,

Inc.

(b)

..........

6,219

153,796

Oak

Valley

Bancorp

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

545

9,685

OceanFirst

Financial

Corp.

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

7,627

163,294

Peapack

-Gladstone

Financial

Corp.

......

1,944

64,852

Republic

First

Bancorp,

Inc.

(a)

...........

23,753

73,159

Signature

Bank

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

231

62,897

TriState

Capital

Holdings,

Inc.

(a)

.........

5,134

108,584

Umpqua

Holdings

Corp.

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

16,546

335,057

United

Security

Bancshares

(b)

..........

2,649

21,192

Wintrust

Financial

Corp.

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

27,322

2,195,869

Zions

Bancorp

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

21,442

1,327,045

9,243,547

Beverages

—

0.0%

Brown-Forman

Corp.,

Class

..........

1,286

86,175

Biotechnology

—

4.5%

(a)

Adamas

Pharmaceuticals,

Inc.

..........

4,923

24,172

Agenus,

Inc.

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

20,850

109,462

Akebia

Therapeutics,

Inc.

(b)

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

41,342

119,065

Alector

Inc.

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

2,766

63,120

Allogene

Therapeutics,

Inc.

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

998

25,649

Applied

Therapeutics,

Inc.

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

1,845

30,627

Security

Value

Biotechnology

(continued)

Arcutis

Biotherapeutics

Inc.

...........

2,264

54,087

Atara

Biotherapeutics

Inc.

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

9,516

170,336

Beyondspring

Inc.

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

5,913

93,189

BioCryst

Pharmaceuticals,

Inc.

..........

2,252

32,361

Biogen,

Inc.

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

757

214,223

Black

Diamond

Therapeutics,

Inc.

........

4,310

36,463

Bridgebio

Pharma,

Inc.

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

12,195

571,580

Therapeutics,

Inc.

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

628

28,059

Cabaletta

Bio,

Inc.

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

1,797

21,852

Denali

Therapeutics,

Inc.

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

4,131

208,409

Enochian

Biosciences,

Inc.

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

6,756

45,468

Exelixis

Inc.

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

67,147

1,419,488

Foghorn

Therapeutics,

Inc.

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

3,141

43,754

Frequency

Therapeutics,

Inc.

...........

5,874

41,470

Therapeutics,

Inc.

(b)

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

2,165

29,054

Galera

Therapeutics,

Inc.

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

2,597

21,036

Heron

Therapeutics,

Inc.

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

1,088

11,631

Impel

Neuropharma

Inc.

(b)

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

2,621

31,924

Infinity

Pharmaceuticals,

Inc.

(b)

..........

4,864

16,635

Inovio

Pharmaceuticals,

Inc.

...........

4,773

34,175

Inozyme

Pharma,

Inc.

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

2,036

23,597

Intellia

Therapeutics,

Inc.

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

1,491

200,018

Invitae

Corp.

(b)

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

2,477

70,421

Karyopharm

Therapeutics,

Inc.

(b)

........

45,079

262,360

Kiniksa

Pharmaceuticals

Ltd.,

Class

.....

1,832

20,866

MacroGenics

Inc.

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

2,070

43,346

Metacrine

Inc.

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

4,751

16,296

Mirum

Pharmaceuticals,

Inc.

...........

4,121

82,090

Moderna

Inc.

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

558

214,752

Natera

Inc.

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

8,969

999,505

NextCure

Inc.

(b)

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

10,095

68,040

Novavax

Inc.

(b)

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

659

136,617

Oncorus

Inc.

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

1,319

12,319

OPKO

Health,

Inc.

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

15,372

56,108

Oyster

Point

Pharma,

Inc.

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

1,802

21,354

Passage

Bio,

Inc.

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

5,948

59,242

PhaseBio

Pharmaceuticals,

Inc.

.........

7,022

21,838

PMV

Pharmaceuticals,

Inc.

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

1,694

50,481

Poseida

Therapeutics,

Inc.

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

11,293

82,326

PTC

Therapeutics,

Inc.

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

2,138

79,555

Puma

Biotechnology,

Inc.

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

2,139

14,994

Sage

Therapeutics,

Inc.

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

828

36,689

Sarepta

Therapeutics,

Inc.

(b)

...........

5,920

547,482

Solid

Biosciences,

Inc.

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

5,787

13,831

Sorrento

Therapeutics,

Inc.

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

11,700

89,271

Spruce

Biosciences,

Inc.

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

420

2,524

SQZ

Biotechnologies

Co.

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

601

8,666

Sutro

Biopharma,

Inc.

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

4,787

90,426

Taysha

Gene

Therapies,

Inc.

(b)

..........

1,709

31,822

Ultragenyx

Pharmaceutical,

Inc.

.........

4,695

423,442

United

Therapeutics

Corp.

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

831

153,386

UroGen

Pharma

Ltd.

(b)

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

1,267

21,311

Veracyte

Inc.

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

7,399

343,684

Vertex

Pharmaceuticals,

Inc.

...........

2,279

413,388

Vincerx

Pharma,

Inc.

(b)

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

5,103

82,516

Vir

Biotechnology,

Inc.

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

1,613

70,198

Pharmaceuticals,

Inc.

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

5,346

28,280

8,390,330

Building

Products

—

3.2%

Allegion

plc

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

2,176

287,624

Smith

Corp.

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

6,349

387,733

Builders

FirstSource

Inc.

(a)

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

15,492

801,556

Lennox

International,

Inc.

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

5,028

1,479,087

Owens

Corning

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

24,374

2,083,977

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Security

Value

Building

Products

(continued)

Trex

Co.,

Inc.

(a)

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

8,493

865,691

5,905,668

Capital

Markets

—

1.8%

AssetMark

Financial

Holdings,

Inc.

(a)

......

1,617

Donnelley

Financial

Solutions,

Inc.

(a)

......

3,521

121,897

Houlihan

Lokey

Inc.

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

350

32,235

Invesco

Ltd.

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

20,347

490,566

Morningstar,

Inc.

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

682

176,658

Stifel

Financial

Corp.

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

32,929

2,237,855

Virtus

Investment

Partners,

Inc.

.........

826

256,324

3,317,152

Chemicals

—

1.6%

Amyris

Inc.

(a)

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

3,799

52,160

Avient

Corp.

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

8,927

413,766

Hawkins,

Inc.

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

1,726

60,203

Fuller

Co.

(b)

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

18,493

1,193,908

Trinseo

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

3,826

206,528

Valvoline,

Inc.

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

35,317

1,101,184

3,027,749

Commercial

Services

Supplies

—

0.4%

Cimpress

plc

(a)(c)

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

813

70,593

IAA,

Inc.

(a)

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

8,470

462,208

Kimball

International,

Inc.,

Class

.......

2,244

25,133

Matthews

International

Corp.,

Class

.....

2,405

83,429

Quad/Graphics,

Inc.

(a)

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

4,652

19,771

Steelcase,

Inc.,

Class

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

5,890

74,685

735,819

Communications

Equipment

—

0.6%

Applied

Optoelectronics,

Inc.

(a)

..........

3,265

23,443

Calix,

Inc.

(a)(b)

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

4,926

243,492

Juniper

Networks,

Inc.

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

31,974

879,924

1,146,859

Construction

Engineering

—

1.1%

EMCOR

Group,

Inc.

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

12,814

1,478,479

MasTec

Inc.

(a)

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

2,735

235,976

Primoris

Services

Corp.

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

9,483

232,239

Quanta

Services,

Inc.

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

741

84,340

2,031,034

Consumer

Finance

—

1.6%

Ally

Financial,

Inc.

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

38,432

1,961,954

OneMain

Holdings,

Inc.

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

14,697

813,185

PROG

Holdings,

Inc.

(b)

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

2,819

118,426

Upstart

Holdings,

Inc.

(a)

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

362

114,551

3,008,116

Containers

Packaging

—

0.8%

Sealed

Air

Corp.

(b)

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

26,349

1,443,662

Distributors

—

0.0%

Pool

Corp.

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

19,114

Diversified

Consumer

Services

—

2.3%

2U,

Inc.

(a)

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

23,759

797,590

Chegg

Inc.

(a)(b)

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

25,569

1,739,203

Duolingo

Inc.,

Class

(a)

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

295

49,076

H&R

Block,

Inc.

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

27,350

683,750

Service

Corp.

International

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

15,258

919,447

Terminix

Global

Holdings,

Inc.

(a)

.........

3,052

127,177

4,316,243

Diversified

Financial

Services

—

1.3%

Voya

Financial,

Inc.

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

38,024

2,334,293

Security

Value

Diversified

Telecommunication

Services

—

0.4%

(a)

Bandwidth,

Inc.,

Class

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

6,680

603,070

Radius

Global

Infrastructure,

Inc.

........

2,988

48,794

651,864

Electric

Utilities

—

1.2%

OGE

Energy

Corp.

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

24,670

813,123

Pinnacle

West

Capital

Corp.

(b)

..........

1,855

134,228

Portland

General

Electric

Co.

...........

28,173

1,323,849

2,271,200

Electrical

Equipment

—

0.5%

Bloom

Energy

Corp.,

Class

(a)

..........

8,812

164,961

nVent

Electric

plc

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

2,980

96,343

Plug

Power,

Inc.

(a)

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

10,487

267,838

Sunrun

Inc.

(a)

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

9,353

411,532

940,674

Electronic

Equipment,

Instruments

Components

—

1.5%

Avnet,

Inc.

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

34,185

1,263,819

Benchmark

Electronics,

Inc.

(b)

..........

1,912

51,070

ePlus

Inc.

(a)

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

1,153

118,309

FARO

Technologies,

Inc.

(a)(b)

...........

889

58,505

Littelfuse

Inc.

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

3,508

958,631

OSI

Systems,

Inc.

(a)

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

498

47,210

PAR

Technology

Corp.

(a)(b)

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

1,239

76,211

ScanSource

Inc.

(a)

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

5,326

185,292

2,759,047

Energy

Equipment

Services

—

1.4%

ChampionX

Corp.

(a)

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

4,588

102,587

Newpark

Resources,

Inc.

(a)

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

25,629

84,576

NOV,

Inc.

(a)(b)

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

83,972

1,100,873

Oceaneering

International,

Inc.

(a)(b)

.......

21,757

289,803

ProPetro

Holding

Corp.

(a)

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

15,317

132,492

Schlumberger

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

24,823

735,754

Seadrill

Ltd.

(a)(c)

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

TechnipFMC

plc

(a)(c)

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

11,017

82,958

Silica

Holdings,

Inc.

(a)(b)

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

10,428

83,320

2,612,369

Entertainment

—

0.5%

(a)

AMC

Entertainment

Holdings,

Inc.,

Class

2,741

104,322

Cinemark

Holdings,

Inc.

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

31,429

603,751

Gaia,

Inc.

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

1,999

18,951

IMAX

Corp.

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

4,721

89,605

Lions

Gate

Entertainment

Corp.,

Class

...

2,106

29,884

Zynga,

Inc.,

Class

(b)

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

15,947

120,081

966,594

Equity

Real

Estate

Investment

Trusts

(REITs)

—

6.7%

Alexander

Baldwin,

Inc.

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

18,935

443,836

Alpine

Income

Property

Trust,

Inc.

(b)

......

4,383

80,516

Ashford

Hospitality

Trust,

Inc.

(a)

.........

3,989

58,718

Boston

Properties,

Inc.

(b)

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

4,393

475,982

Braemar

Hotels

Resorts,

Inc.

(a)(b)

.......

79,698

386,535

Brixmor

Property

Group,

Inc.

...........

17,246

381,309

Camden

Property

Trust

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

2,658

391,975

Clipper

Realty,

Inc.

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

3,898

31,574

CorEnergy

Infrastructure

Trust,

Inc.

(b)

.....

8,465

37,500

CorePoint

Lodging,

Inc.

(a)

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

18,095

280,472

DigitalBridge

Group,

Inc.,

Class

(a)(b)

......

14,639

88,273

Douglas

Emmett,

Inc.

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

54,646

1,727,360

First

Industrial

Realty

Trust,

Inc.

.........

41,877

2,180,954

Kilroy

Realty

Corp.

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

21,631

1,432,188

Life

Storage,

Inc.

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

18,844

2,162,161

Retail

Value,

Inc.

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

6,208

163,457

Simon

Property

Group,

Inc.

(b)

...........

4,171

542,105

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Security

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

VICI

Properties,

Inc.

(b)

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

48,155

1,368,084

Welltower

Inc.

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

4,284

353,002

12,586,001

Food

Staples

Retailing

—

0.8%

Andersons,

Inc.

(The)

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

363

11,191

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

1,602

87,982

Casey's

General

Stores,

Inc.

...........

2,281

429,854

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

2,087

67,974

Performance

Food

Group

Co.

(a)(b)

........

13,917

646,584

PriceSmart

Inc.

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

679

52,657

Rite

Aid

Corp.

(a)

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

6,811

96,716

Sysco

Corp.

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

770

60,445

1,453,403

Food

Products

—

0.7%

Beyond

Meat,

Inc.

(a)

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

3,020

317,885

Bunge

Ltd.

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

1,341

109,050

Freshpet

Inc.

(a)

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

2,617

373,420

Kellogg

Co.

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

1,275

81,498

McCormick

Co.,

Inc.

(Non-Voting)

(b)

.....

665

53,885

Mission

Produce,

Inc.

(a)(b)

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

1,952

35,878

Seneca

Foods

Corp.,

Class

(a)

.........

1,030

49,666

Vital

Farms,

Inc.

(a)

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

12,849

225,757

1,247,039

Gas

Utilities

—

1.3%

Brookfield

Infrastructure

Corp.,

Class

....

1,225

73,353

Southwest

Gas

Holdings,

Inc.

..........

11,729

784,436

UGI

Corp.

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

37,905

1,615,511

2,473,300

Health

Care

Equipment

Supplies

—

3.3%

Accuray

Inc.

(a)

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

14,628

57,781

Dentsply

Sirona,

Inc.

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

491

28,503

Globus

Medical,

Inc.,

Class

(a)(b)

........

12,968

993,608

Haemonetics

Corp.

(a)

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

20,235

1,428,389

Heska

Corp.

(a)

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

939

242,769

Hill-Rom

Holdings,

Inc.

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

1,419

212,850

ICU

Medical,

Inc.

(a)

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

2,514

586,717

Natus

Medical,

Inc.

(a)

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

4,197

105,261

Nevro

Corp.

(a)(b)

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

4,724

549,779

OraSure

Technologies,

Inc.

(a)

...........

2,560

28,954

Penumbra,

Inc.

(a)

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

1,475

393,087

Shockwave

Medical,

Inc.

(a)

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

1,485

305,732

Sientra

Inc.

(a)(b)

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

7,409

42,454

Sight

Sciences,

Inc.

(a)

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

985

22,359

STERIS

plc

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

326

66,595

Tandem

Diabetes

Care,

Inc.

(a)

..........

9,567

1,142,108

6,206,946

Health

Care

Providers

Services

—

1.7%

1Life

Healthcare,

Inc.

(a)

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

14,690

297,472

Cardinal

Health,

Inc.

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

6,486

320,798

HealthEquity

Inc.

(a)

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

933

60,421

LHC

Group,

Inc.

(a)(b)

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

9,642

1,512,926

Molina

Healthcare,

Inc.

(a)

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

1,654

448,747

Patterson

Cos.,

Inc.

(b)

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

11,085

334,102

PetIQ

Inc.

(a)

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

144

3,596

Progyny

Inc.

(a)(b)

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

2,785

155,960

3,134,022

Health

Care

Technology

—

0.5%

(a)

Allscripts

Healthcare

Solutions,

Inc.

......

10,635

142,190

American

Well

Corp.,

Class

..........

5,747

52,355

Doximity

Inc.,

Class

(b)

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

2,594

209,336

Omnicell

Inc.

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

3,046

452,118

Security

Value

Health

Care

Technology

(continued)

Phreesia

Inc.

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

607

37,452

Vocera

Communications,

Inc.

...........

1,525

69,784

963,235

Hotels,

Restaurants

Leisure

—

2.0%

Accel

Entertainment,

Inc.

(a)(b)

...........

5,592

67,887

Dine

Brands

Global,

Inc.

(a)(b)

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

2,598

210,984

Dutch

Bros,

Inc.,

Class

(a)

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

489

21,184

International

Game

Technology

plc

(a)

......

52,963

1,393,986

Penn

National

Gaming,

Inc.

(a)

...........

3,390

245,639

PlayAGS

Inc.

(a)(b)

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

3,494

27,533

Shake

Shack,

Inc.,

Class

(a)(b)

..........

13,522

1,060,936

Wingstop

Inc.

(b)

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

4,654

762,930

3,791,079

Household

Durables

—

1.7%

(a)

Casper

Sleep,

Inc.

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

9,466

40,420

GoPro,

Inc.,

Class

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

4,800

44,928

Green

Brick

Partners,

Inc.

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

13,495

276,917

iRobot

Corp.

(b)

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

10,858

852,353

LGI

Homes,

Inc.

(b)

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

10,060

1,427,615

Meritage

Homes

Corp.

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

4,537

440,089

3,082,322

Household

Products

—

0.2%

Central

Garden

Pet

Co.,

Class

(a)

......

8,272

355,696

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

Brookfield

Renewable

Corp.

(b)

..........

8,734

338,966

Clearway

Energy,

Inc.

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

2,394

67,511

Sunnova

Energy

International,

Inc.

(a)(b)

.....

11,082

365,041

771,518

Insurance

—

2.9%

Athene

Holding

Ltd.,

Class

(a)

..........

3,321

228,717

Crawford

Co.,

Class

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

1,185

10,629

Erie

Indemnity

Co.,

Class

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

2,339

417,324

Everest

Group

Ltd.

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

4,609

1,155,845

First

American

Financial

Corp.

..........

4,853

325,394

Hanover

Insurance

Group,

Inc.

(The)

(b)

....

16,428

2,129,397

Investors

Title

Co.

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

10,956

Reinsurance

Group

America,

Inc.

......

6,110

679,799

Trupanion

Inc.

(a)(b)

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

6,413

498,098

5,456,159

Interactive

Media

Services

—

0.6%

(a)

Bumble,

Inc.,

Class

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

2,133

106,608

Eventbrite,

Inc.,

Class

(b)

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

1,419

26,833

Liberty

TripAdvisor

Holdings,

Inc.,

Class

8,032

24,819

TripAdvisor,

Inc.

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

14,385

486,932

Zillow

Group,

Inc.,

Class

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

1,508

133,579

Zillow

Group,

Inc.,

Class

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

3,874

341,454

1,120,225

Internet

Direct

Marketing

Retail

—

0.8%

(a)

1-800-Flowers.com,

Inc.,

Class

........

10,642

324,687

Lands'

End,

Inc.

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

2,276

53,577

Overstock.com,

Inc.

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

6,279

489,260

Stamps.com,

Inc.

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

510

168,193

Stitch

Fix,

Inc.,

Class

(b)

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

12,147

485,273

1,520,990

Services

—

2.5%

Cloudflare

Inc.,

Class

(a)

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

3,029

341,217

Concentrix

Corp.

(a)

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

680

120,360

Conduent

Inc.

(a)

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

72,149

475,462

CSG

Systems

International,

Inc.

.........

762

36,729

Genpact

Ltd.

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

38,040

1,807,280

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Security

Value

Services

(continued)

Jack

Henry

Associates,

Inc.

..........

3,471

569,452

LiveRamp

Holdings,

Inc.

(a)

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

8,575

404,997

MongoDB,

Inc.

(a)

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

1,122

529,034

Paymentus

Holdings,

Inc.,

Class

(a)

......

6,489

159,889

StoneCo

Ltd.,

Class

(a)(c)

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

5,598

194,363

Wix.com

Ltd.

(a)(b)(c)

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

362

70,941

4,709,724

Leisure

Products

—

0.5%

(a)

Malibu

Boats,

Inc.,

Class

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

1,388

97,132

YETI

Holdings,

Inc.

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

8,942

766,240

863,372

Life

Sciences

Tools

Services

—

4.0%

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

3,476

118,149

Bruker

Corp.

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

27,529

2,150,015

Medpace

Holdings,

Inc.

(a)

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

4,627

875,799

NeoGenomics

Inc.

(a)

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

8,535

411,728

Personalis

Inc.

(a)

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

831

15,989

PPD,

Inc.

(a)

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

17,566

821,913

Repligen

Corp.

(a)

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

8,008

2,314,232

Syneos

Health,

Inc.

(a)

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

9,748

852,755

7,560,580

Machinery

—

3.9%

AGCO

Corp.

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

10,921

1,338,150

Altra

Industrial

Motion

Corp.

...........

283

15,664

Graco

Inc.

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

9,533

667,024

Hurco

Cos.,

Inc.

(b)

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

1,060

34,196

Manitowoc

Co.,

Inc.

(The)

(a)

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

5,406

115,796

Pentair

plc

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

12,034

874,029

Snap-on,

Inc.

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

11,286

2,358,210

Timken

Co.

(The)

(b)

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

27,718

1,813,312

7,216,381

Media

—

0.5%

Cardlytics,

Inc.

(a)(b)

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

7,027

589,846

comScore,

Inc.

(a)

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

8,863

34,566

Discovery,

Inc.,

Class

(a)

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

829

21,040

Discovery,

Inc.,

Class

(a)

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

1,230

29,852

Entravision

Communications

Corp.,

Class

5,506

39,093

Scripps

Co.

(The),

Class

..........

1,310

23,659

Hemisphere

Media

Group,

Inc.

(a)

.........

2,086

25,407

Meredith

Corp.

(a)

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

3,220

179,354

942,817

Metals

Mining

—

1.8%

Materion

Corp.

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

1,634

112,158

Reliance

Steel

Aluminum

Co.

.........

16,431

2,340,103

Ryerson

Holding

Corp.

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

5,213

116,093

Schnitzer

Steel

Industries,

Inc.,

Class

....

13,137

575,532

Steel

Dynamics,

Inc.

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

5,069

296,435

3,440,321

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.6%

Arbor

Realty

Trust,

Inc.

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

4,756

88,129

Blackstone

Mortgage

Trust,

Inc.,

Class

...

19,662

596,152

Ellington

Financial,

Inc.

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

23,456

429,010

1,113,291

Multiline

Retail

—

0.3%

Franchise

Group,

Inc.

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

1,671

59,170

Kohl's

Corp.

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

8,108

381,806

Nordstrom,

Inc.

(a)

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

2,949

78,001

518,977

Security

Value

Multi-Utilities

—

0.4%

NiSource,

Inc.

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

19,061

461,848

NorthWestern

Corp.

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

4,598

263,465

725,313

Oil,

Gas

Consumable

Fuels

—

3.0%

Antero

Midstream

Corp.

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

15,064

156,967

Antero

Resources

Corp.

(a)

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

2,843

53,477

Ardmore

Shipping

Corp.

(a)(b)(c)

...........

10,694

44,380

Brigham

Minerals,

Inc.,

Class

(b)

........

14,242

272,877

Callon

Petroleum

Co.

(a)(b)

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

782

38,380

Chesapeake

Energy

Corp.

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

3,958

243,773

Clean

Energy

Fuels

Corp.

(a)

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

27,306

222,544

Continental

Resources,

Inc.

(b)

...........

13,779

635,901

Delek

Holdings,

Inc.

(b)

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

9,529

171,236

Devon

Energy

Corp.

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

5,288

187,777

EOG

Resources,

Inc.

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

8,355

670,656

EQT

Corp.

(a)

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

5,948

121,696

Extraction

Oil

Gas,

Inc.

(a)

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

2,134

120,464

Falcon

Minerals

Corp.

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

21,878

102,827

Navigator

Holdings

Ltd.

(a)

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

3,208

28,551

PBF

Energy,

Inc.,

Class

(a)(b)

...........

22,888

296,857

Penn

Virginia

Corp.

(a)

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

3,912

104,333

Phillips

(b)

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

15,889

1,112,707

Scorpio

Tankers,

Inc.

(c)

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

7,015

130,058

Energy

Co.

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

3,034

80,037

Targa

Resources

Corp.

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

700

34,447

Texas

Pacific

Land

Corp.

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

157

189,869

Valero

Energy

Corp.

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

6,224

439,228

Vertex

Energy,

Inc.

(a)

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

14,607

76,541

5,535,583

Personal

Products

—

0.3%

Herbalife

Nutrition

Ltd.

(a)

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

8,780

372,096

Medifast

Inc.

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

979

188,595

Nature's

Sunshine

Products,

Inc.

........

1,667

24,422

585,113

Pharmaceuticals

—

0.5%

Aclaris

Therapeutics,

Inc.

(a)

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

2,153

38,754

Cassava

Sciences,

Inc.

(a)

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

1,023

63,508

Nektar

Therapeutics

(a)(b)

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

31,072

558,053

Perrigo

Co.

plc

(b)

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

6,310

298,652

Revance

Therapeutics,

Inc.

(a)

...........

344

9,584

Zogenix

Inc.

(a)

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

2,978

45,236

1,013,787

Professional

Services

—

2.0%

Franklin

Covey

Co.

(a)

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

3,047

124,287

Insperity

Inc.

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

11,600

1,284,584

Kelly

Services,

Inc.,

Class

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

5,716

107,918

Kforce

Inc.

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

4,452

265,517

Mistras

Group,

Inc.

(a)

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

8,655

87,935

Robert

Half

International,

Inc.

...........

14,917

1,496,623

TriNet

Group,

Inc.

(a)

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

4,276

404,424

3,771,288

Real

Estate

Management

Development

—

0.5%

Altisource

Portfolio

Solutions

(a)(b)

......

3,023

29,867

Kennedy-Wilson

Holdings,

Inc.

..........

2,843

59,475

Marcus

Millichap,

Inc.

(a)

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

4,948

200,988

Newmark

Group,

Inc.,

Class

..........

14,739

210,915

Opendoor

Technologies,

Inc.

(a)

..........

2,939

60,338

Realogy

Holdings

Corp.

(a)(b)

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

21,394

375,251

936,834

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Security

Value

Road

Rail

—

1.8%

Covenant

Logistics

Group,

Inc.,

Class

(a)

3,357

92,821

Landstar

System,

Inc.

(b)

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

1,882

297,017

Ryder

System,

Inc.

(b)

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

22,387

1,851,629

Schneider

National,

Inc.,

Class

........

46,626

1,060,275

Werner

Enterprises,

Inc.

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

2,852

126,258

3,428,000

Semiconductors

Semiconductor

Equipment

—

3.8%

Ambarella

Inc.

(a)

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

2,657

413,801

Cirrus

Logic,

Inc.

(a)

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

1,814

149,383

Cree,

Inc.

(a)

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

616

49,730

Enphase

Energy,

Inc.

(a)(b)

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

3,956

593,281

First

Solar,

Inc.

(a)

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

666

63,576

Ichor

Holdings

Ltd.

(a)

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

11,244

462,016

Lattice

Semiconductor

Corp.

(a)

..........

25,636

1,657,367

Monolithic

Power

Systems,

Inc.

.........

173

83,850

Power

Integrations,

Inc.

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

4,013

397,247

Silicon

Laboratories,

Inc.

(a)

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

15,840

2,220,134

SunPower

Corp.

(a)

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

7,375

167,265

Ultra

Clean

Holdings,

Inc.

(a)

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

4,345

185,097

Universal

Display

Corp.

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

3,984

681,105

7,123,852

Software

—

8.4%

ACI

Worldwide,

Inc.

(a)

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

13,235

406,712

Alarm.com

Holdings,

Inc.

(a)

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

1,817

142,071

Alteryx

Inc.,

Class

(a)(b)

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

2,304

168,422

Appian

Corp.

(a)(b)

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

2,908

269,019

Box,

Inc.,

Class

(a)

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

16,949

401,183

Elastic

(a)

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

2,354

350,722

EngageSmart

Inc.

(a)

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

2,458

83,719

Everbridge

Inc.

(a)

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

5,866

886,001

Freshworks

Inc.,

Class

(a)

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

3,344

142,755

HubSpot

Inc.

(a)

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

2,589

1,750,397

LivePerson

Inc.

(a)

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

22,639

1,334,569

Manhattan

Associates,

Inc.

(a)

...........

8,703

1,331,820

Medallia

Inc.

(a)

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

2,964

100,391

Mimecast

Ltd.

(a)

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

351

22,324

Olo

Inc.,

Class

(a)

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

855

25,676

PagerDuty

Inc.

(a)

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

41,568

1,721,747

Paylocity

Holding

Corp.

(a)

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

2,164

606,786

Progress

Software

Corp.

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

11,159

548,911

PROS

Holdings,

Inc.

(a)

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

1,386

49,175

Rapid7,

Inc.

(a)

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

595

67,247

Riskified

Ltd.,

Class

(a)

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

2,615

59,648

Sailpoint

Technologies

Holdings,

Inc.

(a)

....

6,524

279,749

SentinelOne

Inc.,

Class

(a)(b)

..........

5,378

288,099

Sprout

Social,

Inc.,

Class

(a)

...........

1,264

154,145

Tenable

Holdings,

Inc.

(a)

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

11,421

526,965

Varonis

Systems,

Inc.

(a)(b)

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

25,177

1,532,020

Workiva

Inc.

(a)

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

4,388

618,532

Yext

Inc.

(a)

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

5,218

62,773

Zendesk

Inc.

(a)

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

14,679

1,708,489

15,640,067

Specialty

Retail

—

3.2%

American

Eagle

Outfitters,

Inc.

(b)

.........

38,205

985,689

Asbury

Automotive

Group,

Inc.

(a)

.........

461

90,697

Conn's,

Inc.

(a)

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

10,107

230,743

Designer

Brands,

Inc.,

Class

(a)

.........

6,996

97,454

Dick's

Sporting

Goods,

Inc.

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

9,385

1,124,042

Express,

Inc.

(a)

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

3,347

15,798

Group

Automotive,

Inc.

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

482

90,558

Lithia

Motors,

Inc.,

Class

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

3,934

1,247,235

MarineMax

Inc.

(a)

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

13,396

649,974

National

Vision

Holdings,

Inc.

(a)

.........

12,526

711,101

Security

Value

Specialty

Retail

(continued)

Penske

Automotive

Group,

Inc.

.........

2,404

241,842

Rent-A-Center,

Inc.

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

1,771

99,548

Shift

Technologies,

Inc.,

Class

(a)

........

6,030

41,848

Signet

Jewelers

Ltd.

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

1,161

91,673

Sonic

Automotive,

Inc.,

Class

.........

1,183

62,155

Urban

Outfitters,

Inc.

(a)

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

1,263

37,499

Williams-Sonoma,

Inc.

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

531

94,162

5,912,018

Technology

Hardware,

Storage

Peripherals

—

0.4%

Pure

Storage,

Inc.,

Class

(a)

...........

30,317

762,776

Textiles,

Apparel

Luxury

Goods

—

1.4%

(a)

Deckers

Outdoor

Corp.

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

2,576

927,875

Fossil

Group,

Inc.

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

1,291

15,298

Holding

AG,

Class

(c)

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

5,408

162,943

Skechers

USA,

Inc.,

Class

...........

35,707

1,503,979

Unifi,

Inc.

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

1,651

36,207

2,646,302

Thrifts

Mortgage

Finance

—

1.2%

Essent

Group

Ltd.

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

3,220

141,712

Federal

Agricultural

Mortgage

Corp.,

Class

6,027

654,050

Flagstar

Bancorp,

Inc.

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

1,432

72,717

Merchants

Bancorp

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

578

22,814

New

York

Community

Bancorp,

Inc.

......

19,983

257,181

Radian

Group,

Inc.

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

12,986

295,042

Southern

Missouri

Bancorp,

Inc.

.........

489

21,951

Walker

Dunlop,

Inc.

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

3,206

363,881

Washington

Federal,

Inc.

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

10,913

374,425

Western

New

England

Bancorp,

Inc.

(b)

.....

8,847

75,465

2,279,238

Trading

Companies

Distributors

—

1.4%

MRC

Global,

Inc.

(a)

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

6,677

49,009

SiteOne

Landscape

Supply,

Inc.

(a)

........

11,828

2,359,331

Triton

International

Ltd.

(c)

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

4,088

212,740

2,621,080

Wireless

Telecommunication

Services

—

0.1%

United

States

Cellular

Corp.

(a)

..........

4,438

141,528

Total

Common

Stocks

—

99.0%

(Cost:

$186,468,024)

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

184,978,728

Total

Long-Term

Investments

—

99.0%

(Cost:

$186,468,024)

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

184,978,728

Short-Term

Securities

—

10.8%

(d)(e)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

1,706,850

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(f)

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

18,410,379

18,415,902

Total

Short-Term

Securities

—

10.8%

(Cost:

$20,122,752)

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

20,122,752

Total

Investments

—

109.8%

(Cost:

$206,590,776

)

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

205,101,480

Liabilities

Excess

Other

Assets

—

(9.8)%

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

(18,360,337)

Net

Assets

—

100.0%

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

186,741,143

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Schedule

Investments

(unaudited)

September

30,

2021

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

U.S.

dollar

denominated

security

issued

foreign

domiciled

entity.

(d)

Affiliate

the

Fund.

(e)

Annualized

7-day

yield

period

end.

(f)

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)

5,156,187

—

(3,449,337)

—

1,706,850

444

—

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

1,482,546

16,934,734

—

(1,378)

—

18,415,902

18,410,379

14,236

(b)

—

(1,378)

—

20,122,752

14,680

—

(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

Advantage

SMID

Cap

V.I.

Fund

Schedule

Investments

(unaudited)

(continued)

September

30,

2021

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

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

12/17/21

1,934

(61,851)

Glossary

Terms

Used

this

Report

Portfolio

Abbreviations

S&P

Standard

Poor's

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