BlackRock

Global

Allocation

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

2.5%

Cayman

Islands

—

0.7%

(a)(b)

AGL

CLO

12

Ltd.,

Series

2021-12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.16%),

1.29%,

07/20/34

(c)

.....

USD

921

$

920,974

AGL

CLO

5

Ltd.

(c)

:

Series

2020-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

1.55%,

07/20/34

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

411

411,177

Series

2020-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.85%,

07/20/34

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

574

574,081

AGL

CLO

7

Ltd.,

Series

2020-7A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

07/15/34

(c)

...........

530

530,380

AIMCO

CLO,

Series

2018-AA,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.53%,

04/17/31

(c)

...........

256

254,108

Allegro

CLO

VIII

Ltd.,

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/15/31

(c)

.....

250

250,125

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

10/15/29

(c)

...........

252

251,889

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

04/25/31

(c)

.....

125

125,376

Anchorage

Capital

CLO

17

Ltd.,

Series

2021-17A,

Class

A1,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/15/34

(c)

608

606,206

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.14%,

04/20/31

(c)

....

620

619,904

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2021-FL2,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.18%,

05/15/36

(c)

.....

1,870

1,871,727

Ares

LIX

CLO

Ltd.,

Series

2021-59A,

Class

A,

(LIBOR

USD

3

Month

+

1.03%),

1.21%,

04/25/34

(c)

.....

250

248,018

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

07/15/34

(c)

.....

790

790,763

Assurant

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.23%,

10/20/29

(c)

.....

258

257,291

Atrium

XII,

Series

12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.35%),

1.49%,

04/22/27

(c)

...........

287

286,564

Bain

Capital

Credit

CLO

Ltd.,

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

07/19/34

(c)

575

576,073

Battalion

CLO

X

Ltd.

(c)

:

Series

2016-10A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.17%),

1.30%,

01/25/35

..........

732

731,514

Series

2016-10A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.55%),

1.68%,

01/25/35

..........

485

481,224

Battalion

CLO

XI

Ltd.,

Series

2017-11A,

Class

BR,

(LIBOR

USD

3

Month

+

1.72%),

1.85%,

04/24/34

(c)

.....

288

288,089

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

07/15/29

(c)

...........

610

609,772

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Benefit

Street

Partners

CLO

III

Ltd.,

Series

2013-IIIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

07/20/29

(c)

...........

USD

283

$

282,798

BlueMountain

CLO

Ltd.

(c)

:

Series

2013-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.74%,

10/22/30

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

250

250,096

Series

2014-2A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

10/20/30

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

256

255,980

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.63%,

07/15/31

(c)

502

501,147

BlueMountain

Fuji

US

CLO

III

Ltd.,

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.15%),

1.28%,

01/15/30

(c)

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

250

250,000

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

01/15/34

(c)

.....

250

250,011

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.97%),

1.10%,

04/17/31

(c)

...........

249

249,822

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A1B,

(LIBOR

USD

3

Month

+

1.35%),

1.48%,

04/20/29

(c)

.....

313

312,632

Cedar

Funding

II

CLO

Ltd.,

Series

2013-1A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.08%),

1.21%,

04/20/34

(c)

250

249,710

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.05%),

1.18%,

04/20/34

(c)

600

598,264

Cedar

Funding

XI

CLO

Ltd.

(c)

:

Series

2019-11A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.05%),

1.17%,

05/29/32

..........

250

249,810

Series

2019-11A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

1.47%,

05/29/32

..........

250

250,065

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.68%,

04/15/30

(c)

....

401

399,797

CIFC

Funding

2015-III

Ltd.,

Series

2015-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.15%),

1.28%,

04/19/29

(c)

288

285,152

CIFC

Funding

2021-IV

Ltd.,

Series

2021-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

1.14%,

07/15/33

(c)

603

601,994

CIFC

Funding

Ltd.

(c)

:

Series

2013-3RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.98%),

1.11%,

04/24/31

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

250

250,125

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

07/20/30

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

276

275,913

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.00%),

1.13%,

04/18/31

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

432

432,321

Series

2020-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.76%,

07/15/36

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

875

875,017

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.53%,

04/17/30

(c)

.....

402

400,952

BlackRock

Global

Allocation

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Crown

Point

CLO

10

Ltd.,

Series

2021-

10A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/20/34

(c)

....

USD

608

$

607,314

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

07/18/30

(c)

250

249,999

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

1.26%,

05/20/34

(c)

.....

308

307,464

Dryden

Senior

Loan

Fund,

Series

2021-87A,

Class

A1,

(LIBOR

USD

3

Month

+

1.10%),

1.24%,

05/20/34

(c)

160

159,541

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

04/20/34

(c)

.....

475

475,033

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.50%,

10/15/32

(c)

.....

250

250,000

Elmwood

CLO

IV

Ltd.,

Series

2020-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

1.37%,

04/15/33

(c)

.....

300

300,600

Flatiron

CLO

18

Ltd.,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

0.95%),

1.08%,

04/17/31

(c)

.....

250

249,852

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.32%),

1.44%,

11/16/32

(c)

......

250

250,236

Flatiron

CLO

21

Ltd.,

Series

2021-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.11%),

1.26%,

07/19/34

(c)

......

1,000

1,000,511

FS

Rialto,

Series

2021-FL2,

Class

A,

(LIBOR

USD

1

Month

+

1.22%),

1.30%,

04/16/28

(c)

...........

390

389,860

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.97%),

1.10%,

10/15/30

(c)

.....

275

274,873

Galaxy

XXII

CLO

Ltd.,

Series

2016-

22A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

04/16/34

(c)

334

335,347

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

B1,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

01/20/33

(c)

...........

326

326,333

GoldenTree

Loan

Opportunities

XI

Ltd.,

Series

2015-11A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.07%),

1.20%,

01/18/31

(c)

...........

250

250,000

Gracie

Point

International

Funding

(c)

:

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

1.49%,

11/01/23

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

410

410,000

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

2.40%),

2.49%,

11/01/23

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

550

550,000

Gulf

Stream

Meridian

1

Ltd.,

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.50%,

04/15/33

(c)

1,742

1,744,033

Gulf

Stream

Meridian

4

Ltd.,

Series

2021-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.20%),

1.31%,

07/15/34

(c)

1,513

1,513,034

HPS

Loan

Management

10-2016

Ltd.,

Series

10A-16,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.14%),

1.27%,

04/20/34

(c)

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

607

604,944

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Jamestown

CLO

XII

Ltd.,

Series

2019-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

04/20/32

(c)

....

USD

258

$

259,322

KVK

CLO

Ltd.,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

0.93%),

1.06%,

05/20/29

(c)

...........

129

128,605

LoanCore

Issuer

Ltd.,

Series

2021-

CRE5,

Class

A,

(LIBOR

USD

1

Month

+

1.30%),

1.38%,

07/15/36

(c)

1,490

1,491,683

Loanpal

Solar

Loan

Ltd.,

Series

2020-

2GF,

Class

A,

2.75%,

07/20/47

..

1,454

1,502,889

Logan

CLO

I

Ltd.,

Series

2021-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

1.31%,

07/20/34

(c)

.....

611

611,157

Madison

Park

Funding

XI

Ltd.,

Series

2013-11A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.90%),

1.04%,

07/23/29

(c)

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

826

825,872

Madison

Park

Funding

XIII

Ltd.,

Series

2014-13A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.63%,

04/19/30

(c)

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

250

248,742

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

04/25/29

(c)

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

288

287,999

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

07/29/30

(c)

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

259

258,924

Madison

Park

Funding

XXXVI

Ltd.,

Series

2019-36A,

Class

B1,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

01/15/33

(c)

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

518

518,144

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.25%,

07/17/34

(c)

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

429

428,488

Mariner

CLO

LLC,

Series

2016-3A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.99%),

1.13%,

07/23/29

(c)

.....

250

249,917

Neuberger

Berman

CLO

XVI-S

Ltd.,

Series

2017-16SA,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.17%,

04/15/34

(c)

...........

860

857,564

Neuberger

Berman

CLO

XXII

Ltd.,

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

10/17/30

(c)

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

250

249,999

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.,

Series

2021-42A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.24%,

07/16/35

(c)

...........

415

414,364

Ocean

Trails

CLO

VI

(c)

:

Series

2016-6A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

07/15/28

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

200

199,747

Series

2016-6A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.25%),

2.38%,

07/15/28

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

250

250,069

OCP

CLO

Ltd.,

Series

2014-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

1.53%,

04/26/31

(c)

.....

300

299,988

BlackRock

Global

Allocation

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Octagon

Investment

Partners

18-R

Ltd.,

Series

2018-18A,

Class

A1A,

(LIBOR

USD

3

Month

+

0.96%),

1.09%,

04/16/31

(c)

...........

USD

289

$

289,275

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.76%,

07/15/36

(c)

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

300

298,891

Octagon

Investment

Partners

48

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.55%),

2.68%,

10/20/31

(c)

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

250

250,054

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

1.48%,

07/19/30

(c)

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

263

263,148

OHA

Credit

Funding

3

Ltd.

(c)

:

Series

2019-3A,

Class

AR,

(LIBOR

USD

3

Month

+

1.14%),

1.29%,

07/02/35

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

287

287,157

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.80%,

07/02/35

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

308

307,940

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

10/19/32

(c)

150

150,023

Palmer

Square

CLO

Ltd.

(c)

:

Series

2015-1A,

Class

A1A4,

(LIBOR

USD

3

Month

+

1.13%),

1.26%,

05/21/34

..........

1,974

1,984,907

Series

2018-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.02%,

08/15/26

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

312

312,411

Palmer

Square

Loan

Funding

Ltd.

(c)

:

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.45%),

1.57%,

11/15/26

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

250

250,128

Series

2018-5A,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

1.53%,

01/20/27

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

436

435,931

Series

2019-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

04/20/27

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

583

582,594

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

08/23/31

(c)

...........

269

268,662

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

07/24/31

(c)

.....

278

277,728

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/20/34

(c)

.....

250

249,557

Recette

CLO

Ltd.,

Series

2015-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.40%),

1.53%,

04/20/34

(c)

.....

250

246,356

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

01/15/34

(c)

250

248,182

Rockford

Tower

CLO

Ltd.

(c)

:

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

04/20/34

..........

250

248,171

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

05/20/31

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

250

250,076

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2021-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.17%),

1.25%,

07/20/34

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

USD

831

$

830,547

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.16%,

04/20/31

(c)

.....

247

247,506

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

1.22%,

01/15/30

(c)

.....

257

257,167

Signal

Peak

CLO

8

Ltd.

(c)

:

Series

2020-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.27%),

1.40%,

04/20/33

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

250

250,765

Series

2020-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

04/20/33

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

250

249,163

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-

19A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/20/34

(c)

....

608

608,445

Sixth

Street

CLO

XVI

Ltd.,

Series

2020-

16A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

10/20/32

(c)

....

290

289,838

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

1.41%,

01/25/32

(c)

400

400,098

TICP

CLO

IX

Ltd.,

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

01/20/31

(c)

.....

250

250,097

TICP

CLO

VI

Ltd.

(c)

:

Series

2016-6A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.12%),

1.25%,

01/15/34

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

250

249,863

Series

2016-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.63%,

01/15/34

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

250

246,503

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.76%,

07/15/34

(c)

.....

300

300,000

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.46%,

01/20/33

(c)

.....

870

870,973

Trestles

CLO

Ltd.,

Series

2017-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.99%),

1.12%,

04/25/32

(c)

.....

300

299,854

Trinitas

CLO

XIV

Ltd.

(c)

:

Series

2020-14A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.13%,

01/25/34

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

452

452,913

Series

2020-14A,

Class

C,

(LIBOR

USD

3

Month

+

3.00%),

3.13%,

01/25/34

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

343

344,698

Voya

CLO

Ltd.

(c)

:

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

0.97%),

1.11%,

07/23/27

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

194

194,717

Series

2017-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.04%),

1.17%,

04/20/34

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

300

298,973

Whitebox

CLO

II

Ltd.

(c)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

10/24/31

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

450

450,913

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.38%,

10/24/31

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

300

300,282

BlackRock

Global

Allocation

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

York

CLO-1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.79%,

10/22/29

(c)

.....

USD

256

$

255,853

York

CLO-3

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

10/20/29

(c)

...........

725

725,766

York

CLO-6

Ltd.,

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.35%),

1.49%,

07/22/32

(c)

...........

1,094

1,094,257

53,909,690

Ireland

—

0.1%

(c)

Aqueduct

European

CLO

4

DAC,

Series

2019-4A,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

(a)

...........

EUR

250

289,559

Aqueduct

European

CLO

DAC,

Series

2019-4X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

(d)

207

239,755

Cairn

CLO

XII

DAC,

Series

2020-12A,

Class

B,

(EURIBOR

3

Month

+

2.30%),

2.30%,

04/15/33

(a)

.....

260

301,402

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

(d)

207

240,324

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

(d)

.....

231

266,269

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(EURIBOR

3

Month

+

0.92%),

0.92%,

11/14/32

(d)

......

135

156,371

OAK

Hill

European

Credit

Partners

V

Designated

Activity

Co.,

Series

2016-5X,

Class

B1,

(EURIBOR

3

Month

+

1.55%),

1.55%,

02/21/30

(d)

259

299,443

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

01/20/32

(d)

...........

160

183,908

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

(d)

.....

268

309,901

Prodigy

Finance

DAC

(a)(b)

:

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

2.50%),

2.59%,

07/25/51

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

USD

530

533,076

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

3.75%),

3.84%,

07/25/51

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

310

312,224

Series

2021-1A,

Class

D,

(LIBOR

USD

1

Month

+

5.90%),

5.99%,

07/25/51

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

250

252,784

Rockford

Tower

Europe

CLO

DAC,

Series

2018-1X,

Class

B,

(EURIBOR

3

Month

+

1.85%),

1.85%,

12/20/31

(d)

...........

EUR

207

239,808

Sound

Point

Euro

CLO

II

Funding

DAC,

Series

2X,

Class

A,

(EURIBOR

3

Month

+

1.11%),

1.11%,

10/26/32

(d)

260

301,312

3,926,136

Security

Par

(000)

Par

(000)

Value

Netherlands

—

0.0%

(c)

Avoca

CLO

XVII

DAC,

Series

17A,

Class

B1R,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/32

(a)

.....

EUR

250

$

289,838

Avoca

CLO

XVII

Designated

Activity

Co.,

Series

17X,

Class

AR,

(EURIBOR

3

Month

+

0.96%),

0.96%,

10/15/32

(d)

...........

142

164,832

454,670

United

States

—

1.7%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(LIBOR

USD

3

Month

+

0.30%),

0.43%,

05/25/36

(c)

.....

USD

909

894,216

ACRES

Commercial

Realty

Ltd.,

Series

2021-FL1,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

1.28%,

06/15/36

(a)

(c)

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

2,790

2,783,436

Ajax

Mortgage

Loan

Trust

(a)(c)

:

Series

2021-E,

Class

A1,

1.74%,

12/25/60

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

8,098

8,156,194

Series

2021-E,

Class

A2,

2.69%,

12/25/60

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

935

932,437

Series

2021-E,

Class

B1,

3.73%,

12/25/60

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

618

610,190

Series

2021-E,

Class

M1,

2.94%,

12/25/60

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

377

374,610

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

240

252,680

Battalion

CLO

18

Ltd.

(a)(c)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

10/15/32

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

449

449,201

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.43%,

10/15/32

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

449

449,181

Battalion

CLO

XX

Ltd.,

Series

2021-

20A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.32%,

07/15/34

(a)(c)

...

612

611,608

BHG

Securitization

Trust

(a)

:

Series

2021-A,

Class

A,

1.42%,

11/17/33

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

1,400

1,401,643

Series

2021-A,

Class

B,

2.79%,

11/17/33

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

170

172,956

Series

2021-A,

Class

C,

3.69%,

11/17/33

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

100

103,110

Brex

Commercial

Charge

Card

Master

Trust,

Series

2021-1,

Class

A,

2.09%,

07/15/24

(a)

...........

1,850

1,869,244

College

Avenue

Student

Loans

LLC,

Series

2021-B,  3.78%,

06/25/52

.

100

99,903

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

4,977

4,956,360

Lendmark

Funding

Trust

(a)

:

Series

2021-1A,

Class

B,

2.47%,

11/20/31

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

960

964,450

Series

2021-1A,

Class

C,

3.41%,

11/20/31

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

740

743,702

Series

2021-1A,

Class

D,

5.05%,

11/20/31

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

640

648,324

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(a)

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

2,050

2,095,051

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL6,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.18%,

07/16/36

(a)(c)

..........

USD

970

$

970,349

Mosaic

Solar

Loans

LLC

(a)

:

Series

2017-2A,

Class

A,

3.82%,

06/22/43

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

434

458,524

Series

2021-2A,

Class

A,

1.64%,

04/22/47

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

3,114

3,082,731

Series

2021-2A,

Class

B,

2.09%,

04/22/47

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

1,244

1,242,914

Navient

Private

Education

Refi

Loan

Trust

(a)

:

Series

2019-A,

Class

A2A,

3.42%,

01/15/43

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

428

437,394

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

1.26%,

04/15/60

(c)

5,762

5,764,396

Series

2021-DA,

Class

B,

2.61%,

04/15/60

(e)

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

960

960,000

Series

2021-DA,

Class

C,

3.48%,

04/15/60

(e)

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

2,477

2,477,000

Series

2021-DA,

Class

D,

4.00%,

04/15/60

(e)

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

790

767,880

Nelnet

Student

Loan

Trust

(a)

:

Series

2021-A,

Class

A1,

(LIBOR

USD

1

Month

+

0.80%),

0.89%,

04/20/62

(c)

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

9,234

9,272,756

Series

2021-A,

Class

A2,

(LIBOR

USD

1

Month

+

1.03%),

1.12%,

04/20/62

(c)

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

4,220

4,303,188

Series

2021-A,

Class

B2,

2.85%,

04/20/62

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

8,090

8,200,868

Series

2021-A,

Class

C,

3.75%,

04/20/62

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

4,690

4,719,700

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

2,000

2,028,272

Series

2021-BA,

Class

AFX,

1.42%,

04/20/62

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

7,096

7,099,621

Series

2021-BA,

Class

B,

2.68%,

04/20/62

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

7,560

7,565,447

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

2,110

2,102,375

Series

2021-BA,

Class

D,

4.75%,

04/20/62

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

620

617,909

OneMain

Financial

Issuance

Trust

(a)

:

Series

2021-1A,

Class

C,

2.22%,

06/16/36

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

180

179,449

Series

2021-1A,

Class

D,

2.47%,

06/16/36

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

390

388,208

Oportun

Issuance

Trust

(a)

:

Series

2021-B,

Class

A,

1.47%,

05/08/31

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

2,350

2,351,322

Series

2021-B,

Class

B,

1.96%,

05/08/31

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

440

441,172

Series

2021-B,

Class

C,

3.65%,

05/08/31

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

210

210,955

Series

2021-B,

Class

D,

5.41%,

05/08/31

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

500

502,485

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

5,050

5,088,086

Progress

Residential,

Series

2021-

SFR3,

Class

F,

3.44%,

05/17/26

(a)

900

906,883

RR

LLC,

Series

2017-1A,

Class

A1AB,

(LIBOR

USD

3

Month

+

1.15%),

1.23%,

07/15/35

(a)(c)

..........

414

414,087

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

SLM

Private

Credit

Student

Loan

Trust

(c)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.45%,

06/15/39

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

USD

4,989

$

4,891,353

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.41%,

06/15/39

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

2,217

2,178,221

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.36%,

12/16/41

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

1,967

1,940,232

SMB

Private

Education

Loan

Trust

(a)

:

Series

2019-A,

Class

A2A,

3.44%,

07/15/36

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

1,644

1,714,755

Series

2020-B,

Class

B,

2.76%,

07/15/53

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

1,330

1,335,235

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

4,810

4,876,558

Series

2021-A,

Class

D1,

3.86%,

01/15/53

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

2,580

2,575,064

Series

2021-A,

Class

D2,

3.86%,

01/15/53

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

1,410

1,406,542

Series

2021-C,

Class

A2,

(LIBOR

USD

1

Month

+

0.80%),

0.88%,

01/15/53

(c)

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

4,750

4,749,999

Series

2021-C,

Class

B,

2.30%,

01/15/53

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

500

501,078

Series

2021-C,

Class

C,

3.00%,

01/15/53

(e)

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

410

410,000

Series

2021-C,

Class

D,

3.93%,

01/15/53

(e)

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

190

190,000

SoFi

Professional

Loan

Program

LLC,

Series

2019-A,

Class

A2FX,

3.69%,

06/15/48

(a)

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

893

922,075

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

A2FX,

3.34%,

08/25/47

(a)

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

328

336,538

Upstart

Pass-Through

Trust

(a)

:

Series

2021-ST4,

Class

A,

2.00%,

07/20/27

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

549

548,071

Series

2021-ST5,

Class

A,

2.00%,

07/20/27

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

279

279,074

129,977,262

Total

Asset-Backed

Securities

—

2.5%

(Cost:

$186,673,948)

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

188,267,758

Shares

Shares

Common

Stocks

—

67.7%

Argentina

—

0.5%

MercadoLibre,

Inc.

(b)(f)

...........

20,343

34,164,034

Australia

—

0.3%

Australia

&

New

Zealand

Banking

Group

Ltd.

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

5,607

112,603

BHP

Group

Ltd.

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

25,515

681,451

BHP

Group

plc

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

223,223

5,623,956

Commonwealth

Bank

of

Australia

...

1,038

77,030

CSL

Ltd.

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

2,257

471,558

Fortescue

Metals

Group

Ltd.

......

44,053

469,253

Goodman

Group

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

12,417

191,061

National

Australia

Bank

Ltd.

.......

4,296

84,722

Quintis

HoldCo

Pty.

Ltd.,

(Acquired

10/22/18,

cost

$5,761,227)

(e)(f)(g)(h)

.

9,827,224

9,307,015

BlackRock

Global

Allocation

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

Australia

(continued)

Rio

Tinto

Ltd.

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

2,732

$

194,494

Rio

Tinto

plc

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

79,172

5,189,893

Westpac

Banking

Corp.

.........

6,218

114,993

Woodside

Petroleum

Ltd.

........

33,992

581,240

23,099,269

Belgium

—

0.0%

KBC

Group

NV

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

969

87,408

Brazil

—

0.1%

B3

SA

-

Brasil

Bolsa

Balcao

.......

267,329

627,363

Banco

do

Brasil

SA

(f)

...........

58,747

312,843

Cia

Siderurgica

Nacional

SA

......

21,002

110,993

Engie

Brasil

Energia

SA

.........

44,036

303,398

Magazine

Luiza

SA

(f)

...........

356,943

941,230

Petroleo

Brasileiro

SA

...........

42,850

220,712

Seguridade

Participacoes

SA

......

35,858

131,165

Suzano

SA

(f)

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

70,284

696,935

Vale

SA

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

9,396

130,870

Vale

SA,

ADR

(b)(i)

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

300,675

4,194,417

WEG

SA

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

19,760

143,326

7,813,252

Canada

—

0.9%

Alimentation

Couche-Tard,

Inc.,

Class

B

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

6,509

249,034

Bank

of

Montreal

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

1,705

170,217

Bank

of

Nova

Scotia

(The)

........

1,340

82,478

Brookfield

Asset

Management,

Inc.,

Class

A

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

2,174

116,492

Canadian

Natural

Resources

Ltd.

...

10,638

388,951

CGI,

Inc.,

Class

A

(f)

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

10,940

929,287

Enbridge,

Inc.

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

1,479,070

58,924,579

George

Weston

Ltd.

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

1,413

152,411

Loblaw

Cos.

Ltd.

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

2,425

166,415

Nutrien

Ltd.

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

4,732

307,135

Restaurant

Brands

International,

Inc.

3,865

236,795

Royal

Bank

of

Canada

..........

1,199

119,304

Saputo,

Inc.

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

9,086

231,060

Shopify,

Inc.,

Class

A

(f)

..........

3,217

4,361,807

TC

Energy

Corp.

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

5,020

241,607

Thomson

Reuters

Corp.

.........

4,718

521,677

Toronto-Dominion

Bank

(The)

.....

4,304

284,928

67,484,177

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(f)

....

217,492

2,557,108

China

—

2.7%

AAC

Technologies

Holdings,

Inc.

...

197,500

933,975

Agricultural

Bank

of

China

Ltd.,

Class

H

1,822,000

625,913

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

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

272,622

2,251,921

Alibaba

Group

Holding

Ltd.

(f)

......

386,700

7,159,341

Alibaba

Group

Holding

Ltd.,

ADR

(b)(f)

.

105,752

15,656,584

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

155,450

1,929,287

Angelalign

Technology,

Inc.

(a)(d)(f)

....

27,600

1,184,192

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

4,200

54,504

ANTA

Sports

Products

Ltd.

.......

235,000

4,437,618

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

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

27,187

1,875,901

Autobio

Diagnostics

Co.

Ltd.,

Class

A

83,610

691,136

Autohome,

Inc.,

ADR

(b)

..........

6,733

315,980

Baidu,

Inc.,

ADR,

Class

A

(b)(f)

......

299

45,971

Bank

of

China

Ltd.,

Class

H

.......

675,000

238,501

Brilliance

China

Automotive

Holdings

Ltd.

(f)

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

84,000

33,600

Security

Shares

Shares

Value

China

(continued)

BYD

Co.

Ltd.,

Class

A

...........

221,800

$

8,557,858

China

CITIC

Bank

Corp.

Ltd.,

Class

H

172,000

77,525

China

Construction

Bank

Corp.,

Class

H

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

1,129,000

805,748

China

Evergrande

Group

(i)

........

927,000

350,221

China

Feihe

Ltd.

(a)(d)

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

253,000

426,439

China

Galaxy

Securities

Co.

Ltd.,

Class

H

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

142,500

82,643

China

Hongqiao

Group

Ltd.

.......

451,000

572,356

China

Life

Insurance

Co.

Ltd.,

Class

H

132,000

215,854

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

184,000

1,464,299

China

National

Building

Material

Co.

Ltd.,

Class

H

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

674,000

906,643

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

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

68,000

201,919

China

Petroleum

&

Chemical

Corp.,

Class

H

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

1,600,000

788,467

China

Resources

Cement

Holdings

Ltd.

198,000

190,317

China

Tower

Corp.

Ltd.,

Class

H

(a)(d)

.

1,028,000

134,341

CITIC

Ltd.

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

20,000

21,175

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

207,300

16,832,189

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(f)

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

70,500

186,738

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(f)

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

409,100

620,782

Dali

Foods

Group

Co.

Ltd.

(a)(d)

.....

179,500

108,374

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

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

420,000

374,010

ENN

Energy

Holdings

Ltd.

........

78,600

1,296,388

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

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

76,800

1,305,134

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(a)(d)

152,000

2,663,256

Glodon

Co.

Ltd.,

Class

A

.........

150,990

1,561,051

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

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

92,200

534,012

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

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

100,000

87,874

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

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

1,452,000

2,405,509

Haidilao

International

Holding

Ltd.

(a)(d)

441,000

1,689,386

Haitong

Securities

Co.

Ltd.,

Class

H

.

98,800

90,070

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

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

181,600

949,409

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(a)(d)

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

62,200

1,315,278

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)(d)

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

906,000

2,293,428

Hengan

International

Group

Co.

Ltd.

.

29,500

157,312

HengTen

Networks

Group

Ltd.

(f)

....

544,000

159,745

Huaneng

Power

International,

Inc.,

Class

H

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

210,000

112,669

Huazhu

Group

Ltd.,

ADR

(b)(f)

.......

19,276

883,997

Hundsun

Technologies,

Inc.,

Class

A

.

226,333

2,016,328

Hygeia

Healthcare

Holdings

Co.

Ltd.

(a)(d)

239,400

1,771,046

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

1,931,000

1,070,400

Industrial

Bank

Co.

Ltd.,

Class

A

....

27,400

77,264

Intco

Medical

Technology

Co.

Ltd.,

Class

A

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

17,250

156,851

Jafron

Biomedical

Co.

Ltd.,

Class

A

..

57,600

522,583

JD

Health

International,

Inc.

(a)(d)(f)

....

905,850

8,729,738

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

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

214,000

1,665,138

Jinxin

Fertility

Group

Ltd.

(a)(d)(f)

......

1,293,000

1,917,627

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

China

(continued)

KE

Holdings,

Inc.,

ADR

(b)(f)

........

8,229

$

150,262

Kindstar

Globalgene

Technology,

Inc.,

(Acquired

07/08/21,

cost

$2,708,204)

(a)(d)(f)(h)

...........

2,129,500

1,581,454

Kingdee

International

Software

Group

Co.

Ltd.

(f)

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

1,123,000

3,739,208

Kingsoft

Corp.

Ltd.

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

322,000

1,282,004

Lenovo

Group

Ltd.

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

284,000

370,684

Li

Auto,

Inc.,

ADR

(b)(f)(i)

...........

290,684

7,642,082

Mango

Excellent

Media

Co.

Ltd.,

Class

A

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

20,000

135,136

Meituan

Dianping,

Class

B

(d)(f)

.....

30,100

960,836

Microport

Cardioflow

Medtech

Corp.

(a)(d)

(f)(i)

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

1,623,000

1,291,729

Ming

Yuan

Cloud

Group

Holdings

Ltd.

(f)

342,000

1,185,671

NetEase,

Inc.,

ADR

(b)

...........

12,277

1,048,456

Nongfu

Spring

Co.

Ltd.,

Class

H

(a)(d)

.

46,000

232,893

NXP

Semiconductors

NV

(b)

.......

138,687

27,164,623

PetroChina

Co.

Ltd.,

Class

H

......

728,000

340,970

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(a)(d)

8,000

190,847

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

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

366,000

355,045

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

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

134,400

1,004,426

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

177,500

1,213,989

Prosus

NV

(f)

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

5,314

425,338

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(f)

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

334,090

2,278,176

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

....

6,800

406,808

Smoore

International

Holdings

Ltd.

(a)(d)

11,000

51,221

Sun

Art

Retail

Group

Ltd.

........

247,000

114,212

TCL

Technology

Group

Corp.,

Class

A

50,300

48,555

Tencent

Holdings

Ltd.

...........

432,900

25,843,592

Tingyi

Cayman

Islands

Holding

Corp.

206,000

383,019

Tsingtao

Brewery

Co.

Ltd.,

Class

H

..

10,000

78,662

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(a)(d)(f)

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

352,500

1,807,933

Venustech

Group,

Inc.,

Class

A

....

299,496

1,280,777

Vipshop

Holdings

Ltd.,

ADR

(b)(f)

.....

29,504

328,675

Want

Want

China

Holdings

Ltd.

....

1,744,000

1,316,864

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

76,542

1,808,703

Wuxi

Biologics

Cayman,

Inc.

(a)(d)(f)

...

192,465

3,121,839

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

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

156,934

1,263,799

Yihai

International

Holding

Ltd.

(f)(i)

...

299,000

1,666,254

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

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

428,214

2,197,494

Yum

China

Holdings,

Inc.

(b)

.......

46,324

2,691,888

Zai

Lab

Ltd.,

ADR

(b)(f)

...........

370

38,994

202,826,933

Denmark

—

0.3%

AP

Moller

-

Maersk

A/S,

Class

A

....

421

1,084,934

AP

Moller

-

Maersk

A/S,

Class

B

....

403

1,090,957

DSV

Panalpina

A/S

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

41,374

9,903,443

Genmab

A/S

(f)

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

8,916

3,895,596

Novo

Nordisk

A/S,

Class

B

.......

42,608

4,106,967

Pandora

A/S

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

43,979

5,339,038

25,420,935

Finland

—

0.2%

Kone

OYJ,

Class

B

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

801

56,269

Neste

OYJ

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

224,029

12,638,002

Security

Shares

Shares

Value

Finland

(continued)

Nokia

OYJ

(f)

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

21,979

$

121,221

12,815,492

France

—

2.5%

Alstom

SA

(i)

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

570,573

21,643,394

Arkema

SA

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

172,011

22,682,559

BNP

Paribas

SA

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

163,123

10,436,724

Cie

de

Saint-Gobain

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

251,783

16,944,251

Cie

Generale

des

Etablissements

Michelin

SCA

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

693

106,265

Credit

Agricole

SA

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

14,095

193,742

Danone

SA

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

311,876

21,263,067

Electricite

de

France

SA

.........

28,294

355,547

EssilorLuxottica

SA

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

118,384

22,622,375

Faurecia

SE

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

27

1,281

Kering

SA

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

8,418

5,978,978

LVMH

Moet

Hennessy

Louis

Vuitton

SE

35,652

25,536,252

Orange

SA

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

33,651

363,931

Pernod

Ricard

SA

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

2,252

496,483

Safran

SA

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

236,881

29,960,860

Sartorius

Stedim

Biotech

.........

104

58,116

Societe

Generale

SA

...........

142,485

4,461,899

TOTAL

SE

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

4,869

232,728

Worldline

SA

(a)(d)(f)

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

996

75,921

183,414,373

Germany

—

3.4%

adidas

AG

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

90,419

28,414,765

Allianz

SE

(Registered)

..........

131,862

29,543,116

Auto1

Group

SE

(a)(d)(f)

...........

313,332

11,458,272

BASF

SE

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

4,759

360,781

Bayerische

Motoren

Werke

AG

....

7,323

695,532

Daimler

AG

(Registered)

.........

427,595

37,727,434

Deutsche

Boerse

AG

...........

5,931

962,403

Deutsche

Post

AG

(Registered)

....

2,525

158,342

Deutsche

Telekom

AG

(Registered)

.

1,890,220

37,906,845

Evonik

Industries

AG

...........

4,954

155,344

Fresenius

Medical

Care

AG

&

Co.

KGaA

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

3,991

279,946

Fresenius

SE

&

Co.

KGaA

........

3,068

146,850

Infineon

Technologies

AG

........

206,890

8,461,431

Puma

SE

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

145,861

16,214,662

SAP

SE

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

3,906

528,205

Siemens

AG

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

333,938

54,615,909

Siemens

Healthineers

AG

(a)(d)

......

2,267

147,027

Vantage

Towers

AG

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

715,393

24,296,765

252,073,629

Hong

Kong

—

0.5%

AIA

Group

Ltd.

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

2,616,800

30,104,732

CLP

Holdings

Ltd.

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

93,000

895,444

Hang

Lung

Properties

Ltd.

........

906,000

2,064,821

Hong

Kong

&

China

Gas

Co.

Ltd.

...

30,000

45,327

Hysan

Development

Co.

Ltd.

......

227,000

739,205

Jardine

Matheson

Holdings

Ltd.

(b)

...

2,600

137,431

Nine

Dragons

Paper

Holdings

Ltd.

..

126,000

153,799

34,140,759

India

—

0.3%

HCL

Technologies

Ltd.

..........

60,228

1,032,998

Indian

Oil

Corp.

Ltd.

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

202,108

339,164

InterGlobe

Aviation

Ltd.

(a)(d)(f)

.......

43,485

1,181,650

Reliance

Industries

Ltd.

.........

436,289

13,978,862

Tata

Consultancy

Services

Ltd.

....

5,766

292,211

BlackRock

Global

Allocation

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

India

(continued)

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$2,928,536)

(e)(f)(h)

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

1,951

$

7,492,849

24,317,734

Indonesia

—

0.0%

Bank

Central

Asia

Tbk.

PT

........

953,100

2,321,483

Israel

—

0.1%

(b)(f)

ION

Acquisition

Corp.

2

Ltd.

.......

111,874

1,120,978

SimilarWeb

Ltd.

(i)

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

56,681

1,186,333

Taboola.com

Ltd.,

(Acquired

06/30/21,

cost

$2,801,000)

(h)

...........

280,100

2,369,646

4,676,957

Italy

—

1.0%

Assicurazioni

Generali

SpA

.......

72,526

1,536,042

Enel

SpA

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

3,680,644

28,249,745

Eni

SpA

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

14,266

190,240

Ferrari

NV

(b)

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

25,306

5,281,362

Intesa

Sanpaolo

SpA

...........

14,198,365

40,195,383

75,452,772

Japan

—

1.4%

Aisin

Seiki

Co.

Ltd.

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

15,400

558,047

Asahi

Kasei

Corp.

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

15,900

170,385

Astellas

Pharma,

Inc.

...........

54,165

891,505

Chugai

Pharmaceutical

Co.

Ltd.

....

8,700

318,367

Daifuku

Co.

Ltd.

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

32,000

3,001,146

Daikin

Industries

Ltd.

...........

300

65,411

Disco

Corp.

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

14,900

4,173,307

Eisai

Co.

Ltd.

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

700

52,435

FANUC

Corp.

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

27,000

5,920,072

Fujitsu

Ltd.

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

1,300

234,924

GMO

Payment

Gateway,

Inc.

......

26,500

3,345,930

Honda

Motor

Co.

Ltd.

...........

10,200

313,587

Hoya

Corp.

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

179,793

28,051,091

Japan

Post

Bank

Co.

Ltd.

........

17,100

146,675

Kao

Corp.

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

16,100

958,169

Keyence

Corp.

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

19,198

11,458,732

Kirin

Holdings

Co.

Ltd.

..........

24,100

447,293

Kose

Corp.

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

54,600

6,529,906

Mitsubishi

Electric

Corp.

.........

59,200

822,738

Mitsui

&

Co.

Ltd.

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

3,900

85,281

Mizuho

Financial

Group,

Inc.

......

44,800

633,793

NEC

Corp.

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

17,600

953,762

Nexon

Co.

Ltd.

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

8,500

136,430

Nidec

Corp.

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

4,100

451,984

Nippon

Paint

Holdings

Co.

Ltd.

.....

31,100

338,684

Nissan

Motor

Co.

Ltd.

(f)

..........

46,200

230,883

Nomura

Holdings,

Inc.

..........

203,200

1,001,757

Obic

Co.

Ltd.

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

400

76,063

Olympus

Corp.

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

20,700

453,081

Ono

Pharmaceutical

Co.

Ltd.

......

10,400

237,159

Oracle

Corp.

Japan

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

10,500

922,385

Oriental

Land

Co.

Ltd.

..........

41,700

6,746,050

Panasonic

Corp.

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

20,000

247,908

Recruit

Holdings

Co.

Ltd.

........

190,927

11,670,576

Seven

&

i

Holdings

Co.

Ltd.

.......

4,100

186,650

SoftBank

Corp.

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

13,700

185,838

SoftBank

Group

Corp.

..........

3,000

173,356

Sony

Corp.

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

71,100

7,893,433

Sumitomo

Corp.

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

11,500

162,000

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.

8,100

278,964

Suntory

Beverage

&

Food

Ltd.

.....

1,600

66,329

Suzuki

Motor

Corp.

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

7,700

344,029

Tokyo

Electron

Ltd.

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

300

132,534

Security

Shares

Shares

Value

Japan

(continued)

Toshiba

Corp.

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

1,200

$

50,509

Toyota

Motor

Corp.

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

22,000

391,982

Z

Holdings

Corp.

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

342,800

2,193,941

103,705,081

Luxembourg

—

0.3%

ArcelorMittal

SA

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

111,670

3,418,513

Arrival

Ltd.,

(Acquired

10/08/20,

cost

$10,849,984)

(b)(f)(h)

...........

1,510,583

19,864,166

23,282,679

Macau

—

0.0%

Sands

China

Ltd.

(f)

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

72,400

148,167

Mexico

—

0.0%

Grupo

Bimbo

SAB

de

CV

........

100,338

281,986

Netherlands

—

1.8%

Adyen

NV

(a)(d)(f)

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

8,962

25,052,052

Akzo

Nobel

NV

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

174,946

19,115,419

ASML

Holding

NV

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

59,850

44,711,449

Heineken

Holding

NV

...........

2,150

187,213

ING

Groep

NV

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

3,286,356

47,778,728

Koninklijke

Ahold

Delhaize

NV

.....

13,504

449,658

Koninklijke

Philips

NV

...........

5,299

235,418

Royal

Dutch

Shell

plc,

Class

A

.....

18,900

420,320

Royal

Dutch

Shell

plc,

Class

B

.....

11,432

253,295

138,203,552

New

Zealand

—

0.0%

Xero

Ltd.

(f)

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

582

57,111

Norway

—

0.0%

LINK

Mobility

Group

Holding

ASA

(f)

..

216,508

839,179

Poland

—

0.0%

InPost

SA

(f)

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

178,488

2,961,729

Polski

Koncern

Naftowy

ORLEN

SA

.

10,851

223,560

3,185,289

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

75,890

1,512,883

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

2,041

94,560

Singapore

—

0.1%

DBS

Group

Holdings

Ltd.

........

109,600

2,428,585

United

Overseas

Bank

Ltd.

.......

124,800

2,360,914

4,789,499

South

Africa

—

0.1%

Anglo

American

plc

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

144,998

5,081,985

Impala

Platinum

Holdings

Ltd.

(i)

....

31,850

358,945

Kumba

Iron

Ore

Ltd.

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

9,087

298,552

5,739,482

South

Korea

—

0.7%

Amorepacific

Corp.

(i)

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

86,906

12,999,355

Hana

Financial

Group,

Inc.

.......

9,787

380,439

Kakao

Corp.

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

102,077

10,039,083

KB

Financial

Group,

Inc.

.........

8,465

393,686

Kia

Corp.

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

567

38,293

Krafton,

Inc.

(f)

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

2,494

1,057,422

LG

Chem

Ltd.

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

17,773

11,527,040

LG

Electronics,

Inc.

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

649

68,990

LG

Household

&

Health

Care

Ltd.

...

102

114,997

Lotte

Chemical

Corp.

...........

646

130,024

NCSoft

Corp.

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

2,230

1,129,615

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

South

Korea

(continued)

POSCO

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

5,691

$

1,567,066

Samsung

Biologics

Co.

Ltd.

(a)(d)(f)

....

383

281,043

Samsung

Electronics

Co.

Ltd.

.....

7,390

458,140

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

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

1,096

216,565

Samsung

SDI

Co.

Ltd.

..........

17,698

10,560,754

SK

Hynix,

Inc.

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

1,757

150,410

SK

Innovation

Co.

Ltd.

(f)

.........

1,889

415,883

51,528,805

Spain

—

0.4%

Cellnex

Telecom

SA

(a)(d)

..........

500,207

30,882,808

Endesa

SA

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

22,661

457,016

Iberdrola

SA

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

70,092

705,156

32,044,980

Sweden

—

1.0%

Atlas

Copco

AB,

Class

A

.........

91,017

5,496,121

Atlas

Copco

AB,

Class

B

.........

2,535

128,845

Epiroc

AB,

Class

A

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

154,851

3,219,282

EQT

AB

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

3,307

137,319

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(f)

32,984

667,650

Hexagon

AB,

Class

B

...........

553,192

8,556,771

Sandvik

AB

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

994,737

22,726,068

Svenska

Handelsbanken

AB,

Class

A

39,133

438,266

Swedbank

AB,

Class

A

..........

158,552

3,197,152

Volvo

AB,

Class

A

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

3,059

69,118

Volvo

AB,

Class

B

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

1,225,078

27,351,689

71,988,281

Switzerland

—

0.6%

ABB

Ltd.

(Registered)

...........

115,236

3,854,854

Alcon,

Inc.

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

44,812

3,606,022

Cie

Financiere

Richemont

SA

(Registered)

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

43,069

4,465,485

Holcim

Ltd.

(f)

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

12,382

596,627

Kuehne

+

Nagel

International

AG

(Registered)

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

1,714

585,162

Lonza

Group

AG

(Registered)

.....

9,851

7,389,332

Nestle

SA

(Registered)

..........

48,387

5,830,153

Novartis

AG

(Registered)

........

5,510

451,816

On

Holding

AG,

Class

A

(b)(f)

.......

15,008

452,191

Partners

Group

Holding

AG

.......

173

269,991

Roche

Holding

AG

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

510

186,135

SGS

SA

(Registered)

...........

122

355,122

Sika

AG

(Registered)

...........

27,748

8,773,175

STMicroelectronics

NV

..........

51,407

2,244,519

Straumann

Holding

AG

(Registered)

.

3,664

6,571,246

Zurich

Insurance

Group

AG

.......

245

100,185

45,732,015

Taiwan

—

1.1%

ASE

Technology

Holding

Co.

Ltd.

...

31,000

119,933

Asustek

Computer,

Inc.

..........

18,000

209,056

Cathay

Financial

Holding

Co.

Ltd.

...

663,000

1,366,963

Chunghwa

Telecom

Co.

Ltd.

......

394,000

1,560,839

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

60,000

266,553

Formosa

Chemicals

&

Fibre

Corp.

..

344,000

1,029,149

Formosa

Plastics

Corp.

..........

308,000

1,245,232

Fubon

Financial

Holding

Co.

Ltd.

...

820,200

2,241,470

Hon

Hai

Precision

Industry

Co.

Ltd.

..

390,960

1,459,302

MediaTek,

Inc.

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

29,000

933,437

Nan

Ya

Plastics

Corp.

...........

417,000

1,363,114

Nanya

Technology

Corp.

.........

47,000

109,750

Novatek

Microelectronics

Corp.

....

50,000

726,442

Sea

Ltd.,

ADR

(b)(f)

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

19,548

6,230,534

Security

Shares

Shares

Value

Taiwan

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

2,842,000

$

58,778,492

Uni-President

Enterprises

Corp.

....

594,000

1,451,228

United

Microelectronics

Corp.

.....

118,000

267,476

Yageo

Corp.

(f)

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

117,000

1,833,829

81,192,799

Tanzania,

United

Republic

Of

—

0.0%

AngloGold

Ashanti

Ltd.

..........

1,929

30,904

Thailand

—

0.0%

Intouch

Holdings

PCL,

Class

F

.....

797,000

1,892,621

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(e)(f)

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

365,939

5

United

Kingdom

—

2.9%

Alphawave

IP

Group

plc

(f)(i)

.......

745,739

2,331,156

AstraZeneca

plc

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

339,271

40,888,174

AstraZeneca

plc,

ADR

(b)

.........

883

53,033

Auto

Trader

Group

plc

(a)(d)

........

356,969

2,815,130

Barclays

plc

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

80,226

203,853

Berkeley

Group

Holdings

plc

......

67,764

3,957,127

BP

plc

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

37,032

168,675

BP

plc,

ADR

(b)(i)

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

237,209

6,482,922

British

American

Tobacco

plc

......

5,404

188,894

Coca-Cola

Europacific

Partners

plc

(b)

.

1,896

104,830

Compass

Group

plc

(f)

...........

921,753

18,850,930

Diageo

plc

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

26,745

1,294,859

Experian

plc

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

3,329

139,452

Genius

Sports

Ltd.

(b)(f)

...........

125,772

2,346,906

GlaxoSmithKline

plc

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

26,948

508,594

Legal

&

General

Group

plc

.......

161,748

607,702

Linde

plc

(b)

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

16,151

4,738,380

Lloyds

Banking

Group

plc

........

82,273,658

51,208,890

London

Stock

Exchange

Group

plc

..

1,082

108,425

National

Grid

plc

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

19,106

227,662

NatWest

Group

plc

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

73,348

221,134

Reckitt

Benckiser

Group

plc

.......

852

66,933

RELX

plc

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

9,935

285,991

Spirax-Sarco

Engineering

plc

......

20,513

4,127,335

THG

Holdings

Ltd.

(f)

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

3,315,526

22,649,413

Unilever

plc

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

544,635

29,427,302

Unilever

plc

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

164,143

8,886,434

Vodafone

Group

plc

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

8,144,491

12,393,407

215,283,543

United

States

—

44.5%

10X

Future

Technologies

Holding

Ltd.,

(Acquired

05/13/21,

cost

$7,969,637)

(e)(f)(h)

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

210,424

7,368,823

3M

Co.

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

759

133,144

Abbott

Laboratories

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

445,868

52,670,387

AbbVie,

Inc.

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

415,670

44,838,323

Accenture

plc,

Class

A

..........

2,245

718,220

Adobe,

Inc.

(f)

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

3,459

1,991,415

Advance

Auto

Parts,

Inc.

.........

22,700

4,741,803

Advanced

Micro

Devices,

Inc.

(f)

....

3,055

314,359

Agilent

Technologies,

Inc.

........

7,491

1,180,057

Air

Products

&

Chemicals,

Inc.

.....

115,804

29,658,562

Airbnb,

Inc.,

Class

A

(f)

...........

28,399

4,763,932

Alight

Group,

Inc.,

Class

A

(Acquired

07/02/21,

cost

$1,061,510)

(f)(h)

...

106,151

1,218,613

Align

Technology,

Inc.

(f)

..........

213

141,737

Alnylam

Pharmaceuticals,

Inc.

(f)

....

36,187

6,832,467

Alphabet,

Inc.,

Class

A

(f)

.........

1,131

3,023,751

Alphabet,

Inc.,

Class

C

(f)

.........

50,664

135,035,266

BlackRock

Global

Allocation

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

Altair

Engineering,

Inc.,

Class

A

(f)(i)

..

91,007

$

6,274,023

AltC

Acquisition

Corp.,

Class

A

(f)(i)

...

224,345

2,205,311

Amazon.com,

Inc.

(f)

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

28,997

95,256,305

American

Electric

Power

Co.,

Inc.

...

2,540

206,197

American

Express

Co.

..........

780

130,673

American

Tower

Corp.

..........

193,995

51,488,213

American

Water

Works

Co.,

Inc.

....

27,859

4,709,285

Ameriprise

Financial,

Inc.

........

333

87,952

Analog

Devices,

Inc.

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

652

109,197

Anthem,

Inc.

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

72,938

27,191,286

Aon

plc,

Class

A

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

630

180,035

Apple,

Inc.

(j)

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

921,778

130,431,587

Applied

Materials,

Inc.

..........

223,307

28,746,310

Aptiv

plc

(f)

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

117,226

17,463,157

Aramark

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

19,937

655,130

Astra

Space,

Inc.,

(Acquired

06/30/21,

cost

$2,495,210)

(f)(h)

..........

249,521

2,168,337

Atlassian

Corp.

plc,

Class

A

(f)

......

19,188

7,510,567

Autodesk,

Inc.

(f)

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

94,945

27,075,466

AutoZone,

Inc.

(f)

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

205

348,088

Bank

of

America

Corp.

..........

1,396,873

59,297,259

Bank

of

New

York

Mellon

Corp.

(The)

8,554

443,439

Bath

&

Body

Works,

Inc.

.........

101,852

6,419,732

Baxter

International,

Inc.

.........

12,176

979,316

Becton

Dickinson

and

Co.

........

2,287

562,190

Berkshire

Grey,

Inc.,

Class

A

(f)

.....

89,420

628,623

Berkshire

Hathaway,

Inc.,

Class

B

(f)

..

21,605

5,896,869

Best

Buy

Co.,

Inc.

(i)

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

36,825

3,892,771

Biogen,

Inc.

(f)

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

506

143,193

Blackstone

Group,

Inc.

(The),

Class

A

509

59,217

Blend

Labs,

Inc.,

Class

A

(f)(i)

.......

280,175

3,776,759

Booking

Holdings,

Inc.

(f)

.........

32

75,964

Boston

Scientific

Corp.

(f)

.........

1,244,539

54,000,547

Bright

Horizons

Family

Solutions,

Inc.

(f)

8,517

1,187,440

Bristol-Myers

Squibb

Co.

.........

512,512

30,325,335

Broadcom,

Inc.

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

502

243,435

Brookfield

Renewable

Corp.

......

3,233

125,583

Brown-Forman

Corp.,

Class

B

.....

4,189

280,705

Cadence

Design

Systems,

Inc.

(f)

....

30,884

4,677,073

California

Resources

Corp.

(f)

......

131,224

5,380,184

Capital

One

Financial

Corp.

.......

318,691

51,618,381

Capri

Holdings

Ltd.

(f)

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

115,858

5,608,686

Carrier

Global

Corp.

(i)

...........

101,045

5,230,089

Centene

Corp.

(f)

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

1,566

97,577

Cerner

Corp.

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

16,125

1,137,135

Charles

Schwab

Corp.

(The)

(i)

.....

634,655

46,228,270

Charter

Communications,

Inc.,

Class

A

(f)

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

44,316

32,242,549

Cigna

Corp.

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

7,731

1,547,437

Cintas

Corp.

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

179

68,138

Citigroup,

Inc.

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

1,983

139,167

CME

Group,

Inc.

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

26,939

5,209,464

Cognizant

Technology

Solutions

Corp.,

Class

A

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

3,992

296,246

Colgate-Palmolive

Co.

..........

1,535

116,015

Comcast

Corp.,

Class

A

.........

965,120

53,979,162

ConocoPhillips

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

832,920

56,446,988

Consolidated

Edison,

Inc.

........

1,194

86,672

Constellation

Brands,

Inc.,

Class

A

..

10,473

2,206,556

Corteva,

Inc.

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

14,373

604,816

Costco

Wholesale

Corp.

.........

100,274

45,058,122

Crowdstrike

Holdings,

Inc.,

Class

A

(f)

.

61,988

15,235,411

Crown

Castle

International

Corp.

...

8,084

1,401,119

Crown

PropTech

Acquisitions

(e)(f)

....

62,472

35,609

Crown

PropTech

Acquisitions

(f)

.....

162,972

1,600,385

Security

Shares

Shares

Value

United

States

(continued)

CSX

Corp.

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

3,115

$

92,640

Danaher

Corp.

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

6,277

1,910,970

Danimer

Scientific,

Inc.

(f)

.........

41,152

672,424

Datadog,

Inc.,

Class

A

(f)

.........

21,820

3,084,257

Davidson

Kempner

Mercant

Co-

Invest

Fund

LP,

(Acquired

04/1/21,

cost

$8,829,800)

(e)(f)(h)(k)

...........

8,829,800

9,618,654

Deere

&

Co.

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

13,224

4,430,966

Dell

Technologies,

Inc.,

Class

C

(f)

...

210,801

21,931,736

Delta

Air

Lines,

Inc.

(f)

...........

92,436

3,938,698

Devon

Energy

Corp.

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

91,274

3,241,140

DexCom,

Inc.

(f)

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

14,133

7,728,772

Diamondback

Energy,

Inc.

........

9,090

860,550

Diversey

Holdings

Ltd.

(f)(i)

.........

826,476

13,256,675

DocuSign,

Inc.

(f)

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

1,712

440,720

Dollar

Tree,

Inc.

(f)

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

2,754

263,613

Doma

Holding,

Inc.,

(Acquired

07/28/21,

cost

$4,723,000)

(f)(h)

...

472,300

3,495,020

Dominion

Energy,

Inc.

...........

804

58,708

Dow,

Inc.

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

7,892

454,264

DR

Horton,

Inc.

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

356,515

29,936,565

Duke

Energy

Corp.

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

1,451

141,603

Dynatrace,

Inc.

(f)

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

78,901

5,599,604

Eaton

Corp.

plc

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

8,681

1,296,160

Edwards

Lifesciences

Corp.

(f)

......

181,154

20,508,444

Electronic

Arts,

Inc.

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

1,780

253,205

Eli

Lilly

&

Co.

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

907

209,562

Emerson

Electric

Co.

...........

15,709

1,479,788

Energy

Transfer

LP

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

295,477

2,830,670

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$8,212,150)

(e)(f)(h)

.........

14,282

13,497,633

EQT

Corp.

(f)(i)

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

1,523,705

31,175,004

Equity

Residential

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

4,570

369,804

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

8,914

2,673,576

Eversource

Energy

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

1,944

158,941

Expedia

Group,

Inc.

(f)(i)

..........

26,208

4,295,491

Exxon

Mobil

Corp.

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

14,993

881,888

Facebook,

Inc.,

Class

A

(f)

.........

94,230

31,980,720

Fair

Isaac

Corp.

(f)

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

8,498

3,381,609

FedEx

Corp.

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

21,015

4,608,379

Ferguson

plc

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

35,442

4,920,126

Fidelity

National

Information

Services,

Inc.

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

4,622

562,405

Fiserv,

Inc.

(f)

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

2,482

269,297

Ford

Motor

Co.

(f)

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

497,025

7,037,874

Fortinet,

Inc.

(f)

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

31,200

9,111,648

Fortive

Corp.

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

613,055

43,263,291

Fortune

Brands

Home

&

Security,

Inc.

41,442

3,705,744

Freeport-McMoRan,

Inc.

(j)

........

1,160,835

37,761,963

Frontier

Communications

Parent,

Inc.

(f)(i)

147,068

4,098,785

Generac

Holdings,

Inc.

(f)

.........

7,050

2,881,123

Gilead

Sciences,

Inc.

...........

1,197

83,610

Global

Payments,

Inc.

..........

122,660

19,328,763

Globant

SA

(f)

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

151

42,433

Goldman

Sachs

Group,

Inc.

(The)

..

584

220,770

Green

Plains,

Inc.

(f)

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

82,608

2,697,151

HCA

Healthcare,

Inc.

...........

1,570

381,070

Healthcare

Merger

Corp.,

(Acquired

10/30/20,

cost

$3,117,860)

(f)(h)

...

311,786

704,636

Highland

Transcend

Partners

I

Corp.

(f)

227,970

2,382,287

Hilton

Worldwide

Holdings,

Inc.

(f)

...

74,761

9,876,676

Home

Depot,

Inc.

(The)

.........

124,730

40,943,870

Honeywell

International,

Inc.

......

566

120,150

Hormel

Foods

Corp.

(i)

...........

7,222

296,102

HP,

Inc.

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

20,672

565,586

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

Humana,

Inc.

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

854

$

332,334

IDEXX

Laboratories,

Inc.

(f)

........

1,677

1,042,926

iHeartMedia,

Inc.,

Class

A

(f)

.......

3,240

81,065

IHS

Markit

Ltd.

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

4,524

527,589

Illinois

Tool

Works,

Inc.

..........

2,860

590,962

Illumina,

Inc.

(f)

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

3,098

1,256,580

Insulet

Corp.

(f)

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

4,592

1,305,184

Intel

Corp.

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

13,423

715,177

Intercontinental

Exchange,

Inc.

....

1,086

124,695

International

Flavors

&

Fragrances,

Inc.

137,938

18,445,069

International

Paper

Co.

..........

11,118

621,719

Intuit,

Inc.

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

966

521,167

Intuitive

Surgical,

Inc.

(f)

..........

21,532

21,406,038

IQVIA

Holdings,

Inc.

(f)

...........

5,720

1,370,169

Israel

Amplify

Program

Corp.

(e)

.....

116,847

30,380

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(e)(f)(h)

........

301,223

3

Joby

Aviation,

Inc.,

Class

A

(Acquired

08/06/21,

cost

$1,598,460)

(f)(h)

...

159,846

1,608,051

Johnson

&

Johnson

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

450,698

72,787,727

Johnson

Controls

International

plc

..

66,001

4,493,348

JPMorgan

Chase

&

Co.

.........

54,395

8,903,918

JumpCloud,

Inc.,

Series

F

(Acquired

09/03/21,

cost

$871,086)

(e)(f)(h)

...

145,455

871,275

Keurig

Dr

Pepper,

Inc.

..........

2,533

86,527

Khosla

Ventures

Acquisition

Co.

(f)

...

264,466

2,610,279

KLA

Corp.

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

354

118,417

Kroger

Co.

(The)

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

20,764

839,489

Lam

Research

Corp.

...........

1,700

967,555

Las

Vegas

Sands

Corp.

(f)

.........

107,720

3,942,552

Latch,

Inc.,

(Acquired

06/4/21,

cost

$2,178,410)

(f)(h)

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

217,841

2,455,068

Liberty

Broadband

Corp.

(f)

........

1,313

221,044

Liberty

Broadband

Corp.,

Class

C

(f)

..

1,956

337,801

Liberty

Media

Acquisition

Corp.

(f)

....

448,561

4,633,635

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(f)

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

267,645

12,624,815

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C

(f)

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

368,848

17,509,214

Lions

Gate

Entertainment

Corp.,

Class

A

(f)

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

53,976

765,919

Lockheed

Martin

Corp.

..........

780

269,178

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$936,169)

(e)(f)(h)

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

73,943

811,894

Lowe's

Cos.,

Inc.

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

153,054

31,048,534

Lululemon

Athletica,

Inc.

(f)

........

1,331

538,656

LyondellBasell

Industries

NV,

Class

A

2,535

237,910

ManpowerGroup,

Inc.

(i)

..........

21,170

2,292,288

Marqeta,

Inc.,

Class

A

(f)

..........

114,277

2,527,807

Marsh

&

McLennan

Cos.,

Inc.

.....

266,154

40,303,700

Masco

Corp.

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

540,860

30,044,773

Masimo

Corp.

(f)

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

20,406

5,524,108

Mastercard,

Inc.,

Class

A

.........

147,682

51,346,078

Matterport,

Inc.,

Class

A

(Acquired

07/20/21,

cost

$1,589,320)

(f)(h)

...

158,932

3,005,404

McDonald's

Corp.

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

158,663

38,255,236

Medallia,

Inc.

(f)

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

294,868

9,987,179

Medtronic

plc

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

10,042

1,258,765

Merck

&

Co.,

Inc.

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

5,668

425,723

Micron

Technology,

Inc.

(f)

.........

413,825

29,373,298

Microsoft

Corp.

(j)

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

607,446

171,251,176

Moderna,

Inc.

(f)

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

20,705

7,968,526

MoneyLion,

Inc.,

(Acquired

09/22/21,

cost

$2,804,430)

(f)(h)

..........

280,443

1,654,026

Monster

Beverage

Corp.

(f)

........

19,222

1,707,490

Security

Shares

Shares

Value

United

States

(continued)

Moody's

Corp.

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

359

$

127,484

Morgan

Stanley

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

380,315

37,008,453

Netflix,

Inc.

(f)

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

797

486,441

New

Relic,

Inc.

(f)

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

42,339

3,038,670

Newmont

Corp.

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

1,657

89,975

NextEra

Energy,

Inc.

...........

716,690

56,274,499

NIKE,

Inc.,

Class

B

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

34,428

4,999,978

Northern

Genesis

Acquisition

Corp.

II

(f)

107,634

1,068,806

Northern

Trust

Corp.

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

10,569

1,139,444

NVIDIA

Corp.

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

158,432

32,820,773

Offerpad

Solution,

Inc.,

(Acquired

09/01/21,

cost

$2,483,100)

(f)(h)

...

248,310

1,903,615

Okta,

Inc.,

Class

A

(f)

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

24,592

5,836,665

Opendoor

Technologies,

Inc.

(f)

.....

248,045

5,092,364

Oracle

Corp.

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

2,055

179,052

O'Reilly

Automotive,

Inc.

(f)

........

5,725

3,498,319

Organon

&

Co.

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

1,938

63,547

Otis

Worldwide

Corp.

...........

13,290

1,093,501

Ovintiv,

Inc.

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

25,402

835,218

Palo

Alto

Networks,

Inc.

(f)

........

19,568

9,373,072

Parker-Hannifin

Corp.

...........

80,430

22,489,837

PayPal

Holdings,

Inc.

(f)

..........

123,178

32,052,147

Peloton

Interactive,

Inc.,

Class

A

(f)

...

188,140

16,377,587

Penn

National

Gaming,

Inc.

(f)(i)

.....

61,461

4,453,464

PepsiCo,

Inc.

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

31,009

4,664,064

Pfizer,

Inc.

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

5,203

223,781

Philip

Morris

International,

Inc.

.....

1,835

173,940

Pinterest,

Inc.,

Class

A

(f)

.........

9,430

480,459

Playstudios,

Inc.,

(Acquired

06/17/21,

cost

$3,467,480)

(f)(h)

..........

346,748

1,581,171

Playtika

Holding

Corp.

(f)(i)

.........

807,372

22,307,688

PPG

Industries,

Inc.

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

179,783

25,710,767

Procter

&

Gamble

Co.

(The)

......

630

88,074

Progressive

Corp.

(The)

.........

1,498

135,404

Prologis,

Inc.

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

7,549

946,871

Public

Storage

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

612

181,825

PubMatic,

Inc.,

Class

A

(f)(i)

........

49,246

1,297,632

PVH

Corp.

(f)

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

47,802

4,913,568

QIAGEN

NV

(f)

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

105,497

5,452,085

QUALCOMM,

Inc.

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

43,177

5,568,969

Quest

Diagnostics,

Inc.

(i)

.........

38,917

5,655,029

Regeneron

Pharmaceuticals,

Inc.

(f)

..

13,181

7,976,878

ResMed,

Inc.

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

21,116

5,565,122

RingCentral,

Inc.,

Class

A

(f)

.......

8,906

1,937,055

Robert

Half

International,

Inc.

......

28,097

2,818,972

Rocket

Lab

USA,

Inc.,

(Acquired

08/25/21,

cost

$1,876,930)

(f)(h)

...

187,693

2,662,186

Rockwell

Automation,

Inc.

........

3,189

937,694

Roku,

Inc.

(f)

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

158

49,509

Ross

Stores,

Inc.

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

999

108,741

Rotor

Acquisition

Corp.

(e)(f)

........

31,440

243,346

S&P

Global,

Inc.

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

232

98,574

salesforce.com,

Inc.

(f)

...........

205,086

55,623,425

Sarcos

Technology

and

Robostics,

(Acquired

09/24/21,

cost

$11,766,520)

(f)(h)

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

1,176,652

8,340,400

Sarcos

Technology

and

Robotics

Corp.

(f)(i)

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

58,607

453,032

SBA

Communications

Corp.

......

2,932

969,231

Schlumberger

Ltd.

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

4,795

142,124

Schneider

Electric

SE

...........

7,275

1,211,681

Seagen,

Inc.

(f)

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

44,394

7,538,101

Sema4

Holding

Corp.,

(Acquired

07/17/20,

cost

$3,686,955)

(f)(h)

...

743,971

5,472,629

BlackRock

Global

Allocation

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

Sema4

Holding

Corp.,

(Acquired

07/22/21,

cost

$3,087,660)

(f)(h)

...

308,766

$

2,343,534

Sempra

Energy

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

327,612

41,442,918

Sensata

Technologies

Holding

plc

(f)

..

23,053

1,261,460

ServiceNow,

Inc.

(f)

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

60,380

37,572,663

Sherwin-Williams

Co.

(The)

.......

482

134,830

SmartRent,

Inc.,

Class

A

(f)

........

282,014

3,671,822

Snap,

Inc.,

Class

A

(f)

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

606

44,765

Snorkel

AI,

Inc.,

Series

B

(Acquired

06/30/21,

cost

$301,445)

(e)(f)(h)

...

20,070

313,493

Sonos,

Inc.

(f)

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

209,187

6,769,291

Southern

Co.

(The)

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

2,645

163,911

Southwest

Airlines

Co.

(f)

.........

3,748

192,760

Spire

Global,

Inc.

(Acquired

08/16/21,

cost

$594,160)

(h)

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

59,416

744,482

Splunk,

Inc.

(f)

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

28,846

4,174,305

Stanley

Black

&

Decker,

Inc.

......

4,010

702,993

Starbucks

Corp.

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

4,268

470,803

Starwood

Property

Trust,

Inc.

......

145,435

3,550,068

State

Street

Corp.

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

2,752

233,149

Stellantis

NV

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

14,907

283,697

Stryker

Corp.

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

14,239

3,755,109

Sun

Country

Airlines

Holdings,

Inc.

(f)

.

323,187

10,839,692

Synopsys,

Inc.

(f)

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

575

172,161

Sysco

Corp.

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

3,236

254,026

TE

Connectivity

Ltd.

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

171,880

23,585,374

Tesla,

Inc.

(f)

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

2,218

1,720,015

Thermo

Fisher

Scientific,

Inc.

......

85,701

48,963,552

TJX

Cos.,

Inc.

(The)

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

509,253

33,600,513

T-Mobile

US,

Inc.

(f)

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

2,886

368,715

Toast,

Inc.,

Class

A

(f)

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

50,409

2,517,930

Toll

Brothers,

Inc.

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

74,303

4,108,213

TPB

Acquisition

Corp.

I

(f)

.........

81,647

811,865

Trane

Technologies

plc

..........

24,170

4,172,951

TransDigm

Group,

Inc.

(f)

.........

12,344

7,709,692

Twilio,

Inc.,

Class

A

(f)

...........

23,126

7,378,350

Twitter,

Inc.

(f)

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

1,953

117,942

Uber

Technologies,

Inc.

(f)

.........

23,011

1,030,893

Ulta

Beauty,

Inc.

(f)

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

6,294

2,271,630

Union

Pacific

Corp.

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

867

169,941

United

Parcel

Service,

Inc.,

Class

B

.

272,550

49,631,355

United

Rentals,

Inc.

(f)(i)

..........

12,167

4,269,765

United

States

Steel

Corp.

........

104,598

2,298,018

UnitedHealth

Group,

Inc.

.........

188,493

73,651,755

US

Bancorp

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

69,086

4,106,472

Vail

Resorts,

Inc.

(f)

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

1,972

658,747

Valero

Energy

Corp.

(i)

...........

378,949

26,742,431

VeriSign,

Inc.

(f)

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

30,627

6,278,841

Verisk

Analytics,

Inc.

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

25,958

5,198,609

Verizon

Communications,

Inc.

.....

35,818

1,934,530

Vertex

Pharmaceuticals,

Inc.

(f)

.....

2,859

518,594

Vertiv

Holdings

Co.,

Class

A

(Acquired

03/01/21,

cost

$2,650,251)

(h)

....

1,318,419

31,760,714

VF

Corp.

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

20,563

1,377,515

Victoria's

Secret

&

Co.

(f)

.........

54,124

2,990,892

Visa,

Inc.,

Class

A

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

1,786

397,832

VMware,

Inc.,

Class

A

(f)(i)

.........

215,569

32,055,110

Volta,

Inc.,

Class

A

(Acquired

08/26/21,

cost

$2,814,910)

(f)(h)

..........

281,491

2,434,897

Vulcan

Materials

Co.

...........

198,143

33,517,870

Walmart,

Inc.

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

139,097

19,387,340

Walt

Disney

Co.

(The)

(f)(i)

.........

323,822

54,780,968

Waste

Connections,

Inc.

.........

935

117,745

Wells

Fargo

&

Co.

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

90,385

4,194,768

Welltower,

Inc.

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

1,799

148,238

Security

Shares

Shares

Value

United

States

(continued)

Western

Digital

Corp.

(f)

..........

101,924

$

5,752,591

Weyerhaeuser

Co.

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

120,280

4,278,360

Williams-Sonoma,

Inc.

..........

80,450

14,266,199

Willis

Towers

Watson

plc

.........

4,170

969,358

WillScot

Mobile

Mini

Holdings

Corp.

(f)

21,311

675,985

Workday,

Inc.,

Class

A

(f)

.........

18,075

4,516,762

Wynn

Resorts

Ltd.

(f)

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

55,714

4,721,762

Xcel

Energy,

Inc.

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

3,507

219,188

Xilinx,

Inc.

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

40,144

6,061,343

Yum!

Brands,

Inc.

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

6,331

774,345

Zimmer

Biomet

Holdings,

Inc.

.....

19,927

2,916,516

Zoetis,

Inc.

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

26,281

5,102,193

Zoom

Video

Communications,

Inc.,

Class

A

(f)

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

2,916

762,534

Zscaler,

Inc.

(f)

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

33,955

8,903,680

3,335,277,127

Total

Common

Stocks

—

67.7%

(Cost:

$4,072,493,676)

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

5,069,476,863

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

7.3%

Argentina

—

0.0%

Genneia

SA,

8.75%

,

09/02/27

(a)(b)

...

USD

628

600,652

Australia

—

0.6%

Oceana

Australian

Fixed

Income

Trust

(e)

:

10.00%,

08/31/23

...........

AUD

1,989

1,437,948

10.25%,

08/31/25

...........

3,691

2,668,408

Quintis

Australia

Pty.

Ltd.

(a)(b)(e)(g)(l)

:

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

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

USD

19,206

18,424,874

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

18,591

18,591,047

41,122,277

Bahrain

—

0.0%

(b)

BBK

BSC,

5.50%

,

07/09/24

(d)

......

333

344,718

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%

,

11/07/24

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

312

341,156

685,874

Brazil

—

0.1%

(b)

Atento

Luxco

1

SA,

8.00%

,

02/10/26

(a)

185

202,436

Azul

Investments

LLP:

5.88%,

10/26/24

(d)

...........

200

188,537

7.25%,

06/15/26

(a)

...........

420

401,100

Embraer

Netherlands

Finance

BV,

6.95%

,

01/17/28

(a)

...........

359

406,406

Gol

Finance

SA,

8.00%

,

06/30/26

(a)

..

692

695,460

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

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

428

408,740

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(a)

...........

530

532,915

Oi

SA,

10.00%

,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(l)

........

460

430,675

Petrobras

Global

Finance

BV:

5.30%,

01/27/25

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

276

307,587

6.00%,

01/27/28

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

404

453,944

Rumo

Luxembourg

SARL,

5.88%

,

01/18/25

(a)

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

655

678,048

Simpar

Europe

SA,

5.20%

,

01/26/31

(a)

401

398,574

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Brazil

(continued)

Suzano

Austria

GmbH:

3.75%,

01/15/31

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

USD

661

$

677,360

3.13%,

01/15/32

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

490

472,299

Vale

Overseas

Ltd.:

6.25%,

08/10/26

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

571

676,235

3.75%,

07/08/30

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

397

409,784

XP,

Inc.,

3.25%

,

07/01/26

(a)

.......

246

239,235

7,579,335

Canada

—

0.0%

(a)(b)

Bombardier,

Inc.,

7.13%

,

06/15/26

..

599

628,950

Brookfield

Residential

Properties,

Inc.:

6.25%,

09/15/27

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

101

106,178

5.00%,

06/15/29

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

556

568,538

Mattamy

Group

Corp.,

4.63%

,

03/01/30

1,288

1,316,149

2,619,815

Chile

—

0.0%

(b)

Kenbourne

Invest

SA

(a)

:

6.88%,

11/26/24

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

691

726,759

4.70%,

01/22/28

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

260

260,910

Sable

International

Finance

Ltd.,

5.75%

,

09/07/27

(d)

...........

502

527,100

VTR

Comunicaciones

SpA,

4.38%

,

04/15/29

(a)

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

615

630,375

2,145,144

China

—

0.9%

(b)

21Vianet

Group,

Inc.,

7.88%

,

10/15/21

(d)

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

323

322,483

AAC

Technologies

Holdings,

Inc.,

3.75%

,

06/02/31

(d)

...........

1,110

1,127,477

Agile

Group

Holdings

Ltd.,

5.50%

,

04/21/25

(d)

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

965

902,275

Baidu,

Inc.,

3.43%

,

04/07/30

......

1,160

1,227,744

Bank

of

Communications

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.80%

(c)(d)(m)

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

327

338,527

Central

China

Real

Estate

Ltd.

(d)

:

7.65%,

08/27/23

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

282

177,660

7.90%,

11/07/23

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

440

270,600

7.75%,

05/24/24

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

1,032

628,230

7.25%,

07/16/24

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

200

121,662

China

Aoyuan

Group

Ltd.

(d)

:

7.95%,

02/19/23

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

520

468,000

7.95%,

06/21/24

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

684

588,240

5.98%,

08/18/25

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

720

554,400

6.20%,

03/24/26

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

887

674,120

China

Development

Bank

Financial

Leasing

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

2.88%

,

09/28/30

(c)(d)

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

440

446,408

China

Evergrande

Group

(d)(f)(n)

:

8.25%,

03/23/22

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

653

168,964

9.50%,

04/11/22

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

653

162,434

11.50%,

01/22/23

...........

645

154,800

10.00%,

04/11/23

...........

322

76,877

China

Grand

Automotive

Services

Ltd.,

8.63%

,

04/08/22

(d)

...........

430

402,399

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(f)(n)(o)(p)

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

4,800

4,800

China

SCE

Group

Holdings

Ltd.

(d)

:

7.25%,

04/19/23

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

322

312,903

7.38%,

04/09/24

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

323

310,080

Security

Par

(000)

Par

(000)

Value

China

(continued)

5.95%,

09/29/24

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

USD

323

$

297,160

7.00%,

05/02/25

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

323

302,005

China

South

City

Holdings

Ltd.,

10.88%

,

06/26/22

(d)

..........

460

372,600

CIFI

Holdings

Group

Co.

Ltd.

(d)

:

6.45%,

11/07/24

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

245

244,387

6.00%,

07/16/25

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

200

198,500

5.95%,

10/20/25

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

200

198,000

4.45%,

08/17/26

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

403

379,828

CMB

International

Leasing

Management

Ltd.,

2.75%

,

08/12/30

(d)

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

810

793,952

CNAC

HK

Finbridge

Co.

Ltd.

(d)

:

4.13%,

07/19/27

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

730

796,306

5.13%,

03/14/28

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

750

855,743

3.88%,

06/19/29

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

370

394,908

3.00%,

09/22/30

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

420

419,555

Country

Garden

Holdings

Co.

Ltd.

(d)

:

5.40%,

05/27/25

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

660

669,817

7.25%,

04/08/26

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

660

692,175

5.13%,

01/14/27

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

880

890,065

DaFa

Properties

Group

Ltd.,

9.95%

,

01/18/22

(d)

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

430

399,577

Dexin

China

Holdings

Co.

Ltd.

(d)

:

11.88%,

04/23/22

...........

270

261,022

9.95%,

12/03/22

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

450

405,647

Easy

Tactic

Ltd.

(d)

:

9.13%,

07/28/22

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

200

157,400

12.38%,

11/18/22

...........

200

156,000

5.88%,

02/13/23

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

200

145,000

8.13%,

02/27/23

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

200

145,000

11.75%,

08/02/23

...........

610

442,250

8.63%,

03/05/24

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

430

285,950

11.63%,

09/03/24

...........

290

191,400

Fantasia

Holdings

Group

Co.

Ltd.

(d)

:

11.75%,

04/17/22

(f)(n)

.........

920

358,800

7.95%,

07/05/22

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

280

95,200

10.88%,

01/09/23

(f)(n)

.........

1,048

324,880

11.88%,

06/01/23

(f)(n)

.........

323

100,130

9.88%,

10/19/23

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

200

60,000

Fortune

Star

BVI

Ltd.

(d)

:

6.85%,

07/02/24

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

374

388,025

5.95%,

10/19/25

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

887

902,522

5.05%,

01/27/27

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

726

709,665

Fuqing

Investment

Management

Ltd.,

3.25%

,

06/23/25

(d)

...........

990

958,939

GLP

China

Holdings

Ltd.,

2.95%

,

03/29/26

(d)

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

877

879,456

Greenland

Global

Investment

Ltd.

(d)

:

5.60%,

11/13/22

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

460

317,400

6.13%,

04/22/23

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

200

130,000

6.75%,

09/26/23

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

590

359,900

Guoren

Property

&

Casualty

Insurance

Co.

Ltd.,

3.35%

,

06/01/26

(d)

.....

874

888,963

Haidilao

International

Holding

Ltd.,

2.15%

,

01/14/26

(d)

...........

1,030

996,525

Haimen

Zhongnan

Investment

Development

International

Co.

Ltd.

(d)

:

12.00%,

06/08/22

...........

470

422,941

10.88%,

06/18/22

...........

250

225,000

Health

&

Happiness

H&H

International

Holdings

Ltd.,

5.63%

,

10/24/24

(d)

.

323

330,833

Hilong

Holding

Ltd.,

9.75%

,

11/18/24

(d)

720

633,600

BlackRock

Global

Allocation

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

China

(continued)

Hopson

Development

Holdings

Ltd.

(d)

:

6.80%,

12/28/23

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

USD

484

$

459,800

7.00%,

05/18/24

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

200

188,350

JD.com,

Inc.,

3.38%

,

01/14/30

.....

990

1,038,391

Jiayuan

International

Group

Ltd.,

13.75%

,

02/18/23

(d)

..........

410

418,405

Jingrui

Holdings

Ltd.,

12.00%

,

07/25/22

(d)

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

670

601,032

Kaisa

Group

Holdings

Ltd.:

11.50%,

01/30/23

(d)

..........

403

340,233

10.88%,

07/23/23

...........

563

462,997

9.75%,

09/28/23

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

523

411,863

11.95%,

11/12/23

(d)

..........

524

429,680

9.38%,

06/30/24

(d)

...........

763

587,510

11.25%,

04/16/25

(d)

..........

510

393,975

9.95%,

07/23/25

(d)

...........

270

201,487

KWG

Group

Holdings

Ltd.,

7.40%

,

03/05/24

(d)

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

968

934,120

Lenovo

Group

Ltd.,

3.42%

,

11/02/30

(d)

630

654,066

Logan

Group

Co.

Ltd.:

5.75%,

01/14/25

(d)

...........

200

198,500

4.70%,

07/06/26

(d)

...........

500

470,000

4.50%,

01/13/28

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

765

701,887

Longfor

Group

Holdings

Ltd.

(d)

:

4.50%,

01/16/28

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

840

900,270

3.95%,

09/16/29

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

620

641,905

Modern

Land

China

Co.

Ltd.

(d)

:

11.50%,

11/13/22

...........

200

166,412

9.80%,

04/11/23

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

740

614,200

11.95%,

03/04/24

...........

200

144,725

New

Metro

Global

Ltd.

(d)

:

4.80%,

12/15/24

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

218

205,465

4.50%,

05/02/26

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

807

740,422

Powerlong

Real

Estate

Holdings

Ltd.,

6.25%

,

08/10/24

(d)

...........

323

310,888

Redco

Properties

Group

Ltd.,

9.90%

,

02/17/24

(d)

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

200

169,163

Redsun

Properties

Group

Ltd.

(d)

:

10.50%,

10/03/22

...........

400

369,575

9.70%,

04/16/23

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

484

444,070

7.30%,

01/13/25

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

279

231,221

RKPF

Overseas

2019

A

Ltd.

(d)

:

5.90%,

03/05/25

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

403

390,406

6.00%,

09/04/25

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

645

622,425

RKPF

Overseas

2020

A

Ltd.

(d)

:

5.20%,

01/12/26

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

327

302,066

5.13%,

07/26/26

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

323

296,353

RongXingDa

Development

BVI

Ltd.,

8.00%

,

04/24/22

(d)

...........

580

298,084

Ronshine

China

Holdings

Ltd.

(d)

:

8.10%,

06/09/23

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

645

451,500

7.35%,

12/15/23

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

200

149,000

6.75%,

08/05/24

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

440

303,600

7.10%,

01/25/25

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

1,223

831,640

Scenery

Journey

Ltd.

(d)(f)(n)

:

11.50%,

10/24/22

...........

403

71,533

13.00%,

11/06/22

...........

773

133,487

12.00%,

10/24/23

...........

484

89,540

Seazen

Group

Ltd.,

6.00%

,

08/12/24

(d)

845

815,425

Shimao

Group

Holdings

Ltd.

(d)

:

5.60%,

07/15/26

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

880

870,815

3.45%,

01/11/31

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

543

485,306

Shui

On

Development

Holding

Ltd.

(d)

:

6.15%,

08/24/24

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

323

320,578

5.50%,

03/03/25

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

684

665,190

Security

Par

(000)

Par

(000)

Value

China

(continued)

Sinic

Holdings

Group

Co.

Ltd.

(d)

:

8.50%,

01/24/22

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

USD

270

$

54,000

10.50%,

06/18/22

(f)(n)

.........

450

67,500

Sinochem

Offshore

Capital

Co.

Ltd.,

2.38%

,

09/23/31

(d)

...........

890

861,213

Sino-Ocean

Land

Treasure

III

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(c)(d)(m)

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

200

168,000

Sino-Ocean

Land

Treasure

IV

Ltd.

(d)

:

3.25%,

05/05/26

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

290

277,367

4.75%,

08/05/29

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

990

937,901

Sunac

China

Holdings

Ltd.

(d)

:

7.95%,

10/11/23

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

323

263,245

7.50%,

02/01/24

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

402

326,625

6.65%,

08/03/24

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

603

482,400

6.50%,

01/10/25

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

523

423,630

7.00%,

07/09/25

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

444

354,090

Times

China

Holdings

Ltd.

(d)

:

6.75%,

07/08/25

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

886

810,690

5.75%,

01/14/27

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

685

599,375

Vanke

Real

Estate

Hong

Kong

Co.

Ltd.,

3.98%

,

11/09/27

(d)

...........

960

1,012,493

Vertex

Capital

Investment

Ltd.,

2.85%

,

07/28/26

(d)

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

897

895,318

Wanda

Group

Overseas

Ltd.,

8.88%

,

03/21/23

(d)

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

680

630,700

Wanda

Properties

International

Co.

Ltd.,

7.25%

,

01/29/24

(d)

........

200

193,000

Wanda

Properties

Overseas

Ltd.,

6.88%

,

07/23/23

(d)

...........

200

193,038

Weibo

Corp.,

3.38%

,

07/08/30

.....

1,120

1,116,710

Westwood

Group

Holdings

Ltd.,

2.80%

,

01/20/26

(d)

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

680

681,822

Yango

Justice

International

Ltd.

(d)

:

10.00%,

02/12/23

...........

286

265,980

9.25%,

04/15/23

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

646

516,800

7.88%,

09/04/24

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

403

261,950

Yanlord

Land

HK

Co.

Ltd.,

5.13%

,

05/20/26

(d)

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

323

316,944

Yuzhou

Group

Holdings

Co.

Ltd.

(d)

:

8.50%,

02/04/23

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

430

366,253

8.50%,

02/26/24

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

1,206

946,710

8.38%,

10/30/24

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

658

505,015

7.70%,

02/20/25

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

403

288,145

8.30%,

05/27/25

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

403

295,197

7.38%,

01/13/26

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

403

270,010

Zhenro

Properties

Group

Ltd.

(d)

:

9.15%,

05/06/23

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

200

194,912

8.35%,

03/10/24

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

323

308,526

7.88%,

04/14/24

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

401

361,978

7.35%,

02/05/25

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

484

417,450

6.63%,

01/07/26

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

200

169,000

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

3.50%

,

03/08/26

(d)

........

1,010

1,007,475

Zhongliang

Holdings

Group

Co.

Ltd.,

8.88%

,

11/22/21

(d)

...........

450

442,474

66,429,605

Colombia

—

0.0%

(b)

Avianca

Holdings

SA,

9.00%

,

03/31/22

396

394,876

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)

(c)(m)

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

220

233,654

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

Banco

GNB

Sudameris

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%),

7.50%

,

04/16/31

(a)(c)

..........

USD

340

$

346,970

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

255

252,020

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

(a)

..

634

623,618

Millicom

International

Cellular

SA,

5.13%

,

01/15/28

(d)

...........

565

586,466

2,437,604

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)(b)

.......

672

701,526

France

—

0.0%

Societe

Generale

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

(a)(b)

(c)(m)

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

1,044

1,117,738

Germany

—

0.3%

Adler

Pelzer

Holding

GmbH,

4.13%

,

04/01/24

(a)

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

EUR

6,063

6,563,135

APCOA

Parking

Holdings

GmbH,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

01/15/27

(a)(c)

..........

3,852

4,506,584

Deutsche

Bank

AG,

(SOFR

+

2.76%),

3.73%

,

01/14/32

(b)(c)

..........

USD

889

917,879

Douglas

GmbH,

6.00%

,

04/08/26

(a)

..

EUR

4,751

5,586,971

Kirk

Beauty

SUN

GmbH,

8.25%

,

(8.25%

Cash

or

0.00%

PIK),

10/01/26

(a)(c)(l)

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

2,371

2,779,382

20,353,951

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%

,

12/15/24

(a)

.

4,298

4,882,999

Guatemala

—

0.0%

(b)

Banco

Industrial

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%),

4.88%

,

01/29/31

(a)(c)

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

USD

331

335,241

Central

American

Bottling

Corp.,

5.75%

,

01/31/27

(d)

...........

461

473,044

Energuate

Trust,

5.88%

,

05/03/27

(a)

.

509

526,751

Investment

Energy

Resources

Ltd.,

6.25%

,

04/26/29

(a)

...........

252

273,105

1,608,141

Hong

Kong

—

0.1%

(b)(d)

AIA

Group

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.76%),

2.70%

(c)(m)

1,070

1,080,700

Bank

of

China

Hong

Kong

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%),

5.90%

(c)(m)

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

680

728,450

Bank

of

Communications

Hong

Kong

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

2.30%

,

07/08/31

(c)

.....

770

758,673

Bank

of

East

Asia

Ltd.

(The)

(c)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.87%

(m)

..........

403

416,601

Security

Par

(000)

Par

(000)

Value

Hong

Kong

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

(m)

..........

USD

403

$

421,135

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%),

4.00%,

05/29/30

....

580

607,296

China

CITIC

Bank

International

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

4.62%

,

02/28/29

(c)

.....

690

731,314

Li

&

Fung

Ltd.,

4.50%

,

08/18/25

....

220

226,848

Melco

Resorts

Finance

Ltd.:

5.25%,

04/26/26

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

354

355,947

5.38%,

12/04/29

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

453

460,474

Nan

Fung

Treasury

III

Ltd.,

5.00%

(m)

.

610

612,402

Nan

Fung

Treasury

Ltd.,

3.63%

,

08/27/30

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

220

220,517

Nanyang

Commercial

Bank

Ltd.

(c)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(m)

..........

523

528,067

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.18%),

3.80%,

11/20/29

.....

700

729,006

NWD

Finance

BVI

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.86%),

4.12%

(c)(m)

1,063

1,049,712

NWD

MTN

Ltd.,

4.13%

,

07/18/29

...

430

431,156

9,358,298

India

—

0.3%

(b)

ABJA

Investment

Co.

Pte.

Ltd.,

5.45%

,

01/24/28

(d)

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

797

866,969

BPRL

International

Singapore

Pte.

Ltd.,

4.38%

,

01/18/27

(d)

...........

850

901,159

Continuum

Energy

Levanter

Pte.

Ltd.:

4.50%,

02/09/27

(a)

...........

268

275,344

4.50%,

02/09/27

(d)

...........

280

287,582

GMR

Hyderabad

International

Airport

Ltd.

(d)

:

5.38%,

04/10/24

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

323

330,227

4.25%,

10/27/27

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

282

269,363

Greenko

Dutch

BV,

3.85%

,

03/29/26

(d)

1,202

1,221,382

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(c)(d)

(m)

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

1,100

1,094,500

Hindustan

Petroleum

Corp.

Ltd.,

4.00%

,

07/12/27

(d)

...........

920

969,335

HPCL-Mittal

Energy

Ltd.,

5.45%

,

10/22/26

(d)

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

200

207,600

ICICI

Bank

Ltd.,

3.80%

,

12/14/27

(d)

..

1,090

1,172,976

India

Cleantech

Energy,

4.70%

,

08/10/26

(a)

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

250

252,813

India

Green

Energy

Holdings:

5.38%,

04/29/24

(a)

...........

400

415,000

5.38%,

04/29/24

(d)

...........

399

413,962

India

Green

Power

Holdings,

4.00%

,

02/22/27

(d)

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

282

281,965

JSW

Steel

Ltd.,

5.38%

,

04/04/25

(d)

..

522

548,850

Manappuram

Finance

Ltd.,

5.90%

,

01/13/23

(d)

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

498

511,166

Muthoot

Finance

Ltd.,

6.13%

,

10/31/22

(a)

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

537

553,211

BlackRock

Global

Allocation

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

India

(continued)

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(c)(d)

(m)

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

USD

926

$

985,206

Oil

India

International

Pte.

Ltd.,

4.00%

,

04/21/27

(d)

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

220

232,829

ONGC

Videsh

Vankorneft

Pte.

Ltd.,

3.75%

,

07/27/26

(d)

...........

1,110

1,170,564

Periama

Holdings

LLC,

5.95%

,

04/19/26

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

323

345,772

REC

Ltd.,

2.75%

,

01/13/27

(d)

......

580

573,440

REI

Agro

Ltd.

(f)(n)(o)

:

5.50%,

11/13/14

(a)

...........

5,549

53,348

5.50%,

11/13/14

(d)(e)

..........

2,291

—

ReNew

Power

Pvt

Ltd.,

5.88%

,

03/05/27

(d)

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

403

422,596

ReNew

Power

Synthetic,

6.67%

,

03/12/24

(d)

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

200

208,288

Shriram

Transport

Finance

Co.

Ltd.

(d)

:

5.95%,

10/24/22

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

323

328,208

5.10%,

07/16/23

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

200

203,288

4.40%,

03/13/24

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

484

483,788

Summit

Digitel

Infrastructure

Pvt

Ltd.,

2.88%

,

08/12/31

(d)

...........

840

807,173

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

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

323

325,019

UPL

Corp.

Ltd.

(d)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

5.25%

(c)(m)

.........

274

279,398

4.50%,

03/08/28

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

850

904,347

4.63%,

06/16/30

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

850

901,690

Vedanta

Resources

Finance

II

plc:

8.00%,

04/23/23

(d)

...........

403

391,363

13.88%,

01/21/24

(d)

..........

523

561,571

8.95%,

03/11/25

(a)

...........

420

418,950

8.95%,

03/11/25

(d)

...........

403

401,993

20,572,235

Indonesia

—

0.1%

(b)

Global

Prime

Capital

Pte.

Ltd.,

5.95%

,

01/23/25

(d)

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

323

332,851

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

(d)

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

888

1,039,369

Medco

Oak

Tree

Pte.

Ltd.,

7.38%

,

05/14/26

(d)

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

323

343,551

Medco

Platinum

Road

Pte.

Ltd.,

6.75%

,

01/30/25

(d)

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

522

540,694

Minejesa

Capital

BV

(d)

:

4.63%,

08/10/30

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

510

524,463

5.63%,

08/10/37

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

660

700,549

Pelabuhan

Indonesia

II

PT,

5.38%

,

05/05/45

(d)

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

660

777,274

Star

Energy

Geothermal

Darajat

II:

4.85%,

10/14/38

(d)

...........

770

859,657

4.85%,

10/14/38

(a)

...........

710

792,671

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

(d)

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

323

335,476

6,246,555

Security

Par

(000)

Par

(000)

Value

Israel

—

0.0%

(a)(b)(d)

Bank

Leumi

Le-Israel

BM,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%),

3.27%

,

01/29/31

(c)

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

USD

508

$

517,684

Energean

Israel

Finance

Ltd.,

4.88%

,

03/30/26

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

271

277,370

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

254

263,579

1,058,633

Italy

—

0.2%

Forno

d'Asolo

SpA,

(EURIBOR

3

Month

+

5.50%),

5.50%

,

04/30/27

(a)(c)

...

EUR

7,161

8,039,460

Intesa

Sanpaolo

SpA,

(USD

Swap

Semi

5

Year

+

5.46%),

7.70%

(a)(b)(c)(m)

USD

980

1,107,292

KME

SE,

6.75%

,

02/01/23

(d)

.......

EUR

3,434

3,760,906

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

2,934

3,484,855

16,392,513

Japan

—

0.0%

Nissan

Motor

Co.

Ltd.,

3.52%

,

09/17/25

(a)(b)

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

USD

526

559,222

Kuwait

—

0.0%

(a)(b)

Equate

Petrochemical

BV,

2.63%

,

04/28/28

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

413

414,549

NBK

Tier

1

Financing

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.62%

(c)(m)

.

425

425,265

839,814

Luxembourg

—

0.3%

(a)

Garfunkelux

Holdco

3

SA:

6.75%,

11/01/25

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

EUR

1,473

1,781,151

7.75%,

11/01/25

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

GBP

2,503

3,522,890

Herens

Midco

SARL,

5.25%

,

05/15/29

EUR

3,427

3,850,575

Intelsat

Jackson

Holdings

SA,

8.00%

,

02/15/24

(b)(q)

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

USD

7,812

8,017,065

Picard

Bondco

SA,

5.38%

,

07/01/27

.

EUR

2,380

2,772,422

Sani/Ikos

Financial

Holdings

1

Sarl,

5.63%

,

12/15/26

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

2,275

2,687,951

22,632,054

Macau

—

0.1%

(b)

Champion

Path

Holdings

Ltd.:

4.50%,

01/27/26

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

USD

323

329,460

4.85%,

01/27/28

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

522

528,297

MGM

China

Holdings

Ltd.:

5.38%,

05/15/24

(a)

...........

200

203,000

5.38%,

05/15/24

(d)

...........

300

304,500

5.25%,

06/18/25

(d)

...........

200

201,912

5.88%,

05/15/26

(a)

...........

200

204,288

5.88%,

05/15/26

(d)

...........

398

406,532

Sands

China

Ltd.,

4.38%

,

06/18/30

..

430

450,111

Studio

City

Finance

Ltd.,

5.00%

,

01/15/29

(d)

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

684

630,563

Wynn

Macau

Ltd.

(d)

:

4.88%,

10/01/24

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

323

312,462

5.50%,

01/15/26

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

684

660,915

4,232,040

Malaysia

—

0.1%

(b)

Dua

Capital

Ltd.,

2.78%

,

05/11/31

(d)

.

341

337,242

Gohl

Capital

Ltd.,

4.25%

,

01/24/27

..

1,220

1,280,847

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

(d)

...........

1,320

1,528,148

3,146,237

BlackRock

Global

Allocation

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.1%

(b)

Alfa

SAB

de

CV,

6.88%

,

03/25/44

(a)

..

USD

314

$

417,620

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

(a)(c)(m)

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

490

517,501

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.13%

,

01/18/33

(c)(d)

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

495

514,181

Cemex

SAB

de

CV:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.13%

(a)(c)(m)

........

336

340,200

5.45%,

11/19/29

(d)

...........

220

237,600

3.88%,

07/11/31

(a)

...........

335

334,363

Controladora

Mabe

SA

de

CV,

5.60%

,

10/23/28

(a)

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

447

518,464

Cydsa

SAB

de

CV,

6.25%

,

10/04/27

(a)

330

342,540

FEL

Energy

VI

SARL,

5.75%

,

12/01/40

(d)

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

331

345,553

Grupo

Axo

SAPI

de

CV,

5.75%

,

06/08/26

(a)

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

349

357,572

Grupo

Bimbo

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%),

5.95%

(a)(c)

(m)

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

493

516,356

Mexico

City

Airport

Trust,

5.50%

,

07/31/47

(d)

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

339

344,509

Operadora

de

Servicios

Mega

SA

de

CV

SOFOM

ER,

8.25%

,

02/11/25

(a)

681

684,746

Trust

Fibra

Uno,

5.25%

,

01/30/26

(a)

..

245

271,215

5,742,420

Mongolia

—

0.0%

Mongolian

Mining

Corp.,

9.25%

,

04/15/24

(b)(d)

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

910

816,725

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)(b)

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

600

633,488

Netherlands

—

0.0%

(a)

Titan

Holdings

II

BV,

5.13%

,

07/15/29

EUR

1,780

2,092,676

VEON

Holdings

BV,

4.00%

,

04/09/25

(b)

USD

331

347,136

2,439,812

Oman

—

0.0%

(a)(b)

OQ

SAOC,

5.13%

,

05/06/28

......

265

267,319

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

.

400

422,000

689,319

Panama

—

0.0%

Banistmo

SA,

3.65%

,

09/19/22

(b)(d)

..

273

275,744

Paraguay

—

0.0%

(b)

Bioceanico

Sovereign

Certificate

Ltd.,

0.00%

,

06/05/34

(d)(p)

..........

233

177,379

Frigorifico

Concepcion

SA,

7.70%

,

07/21/28

(a)

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

270

279,113

456,492

Peru

—

0.0%

(b)

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

(d)

.

607

627,274

InRetail

Consumer,

3.25%

,

03/22/28

(a)

320

318,460

Intercorp

Peru

Ltd.,

3.88%

,

08/15/29

(a)

648

630,990

1,576,724

Security

Par

(000)

Par

(000)

Value

Philippines

—

0.0%

Rizal

Commercial

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.24%),

6.50%

(b)(c)(d)(m)

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

USD

323

$

341,633

Saudi

Arabia

—

0.0%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)(b)

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

657

684,101

Singapore

—

0.1%

(b)

BOC

Aviation

Ltd.,

3.50%

,

09/18/27

(d)

1,000

1,065,000

DBS

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.92%),

3.30%

(c)(d)

(m)

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

1,260

1,291,500

GLP

Pte.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.74%),

4.50%

(c)(d)

(m)

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

363

356,194

LMIRT

Capital

Pte.

Ltd.,

7.50%

,

02/09/26

(d)

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

323

331,882

Puma

International

Financing

SA

(a)

:

5.13%,

10/06/24

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

420

421,575

5.00%,

01/24/26

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

269

269,219

3,735,370

South

Africa

—

0.0%

(b)

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

390

401,700

Sasol

Financing

USA

LLC:

4.38%,

09/18/26

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

210

212,531

6.50%,

09/27/28

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

308

339,570

5.50%,

03/18/31

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

329

335,662

1,289,463

South

Korea

—

0.1%

(b)(d)

Kookmin

Bank:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.64%),

4.35%

(c)(m)

.........

660

696,836

2.50%,

11/04/30

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

770

760,648

LG

Chem

Ltd.,

2.38%

,

07/07/31

....

720

708,948

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.06%),

2.88%

(c)(m)

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

440

436,700

SK

Battery

America,

Inc.,

2.13%

,

01/26/26

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

880

868,965

SK

Hynix,

Inc.,

2.38%

,

01/19/31

....

900

873,666

4,345,763

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(b)(c)(m)

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

200

217,250

Switzerland

—

0.1%

(a)

Credit

Suisse

Group

AG

(b)(c)(m)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

...........

1,841

2,020,497

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%),

5.10%

...........

200

204,760

Credit

Suisse

Group

Guernsey

VII

Ltd.,

Series

AR,

3.00%

,

11/12/21

(d)(o)

..

CHF

1,600

1,820,699

BlackRock

Global

Allocation

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Switzerland

(continued)

UBS

Group

AG,

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)(c)(m)

.....

USD

1,022

$

1,114,961

5,160,917

Tanzania,

United

Republic

of

—

0.0%

(b)

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

295

301,638

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

941

986,756

1,288,394

Thailand

—

0.1%

(b)(d)

Bangkok

Bank

PCL

(c)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.73%),

5.00%

(m)

..........

900

935,887

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

....

200

203,345

GC

Treasury

Center

Co.

Ltd.:

2.98%,

03/18/31

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

440

444,895

4.30%,

03/18/51

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

220

238,328

Kasikornbank

PCL

(c)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(m)

..........

900

941,794

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

....

200

201,475

Krung

Thai

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.53%),

4.40%

(c)(m)

282

281,295

Thaioil

Treasury

Center

Co.

Ltd.,

5.38%

,

11/20/48

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

850

962,557

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(c)(m)

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

323

326,089

4,535,665

Turkey

—

0.0%

(a)(b)

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

3.38%

,

06/29/28

.........

281

285,566

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(e)(f)(g)(n)(o)

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

21,400

1,712,000

1,997,566

Ukraine

—

0.0%

MHP

SE,

7.75%

,

05/10/24

(a)(b)

.....

321

347,242

United

Arab

Emirates

—

0.0%

(b)

DAE

Funding

LLC,

3.38%

,

03/20/28

(a)

678

695,797

DP

World

plc,

6.85%

,

07/02/37

(d)

...

360

477,518

MAF

Sukuk

Ltd.,

4.64%

,

05/14/29

(d)

.

622

706,475

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

156

160,290

2,040,080

United

Kingdom

—

0.3%

Algeco

Global

Finance

plc,

6.50%

,

02/15/23

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

EUR

8,613

10,138,993

Barclays

plc,

(USD

Swap

Semi

5

Year

+

6.77%),

7.88%

(b)(c)(d)(m)

.......

USD

1,086

1,111,043

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)(b)

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

510

533,588

Constellation

Automotive

Financing

plc,

4.88%

,

07/15/27

(a)

...........

GBP

1,004

1,342,103

Deuce

Finco

plc,

5.50%

,

06/15/27

(a)

.

4,115

5,607,293

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Inspired

Entertainment

Financing

plc,

7.88%

,

06/01/26

(a)

...........

GBP

2,115

$

2,920,995

Vodafone

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%),

4.12%

,

06/04/81

(b)(c)

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

USD

1,108

1,121,894

Wheel

Bidco

Ltd.,

6.75%

,

07/15/26

(a)

.

GBP

1,169

1,581,017

24,356,926

United

States

—

3.3%

Acadia

Healthcare

Co.,

Inc.

(a)

:

5.50%,

07/01/28

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

USD

238

250,186

5.00%,

04/15/29

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

200

208,250

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

761

800,363

Air

Lease

Corp.,

3.13%

,

12/01/30

...

1,421

1,455,758

Albertsons

Cos.,

Inc.,

3.50%

,

03/15/29

(a)

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

3,960

3,951,981

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(a)

5,715

6,115,050

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

64

64,720

4.75%,

08/01/25

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

148

151,700

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(c)(m)

1,115

1,136,018

AMN

Healthcare,

Inc.,

4.00%

,

04/15/29

(a)

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

254

261,620

Aramark

Services,

Inc.,

5.00%

,

02/01/28

(a)

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

164

168,510

Ashton

Woods

USA

LLC,

4.63%

,

08/01/29

(a)

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

410

413,989

Avantor

Funding,

Inc.,

4.63%

,

07/15/28

(a)

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

628

660,970

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

1,945

2,045,109

Aviation

Capital

Group

LLC,

1.95%

,

09/20/26

(a)

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

1,213

1,200,138

Bank

of

America

Corp.,

(SOFR

+

1.32%),

2.69%

,

04/22/32

(c)

.....

1,363

1,387,902

Bausch

Health

Cos.,

Inc.,

4.88%

,

06/01/28

(a)

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

977

1,012,416

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

300

324,375

Boyd

Gaming

Corp.,

8.63%

,

06/01/25

(a)

426

461,678

Bristow

Group,

Inc.,

6.88%

,

03/01/28

(a)

1,265

1,316,258

Broadcom,

Inc.,

1.95%

,

02/15/28

(a)

..

370

365,337

Buckeye

Partners

LP:

4.35%,

10/15/24

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

352

369,600

4.13%,

03/01/25

(a)

...........

1,739

1,802,056

Caesars

Entertainment,

Inc.,

4.63%

,

10/15/29

(a)

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

603

610,538

Capital

One

Financial

Corp.,

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%

(c)(m)

...........

1,092

1,124,760

Carnival

Corp.,

11.50%

,

04/01/23

(a)

..

208

232,180

Carrier

Global

Corp.,

3.58%

,

04/05/50

1,307

1,388,615

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

445

418,856

Cedar

Fair

LP:

5.38%,

04/15/27

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

83

85,282

5.25%,

07/15/29

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

81

83,025

Centene

Corp.:

4.25%,

12/15/27

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

405

423,893

2.45%,

07/15/28

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

2,566

2,578,830

2.63%,

08/01/31

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

1,714

1,702,414

BlackRock

Global

Allocation

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Centennial

Resource

Production

LLC,

5.38%

,

01/15/26

(a)

...........

USD

172

$

168,784

Charter

Communications

Operating

LLC:

2.80%,

04/01/31

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

2,140

2,144,834

3.90%,

06/01/52

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

1,576

1,569,813

Cheniere

Energy

Partners

LP:

5.63%,

10/01/26

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

181

185,977

3.25%,

01/31/32

(a)

...........

189

189,624

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

654

689,153

Chesapeake

Energy

Corp.

(a)

:

5.50%,

02/01/26

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

1,431

1,495,395

5.88%,

02/01/29

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

261

278,865

Churchill

Downs,

Inc.,

5.50%

,

04/01/27

(a)

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

99

102,713

Citigroup,

Inc.

(c)

:

(SOFR

+

3.91%),

4.41%,

03/31/31

2,115

2,442,100

(SOFR

+

1.17%),

2.56%,

05/01/32

1,010

1,019,934

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(a)

87

90,262

Colt

Merger

Sub,

Inc.

(a)

:

5.75%,

07/01/25

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

783

825,458

6.25%,

07/01/25

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

3,869

4,073,119

8.13%,

07/01/27

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

2,403

2,701,513

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

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

986

998,325

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

163

166,822

CSC

Holdings

LLC

(a)

:

4.13%,

12/01/30

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

2,726

2,674,887

4.63%,

12/01/30

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

4,803

4,553,124

3.38%,

02/15/31

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

979

910,470

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(a)

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

83

86,359

DaVita,

Inc.

(a)

:

4.63%,

06/01/30

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

2,450

2,520,096

3.75%,

02/15/31

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

4,386

4,270,868

DIRECTV

Holdings

LLC,

5.88%

,

08/15/27

(a)

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

225

234,844

Emergent

BioSolutions,

Inc.,

3.88%

,

08/15/28

(a)

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

115

111,837

Endeavor

Energy

Resources

LP

(a)

:

5.50%,

01/30/26

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

80

83,392

5.75%,

01/30/28

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

142

149,455

Equinix,

Inc.,

2.50%

,

05/15/31

.....

613

617,171

Forestar

Group,

Inc.

(a)

:

3.85%,

05/15/26

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

527

526,341

5.00%,

03/01/28

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

3,602

3,719,065

Fresh

Market,

Inc.

(The),

9.75%

,

05/01/23

(a)

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

969

998,070

Frontier

Communications

Corp.

(a)

:

5.88%,

10/15/27

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

620

658,750

5.00%,

05/01/28

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

1,504

1,579,200

6.75%,

05/01/29

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

2,378

2,505,817

Frontier

Communications

Holdings

LLC,

5.88%

,

11/01/29

.........

326

329,584

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,680

1,801,800

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

239

256,925

GCI

LLC,

4.75%

,

10/15/28

(a)

......

413

433,568

General

Motors

Financial

Co.,

Inc.,

2.70%

,

08/20/27

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

2,559

2,658,624

Genesis

Energy

LP,

8.00%

,

01/15/27

347

351,338

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.28%),

2.62%

,

04/22/32

(c)

2,893

2,927,976

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Great

Western

Petroleum

LLC,

12.00%

,

09/01/25

(a)

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

USD

401

$

407,129

HCA,

Inc.:

5.38%,

02/01/25

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

1,402

1,566,735

5.88%,

02/01/29

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

140

168,236

3.50%,

09/01/30

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

1,262

1,336,950

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%

,

02/15/32

(a)

...........

4,153

4,090,705

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

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

98

101,309

Hologic,

Inc.,

3.25%

,

02/15/29

(a)

....

2,469

2,470,173

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(e)

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

6,434

6,313,684

Howard

Hughes

Corp.

(The)

(a)

:

5.38%,

08/01/28

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

1,984

2,090,640

4.13%,

02/01/29

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

1,047

1,048,309

4.38%,

02/01/31

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

1,151

1,157,802

iHeartCommunications,

Inc.:

6.38%,

05/01/26

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

121

128,043

5.25%,

08/15/27

(a)

...........

109

113,258

International

Game

Technology

plc,

6.50%

,

02/15/25

(a)

...........

227

253,321

IQVIA,

Inc.,

5.00%

,

05/15/27

(a)

.....

211

219,161

Iron

Mountain,

Inc.

(a)

:

5.25%,

07/15/30

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

1,637

1,737,234

4.50%,

02/15/31

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

3,004

3,046,957

Jaguar

Holding

Co.

II,

5.00%

,

06/15/28

(a)

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

207

222,802

JBS

Investments

II

GmbH,

7.00%

,

01/15/26

(a)

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

200

209,090

JBS

USA

LUX

SA

(a)

:

6.75%,

02/15/28

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

158

170,917

6.50%,

04/15/29

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

246

274,905

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%

,

08/01/28

(a)

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

204

226,185

Lamb

Weston

Holdings,

Inc.,

4.88%

,

11/01/26

(a)

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

136

139,335

Legends

Hospitality

Holding

Co.

LLC,

5.00%

,

02/01/26

(a)

...........

128

131,200

Level

3

Financing,

Inc.

(a)

:

4.25%,

07/01/28

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

5,169

5,208,956

3.63%,

01/15/29

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

2,702

2,617,563

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(o)

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

1,137

976,536

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

277

286,354

LogMeIn,

Inc.,

5.50%

,

09/01/27

(a)

...

490

498,575

Lumen

Technologies,

Inc.

(a)

:

5.13%,

12/15/26

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

1,895

1,966,062

5.38%,

06/15/29

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

1,861

1,898,890

Marriott

Ownership

Resorts,

Inc.,

6.13%

,

09/15/25

(a)

...........

2,069

2,185,381

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

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

72

75,816

Meritor,

Inc.,

4.50%

,

12/15/28

(a)

....

22

22,055

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

178

193,575

3.88%,

02/15/29

(a)

...........

968

1,030,920

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

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

1,342

1,367,163

Molina

Healthcare,

Inc.,

3.88%

,

11/15/30

(a)

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

370

386,650

BlackRock

Global

Allocation

V.I.

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Mozart

Debt

Merger

Sub,

Inc.,

3.88%

,

04/01/29

(a)

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

USD

3,566

$

3,566,000

MPT

Operating

Partnership

LP,

5.00%

,

10/15/27

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

230

242,362

Nationstar

Mortgage

Holdings,

Inc.

(a)

:

5.50%,

08/15/28

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

607

625,210

5.13%,

12/15/30

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

341

341,754

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

768

808,143

Nexstar

Broadcasting,

Inc.,

4.75%

,

11/01/28

(a)

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

932

966,820

NRG

Energy,

Inc.:

5.75%,

01/15/28

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

136

144,670

5.25%,

06/15/29

(a)

...........

106

112,758

NuStar

Logistics

LP,

5.75%

,

10/01/25

2,477

2,668,968

ONEOK

Partners

LP,

4.90%

,

03/15/25

2,931

3,250,245

Oracle

Corp.,

3.95%

,

03/25/51

.....

1,629

1,717,974

Outfront

Media

Capital

LLC,

5.00%

,

08/15/27

(a)

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

94

96,411

Pacific

Gas

&

Electric

Co.:

2.10%,

08/01/27

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

1,340

1,307,717

4.50%,

07/01/40

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

985

1,005,722

Park

Intermediate

Holdings

LLC

(a)

:

5.88%,

10/01/28

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

296

312,973

4.88%,

05/15/29

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

1,876

1,930,826

Parsley

Energy

LLC,

5.63%

,

10/15/27

(a)

115

122,872

Party

City

Holdings,

Inc.,

8.75%

,

02/15/26

(a)

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

525

549,281

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

346

371,518

PG&E

Corp.:

5.00%,

07/01/28

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

3,023

3,079,681

5.25%,

07/01/30

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

313

320,434

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(a)

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

141

149,918

Pitney

Bowes,

Inc.

(a)

:

6.88%,

03/15/27

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

1,869

1,967,122

7.25%,

03/15/29

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

1,615

1,697,769

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

605

606,930

Quicken

Loans

LLC

(a)

:

3.63%,

03/01/29

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

3,277

3,313,866

3.88%,

03/01/31

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

2,344

2,364,510

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(a)

140

150,850

Radiate

Holdco

LLC,

4.50%

,

09/15/26

(a)

723

746,498

Rattler

Midstream

LP,

5.63%

,

07/15/25

(a)

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

550

572,715

Renewable

Energy

Group,

Inc.,

5.88%

,

06/01/28

(a)

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

286

295,653

Rite

Aid

Corp.,

7.50%

,

07/01/25

(a)

...

221

220,949

Sabre

GLBL,

Inc.,

9.25%

,

04/15/25

(a)

.

990

1,144,232

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

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

5,559

5,845,844

Service

Properties

Trust:

5.00%,

08/15/22

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

3,578

3,600,362

4.50%,

06/15/23

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

2,615

2,667,352

7.50%,

09/15/25

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

333

373,873

Sirius

XM

Radio,

Inc.

(a)

:

5.00%,

08/01/27

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

248

259,160

5.50%,

07/01/29

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

208

224,900

4.13%,

07/01/30

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

1,956

1,965,071

Six

Flags

Entertainment

Corp.,

4.88%

,

07/31/24

(a)

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

161

162,509

SM

Energy

Co.,

10.00%

,

01/15/25

(a)

.

1,694

1,889,454

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

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

USD

303

$

309,121

Standard

Industries,

Inc.,

5.00%

,

02/15/27

(a)

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

77

79,406

Summit

Materials

LLC,

5.25%

,

01/15/29

(a)

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

163

171,150

Sunoco

LP:

6.00%,

04/15/27

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

98

102,042

4.50%,

05/15/29

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

355

360,066

Talen

Energy

Supply

LLC,

7.63%

,

06/01/28

(a)

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

2,464

2,310,000

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

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

2,948

3,018,015

Targa

Resources

Partners

LP:

5.88%,

04/15/26

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

165

172,322

5.38%,

02/01/27

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

83

86,005

6.50%,

07/15/27

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

134

144,483

6.88%,

01/15/29

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

135

151,264

4.00%,

01/15/32

(a)

...........

3,056

3,158,223

TEGNA,

Inc.,

4.75%

,

03/15/26

(a)

....

586

611,271

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

82

85,485

Tenet

Healthcare

Corp.

(a)

:

4.63%,

09/01/24

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

97

99,183

4.88%,

01/01/26

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

335

346,698

6.25%,

02/01/27

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

250

259,375

4.63%,

06/15/28

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

226

234,172

4.25%,

06/01/29

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

9,579

9,722,685

TransDigm,

Inc.,

6.25%

,

03/15/26

(a)

..

10,442

10,885,785

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%

,

10/15/27

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

5,787

6,475,358

United

Rentals

North

America,

Inc.:

5.50%,

05/15/27

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

169

177,388

4.88%,

01/15/28

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

268

283,340

United

Shore

Financial

Services

LLC,

5.50%

,

11/15/25

(a)

...........

3,049

3,071,868

UnitedHealth

Group,

Inc.,

3.25%

,

05/15/51

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

631

667,254

Verizon

Communications,

Inc.:

3.55%,

03/22/51

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

1,007

1,061,979

3.70%,

03/22/61

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

928

979,901

VICI

Properties

LP

(a)

:

3.50%,

02/15/25

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

1,105

1,127,100

3.75%,

02/15/27

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

1,060

1,097,100

4.13%,

08/15/30

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

1,465

1,552,900

Vistra

Operations

Co.

LLC

(a)

:

5.63%,

02/15/27

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

3,196

3,308,052

5.00%,

07/31/27

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

214

220,955

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

904

940,160

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

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

84

87,079

Wyndham

Destinations,

Inc.,

6.63%

,

07/31/26

(a)

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

581

661,625

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%

,

08/15/28

(a)

...........

250

260,983

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

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

712

748,134

XHR

LP

(a)

:

6.38%,

08/15/25

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

2,380

2,524,895

4.88%,

06/01/29

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

283

290,667

BlackRock

Global

Allocation

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

USD

715

$

711,589

247,330,159

Vietnam

—

0.0%

Mong

Duong

Finance

Holdings

BV,

5.13%

,

05/07/29

(b)(d)

..........

645

642,104

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.,

6.88%

,

10/15/27

(a)(b)

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

1,302

1,376,865

Total

Corporate

Bonds

—

7.3%

(Cost:

$590,762,737)

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

549,642,484

Floating

Rate

Loan

Interests

—

4.1%

Canada

—

0.2%

(c)

Bausch

Health

Cos.,

Inc.,

Term

Loan,

06/02/25

(b)(r)

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

3,029

3,024,677

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 12/22/25

......

EUR

8,169

9,474,524

Raptor

Acquisition

Corp.,

Term

Loan

B,

11/01/26

(b)(r)

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

USD

925

927,544

13,426,745

France

—

0.1%

Babilou

Family,

Facility

Term

Loan,

(EURIBOR

3

Month

+

4.25%),

4.25%

,

 11/17/27

(c)

...........

EUR

9,198

10,649,176

Jersey,

Channel

Islands

—

0.0%

Vita

Global

Finco

Ltd.,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

7.00%

,

 01/01/28

(c)(e)

..........

2,895

3,307,630

Luxembourg

—

0.2%

(c)

AEA

International

Holdings

SARL,

1st

Lien

Term

Loan,

09/07/28

(b)(e)(r)

...

USD

1,086

1,084,295

CatLuxe

SARL,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

4.50%),

4.50%

,

 10/02/24

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

EUR

2,290

1,784,270

CatLuxe

SARL,

Facility

Term

Loan

B3,

(EURIBOR

3

Month

+

4.50%),

4.50%

,

 10/02/24

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

5,783

4,504,551

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

(b)

...........

USD

4,738

4,742,951

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Term

Loan,

(LIBOR

USD

3

Month

+

9.25%),

9.38%

,

 01/01/28

(b)(e)

..........

4,198

4,161,477

16,277,544

Netherlands

—

0.4%

(c)

Cypher

Bidco

BV,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

4.50%

,

 01/01/28

(e)

...........

EUR

6,673

7,265,573

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.38%

,

 07/21/26

(b)

...........

USD

5,369

5,348,556

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

Ziggo

BV,

Facility

Term

Loan

H,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 01/31/29

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

EUR

11,807

$

13,520,290

26,134,419

Spain

—

0.1%

Challenger,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

2.75%

,

 01/01/28

(c)

(e)

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

7,247

8,352,635

United

Kingdom

—

0.3%

(c)

Constellation

Automotive

Ltd.,

2nd

Lien

Facility

Term

Loan,

(LIBOR

GBP

6

Month

+

7.50%),

7.55%

,

 07/30/29

GBP

1,181

1,616,151

Entain

plc,

Facility

Term

Loan

B,

03/29/27

(b)(r)

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

USD

4,928

4,918,435

Mercia,

Term

Loan

A1,

(LIBOR

GBP

3

Month

+

0.00%),

2.45%

,

 01/01/28

(e)

GBP

3,102

4,179,004

Mercia,

Term

Loan

A2,

(LIBOR

GBP

3

Month

+

0.00%),

2.45%

,

 01/01/28

(e)

6,398

8,620,962

Mercia,

Term

Loan

B1,

(LIBOR

GBP

3

Month

+

0.00%),

2.45%

,

 01/01/28

(e)

360

485,399

19,819,951

United

States

—

2.8%

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 05/17/28

(c)

...........

USD

3,951

3,941,496

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 02/02/26

(c)

.....

3,195

3,166,856

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

06/09/28

(c)(r)

.......

1,054

1,058,575

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 09/19/24

(c)

.....

489

489,094

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.38%

,

 02/11/26

(c)

...........

761

762,622

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 11/08/27

(c)

...........

1,813

1,815,575

Avaya,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.33%

,

 12/15/27

(c)

...........

1,187

1,188,104

Avaya,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.08%

,

 12/15/27

(c)

...........

909

909,277

Bally's

Corp.,

Term

Loan

B,

10/02/28

(c)(r)

4,133

4,130,148

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(c)

...........

706

706,710

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.58%

,

 07/21/25

(c)

.....

1,311

1,311,204

City

Brewing

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 04/05/28

(c)

...........

2,856

2,826,397

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 05/14/28

(c)

...........

291

289,498

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/17/28

(c)

.....

1,261

1,261,481

BlackRock

Global

Allocation

V.I.

Fund

23

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ConnectWise

LLC,

Term

Loan,

09/29/28

(c)(r)

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

USD

1,240

$

1,236,900

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

Term

Loan,

10/02/28

(c)(r)

.......

89

88,418

CP

Iris

Holdco

I,

Inc.,

Term

Loan,

10/02/28

(c)(r)

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

443

442,095

DirectTV

Financing

LLC,

Term

Loan,

08/02/27

(c)(r)

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

4,040

4,041,252

DT

Midstream,

Inc.,

Term

Loan,

06/26/28

(c)(r)

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

2,614

2,611,730

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 02/06/26

(c)

.....

1,174

1,172,877

Ecl

Entertainment

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

7.50%),

8.25%

,

 05/01/28

(c)(e)

..........

2,160

2,208,178

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 03/03/28

(c)

.....

802

802,695

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

01/31/28

(c)(r)

....

905

897,986

Frontier

Communications

Holdings,

LLC,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

(c)

1,839

1,834,761

Galaxy

Universal

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

8.00%

,

 01/01/28

(c)(e)

..........

2,988

3,006,648

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 07/02/25

(c)

2,056

2,055,115

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

8.00%),

8.13%

,

 07/20/26

(c)(e)

....

4,505

4,459,950

HCRX

Investments

HoldCo.,

Term

Loan

B,

07/14/28

(c)(r)

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

2,351

2,342,334

Herschend

Entertainment

Co.

LLC,

Term

Loan,

08/27/28

(c)(r)

.......

1,130

1,127,887

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan,

08/02/28

(c)(r)

.......

5,386

5,397,774

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 06/22/26

(c)

.....

5,703

5,652,768

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.33%

,

 02/25/27

(c)

...........

2,979

2,967,770

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(c)(r)

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

4,354

4,359,492

ITT

Holdings

LLC,

Term

Loan,

07/10/28

(c)(r)

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

1,445

1,441,994

J&J

Ventures

Gaming

LLC,

Term

Loan,

04/26/28

(c)(e)(r)

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

2,284

2,292,996

Jack

Ohio

Finance

LLC,

Term

Loan,

10/04/28

(c)(e)(r)

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

729

729,000

Jeld-Wen,

Inc.,

Term

Loan,

07/28/28

(c)(r)

3,405

3,398,382

Jo-Ann

Stores

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 07/07/28

(c)

...........

2,615

2,539,021

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/17/27

(c)

.....

1,095

1,084,029

LBM

Acquisition

LLC,

Delayed

Draw

Term

Loan,

12/17/27

(c)(r)

.......

1,350

1,336,500

LBM

Acquisition

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/17/27

(c)

...........

2,700

2,673,000

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Leslie's

Poolmart,

Inc.,Term

Loan,

03/09/28

(c)(r)

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

USD

3,485

$

3,470,030

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

08/31/27

(c)(r)

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

3,601

3,598,617

LSF11

A5

Holdco

LLC,

Term

Loan

B,

09/30/28

(c)(e)(r)

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

2,028

2,030,535

Luxembourg

Life

Fund

-

Long

Term

Growth

Fund,

Term

Loan,

(LIBOR

USD

3

Month

+

9.25%),

9.38%

,

 01/01/38

(c)(e)

..........

5,581

5,553,095

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

8.50%

,

 09/03/26

(c)

.....

1,011

995,835

McAfee

LLC,

Term

Loan

B,

09/30/24

(c)(r)

691

691,249

Medical

Solutions

LLC,

2nd

Lien

Term

Loan,

09/24/28

(c)(r)

...........

651

644,490

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

(c)

768

768,911

Michaels

Co.

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 04/15/28

(c)

...........

1,854

1,855,022

Mozart

Debt

Merger

Sub,

Inc.,

Term

Loan

B,

09/30/28

(c)(r)

..........

4,776

4,765,541

Opendoor

Mezz,

Term

Loan,

01/01/28

(c)

(r)

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

7,949

7,680,845

Opendoor,

Term

Loan,

10.00%

,

 12/31/00

(e)(s)

.........

7,954

7,953,600

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/02/28

(c)

...........

2,534

2,538,469

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 12/28/27

(c)

.....

2,249

2,239,242

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

(c)

...........

1,124

1,123,709

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(c)

...........

578

588,837

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/23/25

(c)

...........

1,808

1,775,401

Playtika

Holding

Corp.,

Term

Loan

B1,

03/13/28

(c)(r)

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

5,782

5,777,549

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 03/10/28

(c)

3,777

3,771,128

Proofpoint,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 08/31/28

(c)

...........

722

717,883

Realpage,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

(c)

...........

1,909

1,902,296

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/27/28

(c)

.....

4,148

4,075,410

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.50%

,

 04/27/29

(c)

.....

2,250

2,188,125

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/16/27

(c)(r)

.........

4,220

4,221,710

BlackRock

Global

Allocation

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/13/22

(c)

.....

USD

4,474

$

4,454,449

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.34%

,

 03/06/25

(c)

...........

1,524

1,512,174

Shearer's

Foods

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 09/23/27

(c)

...........

2,381

2,376,791

Sheraton

Austin,

Term

Loan,

01/01/28

(c)

(r)

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

4,499

4,498,866

Signal

Parent,

Inc.,

Term

Loan

B,

04/03/28

(c)(r)

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

2,996

2,958,076

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

06/08/28

(c)(r)

....

787

787,101

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 06/02/28

(c)

...........

4,385

4,382,667

Surf

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.62%

,

 03/05/27

(c)

.....

2,413

2,398,086

SWF

Holdings

I

Corp.,

Term

Loan

B,

09/17/28

(c)(r)

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

1,076

1,067,263

The

Enterprise

Development

Authority,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/28/28

(c)(e)

...

3,928

3,932,762

The

Vinoy

St.

Petersburg,

Term

Loan,

01/01/38

(c)(e)(r)

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

5,286

5,260,230

Tory

Burch

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 04/16/28

(c)

...........

1,899

1,901,726

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

(c)

.....

2,990

2,984,457

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 05/04/26

(c)

...........

1,284

1,285,827

Univision

Communications

Inc.,

1st

Lien

Term

Loan,

03/15/26

(c)(r)

....

813

811,491

Univision

Communications,

Inc.,

Term

Loan

B,

05/05/28

(c)(r)

..........

1,580

1,576,334

Valcour

Packaging

LLC,

Term

Loan,

10/04/28

(c)(e)(r)

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

537

537,000

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.08%

,

 02/28/27

(c)(e)

..........

1,708

1,706,213

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 04/29/23

(c)

...........

548

547,400

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/19/27

(c)

...........

4,924

4,934,774

WIN

Waste

Innovations

Holdings

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 03/24/28

(c)

.....

1,041

1,039,871

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(c)

.....

1,809

1,810,242

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Zurn

Industries

LLC,

Term

Loan

B,

10/04/28

(c)(r)

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

USD

190

$

189,952

209,939,870

Total

Floating

Rate

Loan

Interests

—

4.1%

(Cost:

$308,078,143)

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

307,907,970

Foreign

Agency

Obligations

—

0.2%

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

4.25%

,

07/17/42

(b)(d)

..........

643

712,243

China

—

0.0%

Industrial

&

Commercial

Bank

of

China

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.37%),

3.20%

(b)(c)(d)(m)

.........

360

360,900

Colombia

—

0.0%

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(a)(b)

..........

695

690,743

India

—

0.1%

(b)(d)

Export-Import

Bank

of

India:

3.88%,

02/01/28

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

400

428,476

3.25%,

01/15/30

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

860

873,485

NTPC

Ltd.,

4.25%

,

02/26/26

......

1,090

1,170,251

Oil

India

Ltd.,

5.13%

,

02/04/29

.....

770

860,379

Power

Finance

Corp.

Ltd.:

6.15%,

12/06/28

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

220

258,610

4.50%,

06/18/29

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

810

860,270

4,451,471

Indonesia

—

0.1%

Pertamina

Persero

PT

(b)(d)

:

3.65%,

07/30/29

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

648

692,064

6.50%,

05/27/41

............

550

710,463

6.00%,

05/03/42

............

600

734,175

5.63%,

05/20/43

............

890

1,052,425

6.45%,

05/30/44

............

500

650,850

3,839,977

Mexico

—

0.0%

Petroleos

Mexicanos

(b)

:

6.50%,

03/13/27

............

929

975,450

6.35%,

02/12/48

............

387

330,498

1,305,948

Morocco

—

0.0%

OCP

SA,

3.75%

,

06/23/31

(a)(b)

.....

278

277,305

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(b)(d)

...

523

517,299

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(a)(b)

.......

320

335,660

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

2.25%

,

11/24/30

(a)(b)

...............

714

695,793

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$13,285,799)

..............................

13,187,339

BlackRock

Global

Allocation

V.I.

Fund

25

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Foreign

Government

Obligations

—

3.6%

Argentina

—

0.2%

Argentine

Republic

(b)

:

1.00%,

07/09/29

............

USD

1,126

$

431,381

0.50%,

07/09/30

(q)

...........

10,702

3,906,258

1.13%,

07/09/35

(q)

...........

13,212

4,306,970

2.00%,

01/09/38

(q)

...........

4,484

1,728,426

2.50%,

07/09/41

(q)

...........

1,536

559,872

10,932,907

Austria

—

0.2%

Republic

of

Austria,

2.10%

,

09/20/17

(a)(d)

EUR

6,663

12,327,698

Bahrain

—

0.0%

Kingdom

of

Bahrain

(b)

:

7.00%,

01/26/26

(d)

...........

USD

304

335,597

6.75%,

09/20/29

(d)

...........

891

954,372

5.25%,

01/25/33

(a)

...........

420

398,475

1,688,444

China

—

1.4%

People's

Republic

of

China:

2.68%,

05/21/30

............

CNY

471,250

71,310,179

3.27%,

11/19/30

............

121,020

19,299,313

3.02%,

05/27/31

............

87,140

13,663,292

104,272,784

Colombia

—

0.0%

Republic

of

Colombia

(b)

:

4.50%,

01/28/26

............

USD

406

434,750

3.88%,

04/25/27

............

568

588,874

3.13%,

04/15/31

............

1,379

1,289,192

2,312,816

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

(b)

:

5.95%,

01/25/27

(d)

...........

650

729,625

4.50%,

01/30/30

(a)

...........

810

821,796

4.88%,

09/23/32

(a)

...........

850

867,159

6.40%,

06/05/49

(d)

...........

322

340,978

2,759,558

Egypt

—

0.1%

Arab

Republic

of

Egypt

(b)

:

5.75%,

05/29/24

(a)

...........

657

679,995

5.88%,

06/11/25

(d)

...........

856

881,594

7.60%,

03/01/29

(d)

...........

709

730,270

8.50%,

01/31/47

(a)

...........

919

879,943

7.50%,

02/16/61

(a)

...........

410

356,700

3,528,502

Ghana

—

0.0%

Republic

of

Ghana

(b)

:

6.38%,

02/11/27

(d)

...........

556

517,775

7.75%,

04/07/29

(a)

...........

634

602,300

8.63%,

04/07/34

(a)

...........

381

360,045

1,480,120

Greece

—

0.2%

Hellenic

Republic,

2.00%

,

04/22/27

(a)(d)

EUR

12,617

16,107,083

Guatemala

—

0.0%

Republic

of

Guatemala,

4.65%

,

10/07/41

.................

200

194,916

Security

Par

(000)

Par

(000)

Value

India

—

0.0%

(b)(d)

Bharat

Petroleum

Corp.

Ltd.,

4.00%

,

05/08/25

.................

USD

220

$

232,279

Indian

Railway

Finance

Corp.

Ltd.:

3.25%,

02/13/30

............

930

937,440

2.80%,

02/10/31

............

220

212,353

1,382,072

Indonesia

—

0.2%

(b)

Perusahaan

Penerbit

SBSN

Indonesia

III

(d)

:

4.45%,

02/20/29

............

1,100

1,262,250

2.80%,

06/23/30

............

1,320

1,361,910

3.55%,

06/09/51

............

580

571,364

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

(d)

:

5.45%,

05/21/28

............

520

603,622

5.38%,

01/25/29

............

1,280

1,476,941

5.25%,

10/24/42

............

660

734,786

5.25%,

05/15/47

............

380

421,397

Republic

of

Indonesia:

4.10%,

04/24/28

............

1,233

1,383,503

8.50%,

10/12/35

(d)

...........

500

780,562

6.63%,

02/17/37

(d)

...........

1,210

1,649,230

7.75%,

01/17/38

(d)

...........

580

862,315

11,107,880

Japan

—

0.4%

Japan

Government

Bond,

0.40%

,

09/20/49

.................

JPY

3,535,600

29,793,136

Mexico

—

0.0%

United

Mexican

States

(b)

:

3.75%,

01/11/28

............

USD

718

781,857

2.66%,

05/24/31

............

892

860,390

1,642,247

Mongolia

—

0.0%

State

of

Mongolia,

3.50%

,

07/07/27

(b)(d)

300

289,875

Morocco

—

0.0%

Kingdom

of

Morocco

(a)(b)

:

3.00%,

12/15/32

............

580

550,275

4.00%,

12/15/50

............

200

182,250

732,525

Oman

—

0.0%

Oman

Government

Bond

(b)(d)

:

6.50%,

03/08/47

............

353

339,498

6.75%,

01/17/48

............

342

337,148

676,646

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan

(b)(d)

:

6.00%,

04/08/26

............

282

279,211

7.38%,

04/08/31

............

282

280,974

560,185

Panama

—

0.0%

Republic

of

Panama

(b)

:

3.16%,

01/23/30

............

1,276

1,315,317

4.50%,

04/16/50

............

537

583,081

1,898,398

BlackRock

Global

Allocation

V.I.

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Paraguay

—

0.0%

(b)

Paraguay

Government

International

Bond,

4.70%

,

03/27/27

(d)

.......

USD

305

$

337,273

Republic

of

Paraguay,

4.95%

,

04/28/31

(a)

................

369

415,194

752,467

Peru

—

0.0%

(b)

Peru

Government

Bond,

1.86%

,

12/01/32

.................

623

565,879

Republic

of

Peru,

2.78%

,

01/23/31

..

456

451,953

1,017,832

Philippines

—

0.1%

Republic

of

Philippines

(b)

:

6.38%,

01/15/32

............

1,190

1,599,286

6.38%,

10/23/34

............

820

1,132,266

2,731,552

Qatar

—

0.0%

State

of

Qatar,

4.40%

,

04/16/50

(a)(b)

..

315

383,119

Romania

—

0.0%

Romania

Government

Bond,

6.13%

,

01/22/44

(a)(b)

...............

464

606,477

Russia

—

0.0%

Russian

Federation

(b)(d)

:

4.75%,

05/27/26

............

200

224,912

4.25%,

06/23/27

............

800

891,600

1,116,512

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia,

4.50%

,

04/17/30

(b)(d)

...............

692

809,640

Spain

—

0.7%

Kingdom

of

Spain

(a)(d)

:

0.50%,

10/31/31

............

EUR

13,348

15,525,126

3.45%,

07/30/66

............

21,809

38,737,044

54,262,170

Ukraine

—

0.0%

Ukraine

Government

Bond

(b)

:

7.75%,

09/01/23

(d)

...........

USD

327

349,563

8.99%,

02/01/24

(d)

...........

954

1,050,354

7.25%,

03/15/33

(a)

...........

206

207,777

1,607,694

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.10%

,

06/18/50

(b)

................

256

326,089

Total

Foreign

Government

Obligations

—

3.6%

(Cost:

$277,633,983)

.............................

267,301,344

Shares

Shares

Investment

Companies

—

1.5%

Consumer

Discretionary

Select

Sector

SPDR

Fund

(i)

..............

38,033

6,825,022

Financial

Select

Sector

SPDR

Fund

.

220,495

8,275,177

Health

Care

Select

Sector

SPDR

Fund

(i)

...................

59,953

7,632,017

Industrial

Select

Sector

SPDR

Fund

(i)

143,687

14,058,336

Invesco

Senior

Loan

ETF

(i)

.......

332,379

7,348,900

iShares

China

Large-Cap

ETF

(g)(i)

...

137,076

5,336,369

Security

Shares

Shares

Value

Investment

Companies

(continued)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(g)(i)

...............

25,446

$

2,226,270

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(g)(i)

.......

14,187

1,887,297

iShares

Latin

America

40

ETF

(g)(i)

...

111,907

2,970,012

iShares

MSCI

Brazil

ETF

(g)(i)

.......

126,802

4,074,148

iShares

MSCI

Emerging

Markets

ETF

(g)

(i)

.......................

16,353

823,864

iShares

Nasdaq

Biotechnology

ETF

(g)(i)

5,951

962,158

iShares

S&P

500

Value

ETF

(g)(i)

....

69,142

10,054,630

KraneShares

Bosera

MSCI

China

A

ETF

.....................

50,931

2,329,584

KraneShares

CSI

China

Internet

ETF

(i)

170,247

8,056,088

SPDR

Blackstone

Senior

Loan

ETF

(i)

160,000

7,363,200

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

(i)

................

48,027

5,252,233

SPDR

Gold

Shares

(j)(k)

..........

84,856

13,935,052

United

States

Oil

Fund

LP

(k)

.......

30,095

1,581,793

VanEck

Vectors

Semiconductor

ETF

(i)

8,454

2,166,506

Total

Investment

Companies

—

1.5%

(Cost:

$109,834,790)

.............................

113,158,656

Par

(000)

Pa

r

(

000)

Non-Agency

Mortgage-Backed

Securities

—

2.7%

Collateralized

Mortgage

Obligations

—

0.7%

United

States

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes

(a)(c)

:

Series

2020-DNA6,

Class

B1,

(SOFR30A

+

3.00%),

3.05%,

12/25/50

...............

USD

743

752,662

Series

2021-DNA3,

Class

B1,

(SOFR30A

+

3.50%),

3.55%,

10/25/33

...............

1,836

1,923,636

Series

2021-HQA1,

Class

B1,

(SOFR30A

+

3.00%),

3.05%,

08/25/33

...............

1,359

1,375,820

Series

2021-HQA1,

Class

B2,

(SOFR30A

+

5.00%),

5.05%,

08/25/33

...............

814

838,943

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes

(a)(c)

:

Series

2021-DNA2,

Class

B1,

(SOFR30A

+

3.40%),

3.45%,

08/25/33

...............

798

827,021

Series

2021-DNA2,

Class

B2,

(SOFR30A

+

6.00%),

6.05%,

08/25/33

...............

721

822,016

J.P.

Morgan

Mortgage

Trust,

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

(a)(c)

...............

22,958

23,220,163

MCM,

Series

2021-VFN1,

3.00%,

08/28/28

.................

905

323,209

MCM

Trust

2018-NPL2, 

3.00%,

08/25/28

.................

1,175

1,174,878

Texas

Capital

Bank

NA, 

(LIBOR

USD

3

Month

+

4.50%),

4.63%,

09/30/24

(a)

(c)

......................

3,692

3,704,677

TVC

DSCR, 

2.38%,

02/01/51

(e)

.....

6,655

6,654,734

TVC

Holding, 

0.00%,

02/01/51

(e)

....

1,664

2,090,086

BlackRock

Global

Allocation

V.I.

Fund

27

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Western

Alliance

Cln,

(LIBOR

USD

3

Month

+

5.50%),

5.63%,

12/28/24

(c)

USD

11,150

$

11,140,907

54,848,752

Commercial

Mortgage-Backed

Securities

—

1.9%

United

States

—

1.9%

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.28%,

08/10/35

(a)(c)

...............

1,520

1,591,135

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(LIBOR

USD

1

Month

+

3.10%),

3.18%,

04/15/34

(a)

(c)

......................

1,755

1,760,499

AOA

Mortgage

Trust,

Series

2015-

1177,

Class

C,

3.11%,

12/13/29

(a)(c)

1,022

1,021,140

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

(a)

...........

550

472,813

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

D,

3.72%,

04/14/33

(a)(c)

....

255

267,427

Bayview

Commercial

Asset

Trust

(a)(c)

:

Series

2005-3A,

Class

M6,

(LIBOR

USD

1

Month

+

1.05%),

1.14%,

11/25/35

...............

139

134,084

Series

2006-3A,

Class

M1,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

10/25/36

...............

178

170,936

BBCMS

Mortgage

Trust,

Series

2017-

DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.50%),

2.58%,

08/15/36

(a)

(c)

......................

559

557,585

Beast

Mortgage

Trust

(a)(c)

:

Series

2021-SSCP,

Class

B,

(LIBOR

USD

1

Month

+

1.10%),

1.18%,

04/15/36

...............

1,549

1,549,466

Series

2021-SSCP,

Class

C,

(LIBOR

USD

1

Month

+

1.35%),

1.43%,

04/15/36

...............

1,930

1,930,577

Series

2021-SSCP,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

1.68%,

04/15/36

...............

1,773

1,773,535

Series

2021-SSCP,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.18%,

04/15/36

...............

1,535

1,535,464

Series

2021-SSCP,

Class

F,

(LIBOR

USD

1

Month

+

2.90%),

2.98%,

04/15/36

...............

1,467

1,467,440

Series

2021-SSCP,

Class

G,

(LIBOR

USD

1

Month

+

3.80%),

3.88%,

04/15/36

...............

1,661

1,661,501

Series

2021-SSCP,

Class

H,

(LIBOR

USD

1

Month

+

4.90%),

4.99%,

04/15/36

...............

1,177

1,177,356

BHMS

(a)(c)

:

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.33%,

07/15/35

...............

2,215

2,221,377

Series

2018-ATLS,

Class

C,

(LIBOR

USD

1

Month

+

1.90%),

1.98%,

07/15/35

...............

840

840,065

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(a)

.

1,287

1,344,440

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BX

Commercial

Mortgage

Trust

(a)(c)

:

Series

2018-BIOA,

Class

D,

(LIBOR

USD

1

Month

+

1.32%),

1.40%,

03/15/37

...............

USD

940

$

940,239

Series

2018-BIOA,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

2.03%,

03/15/37

...............

2,950

2,949,448

Series

2018-BIOA,

Class

F,

(LIBOR

USD

1

Month

+

2.47%),

2.55%,

03/15/37

...............

2,663

2,665,041

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.13%,

11/15/35

...............

1,325

1,328,341

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.38%,

10/15/36

...............

2,938

2,946,443

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.73%,

10/15/36

...............

4,674

4,684,387

Series

2020-BXLP,

Class

D,

(LIBOR

USD

1

Month

+

1.25%),

1.33%,

12/15/36

...............

678

677,727

Series

2020-BXLP,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

2.08%,

12/15/36

...............

718

718,996

Series

2020-BXLP,

Class

G,

(LIBOR

USD

1

Month

+

2.50%),

2.58%,

12/15/36

...............

961

959,420

Series

2020-VKNG,

Class

G,

(LIBOR

USD

1

Month

+

3.25%),

3.33%,

10/15/37

..........

470

470,897

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

0.99%,

02/15/33

(e)

..............

7,459

7,459,000

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

2.23%,

02/15/33

(e)

..............

4,374

4,374,000

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

4.33%,

02/15/33

(e)

..............

2,888

2,888,000

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.89%,

05/15/38

...............

4,160

4,170,403

BX

Trust

(a)(c)

:

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

3,926

4,052,857

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.33%,

01/15/34

..........

1,060

1,060,998

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.08%,

01/15/34

...............

1,650

1,660,237

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.88%,

06/15/38

..........

5,600

5,608,995

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

2.23%,

12/15/37

(a)(c)

...............

719

719,254

CFCRE

Commercial

Mortgage

Trust

(a)

:

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

...............

350

361,429

Series

2018-TAN,

Class

E,

6.66%,

02/15/33

(c)

..............

396

406,732

BlackRock

Global

Allocation

V.I.

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

D,

5.26%,

03/10/47

(a)(c)

.............

USD

405

$

429,921

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

1,940

2,081,868

Commercial

Mortgage

Trust,

Series

2014-CR17,

Class

C,

4.95%,

05/10/47

(c)

................

650

683,980

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.43%,

12/15/31

(a)

(c)

......................

562

551,881

Credit

Suisse

Mortgage

Capital

Certificates

(a)

:

Series

2019-ICE4,

Class

C,

(LIBOR

USD

1

Month

+

1.43%),

1.51%,

05/15/36

(c)

..............

606

606,430

Series

2019-ICE4,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

1.68%,

05/15/36

(c)

..............

2,018

2,023,716

Series

2019-ICE4,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

2.23%,

05/15/36

(c)

..............

1,792

1,794,868

Series

2019-ICE4,

Class

F,

(LIBOR

USD

1

Month

+

2.65%),

2.73%,

05/15/36

(c)

..............

2,679

2,682,223

Series

2020-NET,

Class

A,

2.26%,

08/15/37

...............

1,412

1,451,145

CSAIL

Commercial

Mortgage

Trust:

Series

2016-C5,

Class

C,

4.80%,

11/15/48

(c)

..............

419

448,769

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

...............

4,122

4,237,572

DBGS

Mortgage

Trust

(a)(c)

:

Series

2018-BIOD,

Class

D,

(LIBOR

USD

1

Month

+

1.30%),

1.38%,

05/15/35

...............

628

628,067

Series

2018-BIOD,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

2.08%,

05/15/35

...............

2,246

2,246,093

DBWF

Mortgage

Trust

(a)(c)

:

Series

2018-GLKS,

Class

B,

(LIBOR

USD

1

Month

+

1.35%),

1.44%,

12/19/30

...............

723

722,598

Series

2018-GLKS,

Class

C,

(LIBOR

USD

1

Month

+

1.75%),

1.84%,

12/19/30

...............

575

573,937

Extended

Stay

America

Trust

(a)(c)

:

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.33%,

07/15/38

...............

4,347

4,401,272

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.93%,

07/15/38

...............

2,815

2,843,594

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(LIBOR

USD

1

Month

+

2.35%),

2.43%,

02/15/38

(a)(c)

...............

270

270,249

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-ROSS,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

1.23%,

05/15/26

(a)(c)

..........

490

490,488

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

1,547

1,598,196

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

3.08%,

08/10/38

(a)(c)

...............

USD

315

$

317,244

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp.

(a)(c)

:

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.45%),

2.53%,

04/15/38

...............

2,540

2,543,156

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.95%),

3.03%,

04/15/38

...............

2,670

2,674,254

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

:

Series

2018-WPT,

Class

DFL,

(LIBOR

USD

1

Month

+

2.50%),

2.58%,

07/05/33

(c)

.........

438

438,887

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

..........

756

792,582

Series

2019-MFP,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.08%,

07/15/36

(c)

..............

2,095

2,063,046

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.43%,

03/15/38

(a)(c)

....

5,071

5,083,684

MHC

Commercial

Mortgage

Trust

(a)(c)

:

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.18%,

04/15/38

...............

5,320

5,336,501

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.68%,

04/15/38

...............

4,090

4,099,025

MHP,

Series

2021-STOR,

Class

G,

(LIBOR

USD

1

Month

+

2.75%),

2.83%,

07/15/38

(a)(c)

..........

1,119

1,119,349

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

C,

(LIBOR

USD

1

Month

+

0.00%),

4.49%,

05/15/48

(c)

...........

227

238,047

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.42%,

07/11/40

(a)(c)

...............

709

792,849

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

F,

(LIBOR

USD

1

Month

+

3.35%),

3.43%,

07/15/38

(a)(c)

...............

533

533,637

STWD

Trust,

Series

2021-FLWR,

Class

E,

(LIBOR

USD

1

Month

+

1.92%),

2.01%,

07/15/36

(a)(c)

..........

931

930,442

TPGI

Trust,

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.08%,

06/15/26

(a)(c)

..........

1,181

1,178,460

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

412

436,030

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.21%,

08/10/49

(a)(c)

..........

597

608,965

VMC

Finance

LLC,

Series

2021-FL4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.19%,

06/16/36

(a)(c)

....

1,889

1,891,613

VNDO

Trust,

Series

2016-350P,

Class

D,

4.03%,

01/10/35

(a)(c)

........

750

766,460

Wells

Fargo

Commercial

Mortgage

Trust

(c)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

1,140

1,226,230

BlackRock

Global

Allocation

V.I.

Fund

29

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-C41,

Class

B,

4.19%,

11/15/50

...............

USD

1,065

$

1,142,398

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)

..............

759

834,735

138,394,145

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(c)

Benchmark

Mortgage

Trust:

Series

2021-B23,

Class

XA,

1.39%,

02/15/54

...............

18,296

1,700,433

Series

2021-B25,

Class

XA,

1.23%,

04/15/54

...............

9,656

819,235

GS

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.85%,

12/12/53

(a)

................

1,495

188,388

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2020-C58,

Class

XA,

2.01%,

07/15/53

...............

10,756

1,449,263

Series

2021-C59,

Class

XA,

1.69%,

04/15/54

...............

8,338

957,704

5,115,023

Total

Non-Agency

Mortgage-Backed

Securities

—

2.7%

(Cost:

$196,784,897)

.............................

198,357,920

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

-

0.1%

Capital

Markets

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(b)(e)(t)

.............

7,220

8,563,070

Total

Other

Interests

-

0.1%

(Cost:

$7,284,549)

................................

8,563,070

Par

(000)

Pa

r

(

000)

Preferred

Securities

—

3.6%

Capital

Trusts

—

0.2%

United

States

—

0.2%

(c)

Ally

Financial,

Inc.,

Series

B

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%

(m)

..................

1,072

1,115,791

Bank

of

America

Corp.,

Series

JJ

,

(LIBOR

USD

3

Month

+

3.29%),

5.13%

(m)

..................

1,058

1,122,194

Charles

Schwab

Corp.

(The),

Series

I

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

(m)

............

1,074

1,119,645

Citigroup,

Inc.,

Series

V

,

(SOFR

+

3.23%),

4.70%

(m)

............

1,085

1,109,413

Edison

International,

Series

A

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(m)

..................

1,109

1,146,761

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

General

Motors

Financial

Co.,

Inc.,

Series

C

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(m)

.......

USD

984

$

1,132,830

Goldman

Sachs

Group,

Inc.

(The),

Series

T

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

(m)

.......

1,105

1,131,244

JPMorgan

Chase

&

Co.,

Series

HH

,

(SOFR

+

3.13%),

4.60%

(m)

.....

1,088

1,112,480

Morgan

Stanley,

Series

H

,

(LIBOR

USD

3

Month

+

3.61%),

3.74%

(m)

.....

2,972

2,998,748

Prudential

Financial,

Inc.:

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

..........

1,491

1,586,915

(LIBOR

USD

3

Month

+

4.18%),

5.87%, 09/15/42

..........

2,264

2,354,855

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.50%

(m)

...........

1,158

1,142,444

17,073,320

Total

Capital

Trusts

—

0.2%  

(Cost:

$16,898,464)

..............................

17,073,320

Shares

Shares

Preferred

Stocks

—

3.3%

Brazil

—

0.1%

Itau

Unibanco

Holding

SA

(Preference)

223,101

1,186,431

Neon

Payments

Ltd.

(b)(e)

.........

10,380

3,927,792

5,114,223

China

—

0.2%

ByteDance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$11,713,918)

(b)(e)(h)

.

106,904

17,933,869

Germany

—

0.3%

Bayerische

Motoren

Werke

AG

(Preference)

...............

1,862

141,244

Caresyntax,

Inc.

(b)(e)(f)

...........

11,234

1,932,810

Porsche

Automobil

Holding

SE

(Preference)

...............

36,318

3,591,500

Sartorius

AG

(Preference)

........

268

170,611

Volkswagen

AG

(Preference)

......

60,493

13,484,047

Volocopter

Gmbh,

(Acquired

03/03/21,

cost

$7,545,514)

(e)(h)

..........

1,420

7,706,813

27,027,025

India

—

0.1%

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$4,447,111)

(e)(h)

.............

1,380

5,299,914

Jersey

—

0.1%

Loadsmart,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$3,701,680)

(b)(e)(h)

..

432,945

5,459,436

United

Kingdom

—

0.2%

(b)(e)(h)

Exscientia

Ltd.,

C-1

(Acquired

02/24/21,

cost

$3,432,127)

............

1,960

12,348,000

Exscientia

Ltd.,

C-1

(Acquired

04/29/21,

cost

$1,716,063)

............

490

3,087,000

15,435,000

BlackRock

Global

Allocation

V.I.

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

United

States

—

2.3%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(a)(o)

.............

12,010

$

13,580,548

Aptiv

plc,

Series

A,

5.50%

(o)

.......

40,585

6,838,573

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(i)

..................

151,936

8,201,505

Boston

Scientific

Corp.,

Series

A,

5.50%

...................

26,805

3,120,102

Breeze

Aviation

Group,

Inc.,

Series

B

(Acquired

07/30/21,

cost

$4,854,509)

(e)(f)(h)

............

8,988

4,854,509

Cruise,

Series

G

(Acquired

03/25/21,

cost

$3,295,779)

(e)(h)

..........

125,077

3,264,510

Databricks,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$3,896,150)

(e)(h)

...

90,717

19,998,563

Databricks,

Inc.,

Series

G

(Acquired

02/01/21,

cost

$4,396,950)

(e)(h)

...

24,790

5,464,956

Deep

Instinct

Ltd.,

Series

D-2

(Acquired

03/19/21,

cost

$3,888,688)

(e)(h)

...

639,810

4,414,689

DoubleVerify

Holdings,

Inc.,

Series

A

(Acquired

11/18/20,

cost

$2,404,126)

(h)

..............

139,683

4,747,713

Dream

Finders

Homes,

Inc.,

9.00%

..

10,838

10,729,620

EPAM

Systems,

Inc.

(f)

...........

4,222

2,408,567

Exo

Imaging,

Inc.,

Series

C

(Acquired

06/24/21,

cost

$2,729,072)

(e)(h)

...

465,871

2,730,004

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$3,117,865)

(e)(h)

.............

94,319

5,862,869

Farmer's

Business

Network,

Inc.,

(Acquired

09/15/21,

cost

$886,805)

(e)

(f)(h)

.....................

14,267

886,805

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$5,939,231)

(e)(h)

...

1,929,993

5,500,480

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$3,180,966)

(e)(h)

...

1,184,166

3,351,190

JumpCloud,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$4,033,036)

(e)(h)

...

2,211,458

13,246,633

Live

Nation

Entertainment,

Inc.

(f)

....

48,262

4,398,116

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$10,936,522)

(e)(h)

............

863,811

9,484,645

MongoDB,

Inc.

(f)

...............

12,718

5,996,664

Mythic

AL,

Inc.,

Series

C

(Acquired

01/26/21,

cost

$2,117,646)

(e)(h)

...

308,241

2,385,785

Noodle

Partners,

Inc.,

Series

C

(Acquired

08/26/21,

cost

$2,786,613)

(e)(f)(h)

............

312,236

2,786,613

PsiQuantum

Corp.,

(Acquired

05/21/21,

cost

$1,743,151)

(e)(h)

..........

66,466

1,741,409

Relativity

Space,

Inc.,

(Acquired

05/27/21,

cost

$3,000,761)

(e)(h)

...

131,410

3,117,045

SambaNova

Systems,

Inc.,

(Acquired

04/9/21,

cost

$2,289,175)

(e)(h)

....

24,092

2,610,609

SambaNova

Systems,

Inc.,

Series

C

(Acquired

02/19/20,

cost

$4,030,858)

(e)(h)

.............

75,709

8,203,827

Snorkel

AI,

Inc.,

Series

C

(Acquired

06/30/21,

cost

$1,079,673)

(e)(h)

...

71,884

1,122,828

Ursa

Major

Technologies,

Inc.,

(Acquired

09/13/21,

cost

$2,763,384)

(e)(f)(h)

............

463,282

2,763,384

Wells

Fargo

&

Co.,

Series

L,

7.50%

(i)(m)

(o)

......................

1,758

2,605,356

Security

Shares

Shares

Value

United

States

(continued)

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$3,083,013)

(e)(h)

.............

195,578

$

3,187,921

169,606,038

Total

Preferred

Stocks

—

3.3%  

(Cost:

$181,199,548)

.............................

245,875,505

Trust

Preferreds

—

0.1%

United

States

—

0.1%

(c)

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

6.50%, 10/30/40

(i)

189,312

5,253,408

GMAC

Capital

Trust

I,

Series

2

,

(LIBOR

USD

3

Month

+

5.79%),

5.91%, 02/15/40

............

41,624

1,050,590

6,303,998

Total

Trust

Preferreds

—

0.1%  

(Cost:

$6,009,005)

..............................

6,303,998

Total

Preferred

Securities

—

3.6%

(Cost:

$204,107,017)

.............................

269,252,823

Rights

—

0.0%

Germany

—

0.0%

Vitesco

Technologies

(f)

..........

71

4,194

Taiwan

—

0.0%

Fubon

Financial

Holding

Co.

Ltd.

(Expires

10/18/21)

(f)

..........

51,008

19,624

Total

Rights

—

0.0%

(Cost:

$5,001)

.................................

23,818

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

3.1%

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

USD

2,840

250,445

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-

Through

Certificates

Variable

Rate

Notes,

Series

KW09,

Class

X1,

0.94%, 05/25/29

(c)

...........

19,593

995,259

1,245,704

Mortgage-Backed

Securities

—

3.1%

Uniform

Mortgage-Backed

Securities,

2.50%, 10/25/51

(u)

...........

221,625

228,507,169

Total

U.S.

Government

Sponsored

Agency

Securities

—

3.1%  

(Cost:

$230,516,981)

.............................

229,752,873

BlackRock

Global

Allocation

V.I.

Fund

31

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

0.3%

U.S.

Treasury

Notes,

2.00%, 11/15/21

(k)

USD

20,000

$

20,047,480

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$20,046,010)

..............................

20,047,480

Shares

Shares

Warrants

—

0.0%

Brazil

—

0.0%

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

1

share

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

1.00)

(b)(e)(f)

.........

3,459

77,378

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(Issued/

exercisable

05/13/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

(f)

...........

85,886

99,486

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

exercisable

11/27/20,

1

share

for

1

warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(f)

...........

1,586

749

United

States

—

0.0%

Austerlitz

Acquisition

Corp.

I

(Issued/

exercisable

02/17/21,

1

share

for

1

warrant,

Expires

02/19/26,

Strike

Price

USD

11.50)

(f)

...........

10,498

17,742

Cano

Health,

Inc.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

(f)

..................

88,134

363,993

Crown

PropTech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

1.00)

(e)

...........

90,780

43,574

EVgo,

Inc.

(Issued/exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

(f)

..................

48,920

87,567

Hippo

Holdings,

Inc.

(Issued/

exercisable

01/04/21,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(f)

...........

36,207

33,321

Israel

Amplify

Program

Corp.

(Issued/

exercisable

05/14/21,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

1.00)

(e)(f)

..........

134,819

173,917

Latch,

Inc.

(Issued/exercisable

06/04/21,

1

share

for

1

warrant,

Expires

12/31/26,

Strike

Price

USD

11.50)

(f)

..................

37,211

122,796

Lightning

eMotors,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

1.00)

............

98,870

313,257

Northern

Genesis

Acquisition

Corp.

II

(Issued/exercisable

12/28/20,

1

share

for

1

warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(f)

35,878

38,389

Security

Shares

Shares

Value

United

States

(continued)

Offerpad

Solutions,

Inc.

(Issued/

exercisable

10/13/20,

1

share

for

1

warrant,

Expires

10/13/25,

Strike

Price

USD

11.50)

(f)

...........

60,291

$

105,509

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

01/31/26,

Strike

Price

USD

11.50)

(e)(f)

..........

33,370

34,705

Sarcos

Technology

and

Robotics

Corp.

(Issued/exercisable

12/21/20,

1

share

for

1

warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

(f)

76,688

59,817

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

(f)

21,860

43,283

Volta,

Inc.

(Issued/exercisable

10/22/20,

1

share

for

1

warrant,

Expires

08/26/26,

Strike

Price

USD

11.50)

(f)

..................

50,390

128,998

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/08/20,

cost

$0)

(Issued/exercisable

05/08/20,

1

share

for

1

warrant,

Expires

11/08/21,

Strike

Price

USD

18.92)

(e)(f)

(h)

......................

195,578

2

1,566,870

Total

Warrants

—

0.0%

............................

1,744,483

Total

Long-Term

Investments

—

96.7%

(Cost:

$6,219,057,851)

...........................

7,236,684,881

Par

(000)

Pa

r

(

000)

Short-Term

Securities

—

7.8%

Foreign

Government

Obligations

—

0.3%

(v)

Brazil

-

0.3%

Federative

Republic

of

Brazil

Treasury

Bills,

7.60%

,

07/01/24

.........

BRL

168

23,647,855

Total

Foreign

Government

Obligations

—

0.3%

(Cost:

$26,214,190)

..............................

23,647,855

Shares

Shares

Money

Market

Funds

—

7.3%

(g)(w)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

328,703,858

328,703,858

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(x)

.............

215,836,250

215,901,001

Total

Money

Market

Funds

—

7.3%

(Cost:

$544,604,859)

.............................

544,604,859

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.2%

Australia

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.23)%, 10/01/21

...........

AUD

1,202

868,947

BlackRock

Global

Allocation

V.I.

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Canada

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 10/01/21

............

CAD

2,626

$

2,073,221

Europe

—

0.0%

BNP

Paribas,

(0.79)%, 10/01/21

....

EUR

253

293,484

Hong

Kong

—

0.0%

Hong

Kong

&

Shanghai

Bank,

0.00%, 10/04/21

............

HKD

463

59,481

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.41)%, 10/01/21

...........

JPY

14,640

131,542

United

Kingdom

—

0.0%

Citibank

NA,

0.01%, 10/01/21

.....

GBP

214

288,704

United

States

—

0.2%

Skandinaviska

Enskilda

Banken

AB,

0.08%, 10/01/21

............

USD

12,102

12,101,736

Total

Time

Deposits

—

0.2%

(Cost:

$15,817,115)

..............................

15,817,115

Total

Short-Term

Securities

—

7.8%

(Cost:

$586,636,164)

.............................

584,069,829

Total

Options

Purchased

—

0.4%

(Cost:

$47,110,446

)

..............................

30,039,038

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

104.9%

(Cost:

$6,852,804,461)

...........................

7,850,793,748

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$24,249,351)

.................

(20,995,981)

Shares

Shares

Investments

Sold

Short

—

(0.4)%

Common

Stocks

—

(0.4)%

United

States

—

(0.4)%

Appian

Corp.

(f)

................

33,143

(3,066,059)

DoorDash,

Inc.,

Class

A

(f)

........

29,049

(5,983,513)

Hershey

Co.

(The)

.............

14,342

(2,427,384)

JM

Smucker

Co.

(The)

..........

15,304

(1,836,939)

Snowflake,

Inc.,

Class

A

(f)

........

15,030

(4,545,523)

Walgreens

Boots

Alliance,

Inc.

.....

221,181

(10,406,566)

(28,265,984)

Total

Common

Stocks

—

(0.4)%

(Proceeds:

$26,298,666)

..........................

(28,265,984)

Total

Investments

Sold

Short

—

(0.4)%

(Proceeds:

$26,298,666

)

..........................

(28,265,984)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

104.2%

(Cost:

$6,802,256,444)

...........................

7,801,531,783

Liabilities

in

Excess

of

Other

Assets

—

(4.2)%

............

(314,409,348)

Net

Assets

—

100.0%

..............................

$

7,487,122,435

BlackRock

Global

Allocation

V.I.

Fund

33

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

(a)

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.

(b)

U.S.

dollar

denominated

security

issued

by

foreign

domiciled

entity.

(c)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Non-income

producing

security.

(g)

Affiliate

of

the

Fund.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$310,211,709,

representing

4.14%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$212,490,119.

(i)

All

or

a

portion

of

this

security

is

on

loan.

(j)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(k)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

(l)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(m)

Perpetual

security

with

no

stated

maturity

date.

(n)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(o)

Convertible

security.

(p)

Zero-coupon

bond.

(q)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(r)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(s)

Fixed

rate.

(t)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(u)

Represents

or

includes

a

TBA

transaction.

(v)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(w)

Annualized

7-day

yield

as

of

period

end.

(x)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

Global

Allocation

V.I.

Fund

34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

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

Par/Shares

Held

at

09/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

29,360,501

$

299,343,357

$

—

$

—

$

—

$

328,703,858

328,703,858

$

6,318

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

352,621,386

—

(136,717,253)

(3,132)

—

215,901,001

215,836,250

1,196,797

(b)

—

Bio

City

Development

Co.

BV,

8.00%, 07/06/21

.........

2,193,500

—

—

—

(481,500)

1,712,000

21,400,000

—

—

iShares

China

Large-Cap

ETF

..

11,083,538

5,112,318

(9,523,820)

(174,012)

(1,161,655)

5,336,369

137,076

24,045

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

103,651,290

—

(100,429,282)

2,441,203

(3,436,941)

2,226,270

25,446

1,207,538

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

46,918,617

14,754,824

(58,154,953)

(643,712)

(987,479)

1,887,297

14,187

205,191

—

iShares

Latin

America

40

ETF

..

5,690,965

—

(2,286,373)

236,384

(670,964)

2,970,012

111,907

49,101

—

iShares

MSCI

Brazil

ETF

.....

4,298,303

4,334,188

(3,416,691)

484,160

(1,625,812)

4,074,148

126,802

115,199

—

iShares

MSCI

Emerging

Markets

ETF

..................

1,464,018

—

(637,412)

102,627

(105,369)

823,864

16,353

4,572

—

iShares

MSCI

Japan

ETF

(c)

....

—

4,446,939

(4,750,627)

303,688

—

—

—

—

—

iShares

Nasdaq

Biotechnology

ETF

..................

1,569,891

—

(664,241)

163,048

(106,540)

962,158

5,951

2,259

—

iShares

Russell

2000

ETF

(c)

....

107,492,052

6,309,938

(121,996,976)

18,173,874

(9,978,888)

—

—

103,273

—

iShares

S&P

500

Value

ETF

...

10,275,781

—

(1,639,907)

274,035

1,144,721

10,054,630

69,142

156,784

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.........

18,089,674

743,228

—

—

(408,028)

18,424,874

19,205,915

1,458,910

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/28

.........

18,591,047

—

(125,639)

—

125,639

18,591,047

18,591,047

2

—

Quintis

HoldCo

Pty.

Ltd.,

(Acquired

10/22/18,

cost

$5,761,227)

..

6,288,328

—

—

—

3,018,687

9,307,015

9,827,224

—

—

$

21,358,163

$

(14,674,129)

$

620,974,543

$

4,529,989

$

—

—

—

(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.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

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

Global

Allocation

V.I.

Fund

35

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

...............................................................

921

12/08/21

$

162,106

$

(2,536,113)

Euro-Bund

..............................................................

977

12/08/21

192,187

(2,834,697)

Japan

10

Year

Bond

........................................................

59

12/13/21

80,245

(254,479)

Australia

10

Year

Bond

......................................................

1,082

12/15/21

110,664

(2,361,868)

FTSE/MIB

Index

..........................................................

35

12/17/21

5,143

(55,714)

MSCI

Emerging

Markets

E-Mini

Index

............................................

146

12/17/21

9,093

(379,347)

Russell

2000

E-Mini

Index

....................................................

741

12/17/21

81,540

(1,312,134)

U.S.

Treasury

10

Year

Note

...................................................

352

12/21/21

46,365

(462,295)

U.S.

Treasury

Long

Bond

....................................................

202

12/21/21

32,219

(596,867)

U.S.

Treasury

Ultra

Bond

....................................................

544

12/21/21

104,210

(2,935,911)

U.S.

Treasury

5

Year

Note

....................................................

9,329

12/31/21

1,145,572

(5,873,339)

(19,602,764)

Short

Contracts

Euro-Buxl

...............................................................

179

12/08/21

42,161

1,371,912

SPI

200

Index

............................................................

20

12/16/21

2,636

39,175

EURO

STOXX

50

Index

.....................................................

460

12/17/21

21,569

478,649

FTSE

100

Index

..........................................................

105

12/17/21

10,007

(100,799)

NASDAQ

100

E-Mini

Index

...................................................

718

12/17/21

210,841

10,694,203

S&P

500

E-Mini

Index

......................................................

2,818

12/17/21

605,553

20,009,352

U.S.

Treasury

10

Year

Ultra

Note

...............................................

3,583

12/21/21

521,159

6,188,488

Long

Gilt

...............................................................

351

12/29/21

59,188

1,604,426

U.S.

Treasury

2

Year

Note

....................................................

5,199

12/31/21

1,144,186

318,787

40,604,193

$

21,001,429

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

INR

582,874,924

USD

7,729,514

Citibank

NA

10/14/21

$

109,816

JPY

46,551,344

EUR

356,813

Barclays

Bank

plc

10/14/21

4,901

JPY

2,098,564,504

EUR

16,082,338

JPMorgan

Chase

Bank

NA

10/14/21

224,470

USD

510,332

BRL

2,712,172

Citibank

NA

10/14/21

13,201

USD

15,567,515

EUR

13,088,582

JPMorgan

Chase

Bank

NA

10/14/21

403,295

USD

7,952,452

INR

582,875,000

Citibank

NA

10/14/21

113,121

JPY

3,481,266,400

EUR

26,750,000

Deutsche

Bank

AG

10/28/21

284,477

USD

39,389,324

EUR

33,285,142

Citibank

NA

10/28/21

815,464

USD

11,635,863

EUR

9,810,217

JPMorgan

Chase

Bank

NA

10/29/21

266,673

IDR

109,532,118,000

USD

7,561,240

HSBC

Bank

plc

11/03/21

60,851

USD

11,561,673

EUR

9,728,446

JPMorgan

Chase

Bank

NA

11/04/21

285,951

USD

30,422,016

HKD

236,599,324

BNP

Paribas

SA

11/04/21

25,925

NOK

172,734,000

CHF

17,987,363

Morgan

Stanley

&

Co.

International

plc

11/10/21

435,145

USD

8,584,606

EUR

7,246,604

Citibank

NA

11/12/21

184,086

USD

27,038,542

EUR

23,243,365

Morgan

Stanley

&

Co.

International

plc

11/12/21

94,010

USD

30,209,951

HKD

235,031,000

Citibank

NA

11/12/21

14,826

NOK

103,461,000

CHF

10,765,413

Morgan

Stanley

&

Co.

International

plc

11/16/21

267,129

USD

11,652,029

INR

858,405,000

Citibank

NA

12/01/21

166,526

USD

20,851,596

SEK

181,226,948

JPMorgan

Chase

Bank

NA

12/02/21

141,549

USD

14,861,545

BRL

77,859,633

HSBC

Bank

plc

12/08/21

724,223

USD

15,518,803

NZD

21,866,000

Morgan

Stanley

&

Co.

International

plc

12/08/21

431,227

USD

19,419,436

SEK

166,711,000

UBS

AG

12/08/21

365,840

USD

15,618,650

INR

1,152,031,623

HSBC

Bank

plc

12/09/21

217,686

EUR

9,649,266

USD

11,183,297

Citibank

NA

12/15/21

11,405

EUR

9,649,265

USD

11,179,465

Goldman

Sachs

International

12/15/21

15,236

USD

37,534,093

EUR

32,192,231

JPMorgan

Chase

Bank

NA

12/15/21

185,922

BlackRock

Global

Allocation

V.I.

Fund

36

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CAD

17,095,248

USD

13,338,639

Morgan

Stanley

&

Co.

International

plc

12/16/21

$

158,182

GBP

11,478,881

EUR

13,318,000

JPMorgan

Chase

Bank

NA

12/16/21

17,191

JPY

1,681,682,000

USD

15,090,308

Bank

of

America

NA

12/16/21

30,236

JPY

849,068,000

USD

7,627,349

Barclays

Bank

plc

12/16/21

6,895

PLN

48,893,834

USD

12,289,268

Barclays

Bank

plc

12/16/21

1,127

PLN

9,782,134

USD

2,457,418

BNP

Paribas

SA

12/16/21

1,507

PLN

1,316,032

USD

330,294

UBS

AG

12/16/21

516

RUB

704,136,873

USD

9,525,017

Citibank

NA

12/16/21

21,843

RUB

1,617,829

USD

21,887

HSBC

Bank

plc

12/16/21

48

USD

4,555,823

INR

337,985,090

BNP

Paribas

SA

12/16/21

40,991

6,141,491

JPY

6,326,752,000

USD

57,209,736

BNP

Paribas

SA

10/07/21

(361,822)

USD

29,653,763

CNY

193,371,000

HSBC

Bank

plc

10/08/21

(326,137)

BRL

12,042,554

USD

2,341,779

Citibank

NA

10/14/21

(134,416)

JPY

6,795,806,997

USD

61,754,596

JPMorgan

Chase

Bank

NA

10/14/21

(689,071)

JPY

3,177,025,816

USD

28,752,718

Barclays

Bank

plc

10/15/21

(204,517)

JPY

7,841,517

USD

70,959

JPMorgan

Chase

Bank

NA

10/15/21

(496)

USD

26,893,931

CNY

175,633,504

HSBC

Bank

plc

10/15/21

(320,287)

GBP

19,425,000

USD

26,765,496

Goldman

Sachs

International

10/21/21

(591,718)

JPY

2,133,655,111

USD

19,469,559

Morgan

Stanley

&

Co.

International

plc

10/21/21

(296,122)

MXN

341,851,758

USD

16,916,095

BNP

Paribas

SA

10/21/21

(400,209)

MXN

3,115,443

USD

154,183

Goldman

Sachs

International

10/21/21

(3,667)

JPY

2,645,706,615

USD

24,140,221

JPMorgan

Chase

Bank

NA

10/22/21

(365,229)

USD

17,271,824

NOK

155,865,000

Bank

of

America

NA

10/22/21

(555,647)

EUR

19,056,000

USD

22,524,998

Bank

of

America

NA

10/28/21

(441,166)

JPY

4,396,102,000

USD

39,963,038

Morgan

Stanley

&

Co.

International

plc

10/28/21

(456,940)

GBP

10,948

USD

15,226

Bank

of

America

NA

11/04/21

(474)

GBP

16,140,052

USD

22,443,509

JPMorgan

Chase

Bank

NA

11/04/21

(695,542)

JPY

2,412,819,000

USD

21,999,557

BNP

Paribas

SA

11/04/21

(315,427)

JPY

3,788,820

USD

34,632

JPMorgan

Chase

Bank

NA

11/04/21

(582)

JPY

2,271,155,180

USD

20,760,178

UBS

AG

11/04/21

(349,188)

USD

21,463,288

CNY

139,795,331

Deutsche

Bank

AG

11/04/21

(161,638)

USD

12,773,881

CNY

83,043,000

HSBC

Bank

plc

11/04/21

(72,032)

EUR

51,458,611

USD

60,478,315

Citibank

NA

11/12/21

(825,671)

JPY

2,988,307,000

USD

27,043,779

JPMorgan

Chase

Bank

NA

11/12/21

(186,158)

AUD

24,313,589

USD

17,641,434

Bank

of

America

NA

11/18/21

(60,570)

JPY

2,615,566,415

USD

23,834,318

JPMorgan

Chase

Bank

NA

11/18/21

(325,709)

AUD

20,160,165

USD

14,609,787

Bank

of

America

NA

11/19/21

(32,157)

KRW

17,243,209,430

USD

14,730,232

Citibank

NA

11/24/21

(182,740)

KRW

17,250,893,000

USD

14,645,278

UBS

AG

11/24/21

(91,303)

KRW

18,066,206,000

USD

15,506,142

Citibank

NA

12/01/21

(265,978)

AUD

4,280,111

USD

3,105,782

HSBC

Bank

plc

12/02/21

(10,717)

AUD

16,203,618

USD

11,865,261

Morgan

Stanley

&

Co.

International

plc

12/02/21

(147,984)

JPY

21,262,719

USD

193,972

Morgan

Stanley

&

Co.

International

plc

12/02/21

(2,844)

JPY

1,669,214,890

USD

15,228,034

UBS

AG

12/02/21

(223,680)

KRW

18,077,651,000

USD

15,464,201

UBS

AG

12/08/21

(215,341)

JPY

26,353,805

USD

239,128

JPMorgan

Chase

Bank

NA

12/09/21

(2,206)

JPY

3,650,334,185

USD

33,119,124

Morgan

Stanley

&

Co.

International

plc

12/09/21

(302,488)

USD

14,754,628

CNY

95,986,122

UBS

AG

12/09/21

(52,530)

EUR

12,832,564

USD

14,902,264

BNP

Paribas

SA

12/15/21

(14,424)

EUR

12,832,564

USD

14,913,600

Citibank

NA

12/15/21

(25,760)

EUR

58,254,268

USD

68,406,418

Morgan

Stanley

&

Co.

International

plc

12/15/21

(822,089)

USD

22,815,462

CNY

148,965,574

Citibank

NA

12/15/21

(153,095)

BRL

63,768,997

USD

12,010,563

Goldman

Sachs

International

12/16/21

(449,862)

HUF

1,898,265,176

USD

6,129,071

Barclays

Bank

plc

12/16/21

(26,853)

HUF

1,898,228,312

USD

6,126,103

Citibank

NA

12/16/21

(24,004)

HUF

110,136,060

USD

354,877

JPMorgan

Chase

Bank

NA

12/16/21

(830)

HUF

759,689,453

USD

2,451,552

UBS

AG

12/16/21

(9,432)

JPY

1,198,830,719

EUR

9,315,000

Barclays

Bank

plc

12/16/21

(28,161)

JPY

1,678,939,000

USD

15,215,271

Goldman

Sachs

International

12/16/21

(119,391)

JPY

1,681,333,134

USD

15,303,144

Morgan

Stanley

&

Co.

International

plc

12/16/21

(185,736)

USD

70,034,134

CNY

456,605,551

BNP

Paribas

SA

12/16/21

(362,691)

BlackRock

Global

Allocation

V.I.

Fund

37

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

19,043,808

CNY

123,691,436

HSBC

Bank

plc

12/16/21

$

(26,228)

USD

157,655

CNY

1,023,994

Morgan

Stanley

&

Co.

International

plc

12/16/21

(219)

USD

18,992,843

CNY

123,498,000

UBS

AG

12/16/21

(47,370)

(11,966,548)

$

(5,825,057)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

One-Touch

Bank

of

America

NA

—

10/04/21

USD

1.16

USD

1.16

EUR

537

$

408,953

EUR

Currency

One-Touch

UBS

AG

—

10/11/21

USD

1.15

USD

1.15

EUR

1,065

322,881

S&P

500

Index

Up

and

In

Morgan

Stanley

&

Co.

International

plc

9,061

10/15/21

USD

4,339.43

USD

4,491.31

USD

9

724,376

USD

Currency

Up

and

In

Deutsche

Bank

AG

—

11/03/21

BRL

5.20

BRL

5.35

USD

9,488

31,236

$

1,487,446

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

......................

3,308

10/01/21

USD

441.00

USD

141,960

$

14,886

Apple,

Inc.

................................

908

10/15/21

USD

155.00

USD

12,848

12,712

Barclays

plc

...............................

1,777

10/15/21

GBP

1.90

GBP

3,369

107,745

Best

Buy

Co.,

Inc.

...........................

291

10/15/21

USD

120.00

USD

3,076

2,910

Constellation

Brands,

Inc.

......................

194

10/15/21

USD

225.00

USD

4,087

18,430

Constellation

Brands,

Inc.

......................

329

10/15/21

USD

245.00

USD

6,932

3,290

Crowdstrike

Holdings,

Inc.

......................

162

10/15/21

USD

260.00

USD

3,982

45,036

Deere

&

Co.

...............................

88

10/15/21

USD

380.00

USD

2,949

2,200

Facebook,

Inc.

.............................

365

10/15/21

USD

362.50

USD

12,388

45,260

iShares

China

Large-Cap

ETF

...................

7,606

10/15/21

USD

43.00

USD

29,610

26,621

iShares

MSCI

Japan

ETF

......................

1,832

10/15/21

USD

74.00

USD

12,870

21,984

Masco

Corp.

...............................

513

10/15/21

USD

60.00

USD

2,850

7,695

Mastercard,

Inc.

............................

190

10/15/21

USD

365.00

USD

6,606

29,830

Micron

Technology,

Inc.

.......................

497

10/15/21

USD

75.00

USD

3,528

21,123

Microsoft

Corp.

.............................

305

10/15/21

USD

305.00

USD

8,599

11,895

Nucor

Corp.

...............................

333

10/15/21

USD

110.00

USD

3,280

22,478

SPDR

S&P

500

ETF

Trust

......................

1,260

10/15/21

USD

453.00

USD

54,072

17,010

SPDR

S&P

500

ETF

Trust

......................

3,273

10/15/21

USD

442.00

USD

140,458

428,763

SPDR

S&P

500

ETF

Trust

......................

12,516

10/15/21

USD

450.00

USD

537,112

294,126

TE

Connectivity

Ltd.

..........................

183

10/15/21

USD

145.00

USD

2,511

10,980

Thermo

Fisher

Scientific,

Inc.

....................

66

10/15/21

USD

560.00

USD

3,771

128,370

TJX

Cos.,

Inc.

(The)

..........................

872

10/15/21

USD

75.00

USD

5,753

5,232

United

Parcel

Service,

Inc.

.....................

141

10/15/21

USD

200.00

USD

2,568

2,327

Wells

Fargo

&

Co.

...........................

1,774

10/15/21

USD

50.00

USD

8,233

55,881

Western

Digital

Corp.

.........................

286

10/15/21

USD

70.00

USD

1,614

2,288

Western

Digital

Corp.

.........................

286

10/15/21

USD

65.00

USD

1,614

4,576

Xilinx,

Inc.

................................

134

10/15/21

USD

167.50

USD

2,023

8,241

Xilinx,

Inc.

................................

256

10/15/21

USD

170.00

USD

3,865

12,800

Xilinx,

Inc.

................................

568

10/15/21

USD

160.00

USD

8,576

101,388

Alcoa

Corp.

...............................

791

11/19/21

USD

50.00

USD

3,871

306,513

Alphabet,

Inc.

..............................

12

11/19/21

USD

2,900.00

USD

3,198

37,140

Alphabet,

Inc.

..............................

20

11/19/21

USD

3,000.00

USD

5,331

31,000

Alphabet,

Inc.

..............................

32

11/19/21

USD

2,950.00

USD

8,529

70,560

BlackRock

Global

Allocation

V.I.

Fund

38

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Best

Buy

Co.,

Inc.

...........................

353

11/19/21

USD

125.00

USD

3,732

$

13,238

BNP

Paribas

SA

............................

187

11/19/21

EUR

57.00

EUR

1,037

39,748

Eli

Lilly

&

Co.

..............................

161

11/19/21

USD

240.00

USD

3,720

90,563

Global

Payments,

Inc.

........................

241

11/19/21

USD

175.00

USD

3,798

48,200

iShares

China

Large-Cap

ETF

...................

1,751

11/19/21

USD

45.00

USD

6,817

15,759

Mastercard,

Inc.

............................

265

11/19/21

USD

375.00

USD

9,214

109,313

Microsoft

Corp.

.............................

85

11/19/21

USD

300.00

USD

2,396

36,550

Microsoft

Corp.

.............................

489

11/19/21

USD

310.00

USD

13,786

102,690

Parker-Hannifin

Corp.

.........................

226

11/19/21

USD

340.00

USD

6,319

14,125

Rio

Tinto

plc

...............................

568

11/19/21

USD

72.50

USD

3,795

66,740

salesforce.com,

Inc.

..........................

211

11/19/21

USD

280.00

USD

5,723

155,613

salesforce.com,

Inc.

..........................

759

11/19/21

USD

300.00

USD

20,586

170,016

Societe

Generale

SA

.........................

374

11/19/21

EUR

28.00

EUR

1,017

45,705

SPDR

S&P

500

ETF

Trust

......................

2,455

11/19/21

USD

448.00

USD

105,354

720,543

Twilio,

Inc.

................................

108

11/19/21

USD

390.00

USD

3,446

42,120

Vale

SA

..................................

2,303

11/19/21

USD

17.00

USD

3,213

38,000

Williams-Sonoma,

Inc.

........................

421

11/19/21

USD

170.00

USD

7,466

654,655

Zscaler,

Inc.

...............................

210

11/19/21

USD

250.00

USD

5,507

456,225

Alphabet,

Inc.

..............................

10

12/17/21

USD

2,950.00

USD

2,665

35,350

Amazon.com,

Inc.

...........................

9

12/17/21

USD

3,650.00

USD

2,957

38,003

Best

Buy

Co.,

Inc.

...........................

1,182

12/17/21

USD

115.00

USD

12,495

348,690

Dexcom,

Inc.

..............................

73

12/17/21

USD

560.00

USD

3,992

224,110

Diamondback

Energy,

Inc.

......................

392

12/17/21

USD

90.00

USD

3,711

454,720

Diamondback

Energy,

Inc.

......................

655

12/17/21

USD

115.00

USD

6,201

212,875

Freeport-McMoRan,

Inc.

.......................

3,012

12/17/21

USD

33.00

USD

9,798

789,144

Lions

Gate

Entertainment

Corp.

..................

113

12/17/21

USD

18.00

USD

160

3,955

SPDR

S&P

500

ETF

Trust

......................

373

12/17/21

USD

360.00

USD

16,007

2,712,456

Thermo

Fisher

Scientific,

Inc.

....................

71

12/17/21

USD

580.00

USD

4,056

164,720

Western

Digital

Corp.

.........................

465

12/17/21

USD

80.00

USD

2,624

13,253

SPDR

S&P

500

ETF

Trust

......................

1,636

12/31/21

USD

448.00

USD

70,207

959,514

SPDR

S&P

500

ETF

Trust

......................

3,302

12/31/21

USD

465.00

USD

141,702

477,139

Caesars

Entertainment,

Inc.

....................

263

01/21/22

USD

100.00

USD

2,953

488,523

Devon

Energy

Corp.

..........................

1,134

01/21/22

USD

35.00

USD

4,027

428,085

Devon

Energy

Corp.

..........................

1,399

01/21/22

USD

28.00

USD

4,968

1,182,155

Energy

Transfer

LP

..........................

2,401

01/21/22

USD

10.00

USD

2,300

141,659

FedEx

Corp.

...............................

139

01/21/22

USD

280.00

USD

3,048

13,970

Lions

Gate

Entertainment

Corp.

..................

134

01/21/22

USD

19.00

USD

190

5,360

13,424,774

Put

SPDR

S&P

500

ETF

Trust

......................

1,487

10/01/21

USD

435.00

USD

63,813

834,951

SPDR

S&P

500

ETF

Trust

......................

107

10/08/21

USD

420.00

USD

4,592

26,376

American

Airlines

Group,

Inc.

....................

130

10/15/21

USD

16.00

USD

267

455

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

168

10/15/21

USD

86.00

USD

1,470

3,360

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

504

10/15/21

USD

87.00

USD

4,409

18,648

iShares

Russell

2000

ETF

......................

112

10/15/21

USD

210.00

USD

2,450

12,376

iShares

Russell

2000

ETF

......................

158

10/15/21

USD

208.00

USD

3,456

25,596

SPDR

S&P

500

ETF

Trust

......................

76

10/15/21

USD

418.00

USD

3,261

28,614

SPDR

S&P

500

ETF

Trust

......................

1,376

10/15/21

USD

433.00

USD

59,050

1,151,712

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,660

11/19/21

USD

85.00

USD

23,272

118,370

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

3,101

11/19/21

USD

131.00

USD

41,253

279,090

Lowe's

Cos.,

Inc.

............................

390

11/19/21

USD

195.00

USD

7,912

221,325

Seagate

Technology

Holdings

plc

.................

66

11/19/21

USD

70.00

USD

545

6,633

SPDR

S&P

500

ETF

Trust

......................

757

11/19/21

USD

428.00

USD

32,486

878,120

Spire

Global,

Inc.

............................

40

11/19/21

USD

10.00

USD

50

8,500

Uber

Technologies,

Inc.

.......................

99

11/19/21

USD

30.00

USD

444

1,188

U.S.

Treasury

5

Year

Note

......................

23

11/26/21

USD

122.00

USD

2,300

5,031

90-day

Eurodollar

December

2021

Futures

..........

563

12/10/21

USD

99.38

USD

140,750

31,669

90-day

Eurodollar

December

2021

Futures

..........

4,726

12/10/21

USD

98.38

USD

1,181,500

1,595,025

American

Airlines

Group,

Inc.

....................

107

12/17/21

USD

15.00

USD

220

3,424

PG&E

Corp.

...............................

182

12/17/21

USD

7.00

USD

175

2,002

SPDR

S&P

500

ETF

Trust

......................

619

12/17/21

USD

423.00

USD

26,564

824,508

BlackRock

Global

Allocation

V.I.

Fund

39

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Uber

Technologies,

Inc.

.......................

212

12/17/21

USD

25.00

USD

950

$

2,650

6,079,623

$

19,504,397

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

7,895

10/15/21

EUR

710.00

EUR

4,896

$

2,102

PayPal

Holdings,

Inc.

......

BNP

Paribas

SA

32,202

10/15/21

USD

292.50

USD

8,379

6,074

Sanofi

................

Credit

Suisse

International

37,681

10/15/21

EUR

90.00

EUR

3,131

1,309

Unilever

NV

............

Credit

Suisse

International

119,276

10/15/21

EUR

49.77

EUR

5,564

8,684

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

10/27/21

CNH

6.60

USD

18,256

6,418

Adidas

AG

.............

Barclays

Bank

plc

9,548

11/19/21

EUR

305.00

EUR

2,595

19,784

DR

Horton,

Inc.

..........

Citibank

NA

73,825

11/19/21

USD

102.50

USD

6,199

23,105

EURO

STOXX

50

Price

Index

Credit

Suisse

International

2,640

11/19/21

EUR

4,200.00

EUR

10,687

113,148

Generac

Holdings,

Inc.

.....

Credit

Suisse

International

7,260

11/19/21

USD

450.00

USD

2,967

75,141

ResMed,

Inc.

...........

Citibank

NA

14,654

11/19/21

USD

280.00

USD

3,862

83,631

Wells

Fargo

&

Co.

........

Citibank

NA

348,461

11/19/21

USD

49.00

USD

16,172

420,491

Willscot

Mobile

Mini

Holdings

Corp.

...............

Credit

Suisse

International

30,275

12/17/21

EUR

30.00

EUR

960

101,421

Vodafone

Group

plc

.......

Goldman

Sachs

International

2,349,982

01/21/22

GBP

1.20

GBP

2,663

88,247

Amazon.com,

Inc.

........

Citibank

NA

2,862

06/17/22

USD

4,150.00

USD

9,402

184,814

1,134,369

Put

ASML

Holding

NV

........

Goldman

Sachs

International

5,541

10/15/21

EUR

620.00

EUR

3,579

53,401

EUR

Currency

...........

Deutsche

Bank

AG

—

10/15/21

USD

1.17

EUR

76,054

658,067

EUR

Currency

...........

BNP

Paribas

SA

—

11/24/21

USD

1.15

EUR

65,903

350,397

EUR

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

11/24/21

USD

1.16

EUR

65,903

700,820

EUR

Currency

...........

BNP

Paribas

SA

—

02/24/22

USD

1.16

EUR

49,162

709,820

2,472,505

$

3,606,874

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Call

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

4,567.73

and

10

year

swap

>=

1.7

.......

Goldman

Sachs

International

1,106

10/15/21

USD

10,104

$

99,261

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

CDX.NA.HY.36.V1

Quarterly

Bank

of

America

NA

10/20/21

USD

108.00

USD

3,310

$

8,732

BlackRock

Global

Allocation

V.I.

Fund

40

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Credit

Default

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

%

Quarterly

CDX.NA.HY.37.V1

Quarterly

JPMorgan

Chase

Bank

NA

10/20/21

USD

108.50

USD

2,655

$

11,560

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

Credit

Suisse

International

10/20/21

USD

109.00

USD

3,205

17,541

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

Goldman

Sachs

International

10/20/21

USD

109.00

USD

2,940

16,091

$

53,924

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.34%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

11/19/21

1.34

%

USD

22,683

$

31,819

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.26%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.26

USD

29,561

60,297

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.30%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.30

USD

26,881

70,034

20-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.56%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.56

USD

14,336

76,786

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.56%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.56

USD

10,749

72,790

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/15/21

1.40

USD

13,213

62,020

10-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.07%

Annual

Goldman

Sachs

International

12/24/21

0.07

EUR

29,481

137,240

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.60%

Semi-Annual

Goldman

Sachs

International

04/20/22

1.60

USD

29,189

768,046

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.30%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/21/22

1.30

USD

30,938

247,901

1-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.80

USD

391,953

811,918

2,338,851

Put

5-Year

Interest

Rate

Swap

(a)

.

1.15%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

11/08/21

1.15

USD

74,674

209,254

30-Year

Interest

Rate

Swap

(a)

0.48%

Annual

6

month

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.48

EUR

28,337

714,121

30-Year

Interest

Rate

Swap

(a)

0.49%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

11/24/21

0.49

EUR

27,640

711,166

30-Year

Interest

Rate

Swap

(a)

0.52%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

12/09/21

0.52

EUR

26,037

646,729

10-Year

Interest

Rate

Swap

(a)

1.79%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

12/29/21

1.79

USD

36,852

248,945

1-Year

Interest

Rate

Swap

(a)

.

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/05/22

0.50

USD

420,846

418,070

2,948,285

$

5,287,136

BlackRock

Global

Allocation

V.I.

Fund

41

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

.

Down

and

In

Credit

Suisse

International

4,858

12/17/21

EUR

3,500.00

EUR

3,100.00

EUR

—

$

(201,418)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Applied

Materials,

Inc.

.........................

359

10/15/21

USD

150.00

USD

4,621

$

(4,308)

Crowdstrike

Holdings,

Inc.

.......................

162

10/15/21

USD

290.00

USD

3,982

(2,916)

iShares

China

Large-Cap

ETF

....................

7,606

10/15/21

USD

46.00

USD

29,610

(7,606)

iShares

MSCI

Japan

ETF

.......................

1,832

10/15/21

USD

77.00

USD

12,870

(8,244)

Micron

Technology,

Inc.

........................

684

10/15/21

USD

80.00

USD

4,855

(5,814)

NVIDIA

Corp.

...............................

158

10/15/21

USD

240.00

USD

3,273

(5,135)

SPDR

S&P

500

ETF

Trust

.......................

3,273

10/15/21

USD

452.00

USD

140,458

(50,732)

Western

Digital

Corp.

..........................

1

10/15/21

USD

75.00

USD

6

(10)

Western

Digital

Corp.

..........................

285

10/15/21

USD

90.00

USD

1,609

(4,275)

Western

Digital

Corp.

..........................

286

10/15/21

USD

80.00

USD

1,614

(858)

Xilinx,

Inc.

.................................

256

10/15/21

USD

180.00

USD

3,865

(7,040)

Xilinx,

Inc.

.................................

702

10/15/21

USD

175.00

USD

10,599

(26,676)

Alcoa

Corp.

................................

791

11/19/21

USD

60.00

USD

3,871

(90,570)

Alphabet,

Inc.

...............................

32

11/19/21

USD

3,150.00

USD

8,529

(17,920)

Best

Buy

Co.,

Inc.

............................

353

11/19/21

USD

145.00

USD

3,732

(5,648)

ConocoPhillips

..............................

1,027

11/19/21

USD

70.00

USD

6,960

(263,930)

Eli

Lilly

&

Co.

...............................

161

11/19/21

USD

260.00

USD

3,720

(23,909)

Global

Payments,

Inc.

.........................

362

11/19/21

USD

195.00

USD

5,704

(16,290)

iShares

China

Large-Cap

ETF

....................

1,751

11/19/21

USD

49.00

USD

6,817

(36,771)

JPMorgan

Chase

&

Co.

........................

75

11/19/21

USD

170.00

USD

1,228

(24,375)

Lowe's

Cos.,

Inc.

.............................

390

11/19/21

USD

225.00

USD

7,912

(58,811)

Microsoft

Corp.

..............................

734

11/19/21

USD

335.00

USD

20,693

(38,168)

NVIDIA

Corp.

...............................

174

11/19/21

USD

262.50

USD

3,605

(17,748)

Rio

Tinto

plc

................................

568

11/19/21

USD

77.50

USD

3,795

(24,140)

salesforce.com,

Inc.

...........................

759

11/19/21

USD

320.00

USD

20,586

(51,233)

SPDR

S&P

500

ETF

Trust

.......................

4,536

11/19/21

USD

460.00

USD

194,658

(276,696)

Twilio,

Inc.

.................................

108

11/19/21

USD

440.00

USD

3,446

(11,232)

Vale

SA

...................................

2,303

11/19/21

USD

20.00

USD

3,213

(11,515)

Zscaler,

Inc.

................................

210

11/19/21

USD

270.00

USD

5,507

(235,200)

Bank

of

America

Corp.

.........................

730

12/17/21

USD

45.00

USD

3,099

(81,395)

Best

Buy

Co.,

Inc.

............................

1,182

12/17/21

USD

125.00

USD

12,495

(129,429)

BP

plc

....................................

1,186

12/17/21

USD

30.00

USD

3,241

(74,718)

Comcast

Corp.

..............................

678

12/17/21

USD

62.50

USD

3,792

(34,578)

Dexcom,

Inc.

...............................

73

12/17/21

USD

660.00

USD

3,992

(39,420)

Diamondback

Energy,

Inc.

.......................

392

12/17/21

USD

130.00

USD

3,711

(58,800)

Diamondback

Energy,

Inc.

.......................

655

12/17/21

USD

135.00

USD

6,201

(76,963)

EQT

Corp.

.................................

964

12/17/21

USD

25.00

USD

1,972

(89,170)

Freeport-McMoRan,

Inc.

........................

3,012

12/17/21

USD

40.00

USD

9,798

(218,370)

Johnson

&

Johnson

...........................

231

12/17/21

USD

180.00

USD

3,731

(12,590)

SPDR

S&P

500

ETF

Trust

.......................

649

12/17/21

USD

455.00

USD

27,851

(183,018)

UnitedHealth

Group,

Inc.

........................

93

12/17/21

USD

450.00

USD

3,634

(14,973)

SPDR

S&P

500

ETF

Trust

.......................

1,636

12/31/21

USD

470.00

USD

70,207

(151,330)

SPDR

S&P

500

ETF

Trust

.......................

1,651

12/31/21

USD

480.00

USD

70,851

(60,262)

Caesars

Entertainment,

Inc.

.....................

263

01/21/22

USD

130.00

USD

2,953

(130,843)

Devon

Energy

Corp.

...........................

1,134

01/21/22

USD

40.00

USD

4,027

(222,264)

Devon

Energy

Corp.

...........................

1,399

01/21/22

USD

38.00

USD

4,968

(356,046)

(3,261,939)

BlackRock

Global

Allocation

V.I.

Fund

42

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SPDR

S&P

500

ETF

Trust

.......................

3,330

10/01/21

USD

420.00

USD

142,904

$

(58,275)

SPDR

S&P

500

ETF

Trust

.......................

107

10/08/21

USD

405.00

USD

4,592

(7,062)

Apple,

Inc.

.................................

383

10/15/21

USD

135.00

USD

5,419

(49,216)

Apple,

Inc.

.................................

525

10/15/21

USD

130.00

USD

7,429

(34,388)

Applied

Materials,

Inc.

.........................

359

10/15/21

USD

110.00

USD

4,621

(12,386)

Aptiv

plc

...................................

243

10/15/21

USD

140.00

USD

3,620

(26,123)

Autodesk,

Inc.

...............................

226

10/15/21

USD

290.00

USD

6,445

(215,830)

Barclays

plc

................................

1,777

10/15/21

GBP

1.65

GBP

3,369

(17,957)

Constellation

Brands,

Inc.

.......................

523

10/15/21

USD

200.00

USD

11,019

(107,215)

Crowdstrike

Holdings,

Inc.

.......................

162

10/15/21

USD

200.00

USD

3,982

(7,533)

Deere

&

Co.

................................

88

10/15/21

USD

330.00

USD

2,949

(55,220)

Facebook,

Inc.

..............................

272

10/15/21

USD

330.00

USD

9,231

(143,480)

Hilton

Worldwide

Holdings,

Inc.

...................

305

10/15/21

USD

110.00

USD

4,029

(7,625)

Intuitive

Surgical,

Inc.

..........................

38

10/15/21

USD

925.00

USD

3,778

(26,790)

iShares

Russell

2000

ETF

.......................

112

10/15/21

USD

195.00

USD

2,450

(2,464)

iShares

Russell

2000

ETF

.......................

158

10/15/21

USD

190.00

USD

3,456

(4,740)

Masco

Corp.

................................

513

10/15/21

USD

55.00

USD

2,850

(50,018)

Mastercard,

Inc.

.............................

190

10/15/21

USD

325.00

USD

6,606

(40,850)

Micron

Technology,

Inc.

........................

508

10/15/21

USD

67.50

USD

3,606

(32,766)

Microsoft

Corp.

..............................

305

10/15/21

USD

255.00

USD

8,599

(33,550)

Nucor

Corp.

................................

333

10/15/21

USD

92.50

USD

3,280

(52,448)

SPDR

S&P

500

ETF

Trust

.......................

76

10/15/21

USD

390.00

USD

3,261

(5,472)

SPDR

S&P

500

ETF

Trust

.......................

1,376

10/15/21

USD

413.00

USD

59,050

(388,720)

TE

Connectivity

Ltd.

...........................

183

10/15/21

USD

125.00

USD

2,511

(12,810)

Thermo

Fisher

Scientific,

Inc.

.....................

66

10/15/21

USD

490.00

USD

3,771

(2,640)

Thermo

Fisher

Scientific,

Inc.

.....................

71

10/15/21

USD

500.00

USD

4,056

(3,728)

TJX

Cos.,

Inc.

(The)

...........................

1,392

10/15/21

USD

65.00

USD

9,184

(164,952)

United

Parcel

Service,

Inc.

......................

141

10/15/21

USD

180.00

USD

2,568

(36,378)

Alphabet,

Inc.

...............................

12

11/19/21

USD

2,500.00

USD

3,198

(71,940)

Alphabet,

Inc.

...............................

36

11/19/21

USD

2,600.00

USD

9,595

(329,940)

BNP

Paribas

SA

.............................

187

11/19/21

EUR

50.00

EUR

1,037

(32,492)

Boston

Scientific

Corp.

.........................

899

11/19/21

USD

38.00

USD

3,901

(39,556)

Comcast

Corp.

..............................

2,732

11/19/21

USD

50.00

USD

15,280

(177,580)

Edwards

Lifesciences

Corp.

.....................

340

11/19/21

USD

100.00

USD

3,849

(50,150)

Eli

Lilly

&

Co.

...............................

161

11/19/21

USD

210.00

USD

3,720

(61,180)

Facebook,

Inc.

..............................

442

11/19/21

USD

330.00

USD

15,001

(583,440)

Global

Payments,

Inc.

.........................

340

11/19/21

USD

175.00

USD

5,358

(651,100)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

2,660

11/19/21

USD

82.00

USD

23,272

(62,510)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

3,101

11/19/21

USD

128.00

USD

41,253

(131,793)

Lowe's

Cos.,

Inc.

.............................

390

11/19/21

USD

180.00

USD

7,912

(90,675)

Mastercard,

Inc.

.............................

265

11/19/21

USD

330.00

USD

9,214

(206,038)

Microsoft

Corp.

..............................

85

11/19/21

USD

265.00

USD

2,396

(51,850)

Microsoft

Corp.

..............................

245

11/19/21

USD

280.00

USD

6,907

(263,375)

Parker-Hannifin

Corp.

..........................

226

11/19/21

USD

250.00

USD

6,319

(83,620)

Societe

Generale

SA

..........................

374

11/19/21

EUR

24.00

EUR

1,017

(19,495)

SPDR

S&P

500

ETF

Trust

.......................

757

11/19/21

USD

398.00

USD

32,486

(364,496)

Twilio,

Inc.

.................................

108

11/19/21

USD

300.00

USD

3,446

(149,580)

Zscaler,

Inc.

................................

210

11/19/21

USD

200.00

USD

5,507

(21,315)

U.S.

Treasury

10

Year

Note

......................

1,040

11/26/21

USD

131.00

USD

104,000

(666,250)

Alphabet,

Inc.

...............................

10

12/17/21

USD

2,550.00

USD

2,665

(93,950)

Amazon.com,

Inc.

............................

9

12/17/21

USD

3,100.00

USD

2,957

(86,085)

Charter

Communications,

Inc.

....................

103

12/17/21

USD

680.00

USD

7,494

(177,675)

Dexcom,

Inc.

...............................

73

12/17/21

USD

470.00

USD

3,992

(77,015)

SPDR

S&P

500

ETF

Trust

.......................

619

12/17/21

USD

388.00

USD

26,564

(367,686)

UnitedHealth

Group,

Inc.

........................

94

12/17/21

USD

350.00

USD

3,673

(66,270)

Energy

Transfer

LP

...........................

2,401

01/21/22

USD

8.00

USD

2,300

(74,431)

FedEx

Corp.

................................

139

01/21/22

USD

220.00

USD

3,048

(199,118)

(6,851,241)

$

(10,113,180)

BlackRock

Global

Allocation

V.I.

Fund

43

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

ASML

Holding

NV

...........

Goldman

Sachs

International

5,541

10/15/21

EUR

700.00

EUR

3,579

$

(17,645)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

7,895

10/15/21

EUR

750.00

EUR

4,896

(183)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

10/27/21

CNH

6.75

USD

27,384

(1,459)

Adidas

AG

................

Barclays

Bank

plc

9,548

11/19/21

EUR

330.00

EUR

2,595

(3,427)

EURO

STOXX

50

Price

Index

...

Credit

Suisse

International

2,632

11/19/21

EUR

4,350.00

EUR

10,655

(19,207)

Wells

Fargo

&

Co.

...........

Citibank

NA

348,461

11/19/21

USD

54.00

USD

16,172

(95,994)

Vodafone

Group

plc

..........

Goldman

Sachs

International

2,349,982

01/21/22

GBP

1.35

GBP

2,663

(14,502)

(152,417)

Put

Adidas

AG

................

Credit

Suisse

International

10,713

10/15/21

EUR

280.00

EUR

2,912

(140,474)

EUR

Currency

..............

Deutsche

Bank

AG

—

10/15/21

USD

1.16

EUR

76,054

(257,324)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

7,895

10/15/21

EUR

640.00

EUR

4,896

(248,017)

PayPal

Holdings,

Inc.

.........

BNP

Paribas

SA

32,202

10/15/21

USD

255.00

USD

8,379

(143,540)

Sanofi

...................

Credit

Suisse

International

37,681

10/15/21

EUR

80.00

EUR

3,131

(18,769)

Unilever

NV

...............

Credit

Suisse

International

119,276

10/15/21

EUR

43.49

EUR

5,564

(10,706)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

10/27/21

CNH

6.45

USD

5,464

(17,752)

USD

Currency

..............

Deutsche

Bank

AG

—

11/03/21

BRL

4.85

USD

9,488

(987)

Adidas

AG

................

Barclays

Bank

plc

9,548

11/19/21

EUR

265.00

EUR

2,595

(101,973)

DR

Horton,

Inc.

.............

Citibank

NA

67,719

11/19/21

USD

87.50

USD

5,686

(414,779)

Generac

Holdings,

Inc.

........

Credit

Suisse

International

7,260

11/19/21

USD

360.00

USD

2,967

(68,598)

ResMed,

Inc.

..............

Citibank

NA

14,654

11/19/21

USD

245.00

USD

3,862

(75,329)

Wells

Fargo

&

Co.

...........

Citibank

NA

174,231

11/19/21

USD

42.00

USD

8,086

(168,358)

EUR

Currency

..............

BNP

Paribas

SA

—

11/24/21

USD

1.16

EUR

65,903

(684,763)

Global

Payments,

Inc.

........

Citibank

NA

33,157

12/17/21

USD

150.00

USD

5,225

(204,644)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

UBS

AG

5,543

12/17/21

EUR

600.00

EUR

3,437

(154,290)

Willscot

Mobile

Mini

Holdings

Corp.

Credit

Suisse

International

30,275

12/17/21

EUR

25.00

EUR

960

(6,055)

Amazon.com,

Inc.

...........

Citibank

NA

1,432

06/17/22

USD

2,800.00

USD

4,704

(177,461)

(2,893,819)

$

(3,046,236)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

%

Quarterly

Bank

of

America

NA

10/20/21

NR

USD

104.00

USD

3,310

$

(1,543)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

Credit

Suisse

International

10/20/21

NR

USD

105.00

USD

3,205

(1,895)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.36.V1

Quarterly

5.00

Quarterly

Goldman

Sachs

International

10/20/21

NR

USD

105.00

USD

2,940

(1,739)

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.HY.37.V1

Quarterly

5.00

Quarterly

JPMorgan

Chase

Bank

NA

10/20/21

NR

USD

105.00

USD

2,655

(2,131)

$

(7,308)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

BlackRock

Global

Allocation

V.I.

Fund

44

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

1-Year

Interest

Rate

Swap

(a)

.

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.40

%

USD

391,953

$

(211,464)

1-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.60

USD

391,953

(442,721)

(654,185)

Put

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

1.18%

Semi-Annual

Citibank

NA

10/12/21

1.18

USD

145,233

(74,880)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.59%

Semi-Annual

Citibank

NA

10/12/21

1.59

USD

105,294

(288,445)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.78%

Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.78

EUR

28,337

(63,957)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.62%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

11/17/21

1.62

USD

71,729

(519,907)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.94%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

11/19/21

1.94

USD

22,683

(346,511)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.79%

Annual

Goldman

Sachs

International

11/24/21

0.79

EUR

27,640

(78,864)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.70%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.70

USD

26,881

(156,656)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.71%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.71

USD

29,561

(164,310)

20-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.96%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.96

USD

14,336

(144,648)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.01%

Semi-Annual

Goldman

Sachs

International

11/26/21

2.01

USD

10,749

(130,050)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.82%

Annual

Goldman

Sachs

International

12/09/21

0.82

EUR

26,037

(93,535)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.90%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/15/21

1.90

USD

13,213

(343,030)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

1.31%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/17/21

1.31

USD

66,905

(193,250)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.97%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/17/21

1.97

USD

13,205

(265,475)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.72%

Semi-Annual

Goldman

Sachs

International

12/23/21

1.72

USD

63,639

(518,497)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.76%

Semi-Annual

Goldman

Sachs

International

01/26/22

1.76

USD

111,493

(1,100,018)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.04

USD

121,539

(1,702,831)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/30/26

3.04

USD

55,886

(788,790)

(6,973,654)

$

(7,627,839)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.33.V1

...................

1.00

%

Quarterly

12/20/24

USD

302,896

$

(5,821,528)

$

(4,283,211)

$

(1,538,317)

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

25,577

(2,286,187)

(491,955)

(1,794,232)

CDX.NA.IG.36.V1

...................

1.00

Quarterly

06/20/26

USD

40,941

(998,785)

(785,256)

(213,529)

$

(9,106,500)

$

(5,560,422)

$

(3,546,078)

BlackRock

Global

Allocation

V.I.

Fund

45

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V2

.

5.00

%

Quarterly

12/20/25

BB-

EUR

23,929

$

3,389,262

$

1,782,206

$

1,607,056

ITRAXX.EUR.

CROSSOVER.35.V1

.

5.00

Quarterly

06/20/26

BB-

EUR

4,993

685,268

694,021

(8,753)

$

4,074,530

$

2,476,227

$

1,598,303

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

309,250

$

(1,407,061)

$

(6,262)

$

(1,400,799)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

174,093

(1,260,691)

(10,485)

(1,250,206)

28

day

MXIBTIIE

Monthly

4.42%

Monthly

N/A

02/28/23

MXN

277,141

(314,704)

—

(314,704)

28

day

MXIBTIIE

Monthly

4.50%

Monthly

N/A

03/03/23

MXN

277,054

(301,712)

—

(301,712)

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

196,638

(403,164)

—

(403,164)

28

day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

196,638

(366,527)

—

(366,527)

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/24

USD

248,690

539,700

—

539,700

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

61,771

227,818

—

227,818

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/28/24

USD

56,316

(63,480)

—

(63,480)

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/13/24

USD

51,912

85,667

—

85,667

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/16/24

USD

78,244

46,925

—

46,925

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/20/24

USD

51,825

35,101

—

35,101

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/20/24

USD

25,912

16,387

—

16,387

0.49%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/23/24

USD

51,079

124,698

—

124,698

0.49%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/23/24

USD

51,079

129,275

—

129,275

0.56%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/12/24

USD

78,160

96,113

—

96,113

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/13/24

USD

50,888

46,457

—

46,457

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

25,638

38,939

—

38,939

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

25,638

37,025

—

37,025

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

25,767

34,749

—

34,749

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

25,767

33,287

—

33,287

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/24

USD

25,382

35,518

—

35,518

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

124,109

(3,852,911)

1,129

(3,854,040)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

47,190

945,731

—

945,731

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

N/A

10/29/25

USD

136,775

(2,796,669)

—

(2,796,669)

3

month

LIBOR

Quarterly

0.46%

Semi-Annual

N/A

11/23/25

USD

37,887

(674,452)

—

(674,452)

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

N/A

02/10/26

USD

95,698

(2,360,791)

—

(2,360,791)

0.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/19/26

USD

46,406

550,148

—

550,148

0.70%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/26

USD

12,682

142,582

—

142,582

3

month

LIBOR

Quarterly

0.83%

Semi-Annual

N/A

03/08/26

USD

152,601

(891,462)

—

(891,462)

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

N/A

04/08/26

USD

222,921

(591,971)

—

(591,971)

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

N/A

04/08/26

USD

91,791

(153,016)

—

(153,016)

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/08/26

USD

222,921

3,346,483

—

3,346,483

0.62%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/08/26

USD

91,791

1,287,227

—

1,287,227

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/26/26

USD

214,430

3,365,618

—

3,365,618

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

324,839

4,953,310

—

4,953,310

0.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

108,280

528,447

—

528,447

3

month

LIBOR

Quarterly

0.98%

Semi-Annual

N/A

06/28/26

USD

33,790

(5,970)

—

(5,970)

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

N/A

07/13/26

USD

30,591

(189,856)

—

(189,856)

28

day

MXIBTIIE

Monthly

6.48%

Monthly

N/A

08/12/26

MXN

164,793

(183,777)

—

(183,777)

28

day

MXIBTIIE

Monthly

6.43%

Monthly

N/A

08/13/26

MXN

227,511

(278,498)

—

(278,498)

28

day

MXIBTIIE

Monthly

6.47%

Monthly

N/A

08/13/26

MXN

226,282

(259,488)

—

(259,488)

28

day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/14/26

MXN

184,468

(230,822)

—

(230,822)

BlackRock

Global

Allocation

V.I.

Fund

46

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

6.44%

Monthly

N/A

08/14/26

MXN

111,918

$

(134,266)

$

—

$

(134,266)

28

day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/17/26

MXN

166,177

(207,953)

—

(207,953)

0.94%

Semi-Annual

3

month

LIBOR

Quarterly

10/14/21

(a)

10/14/26

USD

17,852

130,575

—

130,575

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

15,068

960,850

—

960,850

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

35,177

(1,166,397)

(27,847)

(1,138,550)

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

16,269

(1,161,259)

—

(1,161,259)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

5,989

(415,908)

—

(415,908)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

9,114

(649,868)

—

(649,868)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

9,114

611,042

—

611,042

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

7,292

(500,616)

—

(500,616)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

7,292

456,029

—

456,029

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/23/30

USD

25,003

1,444,288

—

1,444,288

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/31

USD

15,984

462,039

—

462,039

1.20%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/31

USD

9,412

253,267

—

253,267

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

N/A

04/07/31

USD

69,777

(346,152)

—

(346,152)

3

month

LIBOR

Quarterly

1.42%

Semi-Annual

N/A

04/08/31

USD

40,156

(124,284)

—

(124,284)

1.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/31

USD

26,608

(228,572)

—

(228,572)

1.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/31

USD

4,718

(27,103)

—

(27,103)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

40,718

(233,223)

—

(233,223)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

40,111

(232,044)

—

(232,044)

2.16%

Semi-Annual

3

month

LIBOR

Quarterly

06/18/26

(a)

06/18/31

USD

40,710

(200,579)

—

(200,579)

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

07/02/26

(a)

07/02/31

USD

39,120

112,608

—

112,608

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

07/02/26

(a)

07/02/31

USD

16,766

51,338

—

51,338

0.02%

Annual

6

month

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

29,481

429,735

—

429,735

1.40%

Semi-Annual

3

month

LIBOR

Quarterly

10/12/21

(a)

10/12/31

USD

22,838

351,062

—

351,062

1.38%

Semi-Annual

3

month

LIBOR

Quarterly

10/14/21

(a)

10/14/31

USD

13,918

237,429

—

237,429

1.38%

Semi-Annual

3

month

LIBOR

Quarterly

10/14/21

(a)

10/14/31

USD

20,245

351,119

—

351,119

1.44%

Semi-Annual

3

month

LIBOR

Quarterly

11/26/21

(a)

11/26/31

USD

12,246

167,613

—

167,613

1.41%

Semi-Annual

3

month

LIBOR

Quarterly

11/30/21

(a)

11/30/31

USD

8,480

142,378

—

142,378

1.70%

Semi-Annual

3

month

LIBOR

Quarterly

11/26/21

(a)

11/26/41

USD

6,571

161,221

—

161,221

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

11,154

2,506,746

—

2,506,746

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

7,327

1,668,512

—

1,668,512

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

15,811

(2,896,217)

—

(2,896,217)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

3,724

(677,739)

—

(677,739)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

N/A

10/21/50

USD

10,990

(1,981,171)

—

(1,981,171)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/23/50

USD

23,435

3,101,781

—

3,101,781

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

N/A

10/28/50

USD

8,912

(1,822,803)

—

(1,822,803)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/28/50

USD

9,223

1,443,735

—

1,443,735

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/29/50

USD

27,021

5,461,026

—

5,461,026

1.30%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/19/50

USD

20,309

2,563,793

—

2,563,793

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/27/50

USD

9,223

1,344,131

—

1,344,131

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/11/50

USD

6,719

612,512

—

612,512

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

N/A

12/22/50

USD

36,086

(5,467,382)

—

(5,467,382)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/30/50

USD

9,223

1,245,108

—

1,245,108

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/07/51

USD

21,904

2,056,928

—

2,056,928

1.52%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/08/51

USD

7,491

569,264

—

569,264

1.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/25/51

USD

15,926

822,243

—

822,243

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/28/51

USD

28,612

2,472,524

—

2,472,524

1.58%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/01/51

USD

16,319

1,042,732

—

1,042,732

1.66%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/51

USD

9,099

397,421

—

397,421

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/51

USD

9,412

366,418

—

366,418

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

N/A

02/10/51

USD

26,100

(3,781,478)

—

(3,781,478)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/10/51

USD

17,400

3,975,952

—

3,975,952

1.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/51

USD

3,671

(57,409)

—

(57,409)

2.01%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/51

USD

13,763

(609,718)

—

(609,718)

1.97%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/51

USD

2,265

(80,050)

—

(80,050)

2.04%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/07/51

USD

4,280

(213,497)

—

(213,497)

3

month

LIBOR

Quarterly

1.83%

Semi-Annual

N/A

06/22/51

USD

9,332

(13,372)

—

(13,372)

1.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/23/51

USD

3,283

174,431

—

174,431

BlackRock

Global

Allocation

V.I.

Fund

47

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.71%

Semi-Annual

3

month

LIBOR

Quarterly

11/30/21

(a)

11/30/51

USD

3,105

$

119,129

$

—

$

119,129

$

15,098,102

$

(43,465)

$

15,141,567

(a)

Forward

swap.

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

..........

5.00

%

Quarterly

Barclays

Bank

plc

06/20/23

USD

2,962

$

(175,626)

$

285,916

$

(461,542)

Rite

Aid

Corp.

............

5.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

221

35,575

18,559

17,016

$

–

$

–

$

–

$

(140,051)

$

304,475

$

(444,526)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

......

5.00

%

Quarterly

Barclays

Bank

plc

12/20/21

CCC+

USD

4,440

$

49,001

$

(44,962)

$

93,963

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

192

(12,988)

(20,236)

7,248

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

1,111

(75,152)

(117,098)

41,946

$

(39,139)

$

(182,296)

$

143,157

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

9.39%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

82,238

$

(295,348)

$

—

$

(295,348)

1

day

BZDIOVER

At

Termination

9.42%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

89,716

(306,821)

—

(306,821)

1

day

BZDIOVER

At

Termination

9.54%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

89,385

(245,759)

—

(245,759)

1

day

BZDIOVER

At

Termination

8.65%

At

Termination

Goldman

Sachs

International

01/04/27

BRL

3,043

(42,477)

—

(42,477)

$

(890,405)

$

—

$

(890,405)

BlackRock

Global

Allocation

V.I.

Fund

48

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$31,258

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$57,880

of

net

dividends

and

financing

fees.

OTC

Total

Return

Swap

s

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

(52,394)

Citibank

NA

10/19/21

USD

52

$

(68,060)

$

—

$

(68,060)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

.

USD

(34,032)

Citibank

NA

10/19/21

USD

34

87,405

—

87,405

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

.

USD

(34,032)

Citibank

NA

10/19/21

USD

34

86,725

—

86,725

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

.

USD

(33,596)

Citibank

NA

10/21/21

USD

34

65,026

—

65,026

S&P

500

Annual

Dividend

Futures

December

2021

...

USD

2,403,225

BNP

Paribas

SA

12/17/21

USD

2,403

546,975

—

546,975

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

6,901,737

Goldman

Sachs

International

12/20/21

USD

6,902

28,321

(1,618)

29,939

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

4,601,158

Morgan

Stanley

&

Co.

International

plc

12/20/21

USD

4,601

12,588

(1,079)

13,667

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

6,901,737

Goldman

Sachs

International

03/20/22

USD

6,902

24,320

(1,826)

26,146

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

4,601,158

Morgan

Stanley

&

Co.

International

plc

03/20/22

USD

4,601

9,936

(1,218)

11,154

$

793,236

$

(5,741)

$

798,977

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Citibank

NA

(b)

02/24/23

$

(12,037,815)

$

394,191

(c)

$

(11,674,882)

0.2

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(21,203,049)

996,903

(e)

(20,264,026)

0.3

$

1,391,094

$

(31,938,908)

(b)

(d)

Range:

18-107

basis

points

0-175

basis

points

Benchmarks:

USD

Overnight

Bank

Funding

Rate

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

September

30,

2021,

expiration

date

02/24/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Belgium

UCB

SA

...............

(1,712)

$

(191,705)

1.6

%

Brazil

Banco

BTG

Pactual

SA

.....

(39,354)

(180,664)

1.5

Shares

Value

%

of

Basket

Value

China

Bilibili,

Inc.,

ADR

..........

(5,724)

$

(378,757)

3.3

%

China

Conch

Venture

Holdings

Ltd.

................

(122,000)

(566,492)

4.9

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

......

(182,000)

(446,593)

3.8

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(156,000)

(96,311)

0.8

China

Resources

Gas

Group

Ltd.

................

(14,000)

(73,555)

0.6

China

Vanke

Co.

Ltd.,

Class

H

(86,700)

(237,065)

2.0

BlackRock

Global

Allocation

V.I.

Fund

49

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Shares

Value

%

of

Basket

Value

China

(continued)

Kingsoft

Cloud

Holdings

Ltd.,

ADR

................

(10,126)

$

(286,768)

2.5

%

Longfor

Group

Holdings

Ltd.

..

(81,000)

(370,096)

3.2

Microport

Scientific

Corp.

....

(62,700)

(351,573)

3.0

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(50,500)

(258,527)

2.2

Sunny

Optical

Technology

Group

Co.

Ltd.

..............

(23,700)

(620,582)

5.3

TravelSky

Technology

Ltd.,

Class

H

..................

(16,000)

(30,860)

0.3

Xinyi

Solar

Holdings

Ltd.

....

(76,000)

(155,582)

1.3

(3,872,761)

Denmark

Vestas

Wind

Systems

A/S

...

(10,283)

(412,441)

3.5

Finland

Sampo

OYJ,

Class

A

.......

(19,028)

(940,760)

8.1

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(10,717)

(980,276)

8.4

Hyundai

Motor

Co.

........

(684)

(113,862)

1.0

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(1,657)

(140,818)

1.2

(1,234,956)

Spain

Ferrovial

SA

.............

(9,639)

(281,350)

2.4

Sweden

Evolution

AB

............

(1,570)

(237,760)

2.0

Investor

AB,

Class

B

.......

(27,944)

(600,918)

5.2

Skandinaviska

Enskilda

Banken

AB,

Class

A

...........

(24,063)

(339,128)

2.9

(1,177,806)

Switzerland

UBS

Group

AG

(Registered)

..

(5,220)

(83,320)

0.7

Taiwan

E.Sun

Financial

Holding

Co.

Ltd.

(93,377)

(87,869)

0.8

United

Kingdom

BT

Group

plc

............

(68,523)

(146,900)

1.3

HSBC

Holdings

plc

........

(10,882)

(56,899)

0.5

Prudential

plc

............

(6,579)

(127,668)

1.1

SSE

plc

................

(14,917)

(314,079)

2.7

Tesco

plc

...............

(128,068)

(436,153)

3.7

(1,081,699)

United

States

American

International

Group,

Inc.

.................

(5,065)

(278,018)

2.4

Amphenol

Corp.,

Class

A

....

(2,984)

(218,518)

1.9

Boeing

Co.

(The)

.........

(3,031)

(666,638)

5.7

eBay,

Inc.

..............

(7,764)

(540,918)

4.6

General

Electric

Co.

.......

(3,457)

(356,175)

3.0

Jackson

Financial,

Inc.,

Class

A

(164)

(4,264)

(0.0)

JBS

SA

................

(9,575)

(65,020)

0.6

(2,129,551)

Total

Reference

Entity

—

Short

............

(11,674,882)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(11,674,882)

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

September

30,

2021,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Australia

Afterpay

Ltd.

............

(5,795)

$

(503,441)

2.5

%

Macquarie

Group

Ltd.

......

(1,039)

(134,235)

0.7

Sydney

Airport

...........

(71,126)

(417,711)

2.0

Transurban

Group

.........

(11,913)

(106,366)

0.5

(1,161,753)

Brazil

Americanas

SA

...........

(9,721)

(55,087)

0.3

Hapvida

Participacoes

e

Investimentos

SA

.......

(137,755)

(343,771)

1.7

Raia

Drogasil

SA

.........

(81,017)

(345,892)

1.7

(744,750)

Canada

Agnico

Eagle

Mines

Ltd.

.....

(2,319)

(120,308)

0.6

Canadian

National

Railway

Co.

(1,953)

(226,323)

1.1

(346,631)

China

CanSino

Biologics,

Inc.,

Class

H

(2,400)

(84,889)

0.4

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(394,000)

(221,393)

1.1

Country

Garden

Holdings

Co.

Ltd.

................

(835,000)

(860,974)

4.2

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

..........

(26,800)

(142,548)

0.7

GDS

Holdings

Ltd.,

ADR

....

(4,173)

(236,233)

1.2

Geely

Automobile

Holdings

Ltd.

(164,000)

(470,780)

2.3

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(111,500)

(410,268)

2.0

Innovent

Biologics,

Inc.

.....

(16,000)

(154,084)

0.8

iQIYI,

Inc.,

ADR

..........

(104,305)

(837,569)

4.1

Kunlun

Energy

Co.

Ltd.

.....

(110,000)

(114,535)

0.6

Ping

An

Healthcare

and

Technology

Co.

Ltd.

.....

(67,300)

(438,669)

2.2

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

..............

(227,000)

(402,021)

2.0

Shenzhou

International

Group

Holdings

Ltd.

..........

(7,600)

(161,298)

0.8

Xiaomi

Corp.,

Class

B

......

(53,200)

(146,113)

0.7

ZTO

Express

Cayman,

Inc.,

ADR

................

(6,968)

(213,639)

1.1

(4,895,013)

Germany

Hannover

Rueck

SE

.......

(2,598)

(452,419)

2.2

Hong

Kong

CK

Asset

Holdings

Ltd.

.....

(114,500)

(660,639)

3.3

Japan

Ajinomoto

Co.,

Inc.

........

(3,100)

(91,605)

0.4

Central

Japan

Railway

Co.

...

(5,000)

(798,120)

3.9

Denso

Corp.

............

(2,100)

(137,124)

0.7

FUJIFILM

Holdings

Corp.

....

(1,800)

(155,430)

0.8

Japan

Post

Holdings

Co.

Ltd.

.

(16,900)

(142,056)

0.7

Kyowa

Kirin

Co.

Ltd.

.......

(800)

(28,840)

0.1

Mitsui

Fudosan

Co.

Ltd.

.....

(23,100)

(548,738)

2.7

Murata

Manufacturing

Co.

Ltd.

(2,100)

(185,750)

0.9

Sekisui

House

Ltd.

........

(3,000)

(62,823)

0.3

Shimano,

Inc.

............

(200)

(58,437)

0.3

BlackRock

Global

Allocation

V.I.

Fund

50

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Shares

Value

%

of

Basket

Value

Japan

(continued)

Sumitomo

Realty

&

Development

Co.

Ltd.

..............

(4,900)

$

(179,101)

0.9

%

Unicharm

Corp.

..........

(2,100)

(93,055)

0.5

(2,481,079)

Macau

Galaxy

Entertainment

Group

Ltd.

................

(32,000)

(164,193)

0.8

Mexico

Wal-Mart

de

Mexico

SAB

de

CV

(57,535)

(194,975)

1.0

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(3,401)

(410,841)

2.0

South

Korea

Korea

Zinc

Co.

Ltd.

........

(165)

(69,611)

0.4

POSCO

Chemical

Co.

Ltd.

...

(4,688)

(689,826)

3.4

Samsung

Life

Insurance

Co.

Ltd.

(698)

(42,820)

0.2

(802,257)

Spain

Aena

SME

SA

...........

(2,950)

(510,178)

2.5

Shares

Value

%

of

Basket

Value

Switzerland

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(57)

$

(637,309)

3.1

%

Credit

Suisse

Group

AG

(Registered)

...........

(159,334)

(1,573,624)

7.8

Schindler

Holding

AG

......

(740)

(198,668)

1.0

(2,409,601)

Taiwan

Taiwan

Cement

Corp.

......

(39,000)

(71,029)

0.3

United

Kingdom

Aviva

plc

...............

(72,472)

(384,092)

1.9

United

States

Chipotle

Mexican

Grill,

Inc.

...

(221)

(401,672)

2.0

Dollar

General

Corp.

.......

(2,927)

(620,934)

3.1

Kimberly-Clark

Corp.

.......

(4,583)

(606,972)

3.0

Kraft

Heinz

Co.

(The)

.......

(12,748)

(469,381)

2.3

PACCAR,

Inc.

...........

(7,842)

(618,891)

3.1

Paychex,

Inc.

............

(8,922)

(1,003,279)

4.9

Roper

Technologies,

Inc.

....

(1,913)

(853,447)

4.2

(4,574,576)

Total

Reference

Entity

—

Short

............

(20,264,026)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(20,264,026)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.24

%

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.75

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.13

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.53)

BlackRock

Global

Allocation

V.I.

Fund

51

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

USD

United

States

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

REMIC

Real

Estate

Mortgage

Investment

Conduit

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

BlackRock

Global

Allocation

V.I.

Fund

52

Consolidated

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

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

........................................

$

—

$

53,909,690

$

—

$

53,909,690

Ireland

..............................................

—

3,926,136

—

3,926,136

Netherlands

...........................................

—

454,670

—

454,670

United

States

..........................................

—

125,172,382

4,804,880

129,977,262

Common

Stocks:

Argentina

............................................

34,164,034

—

—

34,164,034

Australia

.............................................

—

13,792,254

9,307,015

23,099,269

Belgium

.............................................

—

87,408

—

87,408

Brazil

...............................................

7,813,252

—

—

7,813,252

Canada

.............................................

67,484,177

—

—

67,484,177

Cayman

Islands

........................................

2,557,108

—

—

2,557,108

China

...............................................

56,923,873

145,903,060

—

202,826,933

Denmark

.............................................

—

25,420,935

—

25,420,935

Finland

..............................................

—

12,815,492

—

12,815,492

France

..............................................

1,281

183,413,092

—

183,414,373

Germany

............................................

35,755,037

216,318,592

—

252,073,629

Hong

Kong

...........................................

739,205

33,401,554

—

34,140,759

India

...............................................

—

16,824,885

7,492,849

24,317,734

Indonesia

............................................

—

2,321,483

—

2,321,483

Israel

...............................................

2,307,311

2,369,646

—

4,676,957

Italy

................................................

—

75,452,772

—

75,452,772

Japan

...............................................

—

103,705,081

—

103,705,081

Luxembourg

..........................................

—

23,282,679

—

23,282,679

Macau

..............................................

—

148,167

—

148,167

Mexico

..............................................

281,986

—

—

281,986

Netherlands

...........................................

—

138,203,552

—

138,203,552

BlackRock

Global

Allocation

V.I.

Fund

53

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Level

1

Level

2

Level

3

Total

New

Zealand

..........................................

$

—

$

57,111

$

—

$

57,111

Norway

..............................................

—

839,179

—

839,179

Poland

..............................................

—

3,185,289

—

3,185,289

Portugal

.............................................

1,512,883

—

—

1,512,883

Saudi

Arabia

..........................................

—

94,560

—

94,560

Singapore

............................................

—

4,789,499

—

4,789,499

South

Africa

...........................................

—

5,739,482

—

5,739,482

South

Korea

..........................................

1,057,422

50,471,383

—

51,528,805

Spain

...............................................

30,882,808

1,162,172

—

32,044,980

Sweden

.............................................

3,219,282

68,768,999

—

71,988,281

Switzerland

...........................................

4,058,213

41,673,802

—

45,732,015

Taiwan

..............................................

6,230,534

74,962,265

—

81,192,799

Tanzania,

United

Republic

Of

...............................

—

30,904

—

30,904

Thailand

.............................................

1,892,621

—

—

1,892,621

United

Arab

Emirates

....................................

—

—

5

5

United

Kingdom

........................................

68,133,942

147,149,601

—

215,283,543

United

States

..........................................

3,254,394,303

48,091,714

32,791,110

3,335,277,127

Corporate

Bonds

Argentina

............................................

—

600,652

—

600,652

Australia

.............................................

—

—

41,122,277

41,122,277

Bahrain

.............................................

—

685,874

—

685,874

Brazil

...............................................

—

7,579,335

—

7,579,335

Canada

.............................................

—

2,619,815

—

2,619,815

Chile

...............................................

—

2,145,144

—

2,145,144

China

...............................................

—

66,429,605

—

66,429,605

Colombia

............................................

—

2,437,604

—

2,437,604

Dominican

Republic

.....................................

—

701,526

—

701,526

France

..............................................

—

1,117,738

—

1,117,738

Germany

............................................

—

20,353,951

—

20,353,951

Greece

..............................................

—

4,882,999

—

4,882,999

Guatemala

...........................................

—

1,608,141

—

1,608,141

Hong

Kong

...........................................

—

9,358,298

—

9,358,298

India

...............................................

—

20,572,235

—

20,572,235

Indonesia

............................................

—

6,246,555

—

6,246,555

Israel

...............................................

—

1,058,633

—

1,058,633

Italy

................................................

—

16,392,513

—

16,392,513

Japan

...............................................

—

559,222

—

559,222

Kuwait

..............................................

—

839,814

—

839,814

Luxembourg

..........................................

—

22,632,054

—

22,632,054

Macau

..............................................

—

4,232,040

—

4,232,040

Malaysia

.............................................

—

3,146,237

—

3,146,237

Mexico

..............................................

—

5,742,420

—

5,742,420

Mongolia

.............................................

—

816,725

—

816,725

Morocco

.............................................

—

633,488

—

633,488

Netherlands

...........................................

—

2,439,812

—

2,439,812

Oman

...............................................

—

689,319

—

689,319

Panama

.............................................

—

275,744

—

275,744

Paraguay

............................................

—

456,492

—

456,492

Peru

................................................

—

1,576,724

—

1,576,724

Philippines

...........................................

—

341,633

—

341,633

Saudi

Arabia

..........................................

—

684,101

—

684,101

Singapore

............................................

—

3,735,370

—

3,735,370

South

Africa

...........................................

—

1,289,463

—

1,289,463

South

Korea

..........................................

—

4,345,763

—

4,345,763

Spain

...............................................

—

217,250

—

217,250

Switzerland

...........................................

—

5,160,917

—

5,160,917

Tanzania,

United

Republic

of

...............................

—

1,288,394

—

1,288,394

Thailand

.............................................

—

4,535,665

—

4,535,665

Turkey

..............................................

—

285,566

1,712,000

1,997,566

Ukraine

.............................................

—

347,242

—

347,242

United

Arab

Emirates

....................................

—

2,040,080

—

2,040,080

United

Kingdom

........................................

—

24,356,926

—

24,356,926

United

States

..........................................

—

241,016,475

6,313,684

247,330,159

Vietnam

.............................................

—

642,104

—

642,104

Zambia

..............................................

—

1,376,865

—

1,376,865

Floating

Rate

Loan

Interests:

BlackRock

Global

Allocation

V.I.

Fund

54

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Level

1

Level

2

Level

3

Total

Canada

.............................................

$

—

$

13,426,745

$

—

$

13,426,745

France

..............................................

—

10,649,176

—

10,649,176

Jersey,

Channel

Islands

...................................

—

—

3,307,630

3,307,630

Luxembourg

..........................................

—

11,031,772

5,245,772

16,277,544

Netherlands

...........................................

—

18,868,846

7,265,573

26,134,419

Spain

...............................................

—

—

8,352,635

8,352,635

United

Kingdom

........................................

—

6,534,586

13,285,365

19,819,951

United

States

..........................................

—

170,269,663

39,670,207

209,939,870

Foreign

Agency

Obligations

.................................

—

13,187,339

—

13,187,339

Foreign

Government

Obligations

..............................

—

267,301,344

—

267,301,344

Investment

Companies

....................................

113,158,656

—

—

113,158,656

Non-Agency

Mortgage-Backed

Securities:

United

States

..........................................

—

174,892,100

23,465,820

198,357,920

Other

Interests

..........................................

—

—

8,563,070

8,563,070

Preferred

Securities:

Brazil

...............................................

1,186,431

—

3,927,792

5,114,223

China

...............................................

—

—

17,933,869

17,933,869

Germany

............................................

—

17,387,402

9,639,623

27,027,025

India

...............................................

—

—

5,299,914

5,299,914

Jersey

..............................................

—

—

5,459,436

5,459,436

United

Kingdom

........................................

—

—

15,435,000

15,435,000

United

States

..........................................

53,453,429

32,550,653

106,979,274

192,983,356

Rights

................................................

—

23,818

—

23,818

U.S.

Government

Sponsored

Agency

Securities

....................

—

229,752,873

—

229,752,873

U.S.

Treasury

Obligations

...................................

—

20,047,480

—

20,047,480

Warrants

..............................................

1,101,650

313,257

329,576

1,744,483

Short-Term

Securities:

Foreign

Government

Obligations

..............................

—

23,647,855

—

23,647,855

Money

Market

Funds

......................................

328,703,858

—

—

328,703,858

Time

Deposits

..........................................

—

15,817,115

—

15,817,115

Options

Purchased:

Credit

contracts

..........................................

—

53,924

—

53,924

Equity

contracts

..........................................

17,872,672

1,181,352

—

19,054,024

Foreign

currency

exchange

contracts

...........................

—

3,188,592

—

3,188,592

Interest

rate

contracts

......................................

1,631,725

5,287,136

—

6,918,861

Other

contracts

..........................................

—

823,637

—

823,637

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

203

203

Unfunded

SPAC

PIPE

commitments

(b)

................................

1,275,948

—

—

1,275,948

Liabilities:

Investments

Sold

Short

....................................

(28,265,984)

—

—

(28,265,984)

$

4,069,527,657

$

3,160,670,678

$

377,704,579

$

7,607,902,914

Investme

nts

Valued

at

NAV

(c)

......................................

215,901,001

$

—

$

7,823,803,915

$

—

Derivative

Financial

Instruments

(d)

Assets:

Credit

contracts

...........................................

$

—

$

1,767,229

$

—

$

1,767,229

Equity

contracts

...........................................

31,221,379

2,177,225

—

33,398,604

Foreign

currency

exchange

contracts

............................

—

6,141,491

—

6,141,491

Interest

rate

contracts

.......................................

9,483,613

54,995,090

—

64,478,703

Liabilities:

Credit

contracts

...........................................

—

(4,023,681)

—

(4,023,681)

Equity

contracts

...........................................

(11,236,113)

(2,412,240)

—

(13,648,353)

Foreign

currency

exchange

contracts

............................

—

(12,928,833)

—

(12,928,833)

Interest

rate

contracts

.......................................

(18,521,819)

(48,290,861)

—

(66,812,680)

$

10,947,060

$

(2,574,580)

$

—

$

8,372,480

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Unfunded

SPAC

PIPE

commitments

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(c)

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.

(d)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

BlackRock

Global

Allocation

V.I.

Fund

55

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Options

Purchased

Other

Interests

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2020

..

$

1,701,538

$

16,347,363

$

38,874,222

$

42,534,107

$

—

$

88,105

$

—

$

109,054,903

$

—

$

370,686

$

208,970,924

Transfers

into

level

3

...

—

—

—

—

—

—

—

—

—

—

—

Transfers

out

of

level

3

..

(1,701,538)

—

—

(3,194,811)

—

—

—

(2,405,341)

—

—

(7,301,690)

Accrued

discounts/premiums

—

—

(20,631)

146,641

(4,870)

—

—

—

—

—

121,140

Net

realized

gain

......

—

—

—

1,204,559

—

—

—

2,834,729

—

—

4,039,288

Net

change

in

unrealized

appreciation

(depreciation)

(a)

.....

589

11,713,473

(893,483)

2,899,152

(2,742)

—

1,278,521

23,529,083

—

(414,227)

38,110,366

Purchases

...........

4,804,291

21,530,143

11,187,853

71,532,242

23,473,432

—

7,284,549

65,006,420

203

373,117

205,192,250

Sales

..............

—

—

—

(37,994,708)

—

(88,105)

—

(33,344,886)

—

—

(71,427,699)

Closing

balance,

as

of

September

30,

2021

..

$

4,804,880

$

49,590,979

$

49,147,961

$

77,127,182

$

23,465,820

$

—

$

8,563,070

$

164,674,908

$

203

$

329,576

$

377,704,579

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

a

t

September

30,

2021

(a)

$

589

$

11,713,473

$

(893,483)

$

4,101,611

$

(2,742)

$

—

$

1,278,521

$

50,065,925

$

—

$

(256,722)

$

66,007,172

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Allocation

V.I.

Fund

56

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

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.

The

table

does

not

include

Level

3

investments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$78,909,741.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Common

Stocks

...........................

$

39,972,317

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

6.75x

–

24.75x

9.11x

Volatility

38%

–

63%

41%

Time

to

Exit

1.0

–

3.1

1.4

EBITDA

24.00x

—

Recent

Transactions

$5.99

–

$3,840.52

$3,441.08

Corporate

Bonds

...........................

49,147,961

Income

Discount

Rate

10%

–

34%

17%

Market

Recent

Transactions

$72.30

—

Floating

Rate

Loan

Interests

....................

36,107,008

Income

Discount

Rate

6%

–

10%

8%

Market

Recent

Transactions

$115.26

—

Other

Interests

............................

8,563,070

Market

Discount

Rate

5%

—

Preferred

Stocks

...........................

164,674,908

Income

Discount

Rate

40%

—

Market

Revenue

Multiple

1.50x

–

35.62x

19.37%

Time

to

Exit

0.0

–

4.3

2.6

Volatility

41%

–

70%

57%

Recent

Transactions

$5.96

–

$3,840.50

$1,084.94

Warrants

................................

329,574

Market

Revenue

Multiple

15.00x

—

Time

to

Exit

0.0

–

2.2

1.4

Volatility

38%

-

54%

43%

$

298,794,838

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.