BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

98.4%

Capital

Markets

—

3.4%

S&P

Global,

Inc.

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

24,711

$

10,499,457

Chemicals

—

1.3%

Sherwin-Williams

Co.

(The)

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

13,978

3,910,066

Commercial

Services

&

Supplies

—

1.9%

Copart

,

Inc.

(a)

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

41,616

5,772,972

Entertainment

—

4.6%

(a)

Netflix,

Inc.

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

10,779

6,578,855

Sea

Ltd.,

ADR

(b)

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

22,981

7,324,734

13,903,589

Health

Care

Equipment

&

Supplies

—

1.8%

Danaher

Corp.

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

17,895

5,447,954

Hotels,

Restaurants

&

Leisure

—

1.9%

Evolution

AB

(c)(d)

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

38,245

5,791,798

Industrial

Conglomerates

—

2.1%

Roper

Technologies,

Inc.

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

14,352

6,402,858

Interactive

Media

&

Services

—

13.3%

(a)

Alphabet,

Inc.,

Class

A

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

4,583

12,252,742

Facebook,

Inc.,

Class

A

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

43,313

14,699,999

Match

Group,

Inc.

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

41,977

6,589,970

Snap,

Inc.,

Class

A

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

93,437

6,902,191

40,444,902

Internet

&

Direct

Marketing

Retail

—

13.7%

(a)

Amazon.com,

Inc.

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

9,109

29,923,429

Etsy,

Inc.

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

28,082

5,839,933

MercadoLibre

,

Inc.

(b)

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

3,593

6,034,084

41,797,446

IT

Services

—

12.4%

Adyen

NV

(a)(c)(d)

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

1,946

5,439,778

Shopify,

Inc.,

Class

A

(a)

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

2,584

3,503,336

Twilio

,

Inc.,

Class

A

(a)

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

14,069

4,488,714

Visa,

Inc.,

Class

A

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

92,926

20,699,267

Wix.com

Ltd.

(a)(b)

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

18,927

3,709,124

37,840,219

Life

Sciences

Tools

&

Services

—

2.5%

Lonza

Group

AG

(Registered)

..........

10,145

7,609,864

Machinery

—

2.0%

Chart

Industries,

Inc.

(a)(e)

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

31,431

6,006,778

Pharmaceuticals

—

1.7%

Zoetis,

Inc.

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

27,322

5,304,293

Semiconductors

&

Semiconductor

Equipment

—

9.9%

Analog

Devices,

Inc.

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

39,297

6,581,462

ASML

Holding

NV

(Registered),

NYRS

(b)

...

12,053

8,980,811

Marvell

Technology,

Inc.

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

136,657

8,241,784

NVIDIA

Corp.

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

30,428

6,303,464

30,107,521

Software

—

18.1%

Adobe,

Inc.

(a)

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

14,788

8,513,747

Fair

Isaac

Corp.

(a)

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

3,835

1,526,062

Intuit,

Inc.

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

20,467

11,042,151

Microsoft

Corp.

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

86,234

24,311,089

ServiceNow

,

Inc.

(a)

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

15,536

9,667,587

55,060,636

Technology

Hardware,

Storage

&

Peripherals

—

3.1%

Apple,

Inc.

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

67,747

9,586,200

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

4.7%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

8,297

$

5,942,844

NIKE,

Inc.,

Class

B

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

58,892

8,552,885

14,495,729

Total

Common

Stocks

—

98.4%

(Cost:

$186,669,626)

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

299,982,282

Preferred

Stocks

—

1.0%

Media

—

1.0%

ByteDance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$1,974,965)

(b)(f)(g)

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

18,024

3,023,648

Total

Preferred

Stocks

—

1.0%

(Cost:

$1,974,965)

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

3,023,648

Total

Long-Term

Investments

—

99.4%

(Cost:

$188,644,591)

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

303,005,930

Short-Term

Securities

—

1.3%

Money

Market

Funds

—

1.3%

(h)(i)

BlackRock

Liquidity

Funds,T

-Fund,

Institutional

Class,

0.01%

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

2,471,978

2,471,978

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(j)

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

1,402,439

1,402,859

Total

Money

Market

Funds

—

1.3%

(Cost:

$3,874,837)

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

3,874,837

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.23)%, 10/01/21

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

AUD

—

(k)

237

Hong

Kong

&

Shanghai

Bank,

0.00%, 10/04/21

HKD

1

74

Total

Time

Deposits

—

0.0%

(Cost:

$311)

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

311

Total

Short-Term

Securities

—

1.3%

(Cost:

$3,875,148)

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

3,875,148

Total

Investments

—

100.7%

(Cost:

$192,519,739

)

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

306,881,078

Liabilities

in

Excess

of

Other

Assets

—

(0.7)%

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

(2,011,241)

Net

Assets

—

100.0%

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

$

304,869,837

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

(a)

Non-income

producing

security.

(b)

U.S.

dollar

denominated

security

issued

by

foreign

domiciled

entity.

(c)

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.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$3,023,648,

representing

0.99%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,974,965.

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

Affiliate

of

the

Fund.

(i)

Annualized

7-day

yield

as

of

period

end.

(j)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(k)

Rounds

to

less

than

1,000.

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)

.......

$

2,458,115

$

13,863

$

—

$

—

$

—

$

2,471,978

2,471,978

$

112

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,233,421

—

(2,830,335)

(227)

—

1,402,859

1,402,439

9,149

(b)

—

$

(227)

$

—

$

3,874,837

$

9,261

$

—

—

—

(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.

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

HKD

Hong

Kong

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

NYRS

New

York

Registered

Shares

S&P

Standard

&

Poor's

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

4

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

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:

Capital

Markets

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

$

10,499,457

$

—

$

—

$

10,499,457

Chemicals

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

3,910,066

—

—

3,910,066

Commercial

Services

&

Supplies

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

5,772,972

—

—

5,772,972

Entertainment

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

13,903,589

—

—

13,903,589

Health

Care

Equipment

&

Supplies

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

5,447,954

—

—

5,447,954

Hotels,

Restaurants

&

Leisure

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

—

5,791,798

—

5,791,798

Industrial

Conglomerates

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

6,402,858

—

—

6,402,858

Interactive

Media

&

Services

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

40,444,902

—

—

40,444,902

Internet

&

Direct

Marketing

Retail

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

41,797,446

—

—

41,797,446

IT

Services

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

32,400,441

5,439,778

—

37,840,219

Life

Sciences

Tools

&

Services

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

—

7,609,864

—

7,609,864

Machinery

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

6,006,778

—

—

6,006,778

Pharmaceuticals

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

5,304,293

—

—

5,304,293

Semiconductors

&

Semiconductor

Equipment

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

30,107,521

—

—

30,107,521

Software

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

55,060,636

—

—

55,060,636

Technology

Hardware,

Storage

&

Peripherals

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

9,586,200

—

—

9,586,200

Textiles,

Apparel

&

Luxury

Goods

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

8,552,885

5,942,844

—

14,495,729

Preferred

Stocks

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

—

—

3,023,648

3,023,648

Short-Term

Securities:

Money

Market

Funds

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

2,471,978

—

—

2,471,978

Time

Deposits

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

—

311

—

311

$

277,669,976

$

24,784,595

$

3,023,648

$

305,478,219

Investments

Valued

at

NAV

(a)

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

1,402,859

$

—

$

306,881,078

$

—

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

(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.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

investments

as

of

period

end.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Preferred

Stocks

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

3,023,648

Income

Discount

Rate

40%

Market

Revenue

Multiple

9.63x

$

3,023,648

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.