BlackRock Variable Series Funds II NPORT-P BlackRock Total Return V.I. Fund (Mar 2021 report)

BlackRock

Total

Return

V.I.

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

4.3%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

:

Series

2003-OP1,

Class

A2,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

12/25/33

....

USD

122

$

113,113

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.37%,

05/25/37

....

92

21,639

Adams

Mill

CLO

Ltd.,

Series

2014-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.10%),

1.34%,

07/15/26

(a)(b)

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

110

109,955

Ajax

Mortgage

Loan

Trust

(b)

:

Series

2017-D,

Class

A,

3.75%,

12/25/57

..

268

272,272

Series

2018-A,

Class

A,

3.85%,

04/25/58

(c)

.

273

273,858

Series

2018-A,

Class

B,

0.00%,

04/25/58

..

89

48,613

Series

2018-B,

Class

A,

3.75%,

02/26/57

(c)

.

170

170,115

Series

2018-B,

Class

B,

0.00%,

02/26/57

..

88

25,227

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)(c)

324

324,381

Series

2018-D,

Class

B,

0.00%,

08/25/58

(a)(c)

109

70,447

Series

2018-E,

Class

A,

4.38%,

06/25/58

(a)

187

188,613

Series

2018-E,

Class

B,

5.25%,

06/25/58

(a)(c)

100

100,680

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)(c)

96

72,056

Series

2018-F,

Class

A,

4.38%,

11/25/58

(a)(c)

565

571,916

Series

2018-F,

Class

B,

5.25%,

11/25/58

(a)(c)

111

112,127

Series

2018-F,

Class

C,

0.00%,

11/25/58

(c)

.

239

143,384

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)(c)

453

452,729

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

103

77,765

Series

2018-G,

Class

C,

5.25%,

06/25/57

(c)

226

222,641

Series

2019-A,

Class

A,

3.75%,

08/25/57

(a)

427

433,580

Series

2019-A,

Class

B,

5.25%,

08/25/57

(a)

100

99,003

Series

2019-A,

Class

C,

0.00%,

08/25/57

(c)

185

152,911

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

735

746,170

Series

2019-B,

Class

B,

5.25%,

01/25/59

(a)(c)

117

88,335

Series

2019-B,

Class

C,

0.00%,

01/25/59

(c)

298

256,093

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

10/21/28

(a)(b)

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

500

499,481

American

Homes

4

Rent

Trust,

Series

2014-

SFR3,

Class

A,

3.68%,

12/17/36

(b)

......

177

190,285

Anchorage

Capital

CLO

1-R

Ltd.,

Series

2018-

1RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.99%),

1.21%,

04/13/31

(a)(b)

..........

310

310,000

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

:

Series

2014-4RA,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

1.27%,

01/28/31

....

250

250,060

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.07%,

01/28/31

....

250

248,594

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

:

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.69%,

01/15/30

....

500

492,557

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

01/15/30

....

250

249,584

Anchorage

Capital

CLO

6

Ltd.,

Series

2015-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.27%),

1.51%,

07/15/30

(a)(b)

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

250

250,045

Anchorage

Capital

CLO

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/13/30

(a)(b)

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

250

250,213

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.32%,

04/15/31

(a)(b)

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

500

500,272

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.23%,

04/20/31

(a)(b)

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

500

498,027

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.41%,

10/15/30

(a)(b)

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

250

250,282

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.24%),

0.59%,

05/25/35

(a)

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

USD

44

$

40,241

Avery

Point

V

CLO

Ltd.,

Series

2014-5A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.20%,

07/17/26

(a)(b)

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

46

46,077

Babson

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.19%),

1.41%,

10/20/30

(a)(b)

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

260

259,810

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.43%,

12/10/25

(a)

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

300

126,685

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

:

Series

2004-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.11%,

05/28/39

....

96

89,795

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.11%,

02/28/40

....

131

125,439

Series

2005-E,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.11%,

12/28/40

....

47

42,392

BCMSC

Trust

(a)

:

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

40

9,976

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

37

9,576

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

27

7,337

BDS

Ltd.,

Series

2019-FL3,

Class

A,

(LIBOR

USD

1

Month

+

1.40%),

1.51%,

12/15/35

(a)(b)

171

170,840

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

:

Series

2007-FS1,

Class

1A3,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

05/25/35

....

37

36,087

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

36

33,882

Series

2007-HE3,

Class

1A4,

(LIBOR

USD

1

Month

+

0.35%),

0.46%,

04/25/37

....

195

187,787

Benefit

Street

Partners

CLO

VI

Ltd.,

Series

2015-VIA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.24%),

1.46%,

10/18/29

(a)(b)

.........

250

250,052

BlueMountain

CLO

Ltd.

(a)(b)

:

Series

2013-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.23%),

1.45%,

01/20/29

....

281

281,290

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.40%,

10/22/30

....

490

490,387

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

10/25/36

(a)

...........

58

55,856

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

07/20/30

(a)(b)

250

250,000

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

10/25/36

(a)

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

51

42,835

Cedar

Funding

II

CLO

Ltd.

(a)(b)

:

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.23%),

1.42%,

06/09/30

....

250

250,154

Series

2013-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.94%,

06/09/30

....

250

249,728

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.09%),

1.31%,

10/20/28

(a)(b)

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

430

430,375

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/17/30

(a)(b)

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

510

510,197

CIFC

Funding

Ltd.

(a)(b)

:

Series

2013-2A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.21%),

1.44%,

10/18/30

....

230

230,092

Series

2014-4RA,

Class

A1A,

(LIBOR

USD

3

Month

+

1.13%),

1.35%,

10/17/30

....

540

540,040

BlackRock

Total

Return

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Citigroup

Mortgage

Loan

Trust

(a)

:

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

05/25/37

...

USD

205

$

164,020

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.38%,

05/25/37

...

93

75,030

Conseco

Finance

Corp.

(a)

:

Series

1997-3,

Class

M1,

7.53%,

03/15/28

.

35

35,555

Series

1997-6,

Class

M1,

7.21%,

01/15/29

.

23

23,030

Series

1998-8,

Class

M1,

6.98%,

09/01/30

.

103

96,412

Series

1999-5,

Class

A5,

7.86%,

03/01/30

.

28

16,167

Series

1999-5,

Class

A6,

7.50%,

03/01/30

.

29

16,471

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

11/15/32

....

51

47,476

Conseco

Finance

Securitizations

Corp.:

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

56

18,115

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

47,567

Series

2000-5,

Class

A7,

8.20%,

05/01/31

.

139

67,557

Countrywide

Asset-Backed

Certificates

(a)

:

Series

2006-S10,

Class

A3,

(LIBOR

USD

1

Month

+

0.32%),

0.43%,

10/25/36

....

18

17,615

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.33%,

12/25/25

....

1

1,026

Credit-Based

Asset

Servicing

&

Securitization

LLC:

Series

2006-CB2,

Class

AF4,

3.10%,

12/25/36

(d)

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

13

12,906

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(d)

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

100

102,355

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)(d)

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

80

7,911

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.45%,

07/25/37

(a)(b)

..

46

36,856

CWABS

Asset-Backed

Certificates

Trust

(a)

:

Series

2005-16,

Class

1AF,

5.69%,

04/25/36

108

105,813

Series

2006-11,

Class

3AV2,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

09/25/46

....

5

4,766

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(LIBOR

USD

1

Month

+

0.27%),

0.38%,

03/15/34

(a)

.....

18

16,818

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.01%,

10/25/34

(a)

.....

89

88,124

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

7

7,757

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

:

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

12/15/33

...

12

11,238

Series

2006-RES,

Class

5B1B,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

05/15/35

(c)

..

5

4,963

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

:

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

05/15/35

....

10

9,317

Series

2006-C,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

05/15/36

....

65

63,438

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.26%,

11/15/36

....

43

37,361

Dorchester

Park

CLO

DAC,

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.45%),

1.67%,

04/20/28

(a)(b)

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

250

249,025

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.36%,

01/15/31

(a)(b)

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

800

800,025

Dryden

XXV

Senior

Loan

Fund,

Series

2012-

25A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.90%),

1.14%,

10/15/27

(a)(b)

..........

190

190,454

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

First

Franklin

Mortgage

Loan

Trust

(a)

:

Series

2004-FFH3,

Class

M3,

(LIBOR

USD

1

Month

+

1.05%),

1.16%,

10/25/34

...

USD

33

$

31,718

Series

2006-FF16,

Class

2A3,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

12/25/36

...

634

369,735

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.26%,

12/25/36

....

482

451,130

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

...

91

80,094

Flatiron

CLO

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.89%),

1.13%,

04/15/27

(a)(b)

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

109

108,648

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.39%,

02/25/37

(a)

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

94

76,542

GE-WMC

Asset-Backed

Pass-Through

Certificates,

Series

2005-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.50%),

0.61%,

12/25/35

(a)

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

8

7,750

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

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

27

7,234

GSAMP

Trust

(a)

:

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

01/25/47

....

26

16,739

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

02/25/47

....

40

42,730

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

07/25/27

(a)(b)

..........

158

157,688

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

05/25/37

(a)

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

89

79,086

Home

Equity

Mortgage

Loan

Asset-Backed

Trust

(a)

:

Series

2004-A,

Class

M2,

(LIBOR

USD

1

Month

+

2.03%),

2.13%,

07/25/34

....

20

20,227

Series

2007-A,

Class

2A2,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

04/25/37

....

61

46,604

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.37%,

07/25/36

(d)

.........

58

11,888

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

04/15/36

(a)

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

19

18,279

HPS

Loan

Management

Ltd.,

Series

6A-2015,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.20%,

02/05/31

(a)(b)

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

248

248,500

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.36%,

10/19/28

(a)(b)

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

244

244,261

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

(LIBOR

USD

1

Month

+

1.00%),

1.11%,

07/17/37

(a)(b)

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

118

118,353

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)(d)

........

23

22,703

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(LIBOR

USD

1

Month

+

0.41%),

0.51%,

05/25/36

(a)

..........

100

97,970

LCM

26

Ltd.,

Series

26A,

Class

A1,

(LIBOR

USD

3

Month

+

1.07%),

1.29%,

01/20/31

(a)(b)

280

280,019

LCM

XX

LP,

Series

20A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.26%,

10/20/27

(a)(b)

222

221,985

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

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

61

64,438

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,  4.00%,

10/30/27

(c)

...........

26

25,760

BlackRock

Total

Return

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.36%,

03/25/32

(a)

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

USD

23

$

22,742

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.95%),

1.17%,

04/19/30

(a)(b)

..........

580

579,727

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.41%,

10/21/30

(a)(b)

..........

510

510,255

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.41%,

07/29/30

(a)(b)

..........

270

269,946

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.40%,

12/18/30

(a)(b)

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

250

249,875

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(LIBOR

USD

1

Month

+

0.26%),

0.37%,

06/25/46

(a)(b)

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

14

13,648

Merrill

Lynch

Mortgage

Investors

Trust

(a)

:

Series

2006-OPT1,

Class

M1,

(LIBOR

USD

1

Month

+

0.26%),

0.37%,

08/25/37

...

34

27,765

Series

2006-RM3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

06/25/37

...

26

8,072

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

:

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

12/25/34

...

155

146,865

Series

2005-HE5,

Class

M4,

(LIBOR

USD

1

Month

+

0.87%),

0.98%,

09/25/35

....

129

91,295

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/20/30

(a)(b)

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

250

250,067

MP

CLO

VIII

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

0.91%),

1.13%,

10/28/27

(a)(b)

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

212

211,792

Navient

Private

Education

Loan

Trust,

Series

2014-AA,

Class

A2B,

(LIBOR

USD

1

Month

+

1.25%),

1.36%,

02/15/29

(a)(b)

.........

154

154,773

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.39%,

10/18/30

(a)(b)

....

250

250,071

Oakwood

Mortgage

Investors,

Inc.

(a)

:

Series

2001-D,

Class

A2,

5.26%,

01/15/19

.

18

12,371

Series

2001-D,

Class

A4,

6.93%,

09/15/31

.

10

8,194

Series

2002-B,

Class

M1,

7.62%,

06/15/32

80

67,634

OCP

CLO

Ltd.

(a)(b)

:

Series

2016-12A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

1.34%,

10/18/28

....

200

200,065

Series

2017-13A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.26%),

1.50%,

07/15/30

....

300

300,052

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.95%),

2.13%,

11/20/30

....

250

249,928

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.24%,

07/17/30

(a)(b)

.........

250

249,429

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.00%),

1.22%,

01/25/31

(a)(b)

.........

250

249,663

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.22%,

05/23/31

(a)(b)

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

225

224,196

Option

One

Mortgage

Acceptance

Corp.

Asset-

Backed

Certificates,

Series

2003-4,

Class

A2,

(LIBOR

USD

1

Month

+

0.64%),

0.75%,

07/25/33

(a)

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

148

141,673

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Option

One

Mortgage

Loan

Trust:

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.32%,

03/25/37

(a)

...

USD

90

$

72,574

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

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

84

82,654

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

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

215

212,733

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

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

114

114,114

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.31%,

10/15/37

(a)(b)(c)

...

52

51,500

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(d)

.........

70

66,854

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/22/30

(a)(b)

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

383

382,495

OZLM

XIV

Ltd.,

Series

2015-14A,

Class

A2AR,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

01/15/29

(a)(b)

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

250

248,922

Palmer

Square

CLO

Ltd.

(a)(b)

:

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.13%),

1.35%,

01/17/31

....

250

250,011

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.25%,

04/18/31

....

250

250,147

Series

2018-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.10%),

1.32%,

07/16/31

....

420

420,011

Progress

Residential

Trust,

Series

2017-SFR1,

Class

A,

2.77%,

08/17/34

(b)

...........

99

99,970

Race

Point

IX

CLO

Ltd.,

Series

2015-9A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.21%),

1.45%,

10/15/30

(a)(b)

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

497

497,479

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.32%,

07/25/31

(a)(b)

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

246

245,608

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

07/20/28

(a)(b)

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

253

252,789

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.41%,

10/20/30

(a)(b)

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

250

250,063

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.25%,

04/20/31

(a)(b)

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

247

247,153

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

1.33%,

01/15/30

(a)(b)

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

1,250

1,251,393

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(LIBOR

USD

1

Month

+

0.21%),

0.32%,

10/25/36

(a)

...........

100

80,536

Signal

Peak

CLO

4

Ltd.,

Series

2017-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.21%),

1.43%,

10/26/29

(a)(b)

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

250

250,175

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

A,

(LIBOR

USD

3

Month

+

1.11%),

1.33%,

04/25/31

(a)(b)

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

250

250,013

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.46%,

07/20/30

(a)(b)

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

250

250,047

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

0.51%,

03/15/24

(a)

...........

113

112,762

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

.....

100

103,281

BlackRock

Total

Return

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Sound

Point

CLO

XXIII

Ltd.,

Series

2019-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.40%),

1.64%,

04/15/32

(a)(b)

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

USD

800

$

800,434

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(LIBOR

USD

1

Month

+

0.80%),

0.90%,

01/25/35

(a)

...........

1

1,413

Structured

Asset

Securities

Corp.

Mortgage

Pass-Through

Certificates,

Series

2004-

23XS,

Class

2A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

01/25/35

(a)

...........

16

15,504

TCI-Flatiron

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.20%),

1.39%,

11/18/30

(a)(b)

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

250

249,803

Towd

Point

Mortgage

Trust,

Series

2019-SJ2,

Class

M1,

4.50%,

11/25/58

(a)(b)

.........

340

347,226

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

......

100

104,085

Venture

35

CLO

Ltd.,

Series

2018-35A,

Class

AS,

(LIBOR

USD

3

Month

+

1.65%),

1.87%,

10/22/31

(a)(b)

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

100

100,017

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(LIBOR

USD

3

Month

+

1.22%),

1.46%,

10/15/29

(a)(b)

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

315

315,056

Voya

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.13%),

1.37%,

10/15/30

(a)(b)

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

250

250,109

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.25%,

07/25/37

(a)(b)

60

55,053

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

:

Series

2006-HE4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

09/25/36

....

145

64,784

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

10/25/36

....

144

123,683

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(LIBOR

USD

1

Month

+

0.40%),

0.51%,

06/25/37

(a)(b)

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

86

37,029

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.37%,

01/22/31

(a)(b)

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

250

250,116

Total

Asset-Backed

Securities

—

4.3%

(Cost:

$32,417,776)

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

32,376,896

Corporate

Bonds

—

34.5%

Aerospace

&

Defense

—

1.4%

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25

(b)

165

181,632

BAE

Systems

plc,

3.40%,

04/15/30

(b)

......

737

782,296

Boeing

Co.

(The):

2.85%,

10/30/24

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

286

299,283

3.95%,

08/01/59

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

79

75,944

5.93%,

05/01/60

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

112

143,710

Embraer

Netherlands

Finance

BV,

5.40%,

02/01/27

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

36

37,527

Embraer

Overseas

Ltd.,

5.70%,

09/16/23

...

49

51,435

General

Dynamics

Corp.:

3.75%,

05/15/28

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

20

22,286

3.63%,

04/01/30

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

459

507,392

Huntington

Ingalls

Industries,

Inc.,

4.20%,

05/01/30

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

339

376,046

L3Harris

Technologies,

Inc.:

3.85%,

12/15/26

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

329

364,249

4.40%,

06/15/28

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

680

771,626

1.80%,

01/15/31

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

458

428,967

Leidos,

Inc.,

4.38%,

05/15/30

(b)

.........

541

601,397

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Lockheed

Martin

Corp.:

3.60%,

03/01/35

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

USD

523

$

582,622

3.80%,

03/01/45

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

112

123,231

2.80%,

06/15/50

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

132

124,496

Northrop

Grumman

Corp.:

3.25%,

01/15/28

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

836

896,811

4.03%,

10/15/47

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

217

241,335

5.25%,

05/01/50

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

51

66,091

Raytheon

Technologies

Corp.:

3.15%,

12/15/24

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

155

166,584

7.20%,

08/15/27

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

45

58,905

7.00%,

11/01/28

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

360

462,993

4.13%,

11/16/28

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

379

426,805

2.15%,

05/18/30

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

EUR

155

204,076

2.25%,

07/01/30

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

USD

395

388,739

4.50%,

06/01/42

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

124

147,869

3.75%,

11/01/46

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

130

138,559

4.63%,

11/16/48

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

151

180,660

3.13%,

07/01/50

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

145

140,460

Textron,

Inc.:

3.90%,

09/17/29

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

235

254,363

2.45%,

03/15/31

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

110

106,525

TransDigm

,

Inc.

(b)

:

8.00%,

12/15/25

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

370

402,930

6.25%,

03/15/26

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

892

945,698

10,703,542

Air

Freight

&

Logistics

—

0.2%

FedEx

Corp.,

4.10%,

02/01/45

..........

106

114,624

United

Parcel

Service,

Inc.:

3.40%,

03/15/29

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

168

182,618

4.45%,

04/01/30

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

590

689,593

5.20%,

04/01/40

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

312

400,767

XPO

Logistics,

Inc.

(b)

:

6.13%,

09/01/23

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

45

45,787

6.75%,

08/15/24

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

110

115,362

1,548,751

Airlines

—

0.5%

Air

Canada

Pass-Through

Trust

(b)

:

Series

2017-1,

Class

B,

3.70%,

01/15/26

.

1

723

Series

2017-1,

Class

AA,

3.30%,

01/15/30

84

81,547

American

Airlines

Pass-Through

Trust:

Series

2013-2,

Class

A,

4.95%,

01/15/23

.

70

70,079

Series

2015-2,

Class

B,

4.40%,

09/22/23

.

219

207,229

Series

2016-1,

Class

B,

5.25%,

01/15/24

.

164

155,820

Series

2017-1,

Class

B,

4.95%,

02/15/25

.

48

44,260

Series

2016-3,

Class

B,

3.75%,

10/15/25

.

3

2,767

Series

2015-2,

Class

AA,

3.60%,

09/22/27

39

39,187

Series

2016-1,

Class

AA,

3.58%,

01/15/28

102

103,404

Series

2019-1,

Class

B,

3.85%,

02/15/28

.

213

193,628

Series

2016-2,

Class

AA,

3.20%,

06/15/28

71

70,943

Series

2016-3,

Class

AA,

3.00%,

10/15/28

346

348,770

Series

2017-1,

Class

AA,

3.65%,

02/15/29

56

55,984

Series

2019-1,

Class

AA,

3.15%,

02/15/32

203

202,398

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

505

523,122

Gol

Finance

SA,

7.00%,

01/31/25

(b)

.......

107

87,138

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)

.....

27

24,591

United

Airlines

Pass-Through

Trust:

Series

2014-1,

Class

B,

4.75%,

04/11/22

.

11

11,115

Series

2014-2,

Class

B,

4.63%,

09/03/22

.

17

17,511

Series

2016-2,

Class

B,

3.65%,

10/07/25

.

11

10,303

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

135

140,063

Series

2014-1,

Class

A,

4.00%,

04/11/26

.

134

138,529

BlackRock

Total

Return

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

USD

434

$

481,441

Series

2015-1,

Class

AA,

3.45%,

12/01/27

36

37,624

Series

2019-2,

Class

B,

3.50%,

05/01/28

.

151

146,983

Series

2016-1,

Class

AA,

3.10%,

07/07/28

11

11,669

Series

2016-2,

Class

AA,

2.88%,

10/07/28

73

73,625

Series

2018-1,

Class

AA,

3.50%,

03/01/30

35

36,161

Series

2019-2,

Class

AA,

2.70%,

05/01/32

128

124,395

3,441,009

Auto

Components

—

0.0%

American

Axle

&

Manufacturing,

Inc.,

6.25%,

04/01/25

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

74

76,220

Magna

International,

Inc.,

2.45%,

06/15/30

..

122

122,751

198,971

Automobiles

—

0.5%

BMW

US

Capital

LLC,

2.55%,

04/01/31

(b)

...

167

167,454

Daimler

Finance

North

America

LLC,

3.35%,

05/04/21

(b)

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

430

431,039

General

Motors

Co.:

4.88%,

10/02/23

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

295

322,952

6.13%,

10/01/25

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

222

261,052

Hyundai

Capital

America

(b)

:

3.95%,

02/01/22

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

305

313,292

2.38%,

02/10/23

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

601

616,213

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)

...

1,159

1,271,175

3,383,177

Banks

—

6.1%

Banco

Santander

SA:

2.71%,

06/27/24

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

600

633,093

1.85%,

03/25/26

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

400

399,234

3.31%,

06/27/29

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

200

211,979

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)

...........

200

201,375

Bank

of

America

Corp.:

(LIBOR

USD

3

Month

+

0.63%),

3.50%,

05/17/22

(a)

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

285

286,062

(LIBOR

USD

3

Month

+

1.02%),

2.88%,

04/24/23

(a)

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

127

130,038

(LIBOR

USD

3

Month

+

0.93%),

2.82%,

07/21/23

(a)

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

83

85,444

(LIBOR

USD

3

Month

+

0.78%),

3.55%,

03/05/24

(a)

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

234

246,887

(LIBOR

USD

3

Month

+

0.94%),

3.86%,

07/23/24

(a)

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

116

124,244

4.00%,

01/22/25

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

287

314,297

Series

L,

3.95%,

04/21/25

...........

327

358,542

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

2,025

2,122,585

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

236

254,074

(LIBOR

USD

3

Month

+

0.64%),

2.01%,

02/13/26

(a)

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

127

130,080

4.45%,

03/03/26

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

387

434,995

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

....

851

839,969

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

875

957,071

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

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

1,445

1,551,757

(LIBOR

USD

3

Month

+

1.07%),

3.97%,

03/05/29

(a)

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

56

61,705

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

(a)

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

678

762,280

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

693

769,151

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

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

USD

422

$

442,985

(LIBOR

USD

3

Month

+

1.32%),

4.08%,

04/23/40

(a)

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

374

414,204

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.87%

(a)(e)

...........

250

266,797

Barclays

plc

(a)

:

(LIBOR

USD

3

Month

+

1.90%),

4.97%,

05/16/29

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

636

731,299

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

2.67%,

03/10/32

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

255

248,915

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

3.81%,

03/10/42

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

350

342,873

BNP

Paribas

SA

(a)(b)

:

(LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/25

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

842

886,337

(SOFR

+

1.51%),

3.05%,

01/13/31

......

600

615,051

Citigroup,

Inc.:

4.40%,

06/10/25

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

349

387,817

4.60%,

03/09/26

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

125

141,048

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

(a)

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

1,396

1,526,697

(LIBOR

USD

3

Month

+

1.19%),

4.07%,

04/23/29

(a)

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

556

618,550

(LIBOR

USD

3

Month

+

1.34%),

3.98%,

03/20/30

(a)

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

69

76,387

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.....

1,478

1,528,530

(SOFR

+

1.15%),

2.67%,

01/29/31

(a)

....

192

192,907

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

.....

246

245,808

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

143

151,844

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

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

316

329,125

Danske

Bank

A/S:

5.00%,

01/12/22

(b)

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

400

413,416

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

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

263

264,438

5.38%,

01/12/24

(b)

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

300

334,527

5.38%,

01/12/24

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

200

223,018

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.35%),

1.62%,

09/11/26

(a)(b)

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

200

197,837

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

.......

200

201,187

HSBC

Holdings

plc

(a)

:

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

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

800

899,038

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.70%

(e)

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

310

305,350

ING

Groep

NV:

4.10%,

10/02/23

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

710

768,656

4.63%,

01/06/26

(b)

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

692

784,384

(SOFR

+

1.01%),

1.00%,

04/01/27

(a)

....

200

200,116

Itau

Unibanco

Holding

SA

(b)

:

2.90%,

01/24/23

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

250

255,000

3.25%,

01/24/25

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

250

254,812

JPMorgan

Chase

&

Co.:

(SOFR

+

0.60%),

0.65%,

09/16/24

(a)

....

370

370,720

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

1,450

1,573,137

3.13%,

01/23/25

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

307

328,914

3.90%,

07/15/25

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

674

744,021

(SOFR

+

1.59%),

2.00%,

03/13/26

(a)

....

1,241

1,276,182

BlackRock

Total

Return

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

3.20%,

06/15/26

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

USD

78

$

84,321

(SOFR

+

0.80%),

1.05%,

11/19/26

(a)

.....

264

257,851

(LIBOR

USD

3

Month

+

1.25%),

3.96%,

01/29/27

(a)

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

1,258

1,391,294

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

527

580,850

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

(a)

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

1,765

1,920,937

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

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

554

617,810

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

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

80

91,637

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

(a)

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

117

135,843

(LIBOR

USD

3

Month

+

1.46%),

4.03%,

07/24/48

(a)

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

470

526,877

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

(a)

...........

200

203,937

Lloyds

Banking

Group

plc:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.63%,

05/11/27

(a)

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

344

341,499

4.38%,

03/22/28

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

228

255,904

4.55%,

08/16/28

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

200

227,664

(LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/07/28

(a)

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

200

215,966

Mitsubishi

UFJ

Financial

Group,

Inc.:

2.62%,

07/18/22

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

1,135

1,166,333

2.19%,

02/25/25

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

868

895,341

1.41%,

07/17/25

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

223

222,847

Mizuho

Financial

Group,

Inc.

(a)

:

(LIBOR

USD

3

Month

+

1.10%),

2.55%,

09/13/25

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

719

752,032

(LIBOR

USD

3

Month

+

1.51%),

2.20%,

07/10/31

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

200

193,086

(LIBOR

USD

3

Month

+

1.27%),

1.98%,

09/08/31

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

425

400,836

NBK

Tier

1

Financing

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.62%

(a)(b)(e)

..........

200

198,798

Santander

UK

Group

Holdings

plc:

2.88%,

08/05/21

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

240

242,007

3.57%,

01/10/23

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

963

984,392

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

08/21/26

(a)

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

240

237,999

(LIBOR

USD

3

Month

+

1.40%),

3.82%,

11/03/28

(a)

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

200

218,364

Sumitomo

Mitsui

Financial

Group,

Inc.:

3.94%,

10/16/23

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

121

130,957

2.70%,

07/16/24

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

395

417,607

2.35%,

01/15/25

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

644

668,445

3.78%,

03/09/26

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

201

221,516

US

Bancorp,

3.00%,

07/30/29

..........

127

133,081

Washington

Mutual

Escrow

Bonds

(c)(f)(g)

:

0.00%,

11/06/09

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

300

—

0.00%,

09/19/17

(h)

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

250

—

0.00%,

09/29/17

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

500

—

Wells

Fargo

&

Co.:

3.00%,

04/22/26

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

232

247,918

3.00%,

10/23/26

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

200

213,462

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

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

623

679,235

(SOFR

+

2.10%),

2.39%,

06/02/28

(a)

....

52

53,295

(LIBOR

USD

3

Month

+

1.17%),

2.88%,

10/30/30

(a)

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

167

172,029

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(SOFR

+

2.53%),

3.07%,

04/30/41

(a)

....

USD

931

$

912,945

45,631,704

Beverages

—

0.7%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

.

1,243

1,456,135

Anheuser-Busch

InBev

Worldwide,

Inc.:

4.75%,

01/23/29

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

1,253

1,464,191

3.50%,

06/01/30

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

1,204

1,303,879

Coca-Cola

Co.

(The):

1.00%,

03/09/41

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

EUR

210

240,504

Keurig

Dr

Pepper,

Inc.,

3.20%,

05/01/30

....

USD

421

445,471

PepsiCo,

Inc.,

3.38%,

07/29/49

.........

159

164,243

5,074,423

Biotechnology

—

0.9%

AbbVie,

Inc.:

2.30%,

11/21/22

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

197

202,712

2.60%,

11/21/24

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

1,563

1,650,213

3.20%,

05/14/26

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

1,281

1,383,884

4.55%,

03/15/35

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

129

149,805

4.50%,

05/14/35

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

603

708,032

4.85%,

06/15/44

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

14

17,007

4.70%,

05/14/45

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

342

405,055

4.88%,

11/14/48

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

50

60,221

Amgen,

Inc.:

2.45%,

02/21/30

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

350

352,424

4.40%,

05/01/45

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

456

527,932

Biogen,

Inc.:

2.25%,

05/01/30

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

393

381,253

3.15%,

05/01/50

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

176

161,631

Gilead

Sciences,

Inc.:

4.80%,

04/01/44

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

50

60,111

4.75%,

03/01/46

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

549

663,582

6,723,862

Building

Products

—

0.2%

Carrier

Global

Corp.,

2.24%,

02/15/25

.....

981

1,015,775

Johnson

Controls

International

plc,

5.13%,

09/14/45

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

5

6,219

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

54

57,307

Owens

Corning,

3.95%,

08/15/29

........

41

45,119

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

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

53

55,253

4.75%,

01/15/28

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

22

22,805

1,202,478

Capital

Markets

—

2.3%

Bank

of

New

York

Mellon

Corp.

(The),

(LIBOR

USD

3

Month

+

1.07%),

3.44%,

02/07/28

(a)

.

293

322,003

Charles

Schwab

Corp.

(The),

3.20%,

01/25/28

105

113,661

Credit

Suisse

AG,

3.63%,

09/09/24

.......

263

285,012

Credit

Suisse

Group

AG,

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

........

252

269,136

Deutsche

Bank

AG:

(SOFR

+

1.13%),

1.00%,

04/01/25

(a)

....

749

748,739

1.69%,

03/19/26

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

755

753,323

(SOFR

+

3.04%),

3.55%,

09/18/31

(a)

....

150

154,888

Goldman

Sachs

Group,

Inc.

(The):

3.50%,

01/23/25

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

180

194,247

3.50%,

04/01/25

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

2,520

2,730,200

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

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

247

265,048

(SOFR

+

0.61%),

0.86%,

02/12/26

(a)

....

288

283,076

3.75%,

02/25/26

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

353

387,793

(LIBOR

USD

3

Month

+

1.17%),

1.36%,

05/15/26

(a)

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

376

380,910

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

700

693,732

BlackRock

Total

Return

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

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

USD

471

$

515,351

Huarong

Finance

Co.

Ltd.:

3.25%,

11/13/24

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

200

206,761

3.88%,

11/13/29

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

200

202,250

Intercontinental

Exchange,

Inc.:

3.75%,

09/21/28

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

121

133,067

2.10%,

06/15/30

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

150

144,055

1.85%,

09/15/32

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

278

254,489

Moody's

Corp.,

3.25%,

01/15/28

.........

103

110,613

Morgan

Stanley:

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

....

3

3,165

3.88%,

01/27/26

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

948

1,054,117

3.63%,

01/20/27

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

1,008

1,106,029

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

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

166

180,971

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

376

411,246

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

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

646

739,677

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,655

1,684,009

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

130

141,147

Northern

Trust

Corp.,

3.15%,

05/03/29

.....

107

114,671

State

Street

Corp.,

2.40%,

01/24/30

......

244

248,240

UBS

Group

AG

(b)

:

(LIBOR

USD

3

Month

+

0.95%),

2.86%,

08/15/23

(a)

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

510

525,777

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(a)

(e)

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

490

538,211

4.13%,

09/24/25

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

870

965,660

4.13%,

04/15/26

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

200

223,173

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%),

1.36%,

01/30/27

(a)

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

381

375,455

17,459,902

Chemicals

—

0.5%

Braskem

Netherlands

Finance

BV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

01/23/81

(a)

(b)

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

262

297,370

Cydsa

SAB

de

CV,

6.25%,

10/04/27

(b)

.....

200

209,500

Dow

Chemical

Co.

(The):

9.00%,

04/01/21

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

135

135,000

4.55%,

11/30/25

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

336

381,190

2.10%,

11/15/30

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

446

429,901

1.13%,

03/15/32

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

EUR

115

137,167

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

USD

515

582,029

Ecolab,

Inc.,

4.80%,

03/24/30

..........

267

319,392

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

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

255

274,133

MEGlobal

Canada

ULC:

5.00%,

05/18/25

(b)

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

200

222,312

5.00%,

05/18/25

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

200

222,313

Sasol

Financing

USA

LLC,

5.50%,

03/18/31

..

200

195,500

Sherwin-Williams

Co.

(The):

4.20%,

01/15/22

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

260

265,272

2.95%,

08/15/29

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

23

23,953

2.30%,

05/15/30

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

352

346,675

4,041,707

Commercial

Services

&

Supplies

—

0.3%

Aramark

Services,

Inc.:

4.75%,

06/01/26

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

52

53,456

5.00%,

02/01/28

(b)

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

125

129,719

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(b)

.....

57

60,135

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

106

107,913

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

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

USD

53

$

54,193

RELX

Capital,

Inc.:

3.50%,

03/16/23

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

355

373,917

4.00%,

03/18/29

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

404

445,634

3.00%,

05/22/30

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

507

525,835

Republic

Services,

Inc.:

2.90%,

07/01/26

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

131

139,703

3.95%,

05/15/28

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

81

90,397

2.30%,

03/01/30

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

177

175,825

Waste

Management,

Inc.,

1.15%,

03/15/28

..

370

350,507

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

55

56,306

2,563,540

Communications

Equipment

—

0.1%

Juniper

Networks,

Inc.,

2.00%,

12/10/30

....

156

143,555

Motorola

Solutions,

Inc.:

4.60%,

05/23/29

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

623

706,673

5.50%,

09/01/44

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

179

217,021

1,067,249

Construction

&

Engineering

—

0.0%

Mexico

City

Airport

Trust,

5.50%,

07/31/47

..

200

197,060

Stoneway

Capital

Corp.

(f)(g)

:

10.00%,

03/01/27

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

133

52,305

10.00%,

03/01/27

(b)

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

133

52,305

301,670

Construction

Materials

—

0.0%

US

Concrete,

Inc.,

6.38%,

06/01/24

.......

17

17,361

Consumer

Finance

—

0.7%

AerCap

Ireland

Capital

DAC:

1.75%,

01/30/26

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

150

145,690

4.45%,

04/03/26

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

190

205,704

Capital

One

Financial

Corp.,

3.90%,

01/29/24

456

493,017

Discover

Financial

Services,

4.50%,

01/30/26

149

168,006

General

Motors

Financial

Co.,

Inc.:

5.20%,

03/20/23

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

1,565

1,697,227

3.70%,

05/09/23

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

66

69,515

5.10%,

01/17/24

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

173

191,317

4.00%,

01/15/25

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

460

499,666

4.35%,

04/09/25

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

396

434,340

2.75%,

06/20/25

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

105

109,610

Hyundai

Capital

Services,

Inc.,

3.00%,

08/29/22

(b)

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

250

257,523

Navient

Corp.:

6.63%,

07/26/21

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

74

75,388

6.50%,

06/15/22

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

100

104,887

7.25%,

09/25/23

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

58

62,775

5.88%,

10/25/24

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

55

57,756

6.75%,

06/25/25

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

57

61,888

6.75%,

06/15/26

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

55

59,620

Toyota

Motor

Credit

Corp.:

2.15%,

02/13/30

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

230

228,431

3.38%,

04/01/30

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

217

235,536

5,157,896

Containers

&

Packaging

—

0.0%

Ball

Corp.:

5.25%,

07/01/25

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

22

24,860

4.88%,

03/15/26

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

17

19,011

International

Paper

Co.:

6.00%,

11/15/41

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

42

56,970

4.40%,

08/15/47

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

124

145,100

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

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

78

83,558

329,499

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.:

5.88%,

05/15/26

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

USD

67

$

69,189

4.00%,

01/15/28

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

90

90,000

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

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

118

123,400

282,589

Diversified

Financial

Services

—

0.3%

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)

...

200

206,438

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%),

4.30%

(a)(e)

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

200

203,750

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

400

457,904

MDGH

-

GMTN

BV,

2.88%,

11/07/29

(b)

.....

200

206,938

Operadora

de

Servicios

Mega

SA

de

CV

SOFOM

ER,

8.25%,

02/11/25

(b)

........

200

202,037

ORIX

Corp.,

2.90%,

07/18/22

..........

155

159,703

Shell

International

Finance

BV:

3.88%,

11/13/28

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

128

142,878

2.38%,

11/07/29

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

809

816,404

4.38%,

05/11/45

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

123

143,982

2,540,034

Diversified

Telecommunication

Services

—

1.8%

Altice

France

SA,

7.38%,

05/01/26

(b)

......

516

536,692

AT&T,

Inc.:

0.00%,

11/27/22

(b)(h)

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

1,000

991,347

1.70%,

03/25/26

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

417

416,854

3.80%,

02/15/27

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

164

181,366

1.65%,

02/01/28

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

277

268,350

4.35%,

03/01/29

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

505

571,245

4.30%,

02/15/30

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

237

266,808

2.75%,

06/01/31

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

669

666,315

2.55%,

12/01/33

(b)

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

203

192,726

4.50%,

05/15/35

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

568

640,627

2.60%,

05/19/38

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

EUR

175

231,445

3.50%,

09/15/53

(b)

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

USD

353

326,220

3.55%,

09/15/55

(b)

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

494

452,063

3.80%,

12/01/57

(b)

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

174

165,541

CCO

Holdings

LLC

(b)

:

5.75%,

02/15/26

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

158

163,016

5.50%,

05/01/26

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

134

138,194

5.13%,

05/01/27

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

288

304,507

5.88%,

05/01/27

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

71

73,272

5.00%,

02/01/28

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

305

322,583

5.38%,

06/01/29

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

138

148,005

4.75%,

03/01/30

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

159

164,764

Deutsche

Telekom

International

Finance

BV,

3.60%,

01/19/27

(b)

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

150

164,370

Level

3

Financing,

Inc.:

5.25%,

03/15/26

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

82

84,460

4.63%,

09/15/27

(b)

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

22

22,642

Verizon

Communications,

Inc.:

4.13%,

03/16/27

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

579

655,966

2.10%,

03/22/28

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

198

198,830

3.88%,

02/08/29

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

568

631,870

3.15%,

03/22/30

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

836

881,751

1.50%,

09/18/30

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

834

765,705

1.68%,

10/30/30

(b)

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

251

232,862

1.75%,

01/20/31

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

88

81,949

2.55%,

03/21/31

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

87

86,921

4.27%,

01/15/36

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

1,292

1,460,327

4.52%,

09/15/48

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

197

228,497

3.55%,

03/22/51

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

153

152,785

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

3.70%,

03/22/61

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

USD

387

$

382,401

13,253,276

Electric

Utilities

—

2.3%

Adani

Transmission

Ltd.,

4.25%,

05/21/36

...

193

199,031

AEP

Texas,

Inc.:

3.95%,

06/01/28

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

310

342,991

Series

H,

3.45%,

01/15/50

...........

91

88,779

AEP

Transmission

Co.

LLC:

4.25%,

09/15/48

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

140

161,011

3.80%,

06/15/49

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

155

167,788

3.15%,

09/15/49

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

115

112,315

Series

M,

3.65%,

04/01/50

...........

152

161,229

Alabama

Power

Co.:

4.15%,

08/15/44

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

5

5,545

3.45%,

10/01/49

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

242

246,752

Baltimore

Gas

&

Electric

Co.:

3.75%,

08/15/47

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

166

177,559

4.25%,

09/15/48

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

105

121,797

3.20%,

09/15/49

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

125

121,377

2.90%,

06/15/50

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

100

92,465

CenterPoint

Energy

Houston

Electric

LLC:

Series

AE,

2.35%,

04/01/31

..........

120

120,035

3.95%,

03/01/48

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

85

94,327

Series

AF,

3.35%,

04/01/51

..........

195

196,076

China

Huaneng

Group

Hong

Kong

Treasury

Management

Holding

Ltd.,

3.00%,

12/10/29

200

201,625

Commonwealth

Edison

Co.:

Series

127,

3.20%,

11/15/49

..........

180

176,201

Series

130,

3.13%,

03/15/51

..........

30

29,106

DTE

Electric

Co.:

Series

A,

4.05%,

05/15/48

...........

265

300,206

3.95%,

03/01/49

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

121

135,247

Duke

Energy

Carolinas

LLC:

3.95%,

11/15/28

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

72

81,018

2.45%,

02/01/30

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

437

439,861

3.88%,

03/15/46

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

32

34,538

3.70%,

12/01/47

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

104

110,476

3.95%,

03/15/48

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

155

170,028

3.20%,

08/15/49

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

42

41,188

Duke

Energy

Florida

LLC:

3.80%,

07/15/28

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

100

110,900

2.50%,

12/01/29

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

550

560,882

4.20%,

07/15/48

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

34

38,932

Duke

Energy

Ohio,

Inc.,

3.65%,

02/01/29

...

112

121,794

Duke

Energy

Progress

LLC,

3.45%,

03/15/29

.

435

472,843

Edison

International:

2.40%,

09/15/22

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

42

42,830

4.95%,

04/15/25

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

272

303,611

Entergy

Louisiana

LLC,

4.20%,

09/01/48

...

256

288,285

Exelon

Corp.:

5.10%,

06/15/45

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

35

43,392

4.45%,

04/15/46

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

67

76,804

FEL

Energy

VI

SARL,

5.75%,

12/01/40

.....

200

204,000

FirstEnergy

Corp.:

2.05%,

03/01/25

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

52

52,269

Series

B,

4.40%,

07/15/27

(d)

..........

349

375,175

2.65%,

03/01/30

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

158

150,249

Series

B,

2.25%,

09/01/30

...........

79

73,272

Series

C,

5.35%,

07/15/47

(d)

..........

125

140,397

Series

C,

3.40%,

03/01/50

...........

71

62,125

FirstEnergy

Transmission

LLC

(b)

:

4.35%,

01/15/25

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

666

721,943

5.45%,

07/15/44

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

42

48,525

4.55%,

04/01/49

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

550

580,004

BlackRock

Total

Return

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Florida

Power

&

Light

Co.:

3.95%,

03/01/48

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

USD

331

$

377,546

3.15%,

10/01/49

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

468

471,002

Genneia

SA,

8.75%,

01/20/22

..........

103

91,606

MidAmerican

Energy

Co.:

3.10%,

05/01/27

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

193

209,166

3.65%,

04/15/29

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

460

510,265

6.75%,

12/30/31

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

61

84,657

4.25%,

07/15/49

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

131

153,856

3.15%,

04/15/50

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

120

117,930

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

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

250

250,547

Northern

States

Power

Co.:

2.25%,

04/01/31

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

140

139,827

3.60%,

05/15/46

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

27

28,483

2.90%,

03/01/50

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

88

84,061

2.60%,

06/01/51

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

123

110,144

3.20%,

04/01/52

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

50

50,126

NRG

Energy,

Inc.:

7.25%,

05/15/26

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

110

114,400

6.63%,

01/15/27

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

133

138,320

2.45%,

12/02/27

(b)

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

393

390,629

5.75%,

01/15/28

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

88

93,500

5.25%,

06/15/29

(b)

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

80

85,600

NSTAR

Electric

Co.,

3.95%,

04/01/30

.....

59

66,299

Ohio

Power

Co.:

Series

G,

6.60%,

02/15/33

...........

140

187,635

4.00%,

06/01/49

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

125

139,581

Oncor

Electric

Delivery

Co.

LLC:

3.70%,

11/15/28

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

267

296,117

3.80%,

09/30/47

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

101

108,730

4.10%,

11/15/48

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

83

94,073

3.80%,

06/01/49

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

89

96,762

3.10%,

09/15/49

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

76

73,782

PECO

Energy

Co.,

3.05%,

03/15/51

......

308

300,951

Public

Service

Electric

&

Gas

Co.:

3.65%,

09/01/28

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

210

232,553

2.05%,

08/01/50

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

35

28,158

Southern

California

Edison

Co.:

1.85%,

02/01/22

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

42

42,195

Series

E,

3.70%,

08/01/25

...........

136

148,532

Series

20C,

1.20%,

02/01/26

.........

311

306,491

Series

A,

4.20%,

03/01/29

...........

105

116,720

2.25%,

06/01/30

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

357

345,612

4.00%,

04/01/47

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

73

75,198

Southwestern

Public

Service

Co.,

Series

8,

3.15%,

05/01/50

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

195

189,849

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

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

200

217,750

Tampa

Electric

Co.:

4.30%,

06/15/48

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

30

33,880

4.45%,

06/15/49

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

175

203,296

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

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

700

751,117

Virginia

Electric

&

Power

Co.:

Series

A,

3.80%,

04/01/28

...........

62

68,467

Series

A,

6.00%,

05/15/37

...........

66

88,525

6.35%,

11/30/37

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

50

69,659

4.00%,

01/15/43

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

257

285,321

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

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

108

111,915

5.63%,

02/15/27

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

140

145,513

5.00%,

07/31/27

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

140

144,203

4.30%,

07/15/29

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

503

531,586

17,598,938

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Corning,

Inc.,

4.38%,

11/15/57

..........

USD

75

$

81,912

Energy

Equipment

&

Services

—

0.0%

Hilong

Holding

Ltd.,

8.25%,

09/26/22

(f)(g)

....

200

151,938

Entertainment

—

0.2%

Activision

Blizzard,

Inc.:

1.35%,

09/15/30

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

166

149,962

2.50%,

09/15/50

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

170

142,661

NBCUniversal

Media

LLC:

5.95%,

04/01/41

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

183

257,107

4.45%,

01/15/43

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

164

193,693

Netflix,

Inc.:

4.88%,

04/15/28

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

36

40,725

6.38%,

05/15/29

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

18

22,320

5.38%,

11/15/29

(b)

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

20

23,651

4.88%,

06/15/30

(b)

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

22

25,334

Walt

Disney

Co.

(The):

2.75%,

09/01/49

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

85

77,821

4.70%,

03/23/50

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

466

583,982

1,517,256

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.1%

American

Tower

Corp.:

5.00%,

02/15/24

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

16

17,853

2.40%,

03/15/25

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

865

902,424

1.60%,

04/15/26

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

26

26,059

3.95%,

03/15/29

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

143

157,424

3.80%,

08/15/29

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

311

338,603

2.10%,

06/15/30

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

197

187,464

ARI

FCP

Investments

LP,

(LIBOR

USD

1

Month

+

2.90%),

3.00%,

01/06/25

(a)(c)

........

722

716,485

Crown

Castle

International

Corp.:

1.05%,

07/15/26

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

375

363,085

3.80%,

02/15/28

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

83

90,419

4.30%,

02/15/29

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

126

141,235

3.10%,

11/15/29

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

583

601,772

3.30%,

07/01/30

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

534

558,962

5.20%,

02/15/49

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

106

129,531

Digital

Dutch

Finco

BV:

1.50%,

03/15/30

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

EUR

315

389,253

1.00%,

01/15/32

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

180

209,211

Duke

Realty

LP,

1.75%,

02/01/31

........

USD

416

386,410

Equinix

,

Inc.:

1.25%,

07/15/25

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

135

133,869

1.00%,

09/15/25

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

433

425,180

ESH

Hospitality,

Inc.

(b)

:

5.25%,

05/01/25

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

136

138,720

4.63%,

10/01/27

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

17

17,980

GLP

Capital

LP:

5.75%,

06/01/28

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

287

331,075

4.00%,

01/15/30

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

429

446,267

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

239

256,535

4.50%,

09/01/26

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

66

69,075

5.75%,

02/01/27

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

107

117,960

MPT

Operating

Partnership

LP:

5.25%,

08/01/26

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

11

11,357

5.00%,

10/15/27

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

150

157,801

4.63%,

08/01/29

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

20

21,041

National

Retail

Properties,

Inc.,

3.50%,

04/15/51

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

203

199,346

Prologis

Euro

Finance

LLC,

1.50%,

09/10/49

.

EUR

255

290,286

Realty

Income

Corp.,

3.25%,

01/15/31

.....

USD

174

183,670

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

92

94,173

Service

Properties

Trust,

4.35%,

10/01/24

...

56

55,672

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Trust

Fibra

Uno,

6.39%,

01/15/50

(b)

.......

USD

200

$

220,250

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

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

81

82,468

4.25%,

12/01/26

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

28

28,646

3.75%,

02/15/27

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

17

17,000

4.63%,

12/01/29

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

22

22,822

4.13%,

08/15/30

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

22

22,192

8,559,575

Food

&

Staples

Retailing

—

0.1%

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(b)

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

83

84,660

5.75%,

03/15/25

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

43

44,406

7.50%,

03/15/26

(b)

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

138

152,437

4.63%,

01/15/27

(b)

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

30

31,093

5.88%,

02/15/28

(b)

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

102

108,758

4.88%,

02/15/30

(b)

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

22

22,616

Alimentation

Couche-Tard,

Inc.,

3.55%,

07/26/27

(b)

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

382

414,616

858,586

Food

Products

—

0.2%

BRF

GmbH,

4.35%,

09/29/26

(b)

.........

200

204,563

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(b)

..

54

56,767

JBS

USA

LUX

SA

(b)

:

6.75%,

02/15/28

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

102

111,435

6.50%,

04/15/29

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

159

179,590

5.50%,

01/15/30

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

28

30,989

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

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

89

92,357

4.88%,

11/01/26

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

89

92,048

Mondelez

International,

Inc.,

2.75%,

04/13/30

234

238,899

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

....

190

203,623

Post

Holdings,

Inc.

(b)

:

5.75%,

03/01/27

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

147

154,609

5.63%,

01/15/28

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

108

113,641

5.50%,

12/15/29

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

85

91,018

1,569,539

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.:

4.13%,

03/15/49

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

91

101,012

3.38%,

09/15/49

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

14

13,916

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

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

532

488,430

Eastern

Energy

Gas

Holdings

LLC:

4.80%,

11/01/43

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

45

51,395

4.60%,

12/15/44

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

46

51,380

ONE

Gas,

Inc.,

2.00%,

05/15/30

.........

80

75,660

Piedmont

Natural

Gas

Co.,

Inc.:

2.50%,

03/15/31

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

175

173,201

3.64%,

11/01/46

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

25

25,341

980,335

Health

Care

Equipment

&

Supplies

—

0.1%

Boston

Scientific

Corp.,

2.65%,

06/01/30

...

178

179,651

DH

Europe

Finance

II

SARL,

1.80%,

09/18/49

EUR

100

124,074

Medtronic

Global

Holdings

SCA:

1.50%,

07/02/39

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

165

201,342

1.75%,

07/02/49

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

100

123,772

Teleflex,

Inc.,

4.63%,

11/15/27

..........

USD

52

55,055

683,894

Health

Care

Providers

&

Services

—

1.4%

Aetna,

Inc.:

6.63%,

06/15/36

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

74

103,282

4.75%,

03/15/44

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

65

76,082

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Anthem,

Inc.:

4.10%,

03/01/28

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

USD

266

$

299,165

3.60%,

03/15/51

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

155

160,441

Centene

Corp.:

5.38%,

06/01/26

(b)

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

194

202,866

5.38%,

08/15/26

(b)

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

81

85,447

4.25%,

12/15/27

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

266

279,799

4.63%,

12/15/29

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

79

85,502

Cigna

Corp.:

3.40%,

03/01/27

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

191

207,377

4.38%,

10/15/28

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

760

869,491

CVS

Health

Corp.:

3.25%,

08/15/29

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

834

881,533

3.75%,

04/01/30

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

1,153

1,257,767

5.13%,

07/20/45

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

401

490,925

Encompass

Health

Corp.:

4.50%,

02/01/28

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

53

54,278

4.75%,

02/01/30

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

55

56,579

HCA,

Inc.:

4.75%,

05/01/23

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

782

842,873

5.00%,

03/15/24

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

568

631,987

5.38%,

02/01/25

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

58

64,700

5.25%,

04/15/25

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

618

705,699

5.88%,

02/15/26

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

34

38,972

5.25%,

06/15/26

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

333

382,736

5.38%,

09/01/26

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

22

24,805

5.63%,

09/01/28

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

34

39,100

5.88%,

02/01/29

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

22

25,630

Humana,

Inc.:

4.50%,

04/01/25

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

150

168,514

3.13%,

08/15/29

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

58

60,498

4.88%,

04/01/30

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

69

81,087

Molina

Healthcare,

Inc.,

5.38%,

11/15/22

(d)

..

76

79,689

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

62

65,891

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

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

154

157,186

4.63%,

09/01/24

(b)

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

64

65,840

5.13%,

05/01/25

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

301

305,229

4.88%,

01/01/26

(b)

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

222

230,827

6.25%,

02/01/27

(b)

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

331

349,491

5.13%,

11/01/27

(b)

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

34

35,554

UnitedHealth

Group,

Inc.:

2.95%,

10/15/27

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

143

153,498

3.85%,

06/15/28

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

135

151,553

4.63%,

11/15/41

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

397

490,844

4.20%,

01/15/47

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

241

283,007

10,545,744

Hotels,

Restaurants

&

Leisure

—

0.5%

1011778

BC

ULC,

3.88%,

01/15/28

(b)

......

17

17,182

Boyd

Gaming

Corp.:

6.38%,

04/01/26

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

74

76,405

6.00%,

08/15/26

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

68

70,800

Caesars

Resort

Collection

LLC,

5.25%,

10/15/25

(b)

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

182

182,671

Cedar

Fair

LP:

5.50%,

05/01/25

(b)

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

70

73,678

5.38%,

04/15/27

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

109

111,725

5.25%,

07/15/29

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

110

113,068

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

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

132

137,966

4.75%,

01/15/28

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

66

68,260

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

01/15/30

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

22

23,338

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

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

64

66,800

BlackRock

Total

Return

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Hyatt

Hotels

Corp.,

5.38%,

04/23/25

......

USD

57

$

63,952

Marriott

International,

Inc.,

Series

HH,

2.85%,

04/15/31

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

191

187,456

Marriott

Ownership

Resorts,

Inc.,

6.50%,

09/15/26

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

83

86,683

McDonald's

Corp.:

2.63%,

09/01/29

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

405

415,348

2.13%,

03/01/30

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

130

126,927

4.88%,

12/09/45

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

368

445,479

MGM

Resorts

International:

5.75%,

06/15/25

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

15

16,350

4.63%,

09/01/26

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

9

9,438

5.50%,

04/15/27

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

15

16,125

Scientific

Games

International,

Inc.,

5.00%,

10/15/25

(b)

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

118

122,212

Starbucks

Corp.:

2.25%,

03/12/30

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

229

225,245

2.55%,

11/15/30

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

317

317,629

Station

Casinos

LLC,

5.00%,

10/01/25

(b)

....

30

30,375

Sunny

Express

Enterprises

Corp.,

3.13%,

04/23/30

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

200

201,316

Wyndham

Hotels

&

Resorts,

Inc.,

5.38%,

04/15/26

(b)

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

53

54,192

Wynn

Las

Vegas

LLC

(b)

:

5.50%,

03/01/25

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

243

256,729

5.25%,

05/15/27

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

121

126,703

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

100

102,350

3,746,402

Household

Durables

—

0.1%

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

(b)

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

131

136,731

Century

Communities,

Inc.,

6.75%,

06/01/27

.

58

61,651

Lennar

Corp.:

4.13%,

01/15/22

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

49

49,759

4.50%,

04/30/24

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

57

62,003

4.75%,

05/30/25

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

11

12,251

4.75%,

11/29/27

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

20

22,963

Mattamy

Group

Corp.,

5.25%,

12/15/27

(b)

...

11

11,509

PulteGroup,

Inc.:

5.50%,

03/01/26

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

8

9,334

5.00%,

01/15/27

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

7

8,050

Taylor

Morrison

Communities,

Inc.,

5.88%,

06/15/27

(b)

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

11

12,155

Tempur

Sealy

International,

Inc.,

5.50%,

06/15/26

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

131

135,749

522,155

Household

Products

—

0.0%

Spectrum

Brands,

Inc.,

5.75%,

07/15/25

....

96

99,000

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Capex

SA,

6.88%,

05/15/24

(b)

..........

40

35,163

Industrial

Conglomerates

—

0.2%

General

Electric

Co.:

5.88%,

01/14/38

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

684

885,142

4.13%,

10/09/42

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

96

102,937

Grupo

KUO

SAB

de

CV,

5.75%,

07/07/27

(b)

..

200

209,813

Roper

Technologies,

Inc.,

2.95%,

09/15/29

..

87

90,601

1,288,493

Insurance

—

0.3%

Ambac

Assurance

Corp.,

5.10%

(b)(e)

.......

15

20,338

Ambac

LSNI

LLC,

(LIBOR

USD

3

Month

+

5.00%),

6.00%,

02/12/23

(a)(b)

..........

84

84,242

American

International

Group,

Inc.:

3.40%,

06/30/30

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

454

482,583

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

4.50%,

07/16/44

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

USD

196

$

221,914

4.75%,

04/01/48

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

60

71,455

Aon

Corp.:

3.75%,

05/02/29

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

152

167,246

2.80%,

05/15/30

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

468

478,245

Aon

plc,

4.25%,

12/12/42

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

30

32,839

Hartford

Financial

Services

Group,

Inc.

(The),

3.60%,

08/19/49

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

74

76,859

Marsh

&

McLennan

Cos.,

Inc.:

1.35%,

09/21/26

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

EUR

160

198,752

1.98%,

03/21/30

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

145

190,339

2.25%,

11/15/30

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

USD

424

416,313

Willis

North

America,

Inc.,

3.60%,

05/15/24

..

36

38,796

2,479,921

Internet

&

Direct

Marketing

Retail

—

0.2%

Alibaba

Group

Holding

Ltd.,

3.60%,

11/28/24

.

220

238,170

Amazon.com,

Inc.,

3.88%,

08/22/37

......

337

386,128

Booking

Holdings,

Inc.,

4.10%,

04/13/25

....

466

519,252

Expedia

Group,

Inc.:

6.25%,

05/01/25

(b)

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

83

96,007

3.25%,

02/15/30

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

201

202,296

1,441,853

IT

Services

—

0.9%

Fidelity

National

Information

Services,

Inc.:

1.00%,

12/03/28

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

EUR

300

361,523

2.95%,

05/21/39

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

200

283,230

Fiserv,

Inc.:

3.50%,

07/01/29

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

USD

1,209

1,304,027

2.65%,

06/01/30

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

173

174,232

Global

Payments,

Inc.:

1.20%,

03/01/26

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

240

236,262

4.80%,

04/01/26

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

475

543,172

3.20%,

08/15/29

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

305

321,229

International

Business

Machines

Corp.:

3.30%,

05/15/26

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

705

767,885

3.50%,

05/15/29

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

721

784,340

2.85%,

05/15/40

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

245

236,180

Mastercard,

Inc.,

2.95%,

06/01/29

........

508

544,716

PayPal

Holdings,

Inc.:

1.65%,

06/01/25

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

162

164,981

2.65%,

10/01/26

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

74

78,302

Visa,

Inc.:

4.15%,

12/14/35

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

357

422,101

2.70%,

04/15/40

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

163

159,631

6,381,811

Leisure

Products

—

0.1%

Hasbro,

Inc.,

2.60%,

11/19/22

..........

451

465,190

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.:

3.05%,

09/22/26

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

366

391,255

2.75%,

09/15/29

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

133

136,174

2.10%,

06/04/30

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

227

222,064

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

(b)

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

11

11,330

Thermo

Fisher

Scientific,

Inc.:

4.50%,

03/25/30

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

180

209,562

1.88%,

10/01/49

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

EUR

300

371,752

1,342,137

Machinery

—

0.2%

CNH

Industrial

NV,

4.50%,

08/15/23

......

USD

340

368,445

Colfax

Corp.,

6.00%,

02/15/24

(b)

.........

65

67,015

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

225

226,619

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Parker-Hannifin

Corp.:

2.70%,

06/14/24

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

USD

305

$

323,399

3.25%,

06/14/29

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

12

12,826

Terex

Corp.,

5.63%,

02/01/25

(b)

.........

128

131,601

1,129,905

Media

—

1.3%

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

42

42,525

4.75%,

08/01/25

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

84

86,169

Charter

Communications

Operating

LLC:

6.38%,

10/23/35

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

21

27,195

6.48%,

10/23/45

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

1,329

1,730,373

5.38%,

05/01/47

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

229

265,824

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

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

138

138,793

Comcast

Corp.:

3.30%,

04/01/27

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

162

176,613

2.65%,

02/01/30

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

946

968,401

3.40%,

04/01/30

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

1,019

1,103,297

1.95%,

01/15/31

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

197

189,731

4.60%,

10/15/38

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

125

150,886

4.75%,

03/01/44

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

100

122,904

3.97%,

11/01/47

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

463

517,021

2.45%,

08/15/52

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

70

59,854

2.65%,

08/15/62

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

482

408,954

Cox

Communications,

Inc.

(b)

:

3.25%,

12/15/22

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

110

114,990

3.15%,

08/15/24

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

776

828,567

3.35%,

09/15/26

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

22

23,737

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

68

48,960

Discovery

Communications

LLC,

1.90%,

03/19/27

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

EUR

413

519,878

Gray

Television,

Inc.

(b)

:

5.88%,

07/15/26

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

USD

78

80,827

7.00%,

05/15/27

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

89

96,788

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

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

90

95,512

5.25%,

08/15/27

(b)

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

81

83,317

4.75%,

01/15/28

(b)

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

11

11,083

Lamar

Media

Corp.,

3.75%,

02/15/28

......

13

12,984

Meredith

Corp.,

6.88%,

02/01/26

........

112

115,184

Nexstar

Broadcasting,

Inc.,

5.63%,

07/15/27

(b)

127

133,111

Outfront

Media

Capital

LLC

(b)

:

5.00%,

08/15/27

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

146

147,460

4.63%,

03/15/30

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

11

10,588

Sirius

XM

Radio,

Inc.

(b)

:

4.63%,

07/15/24

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

159

163,786

5.38%,

07/15/26

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

86

88,795

5.00%,

08/01/27

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

163

170,995

5.50%,

07/01/29

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

135

145,969

TEGNA,

Inc.:

4.63%,

03/15/28

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

22

22,385

5.00%,

09/15/29

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

25

25,944

Time

Warner

Cable

LLC,

4.00%,

09/01/21

...

22

22,115

ViacomCBS

,

Inc.:

4.38%,

03/15/43

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

122

131,646

5.85%,

09/01/43

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

253

323,134

9,406,295

Metals

&

Mining

—

0.3%

Anglo

American

Capital

plc,

2.63%,

09/10/30

(b)

317

309,741

Chinalco

Capital

Holdings

Ltd.,

4.25%,

04/21/22

200

203,562

FMG

Resources

Pty.

Ltd.,

4.50%,

09/15/27

(b)

.

13

13,890

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

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

13

13,814

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

5.25%,

09/01/29

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

USD

13

$

14,216

Fresnillo

plc,

4.25%,

10/02/50

(b)

.........

200

196,500

Glencore

Funding

LLC

(b)

:

1.63%,

09/01/25

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

52

51,982

2.50%,

09/01/30

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

384

369,267

Newmont

Corp.,

2.25%,

10/01/30

........

311

302,957

Nucor

Corp.,

3.95%,

05/01/28

..........

56

62,384

Steel

Dynamics,

Inc.,

2.80%,

12/15/24

.....

135

142,761

Vale

Overseas

Ltd.,

3.75%,

07/08/30

......

90

93,591

Vedanta

Resources

Finance

II

plc,

8.95%,

03/11/25

(b)

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

200

191,100

1,965,765

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.:

3.80%,

05/15/28

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

120

132,447

3.25%,

03/15/50

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

159

159,689

Consumers

Energy

Co.:

3.75%,

02/15/50

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

300

330,927

3.10%,

08/15/50

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

140

137,731

3.50%,

08/01/51

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

120

126,306

887,100

Oil,

Gas

&

Consumable

Fuels

—

2.4%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

53

58,589

BP

Capital

Markets

America,

Inc.:

3.79%,

02/06/24

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

308

334,119

3.80%,

09/21/25

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

145

159,763

3.12%,

05/04/26

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

213

229,179

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

13

12,850

Cameron

LNG

LLC

(b)

:

3.30%,

01/15/35

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

105

107,904

3.40%,

01/15/38

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

532

536,480

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%,

03/31/25

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

495

564,082

5.13%,

06/30/27

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

461

527,208

Cheniere

Energy

Partners

LP:

5.63%,

10/01/26

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

55

57,513

4.50%,

10/01/29

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

34

35,259

Chevron

Corp.,

3.08%,

05/11/50

.........

133

127,141

Chevron

USA,

Inc.,

4.20%,

10/15/49

......

71

80,853

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

75

74,437

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

58

59,173

DCP

Midstream

Operating

LP:

5.38%,

07/15/25

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

19

20,589

5.13%,

05/15/29

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

13

13,825

Diamondback

Energy,

Inc.,

3.50%,

12/01/29

.

588

610,255

Enbridge

Energy

Partners

LP,

7.38%,

10/15/45

4

5,659

Energy

Transfer

Operating

LP:

3.60%,

02/01/23

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

95

98,934

4.25%,

03/15/23

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

320

337,713

4.50%,

04/15/24

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

718

783,022

2.90%,

05/15/25

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

805

837,698

5.50%,

06/01/27

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

111

128,008

6.63%,

10/15/36

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

30

36,797

6.50%,

02/01/42

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

197

234,929

Enterprise

Products

Operating

LLC,

2.80%,

01/31/30

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

331

341,748

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

323

362,766

Exxon

Mobil

Corp.,

1.41%,

06/26/39

......

EUR

320

371,099

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.63%,

03/31/36

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

USD

200

191,000

Kinder

Morgan

Energy

Partners

LP,

5.00%,

03/01/43

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

133

149,891

Kinder

Morgan,

Inc.,

5.30%,

12/01/34

.....

66

77,946

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)

....

82

85,617

BlackRock

Total

Return

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Marathon

Petroleum

Corp.:

4.75%,

09/15/44

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

USD

87

$

96,495

5.85%,

12/15/45

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

65

77,050

Matador

Resources

Co.,

5.88%,

09/15/26

...

24

23,370

MPLX

LP:

4.88%,

12/01/24

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

407

456,820

1.75%,

03/01/26

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

265

265,405

2.65%,

08/15/30

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

426

417,461

NGPL

PipeCo

LLC

(b)

:

4.38%,

08/15/22

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

207

214,866

4.88%,

08/15/27

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

230

257,107

7.77%,

12/15/37

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

52

68,972

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

365

408,908

Petrobras

Global

Finance

BV:

6.25%,

03/17/24

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

36

39,859

5.30%,

01/27/25

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

129

141,577

5.09%,

01/15/30

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

151

156,874

5.60%,

01/03/31

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

200

210,800

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

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

164

155,048

ReNew

Power

Synthetic,

6.67%,

03/12/24

...

200

210,125

Sabine

Pass

Liquefaction

LLC:

5.63%,

04/15/23

(d)

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

184

199,536

5.75%,

05/15/24

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

888

1,001,972

5.63%,

03/01/25

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

1,969

2,251,394

5.88%,

06/30/26

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

580

679,451

5.00%,

03/15/27

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

185

210,576

SM

Energy

Co.,

10.00%,

01/15/25

(b)

......

18

20,250

Suncor

Energy,

Inc.,

6.80%,

05/15/38

.....

96

131,520

Sunoco

Logistics

Partners

Operations

LP,

5.95%,

12/01/25

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

47

54,728

Sunoco

LP:

5.50%,

02/15/26

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

39

40,065

6.00%,

04/15/27

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

29

30,341

Targa

Resources

Partners

LP:

5.88%,

04/15/26

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

108

113,062

5.38%,

02/01/27

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

54

56,002

6.50%,

07/15/27

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

87

94,541

5.00%,

01/15/28

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

17

17,701

6.88%,

01/15/29

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

87

95,848

5.50%,

03/01/30

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

22

23,100

Texas

Eastern

Transmission

LP

(b)

:

3.50%,

01/15/28

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

474

501,355

4.15%,

01/15/48

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

46

46,532

TransCanada

PipeLines

Ltd.,

4.63%,

03/01/34

123

138,823

Transcontinental

Gas

Pipe

Line

Co.

LLC:

7.85%,

02/01/26

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

724

916,304

4.00%,

03/15/28

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

305

338,633

3.95%,

05/15/50

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

232

237,157

Williams

Cos.,

Inc.

(The),

Series

A,

7.50%,

01/15/31

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

129

170,844

18,222,518

Paper

&

Forest

Products

—

0.1%

Georgia-Pacific

LLC:

1.75%,

09/30/25

(b)

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

246

250,287

2.10%,

04/30/27

(b)

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

98

99,638

7.75%,

11/15/29

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

6

8,443

2.30%,

04/30/30

(b)

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

64

63,755

8.88%,

05/15/31

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

83

126,948

Suzano

Austria

GmbH,

3.75%,

01/15/31

....

30

30,972

580,043

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.6%

AstraZeneca

plc,

1.38%,

08/06/30

........

USD

641

$

587,940

Bausch

Health

Americas,

Inc.

(b)

:

9.25%,

04/01/26

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

154

170,632

8.50%,

01/31/27

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

180

199,687

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%,

11/01/25

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

154

158,217

9.00%,

12/15/25

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

157

170,576

5.75%,

08/15/27

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

46

49,507

7.00%,

01/15/28

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

74

80,331

7.25%,

05/30/29

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

76

84,835

Bayer

AG,

1.13%,

01/06/30

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

EUR

100

120,420

Elanco

Animal

Health,

Inc.

(d)

:

5.27%,

08/28/23

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

USD

81

87,176

5.90%,

08/28/28

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

16

18,140

Eli

Lilly

&

Co.,

1.70%,

11/01/49

.........

EUR

100

127,691

Johnson

&

Johnson,

3.70%,

03/01/46

.....

USD

159

177,681

Merck

&

Co.,

Inc.:

3.40%,

03/07/29

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

104

114,830

2.45%,

06/24/50

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

40

35,277

Pfizer,

Inc.:

3.45%,

03/15/29

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

101

110,850

2.63%,

04/01/30

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

755

783,719

Takeda

Pharmaceutical

Co.

Ltd.:

2.05%,

03/31/30

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

600

578,273

2.00%,

07/09/40

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

EUR

380

476,466

4,132,248

Real

Estate

Management

&

Development

—

0.4%

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(a)(e)

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

USD

200

208,937

Celulosa

Arauco

y

Constitucion

SA,

4.25%,

04/30/29

(b)

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

200

217,410

China

Aoyuan

Group

Ltd.,

7.95%,

02/19/23

..

200

206,500

China

Resources

Land

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.14%),

3.75%

(a)(e)

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

200

207,250

CIFI

Holdings

Group

Co.

Ltd.,

5.50%,

01/23/22

200

202,438

Kaisa

Group

Holdings

Ltd.:

11.95%,

10/22/22

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

200

209,812

10.88%,

07/23/23

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

200

207,625

Powerlong

Real

Estate

Holdings

Ltd.,

7.13%,

11/08/22

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

200

208,437

Ronshine

China

Holdings

Ltd.:

5.50%,

02/01/22

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

200

197,499

8.95%,

01/22/23

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

200

200,563

Vanke

Real

Estate

Hong

Kong

Co.

Ltd.,

3.15%,

05/12/25

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

200

207,063

Yuzhou

Group

Holdings

Co.

Ltd.:

6.00%,

10/25/23

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

200

177,400

8.50%,

02/26/24

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

200

180,500

2,631,434

Road

&

Rail

—

0.8%

Burlington

Northern

Santa

Fe

LLC:

5.05%,

03/01/41

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

85

106,753

4.40%,

03/15/42

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

115

134,433

3.30%,

09/15/51

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

435

436,317

CMB

International

Leasing

Management

Ltd.,

2.00%,

02/04/26

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

200

197,363

CSX

Corp.:

4.25%,

03/15/29

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

107

121,522

2.40%,

02/15/30

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

299

300,656

4.30%,

03/01/48

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

296

337,399

Norfolk

Southern

Corp.:

3.65%,

08/01/25

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

6

6,565

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

2.90%,

06/15/26

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

USD

413

$

442,412

3.40%,

11/01/49

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

273

271,398

Penske

Truck

Leasing

Co.

LP

(b)

:

4.25%,

01/17/23

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

231

245,420

2.70%,

03/14/23

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

160

165,941

2.70%,

11/01/24

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

179

188,450

3.95%,

03/10/25

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

90

98,251

4.00%,

07/15/25

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

240

263,464

1.20%,

11/15/25

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

94

92,334

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)

.

200

210,000

Ryder

System,

Inc.:

2.50%,

09/01/24

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

69

72,298

4.63%,

06/01/25

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

690

777,567

Simpar

Europe

SA,

5.20%,

01/26/31

(b)

.....

200

195,875

Union

Pacific

Corp.:

3.25%,

08/15/25

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

96

103,781

2.75%,

03/01/26

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

175

185,357

3.84%,

03/20/60

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

550

584,538

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

.......

90

97,914

5,636,008

Semiconductors

&

Semiconductor

Equipment

—

1.0%

Applied

Materials,

Inc.,

2.75%,

06/01/50

....

154

142,910

Broadcom

Corp.,

3.88%,

01/15/27

.......

230

249,758

Broadcom,

Inc.:

3.46%,

09/15/26

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

193

206,985

4.11%,

09/15/28

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

35

38,264

4.75%,

04/15/29

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

412

463,244

5.00%,

04/15/30

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

424

483,240

4.15%,

11/15/30

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

372

401,522

4.30%,

11/15/32

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

211

229,723

2.60%,

02/15/33

(b)

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

268

249,652

3.42%,

04/15/33

(b)

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

72

72,206

3.47%,

04/15/34

(b)

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

347

348,186

Intel

Corp.,

3.73%,

12/08/47

...........

398

428,722

KLA

Corp.:

4.10%,

03/15/29

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

421

473,304

3.30%,

03/01/50

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

456

437,984

Lam

Research

Corp.:

3.75%,

03/15/26

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

379

420,082

2.88%,

06/15/50

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

351

334,588

NVIDIA

Corp.:

3.20%,

09/16/26

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

265

289,075

2.85%,

04/01/30

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

129

135,476

3.50%,

04/01/50

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

171

180,611

NXP

BV

(b)

:

4.30%,

06/18/29

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

816

912,638

3.40%,

05/01/30

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

357

376,975

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

404

475,607

Texas

Instruments,

Inc.,

1.75%,

05/04/30

...

83

79,836

7,430,588

Software

—

0.7%

Autodesk,

Inc.,

3.50%,

06/15/27

.........

560

612,362

Citrix

Systems,

Inc.:

4.50%,

12/01/27

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

275

313,169

3.30%,

03/01/30

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

301

309,589

Microsoft

Corp.,

2.92%,

03/17/52

........

825

812,668

Oracle

Corp.:

3.85%,

07/15/36

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

354

376,489

5.38%,

07/15/40

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

526

645,140

3.65%,

03/25/41

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

719

727,580

4.13%,

05/15/45

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

219

229,159

4.00%,

07/15/46

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

238

245,019

4.00%,

11/15/47

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

507

523,580

Security

Par

(000)

Par

(000)

Value

Software

(continued)

4.10%,

03/25/61

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

USD

381

$

394,274

5,189,029

Specialty

Retail

—

0.3%

Home

Depot,

Inc.

(The),

2.95%,

06/15/29

...

803

851,355

Lowe's

Cos.,

Inc.:

4.00%,

04/15/25

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

586

648,325

3.65%,

04/05/29

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

318

348,082

2.63%,

04/01/31

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

50

50,142

1,897,904

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.:

3.85%,

05/04/43

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

442

499,905

4.38%,

05/13/45

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

139

166,942

2.55%,

08/20/60

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

250

215,114

Dell

International

LLC

(b)

:

5.85%,

07/15/25

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

296

345,075

4.90%,

10/01/26

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

128

145,215

8.35%,

07/15/46

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

145

220,602

Hewlett

Packard

Enterprise

Co.,

4.65%,

10/01/24

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

754

841,693

HP,

Inc.,

6.00%,

09/15/41

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

15

18,896

Seagate

HDD

Cayman,

4.09%,

06/01/29

(b)

..

168

171,196

2,624,638

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.

(b)

:

4.63%,

05/15/24

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

96

101,847

4.88%,

05/15/26

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

20

21,450

Under

Armour,

Inc.,

3.25%,

06/15/26

......

13

13,008

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

54

57,037

193,342

Thrifts

&

Mortgage

Finance

—

0.1%

(b)

BPCE

SA,

2.70%,

10/01/29

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

491

497,900

Quicken

Loans,

Inc.,

5.25%,

01/15/28

.....

107

112,350

610,250

Tobacco

—

0.6%

Altria

Group,

Inc.:

4.40%,

02/14/26

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

181

204,104

2.20%,

06/15/27

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

EUR

160

202,435

3.13%,

06/15/31

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

460

620,985

2.45%,

02/04/32

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

USD

456

435,653

5.80%,

02/14/39

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

459

560,108

6.20%,

02/14/59

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

30

36,544

BAT

Capital

Corp.:

3.22%,

08/15/24

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

309

329,197

3.22%,

09/06/26

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

249

262,989

4.91%,

04/02/30

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

486

554,910

2.73%,

03/25/31

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

329

318,185

BAT

International

Finance

plc,

3.95%,

06/15/25

(b)

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

66

72,211

Philip

Morris

International,

Inc.,

1.45%,

08/01/39

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

EUR

395

441,787

Reynolds

American,

Inc.:

4.45%,

06/12/25

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

USD

174

193,077

5.85%,

08/15/45

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

260

306,469

4,538,654

Trading

Companies

&

Distributors

—

0.1%

Beacon

Roofing

Supply,

Inc.,

4.88%,

11/01/25

(b)

134

137,015

BOC

Aviation

Ltd.,

3.00%,

09/11/29

.......

200

198,625

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

134

142,603

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

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

110

115,088

5.50%,

05/15/27

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

110

117,315

3.88%,

11/15/27

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

17

17,616

BlackRock

Total

Return

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

4.88%,

01/15/28

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

USD

177

$

186,446

5.25%,

01/15/30

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

17

18,450

933,158

Wireless

Telecommunication

Services

—

0.7%

Empresa

Nacional

de

Telecomunicaciones

SA,

4.75%,

08/01/26

(b)

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

240

266,550

Millicom

International

Cellular

SA

(b)

:

6.63%,

10/15/26

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

180

191,419

4.50%,

04/27/31

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

200

208,000

Sprint

Corp.:

7.63%,

02/15/25

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

176

209,880

7.63%,

03/01/26

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

177

216,772

Sprint

Spectrum

Co.

LLC,

3.36%,

09/20/21

(b)(d)

99

99,617

T-Mobile

USA,

Inc.

(b)

:

3.75%,

04/15/27

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

744

813,311

3.88%,

04/15/30

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

1,747

1,896,124

VEON

Holdings

BV,

3.38%,

11/25/27

(b)

.....

200

196,190

Vodafone

Group

plc:

4.38%,

02/19/43

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

176

196,000

5.25%,

05/30/48

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

580

724,094

5,017,957

Total

Corporate

Bonds

—

34.5%

(Cost:

$258,622,173)

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

258,299,318

Floating

Rate

Loan

Interests

—

0.3%

Air

Freight

&

Logistics

—

0.0%

XPO

Logistics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 02/24/25

(a)

.....

269

267,562

Building

Products

—

0.0%

(a)

Advanced

Drainage

Systems,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.38%

,

 07/31/26

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

30

30,257

Jeld-Wen

,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 12/14/24

.......

116

115,179

145,436

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

0.00%),

3.93%

,

 02/21/23

(a)(c)

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

30

29,340

Diversified

Financial

Services

—

0.0%

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

(a)

....

269

268,202

Health

Care

Providers

&

Services

—

0.0%

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/06/25

(a)

45

44,405

Hotels,

Restaurants

&

Leisure

—

0.1%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 02/02/26

(c)

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

154

149,649

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 10/04/23

.

183

179,918

329,567

Media

—

0.0%

(a)

CSC

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 04/15/27

......

179

176,819

Lamar

Media

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.50%),

1.60%

,

 02/05/27

.....

19

19,127

195,946

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Buckeye

Partners

LP,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 11/01/26

(a)

USD

462

$

459,930

Pharmaceuticals

—

0.0%

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.00%),

2.08%

,

 11/15/27

(a)

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

284

280,444

Road

&

Rail

—

0.0%

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.20%

,

 12/30/26

(a)

167

166,631

Thrifts

&

Mortgage

Finance

—

0.1%

Caliber

Home

Loans,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 04/24/21

(a)(c)

...

331

329,518

Total

Floating

Rate

Loan

Interests

—

0.3%

(Cost:

$2,536,012)

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

2,516,981

Foreign

Agency

Obligations

—

0.3%

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)

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

106

59,294

Colombia

—

0.1%

Ecopetrol

SA:

5.38%,

06/26/26

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

395

441,464

6.88%,

04/29/30

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

239

289,489

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(b)

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

200

200,750

931,703

India

—

0.0%

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

..

200

211,687

Indonesia

—

0.0%

Pertamina

Persero

PT,

4.18%

,

01/21/50

....

200

193,875

Mexico

—

0.2%

Petroleos

Mexicanos

:

6.88%,

10/16/25

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

248

267,716

6.84%,

01/23/30

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

294

297,278

6.38%,

01/23/45

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

174

144,420

5.63%,

01/23/46

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

51

40,537

6.35%,

02/12/48

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

133

109,559

7.69%,

01/23/50

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

126

116,424

6.95%,

01/28/60

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

174

148,553

1,124,487

Panama

—

0.0%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

(b)

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

200

203,000

Total

Foreign

Agency

Obligations

—

0.3%

(Cost:

$2,645,414)

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

2,724,046

Foreign

Government

Obligations

—

6.2%

Argentina

—

0.0%

Argentina

Government

Bond,

0.12%

,

07/09/35

(d)

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

594

175,230

Bahrain

—

0.0%

Kingdom

of

Bahrain,

7.50%

,

09/20/47

......

200

207,500

Brazil

—

0.2%

Federative

Republic

of

Brazil,

3.88%

,

06/12/30

1,159

1,123,021

China

—

3.7%

People's

Republic

of

China:

1.99%,

04/09/25

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

CNY

82,310

12,021,411

2.41%,

06/19/25

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

15,600

2,321,589

BlackRock

Total

Return

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

China

(continued)

2.85%,

06/04/27

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

CNY

11,100

$

1,657,497

3.29%,

05/23/29

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

2,800

427,620

2.68%,

05/21/30

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

79,340

11,537,132

27,965,249

Colombia

—

0.4%

Republic

of

Colombia:

3.88%,

04/25/27

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

USD

528

564,465

4.50%,

03/15/29

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

370

404,109

3.13%,

04/15/31

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

1,164

1,139,265

5.20%,

05/15/49

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

450

495,000

2,602,839

Dominican

Republic

—

0.2%

Dominican

Republic

Government

Bond:

4.50%,

01/30/30

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

933

937,373

4.88%,

09/23/32

(b)

.................

717

724,170

1,661,543

Ecuador

—

0.0%

Republic

of

Ecuador,

0.50%

,

07/31/35

(d)

.....

50

22,875

Egypt

—

0.1%

Arab

Republic

of

Egypt

(b)

:

6.38%,

04/11/31

..................

EUR

232

279,208

8.88%,

05/29/50

..................

USD

205

209,228

488,436

Ghana

—

0.0%

Republic

of

Ghana,

8.63%

,

04/07/34

(b)

......

209

204,298

Hungary

—

0.1%

Hungary

Government

Bond,

5.38%

,

03/25/24

.

414

469,631

Indonesia

—

0.2%

Republic

of

Indonesia:

4.10%,

04/24/28

..................

670

740,978

2.85%,

02/14/30

..................

250

254,531

6.50%,

02/15/31

..................

IDR

3,461,000

233,996

7.50%,

06/15/35

..................

2,884,000

203,053

7.38%,

05/15/48

..................

1,980,000

132,883

1,565,441

Mexico

—

0.5%

United

Mexican

States:

2.66%,

05/24/31

..................

USD

3,027

2,870,920

4.50%,

01/31/50

..................

930

939,591

3,810,511

Panama

—

0.2%

Republic

of

Panama:

3.88%,

03/17/28

..................

1,026

1,118,340

2.25%,

09/29/32

..................

207

196,068

1,314,408

Peru

—

0.1%

Republic

of

Peru,

4.13%

,

08/25/27

........

648

724,545

Philippines

—

0.2%

Republic

of

Philippines,

3.00%

,

02/01/28

....

1,210

1,280,700

Romania

—

0.0%

Romania

Government

Bond,

3.00%

,

02/14/31

(b)

175

175,164

Russia

—

0.1%

Russian

Federation:

7.75%,

09/16/26

..................

RUB

39,557

549,001

7.65%,

04/10/30

..................

27,356

379,113

8.50%,

09/17/31

..................

4,083

60,016

988,130

Security

Par

(000)

Par

(000)

Value

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka,

7.55%

,

03/28/30

..................

USD

200

$

122,000

Ukraine

—

0.1%

Ukraine

Government

Bond:

9.75%,

11/01/28

..................

391

455,271

7.38%,

09/25/32

..................

400

401,125

7.25%,

03/15/33

..................

200

198,875

1,055,271

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay:

4.38%,

10/27/27

..................

333

378,122

5.10%,

06/18/50

..................

120

148,463

526,585

Total

Foreign

Government

Obligations

—

6.2%

(Cost:

$46,090,329)

...............................

46,483,377

Shares

Shares

Investment

Companies

—

11.4%

BlackRock

Allocation

Target

Shares-

BATS

Series

A

*

.......................

8,518,190

85,096,719

Total

Investment

Companies

—

11.4%

(Cost:

$84,981,000)

...............................

85,096,719

Par

(000)

Par

(000)

Municipal

Bonds

—

0.6%

California

-

0.3%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

..................

215

354,169

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

110

172,451

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

375

530,055

State

of

California:

Series

2018,

GO,

4.60%, 04/01/38

......

815

934,495

Series

2009,

GO,

7.55%, 04/01/39

......

55

89,106

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

..................

20

25,163

2,105,439

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

40

57,333

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

..................

580

652,761

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

35

37,449

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

...............

125

196,780

New

York

-

0.1%

Metropolitan

Transportation

Authority,

Series

2010A,

RB,

6.67%, 11/15/39

..........

55

74,485

New

York

City

Water

&

Sewer

System:

Series

2010EE,

RB,

6.01%, 06/15/42

....

25

36,264

Series

2011CC,

RB,

5.88%, 06/15/44

....

40

58,085

BlackRock

Total

Return

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

New

York

State

Dormitory

Authority,

Series

2010H,

RB,

5.39%, 03/15/40

..........

USD

60

$

76,844

Port

Authority

of

New

York

&

New

Jersey:

Series

2010-165,

RB,

5.65%, 11/01/40

...

95

128,395

Series

2014-181,

RB,

4.96%, 08/01/46

...

195

249,407

623,480

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

...............

100

174,435

Texas

-

0.1%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

160

223,187

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

..................

160

227,218

450,405

Total

Municipal

Bonds

—

0.6%

(Cost:

$3,916,050)

...............................

4,298,082

Non-Agency

Mortgage-Backed

Securities

—

1.9%

Collateralized

Mortgage

Obligations

—

0.7%

Alternative

Loan

Trust:

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.46%,

06/25/35

(a)

...

119

99,137

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

(a)

...

59

56,188

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.26%,

02/25/36

(a)

....................

20

19,118

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

55

39,480

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

9

6,830

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.99%,

11/25/46

(a)

....................

71

61,804

Series

2006-OA16,

Class

A4C,

(LIBOR

USD

1

Month

+

0.34%),

0.45%,

10/25/46

(a)

..

144

112,881

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

07/25/46

(a)

...

11

9,683

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.23%),

0.34%,

11/25/36

(a)

..

55

51,883

Series

2006-OC7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.50%),

0.61%,

07/25/46

(a)

..

80

74,048

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

.....................

11

7,225

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

04/25/47

(a)

...

20

17,770

American

Home

Mortgage

Assets

Trust

(a)

:

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.20%,

10/25/46

.....................

56

45,863

Series

2006-4,

Class

1A12,

(LIBOR

USD

1

Month

+

0.21%),

0.32%,

10/25/46

....

65

44,119

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.92%),

1.18%,

11/25/46

.....

116

51,514

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.70%),

0.96%,

02/25/47

.....

59

33,939

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

APS

Resecuritization

Trust

(a)(b)

:

Series

2016-1,

Class

1MZ,

3.96%,

07/31/57

USD

260

$

92,405

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

2.96%,

09/27/46

....

140

140,311

Series

2016-3,

Class

4A,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

04/27/47

....

21

20,871

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

77

73,579

Bear

Stearns

Mortgage

Funding

Trust

(a)

:

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.39%,

08/25/36

....

35

34,822

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

03/25/37

....

103

96,924

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

12

11,722

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

09/25/47

....

46

45,532

Series

2007-AR4,

Class

2A1,

(LIBOR

USD

1

Month

+

0.21%),

0.32%,

06/25/37

....

15

14,744

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

765

487,819

CHL

Mortgage

Pass-Through

Trust:

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.22%,

04/25/46

(a)

....................

143

60,385

Series

2006-OA5,

Class

3A1,

(LIBOR

USD

1

Month

+

0.40%),

0.51%,

04/25/46

(a)

...

21

19,279

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

202

118,197

Citicorp

Mortgage

Securities

Trust:

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

53

47,496

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

76

66,809

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

......................

281

152,100

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.46%,

11/25/35

(a)

......................

44

8,014

CSMC

Trust

(a)(b)

:

Series

2009-5R,

Class

4A4,

2.97%,

06/25/36

.....................

—

(

i

)

2

Series

2014-11R,

Class

16A1,

3.22%,

09/27/47

.....................

18

18,890

Series

2019-JR1,

Class

A1,

4.10%,

09/27/66

925

928,708

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

08/25/47

(a)

....

124

144,635

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

(LIBOR

USD

1

Month

+

0.00%),

6.36%,

07/25/36

(a)

.....

10

9,530

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.26%,

03/25/36

(a)

...........

23

22,281

GSMPS

Mortgage

Loan

Trust

(a)(b)

:

Series

2005-RP1,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.46%,

01/25/35

....

41

37,626

Series

2005-RP2,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.46%,

03/25/35

....

49

45,030

Series

2006-RP1,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.35%),

0.46%,

01/25/36

...

38

31,495

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

6

6,999

BlackRock

Total

Return

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

HarborView

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

07/19/47

(a)

...........

USD

136

$

124,173

IndyMac

INDX

Mortgage

Loan

Trust

(a)

:

Series

2007-AR19,

Class

3A1,

3.13%,

09/25/37

.....................

75

53,342

Series

2007-FLX5,

Class

2A2,

(LIBOR

USD

1

Month

+

0.24%),

0.35%,

08/25/37

...

119

110,550

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.26%,

12/25/37

(a)

......................

24

24,811

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

0.55%,

08/25/37

(a)(b)

.........

22

11,421

MCM

Trust,

Series

2018-NPL2,

Class

B,

0.00%,

10/25/28

(b)

......................

430

232,895

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(LIBOR

USD

1

Month

+

0.21%),

0.32%,

04/25/37

(a)

....

160

155,397

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(LIBOR

USD

1

Month

+

0.34%),

0.46%,

04/16/36

(a)(b)

.........

336

309,596

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

66

70,179

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.53%,

06/25/37

(a)

13

11,291

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)(c)

...

100

98,920

RALI

Trust,

Series

2007-QH9,

Class

A1,

1.56%,

11/25/37

(a)

......................

29

27,531

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(LIBOR

USD

1

Month

+

0.40%),

0.51%,

09/25/35

(a)(b)

..........

4

3,967

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

1.40%,

05/25/57

(a)

....

19

9,057

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.30%,

04/25/36

(a)

......................

54

42,334

Structured

Asset

Mortgage

Investments

II

Trust

(a)

:

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

0.49%,

06/25/36

....

67

62,713

Series

2006-AR5,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.53%,

05/25/46

....

49

43,861

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust:

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

67

66,785

Series

2006-4,

Class

3A1,

6.50%,

05/25/36

(d)

....................

34

33,527

4,960,037

Commercial

Mortgage-Backed

Securities

—

1.1%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.66%,

06/05/37

(a)(b)

..........

200

191,377

280

Park

Avenue

Mortgage

Trust

(a)(b)

:

Series

2017-280P,

Class

D,

(LIBOR

USD

1

Month

+

1.54%),

1.64%,

09/15/34

....

100

99,878

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.22%,

09/15/34

....

150

148,117

AOA

Mortgage

Trust,

Series

2015-1177,

Class

C,

3.01%,

12/13/29

(a)(b)

..............

100

99,936

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.21%,

04/15/35

(a)(b)

................

19

18,645

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

:

Series

2015-200P,

Class

F,

3.60%,

04/14/33

USD

300

$

307,640

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

11/15/32

....

100

86,353

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.11%,

11/15/32

.....

100

82,651

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.81%,

09/15/34

....

650

641,924

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

01/25/36

....

38

36,023

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

0.78%,

01/25/36

....

28

26,563

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

0.65%,

04/25/36

....

9

8,835

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

10/25/36

....

15

14,664

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

10/25/36

....

13

12,245

Series

2007-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.27%),

0.38%,

07/25/37

....

26

24,329

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

09/25/37

....

128

121,072

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

03/15/37

(a)(b)

................

35

34,650

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

.................

93

98,731

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2007-T26,

Class

AM,

5.43%,

01/12/45

(a)

......................

28

28,123

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

3.90%,

03/15/62

(a)(b)

.......

148

154,309

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.36%,

07/15/35

(a)(b)

140

139,913

BWAY

Mortgage

Trust

(b)

:

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

.....................

150

160,624

Series

2013-1515,

Class

C,

3.45%,

03/10/33

105

110,117

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

11/15/35

(a)(b)

...........

371

371,113

BXP

Trust

(a)(b)

:

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

60

62,766

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

110

110,623

Series

2017-GM,

Class

D,

3.42%,

06/13/39

200

204,788

Series

2017-GM,

Class

E,

3.42%,

06/13/39

50

49,861

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

1.86%,

12/15/37

(a)(b)

..........

100

100,030

CD

Mortgage

Trust:

Series

2006-CD3,

Class

AM,

5.65%,

10/15/48

.....................

11

11,040

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

.....................

30

32,925

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

10,991

CFK

Trust,

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

(a)(b)

.....................

126

136,398

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

4.92%,

04/10/49

(a)

..

20

20,901

BlackRock

Total

Return

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage

Trust

(a)

:

Series

2015-LC21,

Class

C,

4.33%,

07/10/48

.....................

USD

150

$

153,265

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(b)

....................

100

96,186

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

.....

50

53,981

CSMC

Trust

(b)

:

Series

2017-PFHP,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

1.06%,

12/15/30

(a)

...

60

59,590

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

101,002

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.19%,

04/10/37

(a)(b)

..........

100

80,952

DBUBS

Mortgage

Trust

(b)

:

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

.....................

140

149,243

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

(a)

...

210

214,325

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

(a)

....................

80

80,585

Exantas

Capital

Corp.

Ltd.,

Series

2019-RSO7,

Class

AS,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

04/15/36

(a)(b)

................

160

160,486

GPMT

Ltd.,

Series

2018-FL1,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.01%,

11/21/35

(a)(b)

13

12,618

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

......

100

115,137

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

..

100

99,540

GS

Mortgage

Securities

Trust,

Series

2017-

GS7,

Class

D,

3.00%,

08/10/50

(b)

.......

20

17,893

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

......................

110

109,630

IMT

Trust

(b)

:

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

.....................

100

105,972

Series

2017-APTS,

Class

EFX,

3.50%,

06/15/34

(a)

....................

100

101,288

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.11%,

12/15/48

(a)(b)

.....................

100

96,941

JPMCC

Commercial

Mortgage

Securities

Trust:

Series

2017-JP5,

Class

D,

4.62%,

03/15/50

(a)(b)

...................

100

97,697

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

10

10,765

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

:

Series

2012-CBX,

Class

A4FL,

(LIBOR

USD

1

Month

+

1.30%),

1.41%,

06/15/45

(b)

..

79

78,811

Series

2015-JP1,

Class

D,

4.23%,

01/15/49

50

45,420

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

03/25/37

(a)(b)

.....................

21

20,539

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.17%,

04/20/48

(a)(b)

...

64

64,394

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

......................

15

14,388

Morgan

Stanley

Capital

I

Trust:

Series

2007-T27,

Class

AJ,

6.01%,

06/11/42

(a)

....................

60

62,365

Series

2015-MS1,

Class

D,

4.03%,

05/15/48

(a)(b)

...................

100

87,930

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

11/15/34

(a)(b)

..

211

210,747

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

USD

140

$

113,697

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2018-FL1,

Class

MCR1,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

06/15/35

(a)(b)

...

85

83,905

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

.......

190

167,438

PFP

Ltd.

(a)(b)

:

Series

2019-5,

Class

A,

(LIBOR

USD

1

Month

+

0.97%),

1.08%,

04/14/36

....

31

30,980

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.53%,

04/14/36

....

40

39,957

USDC,

Series

2018,

Class

E,

4.49%,

05/13/38

(a)

(b)

............................

50

42,643

Velocity

Commercial

Capital

Loan

Trust

(a)

:

Series

2016-2,

Class

M4,

7.23%,

10/25/46

.

100

101,819

Series

2017-2,

Class

M3,

(LIBOR

USD

3

Month

+

0.00%),

4.24%,

11/25/47

(b)

...

116

114,762

Series

2017-2,

Class

M4,

5.00%,

11/25/47

(b)

58

57,306

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2017-C39,

Class

D,

4.35%,

09/15/50

(a)(b)

...................

83

71,397

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

60

47,471

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

0.96%,

12/13/31

(a)(b)

..

151

148,504

Series

2018-C44,

Class

A5,

4.21%,

05/15/51

770

867,987

8,147,711

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

136

36,481

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.56%,

12/15/35

(b)

......................

15,000

365,250

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.63%,

02/15/50

.......................

1,000

33,517

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.95%,

08/10/35

(b)

.................

1,014

46,552

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.60%,

11/05/36

(b)

.................

3,475

70,690

Benchmark

Mortgage

Trust:

Series

2018-B8,

Class

XA,

0.66%,

01/15/52

4,977

201,672

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.04%,

03/15/52

....

1,043

70,713

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.71%,

05/10/58

....

170

5,758

Commercial

Mortgage

Trust:

Series

2015-3BP,

Class

XA,

0.06%,

02/10/35

(b)

....................

1,916

6,917

Series

2015-CR25,

Class

XA,

0.83%,

08/10/48

.....................

193

5,935

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.13%,

11/15/50

...

1,430

20,606

JPMBB

Commercial

Mortgage

Securities

Trust:

Series

2014-C22,

Class

XA,

0.83%,

09/15/47

.....................

1,129

26,773

Series

2014-C23,

Class

XA,

0.63%,

09/15/47

.....................

1,170

20,800

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

1,800

62,616

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

.................

900

30,606

BlackRock

Total

Return

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

:

Series

2014-C19,

Class

XF,

1.21%,

12/15/47

USD

130

$

5,073

Series

2015-C26,

Class

XD,

1.34%,

10/15/48

.....................

120

6,649

Morgan

Stanley

Capital

I

Trust:

Series

2016-UBS9,

Class

XD,

1.61%,

03/15/49

(b)

....................

1,000

70,200

Series

2017-H1,

Class

XD,

2.20%,

06/15/50

(b)

....................

110

11,859

Series

2019-L2,

Class

XA,

1.03%,

03/15/52

384

25,933

One

Market

Plaza

Trust

(b)

:

Series

2017-1MKT,

Class

XCP,

0.09%,

02/10/32

.....................

1,880

2,557

Series

2017-1MKT,

Class

XNCP,

0.00%,

02/10/32

(c)

....................

376

4

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.26%,

08/15/49

(b)

......................

1,000

55,910

1,146,590

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(h)

....

114

18,207

Total

Non-Agency

Mortgage-Backed

Securities

—

1.9%

(Cost:

$14,210,658)

...............................

14,309,026

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(j)

Capital

Markets

—

0.0%

(c)(f)(g)

Lehman

Brothers

Holdings,

Capital

Trust

VII

..

185

—

Lehman

Brothers

Holdings,

Inc.

..........

1,025

—

Total

Other

Interests

—

0.0%

..........................

—

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.5%

(a)(e)

Banks

—

0.2%

Bank

of

America

Corp.,

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

............

385

419,908

Citigroup,

Inc.:

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

913

921,902

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

.......................

190

189,112

1,530,922

Capital

Markets

—

0.3%

Bank

of

New

York

Mellon

Corp.

(The):

Series

E,

(LIBOR

USD

3

Month

+

3.42%),

3.61%

.......................

200

199,957

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.......................

180

185,184

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

.......................

310

327,050

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

......

455

447,265

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

State

Street

Corp.:

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

3.78%

.......................

USD

68

$

68,187

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

.......................

680

714,884

1,942,527

Total

Capital

Trusts

—

0.5%

(Cost:

$3,440,251)

...............................

3,473,449

U.S.

Government

Sponsored

Agency

Securities

—

44.2%

Collateralized

Mortgage

Obligations

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2017-DNA3,

Class

B1,

(LIBOR

USD

1

Month

+

4.45%),

4.56%, 03/25/30

(a)

250

259,421

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

:

Series

2018-K732,

Class

B,

4.05%, 05/25/25

(b)

...............

80

86,837

Series

2018-SB53,

Class

A10F,

3.64%, 06/25/28

................

42

45,634

132,471

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

:

Series

2013-63,

0.76%, 09/16/51

.......

364

10,650

Series

2013-191,

0.68%, 11/16/53

......

85

1,697

Series

2015-48,

0.62%, 02/16/50

.......

146

4,610

Series

2015-173,

0.77%, 09/16/55

......

150

5,502

Series

2016-26,

0.79%, 02/16/58

.......

388

16,544

Series

2016-110,

0.95%, 05/16/58

......

124

6,930

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.15%, 02/16/58

..........

202

13,887

Series

2016-125,

0.95%, 12/16/57

......

199

11,097

Series

2016-128,

0.87%, 09/16/56

......

101

5,505

Series

2016-152,

0.80%, 08/15/58

......

379

20,798

97,220

Mortgage-Backed

Securities

—

44.1%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 01/01/29

-

04/01/31

...........

434

454,869

3.00%, 09/01/27

-

12/01/46

...........

1,327

1,409,672

3.50%, 09/01/30

-

01/01/48

...........

2,793

3,036,420

4.00%, 08/01/40

-

12/01/45

...........

222

244,962

4.50%, 02/01/39

-

04/01/49

...........

4,299

4,783,068

5.00%, 10/01/41

-

11/01/41

...........

107

124,110

5.50%, 02/01/35

-

06/01/41

...........

140

164,924

Federal

National

Mortgage

Association:

4.00%, 01/01/41

..................

14

15,073

6.00%, 07/01/39

..................

116

132,041

Government

National

Mortgage

Association:

2.00%, 04/15/51

(k)

.................

7,145

7,214,217

2.50%, 04/15/51

(k)

.................

8,757

9,035,858

3.00%, 02/15/45

-

09/20/50

...........

1,347

1,415,593

3.00%, 04/15/51

(k)

.................

19,133

19,931,431

3.50%, 01/15/42

-

11/20/46

...........

8,021

8,590,383

3.50%, 04/15/51

(k)

.................

2,398

2,530,875

4.00%, 04/20/39

-

12/20/47

...........

1,876

2,039,103

4.00%, 04/15/51

(k)

.................

3,449

3,681,274

4.50%, 12/20/39

-

07/20/49

...........

1,744

1,905,777

4.50%, 04/15/51

(k)

.................

105

113,564

5.00%, 12/15/38

-

07/20/44

...........

116

133,596

5.00%, 04/15/51

(k)

.................

1,436

1,571,999

BlackRock

Total

Return

V.I.

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

Uniform

Mortgage-Backed

Securities:

1.50%, 04/25/36

-

04/25/51

(k)

..........

USD

13,012

$

12,693,564

2.00%, 10/01/31

-

03/01/32

...........

400

411,622

2.00%, 04/25/36

-

05/25/51

(k)

..........

75,021

75,093,321

2.50%, 09/01/27

-

12/01/50

...........

5,708

5,970,300

2.50%, 04/25/36

-

06/25/51

(k)

..........

63,097

64,671,352

3.00%, 04/01/28

-

09/01/50

...........

27,746

29,261,694

3.00%, 04/25/36

-

04/25/51

(k)

..........

10,697

11,171,962

3.50%, 03/01/29

-

08/01/50

...........

11,063

11,959,537

3.50%, 04/25/51

(k)

.................

8,579

9,062,762

4.00%, 08/01/31

-

09/01/50

...........

7,047

7,741,660

4.00%, 04/25/36

-

04/25/51

(k)

..........

13,578

14,564,964

4.50%, 02/01/25

-

09/01/49

...........

13,961

15,562,062

4.50%, 04/25/51

(k)

.................

557

606,346

5.00%, 02/01/35

-

06/01/45

...........

751

870,415

5.00%, 04/25/51

(k)

.................

1,077

1,193,135

5.50%, 02/01/35

-

03/01/40

...........

416

483,905

6.00%, 04/01/35

-

06/01/41

...........

232

274,557

6.50%, 05/01/40

..................

96

114,295

330,236,262

Total

U.S.

Government

Sponsored

Agency

Securities

—

44.2%

(Cost:

$329,681,384)

..............................

330,725,374

U.S.

Treasury

Obligations

—

13.4%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

-

11/15/40

...........

529

698,994

4.50%, 08/15/39

..................

146

197,716

4.38%, 11/15/39

..................

146

195,138

4.63%, 02/15/40

..................

432

595,772

1.13%, 05/15/40

-

08/15/40

...........

1,380

1,124,053

3.88%, 08/15/40

..................

432

544,691

1.38%, 11/15/40

-

08/15/50

...........

830

696,176

3.13%, 02/15/43

..................

528

600,744

2.88%, 05/15/43

-

05/15/49

...........

1,138

1,244,658

3.63%, 08/15/43

..................

528

648,058

3.75%, 11/15/43

..................

528

660,412

2.50%, 02/15/45

..................

2,916

2,976,826

2.75%, 11/15/47

..................

2,916

3,117,728

3.00%, 02/15/48

..................

3,339

3,742,941

2.25%, 08/15/49

..................

1,937

1,873,064

2.38%, 11/15/49

..................

2,431

2,415,142

2.00%, 02/15/50

..................

73

66,758

1.25%, 05/15/50

..................

33

24,903

1.63%, 11/15/50

..................

188

156,657

1.88%, 02/15/51

..................

317

281,337

U.S.

Treasury

Inflation

Linked

Notes,

0.13%, 01/15/31

..................

10,209

10,989,305

U.S.

Treasury

Notes:

1.13%, 07/31/21

..................

2,304

2,312,280

1.75%, 07/31/21

-

11/15/29

...........

17,682

18,231,552

1.50%, 01/31/22

-

02/15/30

...........

11,907

12,206,410

2.13%, 12/31/22

-

05/15/25

...........

3,182

3,340,221

0.50%, 03/15/23

-

05/31/27

...........

7,310

7,219,747

0.25%, 04/15/23

..................

4,593

4,599,638

2.75%, 05/31/23

..................

1,029

1,085,756

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.00%, 02/15/25

..................

USD

1,283

$

1,351,310

0.38%, 04/30/25

..................

7,368

7,275,612

1.63%, 11/30/26

-

08/15/29

...........

2,647

2,689,428

2.38%, 05/15/27

-

05/15/29

...........

1,864

1,989,316

2.25%, 08/15/27

..................

3,746

3,970,321

2.88%, 08/15/28

..................

309

339,876

3.13%, 11/15/28

..................

309

345,561

2.63%, 02/15/29

..................

474

512,698

Total

U.S.

Treasury

Obligations

—

13.4%

(Cost:

$103,112,728)

..............................

100,320,799

Total

Long-Term

Investments

—

117.6%

(Cost:

$881,653,787)

..............................

880,624,067

Shares

Shares

Short-Term

Securities

—

10.2%

(l)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

*

....................

76,266,859

76,266,859

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

...........

12,149

12,149

Total

Short-Term

Securities

—

10.2%

(Cost:

$76,279,008)

...............................

76,279,008

Total

Options

Purchased

—

0.6%

(Cost:

$1,502,783)

...............................

5,134,885

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

128.4%

(Cost:

$959,435,578

)

..............................

962,037,960

Total

Options

Written

—

(0.4)%

(Premium

Received

—

$1,139,587)

....................

(3,351,035)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

—

(18.3)%

(k)

Mortgage-Backed

Securities

—

(18.3)%

Government

National

Mortgage

Association:

4.00%

,

 04/15/51

..................

161

(171,867)

4.50%

,

 04/15/51

..................

11

(11,897)

Uniform

Mortgage-Backed

Securities:

2.00%

,

 04/25/36

-

05/25/51

...........

70,204

(70,107,019)

2.50%

,

 04/25/36

-

05/25/51

...........

24,512

(25,144,036)

3.00%

,

 04/25/36

-

04/25/51

...........

9,291

(9,679,890)

3.50%

,

 04/25/36

-

04/25/51

...........

578

(614,463)

4.00%

,

 04/25/36

-

04/25/51

...........

3,327

(3,566,272)

1.50%

,

 04/25/51

-

05/25/51

...........

28,198

(27,212,070)

4.50%

,

 04/25/51

..................

803

(874,141)

Total

TBA

Sale

Commitments

—

(18.3)%

(Proceeds:

$138,287,390)

..........................

(137,381,655)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

109.7%

(Cost:

$820,008,601

)

..............................

821,305,270

Liabilities

in

Excess

of

Other

Assets

—

(9.7)%

.............

(72,698,036)

Net

Assets

—

100.0%

...............................

$

748,607,234

(a)

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.

(b)

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.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

BlackRock

Total

Return

V.I.

Fund

22

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

(d)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(e)

Perpetual

security

with

no

stated

maturity

date.

(f)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(g)

Non-income

producing

security.

(h)

Zero-coupon

bond.

(i)

Amount

is

less

than

500.

(j)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(k)

Represents

or

includes

a

TBA

transaction.

(l)

Annualized

7-day

yield

as

of

period

end.

*

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

March

31,

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

03/31/21

Shares

Held

at

03/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

38,187,472

$

38,079,387

$

—

$

—

$

—

$

76,266,859

76,266,859

$

3,485

$

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

67,937,601

17,244,999

—

—

(85,881)

85,096,719

8,518,190

514,888

—

$

—

$

(85,881)

$

161,363,578

$

518,373

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

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

Total

Return

V.I.

Fund

23

Schedule

of

Investments

(unaudited)

(continued)

March

31,

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-

Bobl

...............................................................

174

06/08/21

$

27,563

$

8,059

Euro-Bund

..............................................................

6

06/08/21

1,205

(4,227)

U.S.

Treasury

10

Year

Note

...................................................

52

06/21/21

6,814

(34,641)

U.S.

Treasury

Long

Bond

....................................................

185

06/21/21

28,646

(305,526)

U.S.

Treasury

Ultra

Bond

....................................................

194

06/21/21

35,284

(1,502,073)

U.S.

Treasury

2

Year

Note

....................................................

232

06/30/21

51,212

(30,071)

U.S.

Treasury

5

Year

Note

....................................................

286

06/30/21

35,308

(319,881)

90-day

Eurodollar

.........................................................

4

09/18/23

990

(106)

(2,188,466)

Short

Contracts

Euro-

Buxl

...............................................................

38

06/08/21

9,182

48,652

U.S.

Treasury

10

Year

Ultra

Note

...............................................

352

06/21/21

50,644

1,067,215

Long

Gilt

...............................................................

63

06/28/21

11,081

59,018

90-day

Eurodollar

.........................................................

460

09/16/24

113,022

398,258

1,573,143

$

(615,323)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

428,983

USD

74,000

UBS

AG

04/05/21

$

2,214

USD

529,000

BRL

2,898,683

Citibank

NA

04/05/21

14,012

USD

112,000

COP

406,336,000

BNP

Paribas

SA

04/05/21

1,031

USD

150,000

RUB

11,260,500

BNP

Paribas

SA

04/05/21

1,071

USD

187,000

RUB

14,006,300

Citibank

NA

04/05/21

1,756

EUR

188,000

JPY

24,222,542

Barclays

Bank

plc

04/14/21

1,724

JPY

24,438,602

EUR

188,000

JPMorgan

Chase

Bank

NA

04/14/21

228

MXN

3,834,541

USD

186,000

Citibank

NA

04/14/21

1,418

RUB

8,478,180

USD

111,000

Bank

of

America

NA

04/14/21

1,014

USD

126,224

MXN

2,580,748

HSBC

Bank

plc

04/14/21

86

USD

21,776

MXN

445,364

JPMorgan

Chase

Bank

NA

04/14/21

8

USD

74,000

RUB

5,464,160

Citibank

NA

04/14/21

1,808

USD

74,000

RUB

5,472,300

JPMorgan

Chase

Bank

NA

04/14/21

1,700

USD

74,000

ZAR

1,093,047

Citibank

NA

04/14/21

43

ZAR

6,106,419

USD

408,000

Bank

of

America

NA

04/14/21

5,166

ZAR

2,236,170

USD

149,000

BNP

Paribas

SA

04/14/21

2,302

ZAR

3,678,233

USD

248,000

Citibank

NA

04/14/21

873

MXN

560,735

USD

27,046

Bank

of

America

NA

04/15/21

358

MXN

4,835,853

USD

233,954

Citibank

NA

04/15/21

2,379

RUB

8,620,996

USD

113,000

BNP

Paribas

SA

04/15/21

889

USD

373,864

EUR

312,000

Barclays

Bank

plc

04/15/21

7,906

USD

160,387

RUB

11,899,111

BNP

Paribas

SA

04/15/21

3,193

USD

93,229

RUB

6,919,456

Citibank

NA

04/15/21

1,819

USD

74,000

TRY

553,255

Bank

of

America

NA

04/15/21

7,501

USD

136,000

TRY

1,033,600

Citibank

NA

04/15/21

11,765

ZAR

2,236,469

USD

149,000

UBS

AG

04/15/21

2,302

BRL

211,410

USD

37,207

Deutsche

Bank

AG

05/04/21

288

BRL

426,613

USD

74,993

Morgan

Stanley

&

Co.

International

plc

05/04/21

669

RUB

4,430,344

USD

58,293

Citibank

NA

05/19/21

16

RUB

9,237,257

USD

120,682

Credit

Suisse

International

05/19/21

891

RUB

10,753,593

USD

141,060

HSBC

Bank

plc

05/19/21

471

RUB

13,815,468

USD

180,482

Morgan

Stanley

&

Co.

International

plc

05/19/21

1,347

USD

63,801

RUB

4,746,431

Bank

of

America

NA

05/19/21

1,332

USD

1,536,983

RUB

114,363,089

Citibank

NA

05/19/21

31,825

BlackRock

Total

Return

V.I.

Fund

24

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

521,782

RUB

38,841,569

HSBC

Bank

plc

05/19/21

$

10,580

USD

4,427,671

CNY

28,761,040

HSBC

Bank

plc

05/24/21

63,051

USD

411,179

EUR

339,721

Natwest

Markets

plc

05/24/21

12,370

USD

211,292

IDR

3,071,574,209

Barclays

Bank

plc

05/24/21

1,921

USD

857,085

IDR

12,194,608,851

JPMorgan

Chase

Bank

NA

05/24/21

25,852

MXN

4,694,795

USD

218,508

Citibank

NA

05/26/21

9,875

MXN

3,794,825

USD

177,435

HSBC

Bank

plc

05/26/21

7,169

GBP

2,959,379

EUR

3,450,000

BNP

Paribas

SA

06/16/21

28,611

USD

175,563

CAD

219,000

BNP

Paribas

SA

06/16/21

1,281

USD

11,988,708

CNY

79,119,475

Standard

Chartered

Bank

06/16/21

3,054

USD

2,797,167

EUR

2,360,019

Bank

of

America

NA

06/16/21

25,268

USD

1,469,699

EUR

1,230,000

BNP

Paribas

SA

06/16/21

25,034

USD

239,016

EUR

200,000

JPMorgan

Chase

Bank

NA

06/16/21

4,112

USD

125,235

EUR

105,000

Royal

Bank

of

Canada

06/16/21

1,910

USD

7,680,508

EUR

6,433,000

State

Street

Bank

and

Trust

Co.

06/16/21

124,795

456,288

BRL

440,799

USD

79,000

BNP

Paribas

SA

04/05/21

(687)

BRL

1,450,312

USD

262,000

Citibank

NA

04/05/21

(4,334)

BRL

633,857

USD

114,000

Deutsche

Bank

AG

04/05/21

(1,387)

COP

405,440,000

USD

112,000

JPMorgan

Chase

Bank

NA

04/05/21

(1,275)

RUB

33,189,520

USD

450,000

UBS

AG

04/05/21

(11,042)

USD

112,000

COP

411,712,000

Citibank

NA

04/05/21

(438)

USD

113,000

RUB

8,610,600

BNP

Paribas

SA

04/05/21

(882)

CLP

160,056,960

USD

224,000

Deutsche

Bank

AG

04/14/21

(1,812)

MXN

9,054,159

USD

444,000

Citibank

NA

04/14/21

(1,466)

MXN

1,512,687

USD

74,000

Deutsche

Bank

AG

04/14/21

(65)

RUB

10,993,440

USD

148,000

Bank

of

America

NA

04/14/21

(2,755)

USD

95,000

MXN

1,967,023

Citibank

NA

04/14/21

(1,141)

USD

408,000

MXN

8,424,811

Morgan

Stanley

&

Co.

International

plc

04/14/21

(3,774)

USD

111,000

RUB

8,465,970

BNP

Paribas

SA

04/14/21

(852)

USD

186,000

ZAR

2,773,911

BNP

Paribas

SA

04/14/21

(1,686)

USD

762,335

ZAR

11,355,564

Citibank

NA

04/14/21

(5,995)

USD

223,000

ZAR

3,340,342

Deutsche

Bank

AG

04/14/21

(3,011)

USD

13,000

ZAR

192,166

Morgan

Stanley

&

Co.

International

plc

04/14/21

(2)

USD

297,000

ZAR

4,443,024

UBS

AG

04/14/21

(3,619)

EUR

188,000

USD

222,784

Barclays

Bank

plc

04/15/21

(2,270)

EUR

250,000

USD

299,204

HSBC

Bank

plc

04/15/21

(5,968)

RUB

10,350,209

USD

140,616

JPMorgan

Chase

Bank

NA

04/15/21

(3,883)

TRY

828,176

USD

112,949

Morgan

Stanley

&

Co.

International

plc

04/15/21

(13,405)

USD

251,454

MXN

5,213,306

Bank

of

America

NA

04/15/21

(3,326)

USD

226,000

MXN

4,724,236

HSBC

Bank

plc

04/15/21

(4,878)

KZT

20,907,431

USD

49,090

Citibank

NA

04/20/21

(98)

USD

16,000

TRY

136,096

BNP

Paribas

SA

04/26/21

(220)

USD

16,000

TRY

135,360

JPMorgan

Chase

Bank

NA

04/26/21

(132)

USD

74,000

BRL

420,350

Citibank

NA

05/04/21

(552)

USD

74,000

BRL

429,587

UBS

AG

05/04/21

(2,190)

RUB

9,786,000

USD

129,753

BNP

Paribas

SA

05/19/21

(958)

RUB

7,335,500

USD

97,235

Credit

Suisse

International

05/19/21

(690)

RUB

6,651,852

USD

87,700

HSBC

Bank

plc

05/19/21

(153)

RUB

15,576,380

USD

208,811

Morgan

Stanley

&

Co.

International

plc

05/19/21

(3,806)

IDR

5,150,000,000

USD

353,732

Deutsche

Bank

AG

05/24/21

(2,687)

USD

228,091

MXN

4,746,529

Barclays

Bank

plc

05/26/21

(2,809)

USD

181,758

MXN

3,743,091

UBS

AG

05/26/21

(328)

USD

187,000

INR

13,860,440

JPMorgan

Chase

Bank

NA

06/09/21

(392)

EUR

940,000

GBP

807,850

BNP

Paribas

SA

06/16/21

(9,900)

EUR

1,250,000

GBP

1,071,806

Citibank

NA

06/16/21

(9,769)

EUR

2,410,000

USD

2,867,451

Citibank

NA

06/16/21

(36,848)

EUR

1,430,000

USD

1,711,671

JPMorgan

Chase

Bank

NA

06/16/21

(32,102)

BlackRock

Total

Return

V.I.

Fund

25

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

149,000

IDR

2,197,750,000

Morgan

Stanley

&

Co.

International

plc

07/01/21

$

(38)

(183,625)

$

272,663

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

06/28/21

USD

1.25

USD

1.25

EUR

460

$

18,497

Put

USD

Currency

...............

Down

and

Out

Deutsche

Bank

AG

04/20/21

BRL

5.48

BRL

5.24

USD

444

1,150

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

04/21/21

MXN

20.10

MXN

19.45

USD

370

843

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

04/21/21

RUB

73.75

RUB

71.60

USD

592

755

USD

Currency

...............

Down

and

Out

BNP

Paribas

SA

04/29/21

RUB

75.00

RUB

72.60

USD

260

777

EUR

Currency

...............

One-Touch

Bank

of

America

NA

05/06/21

USD

1.16

USD

1.16

EUR

372

95,322

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

05/28/21

PLN

4.25

PLN

4.25

EUR

130

627

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

05/28/21

HUF

340.00

HUF

340.00

EUR

140

1,893

101,367

$

119,864

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2021

Futures

..............

868

06/11/21

USD

99.25

USD

217,000

$

1,768,550

90-day

Eurodollar

September

2021

Futures

..........

1,666

09/10/21

USD

99.38

USD

416,500

1,843,013

90-day

Eurodollar

September

2021

Futures

..........

2,619

09/10/21

USD

99.75

USD

654,750

949,388

90-day

Eurodollar

December

2021

Futures

..........

752

12/10/21

USD

99.38

USD

188,000

188,000

$

4,748,951

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Citibank

NA

04/08/21

ZAR

15.60

USD

298

$

186

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

04/08/21

ZAR

15.70

USD

260

122

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

04/15/21

BRL

5.55

USD

112

2,640

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

04/29/21

CLP

760.00

USD

374

887

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

04/29/21

CLP

730.00

USD

748

7,083

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

05/06/21

MXN

22.00

USD

224

773

EUR

Currency

...........................

Bank

of

America

NA

06/09/21

USD

1.23

EUR

6,260

6,367

EUR

Currency

...........................

BNP

Paribas

SA

06/18/21

USD

1.23

EUR

6,240

8,245

26,303

Put

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

04/07/21

JPY

128.50

EUR

502

364

USD

Currency

...........................

Deutsche

Bank

AG

04/08/21

MXN

20.60

USD

520

6,646

EUR

Currency

...........................

Citibank

NA

04/15/21

USD

1.19

EUR

496

6,742

USD

Currency

...........................

Citibank

NA

04/22/21

TRY

7.50

USD

148

297

USD

Currency

...........................

Citibank

NA

04/29/21

ZAR

14.80

USD

524

9,154

BlackRock

Total

Return

V.I.

Fund

26

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Currency

Options

Purchased

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

05/06/21

USD

1.18

EUR

5,390

$

66,637

USD

Currency

...........................

Citibank

NA

05/14/21

RUB

73.00

USD

592

3,081

EUR

Currency

...........................

Goldman

Sachs

International

06/03/21

GBP

0.85

EUR

6,200

69,243

EUR

Currency

...........................

Citibank

NA

06/11/21

GBP

0.85

EUR

6,250

74,415

USD

Currency

...........................

Deutsche

Bank

AG

06/17/21

MXN

20.00

USD

222

3,188

239,767

$

266,070

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2021

Futures

...............

868

06/11/21

USD

98.88

USD

217,000

$

(1,014,475)

90-day

Eurodollar

September

2021

Futures

...........

306

09/10/21

USD

99.50

USD

76,500

(40,163)

90-day

Eurodollar

September

2021

Futures

...........

747

09/10/21

USD

99.00

USD

186,750

(387,506)

90-day

Eurodollar

September

2021

Futures

...........

916

09/10/21

USD

98.63

USD

229,000

(1,041,950)

90-day

Eurodollar

September

2021

Futures

...........

919

09/10/21

USD

99.13

USD

229,750

(626,069)

$

(3,110,163)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

04/07/21

JPY

130.00

EUR

314

$

(929)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

04/08/21

ZAR

16.30

USD

260

(26)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

04/15/21

BRL

5.55

USD

112

(2,640)

USD

Currency

.............................

Citibank

NA

04/22/21

TRY

7.50

USD

64

(7,027)

USD

Currency

.............................

Citibank

NA

04/22/21

TRY

7.75

USD

74

(6,141)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/29/21

CLP

760.00

USD

748

(1,774)

USD

Currency

.............................

Bank

of

America

NA

04/30/21

ZAR

15.70

USD

448

(2,156)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

05/03/21

MXN

21.00

USD

450

(4,468)

USD

Currency

.............................

Deutsche

Bank

AG

05/06/21

MXN

22.00

USD

224

(773)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

05/13/21

BRL

5.75

USD

94

(1,732)

–

(27,666)

–

Put

USD

Currency

.............................

Citibank

NA

04/02/21

RUB

73.00

USD

300

(1)

USD

Currency

.............................

Citibank

NA

04/08/21

ZAR

15.00

USD

298

(5,540)

USD

Currency

.............................

Deutsche

Bank

AG

04/15/21

MXN

20.00

USD

222

(766)

USD

Currency

.............................

Citibank

NA

04/22/21

TRY

6.85

USD

64

(27)

USD

Currency

.............................

Deutsche

Bank

AG

04/28/21

MXN

20.00

USD

450

(2,920)

USD

Currency

.............................

Citibank

NA

04/29/21

ZAR

14.35

USD

561

(3,151)

EUR

Currency

.............................

Bank

of

America

NA

05/06/21

USD

1.16

EUR

8,085

(21,251)

USD

Currency

.............................

Citibank

NA

05/14/21

RUB

71.00

USD

444

(723)

EUR

Currency

.............................

Citibank

NA

06/11/21

GBP

0.83

EUR

6,250

(18,191)

–

(52,570)

–

$

(80,236)

BlackRock

Total

Return

V.I.

Fund

27

Schedule

of

Investments

(unaudited)

(continued)

March

31,

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

10-Year

Interest

Rate

Swap

(a)

1.84%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

02/16/23

1.84

%

USD

988

$

(22,314)

10-Year

Interest

Rate

Swap

(a)

1.93%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

02/23/23

1.93

USD

988

(25,178)

(47,492)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.84%

Semi-Annual

Deutsche

Bank

AG

02/16/23

1.84

USD

988

(58,810)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.93%

Semi-Annual

Bank

of

America

NA

02/23/23

1.93

USD

988

(54,334)

(113,144)

$

(160,636)

(a)

Forward

settling

swaption.

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)

28

day

MXIBTIIE

Monthly

4.29%

Monthly

N/A

01/13/23

MXN

38,534

$

(23,030)

$

—

$

(23,030)

28

day

MXIBTIIE

Monthly

4.18%

Monthly

N/A

02/16/23

MXN

19,007

(14,543)

—

(14,543)

28

day

MXIBTIIE

Monthly

5.22%

Monthly

N/A

03/29/23

MXN

20,872

2,643

—

2,643

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

26,871

(28,453)

—

(28,453)

28

day

MXIBTIIE

Monthly

5.47%

Monthly

N/A

03/21/24

MXN

6,729

(133)

—

(133)

28

day

MXIBTIIE

Monthly

5.50%

Monthly

N/A

03/21/24

MXN

6,736

146

—

146

0.64%

At

Termination

1

day

SONIA

At

Termination

03/01/24

(a)

03/01/25

GBP

7,955

7,887

—

7,887

0.63%

At

Termination

1

day

SONIA

At

Termination

03/01/24

(a)

03/01/25

GBP

7,955

8,213

—

8,213

0.61%

At

Termination

1

day

SONIA

At

Termination

03/11/24

(a)

03/11/25

GBP

11,170

16,413

—

16,413

2.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/23/26

USD

125

(12,120)

—

(12,120)

3.16%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/03/28

USD

152

(20,284)

—

(20,284)

3

month

LIBOR

Quarterly

1.70%

Semi-Annual

N/A

03/08/51

USD

1,894

(222,735)

—

(222,735)

3

month

LIBOR

Quarterly

1.77%

Semi-Annual

N/A

03/08/51

USD

1,780

(180,488)

—

(180,488)

1.50%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/51

USD

3,674

602,165

—

602,165

$

135,681

$

—

$

135,681

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

month

USCPI

At

Termination

2.32%

At

Termination

01/25/31

USD

3,320

$

(68,207)

$

—

$

(68,207)

1

month

USCPI

At

Termination

2.34%

At

Termination

01/25/31

USD

3,320

(63,818)

—

(63,818)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.33%

At

Termination

11/15/40

GBP

241

(27,299)

—

(27,299)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

250

(23,140)

—

(23,140)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

500

(46,068)

—

(46,068)

BlackRock

Total

Return

V.I.

Fund

28

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Centrally

Cleared

Inflation

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.30%

At

Termination

01/15/41

GBP

48

$

(6,641)

$

—

$

(6,641)

$

(235,173)

$

—

$

(235,173)

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)

Federative

Republic

of

Brazil

..

1.00

%

Quarterly

Barclays

Bank

plc

06/20/26

USD

1,395

$

83,356

$

80,332

$

3,024

Republic

of

Colombia

.......

1.00

Quarterly

Citibank

NA

06/20/26

USD

1,766

30,093

28,096

1,997

Republic

of

Indonesia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

USD

1,092

(6,296)

(6,291)

(5)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

241

15,615

17,024

(1,409)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

406

26,326

28,700

(2,374)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

2,527

164,005

178,791

(14,786)

Republic

of

the

Philippines

...

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

754

(21,277)

(20,336)

(941)

Russian

Federation

........

1.00

Quarterly

Citibank

NA

06/20/26

USD

732

3,951

3,211

740

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

1,714

11,693

11,282

411

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

150

(1,461)

1,840

(3,301)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

120

(1,169)

1,492

(2,661)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

100

(974)

1,227

(2,201)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

90

(877)

1,104

(1,981)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

230

(2,241)

3,039

(5,280)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8

879

433

446

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

77

(335)

(11)

(324)

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

180

(787)

(136)

(651)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

30

8,082

2,698

5,384

$

–

$

–

$

–

$

308,583

$

332,495

$

(23,912)

$

–

$

–

$

–

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)

CMBX.NA.3.AM

.......

0.50

%

Monthly

Credit

Suisse

International

12/13/49

NR

USD

—

$

—

$

(4)

$

4

CMBX.NA.9.BBB-

.....

3.00

Monthly

Deutsche

Bank

AG

09/17/58

NR

USD

29

(3,185)

(3,269)

84

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A-

USD

120

(2,641)

(4,859)

2,218

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A-

USD

60

(1,320)

(2,475)

1,155

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

10

(1,249)

(802)

(447)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

NR

USD

30

(8,082)

(2,230)

(5,852)

$

(16,477)

$

(13,639)

$

(2,838)

(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

Total

Return

V.I.

Fund

29

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

i

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.27%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

N/A

05/16/21

USD

470

$

(7,492)

$

—

$

(7,492)

1.42%

Semi-Annual

1

day

CLICP

Semi-Annual

Bank

of

America

NA

04/01/21

(a)

04/01/23

CLP

688,128

1,638

—

1,638

$

(5,854)

$

—

$

(5,854)

(a)

Forward

swap.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0.00

%

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.05

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

1.70

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.29

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.19

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

PLN

Polish

Zloty

RUB

New

Russian

Ruble

TRY

Turkish

Lira

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ABS

Asset-Backed

Security

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

PCL

Public

Company

Limited

RB

Revenue

Bonds

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

BlackRock

Total

Return

V.I.

Fund

30

Schedule

of

Investments

(unaudited)

(continued)

March

31,

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.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

29,205,235

$

3,171,661

$

32,376,896

Corporate

Bonds:

Aerospace

&

Defense

....................................

—

10,703,542

—

10,703,542

Air

Freight

&

Logistics

....................................

—

1,548,751

—

1,548,751

Airlines

..............................................

—

3,441,009

—

3,441,009

Auto

Components

......................................

—

198,971

—

198,971

Automobiles

..........................................

—

3,383,177

—

3,383,177

Banks

...............................................

—

45,631,704

—

45,631,704

Beverages

...........................................

—

5,074,423

—

5,074,423

Biotechnology

.........................................

—

6,723,862

—

6,723,862

Building

Products

.......................................

—

1,202,478

—

1,202,478

Capital

Markets

........................................

—

17,459,902

—

17,459,902

Chemicals

............................................

—

4,041,707

—

4,041,707

Commercial

Services

&

Supplies

.............................

—

2,563,540

—

2,563,540

Communications

Equipment

................................

—

1,067,249

—

1,067,249

Construction

&

Engineering

................................

—

301,670

—

301,670

Construction

Materials

....................................

—

17,361

—

17,361

Consumer

Finance

......................................

—

5,157,896

—

5,157,896

Containers

&

Packaging

..................................

—

329,499

—

329,499

Distributors

...........................................

—

282,589

—

282,589

Diversified

Financial

Services

...............................

—

2,540,034

—

2,540,034

Diversified

Telecommunication

Services

........................

—

13,253,276

—

13,253,276

Electric

Utilities

........................................

—

17,598,938

—

17,598,938

Electronic

Equipment,

Instruments

&

Components

.................

—

81,912

—

81,912

Energy

Equipment

&

Services

..............................

—

151,938

—

151,938

Entertainment

.........................................

—

1,517,256

—

1,517,256

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

7,843,090

716,485

8,559,575

Food

&

Staples

Retailing

..................................

—

858,586

—

858,586

Food

Products

.........................................

—

1,569,539

—

1,569,539

Gas

Utilities

...........................................

—

980,335

—

980,335

Health

Care

Equipment

&

Supplies

...........................

—

683,894

—

683,894

BlackRock

Total

Return

V.I.

Fund

31

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Level

1

Level

2

Level

3

Total

Health

Care

Providers

&

Services

............................

$

—

$

10,545,744

$

—

$

10,545,744

Hotels,

Restaurants

&

Leisure

..............................

—

3,746,402

—

3,746,402

Household

Durables

.....................................

—

522,155

—

522,155

Household

Products

.....................................

—

99,000

—

99,000

Independent

Power

and

Renewable

Electricity

Producers

............

—

35,163

—

35,163

Industrial

Conglomerates

..................................

—

1,288,493

—

1,288,493

Insurance

............................................

—

2,479,921

—

2,479,921

Internet

&

Direct

Marketing

Retail

............................

—

1,441,853

—

1,441,853

IT

Services

...........................................

—

6,381,811

—

6,381,811

Leisure

Products

.......................................

—

465,190

—

465,190

Life

Sciences

Tools

&

Services

..............................

—

1,342,137

—

1,342,137

Machinery

............................................

—

1,129,905

—

1,129,905

Media

...............................................

—

9,406,295

—

9,406,295

Metals

&

Mining

........................................

—

1,965,765

—

1,965,765

Multi-Utilities

..........................................

—

887,100

—

887,100

Oil,

Gas

&

Consumable

Fuels

...............................

—

18,222,518

—

18,222,518

Paper

&

Forest

Products

..................................

—

580,043

—

580,043

Pharmaceuticals

.......................................

—

4,132,248

—

4,132,248

Real

Estate

Management

&

Development

.......................

—

2,631,434

—

2,631,434

Road

&

Rail

...........................................

—

5,636,008

—

5,636,008

Semiconductors

&

Semiconductor

Equipment

....................

—

7,430,588

—

7,430,588

Software

.............................................

—

5,189,029

—

5,189,029

Specialty

Retail

........................................

—

1,897,904

—

1,897,904

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,624,638

—

2,624,638

Textiles,

Apparel

&

Luxury

Goods

............................

—

193,342

—

193,342

Thrifts

&

Mortgage

Finance

................................

—

610,250

—

610,250

Tobacco

.............................................

—

4,538,654

—

4,538,654

Trading

Companies

&

Distributors

............................

—

933,158

—

933,158

Wireless

Telecommunication

Services

.........................

—

5,017,957

—

5,017,957

Floating

Rate

Loan

Interests:

Air

Freight

&

Logistics

....................................

—

267,562

—

267,562

Building

Products

.......................................

—

145,436

—

145,436

Consumer

Finance

......................................

—

—

29,340

29,340

Diversified

Financial

Services

...............................

—

268,202

—

268,202

Health

Care

Providers

&

Services

............................

—

44,405

—

44,405

Hotels,

Restaurants

&

Leisure

..............................

—

179,918

149,649

329,567

Media

...............................................

—

195,946

—

195,946

Oil,

Gas

&

Consumable

Fuels

...............................

—

459,930

—

459,930

Pharmaceuticals

.......................................

—

280,444

—

280,444

Road

&

Rail

...........................................

—

166,631

—

166,631

Thrifts

&

Mortgage

Finance

................................

—

—

329,518

329,518

Foreign

Agency

Obligations

.................................

—

2,724,046

—

2,724,046

Foreign

Government

Obligations

..............................

—

46,483,377

—

46,483,377

Investment

Companies

....................................

85,096,719

—

—

85,096,719

Municipal

Bonds

.........................................

—

4,298,082

—

4,298,082

Non-Agency

Mortgage-Backed

Securities

........................

—

14,210,102

98,924

14,309,026

Capital

Trusts

...........................................

—

3,473,449

—

3,473,449

U.S.

Government

Sponsored

Agency

Securities

....................

—

330,725,374

—

330,725,374

U.S.

Treasury

Obligations

...................................

—

100,320,799

—

100,320,799

Short-Term

Securities

.......................................

76,279,008

—

—

76,279,008

Options

Purchased:

Foreign

currency

exchange

contracts

...........................

—

385,934

—

385,934

Interest

rate

contracts

......................................

4,748,951

—

—

4,748,951

Liabilities:

Investments:

TBA

Sale

Commitments

....................................

—

(137,381,655)

—

(137,381,655)

$

166,124,678

$

654,036,050

$

4,495,577

$

824,656,305

Derivative

Financial

Instruments

(a)

Assets:

Credit

contracts

...........................................

$

—

$

15,463

$

—

$

15,463

Foreign

currency

exchange

contracts

............................

—

456,288

—

456,288

Interest

rate

contracts

.......................................

1,581,202

639,105

—

2,220,307

Liabilities:

Credit

contracts

...........................................

—

(42,213)

—

(42,213)

Foreign

currency

exchange

contracts

............................

—

(263,861)

—

(263,861)

BlackRock

Total

Return

V.I.

Fund

32

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Level

1

Level

2

Level

3

Total

Interest

rate

contracts

.......................................

$

(5,306,688)

$

(669,914)

$

—

$

(5,976,602)

Other

contracts

...........................................

—

(235,173)

—

(235,173)

$

(3,725,486)

$

(100,305)

$

—

$

(3,825,791)

(a)

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.