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

BlackRock

Total

Return

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

2.8%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

:

Series

2003-OP1,

Class

A2,

(LIBOR

USD

1

Month

+

0.72%),

0.81%,

12/25/33

....

USD

122

$

115,971

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.35%,

05/25/37

....

91

22,417

Adams

Mill

CLO

Ltd.,

Series

2014-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/15/26

(a)(b)(c)

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

20

20,036

Ajax

Mortgage

Loan

Trust

(b)

:

Series

2018-A,

Class

B,

0.00%,

04/25/58

..

4

3,387

Series

2018-B,

Class

B,

0.00%,

02/26/57

..

15

6,725

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)

291

295,571

Series

2018-D,

Class

B,

0.00%,

08/25/58

(a)(d)

109

76,773

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

4

3,969

Series

2018-F,

Class

C,

0.00%,

11/25/58

(d)

.

18

11,716

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)

377

376,819

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(d)

103

77,765

Series

2018-G,

Class

C,

5.25%,

06/25/57

.

226

222,641

Series

2019-A,

Class

A,

3.75%,

08/25/57

(a)

343

346,893

Series

2019-A,

Class

B,

5.25%,

08/25/57

(a)

100

99,103

Series

2019-A,

Class

C,

0.00%,

08/25/57

(d)

185

152,909

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

609

616,453

Series

2019-B,

Class

B,

5.25%,

01/25/59

(a)(d)

117

88,335

Series

2019-B,

Class

C,

0.00%,

01/25/59

.

298

255,425

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.21%,

10/21/28

(a)(b)(c)

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

472

471,541

American

Homes

4

Rent

Trust,

Series

2014-

SFR3,

Class

A,

3.68%,

12/17/36

(b)

......

175

186,032

Anchorage

Capital

CLO

1-R

Ltd.,

Series

2018-

1RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.99%),

1.12%,

04/13/31

(a)(b)(c)

.........

310

309,918

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)(c)

:

Series

2014-4RA,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

1.18%,

01/28/31

....

250

249,954

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

01/28/31

....

250

249,402

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)(c)

:

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

01/15/30

....

500

499,646

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

01/15/30

....

250

249,809

Anchorage

Capital

CLO

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

10/13/30

(a)(b)(c)

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

250

250,011

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.21%,

04/15/31

(a)(b)(c)

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

500

499,747

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.14%,

04/20/31

(a)(b)(c)

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

500

499,923

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.30%,

10/15/30

(a)(b)(c)

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

250

250,003

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.48%),

0.57%,

05/25/35

(a)

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

40

37,573

Babson

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.19%),

1.32%,

10/20/30

(a)(b)(c)

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

260

260,418

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.41%,

12/10/25

(a)

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

300

112,911

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

:

Series

2004-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.09%,

05/28/39

(d)

...

USD

87

$

75,349

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.09%,

02/28/40

....

119

115,395

Series

2005-E,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.09%,

12/28/40

....

41

38,236

BCMSC

Trust

(a)

:

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

40

8,984

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

37

8,623

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

27

6,606

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

:

Series

2007-FS1,

Class

1A3,

(LIBOR

USD

1

Month

+

0.17%),

0.25%,

05/25/35

....

21

20,941

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

29

28,358

Series

2007-HE3,

Class

1A4,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

04/25/37

....

195

198,088

BlueMountain

CLO

Ltd.

(a)(b)(c)

:

Series

2013-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.23%),

1.36%,

01/20/29

....

176

176,017

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.32%,

10/22/30

....

490

490,820

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

10/25/36

(a)

...........

48

47,369

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

07/20/30

(a)(b)

(c)

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

250

250,153

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

10/25/36

(a)

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

46

38,293

CIFC

Funding

Ltd.,

Series

2014-4RA,

Class

A1A,

(LIBOR

USD

3

Month

+

1.13%),

1.26%,

10/17/30

(a)(b)(c)

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

540

539,905

Citigroup

Mortgage

Loan

Trust

(a)

:

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

05/25/37

...

190

159,242

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.36%,

05/25/37

...

86

72,830

Conseco

Finance

Corp.

(a)

:

Series

1997-3,

Class

M1,

7.53%,

03/15/28

.

31

31,874

Series

1997-6,

Class

M1,

7.21%,

01/15/29

.

20

20,433

Series

1998-8,

Class

M1,

6.98%,

09/01/30

.

103

99,366

Series

1999-5,

Class

A5,

7.86%,

03/01/30

.

27

14,980

Series

1999-5,

Class

A6,

7.50%,

03/01/30

.

28

15,250

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.58%,

11/15/32

....

38

34,497

Conseco

Finance

Securitizations

Corp.:

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

56

16,852

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

44,102

Series

2000-5,

Class

A7,

8.20%,

05/01/31

.

138

56,615

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.31%,

12/25/25

(a)

..........

—

(e)

476

Credit-Based

Asset

Servicing

&

Securitization

LLC:

Series

2006-CB2,

Class

AF4,

6.20%,

12/25/36

(f)

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

12

12,304

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(f)

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

100

102,416

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)(f)

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

78

6,366

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

07/25/37

(a)(b)

..

43

35,502

BlackRock

Total

Return

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CWABS

Asset-Backed

Certificates

Trust

(a)

:

Series

2005-16,

Class

1AF,

5.69%,

04/25/36

USD

99

$

97,730

Series

2006-11,

Class

3AV2,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

09/25/46

....

3

3,244

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(LIBOR

USD

1

Month

+

0.27%),

0.35%,

03/15/34

(a)

.....

15

14,434

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

0.99%,

10/25/34

(a)

.....

85

83,804

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

3

4,022

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

:

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.38%,

12/15/33

...

10

9,171

Series

2006-RES,

Class

5B1B,

(LIBOR

USD

1

Month

+

0.19%),

0.27%,

05/15/35

...

4

4,085

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

:

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.26%,

05/15/35

....

7

6,573

Series

2006-C,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.26%,

05/15/36

....

54

53,087

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.23%,

11/15/36

....

35

31,094

Dorchester

Park

CLO

DAC,

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

04/20/28

(a)(b)

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

250

249,941

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.25%,

01/15/31

(a)(b)(c)

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

800

799,774

Dryden

XXV

Senior

Loan

Fund,

Series

2012-

25A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.90%),

1.03%,

10/15/27

(a)(b)(c)

.........

179

178,956

First

Franklin

Mortgage

Loan

Trust

(a)

:

Series

2004-FFH3,

Class

M3,

(LIBOR

USD

1

Month

+

1.05%),

1.14%,

10/25/34

...

33

32,286

Series

2006-FF16,

Class

2A3,

(LIBOR

USD

1

Month

+

0.28%),

0.37%,

12/25/36

...

610

346,040

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.24%,

12/25/36

....

415

404,196

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

01/25/36

...

95

87,178

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.37%,

02/25/37

(a)

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

86

70,700

GE-WMC

Asset-Backed

Pass-Through

Certificates,

Series

2005-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.50%),

0.59%,

12/25/35

(a)

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

3

2,604

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

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

26

7,454

GSAMP

Trust

(a)

:

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

01/25/47

....

24

16,216

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

3.38%),

3.46%,

02/25/47

....

40

43,335

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.21%,

07/25/27

(a)(b)(c)

.........

39

38,899

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

05/25/37

(a)

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

82

74,856

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Home

Equity

Mortgage

Loan

Asset-Backed

Trust

(a)

:

Series

2004-A,

Class

M2,

(LIBOR

USD

1

Month

+

2.03%),

2.11%,

07/25/34

....

USD

19

$

18,630

Series

2007-A,

Class

2A2,

(LIBOR

USD

1

Month

+

0.19%),

0.28%,

04/25/37

....

59

46,731

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(f)

..........

55

9,018

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

0.80%,

04/15/36

(a)

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

17

16,035

HPS

Loan

Management

Ltd.,

Series

6A-2015,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.12%,

02/05/31

(a)(b)(c)

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

248

248,235

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.27%,

10/19/28

(a)(b)(c)

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

221

221,322

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

(LIBOR

USD

1

Month

+

1.00%),

1.08%,

07/17/37

(a)(b)

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

117

117,625

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)(f)

........

19

19,297

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(LIBOR

USD

1

Month

+

0.41%),

0.49%,

05/25/36

(a)

..........

100

98,944

LCM

26

Ltd.,

Series

26A,

Class

A1,

(LIBOR

USD

3

Month

+

1.07%),

1.20%,

01/20/31

(a)(b)

(c)

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

280

280,000

LCM

XX

LP,

Series

20A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.17%,

10/20/27

(a)(b)

(c)

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

144

143,504

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

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

52

55,644

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,  4.00%,

10/30/27

(d)

...........

13

12,633

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.34%,

03/25/32

(a)

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

19

18,746

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.95%),

1.08%,

04/19/30

(a)(b)(c)

.........

575

575,096

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.32%,

10/21/30

(a)(b)(c)

.........

510

510,702

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

07/29/30

(a)(b)(c)

.........

270

270,359

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

12/18/30

(a)(b)(c)

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

250

249,933

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(LIBOR

USD

1

Month

+

0.26%),

0.35%,

06/25/46

(a)(b)

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

12

12,138

Merrill

Lynch

Mortgage

Investors

Trust

(a)

:

Series

2006-OPT1,

Class

M1,

(LIBOR

USD

1

Month

+

0.26%),

0.35%,

08/25/37

...

34

30,888

Series

2006-RM3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.18%),

0.27%,

06/25/37

...

26

7,241

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

:

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

12/25/34

...

155

146,291

Series

2005-HE5,

Class

M4,

(LIBOR

USD

1

Month

+

0.87%),

0.96%,

09/25/35

....

131

133,549

BlackRock

Total

Return

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

10/20/30

(a)(b)(c)

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

USD

250

$

250,064

Navient

Private

Education

Loan

Trust,

Series

2014-AA,

Class

A2B,

(LIBOR

USD

1

Month

+

1.25%),

1.33%,

02/15/29

(a)(b)

.........

112

112,124

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.30%,

10/18/30

(a)(b)(c)

...

250

250,003

Oakwood

Mortgage

Investors,

Inc.

(a)

:

Series

2001-D,

Class

A2,

5.26%,

01/15/19

.

17

11,138

Series

2001-D,

Class

A4,

6.93%,

09/15/31

.

10

7,387

Series

2002-B,

Class

M1,

7.62%,

06/15/32

80

70,273

OCP

CLO

Ltd.

(a)(b)(c)

:

Series

2016-12A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

1.25%,

10/18/28

....

170

170,278

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.95%),

2.08%,

11/20/30

....

250

249,344

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.15%,

07/17/30

(a)(b)(c)

........

250

249,841

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.00%),

1.13%,

01/25/31

(a)(b)(c)

........

250

249,930

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.17%,

05/23/31

(a)(b)(c)

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

225

224,864

Option

One

Mortgage

Loan

Trust:

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.30%,

03/25/37

(a)

...

90

75,888

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(f)

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

79

78,168

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(f)

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

198

197,929

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(f)

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

106

106,767

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.28%,

10/15/37

(a)(b)(d)

...

44

43,080

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(f)

.........

70

69,385

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.39%,

10/22/30

(a)(b)(c)

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

383

382,656

Palmer

Square

CLO

Ltd.

(a)(b)(c)

:

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.13%),

1.26%,

01/17/31

....

250

250,060

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.16%,

04/18/31

....

250

250,045

Series

2018-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/16/31

....

420

420,095

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/25/31

(a)(b)(c)

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

246

246,490

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.32%,

10/20/30

(a)(b)(c)

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

250

250,000

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.16%,

04/20/31

(a)(b)(c)

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

247

247,506

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

1.22%,

01/15/30

(a)(b)(c)

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

1,250

1,252,348

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(LIBOR

USD

1

Month

+

0.21%),

0.30%,

10/25/36

(a)

...........

100

84,477

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Signal

Peak

CLO

4

Ltd.,

Series

2017-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.21%),

1.34%,

10/26/29

(a)(b)(c)

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

USD

250

$

250,112

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

A,

(LIBOR

USD

3

Month

+

1.11%),

1.24%,

04/25/31

(a)(b)(c)

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

250

249,927

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.37%,

07/20/30

(a)(b)(c)

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

250

250,128

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

0.45%,

03/15/24

(a)

...........

82

81,888

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

.....

100

102,988

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(LIBOR

USD

1

Month

+

0.80%),

0.88%,

01/25/35

(a)

...........

1

1,322

Towd

Point

Mortgage

Trust,

Series

2019-SJ2,

Class

M1,

4.50%,

11/25/58

(a)(b)

.........

340

341,482

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

......

100

104,350

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(LIBOR

USD

3

Month

+

1.22%),

1.35%,

10/15/29

(a)(b)(c)

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

315

315,080

Voya

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.13%),

1.26%,

10/15/30

(a)(b)(c)

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

250

249,937

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.22%,

07/25/37

(a)(b)

52

49,548

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

:

Series

2006-HE4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.18%),

0.45%,

09/25/36

....

137

55,897

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.24%,

10/25/36

....

128

110,648

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(LIBOR

USD

1

Month

+

0.40%),

0.49%,

06/25/37

(a)(b)

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

84

36,545

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.29%,

01/22/31

(a)(b)(c)

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

250

249,999

Total

Asset-Backed

Securities

—

2.8%

(Cost:

$23,915,788)

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

23,838,269

Corporate

Bonds

—

31.1%

Aerospace

&

Defense

—

1.5%

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25

(b)

(c)

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

165

179,991

BAE

Systems

plc,

3.40%,

04/15/30

(b)(c)

.....

737

795,522

Boeing

Co.

(The):

5.81%,

05/01/50

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

189

251,932

5.93%,

05/01/60

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

242

330,590

Embraer

Netherlands

Finance

BV

(c)

:

5.05%,

06/15/25

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

68

71,562

5.40%,

02/01/27

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

36

38,362

Embraer

Overseas

Ltd.,

5.70%,

09/16/23

(c)(g)

.

49

51,995

General

Dynamics

Corp.,

3.63%,

04/01/30

..

584

654,164

Huntington

Ingalls

Industries,

Inc.:

3.84%,

05/01/25

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

79

85,562

2.04%,

08/16/28

(b)

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

140

138,108

4.20%,

05/01/30

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

339

382,635

L3Harris

Technologies,

Inc.:

4.40%,

06/15/28

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

680

775,952

2.90%,

12/15/29

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

300

313,695

BlackRock

Total

Return

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

1.80%,

01/15/31

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

USD

458

$

441,965

Leidos

,

Inc.:

4.38%,

05/15/30

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

607

685,673

2.30%,

02/15/31

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

466

455,306

Lockheed

Martin

Corp.:

3.60%,

03/01/35

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

451

510,155

4.07%,

12/15/42

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

34

40,730

3.80%,

03/01/45

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

112

129,914

2.80%,

06/15/50

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

132

130,504

Northrop

Grumman

Corp.:

3.25%,

01/15/28

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

836

904,466

4.03%,

10/15/47

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

330

386,338

5.25%,

05/01/50

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

137

192,119

Raytheon

Technologies

Corp.:

3.15%,

12/15/24

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

155

164,554

7.20%,

08/15/27

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

45

58,613

7.00%,

11/01/28

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

360

469,424

4.13%,

11/16/28

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

1,381

1,571,835

2.15%,

05/18/30

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

EUR

155

200,134

3.75%,

11/01/46

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

USD

130

144,333

4.63%,

11/16/48

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

53

67,240

2.82%,

09/01/51

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

335

317,515

Textron,

Inc.:

3.90%,

09/17/29

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

336

372,365

2.45%,

03/15/31

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

110

110,221

TransDigm

,

Inc.

(b)

:

8.00%,

12/15/25

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

246

262,298

6.25%,

03/15/26

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

594

619,245

12,305,017

Air

Freight

&

Logistics

—

0.2%

FedEx

Corp.:

4.25%,

05/15/30

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

779

894,142

2.40%,

05/15/31

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

606

611,242

United

Parcel

Service,

Inc.,

3.40%,

03/15/29

.

168

186,735

1,692,119

Airlines

—

0.5%

Air

Canada

Pass-Through

Trust

(b)(c)

:

Series

2017-1,

Class

B,

3.70%,

01/15/26

.

1

689

Series

2017-1,

Class

AA,

3.30%,

01/15/30

81

82,896

American

Airlines

Pass-Through

Trust:

Series

2013-2,

Class

A,

4.95%,

01/15/23

.

30

30,938

Series

2015-2,

Class

B,

4.40%,

09/22/23

.

213

209,304

Series

2016-1,

Class

B,

5.25%,

01/15/24

.

151

148,937

Series

2017-1,

Class

B,

4.95%,

02/15/25

.

44

44,364

Series

2015-2,

Class

AA,

3.60%,

09/22/27

38

39,053

Series

2016-1,

Class

AA,

3.58%,

01/15/28

99

101,023

Series

2019-1,

Class

B,

3.85%,

02/15/28

.

202

192,203

Series

2016-2,

Class

AA,

3.20%,

06/15/28

69

69,703

Series

2016-3,

Class

AA,

3.00%,

10/15/28

335

334,431

Series

2017-1,

Class

AA,

3.65%,

02/15/29

54

55,643

Series

2019-1,

Class

AA,

3.15%,

02/15/32

198

199,466

Avianca

Holdings

SA,

9.00%,

03/31/22

(c)

....

113

112,529

Azul

Investments

LLP,

7.25%,

06/15/26

(b)(c)

..

200

191,000

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

452

477,058

Gol

Finance

SA,

7.00%,

01/31/25

(b)(c)

......

107

101,369

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)(c)

....

26

24,513

United

Airlines

Pass-Through

Trust:

Series

2014-1,

Class

B,

4.75%,

04/11/22

.

10

9,989

Series

2014-2,

Class

B,

4.63%,

09/03/22

.

16

15,874

Series

2016-2,

Class

B,

3.65%,

10/07/25

.

10

9,803

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

126

133,558

Series

2014-1,

Class

A,

4.00%,

04/11/26

.

129

135,630

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

USD

737

$

825,118

Series

2015-1,

Class

AA,

3.45%,

12/01/27

35

36,759

Series

2019-2,

Class

B,

3.50%,

05/01/28

.

142

139,182

Series

2016-1,

Class

AA,

3.10%,

07/07/28

11

11,511

Series

2016-2,

Class

AA,

2.88%,

10/07/28

70

71,049

Series

2018-1,

Class

AA,

3.50%,

03/01/30

34

36,222

Series

2019-2,

Class

AA,

2.70%,

05/01/32

125

126,310

3,966,124

Auto

Components

—

0.0%

Magna

International,

Inc.,

2.45%,

06/15/30

(c)

.

122

123,896

Automobiles

—

0.3%

General

Motors

Co.:

4.88%,

10/02/23

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

77

83,226

6.13%,

10/01/25

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

222

260,115

Hyundai

Capital

America,

3.95%,

02/01/22

(b)

.

305

308,435

Nissan

Motor

Acceptance

Co.

LLC,

2.45%,

09/15/28

(b)

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

47

46,475

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)(c)

..

1,359

1,528,469

2,226,720

Banks

—

4.9%

Banco

Santander

SA

(c)

:

2.71%,

06/27/24

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

600

631,071

1.85%,

03/25/26

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

400

405,146

3.31%,

06/27/29

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

400

432,550

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)(c)(g)

.........

200

203,345

Bank

of

America

Corp.:

(LIBOR

USD

3

Month

+

1.02%),

2.88%,

04/24/23

(a)

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

127

128,739

(LIBOR

USD

3

Month

+

0.93%),

2.82%,

07/21/23

(a)

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

83

84,578

(LIBOR

USD

3

Month

+

0.78%),

3.55%,

03/05/24

(a)

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

234

243,932

(LIBOR

USD

3

Month

+

0.94%),

3.86%,

07/23/24

(a)

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

116

122,762

4.00%,

01/22/25

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

287

311,873

Series

L,

3.95%,

04/21/25

...........

327

356,352

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

2,025

2,115,173

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

236

252,149

(LIBOR

USD

3

Month

+

0.64%),

2.01%,

02/13/26

(a)

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

512

525,298

4.45%,

03/03/26

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

272

304,567

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

....

851

844,605

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

(a)

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

1,751

1,761,051

(SOFR

+

0.96%),

1.73%,

07/22/27

(a)

....

1,540

1,546,337

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

875

961,598

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

(a)

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

760

861,811

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

758

848,599

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

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

422

449,028

(SOFR

+

1.22%),

2.30%,

07/21/32

(a)

....

981

966,994

(LIBOR

USD

3

Month

+

1.32%),

4.08%,

04/23/40

(a)

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

464

534,184

(SOFR

+

1.93%),

2.68%,

06/19/41

(a)

....

465

448,919

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.87%

(a)(c)(g)(h)

..........

250

258,438

BlackRock

Total

Return

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Barclays

plc,

(LIBOR

USD

3

Month

+

1.90%),

4.97%,

05/16/29

(a)(c)

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

USD

836

$

971,948

Citigroup,

Inc.

(a)

:

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

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

1,396

1,534,488

(SOFR

+

1.42%),

2.98%,

11/05/30

......

1,654

1,738,995

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

143

153,168

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

(c)

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

316

326,336

Danske

Bank

A/S

(c)

:

5.00%,

01/12/22

(b)

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

400

404,809

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

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

263

264,251

5.38%,

01/12/24

(g)

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

200

219,501

5.38%,

01/12/24

(b)

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

602

660,696

1.55%,

09/10/27

(b)

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

592

587,354

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)(c)

......

200

196,725

HSBC

Holdings

plc

(a)(c)

:

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

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

531

602,878

(SOFR

+

1.29%),

2.21%,

08/17/29

......

208

206,307

(LIBOR

USD

3

Month

+

1.61%),

3.97%,

05/22/30

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

200

220,748

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.70%

(h)

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

510

517,012

ING

Groep

NV,

4.63%,

01/06/26

(b)(c)

.......

202

229,247

Itau

Unibanco

Holding

SA,

2.90%,

01/24/23

(b)(c)

250

254,062

JPMorgan

Chase

&

Co.:

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

1,450

1,553,067

3.13%,

01/23/25

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

307

326,304

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

137

142,098

(SOFR

+

1.59%),

2.00%,

03/13/26

(a)

....

1,241

1,271,138

3.20%,

06/15/26

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

78

84,257

(SOFR

+

0.80%),

1.05%,

11/19/26

(a)

.....

264

259,996

(LIBOR

USD

3

Month

+

1.25%),

3.96%,

01/29/27

(a)

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

988

1,090,349

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

527

580,705

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

(a)

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

1,765

1,927,797

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

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

42

48,377

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

....

420

436,059

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

(a)

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

117

141,072

(LIBOR

USD

3

Month

+

1.46%),

4.03%,

07/24/48

(a)

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

470

547,736

(SOFR

+

1.58%),

3.33%,

04/22/52

(a)

....

15

15,713

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

(a)(c)(g)

.........

200

201,475

Lloyds

Banking

Group

plc

(c)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.63%,

05/11/27

(a)

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

373

372,686

4.38%,

03/22/28

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

228

259,346

Mitsubishi

UFJ

Financial

Group,

Inc.

(c)

:

2.62%,

07/18/22

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

807

821,860

2.19%,

02/25/25

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

868

897,836

Mizuho

Financial

Group,

Inc.

(a)(c)

:

(SOFR

+

1.36%),

2.55%,

09/13/25

......

719

752,499

(SOFR

+

1.77%),

2.20%,

07/10/31

......

200

196,678

(SOFR

+

1.53%),

1.98%,

09/08/31

......

425

410,255

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

NBK

Tier

1

Financing

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.62%

(a)(b)(c)(h)

..........

USD

200

$

200,125

Santander

UK

Group

Holdings

plc

(c)

:

3.57%,

01/10/23

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

963

971,287

(SOFR

+

0.79%),

1.09%,

03/15/25

(a)

....

606

607,063

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

08/21/26

(a)

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

240

239,518

Sumitomo

Mitsui

Financial

Group,

Inc.

(c)

:

2.70%,

07/16/24

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

395

414,896

2.35%,

01/15/25

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

644

668,694

3.78%,

03/09/26

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

75

82,729

Washington

Mutual

Escrow

Bonds

(d)(

i

)(j)

:

0.00%,

11/06/09

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

300

—

0.00%,

09/19/17

(k)

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

250

—

0.00%,

09/29/17

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

500

—

Wells

Fargo

&

Co.

(a)

:

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

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

383

419,335

(SOFR

+

1.43%),

2.88%,

10/30/30

......

167

174,408

(SOFR

+

4.03%),

4.48%,

04/04/31

......

179

208,407

(SOFR

+

2.53%),

3.07%,

04/30/41

......

646

663,825

41,675,214

Beverages

—

0.6%

Anheuser-Busch

Cos.

LLC

(c)

:

4.70%,

02/01/36

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

1,243

1,502,092

4.90%,

02/01/46

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

195

239,697

Anheuser-Busch

InBev

Finance,

Inc.,

4.00%,

01/17/43

(c)

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

92

101,440

Anheuser-Busch

InBev

Worldwide,

Inc.

(c)

:

4.00%,

04/13/28

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

1,667

1,881,323

4.60%,

04/15/48

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

507

605,269

Coca-Cola

Co.

(The):

2.50%,

06/01/40

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

200

194,386

1.00%,

03/09/41

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

EUR

210

233,742

Keurig

Dr

Pepper,

Inc.,

3.20%,

05/01/30

....

USD

421

453,401

5,211,350

Biotechnology

—

0.7%

AbbVie,

Inc.:

2.30%,

11/21/22

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

197

201,061

2.60%,

11/21/24

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

1,571

1,651,482

4.55%,

03/15/35

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

129

154,595

4.50%,

05/14/35

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

603

720,802

4.85%,

06/15/44

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

3

3,774

4.70%,

05/14/45

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

342

421,932

4.88%,

11/14/48

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

50

64,140

4.25%,

11/21/49

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

226

267,687

Amgen,

Inc.:

2.45%,

02/21/30

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

350

357,452

4.40%,

05/01/45

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

456

545,457

Biogen,

Inc.:

2.25%,

05/01/30

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

393

390,890

3.15%,

05/01/50

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

176

167,752

Gilead

Sciences,

Inc.:

4.75%,

03/01/46

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

549

690,357

4.15%,

03/01/47

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

69

80,734

5,718,115

Building

Products

—

0.1%

Carrier

Global

Corp.,

2.24%,

02/15/25

.....

981

1,016,312

Johnson

Controls

International

plc,

5.13%,

09/14/45

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

5

6,552

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

36

37,908

Owens

Corning,

3.95%,

08/15/29

........

41

45,745

BlackRock

Total

Return

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

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

USD

35

$

36,094

4.75%,

01/15/28

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

15

15,562

1,158,173

Capital

Markets

—

2.8%

Credit

Suisse

AG

(c)

:

3.63%,

09/09/24

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

263

283,468

1.25%,

08/07/26

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

1,072

1,056,773

Credit

Suisse

Group

AG

(a)(b)(c)

:

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

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

252

266,091

(SOFR

+

1.73%),

3.09%,

05/14/32

......

250

255,631

Deutsche

Bank

AG

(c)

:

(SOFR

+

1.13%),

1.45%,

04/01/25

(a)

....

584

588,034

1.69%,

03/19/26

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

905

910,143

Goldman

Sachs

Group,

Inc.

(The):

4.00%,

03/03/24

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

1,226

1,320,690

3.50%,

01/23/25

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

180

192,804

3.50%,

04/01/25

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

3,281

3,527,414

3.75%,

05/22/25

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

647

701,134

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

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

163

174,057

(SOFR

+

0.61%),

0.86%,

02/12/26

(a)

....

933

924,014

3.75%,

02/25/26

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

199

218,370

(LIBOR

USD

3

Month

+

1.17%),

1.29%,

05/15/26

(a)

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

300

307,513

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

700

698,075

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

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

704

774,915

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

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

653

737,969

Huarong

Finance

Co.

Ltd.,

3.88%,

11/13/29

(c)(g)

200

175,500

Intercontinental

Exchange,

Inc.:

3.75%,

09/21/28

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

121

134,996

2.10%,

06/15/30

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

150

148,337

1.85%,

09/15/32

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

172

161,863

Moody's

Corp.,

3.25%,

01/15/28

.........

225

244,361

Morgan

Stanley:

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

....

3

3,143

3.88%,

01/27/26

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

775

857,922

3.63%,

01/20/27

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

1,244

1,371,308

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

1,367

1,371,067

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

....

261

259,759

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

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

285

312,542

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

376

416,050

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

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

961

1,109,639

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,655

1,706,459

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

130

143,282

(SOFR

+

1.18%),

2.24%,

07/21/32

(a)

....

138

135,625

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

299

312,790

Nomura

Holdings,

Inc.,

2.61%,

07/14/31

(c)

...

543

541,028

Northern

Trust

Corp.,

3.15%,

05/03/29

.....

107

116,776

UBS

Group

AG

(a)(b)(c)

:

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(h)

490

534,570

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.49%,

08/10/27

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

740

731,432

XP,

Inc.,

3.25%,

07/01/26

(b)(c)

...........

200

194,500

23,920,044

Security

Par

(000)

Par

(000)

Value

Chemicals

—

0.4%

Braskem

Netherlands

Finance

BV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

01/23/81

(a)

(b)(c)

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

USD

262

$

300,039

Cydsa

SAB

de

CV,

6.25%,

10/04/27

(b)(c)

....

200

207,600

Dow

Chemical

Co.

(The),

1.13%,

03/15/32

..

EUR

115

135,707

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

USD

515

579,074

Ecolab,

Inc.,

2.75%,

08/18/55

(b)

.........

400

384,337

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

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

255

290,434

MEGlobal

Canada

ULC

(c)

:

5.00%,

05/18/25

(b)

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

200

220,287

5.00%,

05/18/25

(g)

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

200

220,288

Orbia

Advance

Corp.

SAB

de

CV,

1.88%,

05/11/26

(b)(c)

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

200

199,578

Sasol

Financing

USA

LLC,

5.50%,

03/18/31

(c)

.

200

204,050

Sherwin-Williams

Co.

(The):

4.20%,

01/15/22

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

260

260,312

2.30%,

05/15/30

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

352

355,312

Westlake

Chemical

Corp.,

3.38%,

08/15/61

..

216

203,148

3,560,166

Commercial

Services

&

Supplies

—

0.2%

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

83

85,282

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(b)

.....

38

39,425

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

71

71,799

RELX

Capital,

Inc.

(c)

:

3.50%,

03/16/23

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

80

83,357

4.00%,

03/18/29

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

404

454,641

3.00%,

05/22/30

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

507

538,234

Republic

Services,

Inc.:

2.90%,

07/01/26

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

131

139,421

3.95%,

05/15/28

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

81

91,379

Waste

Management,

Inc.:

1.15%,

03/15/28

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

370

356,283

2.00%,

06/01/29

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

101

101,435

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

37

37,370

1,998,626

Communications

Equipment

—

0.2%

Juniper

Networks,

Inc.,

2.00%,

12/10/30

....

156

149,423

Motorola

Solutions,

Inc.:

4.60%,

05/23/29

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

623

723,506

2.75%,

05/24/31

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

663

676,603

5.50%,

09/01/44

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

207

269,711

1,819,243

Construction

&

Engineering

—

0.0%

(c)

Mexico

City

Airport

Trust,

5.50%,

07/31/47

(g)

.

200

203,250

Stoneway

Capital

Corp.

(

i

)(j)

:

10.00%,

03/01/27

(b)

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

133

33,873

10.00%,

03/01/27

(g)

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

133

33,874

270,997

Consumer

Finance

—

0.4%

AerCap

Ireland

Capital

DAC

(c)

:

1.75%,

01/30/26

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

150

148,468

4.45%,

04/03/26

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

190

206,955

Capital

One

Financial

Corp.,

3.90%,

01/29/24

185

198,024

Discover

Financial

Services,

4.50%,

01/30/26

149

166,905

General

Motors

Financial

Co.,

Inc.:

3.70%,

05/09/23

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

66

68,861

5.10%,

01/17/24

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

173

188,861

4.00%,

01/15/25

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

341

369,161

4.35%,

04/09/25

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

396

434,817

2.75%,

06/20/25

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

318

332,469

1.25%,

01/08/26

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

105

103,668

2.70%,

06/10/31

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

11

10,966

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Hyundai

Capital

Services,

Inc.,

3.00%,

08/29/22

(b)(c)

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

USD

250

$

254,734

Navient

Corp.:

7.25%,

09/25/23

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

39

42,530

5.88%,

10/25/24

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

37

39,498

6.75%,

06/25/25

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

38

41,515

6.75%,

06/15/26

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

37

40,834

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(c)(g)

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

200

203,287

Synchrony

Financial:

4.50%,

07/23/25

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

5

5,521

3.70%,

08/04/26

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

91

98,745

2,955,819

Containers

&

Packaging

—

0.1%

Ball

Corp.,

4.88%,

03/15/26

...........

11

12,128

International

Paper

Co.,

6.00%,

11/15/41

...

42

58,720

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)(c)

...

200

191,000

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

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

52

54,990

Packaging

Corp.

of

America,

3.05%,

10/01/51

78

76,911

393,749

Distributors

—

0.0%

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%,

01/15/28

(b)

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

60

61,275

Diversified

Financial

Services

—

0.3%

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)(c)

..

200

204,913

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%),

4.30%

(a)(c)(g)(h)

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

200

201,375

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

745

894,039

MDGH

-

GMTN

BV,

2.88%,

11/07/29

(b)(c)

....

200

210,725

Operadora

de

Servicios

Mega

SA

de

CV

SOFOM

ER,

8.25%,

02/11/25

(b)(c)

.......

200

201,100

ORIX

Corp.,

2.90%,

07/18/22

(c)

.........

155

158,159

Shell

International

Finance

BV,

2.38%,

11/07/29

(c)

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

964

1,001,378

2,871,689

Diversified

Telecommunication

Services

—

1.6%

AT&T,

Inc.:

0.00%,

11/27/22

(b)(k)

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

1,000

993,053

1.65%,

02/01/28

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

277

274,782

4.35%,

03/01/29

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

505

579,043

2.75%,

06/01/31

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

669

686,929

2.55%,

12/01/33

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

203

199,715

4.50%,

05/15/35

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

568

664,926

2.60%,

05/19/38

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

EUR

175

230,218

3.10%,

02/01/43

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

USD

230

220,512

3.50%,

09/15/53

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

353

349,371

3.55%,

09/15/55

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

763

752,428

3.80%,

12/01/57

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

174

177,750

3.65%,

09/15/59

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

395

393,784

3.50%,

02/01/61

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

90

86,125

CCO

Holdings

LLC

(b)

:

5.13%,

05/01/27

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

192

199,932

5.00%,

02/01/28

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

203

211,912

5.38%,

06/01/29

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

92

99,360

4.75%,

03/01/30

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

106

110,820

Deutsche

Telekom

International

Finance

BV,

3.60%,

01/19/27

(b)(c)

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

150

164,830

Level

3

Financing,

Inc.,

4.63%,

09/15/27

(b)

...

15

15,432

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(c)(g)(h)

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

200

212,787

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Oi

SA,

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(c)(l)

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

USD

49

$

45,876

Verizon

Communications,

Inc.:

4.13%,

03/16/27

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

476

540,207

2.10%,

03/22/28

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

729

740,001

3.88%,

02/08/29

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

376

421,714

4.02%,

12/03/29

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

64

72,519

3.15%,

03/22/30

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

1,082

1,157,154

1.50%,

09/18/30

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

1,178

1,114,817

1.68%,

10/30/30

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

251

238,684

2.55%,

03/21/31

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

17

17,209

4.27%,

01/15/36

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

984

1,155,917

2.65%,

11/20/40

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

83

77,984

2.85%,

09/03/41

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

52

50,751

2.88%,

11/20/50

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

723

673,942

3.70%,

03/22/61

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

424

447,713

13,378,197

Electric

Utilities

—

2.3%

Adani

Transmission

Ltd.,

4.25%,

05/21/36

(c)(g)

.

187

190,915

AEP

Texas,

Inc.:

3.95%,

06/01/28

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

310

345,232

Series

H,

3.45%,

01/15/50

...........

91

93,919

3.45%,

05/15/51

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

237

244,827

AEP

Transmission

Co.

LLC:

3.80%,

06/15/49

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

155

177,007

3.15%,

09/15/49

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

222

229,222

Series

M,

3.65%,

04/01/50

...........

232

259,084

Series

N,

2.75%,

08/15/51

...........

30

28,599

Alabama

Power

Co.:

4.15%,

08/15/44

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

5

5,861

3.45%,

10/01/49

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

242

261,240

3.13%,

07/15/51

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

70

71,750

Baltimore

Gas

&

Electric

Co.:

3.75%,

08/15/47

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

166

187,745

4.25%,

09/15/48

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

105

128,147

3.20%,

09/15/49

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

125

130,074

2.90%,

06/15/50

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

100

98,689

CenterPoint

Energy

Houston

Electric

LLC:

Series

AE,

2.35%,

04/01/31

..........

120

122,357

3.95%,

03/01/48

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

85

101,188

Series

AF,

3.35%,

04/01/51

..........

195

212,293

China

Huadian

Overseas

Development

2018

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.07%),

3.38%

(a)(c)

(g)(h)

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

200

208,000

Commonwealth

Edison

Co.:

Series

127,

3.20%,

11/15/49

..........

180

185,736

Series

130,

3.13%,

03/15/51

..........

30

30,917

DTE

Electric

Co.:

Series

A,

4.05%,

05/15/48

...........

265

315,107

3.95%,

03/01/49

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

121

142,867

Duke

Energy

Carolinas

LLC:

3.95%,

11/15/28

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

72

81,829

3.88%,

03/15/46

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

32

36,116

3.70%,

12/01/47

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

104

115,502

3.95%,

03/15/48

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

155

179,328

3.45%,

04/15/51

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

213

230,184

Duke

Energy

Florida

LLC:

2.50%,

12/01/29

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

550

568,855

1.75%,

06/15/30

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

955

926,038

Duke

Energy

Progress

LLC:

3.45%,

03/15/29

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

527

582,616

2.90%,

08/15/51

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

355

347,841

Edison

International:

2.40%,

09/15/22

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

42

42,679

BlackRock

Total

Return

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

4.95%,

04/15/25

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

USD

272

$

299,487

Entergy

Arkansas

LLC,

3.35%,

06/15/52

....

117

123,471

Entergy

Louisiana

LLC,

4.20%,

09/01/48

...

256

306,801

Exelon

Corp.:

5.10%,

06/15/45

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

35

45,917

4.70%,

04/15/50

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

180

227,454

FEL

Energy

VI

SARL,

5.75%,

12/01/40

(c)(g)

...

199

207,539

FirstEnergy

Corp.:

2.05%,

03/01/25

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

52

52,520

Series

B,

4.40%,

07/15/27

(f)

..........

349

382,915

2.65%,

03/01/30

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

158

157,210

Series

B,

2.25%,

09/01/30

...........

79

76,235

Series

C,

5.35%,

07/15/47

(f)

..........

125

152,422

Series

C,

3.40%,

03/01/50

...........

71

68,257

FirstEnergy

Transmission

LLC

(b)

:

4.35%,

01/15/25

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

666

724,218

5.45%,

07/15/44

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

42

53,531

4.55%,

04/01/49

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

550

643,715

Florida

Power

&

Light

Co.:

3.95%,

03/01/48

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

331

399,642

3.15%,

10/01/49

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

468

495,545

Genneia

SA,

8.75%,

09/02/27

(b)(c)

........

73

69,985

MidAmerican

Energy

Co.:

3.10%,

05/01/27

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

193

209,863

3.65%,

04/15/29

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

460

514,731

4.25%,

07/15/49

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

131

161,888

3.15%,

04/15/50

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

277

289,928

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

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

52

58,253

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(c)(g)

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

250

248,878

Northern

States

Power

Co.:

3.60%,

05/15/46

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

27

30,183

2.90%,

03/01/50

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

88

88,394

2.60%,

06/01/51

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

123

116,627

3.20%,

04/01/52

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

50

53,292

NRG

Energy,

Inc.:

2.45%,

12/02/27

(b)

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

842

854,437

5.75%,

01/15/28

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

59

62,761

4.45%,

06/15/29

(b)

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

70

77,447

5.25%,

06/15/29

(b)

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

53

56,379

NSTAR

Electric

Co.,

3.95%,

04/01/30

.....

59

67,374

Ohio

Power

Co.:

Series

Q,

1.63%,

01/15/31

...........

122

116,474

4.00%,

06/01/49

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

125

145,616

Series

R,

2.90%,

10/01/51

...........

191

184,557

Oncor

Electric

Delivery

Co.

LLC:

3.70%,

11/15/28

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

267

301,846

3.80%,

09/30/47

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

101

116,131

4.10%,

11/15/48

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

83

99,709

3.80%,

06/01/49

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

89

104,075

PECO

Energy

Co.,

3.05%,

03/15/51

......

231

235,063

Public

Service

Electric

&

Gas

Co.:

3.65%,

09/01/28

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

210

234,793

2.05%,

08/01/50

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

128

110,019

3.00%,

03/01/51

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

60

61,634

Southern

California

Edison

Co.:

1.85%,

02/01/22

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

21

21,136

Series

E,

3.70%,

08/01/25

...........

136

147,870

Series

20C,

1.20%,

02/01/26

.........

311

308,229

2.25%,

06/01/30

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

445

436,836

Series

G,

2.50%,

06/01/31

...........

227

227,802

Southwestern

Public

Service

Co.,

Series

8,

3.15%,

05/01/50

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

270

282,913

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)(c)

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

USD

200

$

223,287

Tampa

Electric

Co.:

4.30%,

06/15/48

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

30

36,456

4.45%,

06/15/49

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

175

216,182

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

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

700

752,052

Virginia

Electric

&

Power

Co.:

Series

A,

2.88%,

07/15/29

...........

69

73,231

Series

A,

6.00%,

05/15/37

...........

66

91,307

4.00%,

01/15/43

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

247

283,167

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

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

72

73,976

5.63%,

02/15/27

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

93

96,261

5.00%,

07/31/27

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

93

96,023

4.30%,

07/15/29

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

503

536,075

19,871,783

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Corning,

Inc.,

4.38%,

11/15/57

..........

75

89,960

Energy

Equipment

&

Services

—

0.0%

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(c)(g)

....

207

182,160

Entertainment

—

0.2%

Activision

Blizzard,

Inc.,

2.50%,

09/15/50

...

167

144,599

Electronic

Arts,

Inc.:

1.85%,

02/15/31

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

296

286,253

2.95%,

02/15/51

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

83

79,719

NBCUniversal

Media

LLC,

4.45%,

01/15/43

..

101

121,798

Netflix,

Inc.:

4.88%,

04/15/28

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

24

27,660

6.38%,

05/15/29

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

12

15,180

5.38%,

11/15/29

(b)

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

13

15,746

4.88%,

06/15/30

(b)

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

15

17,663

Walt

Disney

Co.

(The),

4.70%,

03/23/50

....

466

610,987

1,319,605

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.0%

American

Tower

Corp.:

5.00%,

02/15/24

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

16

17,579

2.40%,

03/15/25

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

635

660,239

1.60%,

04/15/26

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

258

259,054

3.95%,

03/15/29

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

143

158,977

3.80%,

08/15/29

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

311

344,867

ARI

FCP

Investments

LP,

(LIBOR

USD

1

Month

+

2.90%),

2.98%,

01/06/25

(a)(c)(d)

........

669

664,210

Crown

Castle

International

Corp.:

1.05%,

07/15/26

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

340

332,754

3.10%,

11/15/29

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

583

612,507

3.30%,

07/01/30

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

466

496,637

Digital

Dutch

Finco

BV

(g)

:

1.50%,

03/15/30

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

EUR

315

382,788

1.00%,

01/15/32

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

180

204,023

Duke

Realty

LP,

1.75%,

02/01/31

........

USD

518

493,574

Equinix

,

Inc.:

1.25%,

07/15/25

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

135

134,452

1.00%,

09/15/25

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

433

427,053

1.45%,

05/15/26

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

309

308,264

2.15%,

07/15/30

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

121

118,663

2.50%,

05/15/31

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

153

154,041

GLP

Capital

LP,

4.00%,

01/15/30

........

1,032

1,108,182

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

159

172,913

4.50%,

09/01/26

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

44

47,850

5.75%,

02/01/27

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

71

81,650

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

MPT

Operating

Partnership

LP:

5.25%,

08/01/26

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

USD

7

$

7,201

5.00%,

10/15/27

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

100

105,375

4.63%,

08/01/29

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

13

13,949

National

Retail

Properties,

Inc.:

3.50%,

04/15/51

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

368

382,886

3.00%,

04/15/52

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

109

103,164

Prologis

Euro

Finance

LLC,

1.50%,

09/10/49

.

EUR

255

288,391

Realty

Income

Corp.,

3.25%,

01/15/31

.....

USD

174

188,818

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

61

63,133

Service

Properties

Trust,

4.35%,

10/01/24

...

37

37,490

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

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

54

55,080

4.25%,

12/01/26

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

19

19,842

3.75%,

02/15/27

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

11

11,385

4.63%,

12/01/29

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

15

16,125

4.13%,

08/15/30

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

15

15,900

8,489,016

Food

&

Staples

Retailing

—

0.1%

Albertsons

Cos.,

Inc.

(b)

:

5.88%,

02/15/28

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

68

72,420

4.88%,

02/15/30

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

15

16,162

Alimentation

Couche-Tard,

Inc.,

3.55%,

07/26/27

(b)(c)

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

492

541,808

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

(b)

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

79

82,713

Walmart,

Inc.,

2.65%,

09/22/51

.........

322

320,522

1,033,625

Food

Products

—

0.1%

BRF

GmbH,

4.35%,

09/29/26

(b)(c)

........

200

205,913

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(b)

..

36

37,457

JBS

USA

LUX

SA

(b)

:

6.75%,

02/15/28

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

68

73,559

6.50%,

04/15/29

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

106

118,455

5.50%,

01/15/30

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

19

21,132

Mondelez

International,

Inc.,

2.75%,

04/13/30

234

244,841

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

....

127

135,033

Post

Holdings,

Inc.

(b)

:

5.75%,

03/01/27

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

98

101,844

5.63%,

01/15/28

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

72

75,643

5.50%,

12/15/29

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

57

60,420

1,074,297

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.:

4.13%,

03/15/49

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

91

105,749

3.38%,

09/15/49

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

14

14,687

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

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

532

511,073

ONE

Gas,

Inc.,

2.00%,

05/15/30

.........

80

78,348

Piedmont

Natural

Gas

Co.,

Inc.:

2.50%,

03/15/31

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

175

175,931

3.64%,

11/01/46

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

25

26,358

912,146

Health

Care

Equipment

&

Supplies

—

0.1%

Boston

Scientific

Corp.,

2.65%,

06/01/30

...

178

183,690

DH

Europe

Finance

II

SARL,

1.80%,

09/18/49

EUR

200

243,157

Medtronic

Global

Holdings

SCA:

1.50%,

07/02/39

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

165

198,697

1.75%,

07/02/49

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

100

121,437

Mozart

Debt

Merger

Sub,

Inc.,

3.88%,

04/01/29

(b)

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

USD

452

452,000

1,198,981

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

1.2%

Aetna,

Inc.:

6.63%,

06/15/36

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

USD

175

$

252,842

4.75%,

03/15/44

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

5

6,198

Anthem,

Inc.:

4.10%,

03/01/28

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

231

261,495

4.38%,

12/01/47

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

132

159,251

3.60%,

03/15/51

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

155

169,335

Centene

Corp.,

4.63%,

12/15/29

.........

53

57,759

Cigna

Corp.:

3.40%,

03/01/27

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

402

439,289

4.38%,

10/15/28

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

760

878,267

CVS

Health

Corp.:

1.30%,

08/21/27

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

218

214,591

3.25%,

08/15/29

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

160

171,975

3.75%,

04/01/30

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

1,358

1,508,674

5.13%,

07/20/45

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

401

516,780

Encompass

Health

Corp.:

4.50%,

02/01/28

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

35

36,137

4.75%,

02/01/30

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

37

38,915

HCA,

Inc.:

4.75%,

05/01/23

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

782

830,900

5.25%,

04/15/25

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

1,543

1,749,073

5.25%,

06/15/26

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

439

503,761

5.63%,

09/01/28

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

23

27,363

5.88%,

02/01/29

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

15

18,025

2.38%,

07/15/31

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

795

781,309

Humana,

Inc.:

4.50%,

04/01/25

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

150

166,570

4.88%,

04/01/30

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

69

81,938

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

41

43,116

Tenet

Healthcare

Corp.

(b)

:

4.63%,

09/01/24

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

43

43,967

4.88%,

01/01/26

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

148

153,168

6.25%,

02/01/27

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

220

228,250

5.13%,

11/01/27

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

23

23,978

UnitedHealth

Group,

Inc.:

4.63%,

11/15/41

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

397

498,173

4.20%,

01/15/47

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

241

294,765

3.25%,

05/15/51

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

97

102,573

10,258,437

Hotels,

Restaurants

&

Leisure

—

0.4%

1011778

BC

ULC,

3.88%,

01/15/28

(b)(c)

.....

11

11,108

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29

(b)

48

48,600

Caesars

Resort

Collection

LLC,

5.25%,

10/15/25

(b)

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

121

122,646

Cedar

Fair

LP:

5.50%,

05/01/25

(b)

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

47

48,821

5.38%,

04/15/27

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

73

75,008

5.25%,

07/15/29

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

73

74,825

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

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

88

91,300

4.75%,

01/15/28

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

44

46,035

Expedia

Group,

Inc.,

3.25%,

02/15/30

.....

86

88,942

Fortune

Star

BVI

Ltd.,

5.05%,

01/27/27

(c)(g)

...

200

195,500

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

01/15/30

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

15

16,091

Marriott

International,

Inc.,

Series

HH,

2.85%,

04/15/31

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

82

83,048

McDonald's

Corp.:

2.13%,

03/01/30

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

130

131,212

3.60%,

07/01/30

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

277

308,082

4.88%,

12/09/45

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

368

467,894

Melco

Resorts

Finance

Ltd.,

5.38%,

12/04/29

(c)

(g)

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

200

203,300

MGM

China

Holdings

Ltd.,

4.75%,

02/01/27

(c)(g)

200

197,000

BlackRock

Total

Return

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

MGM

Resorts

International:

5.75%,

06/15/25

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

USD

10

$

10,900

4.63%,

09/01/26

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

6

6,293

5.50%,

04/15/27

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

10

10,850

Starbucks

Corp.:

2.25%,

03/12/30

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

229

230,850

2.55%,

11/15/30

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

317

325,622

Station

Casinos

LLC,

5.00%,

10/01/25

(b)

....

30

30,426

Wynn

Las

Vegas

LLC

(b)

:

5.50%,

03/01/25

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

162

165,240

5.25%,

05/15/27

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

81

81,808

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

67

67,503

3,138,904

Household

Durables

—

0.0%

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

(b)(c)

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

87

91,461

Century

Communities,

Inc.,

6.75%,

06/01/27

.

39

41,632

Mattamy

Group

Corp.,

5.25%,

12/15/27

(b)(c)

..

7

7,315

Taylor

Morrison

Communities,

Inc.,

5.88%,

06/15/27

(b)

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

7

7,980

148,388

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Capex

SA,

6.88%,

05/15/24

(b)(c)

.........

50

47,197

Industrial

Conglomerates

—

0.1%

General

Electric

Co.:

6.88%,

01/10/39

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

9

13,413

4.25%,

05/01/40

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

85

99,298

4.50%,

03/11/44

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

3

3,618

4.35%,

05/01/50

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

68

82,106

Grupo

KUO

SAB

de

CV,

5.75%,

07/07/27

(b)(c)

.

200

205,662

Roper

Technologies,

Inc.,

2.95%,

09/15/29

..

87

92,283

496,380

Insurance

—

0.3%

Ambac

Assurance

Corp.,

5.10%

(b)(h)

.......

15

21,006

American

International

Group,

Inc.:

3.40%,

06/30/30

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

304

331,722

4.50%,

07/16/44

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

272

332,083

4.75%,

04/01/48

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

60

76,530

Aon

Corp.:

4.50%,

12/15/28

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

83

95,739

3.75%,

05/02/29

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

602

670,107

2.80%,

05/15/30

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

389

406,370

Hartford

Financial

Services

Group,

Inc.

(The),

3.60%,

08/19/49

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

74

80,719

Marsh

&

McLennan

Cos.,

Inc.:

1.35%,

09/21/26

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

EUR

160

195,691

1.98%,

03/21/30

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

145

186,163

2.25%,

11/15/30

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

USD

424

427,054

Willis

North

America,

Inc.,

3.60%,

05/15/24

..

36

38,405

2,861,589

Interactive

Media

&

Services

—

0.0%

Tencent

Holdings

Ltd.,

3.24%,

06/03/50

(c)(g)

..

200

188,850

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.,

2.50%,

06/03/50

......

672

629,363

eBay,

Inc.,

1.40%,

05/10/26

...........

473

474,521

1,103,884

IT

Services

—

0.7%

Fidelity

National

Information

Services,

Inc.:

1.00%,

12/03/28

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

EUR

300

357,468

2.95%,

05/21/39

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

200

280,667

Fiserv,

Inc.:

4.20%,

10/01/28

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

USD

99

112,689

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

3.50%,

07/01/29

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

USD

1,501

$

1,634,506

Global

Payments,

Inc.:

1.20%,

03/01/26

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

593

586,993

4.80%,

04/01/26

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

475

538,069

3.20%,

08/15/29

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

605

639,543

International

Business

Machines

Corp.:

3.30%,

05/15/26

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

986

1,074,681

1.95%,

05/15/30

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

716

707,151

5,931,767

Life

Sciences

Tools

&

Services

—

0.1%

Agilent

Technologies,

Inc.:

3.05%,

09/22/26

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

366

392,468

2.75%,

09/15/29

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

133

138,781

2.10%,

06/04/30

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

88

87,112

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

(b)

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

7

7,265

Thermo

Fisher

Scientific,

Inc.:

2.80%,

10/15/41

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

180

179,542

1.88%,

10/01/49

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

EUR

300

365,158

1,170,326

Machinery

—

0.2%

CNH

Industrial

Capital

LLC,

4.20%,

01/15/24

.

USD

860

922,986

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

225

230,987

Parker-Hannifin

Corp.,

3.25%,

03/01/27

....

99

107,500

1,261,473

Media

—

1.0%

Charter

Communications

Operating

LLC:

2.25%,

01/15/29

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

68

67,946

6.48%,

10/23/45

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

1,329

1,806,882

5.38%,

05/01/47

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

229

274,181

3.85%,

04/01/61

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

172

164,035

4.40%,

12/01/61

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

202

210,072

3.95%,

06/30/62

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

220

212,232

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

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

92

95,203

Comcast

Corp.:

3.15%,

02/15/28

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

295

320,206

2.65%,

02/01/30

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

946

986,958

3.40%,

04/01/30

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

392

431,724

1.95%,

01/15/31

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

197

193,324

3.97%,

11/01/47

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

463

528,660

3.45%,

02/01/50

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

80

84,840

2.80%,

01/15/51

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

471

445,820

2.45%,

08/15/52

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

99

87,363

Cox

Communications,

Inc.

(b)

:

3.15%,

08/15/24

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

268

283,726

3.35%,

09/15/26

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

22

23,621

3.60%,

06/15/51

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

260

272,658

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

45

29,700

Discovery

Communications

LLC,

1.90%,

03/19/27

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

EUR

413

509,808

Gray

Television,

Inc.,

7.00%,

05/15/27

(b)

....

USD

59

63,278

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

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

60

63,245

5.25%,

08/15/27

(b)

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

54

56,109

4.75%,

01/15/28

(b)

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

7

7,213

Interpublic

Group

of

Cos.,

Inc.

(The),

4.75%,

03/30/30

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

191

224,987

Lamar

Media

Corp.,

3.75%,

02/15/28

......

9

9,257

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(b)

.....

85

89,928

Outfront

Media

Capital

LLC

(b)

:

5.00%,

08/15/27

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

97

99,488

4.63%,

03/15/30

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

7

7,015

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Sirius

XM

Radio,

Inc.

(b)

:

5.00%,

08/01/27

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

USD

109

$

113,905

5.50%,

07/01/29

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

90

97,313

TEGNA,

Inc.:

4.63%,

03/15/28

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

15

15,335

5.00%,

09/15/29

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

17

17,511

ViacomCBS

,

Inc.:

4.38%,

03/15/43

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

122

139,563

5.85%,

09/01/43

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

253

344,783

8,377,889

Metals

&

Mining

—

0.4%

Anglo

American

Capital

plc

(b)(c)

:

2.63%,

09/10/30

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

317

312,998

2.88%,

03/17/31

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

230

230,404

Chinalco

Capital

Holdings

Ltd.,

4.25%,

04/21/22

(c)(g)

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

200

202,980

FMG

Resources

August

2006

Pty.

Ltd.,

4.50%,

09/15/27

(b)(c)

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

9

9,517

Freeport-McMoRan,

Inc.,

5.25%,

09/01/29

..

9

9,776

Glencore

Funding

LLC

(b)(c)

:

1.63%,

09/01/25

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

52

52,171

1.63%,

04/27/26

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

564

561,314

2.50%,

09/01/30

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

573

560,955

2.85%,

04/27/31

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

281

282,680

2.63%,

09/23/31

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

138

135,144

3.38%,

09/23/51

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

70

66,511

Newmont

Corp.,

2.25%,

10/01/30

........

311

309,363

Nucor

Corp.,

3.95%,

05/01/28

..........

164

184,198

Vale

Overseas

Ltd.,

3.75%,

07/08/30

(c)

.....

90

92,898

Vedanta

Resources

Finance

II

plc

(c)

:

8.00%,

04/23/23

(g)

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

200

194,225

8.95%,

03/11/25

(b)

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

200

199,500

3,404,634

Multiline

Retail

—

0.0%

Dollar

General

Corp.,

4.13%,

04/03/50

.....

2

2,340

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.:

3.80%,

05/15/28

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

120

134,255

3.25%,

03/15/50

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

159

168,928

Consumers

Energy

Co.:

3.25%,

08/15/46

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

94

98,533

3.75%,

02/15/50

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

381

439,106

3.10%,

08/15/50

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

140

144,636

3.50%,

08/01/51

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

120

132,364

1,117,822

Oil,

Gas

&

Consumable

Fuels

—

2.3%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

53

60,680

BP

Capital

Markets

America,

Inc.:

3.79%,

02/06/24

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

308

329,768

3.80%,

09/21/25

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

145

159,428

3.00%,

03/17/52

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

225

215,142

3.38%,

02/08/61

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

85

84,588

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

9

9,180

Cameron

LNG

LLC

(b)

:

3.30%,

01/15/35

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

105

112,151

3.40%,

01/15/38

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

532

559,110

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

(c)

...

128

124,383

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%,

03/31/25

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

1,332

1,504,668

5.13%,

06/30/27

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

461

532,965

Cheniere

Energy

Partners

LP:

4.50%,

10/01/29

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

23

24,452

3.25%,

01/31/32

(b)

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

50

50,165

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Chevron

USA,

Inc.:

4.95%,

08/15/47

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

USD

55

$

73,441

2.34%,

08/12/50

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

90

81,108

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

75

75,563

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

39

39,915

DCP

Midstream

Operating

LP:

5.38%,

07/15/25

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

13

14,365

5.13%,

05/15/29

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

9

10,127

Devon

Energy

Corp.:

5.85%,

12/15/25

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

56

64,795

4.50%,

01/15/30

(b)

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

166

180,921

Diamondback

Energy,

Inc.:

3.50%,

12/01/29

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

588

628,829

3.13%,

03/24/31

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

757

786,043

Energy

Transfer

LP:

4.50%,

04/15/24

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

718

776,468

2.90%,

05/15/25

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

1,387

1,453,842

5.95%,

12/01/25

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

217

251,675

6.63%,

10/15/36

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

30

39,362

6.50%,

02/01/42

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

197

255,947

Enterprise

Products

Operating

LLC:

3.13%,

07/31/29

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

448

481,146

3.30%,

02/15/53

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

120

117,029

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

62

69,181

Exxon

Mobil

Corp.,

1.41%,

06/26/39

......

EUR

320

358,487

Galaxy

Pipeline

Assets

Bidco

Ltd.

(c)

:

2.16%,

03/31/34

(b)

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

USD

200

196,000

2.63%,

03/31/36

(g)

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

200

196,500

Greenko

Dutch

BV,

3.85%,

03/29/26

(c)(g)

....

200

203,225

Kinder

Morgan,

Inc.,

5.30%,

12/01/34

.....

13

16,044

Marathon

Petroleum

Corp.,

5.85%,

12/15/45

.

65

83,392

Matador

Resources

Co.,

5.88%,

09/15/26

...

16

16,539

MC

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(b)(c)

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

200

201,100

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

(c)(g)

200

212,725

MPLX

LP:

4.88%,

12/01/24

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

331

366,631

1.75%,

03/01/26

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

182

183,121

NGPL

PipeCo

LLC

(b)

:

4.88%,

08/15/27

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

230

261,043

3.25%,

07/15/31

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

507

519,474

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

365

404,215

Petrobras

Global

Finance

BV

(c)

:

6.25%,

03/17/24

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

36

40,023

5.30%,

01/27/25

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

129

143,763

ReNew

Power

Synthetic,

6.67%,

03/12/24

(c)(g)

.

200

208,288

Sabine

Pass

Liquefaction

LLC:

5.63%,

04/15/23

(f)

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

184

195,539

5.75%,

05/15/24

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

888

988,974

5.63%,

03/01/25

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

1,969

2,234,709

5.88%,

06/30/26

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

172

202,426

5.00%,

03/15/27

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

185

212,678

SM

Energy

Co.,

10.00%,

01/15/25

(b)

......

12

13,385

Suncor

Energy,

Inc.,

6.80%,

05/15/38

(c)

....

96

135,775

Sunoco

LP,

6.00%,

04/15/27

...........

19

19,784

Targa

Resources

Partners

LP:

5.38%,

02/01/27

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

36

37,303

6.50%,

07/15/27

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

58

62,537

5.00%,

01/15/28

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

11

11,550

5.50%,

03/01/30

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

15

16,402

Texas

Eastern

Transmission

LP,

3.50%,

01/15/28

(b)

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

504

545,157

TransCanada

PipeLines

Ltd.,

4.63%,

03/01/34

(c)

123

144,886

Transcontinental

Gas

Pipe

Line

Co.

LLC:

7.85%,

02/01/26

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

724

902,683

BlackRock

Total

Return

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.00%,

03/15/28

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

USD

496

$

554,373

3.95%,

05/15/50

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

232

260,151

19,315,319

Paper

&

Forest

Products

—

0.1%

Georgia-Pacific

LLC:

1.75%,

09/30/25

(b)

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

246

251,829

2.30%,

04/30/30

(b)

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

164

166,971

8.88%,

05/15/31

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

83

129,553

Suzano

Austria

GmbH

(c)

:

3.75%,

01/15/31

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

30

30,742

3.13%,

01/15/32

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

90

86,749

665,844

Pharmaceuticals

—

0.4%

AstraZeneca

plc,

1.38%,

08/06/30

(c)

.......

518

492,940

Bausch

Health

Americas,

Inc.

(b)

:

9.25%,

04/01/26

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

103

110,001

8.50%,

01/31/27

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

120

127,824

Bausch

Health

Cos.,

Inc.

(b)

:

9.00%,

12/15/25

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

105

110,825

5.75%,

08/15/27

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

31

32,473

7.00%,

01/15/28

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

49

50,210

7.25%,

05/30/29

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

51

52,267

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(f)

.

11

12,870

Eli

Lilly

&

Co.,

1.70%,

11/01/49

.........

EUR

200

255,071

Johnson

&

Johnson:

3.70%,

03/01/46

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

USD

43

50,494

3.75%,

03/03/47

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

75

89,193

Merck

&

Co.,

Inc.,

2.45%,

06/24/50

.......

126

117,350

Pfizer,

Inc.,

2.63%,

04/01/30

...........

755

797,227

Takeda

Pharmaceutical

Co.

Ltd.:

2.05%,

03/31/30

(c)

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

600

590,589

2.00%,

07/09/40

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

EUR

380

472,460

3,361,794

Real

Estate

Management

&

Development

—

0.5%

(c)

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(a)(g)(h)

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

USD

200

187,000

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

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

200

208,250

Central

China

Real

Estate

Ltd.,

7.90%,

11/07/23

(g)

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

200

123,000

China

Aoyuan

Group

Ltd.,

7.95%,

02/19/23

(g)

.

200

180,000

China

Evergrande

Group,

8.25%,

03/23/22

(g)(i)(j)

200

51,750

China

Resources

Land

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.14%),

3.75%

(a)(g)(h)

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

200

207,500

CIFI

Holdings

Group

Co.

Ltd.,

5.50%,

01/23/22

(g)

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

200

199,250

Country

Garden

Holdings

Co.

Ltd.,

5.40%,

05/27/25

(g)

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

200

202,975

Dexin

China

Holdings

Co.

Ltd.,

11.88%,

04/23/22

(g)

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

200

193,350

Easy

Tactic

Ltd.,

11.75%,

08/02/23

(g)

......

200

145,000

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/22

(g)(i)(j)

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

200

78,000

Greenland

Global

Investment

Ltd.,

5.60%,

11/13/22

(g)

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

200

138,000

Kaisa

Group

Holdings

Ltd.,

11.95%,

10/22/22

(g)

200

169,760

Logan

Group

Co.

Ltd.,

4.50%,

01/13/28

....

200

183,500

Modern

Land

China

Co.

Ltd.,

9.80%,

04/11/23

(g)

200

166,000

New

Metro

Global

Ltd.,

4.50%,

05/02/26

(g)

...

200

183,500

Powerlong

Real

Estate

Holdings

Ltd.,

7.13%,

11/08/22

(g)

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

200

199,163

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Redsun

Properties

Group

Ltd.,

7.30%,

01/13/25

(g)

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

USD

200

$

165,750

RKPF

Overseas

2020

A

Ltd.,

5.20%,

01/12/26

(g)

200

184,750

Ronshine

China

Holdings

Ltd.,

5.50%,

02/01/22

(g)

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

200

184,287

Sunac

China

Holdings

Ltd.,

6.65%,

08/03/24

(g)

200

160,000

Vanke

Real

Estate

Hong

Kong

Co.

Ltd.,

3.15%,

05/12/25

(g)

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

200

204,787

Yango

Justice

International

Ltd.,

8.25%,

11/25/23

(g)

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

200

138,000

Yuzhou

Group

Holdings

Co.

Ltd.

(g)

:

6.00%,

10/25/23

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

200

154,000

8.50%,

02/26/24

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

200

157,000

Zhenro

Properties

Group

Ltd.,

6.63%,

01/07/26

(g)

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

200

169,000

4,333,572

Road

&

Rail

—

0.7%

Burlington

Northern

Santa

Fe

LLC:

4.45%,

03/15/43

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

101

126,052

3.30%,

09/15/51

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

510

549,834

Canadian

Pacific

Railway

Co.,

2.05%,

03/05/30

(c)

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

97

95,794

CSX

Corp.:

4.30%,

03/01/48

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

296

359,046

2.50%,

05/15/51

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

90

81,713

4.25%,

11/01/66

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

65

79,124

Norfolk

Southern

Corp.:

3.65%,

08/01/25

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

6

6,521

2.90%,

06/15/26

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

241

257,857

4.15%,

02/28/48

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

75

88,655

3.40%,

11/01/49

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

273

290,987

3.05%,

05/15/50

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

194

193,373

Penske

Truck

Leasing

Co.

LP

(b)

:

4.25%,

01/17/23

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

231

241,778

3.95%,

03/10/25

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

90

97,522

4.00%,

07/15/25

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

240

262,293

1.20%,

11/15/25

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

94

92,910

1.70%,

06/15/26

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

290

291,588

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)(c)

200

207,038

Ryder

System,

Inc.:

2.50%,

09/01/24

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

69

72,117

4.63%,

06/01/25

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

690

772,783

Simpar

Europe

SA,

5.20%,

01/26/31

(b)(c)

....

200

198,790

Union

Pacific

Corp.:

2.75%,

03/01/26

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

175

186,310

2.95%,

03/10/52

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

43

42,747

3.84%,

03/20/60

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

550

631,009

2.97%,

09/16/62

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

112

107,999

3.75%,

02/05/70

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

180

202,334

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

.......

87

92,916

5,629,090

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Applied

Materials,

Inc.,

2.75%,

06/01/50

....

154

150,825

Broadcom

Corp.,

3.88%,

01/15/27

.......

230

252,752

Broadcom,

Inc.:

4.11%,

09/15/28

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

35

38,942

4.75%,

04/15/29

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

412

473,161

5.00%,

04/15/30

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

900

1,050,987

4.15%,

11/15/30

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

372

412,166

4.30%,

11/15/32

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

211

236,454

3.47%,

04/15/34

(b)

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

443

456,173

Intel

Corp.:

3.73%,

12/08/47

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

398

444,000

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

3.25%,

11/15/49

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

USD

248

$

257,045

3.20%,

08/12/61

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

92

92,491

KLA

Corp.:

4.10%,

03/15/29

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

421

479,128

3.30%,

03/01/50

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

456

479,773

Lam

Research

Corp.:

3.75%,

03/15/26

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

379

420,431

2.88%,

06/15/50

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

411

412,142

NVIDIA

Corp.:

1.55%,

06/15/28

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

947

943,138

3.50%,

04/01/50

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

171

191,594

NXP

BV

(b)(c)

:

4.30%,

06/18/29

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

638

722,455

3.40%,

05/01/30

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

357

386,297

2.50%,

05/11/31

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

1,089

1,099,136

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

404

501,399

9,500,489

Software

—

0.9%

Autodesk,

Inc.,

3.50%,

06/15/27

.........

560

613,713

Citrix

Systems,

Inc.,

4.50%,

12/01/27

......

275

304,357

Microsoft

Corp.,

2.92%,

03/17/52

........

742

767,078

Oracle

Corp.:

3.85%,

07/15/36

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

354

384,598

6.13%,

07/08/39

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

350

473,780

3.60%,

04/01/40

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

715

741,463

3.65%,

03/25/41

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

1,292

1,336,237

4.13%,

05/15/45

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

293

315,499

4.00%,

07/15/46

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

238

252,132

4.00%,

11/15/47

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

507

541,411

3.60%,

04/01/50

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

316

316,379

3.95%,

03/25/51

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

301

317,440

salesforce.com,

Inc.,

3.05%,

07/15/61

.....

117

118,363

ServiceNow,

Inc.,

1.40%,

09/01/30

.......

565

529,925

VMware,

Inc.:

1.80%,

08/15/28

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

445

438,398

2.20%,

08/15/31

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

299

292,353

7,743,126

Specialty

Retail

—

0.3%

Home

Depot,

Inc.

(The):

2.95%,

06/15/29

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

803

866,731

2.75%,

09/15/51

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

68

66,217

InRetail

Consumer,

3.25%,

03/22/28

(b)(c)

....

200

199,037

Lowe's

Cos.,

Inc.:

4.00%,

04/15/25

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

1,008

1,104,578

3.65%,

04/05/29

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

318

352,083

2.80%,

09/15/41

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

160

155,642

2,744,288

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.:

3.85%,

05/04/43

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

334

390,226

2.55%,

08/20/60

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

639

582,495

2.80%,

02/08/61

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

159

151,858

Dell

International

LLC:

5.85%,

07/15/25

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

296

344,369

4.90%,

10/01/26

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

128

147,451

8.35%,

07/15/46

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

80

129,748

Hewlett

Packard

Enterprise

Co.,

4.65%,

10/01/24

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

754

832,943

HP,

Inc.,

2.65%,

06/17/31

(b)

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

138

136,633

Seagate

HDD

Cayman,

4.09%,

06/01/29

...

80

84,000

2,799,723

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.

(b)

:

4.63%,

05/15/24

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

USD

64

$

67,474

4.88%,

05/15/26

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

13

14,079

Under

Armour,

Inc.,

3.25%,

06/15/26

......

9

9,315

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

36

37,319

128,187

Thrifts

&

Mortgage

Finance

—

0.1%

(b)

BPCE

SA,

2.70%,

10/01/29

(c)

...........

491

509,567

Rocket

Mortgage

LLC,

5.25%,

01/15/28

....

71

76,502

586,069

Tobacco

—

0.5%

Altria

Group,

Inc.:

4.40%,

02/14/26

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

62

69,635

2.20%,

06/15/27

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

EUR

160

199,569

3.13%,

06/15/31

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

460

609,451

2.45%,

02/04/32

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

USD

548

525,110

5.80%,

02/14/39

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

459

564,424

3.40%,

02/04/41

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

263

249,071

BAT

Capital

Corp.

(c)

:

3.22%,

09/06/26

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

249

265,471

4.91%,

04/02/30

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

616

705,326

2.73%,

03/25/31

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

329

323,988

3.98%,

09/25/50

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

206

198,160

BAT

International

Finance

plc,

3.95%,

06/15/25

(b)(c)

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

66

71,676

Philip

Morris

International,

Inc.,

1.45%,

08/01/39

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

EUR

395

431,367

Reynolds

American,

Inc.

(c)

:

4.45%,

06/12/25

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

USD

70

77,169

5.85%,

08/15/45

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

260

311,963

4,602,380

Trading

Companies

&

Distributors

—

0.1%

Air

Lease

Corp.,

1.88%,

08/17/26

........

515

513,202

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

89

93,381

United

Rentals

North

America,

Inc.:

5.50%,

05/15/27

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

73

76,623

4.88%,

01/15/28

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

118

124,754

5.25%,

01/15/30

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

11

12,045

820,005

Wireless

Telecommunication

Services

—

0.5%

Millicom

International

Cellular

SA

(b)(c)

:

6.63%,

10/15/26

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

180

188,584

4.50%,

04/27/31

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

200

210,000

Sprint

Corp.,

7.63%,

03/01/26

..........

118

142,984

T-Mobile

USA,

Inc.:

3.75%,

04/15/27

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

491

540,930

3.88%,

04/15/30

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

1,892

2,089,075

VEON

Holdings

BV,

3.38%,

11/25/27

(b)(c)

....

200

203,037

Vodafone

Group

plc,

5.25%,

05/30/48

(c)

....

374

484,095

3,858,705

Total

Corporate

Bonds

—

31.1%

(Cost:

$263,068,745)

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

265,076,577

Floating

Rate

Loan

Interests

—

0.6%

Air

Freight

&

Logistics

—

0.0%

XPO

Logistics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.83%

,

 02/24/25

(a)

.....

269

267,948

BlackRock

Total

Return

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.0%

(a)

Advanced

Drainage

Systems,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.38%

,

 07/31/26

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

USD

30

$

30,017

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

Term

Loan,

10/02/28

(m)

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

6

6,267

CP

Iris

Holdco

I,

Inc.,

Term

Loan,

10/02/28

(m)

.

31

31,335

67,619

Chemicals

—

0.0%

LSF11

A5

Holdco

LLC,

Term

Loan

B,

09/30/28

(a)

(d)(m)

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

201

201,251

Construction

Materials

—

0.0%

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

01/31/28

(a)(m)

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

229

227,746

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

3.75%),

3.89%

,

 02/21/23

(a)(c)(d)

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

21

19,656

Diversified

Consumer

Services

—

0.0%

AEA

International

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/07/28

(a)(c)(d)

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

149

148,914

Diversified

Financial

Services

—

0.0%

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

(a)(c)

...

269

268,741

Health

Care

Equipment

&

Supplies

—

0.1%

Mozart

Debt

Merger

Sub,

Inc.,

Term

Loan

B,

09/30/28

(a)(m)

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

386

385,155

Health

Care

Providers

&

Services

—

0.0%

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.34%

,

 03/06/25

(a)

45

44,370

Hotels,

Restaurants

&

Leisure

—

0.2%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.83%

,

 02/02/26

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

153

150,744

Bally's

Corp.,

Term

Loan

B,

10/02/28

(m)

.....

323

322,777

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

,

 10/04/23

.

182

180,988

Herschend

Entertainment

Co.

LLC,

Term

Loan,

4.25%

,

 08/27/28

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

76

75,858

Jack

Ohio

Finance

LLC,

Term

Loan,

10/04/28

(d)

(m)

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

52

52,000

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/13/22

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

474

471,929

1,254,296

Household

Durables

—

0.0%

SWF

Holdings

I

Corp.,

Term

Loan

B,

09/17/28

(a)

(m)

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

79

78,358

Industrial

Conglomerates

—

0.0%

Valcour

Packaging

LLC,

Term

Loan,

10/04/28

(a)

(d)(m)

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

30

30,000

Machinery

—

0.0%

Zurn

Industries

LLC,

Term

Loan

B,

10/04/28

(a)(m)

12

11,997

Security

Par

(000)

Par

(000)

Value

Media

—

0.0%

(a)

CSC

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.58%

,

 04/15/27

......

USD

178

$

176,015

Lamar

Media

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.50%),

1.58%

,

 02/05/27

.....

19

19,127

195,142

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Buckeye

Partners

LP,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.33%

,

 11/01/26

(a)

460

457,556

Pharmaceuticals

—

0.1%

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.00%),

2.07%

,

 11/15/27

(a)

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

282

277,621

Road

&

Rail

—

0.0%

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.13%

,

 12/30/26

(a)

166

165,368

Software

—

0.0%

ConnectWise

LLC,

Term

Loan,

09/29/28

(a)(m)

..

157

156,607

Specialty

Retail

—

0.0%

Tory

Burch

LLC,

Term

Loan

B,

04/16/28

(a)(m)

..

138

137,827

Thrifts

&

Mortgage

Finance

—

0.1%

Caliber

Home

Loans,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

2.98%

,

 07/01/25

(a)(d)

...

536

534,697

Total

Floating

Rate

Loan

Interests

—

0.6%

(Cost:

$4,936,677)

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

4,930,869

Foreign

Agency

Obligations

—

0.3%

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)(c)

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

106

69,947

Colombia

—

0.1%

Ecopetrol

SA

(c)

:

5.38%,

06/26/26

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

55

59,605

6.88%,

04/29/30

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

318

371,424

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(b)(c)

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

200

198,775

629,804

India

—

0.1%

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

(c)(g)

200

212,412

Indonesia

—

0.0%

Pertamina

Persero

PT,

4.18%

,

01/21/50

(c)(g)

..

200

201,350

Mexico

—

0.1%

Petroleos

Mexicanos

:

7.19%,

09/12/24

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

MXN

22

101,492

6.88%,

10/16/25

(c)(g)

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

USD

248

271,560

5.35%,

02/12/28

(c)

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

86

84,554

6.50%,

01/23/29

(c)

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

304

311,532

5.63%,

01/23/46

(c)

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

20

15,927

6.35%,

02/12/48

(c)

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

133

113,582

7.69%,

01/23/50

(c)

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

99

93,248

6.95%,

01/28/60

(c)

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

40

34,656

1,026,551

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(c)(g)

.........

200

197,820

BlackRock

Total

Return

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Qatar

—

0.0%

Qatar

Petroleum,

3.30%

,

07/12/51

(b)(c)

......

USD

200

$

201,335

Total

Foreign

Agency

Obligations

—

0.3%

(Cost:

$2,522,439)

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

2,539,219

Foreign

Government

Obligations

—

5.9%

Argentina

—

0.1%

Argentine

Republic

(The)

(c)(f)

:

1.13%,

07/09/35

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

843

274,818

2.50%,

07/09/41

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

792

288,684

563,502

Austria

—

0.1%

Republic

of

Austria,

2.10%

,

09/20/17

(b)(g)

....

EUR

362

669,762

China

—

3.5%

People's

Republic

of

China:

1.99%,

04/09/25

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

CNY

90,800

13,757,374

2.41%,

06/19/25

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

15,600

2,397,402

2.85%,

06/04/27

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

11,100

1,723,510

3.01%,

05/13/28

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

4,620

723,358

2.68%,

05/21/30

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

72,060

10,904,215

29,505,859

Colombia

—

0.3%

Republic

of

Colombia

(c)

:

4.50%,

03/15/29

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

USD

851

896,369

3.00%,

01/30/30

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

295

277,908

3.13%,

04/15/31

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

1,650

1,542,544

2,716,821

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.30%

,

09/30/33

(b)(c)

..

200

193,250

Ghana

—

0.0%

Republic

of

Ghana,

8.63%

,

04/07/34

(b)(c)

.....

209

197,505

Hungary

—

0.0%

Hungary

Government

Bond,

5.38%

,

03/25/24

(c)

414

459,747

Indonesia

—

0.1%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%

,

01/25/49

(c)(g)

......

200

251,412

Republic

of

Indonesia:

7.13%,

06/15/42

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

IDR

2,667,000

190,181

3.05%,

03/12/51

(c)

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

USD

441

416,794

858,387

Ireland

—

0.5%

Republic

of

Ireland

(g)

:

0.20%,

10/18/30

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

EUR

1,140

1,334,540

0.00%,

10/18/31

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

2,985

3,392,574

4,727,114

Mexico

—

0.2%

United

Mexican

States

(c)

:

2.66%,

05/24/31

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

USD

598

576,808

4.50%,

01/31/50

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

1,011

1,035,517

1,612,325

Nigeria

—

0.0%

Nigeria

Government

Bond

(b)(c)

:

6.13%,

09/28/28

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

266

266,333

7.38%,

09/28/33

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

200

201,500

467,833

Panama

—

0.1%

Republic

of

Panama

(c)

:

3.88%,

03/17/28

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

347

376,452

Security

Par

(000)

Par

(000)

Value

Panama

(continued)

4.50%,

04/01/56

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

USD

488

$

529,724

906,176

Peru

—

0.1%

Republic

of

Peru

(c)

:

4.13%,

08/25/27

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

231

255,370

3.55%,

03/10/51

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

356

353,063

608,433

Philippines

—

0.1%

Republic

of

Philippines

(c)

:

3.00%,

02/01/28

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

516

550,696

3.20%,

07/06/46

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

329

323,690

874,386

Russia

—

0.4%

Russian

Federation:

7.65%,

04/10/30

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

RUB

24,246

342,759

5.90%,

03/12/31

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

169,272

2,118,712

6.10%,

07/18/35

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

60,357

737,837

3,199,308

South

Africa

—

0.1%

Republic

of

South

Africa,

7.00%

,

02/28/31

...

ZAR

9,541

533,058

Spain

—

0.2%

Kingdom

of

Spain,

3.45%

,

07/30/66

(b)(g)

.....

EUR

784

1,392,537

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka,

7.55%

,

03/28/30

(c)(g)

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

USD

200

121,975

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

(c)

:

4.38%,

10/27/27

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

179

205,159

5.10%,

06/18/50

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

234

297,462

502,621

Total

Foreign

Government

Obligations

—

5.9%

(Cost:

$49,507,876)

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

50,110,599

Shares

Shares

Investment

Companies

—

14.4%

BlackRock

Allocation

Target

Shares-

BATS

Series

A

(n)

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

12,205,903

122,791,386

Total

Investment

Companies

—

14.4%

(Cost:

$122,158,000)

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

122,791,386

Par

(000)

Par

(000)

Municipal

Bonds

—

0.6%

California

-

0.3%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

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

290

513,059

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

110

173,033

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

500

708,310

State

of

California:

Series

2018,

GO,

4.60%, 04/01/38

......

815

941,301

Series

2009,

GO,

7.55%, 04/01/39

......

65

109,413

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

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

25

34,850

2,479,966

BlackRock

Total

Return

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

USD

54

$

81,256

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

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

775

903,565

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

30

31,708

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

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

167

272,990

New

York

-

0.0%

Metropolitan

Transportation

Authority,

Series

2010A,

RB,

6.67%, 11/15/39

..........

75

107,314

New

York

City

Water

&

Sewer

System:

Series

2010EE,

RB,

6.01%, 06/15/42

....

35

53,385

Series

2011CC,

RB,

5.88%, 06/15/44

....

55

84,182

New

York

State

Dormitory

Authority,

Series

2010H,

RB,

5.39%, 03/15/40

..........

60

80,188

Port

Authority

of

New

York

&

New

Jersey:

Series

2010-165,

RB,

5.65%, 11/01/40

...

120

168,829

Series

2014-181,

RB,

4.96%, 08/01/46

...

195

264,757

758,655

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

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

135

250,892

Texas

-

0.2%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

215

310,226

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

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

215

307,259

617,485

Total

Municipal

Bonds

—

0.6%

(Cost:

$4,850,218)

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

5,396,517

Non-Agency

Mortgage-Backed

Securities

—

1.5%

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust:

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

06/25/35

(a)

...

116

98,467

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

01/25/36

(a)

...

51

48,779

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.09%,

02/25/36

(a)

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

18

17,184

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

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

54

37,515

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

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

9

6,223

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.82%,

11/25/46

(a)

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

62

54,145

Series

2006-OA16,

Class

A4C,

(LIBOR

USD

1

Month

+

0.68%),

0.77%,

10/25/46

(a)

..

139

103,815

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

07/25/46

(a)

...

9

8,423

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.46%),

0.55%,

11/25/36

(a)

..

56

54,626

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-OC7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.50%),

0.59%,

07/25/46

(a)

..

USD

74

$

72,121

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

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

10

6,458

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

04/25/47

(a)

...

18

16,628

American

Home

Mortgage

Assets

Trust

(a)

:

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.03%,

10/25/46

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

51

41,484

Series

2006-4,

Class

1A12,

(LIBOR

USD

1

Month

+

0.21%),

0.30%,

10/25/46

....

59

37,698

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.92%),

1.01%,

11/25/46

.....

112

45,954

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.70%),

0.79%,

02/25/47

.....

56

31,179

APS

Resecuritization

Trust

(a)(b)

:

Series

2016-1,

Class

1MZ,

3.68%,

07/31/57

265

99,679

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

2.94%,

09/27/46

....

105

105,442

Series

2016-3,

Class

4A,

(LIBOR

USD

1

Month

+

2.60%),

2.69%,

04/27/47

....

12

12,414

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

73

75,325

Bear

Stearns

Mortgage

Funding

Trust

(a)

:

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.36%,

08/25/36

....

25

24,933

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

03/25/37

....

94

89,649

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

11

11,027

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

09/25/47

....

41

41,187

Series

2007-AR4,

Class

2A1,

(LIBOR

USD

1

Month

+

0.21%),

0.30%,

06/25/37

....

13

13,082

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

711

434,693

CHL

Mortgage

Pass-Through

Trust:

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.05%,

04/25/46

(a)

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

137

54,377

Series

2006-OA5,

Class

3A1,

(LIBOR

USD

1

Month

+

0.40%),

0.49%,

04/25/46

(a)

...

20

19,122

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

194

108,187

Citicorp

Mortgage

Securities

Trust:

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

47

42,182

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

69

61,479

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

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

281

153,574

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.44%,

11/25/35

(a)

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

43

8,231

CSMC

Trust

(a)(b)

:

Series

2009-5R,

Class

4A4,

2.97%,

06/25/36

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

—

(e)

1

Series

2014-11R,

Class

16A1,

3.01%,

09/27/47

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

9

9,362

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

08/25/47

(a)

....

111

121,750

BlackRock

Total

Return

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

(LIBOR

USD

1

Month

+

0.00%),

6.36%,

07/25/36

(a)

.....

USD

9

$

8,694

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.09%,

03/25/36

(a)

...........

19

19,018

GSMPS

Mortgage

Loan

Trust

(a)(b)

:

Series

2005-RP1,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

01/25/35

....

39

36,115

Series

2005-RP2,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

03/25/35

....

45

42,511

Series

2006-RP1,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

01/25/36

...

36

29,995

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

5

5,568

HarborView

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

07/19/47

(a)

...........

113

105,081

IndyMac

INDX

Mortgage

Loan

Trust

(a)

:

Series

2007-AR19,

Class

3A1,

2.97%,

09/25/37

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

71

57,611

Series

2007-FLX5,

Class

2A2,

(LIBOR

USD

1

Month

+

0.24%),

0.33%,

08/25/37

...

107

100,437

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.24%,

12/25/37

(a)

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

20

21,259

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

0.52%,

08/25/37

(a)(b)

.........

19

10,179

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

04/25/37

(a)

....

132

130,718

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

04/16/36

(a)(b)

.........

302

282,031

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

55

57,753

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

06/25/37

(a)

12

10,650

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)(c)(d)

..

100

98,330

RALI

Trust,

Series

2007-QH9,

Class

A1,

1.33%,

11/25/37

(a)

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

26

25,460

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(LIBOR

USD

1

Month

+

0.40%),

0.48%,

09/25/35

(a)(b)

..........

4

3,493

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

4.27%,

05/25/57

(a)

....

19

10,934

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.01%,

04/25/36

(a)

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

46

34,526

Structured

Asset

Mortgage

Investments

II

Trust

(a)

:

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

06/25/36

....

64

60,255

Series

2006-AR5,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

05/25/46

....

43

38,828

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust:

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

49

50,500

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(f)

31

30,409

3,436,750

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.9%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.78%,

06/05/37

(a)(b)

..........

USD

200

$

202,170

280

Park

Avenue

Mortgage

Trust

(a)(b)

:

Series

2017-280P,

Class

D,

(LIBOR

USD

1

Month

+

1.54%),

1.62%,

09/15/34

....

100

99,999

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.20%,

09/15/34

....

150

149,621

AOA

Mortgage

Trust,

Series

2015-1177,

Class

C,

3.11%,

12/13/29

(a)(b)

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

100

99,934

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.18%,

04/15/35

(a)(b)

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

19

18,833

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

:

Series

2015-200P,

Class

F,

3.72%,

04/14/33

300

305,933

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.58%,

11/15/32

....

100

87,226

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.08%,

11/15/32

....

100

83,062

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.78%,

09/15/34

....

650

645,785

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.54%,

01/25/36

....

35

33,885

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

0.76%,

01/25/36

....

26

25,051

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

0.63%,

04/25/36

....

8

7,934

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

10/25/36

....

13

13,010

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

10/25/36

....

11

10,863

Series

2007-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.27%),

0.36%,

07/25/37

....

23

21,847

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.54%,

09/25/37

....

114

109,163

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

0.81%,

03/15/37

(a)(b)

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

35

34,891

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

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

87

92,119

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2007-T26,

Class

AM,

5.51%,

01/12/45

(a)

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

28

27,453

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

4.03%,

03/15/62

(a)(b)

.......

148

157,288

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.33%,

07/15/35

(a)(b)

140

140,372

BWAY

Mortgage

Trust

(b)

:

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

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

150

160,030

Series

2013-1515,

Class

C,

3.45%,

03/10/33

105

109,912

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.08%,

11/15/35

(a)(b)

..........

371

372,305

BXP

Trust

(a)(b)

:

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.67%,

08/13/37

....

60

63,070

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.67%,

08/13/37

....

110

111,816

Series

2017-GM,

Class

D,

3.54%,

06/13/39

200

209,825

Series

2017-GM,

Class

E,

3.54%,

06/13/39

50

50,660

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

1.83%,

12/15/37

(a)(b)

..........

100

100,093

BlackRock

Total

Return

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

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

USD

30

$

32,943

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

10,964

CFK

Trust,

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

(a)(b)

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

126

139,589

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

5.09%,

04/10/49

(a)

..

20

21,446

Commercial

Mortgage

Trust

(a)

:

Series

2015-LC21,

Class

C,

4.48%,

07/10/48

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

150

156,629

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(b)

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

100

96,654

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

.....

50

53,669

CSMC

Trust

(b)

:

Series

2017-PFHP,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

1.03%,

12/15/30

(a)

...

60

60,007

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

102,340

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.33%,

04/10/37

(a)(b)

..........

100

83,796

DBUBS

Mortgage

Trust

(b)

:

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

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

140

148,469

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.65%,

10/10/34

(a)

...

210

213,971

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

(a)

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

80

80,253

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

......

100

113,067

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

..

100

99,765

GS

Mortgage

Securities

Trust,

Series

2017-

GS7,

Class

D,

3.00%,

08/10/50

(b)

.......

20

18,445

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

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

110

110,311

IMT

Trust

(b)

:

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

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

100

105,558

Series

2017-APTS,

Class

EFX,

3.61%,

06/15/34

(a)

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

100

101,100

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.27%,

12/15/48

(a)(b)

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

100

98,449

JPMCC

Commercial

Mortgage

Securities

Trust:

Series

2017-JP5,

Class

D,

4.76%,

03/15/50

(a)(b)

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

100

101,458

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

10

10,921

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

:

Series

2012-CBX,

Class

A4FL,

(LIBOR

USD

1

Month

+

1.30%),

1.38%,

06/15/45

(b)

..

23

22,955

Series

2015-JP1,

Class

D,

4.39%,

01/15/49

50

48,522

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

03/25/37

(a)(b)

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

17

16,238

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.32%,

04/20/48

(a)(b)

...

14

14,424

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

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

15

14,612

Morgan

Stanley

Capital

I

Trust:

Series

2007-T27,

Class

AJ,

6.21%,

06/11/42

(a)

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

59

59,891

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2015-MS1,

Class

D,

4.17%,

05/15/48

(a)(b)

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

USD

100

$

90,737

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.68%,

11/15/34

(a)(b)

..

211

211,125

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

140

118,010

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2018-FL1,

Class

MCR1,

(LIBOR

USD

1

Month

+

2.35%),

2.43%,

06/15/35

(a)(b)

...

85

84,222

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

4.08%,

05/10/39

(a)(b)

.......

190

171,241

PFP

Ltd.

(a)(b)

:

Series

2019-5,

Class

A,

(LIBOR

USD

1

Month

+

0.97%),

1.05%,

04/14/36

(c)

...

16

16,039

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.50%,

04/14/36

(c)

...

40

39,955

USDC,

Series

2018,

Class

E,

4.64%,

05/13/38

(a)

(b)

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

50

42,816

Velocity

Commercial

Capital

Loan

Trust

(a)

:

Series

2016-2,

Class

M4,

7.23%,

10/25/46

.

100

100,970

Series

2017-2,

Class

M3,

(LIBOR

USD

3

Month

+

0.00%),

4.24%,

11/25/47

(b)

...

98

99,131

Series

2017-2,

Class

M4,

5.00%,

11/25/47

(b)

50

49,056

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2017-C39,

Class

D,

4.49%,

09/15/50

(a)(b)

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

83

78,020

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

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

60

49,318

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

0.93%,

12/13/31

(a)(b)

..

151

149,716

Series

2018-C44,

Class

A5,

4.21%,

05/15/51

770

876,992

7,857,944

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

132

36,452

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.2%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.70%,

12/15/35

(b)

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

15,000

324,450

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.78%,

02/15/50

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

1,000

32,172

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

1.10%,

08/10/35

(b)

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

1,000

42,496

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.73%,

11/05/36

(b)

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

3,475

64,021

Benchmark

Mortgage

Trust:

Series

2018-B8,

Class

XA,

0.80%,

01/15/52

4,817

181,060

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.21%,

03/15/52

....

1,040

68,361

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.87%,

05/10/58

....

170

5,219

Commercial

Mortgage

Trust:

Series

2015-3BP,

Class

XA,

0.17%,

02/10/35

(b)

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

1,916

5,921

Series

2015-CR25,

Class

XA,

0.97%,

08/10/48

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

189

5,172

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.22%,

11/15/50

...

1,430

20,267

JPMBB

Commercial

Mortgage

Securities

Trust:

Series

2014-C22,

Class

XA,

0.98%,

09/15/47

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

1,108

22,106

Series

2014-C23,

Class

XA,

0.76%,

09/15/47

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

1,028

15,729

BlackRock

Total

Return

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

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

USD

1,800

$

59,094

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

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

900

29,169

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

:

Series

2014-C19,

Class

XF,

1.33%,

12/15/47

130

4,426

Series

2015-C26,

Class

XD,

1.46%,

10/15/48

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

120

5,820

Morgan

Stanley

Capital

I

Trust:

Series

2016-UBS9,

Class

XD,

1.76%,

03/15/49

(b)

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

1,000

65,630

Series

2017-H1,

Class

XD,

2.32%,

06/15/50

(b)

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

110

11,036

Series

2019-L2,

Class

XA,

1.19%,

03/15/52

383

24,295

One

Market

Plaza

Trust

(b)

:

Series

2017-1MKT,

Class

XCP,

0.22%,

02/10/32

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

1,880

1,128

Series

2017-1MKT,

Class

XNCP,

0.00%,

02/10/32

(d)

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

376

376

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.40%,

08/15/49

(b)

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

1,000

51,350

1,039,298

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(k)

....

114

38,174

Total

Non-Agency

Mortgage-Backed

Securities

—

1.5%

(Cost:

$12,282,010)

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

12,408,618

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(o)

Capital

Markets

—

0.0%

(d)(i)(j)

Lehman

Brothers

Holdings,

Capital

Trust

VII..

.

185

—

Lehman

Brothers

Holdings,

Inc.

..........

1,025

—

Total

Other

Interests

—

0.0%

(Cost:

$12)

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

—

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.4%

(a)(h)

Banks

—

0.1%

Bank

of

America

Corp.,

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

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

385

439,420

Citigroup,

Inc.:

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

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

913

946,051

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

.......................

190

194,037

1,579,508

Capital

Markets

—

0.3%

Bank

of

New

York

Mellon

Corp.

(The):

Series

E,

(LIBOR

USD

3

Month

+

3.42%),

3.54%

.......................

200

201,016

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.......................

180

188,665

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

.......................

USD

310

$

336,350

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

......

455

469,333

State

Street

Corp.:

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

3.71%

.......................

68

68,326

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

.......................

680

719,666

1,983,356

Total

Capital

Trusts

—

0.4%

(Cost:

$3,434,710)

...............................

3,562,864

U.S.

Government

Sponsored

Agency

Securities

—

46.2%

(p)

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2017-DNA3,

Class

B1,

(LIBOR

USD

1

Month

+

4.45%),

4.54%, 03/25/30

(a)

250

264,301

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

:

Series

2018-K732,

Class

B,

4.20%, 05/25/25

(b)

...............

80

86,721

Series

2018-SB53,

Class

A10F,

3.66%, 06/25/28

................

41

44,666

131,387

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

:

Series

2013-63,

0.76%, 09/16/51

.......

329

9,066

Series

2013-191,

0.37%, 11/16/53

......

58

727

Series

2015-48,

0.61%, 02/16/50

.......

98

2,769

Series

2015-173,

0.70%, 09/16/55

......

142

4,834

Series

2016-26,

0.76%, 02/16/58

.......

292

11,228

Series

2016-110,

0.92%, 05/16/58

......

107

5,501

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.09%, 02/16/58

..........

145

8,877

Series

2016-125,

0.82%, 12/16/57

......

151

7,129

50,131

Mortgage-Backed

Securities

—

46.2%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 01/01/29

-

04/01/31

...........

376

394,982

3.00%, 09/01/27

-

12/01/46

...........

1,131

1,213,297

3.50%, 02/01/31

-

01/01/48

...........

2,324

2,532,293

4.00%, 08/01/40

-

12/01/45

...........

181

200,130

4.50%, 02/01/39

-

04/01/49

...........

3,396

3,773,810

5.00%, 10/01/41

-

11/01/48

...........

146

163,451

5.50%, 02/01/35

-

06/01/41

...........

121

141,182

Federal

National

Mortgage

Association:

4.00%, 01/01/41

..................

11

12,433

6.00%, 07/01/39

..................

103

117,908

Government

National

Mortgage

Association:

2.00%, 10/15/51

(p)

.................

11,848

12,018,778

2.50%, 10/15/51

(p)

.................

11,520

11,892,150

3.00%, 02/15/45

-

04/20/51

...........

14,626

15,300,090

3.00%, 12/20/50

(q)

.................

11,118

11,629,823

3.00%, 10/15/51

(p)

.................

13,830

14,448,848

3.50%, 01/15/42

-

11/20/46

...........

5,286

5,627,642

3.50%, 10/15/51

-

11/15/51

(p)

..........

4,728

4,972,343

4.00%, 04/20/39

-

12/20/47

...........

1,361

1,467,165

4.00%, 10/15/51

(p)

.................

2,843

3,016,435

BlackRock

Total

Return

V.I.

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

4.50%, 12/20/39

-

07/20/49

...........

USD

1,215

$

1,317,695

5.00%, 12/15/38

-

07/20/44

...........

100

114,367

5.00%, 10/15/51

(p)

.................

1,436

1,546,168

Uniform

Mortgage-Backed

Securities:

1.50%, 10/25/36

-

11/25/51

(p)

..........

20,987

20,605,944

2.00%, 10/01/31

-

03/01/32

...........

338

349,191

2.00%, 10/25/36

-

11/25/51

(p)

..........

70,429

70,823,071

2.50%, 09/01/27

-

12/01/35

...........

4,178

4,402,366

2.50%, 10/25/36

-

11/25/51

(p)

..........

121,290

125,043,812

3.00%, 04/01/28

-

08/01/50

...........

9,997

10,720,470

3.00%, 10/25/36

-

11/25/51

(p)

..........

20,264

21,200,498

3.50%, 03/01/29

-

08/01/50

...........

8,496

9,150,175

3.50%, 10/25/36

-

11/25/51

(p)

..........

11,050

11,699,044

4.00%, 08/01/31

-

08/01/51

...........

7,283

8,040,255

4.00%, 10/25/51

(p)

.................

4,886

5,234,797

4.50%, 02/01/25

-

09/01/49

...........

10,057

11,166,039

5.00%, 02/01/35

-

05/01/49

...........

1,102

1,234,717

5.00%, 10/25/51

(p)

.................

1,077

1,183,859

5.50%, 02/01/35

-

03/01/40

...........

370

428,173

6.00%, 04/01/35

-

06/01/41

...........

202

237,235

6.50%, 05/01/40

..................

82

96,483

393,517,119

Total

U.S.

Government

Sponsored

Agency

Securities

—

46.2%

(Cost:

$393,247,888)

..............................

393,962,938

U.S.

Treasury

Obligations

—

15.8%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

-

11/15/40

...........

529

725,970

4.50%, 08/15/39

..................

146

205,056

4.38%, 11/15/39

..................

146

202,324

4.63%, 02/15/40

..................

432

617,473

1.13%, 05/15/40

-

08/15/40

...........

3,866

3,334,198

3.88%, 08/15/40

..................

432

566,460

1.38%, 11/15/40

..................

1,933

1,736,377

1.75%, 08/15/41

..................

1

860

3.13%, 02/15/43

..................

528

629,166

2.88%, 05/15/43

-

05/15/49

...........

1,941

2,253,112

3.63%, 08/15/43

..................

528

677,717

3.75%, 11/15/43

..................

528

690,772

2.50%, 02/15/45

..................

4,920

5,313,216

2.75%, 11/15/47

..................

4,920

5,589,966

3.00%, 02/15/48

..................

5,263

6,258,036

2.25%, 08/15/49

..................

1,937

2,007,822

2.38%, 11/15/49

-

05/15/51

...........

1,905

2,027,586

2.00%, 02/15/50

..................

217

213,186

1.63%, 11/15/50

..................

13

11,679

U.S.

Treasury

Notes:

1.50%, 01/31/22

-

02/15/30

...........

11,907

12,176,951

1.75%, 04/30/22

-

11/15/29

...........

16,439

16,881,204

2.13%, 12/31/22

-

05/15/25

...........

3,182

3,312,168

0.50%, 03/15/23

-

05/31/27

...........

7,310

7,239,480

0.13%, 03/31/23

-

05/31/23

...........

13,341

13,323,629

0.25%, 04/15/23

..................

4,593

4,596,409

2.75%, 05/31/23

..................

1,029

1,072,210

2.00%, 02/15/25

..................

1,283

1,341,988

0.38%, 04/30/25

-

12/31/25

...........

17,870

17,582,119

0.75%, 05/31/26

..................

5,251

5,206,900

0.88%, 09/30/26

..................

418

415,747

1.63%, 11/30/26

-

05/15/31

...........

3,502

3,577,100

2.38%, 05/15/27

-

05/15/29

...........

1,864

1,995,457

2.25%, 08/15/27

(r)

.................

3,746

3,981,442

1.25%, 03/31/28

-

08/15/31

...........

6,446

6,437,746

2.88%, 08/15/28

..................

309

341,336

3.13%, 11/15/28

..................

1,164

1,307,772

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.63%, 02/15/29

..................

USD

474

$

516,808

1.13%, 02/15/31

..................

870

842,677

Total

U.S.

Treasury

Obligations

—

15.8%

(Cost:

$136,336,763)

..............................

135,210,119

Total

Long-Term

Investments

—

119.6%

(Cost:

$1,016,261,126)

............................

1,019,827,975

Shares

Shares

Short-Term

Securities

—

14.5%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(n)(s)

..................

123,422,943

123,422,943

Total

Short-Term

Securities

—

14.5%

(Cost:

$123,422,943)

..............................

123,422,943

Total

Options

Purchased

—

0.0%

(Cost:

$1,072,542)

...............................

708,072

Total

Investments

Before

Options

Written,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

134.1%

(Cost:

$1,140,756,611

)

............................

1,143,958,990

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$47,913)

......................

(79,823)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

—

(8.1)%

(p)

Mortgage-Backed

Securities

—

(8.1)%

Government

National

Mortgage

Association:

3.00%

,

 10/15/51

..................

6,319

(6,601,877)

3.50%

,

 10/15/51

..................

1,487

(1,564,008)

4.00%

,

 10/15/51

..................

104

(110,364)

Uniform

Mortgage-Backed

Securities:

1.50%

,

 10/25/51

..................

7,445

(7,231,833)

2.00%

,

 10/25/51

..................

26,552

(26,623,566)

3.00%

,

 10/25/51

-

11/25/51

...........

14,947

(15,634,316)

3.50%

,

 10/25/51

..................

2,800

(2,962,585)

4.00%

,

 10/25/51

..................

218

(233,562)

4.50%

,

 10/25/51

..................

192

(207,646)

2.50%

,

 11/25/51

..................

7,685

(7,908,649)

Total

TBA

Sale

Commitments

—

(8.1)%

(Proceeds:

$69,416,332)

...........................

(69,078,406)

Investments

Sold

Short

—

(0.1)%

U.S.

Treasury

Obligations

—

(0.1)%

U.S.

Treasury

Bonds:

2.88%, 05/15/49

..................

803

(939,384)

2.00%, 02/15/50

..................

217

(213,186)

Total

U.S.

Treasury

Obligations

—

(0.1)%

(Proceeds:

$1,143,285)

............................

(1,152,570)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$1,143,285)

............................

(1,152,570)

Total

Investments

Net

of

Options

Written,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

125.9%

(Cost:

$1,070,149,081

)

............................

1,073,648,191

Liabilities

in

Excess

of

Other

Assets

—

(25.9)%

............

(220,790,047)

Net

Assets

—

100.0%

...............................

$

852,858,144

BlackRock

Total

Return

V.I.

Fund

22

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

(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)

U.S.

dollar

denominated

security

issued

by

foreign

domiciled

entity.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Rounds

to

less

than

1,000.

(f)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(g)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(h)

Perpetual

security

with

no

stated

maturity

date.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Non-income

producing

security.

(k)

Zero-coupon

bond.

(l)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(m)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(n)

Affiliate

of

the

Fund.

(o)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(p)

Represents

or

includes

a

TBA

transaction.

(q)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(r)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(s)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/21

Shares

Held

at

09/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

38,187,472

$

85,235,471

$

—

$

—

$

—

$

123,422,943

123,422,943

$

9,013

$

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

67,937,601

54,422,001

—

—

431,784

122,791,386

12,205,903

1,807,676

—

$

—

$

431,784

$

246,214,329

$

1,816,689

$

—

—

—

(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)

September

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

...............................................................

11

12/08/21

$

1,936

$

(5,744)

U.S.

Treasury

Long

Bond

....................................................

197

12/21/21

31,422

(549,763)

U.S.

Treasury

Ultra

Bond

....................................................

159

12/21/21

30,458

(625,842)

Long

Gilt

...............................................................

5

12/29/21

843

2,043

U.S.

Treasury

2

Year

Note

....................................................

195

12/31/21

42,915

(22,056)

U.S.

Treasury

5

Year

Note

....................................................

147

12/31/21

18,051

15,815

90-day

Eurodollar

.........................................................

272

12/19/22

67,663

11,032

(1,174,515)

Short

Contracts

Euro-Bund

..............................................................

17

12/08/21

3,344

2,808

Euro-

Buxl

...............................................................

31

12/08/21

7,302

207,231

Euro-OAT

...............................................................

27

12/08/21

5,190

50,494

U.S.

Treasury

10

Year

Note

...................................................

133

12/21/21

17,519

146,539

U.S.

Treasury

10

Year

Ultra

Note

...............................................

139

12/21/21

20,218

126,773

90-day

Eurodollar

.........................................................

352

03/18/24

86,878

(447)

533,398

$

(641,117)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

216,000

PLN

981,168

BNP

Paribas

SA

10/04/21

$

3,508

USD

86,000

BRL

450,849

BNP

Paribas

SA

10/04/21

3,211

USD

85,000

BRL

440,164

Citibank

NA

10/04/21

4,173

USD

170,000

BRL

877,286

JPMorgan

Chase

Bank

NA

10/04/21

8,904

CAD

162,241

USD

128,000

JPMorgan

Chase

Bank

NA

10/08/21

91

KZT

21,442,512

USD

49,090

Citibank

NA

10/08/21

1,211

USD

128,000

CAD

161,271

JPMorgan

Chase

Bank

NA

10/08/21

675

USD

62,821

AUD

86,000

HSBC

Bank

plc

10/12/21

645

USD

38,560

TRY

329,966

BNP

Paribas

SA

10/12/21

1,606

USD

219,440

TRY

1,886,760

Citibank

NA

10/12/21

8,134

EUR

129,000

NOK

1,305,311

Deutsche

Bank

AG

10/20/21

173

KRW

203,802,800

USD

172,000

Citibank

NA

10/20/21

40

NOK

1,311,655

EUR

129,000

JPMorgan

Chase

Bank

NA

10/20/21

552

USD

172,000

KRW

203,106,200

Citibank

NA

10/20/21

548

USD

301,000

MXN

6,094,836

Goldman

Sachs

International

10/20/21

6,498

USD

214,000

MXN

4,317,814

HSBC

Bank

plc

10/20/21

5,364

USD

214,000

ZAR

3,203,473

Bank

of

America

NA

10/20/21

1,745

USD

300,534

EUR

256,000

JPMorgan

Chase

Bank

NA

10/21/21

3,897

USD

211,492

MXN

4,251,000

Barclays

Bank

plc

10/29/21

6,343

USD

291,535

MXN

5,896,000

Citibank

NA

10/29/21

7,000

USD

216,396

MXN

4,430,109

Credit

Agricole

Corporate

&

Investment

Bank

SA

10/29/21

2,603

PLN

1,019,622

EUR

220,000

Bank

of

America

NA

11/02/21

1,372

USD

128,000

CLP

104,038,400

UBS

AG

11/02/21

68

USD

104,110

MXN

2,119,190

Goldman

Sachs

International

11/24/21

2,239

EUR

740,000

GBP

633,503

BNP

Paribas

SA

12/15/21

4,831

EUR

4,965,000

GBP

4,265,375

Citibank

NA

12/15/21

12,319

EUR

615,000

GBP

528,370

Deutsche

Bank

AG

12/15/21

1,485

EUR

720,000

GBP

615,829

Goldman

Sachs

International

12/15/21

5,445

EUR

1,340,000

GBP

1,149,638

JPMorgan

Chase

Bank

NA

12/15/21

5,401

GBP

630,040

EUR

730,000

Barclays

Bank

plc

12/15/21

2,103

GBP

492,605

EUR

570,000

Deutsche

Bank

AG

12/15/21

2,526

USD

150,139

CAD

189,000

Bank

of

America

NA

12/15/21

923

USD

857,797

EUR

730,000

Bank

of

America

NA

12/15/21

10,879

BlackRock

Total

Return

V.I.

Fund

24

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

7,105,379

EUR

5,998,500

BNP

Paribas

SA

12/15/21

$

146,153

USD

2,565,155

EUR

2,190,000

Goldman

Sachs

International

12/15/21

24,402

USD

7,110,514

EUR

5,998,500

HSBC

Bank

plc

12/15/21

151,288

USD

2,777,857

EUR

2,353,000

Morgan

Stanley

&

Co.

International

plc

12/15/21

47,998

486,353

BRL

895,123

USD

170,000

Citibank

NA

10/04/21

(5,629)

BRL

442,501

USD

85,000

Morgan

Stanley

&

Co.

International

plc

10/04/21

(3,744)

PLN

979,288

EUR

216,000

Barclays

Bank

plc

10/04/21

(3,982)

USD

85,000

BRL

465,890

JPMorgan

Chase

Bank

NA

10/04/21

(551)

AUD

86,000

USD

62,244

JPMorgan

Chase

Bank

NA

10/12/21

(69)

TRY

921,144

USD

105,544

Citibank

NA

10/12/21

(2,382)

TRY

580,306

USD

66,456

UBS

AG

10/12/21

(1,466)

ZAR

1,807,372

USD

128,000

Bank

of

America

NA

10/14/21

(8,150)

EUR

220,000

USD

255,626

JPMorgan

Chase

Bank

NA

10/20/21

(708)

MXN

2,545,175

USD

126,000

Bank

of

Montreal

10/20/21

(3,018)

MXN

5,182,575

USD

257,000

Goldman

Sachs

International

10/20/21

(6,578)

MXN

3,432,398

USD

172,000

UBS

AG

10/20/21

(6,148)

RUB

12,523,320

USD

172,000

Deutsche

Bank

AG

10/20/21

(386)

RUB

12,551,100

USD

172,000

JPMorgan

Chase

Bank

NA

10/20/21

(6)

USD

256,000

MXN

5,298,380

HSBC

Bank

plc

10/20/21

(16)

USD

344,000

RUB

25,204,880

Citibank

NA

10/20/21

(1,394)

USD

172,000

RUB

12,648,020

UBS

AG

10/20/21

(1,322)

EUR

146,000

USD

171,448

Barclays

Bank

plc

10/21/21

(2,272)

EUR

110,000

USD

129,062

Goldman

Sachs

International

10/21/21

(1,601)

USD

116,474

RUB

8,652,127

Credit

Suisse

International

10/26/21

(1,992)

USD

957,334

RUB

71,092,037

HSBC

Bank

plc

10/26/21

(16,063)

USD

167,975

RUB

12,558,155

JPMorgan

Chase

Bank

NA

10/26/21

(3,972)

USD

1,775,783

RUB

132,264,367

Morgan

Stanley

&

Co.

International

plc

10/26/21

(35,195)

IDR

11,164,594,261

USD

780,938

Deutsche

Bank

AG

10/29/21

(3,547)

MXN

6,117,684

USD

305,919

BNP

Paribas

SA

10/29/21

(10,686)

MXN

8,615,825

USD

430,974

Deutsche

Bank

AG

10/29/21

(15,183)

USD

128,000

COP

493,248,000

Citibank

NA

10/29/21

(1,297)

USD

707,551

IDR

10,340,263,942

Deutsche

Bank

AG

10/29/21

(12,441)

MXN

4,111,348

USD

199,978

Citibank

NA

11/01/21

(1,652)

MXN

1,987,366

USD

96,588

Goldman

Sachs

International

11/01/21

(720)

MXN

2,698,906

USD

131,434

Morgan

Stanley

&

Co.

International

plc

11/01/21

(1,242)

BRL

694,379

USD

128,000

BNP

Paribas

SA

11/03/21

(1,093)

USD

259,798

IDR

3,770,183,060

Citibank

NA

11/17/21

(2,132)

USD

726,159

CNY

4,715,000

BNP

Paribas

SA

11/24/21

(2,066)

USD

4,116,371

CNY

26,937,530

Citibank

NA

11/24/21

(44,093)

USD

543,743

ZAR

8,331,537

Credit

Agricole

Corporate

&

Investment

Bank

SA

11/24/21

(5,547)

USD

86,000

TRY

791,845

Citibank

NA

11/29/21

(453)

USD

109,031

RUB

8,084,638

Citibank

NA

12/02/21

(958)

USD

140,722

RUB

10,406,800

HSBC

Bank

plc

12/02/21

(860)

EUR

600,000

GBP

516,738

BNP

Paribas

SA

12/15/21

(242)

EUR

730,000

USD

856,541

Barclays

Bank

plc

12/15/21

(9,623)

EUR

3,280,000

USD

3,843,419

Goldman

Sachs

International

12/15/21

(38,092)

GBP

2,487,118

EUR

2,910,000

Bank

of

America

NA

12/15/21

(24,510)

GBP

2,823,338

EUR

3,300,000

BNP

Paribas

SA

12/15/21

(23,893)

GBP

643,962

EUR

750,000

Deutsche

Bank

AG

12/15/21

(2,339)

GBP

619,265

EUR

720,000

Goldman

Sachs

International

12/15/21

(815)

USD

16,470,463

CNY

106,913,070

Barclays

Bank

plc

12/15/21

(14,144)

(324,272)

$

162,081

BlackRock

Total

Return

V.I.

Fund

25

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

HSBC

Bank

plc

03/10/22

CNH

6.70

CNH

6.70

USD

183

$

32,828

Put

USD

Currency

...............

Up

and

In

Standard

Chartered

Bank

10/25/21

KRW

1,165.00

KRW

1,185.00

USD

596

1,005

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

10/27/21

COP

3,830.00

COP

3,705.00

USD

676

3,368

4,373

$

37,201

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

December

2021

Futures

..........

3,019

12/10/21

USD

99.38

USD

754,750

$

169,819

90-day

Eurodollar

March

2022

Futures

.............

345

03/11/22

USD

98.75

USD

86,250

174,656

$

344,475

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

AUD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

10/06/21

USD

0.73

AUD

344

$

286

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

10/08/21

ZAR

14.40

USD

256

11,513

USD

Currency

...........................

UBS

AG

10/18/21

MXN

20.10

USD

514

15,260

USD

Currency

...........................

Deutsche

Bank

AG

10/19/21

ZAR

14.95

USD

258

5,034

USD

Currency

...........................

Goldman

Sachs

International

10/20/21

MXN

20.30

USD

515

11,400

USD

Currency

...........................

Citibank

NA

10/28/21

MXN

20.60

USD

514

—

USD

Currency

...........................

Barclays

Bank

plc

11/04/21

CLP

785.00

USD

342

13,377

AUD

Currency

...........................

Goldman

Sachs

International

11/10/21

USD

0.74

AUD

5,692

17,544

EUR

Currency

...........................

BNP

Paribas

SA

11/10/21

USD

1.18

EUR

5,492

9,751

GBP

Currency

...........................

UBS

AG

11/10/21

USD

1.37

GBP

3,295

18,984

AUD

Currency

...........................

Citibank

NA

11/12/21

USD

0.74

AUD

5,692

18,312

EUR

Currency

...........................

Standard

Chartered

Bank

11/12/21

USD

1.18

EUR

5,492

13,359

GBP

Currency

...........................

Standard

Chartered

Bank

11/12/21

USD

1.37

GBP

3,295

18,824

USD

Currency

...........................

UBS

AG

11/12/21

ZAR

14.30

USD

214

12,620

EUR

Currency

...........................

BNP

Paribas

SA

11/18/21

PLN

4.65

EUR

586

3,605

USD

Currency

...........................

HSBC

Bank

plc

11/29/21

MXN

20.80

USD

685

12,485

EUR

Currency

...........................

Deutsche

Bank

AG

12/13/21

PLN

4.56

EUR

582

11,404

193,758

Put

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

10/08/21

USD

1.18

EUR

574

12,360

USD

Currency

...........................

Bank

of

America

NA

10/08/21

TRY

8.70

USD

169

149

USD

Currency

...........................

BNP

Paribas

SA

10/29/21

IDR

14,300.00

USD

213

986

USD

Currency

...........................

Royal

Bank

of

Canada

11/10/21

CAD

1.25

USD

4,993

21,725

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

11/12/21

CAD

1.25

USD

4,993

17,071

USD

Currency

...........................

BNP

Paribas

SA

11/15/21

KRW

1,160.00

USD

300

753

USD

Currency

...........................

Citibank

NA

11/15/21

RUB

73.00

USD

686

8,234

EUR

Currency

...........................

Citibank

NA

11/19/21

GBP

0.85

EUR

7,300

32,879

EUR

Currency

...........................

Citibank

NA

11/26/21

GBP

0.85

EUR

7,280

36,795

130,952

$

324,710

BlackRock

Total

Return

V.I.

Fund

26

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.74%

Semi-Annual

Bank

of

America

NA

11/10/21

0.74

%

USD

17,965

$

1,686

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

March

2022

Futures

..............

345

03/11/22

USD

98.25

USD

86,250

$

(49,594)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

.............................

Deutsche

Bank

AG

10/13/21

PLN

4.58

EUR

290

$

(2,785)

USD

Currency

.............................

Citibank

NA

10/15/21

RUB

74.00

USD

258

(751)

USD

Currency

.............................

Bank

of

America

NA

10/19/21

ZAR

14.95

USD

258

(5,034)

USD

Currency

.............................

Barclays

Bank

plc

11/04/21

CLP

820.00

USD

426

(5,868)

USD

Currency

.............................

UBS

AG

11/12/21

ZAR

15.00

USD

300

(7,879)

USD

Currency

.............................

HSBC

Bank

plc

11/29/21

MXN

21.50

USD

685

(5,665)

–

(27,982)

–

Put

USD

Currency

.............................

HSBC

Bank

plc

11/29/21

MXN

20.00

USD

685

(2,247)

–

$

(30,229)

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.37.V1

...................

1.00

%

Quarterly

12/20/26

USD

418

$

(10,110)

$

(9,876)

$

(234)

ITRAXX.EUR.CROSSOVER.36.V1

........

5.00

Quarterly

12/20/26

EUR

3,280

(456,031)

(471,208)

15,177

ITRAXX.EUR.MAIN.36.V1

..............

1.00

Quarterly

12/20/26

EUR

3,580

(109,985)

(112,208)

2,223

$

(576,126)

$

(593,292)

$

17,166

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)

0.76%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/18/23

PLN

2,575

$

3,266

$

—

$

3,266

0.83%

Semi-Annual

6

month

WIBOR

Semi-Annual

N/A

06/22/23

PLN

6,008

5,662

—

5,662

0.60%

Annual

6

month

WIBOR

Semi-Annual

N/A

07/23/23

PLN

1,497

3,635

—

3,635

28

day

MXIBTIIE

Monthly

5.84%

Monthly

N/A

08/14/23

MXN

41,974

(17,083)

—

(17,083)

1.39%

Annual

3

month

WIBOR

Quarterly

09/05/22

(a)

09/05/23

PLN

4,775

3,712

—

3,712

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/07/24

USD

1,863

(3,352)

—

(3,352)

28

day

MXIBTIIE

Monthly

6.11%

Monthly

N/A

08/15/24

MXN

27,963

(20,493)

—

(20,493)

28

day

MXIBTIIE

Monthly

6.12%

Monthly

N/A

08/15/24

MXN

1,668

(1,189)

—

(1,189)

BlackRock

Total

Return

V.I.

Fund

27

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.62%

At

Termination

1

day

SONIA

At

Termination

08/27/24

(a)

08/27/25

GBP

12,570

$

48,315

$

191

$

48,124

0.57%

At

Termination

1

day

SONIA

At

Termination

09/02/24

(a)

09/02/25

GBP

12,590

56,626

(13)

56,639

0.66%

At

Termination

1

day

SONIA

At

Termination

09/09/24

(a)

09/09/25

GBP

12,800

43,640

(184)

43,824

0.63%

At

Termination

1

day

SONIA

At

Termination

09/09/24

(a)

09/09/25

GBP

12,360

46,597

708

45,889

0.86%

At

Termination

1

day

SONIA

At

Termination

09/23/24

(a)

09/23/25

GBP

14,250

11,609

—

11,609

1

day

ESTR

At

Termination

(0.24)%

At

Termination

10/01/24

(a)

10/01/25

EUR

28,810

(1,051)

—

(1,051)

2.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/23/26

USD

125

(11,554)

—

(11,554)

1.69%

Annual

6

month

WIBOR

Semi-Annual

N/A

09/07/26

PLN

4,989

10,071

—

10,071

0.99%

Semi-Annual

3

month

LIBOR

Quarterly

11/12/21

(a)

11/12/26

USD

2,947

18,369

—

18,369

3.16%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/03/28

USD

152

(21,115)

—

(21,115)

1.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/31

USD

313

(1,798)

—

(1,798)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/01/31

USD

63

(687)

—

(687)

28

day

MXIBTIIE

Monthly

7.08%

Monthly

N/A

09/02/31

MXN

11,674

(14,394)

—

(14,394)

$

158,786

$

702

$

158,084

(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

2.47%

At

Termination

04/26/31

USD

6,637

$

(266,840)

$

—

$

(266,840)

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

3,480

(69,388)

—

(69,388)

1

month

USCPI

At

Termination

2.53%

At

Termination

08/11/31

USD

3,708

(58,807)

—

(58,807)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

210

(44,638)

—

(44,638)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

470

(99,709)

—

(99,709)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.30%

At

Termination

01/15/41

GBP

48

(12,381)

—

(12,381)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.79%

At

Termination

09/15/41

GBP

338

(1,885)

—

(1,885)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.89%

At

Termination

09/15/41

GBP

169

6,098

—

6,098

$

(547,550)

$

—

$

(547,550)

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

12/20/26

USD

500

$

25,406

$

23,023

$

2,383

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

781

39,666

35,945

3,721

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

391

13,194

9,157

4,037

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

838

28,278

19,625

8,653

Republic

of

Indonesia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

USD

1,092

(10,453)

(12,538)

2,085

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

513

27,599

27,014

585

Republic

of

South

Africa

.....

1.00

Quarterly

Citibank

NA

12/20/26

USD

458

24,626

23,996

630

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

1,837

98,784

89,350

9,434

Republic

of

the

Philippines

...

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

USD

754

(18,493)

(20,150)

1,657

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

732

378

(1,326)

1,704

BlackRock

Total

Return

V.I.

Fund

28

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

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)

United

Mexican

States

......

1.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

5,112

$

2,641

$

(9,263)

$

11,904

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

150

(1,405)

1,840

(3,245)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

120

(1,124)

1,491

(2,615)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

100

(937)

1,226

(2,163)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

90

(843)

1,104

(1,947)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

230

(2,154)

3,038

(5,192)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8

615

427

188

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

66

(169)

(10)

(159)

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

156

(397)

(119)

(278)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

30

8,526

2,665

5,861

$

–

$

–

$

–

$

233,738

$

196,495

$

37,243

$

–

$

–

$

–

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)

Trust

Fibra

Uno

.......

1.00

%

Quarterly

Citibank

NA

06/20/26

NR

USD

16

$

(1,082)

$

(1,686)

$

604

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

60

(4,059)

(6,326)

2,267

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

(2,229)

(3,226)

997

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

NR

USD

120

(214)

(4,796)

4,582

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

NR

USD

60

(107)

(2,444)

2,337

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

10

(871)

(791)

(80)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

BBB-

USD

30

(8,525)

(2,202)

(6,323)

$

(17,087)

$

(21,475)

$

4,388

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.42%

Semi-Annual

1

day

CLICP

Semi-Annual

Bank

of

America

NA

04/01/23

CLP

688,128

$

29,969

$

—

$

29,969

1

day

CLICP

Semi-Annual

1.65%

Semi-Annual

Bank

of

America

NA

05/28/23

CLP

688,128

(31,953)

—

(31,953)

$

(1,984)

$

—

$

(1,984)

BlackRock

Total

Return

V.I.

Fund

29

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

.....

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Goldman

Sachs

International

12/20/21

USD

1,888

$

(9,728)

$

(495)

$

(9,233)

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

ESTR

.........................................

Euro

Short-Term

Rate

(1.22)

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.05

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

5.40

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.75

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.13

3

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.13

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.21

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

IDR

Indonesian

Rupiah

KRW

South

Korean

Won

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

NOK

Norwegian

Krone

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

PIK

Payment-In-Kind

RB

Revenue

Bonds

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

WIBOR

Warsaw

Interbank

Offered

Rate

BlackRock

Total

Return

V.I.

Fund

30

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

23,299,709

$

538,560

$

23,838,269

Corporate

Bonds:

Aerospace

&

Defense

....................................

—

12,305,017

—

12,305,017

Air

Freight

&

Logistics

....................................

—

1,692,119

—

1,692,119

Airlines

..............................................

—

3,966,124

—

3,966,124

Auto

Components

......................................

—

123,896

—

123,896

Automobiles

..........................................

—

2,226,720

—

2,226,720

Banks

...............................................

—

41,675,214

—

41,675,214

Beverages

...........................................

—

5,211,350

—

5,211,350

Biotechnology

.........................................

—

5,718,115

—

5,718,115

Building

Products

.......................................

—

1,158,173

—

1,158,173

Capital

Markets

........................................

—

23,920,044

—

23,920,044

Chemicals

............................................

—

3,560,166

—

3,560,166

Commercial

Services

&

Supplies

.............................

—

1,998,626

—

1,998,626

Communications

Equipment

................................

—

1,819,243

—

1,819,243

Construction

&

Engineering

................................

—

270,997

—

270,997

Consumer

Finance

......................................

—

2,955,819

—

2,955,819

Containers

&

Packaging

..................................

—

393,749

—

393,749

Distributors

...........................................

—

61,275

—

61,275

Diversified

Financial

Services

...............................

—

2,871,689

—

2,871,689

Diversified

Telecommunication

Services

........................

—

13,378,197

—

13,378,197

Electric

Utilities

........................................

—

19,871,783

—

19,871,783

Electronic

Equipment,

Instruments

&

Components

.................

—

89,960

—

89,960

Energy

Equipment

&

Services

..............................

—

182,160

—

182,160

Entertainment

.........................................

—

1,319,605

—

1,319,605

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

7,824,806

664,210

8,489,016

Food

&

Staples

Retailing

..................................

—

1,033,625

—

1,033,625

BlackRock

Total

Return

V.I.

Fund

31

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Level

1

Level

2

Level

3

Total

Food

Products

.........................................

$

—

$

1,074,297

$

—

$

1,074,297

Gas

Utilities

...........................................

—

912,146

—

912,146

Health

Care

Equipment

&

Supplies

...........................

—

1,198,981

—

1,198,981

Health

Care

Providers

&

Services

............................

—

10,258,437

—

10,258,437

Hotels,

Restaurants

&

Leisure

..............................

—

3,138,904

—

3,138,904

Household

Durables

.....................................

—

148,388

—

148,388

Independent

Power

and

Renewable

Electricity

Producers

............

—

47,197

—

47,197

Industrial

Conglomerates

..................................

—

496,380

—

496,380

Insurance

............................................

—

2,861,589

—

2,861,589

Interactive

Media

&

Services

...............................

—

188,850

—

188,850

Internet

&

Direct

Marketing

Retail

............................

—

1,103,884

—

1,103,884

IT

Services

...........................................

—

5,931,767

—

5,931,767

Life

Sciences

Tools

&

Services

..............................

—

1,170,326

—

1,170,326

Machinery

............................................

—

1,261,473

—

1,261,473

Media

...............................................

—

8,377,889

—

8,377,889

Metals

&

Mining

........................................

—

3,404,634

—

3,404,634

Multiline

Retail

.........................................

—

2,340

—

2,340

Multi-Utilities

..........................................

—

1,117,822

—

1,117,822

Oil,

Gas

&

Consumable

Fuels

...............................

—

19,315,319

—

19,315,319

Paper

&

Forest

Products

..................................

—

665,844

—

665,844

Pharmaceuticals

.......................................

—

3,361,794

—

3,361,794

Real

Estate

Management

&

Development

.......................

—

4,333,572

—

4,333,572

Road

&

Rail

...........................................

—

5,629,090

—

5,629,090

Semiconductors

&

Semiconductor

Equipment

....................

—

9,500,489

—

9,500,489

Software

.............................................

—

7,743,126

—

7,743,126

Specialty

Retail

........................................

—

2,744,288

—

2,744,288

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,799,723

—

2,799,723

Textiles,

Apparel

&

Luxury

Goods

............................

—

128,187

—

128,187

Thrifts

&

Mortgage

Finance

................................

—

586,069

—

586,069

Tobacco

.............................................

—

4,602,380

—

4,602,380

Trading

Companies

&

Distributors

............................

—

820,005

—

820,005

Wireless

Telecommunication

Services

.........................

—

3,858,705

—

3,858,705

Floating

Rate

Loan

Interests:

Air

Freight

&

Logistics

....................................

—

267,948

—

267,948

Building

Products

.......................................

—

67,619

—

67,619

Chemicals

............................................

—

—

201,251

201,251

Construction

Materials

....................................

—

227,746

—

227,746

Consumer

Finance

......................................

—

—

19,656

19,656

Diversified

Consumer

Services

..............................

—

—

148,914

148,914

Diversified

Financial

Services

...............................

—

268,741

—

268,741

Health

Care

Equipment

&

Supplies

...........................

—

385,155

—

385,155

Health

Care

Providers

&

Services

............................

—

44,370

—

44,370

Hotels,

Restaurants

&

Leisure

..............................

—

1,202,296

52,000

1,254,296

Household

Durables

.....................................

—

78,358

—

78,358

Industrial

Conglomerates

..................................

—

—

30,000

30,000

Machinery

............................................

—

11,997

—

11,997

Media

...............................................

—

195,142

—

195,142

Oil,

Gas

&

Consumable

Fuels

...............................

—

457,556

—

457,556

Pharmaceuticals

.......................................

—

277,621

—

277,621

Road

&

Rail

...........................................

—

165,368

—

165,368

Software

.............................................

—

156,607

—

156,607

Specialty

Retail

........................................

—

137,827

—

137,827

Thrifts

&

Mortgage

Finance

................................

—

—

534,697

534,697

Foreign

Agency

Obligations

.................................

—

2,539,219

—

2,539,219

Foreign

Government

Obligations

..............................

—

50,110,599

—

50,110,599

Municipal

Bonds

.........................................

—

5,396,517

—

5,396,517

Non-Agency

Mortgage-Backed

Securities

........................

—

12,309,912

98,706

12,408,618

Other

Interests

..........................................

—

—

—

—

Capital

Trusts

...........................................

—

3,562,864

—

3,562,864

U.S.

Government

Sponsored

Agency

Securities

....................

—

393,962,938

—

393,962,938

U.S.

Treasury

Obligations

...................................

—

135,210,119

—

135,210,119

Short-Term

Securities

.......................................

123,422,943

—

—

123,422,943

Options

Purchased:

Foreign

currency

exchange

contracts

...........................

—

361,911

—

361,911

Interest

rate

contracts

......................................

344,475

1,686

—

346,161

BlackRock

Total

Return

V.I.

Fund

32

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Level

1

Level

2

Level

3

Total

Liabilities:

Investments:

TBA

Sale

Commitments

....................................

$

—

$

(69,078,406)

$

—

$

(69,078,406)

Investments

Sold

Short

....................................

—

(1,152,570)

—

(1,152,570)

$

123,767,418

$

824,881,216

$

2,287,994

$

950,936,628

Investments

Valued

at

NAV

(a)

......................................

122,791,386

$

—

$

1,073,728,014

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

81,033

$

—

$

81,033

Foreign

currency

exchange

contracts

............................

—

486,353

—

486,353

Interest

rate

contracts

.......................................

562,735

280,769

—

843,504

Other

contracts

...........................................

—

6,098

—

6,098

Liabilities:

Credit

contracts

...........................................

—

(22,236)

—

(22,236)

Foreign

currency

exchange

contracts

............................

—

(354,501)

—

(354,501)

Interest

rate

contracts

.......................................

(1,253,446)

(133,902)

—

(1,387,348)

Other

contracts

...........................................

—

(553,648)

—

(553,648)

$

(690,711)

$

(210,034)

$

—

$

(900,745)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

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.