BlackRock Variable Series Funds II NPORT-P BlackRock Total Return V.I. Fund (Mar 2022 report)

BlackRock

Total

Return

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

Series

2003-OP1,

Class

A2,

(LIBOR

USD

1

Month

+

0.72%),

1.18%,

12/25/33

....

USD

122

$

113,917

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.72%,

05/25/37

....

89

20,712

Ajax

Mortgage

Loan

Trust

(b)

Series

2018-A,

Class

B,

0.00%,

04/25/58

..

3

2,427

Series

2018-B,

Class

B,

0.00%,

02/26/57

..

7

4,338

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)

264

265,032

Series

2018-D,

Class

B,

0.00%,

08/25/58

(a)(c)

109

77,128

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

4

4,015

Series

2018-F,

Class

C,

0.00%,

11/25/58

..

12

8,296

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)

306

305,796

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)

103

101,659

Series

2018-G,

Class

C,

5.25%,

06/25/57

.

226

224,253

Series

2019-A,

Class

A,

3.75%,

08/25/57

(a)

270

269,698

Series

2019-A,

Class

B,

5.25%,

08/25/57

(a)

100

99,129

Series

2019-A,

Class

C,

0.00%,

08/25/57

(c)

184

150,124

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

503

504,705

Series

2019-B,

Class

B,

5.25%,

01/25/59

(a)

117

115,982

Series

2019-B,

Class

C,

0.00%,

01/25/59

.

297

299,606

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.34%,

10/21/28

(a)(b)

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

423

421,573

American

Homes

4

Rent

Trust,

Series

2014-

SFR3,

Class

A,

3.68%,

12/17/36

(b)

......

173

172,277

Anchorage

Capital

CLO

1-R

Ltd.,

Series

2018-

1RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.99%),

1.23%,

04/13/31

(a)(b)

..........

310

306,833

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

Series

2014-4RA,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

1.33%,

01/28/31

....

250

248,349

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.13%,

01/28/31

....

250

245,806

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.69%,

01/15/30

....

500

496,250

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

01/15/30

....

250

248,262

Anchorage

Capital

CLO

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.49%,

10/13/30

(a)(b)

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

250

249,003

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.32%,

04/15/31

(a)(b)

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

500

496,544

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.26%,

04/20/31

(a)(b)

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

500

496,117

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.41%,

10/15/30

(a)(b)

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

250

249,230

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.48%),

0.94%,

05/25/35

(a)

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

38

34,452

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.40%,

12/10/25

(a)

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

300

96,241

Barings

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.19%),

1.44%,

10/20/30

(a)(b)

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

260

258,805

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.45%,

05/28/39

(c)

...

80

67,326

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.45%,

02/28/40

....

107

102,387

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2005-E,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.45%,

12/28/40

....

USD

35

$

33,693

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

40

7,698

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

37

7,389

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

27

5,661

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2007-FS1,

Class

1A3,

(LIBOR

USD

1

Month

+

0.17%),

0.80%,

05/25/35

....

14

13,565

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.60%,

03/25/37

....

25

23,839

Series

2007-HE3,

Class

1A4,

(LIBOR

USD

1

Month

+

0.35%),

0.81%,

04/25/37

....

195

192,902

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.44%,

10/22/30

(a)(b)

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

490

488,976

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.62%,

10/25/36

(a)

...........

41

39,753

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.50%,

07/20/30

(a)(b)

250

249,180

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(LIBOR

USD

1

Month

+

0.16%),

0.78%,

10/25/36

(a)

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

41

32,908

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.66%,

05/25/37

...

176

139,186

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.73%,

05/25/37

...

80

63,633

Conseco

Finance

Corp.

(a)

Series

1997-3,

Class

M1,

7.53%,

03/15/28

.

27

26,748

Series

1997-6,

Class

M1,

7.21%,

01/15/29

.

18

17,091

Series

1998-8,

Class

M1,

6.98%,

09/01/30

.

104

100,470

Series

1999-5,

Class

A5,

7.86%,

03/01/30

.

26

13,036

Series

1999-5,

Class

A6,

7.50%,

03/01/30

.

27

13,293

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.90%,

11/15/32

....

26

25,909

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

56

15,590

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

39,631

Series

2000-5,

Class

A7,

8.20%,

05/01/31

.

136

54,013

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.68%,

12/25/25

(a)

..........

—

(d)

292

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

3.00%,

12/25/36

(e)

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

12

11,324

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(e)

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

100

98,447

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)(e)

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

77

4,353

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.80%,

07/25/37

(a)(b)

..

40

30,322

CWABS

Asset-Backed

Certificates

Trust

(a)

Series

2005-16,

Class

1AF,

5.69%,

04/25/36

92

84,948

Series

2006-11,

Class

3AV2,

(LIBOR

USD

1

Month

+

0.16%),

0.62%,

09/25/46

....

2

1,908

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(LIBOR

USD

1

Month

+

0.27%),

0.67%,

03/15/34

(a)

.....

9

8,650

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.36%,

10/25/34

(a)

.....

78

74,832

BlackRock

Total

Return

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

USD

2

$

3,006

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.70%,

12/15/33

...

9

8,678

Series

2006-RES,

Class

5B1B,

(LIBOR

USD

1

Month

+

0.19%),

0.59%,

05/15/35

...

3

3,219

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.58%,

05/15/35

....

5

5,409

Series

2006-C,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.58%,

05/15/36

....

43

41,401

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.55%,

11/15/36

....

26

23,494

Dryden

45

Senior

Loan

Fund,

Series

2016-45A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

10/15/30

(a)(b)

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

250

247,933

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.36%,

01/15/31

(a)(b)

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

800

795,632

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(LIBOR

USD

1

Month

+

1.05%),

1.51%,

10/25/34

...

33

31,564

Series

2006-FF16,

Class

2A3,

(LIBOR

USD

1

Month

+

0.28%),

0.74%,

12/25/36

...

579

304,937

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.61%,

12/25/36

....

376

359,888

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

1.06%,

01/25/36

...

95

83,538

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.74%,

02/25/37

(a)

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

79

64,212

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

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

25

6,721

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.66%,

01/25/47

....

23

14,141

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

3.38%),

3.83%,

02/25/47

....

40

41,334

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.76%,

05/25/37

(a)

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

76

61,049

Home

Equity

Mortgage

Loan

Asset-Backed

Trust

(a)

Series

2004-A,

Class

M2,

(LIBOR

USD

1

Month

+

2.03%),

2.48%,

07/25/34

....

16

15,960

Series

2007-A,

Class

2A2,

(LIBOR

USD

1

Month

+

0.19%),

0.65%,

04/25/37

....

56

41,873

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(e)

.........

53

6,922

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

1.12%,

04/15/36

(a)

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

14

13,680

HPS

Loan

Management

Ltd.,

Series

6A-2015,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.32%,

02/05/31

(a)(b)

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

248

246,491

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.39%,

10/19/28

(a)(b)

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

200

199,457

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

(LIBOR

USD

1

Month

+

1.00%),

1.44%,

07/17/37

(a)(b)

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

29

29,254

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)(e)

........

15

14,718

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(LIBOR

USD

1

Month

+

0.41%),

0.86%,

05/25/36

(a)

..........

USD

89

$

87,498

LCM

26

Ltd.,

Series

26A,

Class

A1,

(LIBOR

USD

3

Month

+

1.07%),

1.32%,

01/20/31

(a)(b)

280

278,217

LCM

XX

LP,

Series

20A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.29%,

10/20/27

(a)(b)

108

107,380

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

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

45

45,857

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,  4.00%,

10/30/27

(c)

...........

6

5,847

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.71%,

03/25/32

(a)

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

14

14,249

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.95%),

1.20%,

04/19/30

(a)(b)

..........

568

564,852

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.50%,

07/29/30

(a)(b)

..........

270

270,292

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.42%,

12/18/30

(a)(b)

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

250

249,228

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(LIBOR

USD

1

Month

+

0.26%),

0.72%,

06/25/46

(a)(b)

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

11

10,650

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(LIBOR

USD

1

Month

+

0.26%),

0.72%,

08/25/37

...

35

36,327

Series

2006-RM3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.18%),

0.64%,

06/25/37

...

25

6,522

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

1.06%,

12/25/34

...

155

138,817

Series

2005-HE5,

Class

M4,

(LIBOR

USD

1

Month

+

0.87%),

1.33%,

09/25/35

....

135

133,441

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.25%),

1.50%,

10/20/30

(a)(b)

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

250

248,972

Navient

Private

Education

Loan

Trust,

Series

2014-AA,

Class

A2B,

(LIBOR

USD

1

Month

+

1.25%),

1.65%,

02/15/29

(a)(b)

.........

71

70,652

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

09/01/31

.

16

9,808

Series

2001-D,

Class

A4,

6.93%,

09/15/31

.

9

6,525

Series

2002-B,

Class

M1,

7.62%,

06/15/32

80

67,121

OCP

CLO

Ltd.,

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.95%),

2.43%,

11/20/30

(a)(b)

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

250

246,488

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.26%,

07/17/30

(a)(b)

.........

250

247,904

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.00%),

1.26%,

01/25/31

(a)(b)

.........

250

248,092

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.50%,

05/23/31

(a)(b)

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

225

223,207

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.67%,

03/25/37

(a)

...

90

74,508

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(e)

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

75

68,786

BlackRock

Total

Return

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(e)

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

USD

185

$

169,941

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(e)

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

97

89,981

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.60%,

10/15/37

(a)(b)

....

36

34,465

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(e)

.........

67

61,897

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.51%,

10/22/30

(a)(b)

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

383

380,446

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.13%),

1.37%,

01/17/31

....

250

248,625

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.27%,

04/18/31

....

250

248,740

Series

2018-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.10%),

1.34%,

07/16/31

....

420

417,111

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.36%,

07/25/31

(a)(b)

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

246

244,780

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.44%,

10/20/30

(a)(b)

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

250

249,122

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.28%,

04/20/31

(a)(b)

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

247

245,434

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

1.33%,

01/15/30

(a)(b)

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

1,250

1,242,639

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(LIBOR

USD

1

Month

+

0.21%),

0.67%,

10/25/36

(a)

...........

100

81,227

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

A,

(LIBOR

USD

3

Month

+

1.11%),

1.37%,

04/25/31

(a)(b)

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

250

248,498

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.49%,

07/20/30

(a)(b)

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

230

229,236

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

1.16%,

03/15/24

(a)

...........

56

56,214

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

.....

100

96,794

Sound

Point

Euro

CLO

II

Funding

DAC,

Series

2A,

Class

ER,

(EURIBOR

3

Month

+

6.34%),

6.34%,

01/26/36

(a)(b)

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

EUR

250

255,376

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(LIBOR

USD

1

Month

+

0.80%),

1.25%,

01/25/35

(a)

...........

USD

1

1,191

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

......

100

96,301

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(LIBOR

USD

3

Month

+

1.22%),

1.46%,

10/15/29

(a)(b)

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

315

314,051

Voya

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.13%),

1.37%,

10/15/30

(a)(b)

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

250

248,862

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.59%,

07/25/37

(a)(b)

41

41,049

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.36%),

0.82%,

09/25/36

....

USD

132

$

49,034

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.61%,

10/25/36

....

118

98,557

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(LIBOR

USD

1

Month

+

0.40%),

0.86%,

06/25/37

(a)(b)

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

81

31,709

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.41%,

01/22/31

(a)(b)

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

250

249,008

Total

Asset-Backed

Securities

—

2.5%

(Cost:

$20,885,959)

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

20,531,551

Corporate

Bonds

Aerospace

&

Defense

—

1.3%

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25

(b)

165

165,560

BAE

Systems

plc,

3.40%,

04/15/30

(b)

......

737

726,215

Embraer

Netherlands

Finance

BV

5.05%,

06/15/25

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

68

68,680

5.40%,

02/01/27

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

36

36,067

General

Dynamics

Corp.,

3.63%,

04/01/30

..

191

196,711

Huntington

Ingalls

Industries,

Inc.

3.84%,

05/01/25

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

79

79,844

2.04%,

08/16/28

(b)

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

179

161,813

4.20%,

05/01/30

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

339

352,576

L3Harris

Technologies,

Inc.

4.40%,

06/15/28

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

680

707,161

2.90%,

12/15/29

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

300

288,373

1.80%,

01/15/31

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

701

609,081

Leidos,

Inc.

4.38%,

05/15/30

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

607

613,771

2.30%,

02/15/31

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

466

403,952

Lockheed

Martin

Corp.

3.60%,

03/01/35

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

451

455,688

4.07%,

12/15/42

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

34

36,295

3.80%,

03/01/45

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

112

114,363

2.80%,

06/15/50

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

132

115,542

Northrop

Grumman

Corp.

3.25%,

01/15/28

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

836

836,038

4.03%,

10/15/47

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

330

347,218

5.25%,

05/01/50

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

137

170,722

Raytheon

Technologies

Corp.

3.15%,

12/15/24

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

155

155,678

7.20%,

08/15/27

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

45

53,561

7.00%,

11/01/28

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

360

431,584

4.13%,

11/16/28

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

1,381

1,443,563

2.15%,

05/18/30

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

EUR

155

171,484

2.38%,

03/15/32

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

USD

167

153,311

4.50%,

06/01/42

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

16

17,643

3.75%,

11/01/46

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

130

127,815

4.63%,

11/16/48

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

53

59,895

2.82%,

09/01/51

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

514

432,269

3.03%,

03/15/52

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

354

310,149

Textron,

Inc.

3.90%,

09/17/29

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

336

341,930

2.45%,

03/15/31

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

110

99,590

10,284,142

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.,

2.40%,

05/15/31

..........

69

62,983

BlackRock

Total

Return

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Airlines

—

0.4%

Air

Canada

Pass-Through

Trust

(b)

Series

2017-1,

Class

B,

3.70%,

01/15/26

.

USD

1

$

627

Series

2017-1,

Class

AA,

3.30%,

01/15/30

79

75,165

American

Airlines

Pass-Through

Trust

Series

2013-2,

Class

A,

4.95%,

01/15/23

.

29

28,445

Series

2015-2,

Class

B,

4.40%,

09/22/23

.

206

200,912

Series

2016-1,

Class

B,

5.25%,

01/15/24

.

145

141,763

Series

2017-1,

Class

B,

4.95%,

02/15/25

.

41

39,240

Series

2015-2,

Class

AA,

3.60%,

09/22/27

37

35,476

Series

2016-1,

Class

AA,

3.58%,

01/15/28

96

91,170

Series

2019-1,

Class

B,

3.85%,

02/15/28

.

190

169,104

Series

2016-2,

Class

AA,

3.20%,

06/15/28

67

63,844

Series

2016-3,

Class

AA,

3.00%,

10/15/28

325

301,932

Series

2017-1,

Class

AA,

3.65%,

02/15/29

52

50,624

Series

2019-1,

Class

AA,

3.15%,

02/15/32

192

180,061

Avianca

Midco

2

Ltd.,

9.00%,

12/01/28

(b)

....

116

111,559

Azul

Investments

LLP,

7.25%,

06/15/26

(b)

...

200

167,250

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

420

420,358

Gol

Finance

SA,

7.00%,

01/31/25

(b)

.......

107

87,606

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)

.....

25

20,517

United

Airlines

Pass-Through

Trust

Series

2014-1,

Class

B,

4.75%,

04/11/22

.

10

9,888

Series

2014-2,

Class

B,

4.63%,

09/03/22

.

14

14,065

Series

2016-2,

Class

B,

3.65%,

10/07/25

.

9

8,641

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

117

115,118

Series

2014-1,

Class

A,

4.00%,

04/11/26

.

123

123,555

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

696

720,090

Series

2015-1,

Class

AA,

3.45%,

12/01/27

34

33,345

Series

2019-2,

Class

B,

3.50%,

05/01/28

.

132

119,275

Series

2016-1,

Class

AA,

3.10%,

07/07/28

11

10,340

Series

2016-2,

Class

AA,

2.88%,

10/07/28

68

64,280

Series

2018-1,

Class

AA,

3.50%,

03/01/30

33

32,235

Series

2019-2,

Class

AA,

2.70%,

05/01/32

122

111,339

3,547,824

Automobiles

—

0.2%

Ford

Motor

Co.,

3.25%,

02/12/32

........

44

39,298

General

Motors

Co.

4.88%,

10/02/23

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

77

79,333

6.13%,

10/01/25

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

222

238,322

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)

...

1,159

1,148,980

1,505,933

Banks

—

5.1%

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.88%

(a)(b)(f)

...........

200

184,288

Banco

Santander

SA

2.71%,

06/27/24

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

200

197,878

1.85%,

03/25/26

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

400

373,864

3.31%,

06/27/29

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

400

387,352

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)(g)

..........

200

186,475

Bank

of

America

Corp.

(a)

(LIBOR

USD

3

Month

+

1.02%),

2.88%,

04/24/23

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

127

127,036

(LIBOR

USD

3

Month

+

0.93%),

2.82%,

07/21/23

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

83

83,068

(LIBOR

USD

3

Month

+

0.78%),

3.55%,

03/05/24

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

234

235,336

(LIBOR

USD

3

Month

+

0.94%),

3.86%,

07/23/24

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

116

117,311

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

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

1,943

1,909,193

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

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

USD

236

$

236,119

(LIBOR

USD

3

Month

+

0.64%),

2.01%,

02/13/26

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

512

492,825

(SOFR

+

1.01%),

1.20%,

10/24/26

......

851

786,481

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

1,751

1,632,234

(SOFR

+

0.96%),

1.73%,

07/22/27

......

1,540

1,430,175

(SOFR

+

1.05%),

2.55%,

02/04/28

......

606

579,023

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

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

875

880,596

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

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

760

784,094

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

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

758

770,234

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

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

422

408,338

(SOFR

+

1.22%),

2.30%,

07/21/32

......

981

873,105

(SOFR

+

1.21%),

2.57%,

10/20/32

......

486

441,610

(SOFR

+

1.33%),

2.97%,

02/04/33

......

1,220

1,143,131

(LIBOR

USD

3

Month

+

1.32%),

4.08%,

04/23/40

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

373

382,976

(SOFR

+

1.93%),

2.68%,

06/19/41

......

536

452,576

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.87%

(a)(f)(g)

...........

250

249,031

BNP

Paribas

SA,

(SOFR

+

1.23%),

2.59%,

01/20/28

(a)(b)

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

544

511,961

Citigroup,

Inc.

(a)

(SOFR

+

0.69%),

2.01%,

01/25/26

......

788

758,591

(SOFR

+

1.53%),

3.29%,

03/17/26

......

1,585

1,579,652

(SOFR

+

1.28%),

3.07%,

02/24/28

......

1,600

1,558,334

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

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

716

716,158

(SOFR

+

1.42%),

2.98%,

11/05/30

......

1,654

1,568,833

(SOFR

+

1.35%),

3.06%,

01/25/33

......

74

69,141

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

143

139,760

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

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

316

319,255

Danske

Bank

A/S

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

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

263

259,607

5.38%,

01/12/24

(g)

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

200

206,208

5.38%,

01/12/24

(b)

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

602

620,685

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

.......

200

173,196

HSBC

Holdings

plc

(a)

(SOFR

+

1.10%),

2.25%,

11/22/27

......

647

602,834

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

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

531

546,347

(SOFR

+

1.29%),

2.21%,

08/17/29

......

208

187,089

ING

Groep

NV,

4.63%,

01/06/26

(b)

........

202

208,772

JPMorgan

Chase

&

Co.

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

395

401,323

3.13%,

01/23/25

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

307

308,585

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

137

134,176

(3

Month

CME

Term

SOFR

+

1.59%),

2.00%,

03/13/26

(a)

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

1,241

1,196,408

3.20%,

06/15/26

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

78

78,420

(SOFR

+

0.80%),

1.05%,

11/19/26

(a)

.....

264

243,744

(LIBOR

USD

3

Month

+

1.25%),

3.96%,

01/29/27

(a)

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

988

1,008,465

(SOFR

+

0.77%),

1.47%,

09/22/27

(a)

....

476

438,665

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

527

533,744

(SOFR

+

1.17%),

2.95%,

02/24/28

(a)

....

1,424

1,389,648

BlackRock

Total

Return

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

(a)

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

USD

1,765

$

1,769,618

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

....

234

219,527

(SOFR

+

1.02%),

2.07%,

06/01/29

(a)

....

80

73,724

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

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

116

120,914

(SOFR

+

1.26%),

2.96%,

01/25/33

(a)

....

927

873,932

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

(a)

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

69

73,739

(LIBOR

USD

3

Month

+

1.46%),

4.03%,

07/24/48

(a)

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

470

483,084

(SOFR

+

1.58%),

3.33%,

04/22/52

(a)

....

15

13,865

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

(a)(g)

..........

200

187,663

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.63%,

05/11/27

(a)

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

373

342,023

4.38%,

03/22/28

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

228

232,987

Mitsubishi

UFJ

Financial

Group,

Inc.

2.62%,

07/18/22

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

807

810,132

2.19%,

02/25/25

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

461

445,692

Mizuho

Financial

Group,

Inc.

(a)

(SOFR

+

1.36%),

2.55%,

09/13/25

......

719

704,233

(SOFR

+

1.77%),

2.20%,

07/10/31

......

200

177,621

(SOFR

+

1.53%),

1.98%,

09/08/31

......

225

196,708

NBK

Tier

1

Financing

Ltd.,

(CMTUSD6Y

+

2.88%),

3.63%

(a)(b)(f)

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

200

186,875

Santander

UK

Group

Holdings

plc

(a)

(SOFR

+

0.79%),

1.09%,

03/15/25

......

606

576,405

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

08/21/26

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

240

220,617

(SOFR

+

1.22%),

2.47%,

01/11/28

......

200

186,012

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

2.61%,

01/12/28

(a)(b)

........

820

766,615

Sumitomo

Mitsui

Financial

Group,

Inc.

2.70%,

07/16/24

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

395

391,174

2.35%,

01/15/25

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

644

625,797

3.78%,

03/09/26

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

75

75,848

Toronto-Dominion

Bank

(The),

3.20%,

03/10/32

175

172,225

Washington

Mutual

Escrow

Bonds

(c)(h)(i)

0.00%,

11/06/09

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

300

—

0.00%,

09/19/17

(j)

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

250

—

0.00%,

09/29/17

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

500

—

Wells

Fargo

&

Co.

(a)

(SOFR

+

1.51%),

3.53%,

03/24/28

......

218

217,562

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

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

383

382,377

(SOFR

+

1.43%),

2.88%,

10/30/30

......

95

90,292

(SOFR

+

4.03%),

4.48%,

04/04/31

......

179

189,543

41,910,754

Beverages

—

0.4%

Anheuser-Busch

Cos.

LLC

4.70%,

02/01/36

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

923

989,932

4.90%,

02/01/46

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

195

216,868

Anheuser-Busch

InBev

Worldwide,

Inc.

4.00%,

04/13/28

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

1,299

1,345,973

4.60%,

04/15/48

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

507

547,192

3,099,965

Biotechnology

—

0.6%

AbbVie,

Inc.

2.30%,

11/21/22

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

197

197,664

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

2.60%,

11/21/24

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

USD

1,571

$

1,560,133

4.55%,

03/15/35

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

129

138,482

4.50%,

05/14/35

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

603

647,198

4.85%,

06/15/44

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

3

3,326

4.70%,

05/14/45

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

342

371,310

4.88%,

11/14/48

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

50

56,511

4.25%,

11/21/49

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

226

234,524

Amgen,

Inc.

4.40%,

05/01/45

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

472

495,637

4.20%,

02/22/52

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

57

58,949

Biogen,

Inc.

2.25%,

05/01/30

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

393

353,600

3.15%,

05/01/50

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

176

144,125

Gilead

Sciences,

Inc.,

4.75%,

03/01/46

....

549

608,392

4,869,851

Building

Products

—

0.0%

Carrier

Global

Corp.,

2.24%,

02/15/25

.....

72

70,093

Johnson

Controls

International

plc,

5.13%,

09/14/45

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

5

5,701

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

36

36,270

Owens

Corning,

3.95%,

08/15/29

........

41

41,728

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

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

35

34,695

4.75%,

01/15/28

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

15

14,344

202,831

Capital

Markets

—

3.5%

Credit

Suisse

AG

3.63%,

09/09/24

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

263

266,017

1.25%,

08/07/26

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

322

293,630

Credit

Suisse

Group

AG,

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

........

252

254,244

Deutsche

Bank

AG

(SOFR

+

1.13%),

1.45%,

04/01/25

(a)

....

584

557,758

1.69%,

03/19/26

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

905

848,833

(SOFR

+

1.32%),

2.55%,

01/07/28

(a)

....

300

276,763

FactSet

Research

Systems,

Inc.,

3.45%,

03/01/32

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

262

253,084

Goldman

Sachs

Group,

Inc.

(The)

4.00%,

03/03/24

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

1,226

1,251,046

3.00%,

03/15/24

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

1,659

1,656,898

3.50%,

04/01/25

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

3,281

3,305,470

3.75%,

05/22/25

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

647

656,738

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

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

163

163,308

(SOFR

+

0.61%),

0.86%,

02/12/26

(a)

....

933

869,204

3.75%,

02/25/26

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

339

344,346

(LIBOR

USD

3

Month

+

1.17%),

1.68%,

05/15/26

(a)

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

300

301,538

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

700

645,051

(SOFR

+

1.11%),

2.64%,

02/24/28

(a)

.....

409

391,056

(SOFR

+

1.85%),

3.62%,

03/15/28

(a)

....

1,182

1,180,345

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

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

168

168,193

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

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

653

668,601

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

....

316

287,200

(SOFR

+

1.26%),

2.65%,

10/21/32

(a)

....

595

537,918

(SOFR

+

1.41%),

3.10%,

02/24/33

(a)

....

1,678

1,581,662

Intercontinental

Exchange,

Inc.

3.75%,

09/21/28

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

121

123,445

2.10%,

06/15/30

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

150

136,990

1.85%,

09/15/32

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

172

148,547

Moody's

Corp.

3.25%,

01/15/28

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

225

224,641

BlackRock

Total

Return

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.75%,

02/25/52

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

USD

95

$

93,629

3.10%,

11/29/61

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

203

169,760

Morgan

Stanley

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

....

3

2,970

3.88%,

01/27/26

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

775

789,743

3.63%,

01/20/27

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

1,244

1,254,694

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

683

634,563

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

....

261

239,912

(SOFR

+

1.00%),

2.48%,

01/21/28

(a)

....

1,604

1,529,129

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

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

285

285,792

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

376

378,934

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

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

961

1,004,807

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,655

1,552,996

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

130

129,324

(SOFR

+

1.03%),

1.79%,

02/13/32

(a)

....

86

73,954

(SOFR

+

1.02%),

1.93%,

04/28/32

(a)

....

56

48,403

(SOFR

+

1.18%),

2.24%,

07/21/32

(a)

....

890

788,655

(SOFR

+

1.20%),

2.51%,

10/20/32

(a)

....

74

66,699

(SOFR

+

1.29%),

2.94%,

01/21/33

(a)

....

221

207,240

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

176

161,905

Nomura

Holdings,

Inc.

2.61%,

07/14/31

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

543

488,053

3.00%,

01/22/32

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

375

345,436

S&P

Global,

Inc.

(b)

4.75%,

08/01/28

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

595

639,236

3.90%,

03/01/62

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

9

9,258

28,287,618

Chemicals

—

0.3%

Braskem

Netherlands

Finance

BV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

01/23/81

(a)

(b)

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

262

286,562

Cydsa

SAB

de

CV,

6.25%,

10/04/27

(b)

.....

200

191,000

Dow

Chemical

Co.

(The),

1.13%,

03/15/32

..

EUR

115

114,512

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

USD

515

535,625

Ecolab,

Inc.,

2.75%,

08/18/55

..........

330

272,882

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

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

255

251,851

MEGlobal

Canada

ULC,

5.00%,

05/18/25

(b)

..

200

205,475

Sasol

Financing

USA

LLC,

5.50%,

03/18/31

..

200

186,500

Sherwin-Williams

Co.

(The),

2.30%,

05/15/30

.

352

321,860

Westlake

Corp.,

3.38%,

08/15/61

........

216

175,694

2,541,961

Commercial

Services

&

Supplies

—

0.2%

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

83

80,510

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

71

71,887

RELX

Capital,

Inc.

3.50%,

03/16/23

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

80

80,685

4.00%,

03/18/29

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

404

414,401

3.00%,

05/22/30

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

507

484,405

Republic

Services,

Inc.

2.90%,

07/01/26

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

131

130,008

3.95%,

05/15/28

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

81

83,262

2.38%,

03/15/33

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

15

13,467

Waste

Management,

Inc.

1.15%,

03/15/28

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

370

330,671

2.00%,

06/01/29

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

101

93,937

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

37

34,968

1,818,201

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.2%

Juniper

Networks,

Inc.,

2.00%,

12/10/30

....

USD

156

$

134,934

Motorola

Solutions,

Inc.

4.60%,

05/23/29

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

623

647,847

2.75%,

05/24/31

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

819

741,016

5.50%,

09/01/44

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

287

315,583

1,839,380

Construction

&

Engineering

—

0.0%

Mexico

City

Airport

Trust,

5.50%,

07/31/47

(g)

.

200

176,750

Stoneway

Capital

Corp.

(h)(i)

10.00%,

03/01/27

(g)

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

133

36,888

10.00%,

03/01/27

(b)

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

133

36,887

250,525

Consumer

Finance

—

0.4%

American

Express

Co.,

2.55%,

03/04/27

....

419

407,403

Capital

One

Financial

Corp.

3.90%,

01/29/24

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

281

285,389

(SOFR

+

1.79%),

3.27%,

03/01/30

(a)

....

257

248,148

Discover

Financial

Services,

4.50%,

01/30/26

149

153,504

General

Motors

Financial

Co.,

Inc.

3.70%,

05/09/23

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

66

66,659

5.10%,

01/17/24

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

173

178,858

4.00%,

01/15/25

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

341

345,190

4.35%,

04/09/25

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

328

333,590

2.75%,

06/20/25

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

318

308,860

1.25%,

01/08/26

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

105

96,082

2.40%,

10/15/28

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

452

404,496

2.70%,

06/10/31

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

11

9,686

Hyundai

Capital

Services,

Inc.,

3.00%,

08/29/22

(b)

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

250

250,672

Navient

Corp.

7.25%,

09/25/23

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

23

23,891

5.88%,

10/25/24

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

37

37,745

6.75%,

06/25/25

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

38

39,039

6.75%,

06/15/26

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

37

37,740

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(g)

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

200

200,000

Synchrony

Financial

4.50%,

07/23/25

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

5

5,100

3.70%,

08/04/26

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

91

90,466

3,522,518

Containers

&

Packaging

—

0.0%

International

Paper

Co.,

6.00%,

11/15/41

...

42

50,006

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

200

173,250

223,256

Diversified

Financial

Services

—

0.1%

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)

...

200

201,412

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%,

02/11/25

(b)

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

200

149,288

ORIX

Corp.,

2.90%,

07/18/22

..........

155

155,585

Shell

International

Finance

BV,

2.38%,

11/07/29

84

79,563

585,848

Diversified

Telecommunication

Services

—

1.6%

AT&T,

Inc.

0.00%,

11/27/22

(b)(j)

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

1,000

983,852

1.65%,

02/01/28

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

277

252,377

4.35%,

03/01/29

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

505

534,400

2.75%,

06/01/31

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

172

161,281

2.55%,

12/01/33

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

683

606,808

4.50%,

05/15/35

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

568

601,711

2.60%,

05/19/38

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

EUR

175

199,286

3.10%,

02/01/43

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

USD

230

198,556

5.15%,

02/15/50

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

294

335,045

3.50%,

09/15/53

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

403

353,610

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

3.55%,

09/15/55

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

USD

763

$

672,940

3.80%,

12/01/57

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

174

158,747

3.65%,

09/15/59

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

649

569,129

3.85%,

06/01/60

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

40

35,805

3.50%,

02/01/61

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

90

76,497

CCO

Holdings

LLC

(b)

5.38%,

06/01/29

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

92

92,000

4.75%,

03/01/30

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

106

101,785

Deutsche

Telekom

International

Finance

BV,

3.60%,

01/19/27

(b)

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

150

151,415

Level

3

Financing,

Inc.,

4.63%,

09/15/27

(b)

...

15

14,120

Oi

SA,

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(k)

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

49

36,934

Verizon

Communications,

Inc.

2.10%,

03/22/28

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

729

679,482

3.88%,

02/08/29

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

376

391,168

4.02%,

12/03/29

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

326

338,340

3.15%,

03/22/30

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

1,082

1,064,120

1.50%,

09/18/30

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

1,178

1,022,966

1.68%,

10/30/30

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

251

218,854

2.55%,

03/21/31

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

102

94,763

2.36%,

03/15/32

(b)

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

794

717,153

2.65%,

11/20/40

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

512

435,537

3.40%,

03/22/41

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

379

355,281

2.85%,

09/03/41

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

427

375,868

2.88%,

11/20/50

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

723

604,083

3.55%,

03/22/51

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

78

73,296

3.70%,

03/22/61

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

424

392,741

12,899,950

Electric

Utilities

—

2.2%

Adani

Transmission

Ltd.,

4.25%,

05/21/36

(g)

..

181

166,124

AEP

Texas,

Inc.

3.95%,

06/01/28

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

310

316,307

Series

H,

3.45%,

01/15/50

...........

91

80,766

3.45%,

05/15/51

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

237

209,924

AEP

Transmission

Co.

LLC

3.80%,

06/15/49

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

155

153,013

3.15%,

09/15/49

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

222

196,568

Series

M,

3.65%,

04/01/50

...........

232

223,760

Series

N,

2.75%,

08/15/51

...........

30

24,575

Alabama

Power

Co.

4.15%,

08/15/44

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

5

5,076

3.45%,

10/01/49

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

242

224,503

3.13%,

07/15/51

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

70

60,866

American

Transmission

Systems,

Inc.,

2.65%,

01/15/32

(b)

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

293

270,790

Baltimore

Gas

&

Electric

Co.

3.75%,

08/15/47

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

166

163,479

4.25%,

09/15/48

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

105

111,438

3.20%,

09/15/49

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

125

112,688

2.90%,

06/15/50

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

100

86,938

CenterPoint

Energy

Houston

Electric

LLC

Series

AE,

2.35%,

04/01/31

..........

120

111,397

3.95%,

03/01/48

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

85

88,334

Series

AF,

3.35%,

04/01/51

..........

195

185,687

Series

AH,

3.60%,

03/01/52

..........

34

34,047

Commonwealth

Edison

Co.

Series

127,

3.20%,

11/15/49

..........

180

165,323

Series

130,

3.13%,

03/15/51

..........

30

27,192

Series

131,

2.75%,

09/01/51

..........

86

73,069

Series

133,

3.85%,

03/15/52

..........

76

78,563

DTE

Electric

Co.

Series

A,

4.05%,

05/15/48

...........

265

279,370

3.95%,

03/01/49

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

121

124,944

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Duke

Energy

Carolinas

LLC

3.95%,

11/15/28

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

USD

72

$

74,753

3.88%,

03/15/46

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

32

32,153

3.70%,

12/01/47

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

104

101,449

3.95%,

03/15/48

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

155

159,021

3.45%,

04/15/51

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

213

206,461

3.55%,

03/15/52

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

17

16,794

Duke

Energy

Florida

LLC

2.50%,

12/01/29

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

550

517,279

1.75%,

06/15/30

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

88

78,336

Duke

Energy

Progress

LLC

3.45%,

03/15/29

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

527

528,037

2.50%,

08/15/50

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

250

203,061

2.90%,

08/15/51

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

86

75,330

Edison

International

2.40%,

09/15/22

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

42

42,037

4.95%,

04/15/25

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

272

278,280

Entergy

Arkansas

LLC,

3.35%,

06/15/52

....

117

108,974

Entergy

Louisiana

LLC,

4.20%,

09/01/48

...

325

340,389

Exelon

Corp.

2.75%,

03/15/27

(b)

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

48

46,770

5.10%,

06/15/45

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

35

38,897

4.70%,

04/15/50

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

180

197,959

4.10%,

03/15/52

(b)

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

17

17,266

FirstEnergy

Corp.

2.05%,

03/01/25

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

52

49,530

Series

B,

4.40%,

07/15/27

(e)

..........

349

351,216

2.65%,

03/01/30

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

158

143,447

Series

B,

2.25%,

09/01/30

...........

79

69,915

Series

C,

5.35%,

07/15/47

(e)

..........

125

130,418

Series

C,

3.40%,

03/01/50

...........

71

59,803

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

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

666

669,209

5.45%,

07/15/44

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

42

45,788

4.55%,

04/01/49

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

550

525,464

Florida

Power

&

Light

Co.

3.95%,

03/01/48

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

331

352,167

3.15%,

10/01/49

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

468

436,225

2.88%,

12/04/51

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

215

192,741

Generacion

Mediterranea

SA,

9.63%,

12/01/27

(b)

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

231

184,431

Genneia

SA,

8.75%,

09/02/27

(b)

.........

37

34,499

MidAmerican

Energy

Co.

3.10%,

05/01/27

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

193

192,912

3.65%,

04/15/29

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

460

472,812

4.25%,

07/15/49

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

131

142,930

3.15%,

04/15/50

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

277

254,403

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

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

52

52,466

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(g)

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

250

223,719

Northern

States

Power

Co.

3.60%,

05/15/46

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

27

26,845

2.90%,

03/01/50

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

88

77,633

2.60%,

06/01/51

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

123

104,028

3.20%,

04/01/52

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

50

47,045

NRG

Energy,

Inc.

2.45%,

12/02/27

(b)

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

842

776,579

5.75%,

01/15/28

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

59

59,968

4.45%,

06/15/29

(b)

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

70

70,029

5.25%,

06/15/29

(b)

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

53

51,793

NSTAR

Electric

Co.,

3.95%,

04/01/30

.....

59

61,241

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

...........

122

104,369

4.00%,

06/01/49

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

125

124,537

BlackRock

Total

Return

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Series

R,

2.90%,

10/01/51

...........

USD

191

$

158,279

Oncor

Electric

Delivery

Co.

LLC

3.70%,

11/15/28

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

267

274,621

3.80%,

09/30/47

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

101

102,012

4.10%,

11/15/48

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

83

87,697

3.80%,

06/01/49

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

89

90,781

2.70%,

11/15/51

(b)

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

55

47,060

Pacific

Gas

&

Electric

Co.

2.50%,

02/01/31

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

28

24,151

3.25%,

06/01/31

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

184

166,433

4.95%,

07/01/50

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

272

256,197

PECO

Energy

Co.

3.05%,

03/15/51

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

231

208,101

2.85%,

09/15/51

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

102

88,266

Public

Service

Electric

&

Gas

Co.

3.65%,

09/01/28

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

210

213,220

2.05%,

08/01/50

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

128

94,880

3.00%,

03/01/51

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

60

53,112

Southern

California

Edison

Co.

Series

E,

3.70%,

08/01/25

...........

136

138,259

Series

20C,

1.20%,

02/01/26

.........

137

125,989

2.25%,

06/01/30

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

445

402,289

Series

G,

2.50%,

06/01/31

...........

227

206,572

Southwestern

Public

Service

Co.,

Series

8,

3.15%,

05/01/50

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

270

241,734

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

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

200

198,350

Tampa

Electric

Co.

4.30%,

06/15/48

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

30

31,844

4.45%,

06/15/49

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

175

187,644

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

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

700

704,768

Virginia

Electric

&

Power

Co.

Series

A,

2.88%,

07/15/29

...........

69

67,068

Series

A,

6.00%,

05/15/37

...........

66

80,690

4.00%,

01/15/43

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

247

251,563

Vistra

Operations

Co.

LLC

(b)

5.50%,

09/01/26

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

72

72,394

5.63%,

02/15/27

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

93

92,921

5.00%,

07/31/27

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

93

91,494

4.30%,

07/15/29

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

503

485,515

17,970,053

Energy

Equipment

&

Services

—

0.0%

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(g)

.....

207

128,340

Entertainment

—

0.2%

Electronic

Arts,

Inc.,

1.85%,

02/15/31

......

470

412,785

Magallanes,

Inc.,

3.43%,

03/15/24

(b)

......

324

325,776

NBCUniversal

Media

LLC,

4.45%,

01/15/43

..

101

108,594

Walt

Disney

Co.

(The),

4.70%,

03/23/50

....

466

540,437

1,387,592

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.5%

Alexandria

Real

Estate

Equities,

Inc.,

2.95%,

03/15/34

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

213

200,389

American

Tower

Corp.

5.00%,

02/15/24

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

16

16,549

1.60%,

04/15/26

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

172

159,417

3.65%,

03/15/27

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

200

199,465

3.95%,

03/15/29

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

340

340,454

3.80%,

08/15/29

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

953

948,362

2.10%,

06/15/30

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

53

46,222

2.30%,

09/15/31

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

74

64,619

ARI

FCP

Investments

LP,

(LIBOR

USD

1

Month

+

2.90%),

2.98%,

01/06/25

(a)(c)

........

601

601,049

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Crown

Castle

International

Corp.

3.15%,

07/15/23

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

USD

66

$

66,446

1.05%,

07/15/26

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

340

307,169

2.90%,

03/15/27

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

148

143,081

3.80%,

02/15/28

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

137

136,861

3.10%,

11/15/29

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

583

552,403

3.30%,

07/01/30

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

466

445,649

2.10%,

04/01/31

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

469

405,585

2.50%,

07/15/31

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

106

94,557

Digital

Dutch

Finco

BV

(g)

1.50%,

03/15/30

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

EUR

315

320,682

1.00%,

01/15/32

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

180

168,243

Duke

Realty

LP,

1.75%,

02/01/31

........

USD

518

449,278

Equinix,

Inc.

1.25%,

07/15/25

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

135

125,859

1.00%,

09/15/25

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

433

397,893

1.45%,

05/15/26

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

309

283,473

3.20%,

11/18/29

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

520

497,638

2.15%,

07/15/30

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

121

105,895

2.50%,

05/15/31

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

237

212,547

3.90%,

04/15/32

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

580

576,334

GLP

Capital

LP

4.00%,

01/15/30

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

1,032

1,001,670

3.25%,

01/15/32

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

1,005

911,836

Invitation

Homes

Operating

Partnership

LP

2.30%,

11/15/28

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

130

117,603

4.15%,

04/15/32

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

315

321,700

MGM

Growth

Properties

Operating

Partnership

LP

5.63%,

05/01/24

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

159

163,687

4.50%,

09/01/26

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

44

44,220

5.75%,

02/01/27

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

71

74,994

MPT

Operating

Partnership

LP,

5.25%,

08/01/26

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

7

7,164

National

Retail

Properties,

Inc.

3.50%,

04/15/51

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

368

323,679

3.00%,

04/15/52

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

372

298,296

Realty

Income

Corp.,

3.25%,

01/15/31

.....

174

170,869

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

61

58,700

Service

Properties

Trust,

4.35%,

10/01/24

...

37

35,613

WP

Carey,

Inc.

2.40%,

02/01/31

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

283

255,037

2.45%,

02/01/32

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

150

132,519

11,783,706

Food

&

Staples

Retailing

—

0.0%

(b)

Albertsons

Cos.,

Inc.

5.88%,

02/15/28

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

68

67,770

4.88%,

02/15/30

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

15

14,606

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

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

79

78,621

160,997

Food

Products

—

0.1%

(b)

BRF

GmbH,

4.35%,

09/29/26

..........

200

194,725

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

...

36

36,720

JBS

USA

LUX

SA,

6.75%,

02/15/28

.......

34

35,844

Post

Holdings,

Inc.

5.63%,

01/15/28

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

72

70,673

5.50%,

12/15/29

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

57

54,844

392,806

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

4.13%,

03/15/49

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

91

95,823

3.38%,

09/15/49

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

14

13,067

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

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

USD

532

$

466,381

ONE

Gas,

Inc.,

2.00%,

05/15/30

.........

80

71,572

Piedmont

Natural

Gas

Co.,

Inc.

2.50%,

03/15/31

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

175

160,674

3.64%,

11/01/46

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

25

22,965

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

......

200

180,310

1,010,792

Health

Care

Equipment

&

Supplies

—

0.1%

Baxter

International,

Inc.,

3.13%,

12/01/51

(b)

.

96

82,181

Boston

Scientific

Corp.,

2.65%,

06/01/30

...

178

167,020

Medtronic

Global

Holdings

SCA,

1.75%,

07/02/49

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

EUR

100

99,178

Mozart

Debt

Merger

Sub,

Inc.,

3.88%,

04/01/29

(b)

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

USD

452

418,100

766,479

Health

Care

Providers

&

Services

—

1.3%

Aetna,

Inc.

6.63%,

06/15/36

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

175

220,392

4.75%,

03/15/44

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

5

5,442

Anthem,

Inc.

4.10%,

03/01/28

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

231

239,635

4.38%,

12/01/47

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

132

141,350

3.60%,

03/15/51

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

155

148,184

Cigna

Corp.,

3.40%,

03/01/27

..........

402

405,715

CVS

Health

Corp.

3.75%,

04/01/30

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

1,213

1,234,215

5.13%,

07/20/45

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

501

565,534

HCA,

Inc.

4.75%,

05/01/23

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

875

896,844

5.25%,

04/15/25

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

3,282

3,455,327

5.25%,

06/15/26

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

439

463,367

2.38%,

07/15/31

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

795

710,497

3.63%,

03/15/32

(b)

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

635

622,271

4.63%,

03/15/52

(b)

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

200

201,554

Humana,

Inc.

4.50%,

04/01/25

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

150

155,318

4.88%,

04/01/30

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

69

74,355

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

41

42,445

Tenet

Healthcare

Corp.

(b)

4.88%,

01/01/26

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

148

149,295

6.25%,

02/01/27

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

220

225,851

5.13%,

11/01/27

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

23

23,108

4.38%,

01/15/30

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

163

156,469

UnitedHealth

Group,

Inc.

4.63%,

11/15/41

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

397

450,814

4.20%,

01/15/47

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

241

260,390

3.25%,

05/15/51

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

97

91,109

10,939,481

Hotels,

Restaurants

&

Leisure

—

0.1%

1011778

BC

ULC,

3.88%,

01/15/28

(b)

......

11

10,423

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29

(b)

48

44,880

Cedar

Fair

LP

5.50%,

05/01/25

(b)

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

47

48,265

5.38%,

04/15/27

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

73

72,270

5.25%,

07/15/29

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

73

71,906

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

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

88

88,998

4.75%,

01/15/28

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

44

42,680

Marriott

International,

Inc.,

Series

HH,

2.85%,

04/15/31

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

194

177,062

MGM

China

Holdings

Ltd.,

4.75%,

02/01/27

(g)

.

200

171,000

MGM

Resorts

International

5.75%,

06/15/25

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

10

10,250

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

4.63%,

09/01/26

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

USD

6

$

5,910

5.50%,

04/15/27

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

10

10,100

Wynn

Las

Vegas

LLC

(b)

5.50%,

03/01/25

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

162

162,003

5.25%,

05/15/27

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

81

78,368

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

67

63,064

1,057,179

Household

Durables

—

0.0%

(b)

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

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

87

85,179

Mattamy

Group

Corp.,

5.25%,

12/15/27

....

7

6,909

92,088

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Capex

SA,

6.88%,

05/15/24

(b)

..........

19

17,929

Industrial

Conglomerates

—

0.1%

GE

Capital

Funding

LLC,

4.55%,

05/15/32

..

325

349,010

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

603

647,494

Roper

Technologies,

Inc.,

2.95%,

09/15/29

..

87

83,859

1,080,363

Insurance

—

0.3%

Ambac

Assurance

Corp.,

5.10%

(b)(f)

.......

15

16,775

American

International

Group,

Inc.

4.50%,

07/16/44

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

272

293,511

4.75%,

04/01/48

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

180

206,237

Aon

Corp.

4.50%,

12/15/28

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

83

86,949

3.75%,

05/02/29

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

602

615,537

2.80%,

05/15/30

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

553

526,764

3.90%,

02/28/52

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

21

20,725

Berkshire

Hathaway

Finance

Corp.,

3.85%,

03/15/52

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

124

126,798

Hartford

Financial

Services

Group,

Inc.

(The),

3.60%,

08/19/49

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

74

69,390

Marsh

&

McLennan

Cos.,

Inc.

1.35%,

09/21/26

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

EUR

160

175,570

1.98%,

03/21/30

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

145

159,510

2.25%,

11/15/30

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

USD

424

387,041

Willis

North

America,

Inc.,

3.60%,

05/15/24

..

36

36,207

2,721,014

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.,

2.50%,

06/03/50

......

672

561,027

IT

Services

—

0.5%

Fidelity

National

Information

Services,

Inc.,

1.00%,

12/03/28

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

EUR

300

315,988

Fiserv,

Inc.,

3.50%,

07/01/29

...........

USD

884

870,115

Global

Payments,

Inc.

1.20%,

03/01/26

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

593

546,314

4.80%,

04/01/26

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

475

498,642

2.15%,

01/15/27

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

60

56,314

3.20%,

08/15/29

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

605

574,758

2.90%,

05/15/30

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

503

464,240

International

Business

Machines

Corp.

4.25%,

05/15/49

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

304

323,752

3.43%,

02/09/52

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

100

95,265

3,745,388

Life

Sciences

Tools

&

Services

—

0.1%

Agilent

Technologies,

Inc.

3.05%,

09/22/26

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

366

363,439

2.75%,

09/15/29

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

133

126,833

2.10%,

06/04/30

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

88

78,984

2.30%,

03/12/31

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

113

102,081

BlackRock

Total

Return

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

(b)

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

USD

7

$

6,842

Thermo

Fisher

Scientific,

Inc.

2.80%,

10/15/41

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

180

161,217

1.88%,

10/01/49

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

EUR

300

297,526

1,136,922

Machinery

—

0.1%

CNH

Industrial

Capital

LLC,

4.20%,

01/15/24

.

USD

792

807,723

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

225

210,283

Parker-Hannifin

Corp.,

3.25%,

03/01/27

....

99

98,981

1,116,987

Media

—

0.9%

Charter

Communications

Operating

LLC

2.25%,

01/15/29

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

68

61,191

4.40%,

04/01/33

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

404

402,805

6.48%,

10/23/45

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

1,329

1,512,911

5.38%,

05/01/47

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

229

234,471

5.75%,

04/01/48

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

117

124,387

3.90%,

06/01/52

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

154

129,870

6.83%,

10/23/55

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

235

278,632

3.85%,

04/01/61

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

172

138,281

4.40%,

12/01/61

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

202

175,836

3.95%,

06/30/62

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

453

366,324

Clear

Channel

Outdoor

Holdings,

Inc.,

5.13%,

08/15/27

(b)

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

92

91,005

Comcast

Corp.

3.15%,

02/15/28

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

75

74,871

2.65%,

02/01/30

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

946

908,058

4.25%,

10/15/30

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

110

117,344

3.75%,

04/01/40

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

177

178,171

3.97%,

11/01/47

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

463

470,367

3.45%,

02/01/50

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

80

74,843

2.80%,

01/15/51

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

471

397,178

2.45%,

08/15/52

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

99

78,524

Cox

Communications,

Inc.

(b)

3.15%,

08/15/24

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

268

268,439

3.35%,

09/15/26

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

22

21,870

3.60%,

06/15/51

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

260

231,349

Discovery

Communications

LLC,

1.90%,

03/19/27

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

EUR

413

447,612

iHeartCommunications,

Inc.

6.38%,

05/01/26

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

USD

60

61,587

5.25%,

08/15/27

(b)

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

54

53,393

4.75%,

01/15/28

(b)

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

7

6,685

Interpublic

Group

of

Cos.,

Inc.

(The),

4.75%,

03/30/30

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

191

205,070

Lamar

Media

Corp.,

3.75%,

02/15/28

......

9

8,546

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(b)

.....

85

86,037

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

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

97

94,825

4.63%,

03/15/30

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

7

6,589

Paramount

Global

4.38%,

03/15/43

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

122

116,114

5.85%,

09/01/43

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

134

154,391

Sirius

XM

Radio,

Inc.,

5.50%,

07/01/29

(b)

....

90

91,350

TEGNA,

Inc.

4.63%,

03/15/28

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

15

14,921

5.00%,

09/15/29

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

17

17,041

7,700,888

Metals

&

Mining

—

0.5%

Anglo

American

Capital

plc

(b)

4.50%,

03/15/28

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

354

365,350

2.63%,

09/10/30

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

317

287,341

2.88%,

03/17/31

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

230

210,637

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Commercial

Metals

Co.,

4.38%,

03/15/32

...

USD

146

$

135,598

Glencore

Funding

LLC

(b)

1.63%,

09/01/25

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

52

48,621

1.63%,

04/27/26

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

564

520,837

2.50%,

09/01/30

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

573

512,745

2.85%,

04/27/31

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

819

747,895

2.63%,

09/23/31

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

186

166,379

3.38%,

09/23/51

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

180

151,347

Newmont

Corp.,

2.25%,

10/01/30

........

311

284,232

Nucor

Corp.,

3.95%,

05/01/28

..........

164

167,733

Vedanta

Resources

Finance

II

plc

8.00%,

04/23/23

(g)

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

200

191,560

8.95%,

03/11/25

(b)

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

200

194,000

3,984,275

Multiline

Retail

—

0.0%

Dollar

General

Corp.,

4.13%,

04/03/50

.....

2

1,995

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.

3.80%,

05/15/28

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

120

123,141

3.25%,

03/15/50

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

159

145,585

Consumers

Energy

Co.

3.25%,

08/15/46

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

94

86,387

3.75%,

02/15/50

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

381

382,738

3.10%,

08/15/50

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

140

128,161

3.50%,

08/01/51

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

120

117,209

983,221

Oil,

Gas

&

Consumable

Fuels

—

3.6%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

53

54,812

BP

Capital

Markets

America,

Inc.

3.79%,

02/06/24

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

308

313,342

3.80%,

09/21/25

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

145

149,396

3.00%,

03/17/52

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

225

193,825

3.38%,

02/08/61

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

85

75,567

BP

Capital

Markets

plc

2.75%,

05/10/23

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

184

184,327

3.81%,

02/10/24

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

80

81,668

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

9

8,795

Cameron

LNG

LLC

(b)

3.30%,

01/15/35

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

122

114,659

3.40%,

01/15/38

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

532

495,490

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

....

128

114,468

Cheniere

Corpus

Christi

Holdings

LLC

7.00%,

06/30/24

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

484

514,994

5.88%,

03/31/25

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

1,332

1,405,836

5.13%,

06/30/27

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

1,216

1,296,167

3.70%,

11/15/29

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

310

309,033

Chevron

USA,

Inc.,

2.34%,

08/12/50

......

190

153,831

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

75

75,750

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

39

39,750

Devon

Energy

Corp.

8.25%,

08/01/23

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

114

120,743

5.85%,

12/15/25

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

56

60,606

5.88%,

06/15/28

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

17

17,998

4.50%,

01/15/30

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

166

171,301

4.75%,

05/15/42

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

217

229,307

5.00%,

06/15/45

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

105

114,317

Diamondback

Energy,

Inc.

3.25%,

12/01/26

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

883

881,688

3.50%,

12/01/29

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

1,773

1,756,274

3.13%,

03/24/31

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

1,137

1,085,893

4.40%,

03/24/51

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

350

355,057

4.25%,

03/15/52

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

263

259,934

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

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

200

191,000

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.39%,

11/30/46

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

USD

326

$

304,810

Energy

Transfer

LP

3.60%,

02/01/23

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

1,323

1,330,623

4.50%,

04/15/24

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

1,006

1,029,308

3.90%,

05/15/24

(e)

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

879

884,194

2.90%,

05/15/25

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

1,387

1,356,696

5.95%,

12/01/25

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

217

232,391

4.00%,

10/01/27

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

132

132,849

6.63%,

10/15/36

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

30

33,757

6.50%,

02/01/42

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

197

226,419

6.25%,

04/15/49

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

250

286,869

5.00%,

05/15/50

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

579

585,855

Enterprise

Products

Operating

LLC

4.15%,

10/16/28

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

998

1,037,802

3.13%,

07/31/29

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

148

145,331

5.95%,

02/01/41

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

114

135,148

3.30%,

02/15/53

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

120

102,379

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

62

64,198

Galaxy

Pipeline

Assets

Bidco

Ltd.

2.16%,

03/31/34

(b)

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

200

183,750

2.63%,

03/31/36

(g)

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

200

179,412

Greenko

Dutch

BV,

3.85%,

03/29/26

(g)

.....

194

183,088

Kinder

Morgan,

Inc.,

5.30%,

12/01/34

.....

13

14,248

Marathon

Petroleum

Corp.,

5.85%,

12/15/45

.

65

72,297

Matador

Resources

Co.,

5.88%,

09/15/26

...

16

16,293

MPLX

LP

4.88%,

12/01/24

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

331

342,804

1.75%,

03/01/26

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

182

170,539

NGPL

PipeCo

LLC

(b)

4.88%,

08/15/27

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

230

238,731

3.25%,

07/15/31

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

507

473,356

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

365

374,321

OQ

SAOC,

5.13%,

05/06/28

(b)

..........

200

197,413

Ovintiv

Exploration,

Inc.,

5.63%,

07/01/24

...

408

428,956

ReNew

Power

Synthetic,

6.67%,

03/12/24

(g)

..

200

203,038

Sabine

Pass

Liquefaction

LLC

5.63%,

04/15/23

(e)

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

184

188,259

5.75%,

05/15/24

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

888

929,415

5.63%,

03/01/25

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

2,891

3,056,650

5.88%,

06/30/26

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

172

185,945

5.00%,

03/15/27

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

185

195,649

SM

Energy

Co.,

10.00%,

01/15/25

(b)

......

12

13,100

Suncor

Energy,

Inc.,

6.80%,

05/15/38

.....

96

123,657

Sunoco

LP,

4.50%,

04/30/30

(b)

..........

95

87,522

Texas

Eastern

Transmission

LP

3.50%,

01/15/28

(b)

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

504

500,863

7.00%,

07/15/32

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

140

173,980

TransCanada

PipeLines

Ltd.,

4.63%,

03/01/34

123

131,247

Transcontinental

Gas

Pipe

Line

Co.

LLC

7.85%,

02/01/26

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

724

829,962

4.00%,

03/15/28

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

496

507,359

3.95%,

05/15/50

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

232

225,595

28,941,906

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC,

8.88%,

05/15/31

.....

83

115,954

Suzano

Austria

GmbH

3.75%,

01/15/31

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

30

28,095

Series

DM3N,

3.13%,

01/15/32

........

90

79,744

223,793

Pharmaceuticals

—

0.3%

AstraZeneca

plc,

1.38%,

08/06/30

........

417

363,387

Bausch

Health

Americas,

Inc.

(b)

9.25%,

04/01/26

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

103

105,489

8.50%,

01/31/27

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

120

119,672

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Bausch

Health

Cos.,

Inc.

(b)

9.00%,

12/15/25

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

USD

105

$

108,788

5.75%,

08/15/27

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

31

30,546

7.00%,

01/15/28

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

49

43,869

7.25%,

05/30/29

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

51

43,499

Merck

&

Co.,

Inc.

2.45%,

06/24/50

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

126

104,750

2.75%,

12/10/51

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

315

274,377

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

....

207

179,299

Takeda

Pharmaceutical

Co.

Ltd.

2.05%,

03/31/30

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

600

541,581

2.00%,

07/09/40

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

EUR

380

397,183

2,312,440

Real

Estate

Management

&

Development

—

0.1%

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(a)(f)(g)

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

USD

200

38,000

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

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

200

189,000

Country

Garden

Holdings

Co.

Ltd.,

5.40%,

05/27/25

(g)

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

200

153,000

Easy

Tactic

Ltd.,

11.75%,

08/02/23

(g)

......

200

43,000

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/22

(g)(h)(i)

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

200

27,000

MAF

Global

Securities

Ltd.,

(USD

Swap

Semi

5

Year

+

3.48%),

5.50%

(a)(f)(g)

...........

200

198,600

Modern

Land

China

Co.

Ltd.,

9.80%,

04/11/23

(g)

(h)(i)

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

200

36,000

New

Metro

Global

Ltd.,

4.50%,

05/02/26

(g)

...

200

128,000

Powerlong

Real

Estate

Holdings

Ltd.,

7.13%,

11/08/22

(g)

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

200

98,000

Redsun

Properties

Group

Ltd.,

7.30%,

01/13/25

(g)

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

200

30,000

RKPF

Overseas

2020

A

Ltd.,

5.20%,

01/12/26

(g)

200

154,000

Yango

Justice

International

Ltd.,

8.25%,

11/25/23

(g)(h)(i)

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

200

10,000

Yuzhou

Group

Holdings

Co.

Ltd.,

6.00%,

10/25/23

(g)(h)(i)

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

200

28,000

Zhenro

Properties

Group

Ltd.,

6.63%,

01/07/26

(g)

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

200

21,000

1,153,600

Road

&

Rail

—

0.7%

Burlington

Northern

Santa

Fe

LLC

4.45%,

03/15/43

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

101

110,452

3.30%,

09/15/51

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

510

482,274

2.88%,

06/15/52

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

67

59,352

CSX

Corp.

4.30%,

03/01/48

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

296

317,997

2.50%,

05/15/51

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

90

72,728

4.25%,

11/01/66

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

65

67,564

Norfolk

Southern

Corp.

3.65%,

08/01/25

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

6

6,072

2.90%,

06/15/26

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

241

238,009

3.00%,

03/15/32

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

512

498,942

4.15%,

02/28/48

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

75

78,326

3.40%,

11/01/49

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

273

254,785

3.05%,

05/15/50

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

194

172,806

Penske

Truck

Leasing

Co.

LP

(b)

4.25%,

01/17/23

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

231

234,407

3.95%,

03/10/25

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

90

90,971

4.00%,

07/15/25

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

240

242,332

1.20%,

11/15/25

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

94

86,274

1.70%,

06/15/26

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

290

269,086

Ryder

System,

Inc.

2.50%,

09/01/24

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

69

68,096

BlackRock

Total

Return

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

4.63%,

06/01/25

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

USD

690

$

714,268

Simpar

Europe

SA,

5.20%,

01/26/31

(b)

.....

200

178,500

Union

Pacific

Corp.

2.75%,

03/01/26

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

175

173,879

2.95%,

03/10/52

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

43

38,059

3.84%,

03/20/60

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

550

551,912

2.97%,

09/16/62

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

112

94,775

3.75%,

02/05/70

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

180

175,252

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

.......

87

86,361

5,363,479

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Analog

Devices,

Inc.,

2.80%,

10/01/41

.....

120

107,670

Applied

Materials,

Inc.,

2.75%,

06/01/50

....

154

136,947

Broadcom

Corp.,

3.88%,

01/15/27

.......

230

231,538

Broadcom,

Inc.

4.11%,

09/15/28

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

133

134,580

4.75%,

04/15/29

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

633

665,113

5.00%,

04/15/30

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

900

956,694

4.15%,

11/15/30

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

372

377,018

4.15%,

04/15/32

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

230

229,496

4.30%,

11/15/32

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

211

214,116

3.47%,

04/15/34

(b)

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

443

410,276

Intel

Corp.

3.73%,

12/08/47

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

398

397,505

3.25%,

11/15/49

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

248

228,765

3.20%,

08/12/61

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

92

81,359

KLA

Corp.

4.10%,

03/15/29

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

421

441,848

3.30%,

03/01/50

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

549

517,114

Lam

Research

Corp.

3.75%,

03/15/26

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

182

187,014

2.88%,

06/15/50

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

411

363,550

NVIDIA

Corp.,

3.50%,

04/01/50

.........

380

384,032

NXP

BV

(b)

4.30%,

06/18/29

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

847

872,834

3.40%,

05/01/30

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

357

346,561

2.50%,

05/11/31

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

1,203

1,077,407

3.25%,

11/30/51

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

60

50,260

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

404

454,615

8,866,312

Software

—

0.9%

Autodesk,

Inc.

3.50%,

06/15/27

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

320

321,654

2.40%,

12/15/31

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

414

369,118

Microsoft

Corp.,

2.92%,

03/17/52

........

287

269,318

Oracle

Corp.

3.85%,

07/15/36

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

354

325,841

6.13%,

07/08/39

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

350

399,364

3.60%,

04/01/40

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

715

620,253

3.65%,

03/25/41

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

1,458

1,273,470

4.13%,

05/15/45

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

293

263,120

4.00%,

07/15/46

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

238

211,188

4.00%,

11/15/47

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

507

448,375

3.60%,

04/01/50

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

316

262,078

3.95%,

03/25/51

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

301

263,139

salesforce.com,

Inc.,

3.05%,

07/15/61

.....

286

250,878

ServiceNow,

Inc.,

1.40%,

09/01/30

.......

565

480,180

VMware,

Inc.

1.80%,

08/15/28

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

445

394,673

2.20%,

08/15/31

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

684

602,216

Workday,

Inc.,

3.80%,

04/01/32

.........

185

184,648

6,939,513

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.2%

Home

Depot,

Inc.

(The)

4.50%,

12/06/48

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

USD

138

$

155,038

2.75%,

09/15/51

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

210

180,914

InRetail

Consumer,

3.25%,

03/22/28

(b)

.....

200

187,350

Lowe's

Cos.,

Inc.

1.70%,

09/15/28

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

220

199,107

3.65%,

04/05/29

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

318

323,153

2.80%,

09/15/41

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

375

321,188

4.25%,

04/01/52

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

78

80,678

1,447,428

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.

3.85%,

05/04/43

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

334

351,314

2.55%,

08/20/60

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

639

523,674

2.80%,

02/08/61

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

159

136,711

Dell

International

LLC

5.85%,

07/15/25

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

83

88,589

4.90%,

10/01/26

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

128

134,258

8.35%,

07/15/46

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

20

29,228

3.45%,

12/15/51

(b)

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

122

99,111

Hewlett

Packard

Enterprise

Co.,

6.35%,

10/15/45

(e)

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

81

95,369

HP,

Inc.

2.65%,

06/17/31

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

112

100,207

6.00%,

09/15/41

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

70

81,579

Seagate

HDD

Cayman,

4.09%,

06/01/29

...

80

77,604

Western

Digital

Corp.,

2.85%,

02/01/29

....

698

637,686

2,355,330

Thrifts

&

Mortgage

Finance

—

0.1%

BPCE

SA,

2.70%,

10/01/29

(b)

...........

491

466,265

Tobacco

—

0.3%

Altria

Group,

Inc.

4.40%,

02/14/26

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

62

64,132

3.13%,

06/15/31

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

EUR

460

509,000

5.80%,

02/14/39

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

USD

459

494,711

3.40%,

02/04/41

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

263

215,830

BAT

Capital

Corp.

4.91%,

04/02/30

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

75

77,254

3.98%,

09/25/50

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

206

166,940

Philip

Morris

International,

Inc.,

1.45%,

08/01/39

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

EUR

395

331,886

Reynolds

American,

Inc.,

5.85%,

08/15/45

...

USD

260

267,521

2,127,274

Trading

Companies

&

Distributors

—

0.0%

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

89

90,246

Wireless

Telecommunication

Services

—

0.5%

Millicom

International

Cellular

SA,

6.63%,

10/15/26

(b)

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

180

184,027

Rogers

Communications,

Inc.

(b)

3.80%,

03/15/32

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

628

623,137

4.55%,

03/15/52

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

506

503,044

T-Mobile

USA,

Inc.

3.75%,

04/15/27

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

491

493,870

3.88%,

04/15/30

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

1,989

1,996,636

2.70%,

03/15/32

(b)

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

158

143,732

3.40%,

10/15/52

(b)

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

82

69,736

4,014,182

Total

Corporate

Bonds

—

30.7%

(Cost:

$270,296,677)

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

250,494,830

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.0%

Cobham

Ultra

U.S.

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 11/17/28

(a)

USD

42

$

41,493

Air

Freight

&

Logistics

—

0.0%

XPO

Logistics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

2.20%

,

 02/24/25

(a)

.....

269

266,711

Building

Products

—

0.0%

(a)

Advanced

Drainage

Systems,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 07/31/26

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

30

29,572

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 10/02/28

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

31

30,583

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

3.50%

,

 10/02/28

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

6

6,117

66,272

Capital

Markets

—

0.1%

Bakelite

UK

Intermediate

Ltd.,

Term

Loan,

02/02/29

(a)(c)(l)

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

288

280,080

Chemicals

—

0.0%

LSF11

A5

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 10/15/28

(a)

201

197,935

Commercial

Services

&

Supplies

—

0.0%

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 05/12/28

(a)

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

142

139,922

Construction

Materials

—

0.0%

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

(a)

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

228

223,995

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

3.75%),

4.23%

,

 02/21/23

(a)(c)

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

21

4,200

Diversified

Consumer

Services

—

0.0%

AEA

International

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.81%

,

 09/07/28

(a)(c)

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

149

148,169

Diversified

Financial

Services

—

0.1%

(a)

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

.....

267

264,071

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 10/23/28

.....

386

381,947

646,018

Food

Products

—

0.0%

BCPE

North

Star

US

Holdco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.01%

-

6.50%

,

 06/09/28

(a)

...........

192

187,860

Health

Care

Providers

&

Services

—

0.0%

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.71%

,

 03/06/25

(a)

45

44,130

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.2%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.21%

,

 02/02/26

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

USD

153

$

149,322

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 10/02/28

.

322

320,179

Fertitta

Entertainment

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 01/27/29

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

209

207,283

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 08/27/28

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

76

75,053

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 10/04/28

(c)

52

51,222

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan,

04/04/29

(l)

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

181

179,125

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/13/22

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

472

465,381

1,447,565

Household

Durables

—

0.0%

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/06/28

(a)

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

79

76,498

Industrial

Conglomerates

—

0.0%

Valcour

Packaging

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.22%

,

 10/04/28

(a)(c)

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

30

29,250

Machinery

—

0.0%

Zurn

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 10/04/28

(a)

.....

12

11,890

Media

—

0.1%

(a)

CSC

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.90%

,

 04/15/27

......

177

174,007

Gray

Television,

Inc.,

Term

Loan

D,

(LIBOR

USD

1

Month

+

3.00%),

3.46%

,

 12/01/28

.

231

230,015

Lamar

Media

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.50%),

1.97%

,

 02/05/27

.....

19

19,157

423,179

Multiline

Retail

—

0.0%

Leslie's

Poolmart,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.02%

,

 03/09/28

(a)

....

45

44,311

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Buckeye

Partners

LP,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.71%

,

 11/01/26

..

458

453,914

Southwestern

Energy

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.15%

,

 06/22/27

(c)

161

160,196

614,110

Personal

Products

—

0.1%

Olaplex,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 02/23/29

(a)(c)

.........

469

466,655

Pharmaceuticals

—

0.0%

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.46%

,

 11/15/27

(a)

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

266

261,177

Road

&

Rail

—

0.0%

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

3.01%

,

 12/30/26

(a)

166

163,601

BlackRock

Total

Return

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Software

—

0.0%

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 09/29/28

(a)

.....

USD

157

$

155,355

Specialty

Retail

—

0.0%

Tory

Burch

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 04/16/28

(a)

.....

137

132,856

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

(a)

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

62

61,226

Thrifts

&

Mortgage

Finance

—

0.1%

Caliber

Home

Loans,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

2.98%

,

 07/01/25

(a)(c)

...

601

599,348

Total

Floating

Rate

Loan

Interests

—

0.8%

(Cost:

$6,809,492)

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

6,733,806

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)

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

106

68,026

Colombia

—

0.1%

Ecopetrol

SA,

6.88%

,

04/29/30

..........

318

334,218

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(b)

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

200

177,040

511,258

India

—

0.0%

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

(g)

.

200

198,932

Mexico

—

0.3%

Petroleos

Mexicanos

7.19%,

09/12/24

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

MXN

22

105,846

6.88%,

10/16/25

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

USD

124

129,692

6.84%,

01/23/30

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

286

283,855

6.70%,

02/16/32

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

2,099

1,994,050

7.69%,

01/23/50

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

99

86,130

6.95%,

01/28/60

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

40

32,396

2,631,969

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(g)

..........

200

129,522

Ukraine

—

0.0%

NPC

Ukrenergo,

6.88%

,

11/09/26

(b)

........

200

75,000

Total

Foreign

Agency

Obligations

—

0.4%

(Cost:

$4,001,501)

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

3,614,707

Foreign

Government

Obligations

Argentina

—

0.0%

Argentine

Republic

(The),

1.13%

,

07/09/35

(e)

.

421

128,194

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

........

200

205,400

China

—

0.3%

People's

Republic

of

China

2.85%,

06/04/27

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

CNY

8,800

1,395,727

3.01%,

05/13/28

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

4,620

735,538

2,131,265

Colombia

—

0.0%

Republic

of

Colombia,

4.50%

,

03/15/29

.....

USD

327

314,697

Security

Par

(000)

Par

(000)

Value

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond,

5.50%

,

02/22/29

(b)

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

USD

265

$

261,737

Hungary

—

0.1%

Hungary

Government

Bond,

5.38%

,

03/25/24

.

414

433,872

Indonesia

—

0.1%

Republic

of

Indonesia

8.38%,

03/15/34

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

IDR

3,484,000

265,863

7.50%,

06/15/35

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

3,465,000

247,647

3.05%,

03/12/51

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

USD

441

398,602

912,112

Mexico

—

0.3%

United

Mexican

States

2.66%,

05/24/31

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

598

544,778

4.50%,

01/31/50

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

1,011

954,890

4.40%,

02/12/52

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

610

561,505

2,061,173

Nigeria

—

0.0%

Federal

Republic

of

Nigeria,

8.38%

,

03/24/29

(b)

200

200,750

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

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

347

354,873

4.50%,

04/01/56

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

488

479,246

834,119

Peru

—

0.1%

Republic

of

Peru

4.13%,

08/25/27

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

231

240,067

3.55%,

03/10/51

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

356

332,148

572,215

Philippines

—

0.1%

Republic

of

Philippines

3.00%,

02/01/28

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

516

517,992

3.20%,

07/06/46

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

329

295,725

813,717

Russia

—

0.0%

Russian

Federation,

6.10%

,

07/18/35

(h)(i)

....

RUB

34,399

12,701

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

4.38%,

10/27/27

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

USD

179

189,349

5.10%,

06/18/50

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

234

276,714

466,063

Total

Foreign

Government

Obligations

—

1.2%

(Cost:

$10,156,075)

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

9,348,015

Shares

Shares

Investment

Companies

BlackRock

Allocation

Target

Shares-

BATS

Series

A

(m)

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

14,408,518

139,330,367

Total

Investment

Companies

—

17.1%

(Cost:

$144,284,000)

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

139,330,367

BlackRock

Total

Return

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

California

-

0.3%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

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

USD

290

$

444,681

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

110

155,511

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

500

634,400

State

of

California

Series

2018,

GO,

4.60%, 04/01/38

......

815

868,550

Series

2009,

GO,

7.55%, 04/01/39

......

65

96,626

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

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

25

28,016

2,227,784

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

54

72,083

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

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

775

823,286

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

30

30,440

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

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

167

244,178

New

York

-

0.0%

Metropolitan

Transportation

Authority,

Series

2010A,

RB,

6.67%, 11/15/39

..........

75

94,186

New

York

City

Municipal

Water

Finance

Authority

Series

2010EE,

RB,

6.01%, 06/15/42

....

35

46,663

Series

2011CC,

RB,

5.88%, 06/15/44

....

55

72,925

New

York

State

Dormitory

Authority,

Series

2010H,

RB,

5.39%, 03/15/40

..........

60

70,506

Port

Authority

of

New

York

&

New

Jersey

Series

2010-165,

RB,

5.65%, 11/01/40

...

120

148,092

Series

2014-181,

RB,

4.96%, 08/01/46

...

195

229,589

661,961

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

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

135

222,948

Texas

-

0.2%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

215

273,256

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

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

215

272,389

545,645

Total

Municipal

Bonds

—

0.6%

(Cost:

$4,832,347)

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

4,828,325

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.81%,

06/25/35

(a)

...

105

90,301

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

1.06%,

01/25/36

(a)

...

45

39,772

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.14%,

02/25/36

(a)

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

USD

16

$

14,943

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

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

51

32,616

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

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

8

5,402

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.87%,

11/25/46

(a)

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

57

48,365

Series

2006-OA16,

Class

A4C,

(LIBOR

USD

1

Month

+

0.68%),

1.14%,

10/25/46

(a)

..

143

112,865

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

0.84%,

07/25/46

(a)

...

8

7,342

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.46%),

0.92%,

11/25/36

(a)

..

56

53,626

Series

2006-OC7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.50%),

0.96%,

07/25/46

(a)

..

69

66,325

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

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

10

5,685

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.74%,

04/25/47

(a)

...

16

14,279

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.08%,

10/25/46

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

48

38,732

Series

2006-4,

Class

1A12,

(LIBOR

USD

1

Month

+

0.21%),

0.67%,

10/25/46

....

54

33,402

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.92%),

1.06%,

11/25/46

.....

108

38,286

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.70%),

0.84%,

02/25/47

.....

53

26,539

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

3.49%,

07/31/57

270

108,290

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

3.31%,

09/27/46

....

72

71,879

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

68

67,104

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.74%,

08/25/36

....

21

20,292

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.63%,

03/25/37

....

84

78,825

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.60%,

03/25/37

....

10

9,816

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.66%,

09/25/47

....

37

36,491

Series

2007-AR4,

Class

2A1,

(LIBOR

USD

1

Month

+

0.21%),

0.67%,

06/25/37

....

11

11,178

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

681

385,263

CHL

Mortgage

Pass-Through

Trust

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.10%,

04/25/46

(a)

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

131

49,171

Series

2006-OA5,

Class

3A1,

(LIBOR

USD

1

Month

+

0.40%),

0.86%,

04/25/46

(a)

...

18

16,710

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

188

96,815

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

45

39,044

BlackRock

Total

Return

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

USD

62

$

52,748

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

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

281

142,926

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.81%,

11/25/35

(a)

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

43

7,750

CSMC

Trust

(a)(b)

Series

2009-5R,

Class

4A4,

2.97%,

06/25/36

(c)

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

—

(d)

2

Series

2014-11R,

Class

16A1,

2.94%,

09/27/47

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

3

3,320

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.63%,

08/25/47

(a)

....

101

111,765

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

(LIBOR

USD

1

Month

+

0.00%),

6.36%,

07/25/36

(a)

.....

8

7,782

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust,

Series

2022-DNA1,

Class

B1,

(SOFR30A

+

3.40%),

3.50%,

01/25/42

(a)(b)

.

267

242,483

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.14%,

03/25/36

(a)

...........

17

17,115

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.81%,

01/25/35

....

36

33,899

Series

2005-RP2,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.81%,

03/25/35

....

41

39,184

Series

2006-RP1,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.35%),

0.81%,

01/25/36

...

34

28,269

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

4

4,529

HarborView

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.25%),

0.70%,

07/19/47

(a)

...........

101

92,627

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR19,

Class

3A1,

2.97%,

09/25/37

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

71

54,284

Series

2007-FLX5,

Class

2A2,

(LIBOR

USD

1

Month

+

0.24%),

0.70%,

08/25/37

...

94

87,693

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.61%,

12/25/37

(a)

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

18

18,989

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

0.62%,

08/25/37

(a)(b)

.........

17

9,995

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(LIBOR

USD

1

Month

+

0.42%),

0.88%,

04/25/37

(a)

....

120

112,823

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(LIBOR

USD

1

Month

+

0.34%),

0.57%,

04/16/36

(a)(b)

.........

271

256,562

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

47

47,865

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.88%,

06/25/37

(a)

11

10,046

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)(c)

...

100

97,160

RALI

Trust,

Series

2007-QH9,

Class

A1,

1.33%,

11/25/37

(a)

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

24

23,017

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(LIBOR

USD

1

Month

+

0.40%),

0.86%,

09/25/35

(a)(b)

..........

3

3,080

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

4.27%,

05/25/57

(a)

....

USD

19

$

10,379

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.02%,

04/25/36

(a)

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

42

29,902

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.84%,

06/25/36

....

60

55,368

Series

2006-AR5,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.88%,

05/25/46

....

35

24,933

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

45

44,812

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(e)

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

28

26,896

3,317,561

Commercial

Mortgage-Backed

Securities

—

0.9%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.66%,

06/05/37

(a)(b)

..........

200

175,070

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(LIBOR

USD

1

Month

+

1.54%),

1.84%,

09/15/34

....

100

98,906

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.43%,

09/15/34

....

150

147,985

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.50%,

04/15/35

(a)(b)

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

19

18,382

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2015-200P,

Class

F,

3.60%,

04/14/33

300

281,064

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.90%,

11/15/32

....

100

87,691

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.40%,

11/15/32

....

100

82,711

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

2.10%,

09/15/34

....

650

634,110

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.91%,

01/25/36

....

32

29,781

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

1.13%,

01/25/36

....

23

21,223

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

1.00%,

04/25/36

....

8

7,178

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.71%,

10/25/36

....

12

11,076

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.76%,

10/25/36

....

10

9,246

Series

2007-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.27%),

0.73%,

07/25/37

....

20

19,204

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.91%,

09/25/37

....

100

94,445

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

1.12%,

03/15/37

(a)(b)

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

35

34,140

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

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

80

79,282

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

3.90%,

03/15/62

(a)(b)

.......

148

140,964

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.65%,

07/15/35

(a)(b)

140

138,549

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

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

150

148,888

Series

2013-1515,

Class

C,

3.45%,

03/10/33

105

100,931

BlackRock

Total

Return

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.40%,

11/15/35

(a)(b)

..........

USD

371

$

366,410

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

60

56,057

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

110

100,219

Series

2017-GM,

Class

D,

3.42%,

06/13/39

200

188,677

Series

2017-GM,

Class

E,

3.42%,

06/13/39

50

45,727

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

2.15%,

12/15/37

(a)(b)

..........

100

98,371

Cassia

Trust,  

2.03%,

05/22/34

..........

367

405,994

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

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

30

30,261

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

10,155

CFK

Trust,

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

(a)(b)

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

126

122,571

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

4.93%,

04/10/49

(a)

..

20

19,745

Commercial

Mortgage

Trust

(a)

Series

2015-LC21,

Class

C,

4.33%,

07/10/48

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

150

147,612

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(b)

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

100

87,791

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2019-ICE4,

Class

A,

(LIBOR

USD

1

Month

+

0.98%),

1.38%,

05/15/36

(a)(b)

....

698

694,231

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

.....

50

50,014

CSMC

Trust

(b)

Series

2017-PFHP,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

1.35%,

12/15/30

(a)

...

60

59,586

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

93,747

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.19%,

04/10/37

(a)(b)

..........

100

83,117

DBUBS

Mortgage

Trust

(b)

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

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

140

139,267

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

(a)

...

210

198,707

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

(a)

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

80

74,535

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

......

100

104,503

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

..

100

99,712

GS

Mortgage

Securities

Trust,

Series

2017-

GS7,

Class

D,

3.00%,

08/10/50

(b)

.......

20

17,660

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

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

110

107,457

IMT

Trust

(b)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

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

100

99,677

Series

2017-APTS,

Class

EFX,

3.50%,

06/15/34

(a)

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

100

95,539

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.11%,

12/15/48

(a)(b)

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

100

91,191

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

10

9,907

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2012-CBX,

Class

A4FL,

(LIBOR

USD

1

Month

+

1.30%),

1.74%,

06/15/45

(b)

..

USD

11

$

11,248

Series

2015-JP1,

Class

D,

4.22%,

01/15/49

50

44,986

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.71%,

03/25/37

(a)(b)

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

9

9,266

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.16%,

04/20/48

(a)(b)

...

12

11,535

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

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

15

13,411

Morgan

Stanley

Capital

I

Trust

(b)

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

3.00%,

11/15/34

(a)

...

211

208,358

Series

2017-H1,

Class

D,

2.55%,

06/15/50

140

111,423

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

.......

190

157,865

PFP

Ltd.,

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.85%,

04/14/36

(a)(b)

33

32,475

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2017-2,

Class

M3,

(LIBOR

USD

3

Month

+

0.00%),

4.24%,

11/25/47

....

79

77,114

Series

2017-2,

Class

M4,

5.00%,

11/25/47

.

40

38,966

Wells

Fargo

Commercial

Mortgage

Trust

(a)(b)

Series

2017-C39,

Class

D,

4.34%,

09/15/50

83

74,109

Series

2017-C41,

Class

D,

2.60%,

11/15/50

60

45,006

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

1.24%,

12/13/31

....

151

149,171

7,044,199

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

129

36,840

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.56%,

12/15/35

(b)

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

15,000

275,250

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.60%,

02/15/50

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

1,000

27,023

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.93%,

08/10/35

(b)

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

985

37,475

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.60%,

11/05/36

(b)

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

3,475

51,642

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

XA,

0.64%,

01/15/52

4,810

158,743

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.04%,

03/15/52

....

1,037

59,316

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.70%,

05/10/58

....

170

4,527

Commercial

Mortgage

Trust

Series

2015-3BP,

Class

XA,

0.06%,

02/10/35

(b)

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

1,916

4,982

Series

2015-CR25,

Class

XA,

0.82%,

08/10/48

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

185

4,234

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.13%,

11/15/50

...

1,430

18,246

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.82%,

09/15/47

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

1,072

16,618

Series

2014-C23,

Class

XA,

0.60%,

09/15/47

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

1,000

12,004

BlackRock

Total

Return

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

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

$

51,218

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

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

900

25,142

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2014-C19,

Class

XF,

1.18%,

12/15/47

130

3,671

Series

2015-C26,

Class

XD,

1.32%,

10/15/48

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

120

4,972

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

XD,

1.61%,

03/15/49

(b)

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

1,000

56,540

Series

2017-H1,

Class

XD,

2.16%,

06/15/50

(b)

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

110

10,459

Series

2019-L2,

Class

XA,

1.02%,

03/15/52

382

21,674

One

Market

Plaza

Trust

(b)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

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

1,880

56

Series

2017-1MKT,

Class

XNCP,

0.09%,

02/10/32

(c)

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

376

376

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(b)

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

1,000

44,990

889,158

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(j)

.....

113

33,357

Total

Non-Agency

Mortgage-Backed

Securities

—

1.4%

(Cost:

$11,804,108)

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

11,321,115

Beneficial

Interest

(000)

Other

Interests

(n)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)(h)(i)

.......

1,889

—

Total

Other

Interests

—

0.0%

(Cost:

$12)

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

—

Par

(000)

Pa

r

(

000)

Capital

Trusts

(a)(f)

Banks

—

0.1%

Bank

of

America

Corp.,

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

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

385

388,773

Citigroup,

Inc.

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

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

770

739,200

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

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

190

179,075

1,307,048

Capital

Markets

—

0.3%

Bank

of

New

York

Mellon

Corp.

(The)

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

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

180

171,000

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

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

310

305,350

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

......

USD

455

$

408,645

State

Street

Corp.

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

4.42%

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

68

67,980

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

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

680

671,840

1,624,815

Total

Capital

Trusts

—

0.4%

(Cost:

$3,086,038)

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

2,931,863

U.S.

Government

Sponsored

Agency

Securities

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%),

4.91%, 03/25/30

(a)

250

260,631

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

Series

2018-K732,

Class

B,

4.06%, 05/25/25

(b)

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

80

80,640

Series

2018-SB53,

Class

A10F,

3.62%, 06/25/28

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

38

38,845

119,485

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2015-48,

0.68%, 02/16/50

.......

39

1,096

Series

2015-173,

0.67%, 09/16/55

......

133

3,969

Series

2016-125,

0.82%, 12/16/57

......

139

5,986

11,051

Mortgage-Backed

Securities

—

39.7%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 01/01/29

-

04/01/31

...........

327

324,422

3.00%, 09/01/27

-

12/01/46

...........

999

998,812

3.50%, 02/01/31

-

01/01/48

...........

2,040

2,092,892

4.00%, 08/01/40

-

12/01/45

...........

157

163,476

4.50%, 02/01/39

-

04/01/49

...........

2,818

2,975,296

5.00%, 10/01/41

-

11/01/48

...........

121

129,676

5.50%, 02/01/35

-

06/01/41

...........

107

117,875

Federal

National

Mortgage

Association

4.00%, 01/01/41

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

9

9,308

6.00%, 07/01/39

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

91

98,320

Government

National

Mortgage

Association

2.00%, 08/20/50

-

11/20/50

...........

3,330

3,181,524

2.00%, 04/15/52

-

05/15/52

(o)

..........

9,823

9,343,868

2.50%, 10/20/51

-

12/20/51

...........

5,647

5,484,341

2.50%, 04/15/52

-

05/15/52

(o)

..........

7,510

7,279,961

3.00%, 02/15/45

-

01/20/51

...........

1,461

1,449,966

3.00%, 04/15/52

-

05/15/52

(o)

..........

8,164

8,058,109

3.50%, 01/15/42

-

11/20/46

...........

4,259

4,345,215

3.50%, 04/15/52

(o)

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

2,656

2,670,928

4.00%, 04/20/39

-

12/20/47

...........

1,074

1,115,753

4.00%, 04/15/52

-

05/15/52

(o)

..........

2,581

2,627,049

4.50%, 12/20/39

-

07/20/49

...........

901

946,745

5.00%, 12/15/38

-

07/20/44

...........

78

85,479

5.00%, 05/15/52

(o)

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

1,368

1,426,888

Uniform

Mortgage-Backed

Securities

1.50%, 04/25/37

-

04/25/52

(o)

..........

14,175

12,856,535

1.50%, 11/01/41

-

12/01/41

...........

7,657

6,940,666

2.00%, 10/01/31

-

02/01/52

...........

19,930

18,581,874

BlackRock

Total

Return

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

2.00%, 04/25/37

-

05/25/52

(o)

..........

USD

48,035

$

45,043,711

2.50%, 09/01/27

-

02/01/52

...........

22,825

22,021,435

2.50%, 04/25/37

-

05/25/52

(o)

..........

28,184

26,935,795

3.00%, 04/01/28

-

03/01/52

...........

10,194

10,156,017

3.00%, 04/25/37

-

04/25/52

(o)

..........

9,935

9,735,900

3.50%, 03/01/29

-

08/01/50

...........

6,541

6,627,698

3.50%, 04/25/37

-

05/25/52

(o)

..........

25,863

25,895,766

3.50%, 01/01/51

(p)

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

6,868

6,886,509

4.00%, 08/01/31

-

05/01/52

...........

16,563

17,034,764

4.00%, 04/25/52

-

05/25/52

(o)

..........

47,618

48,538,479

4.50%, 02/01/25

-

09/01/49

...........

8,108

8,552,647

4.50%, 04/25/52

(o)

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

741

767,860

5.00%, 02/01/35

-

05/01/49

...........

886

948,356

5.50%, 02/01/35

-

03/01/40

...........

330

362,249

6.00%, 04/01/35

-

06/01/41

...........

179

198,428

6.50%, 05/01/40

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

71

77,874

323,088,466

Total

U.S.

Government

Sponsored

Agency

Securities

—

39.7%

(Cost:

$329,957,327)

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

323,479,633

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25%, 05/15/39

-

11/15/40

...........

529

661,365

4.50%, 08/15/39

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

146

188,448

4.38%, 11/15/39

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

146

185,597

4.63%, 02/15/40

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

432

566,021

1.13%, 05/15/40

-

08/15/40

...........

3,866

3,038,510

3.88%, 08/15/40

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

432

516,004

1.38%, 11/15/40

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

1,933

1,580,303

1.75%, 08/15/41

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

1

780

3.13%, 02/15/43

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

528

568,260

2.88%, 05/15/43

-

05/15/49

...........

1,138

1,190,460

3.63%, 08/15/43

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

528

612,563

3.75%, 11/15/43

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

528

624,484

2.50%, 02/15/45

(p)

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

4,920

4,792,003

2.75%, 11/15/47

(p)

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

4,920

5,104,884

3.00%, 02/15/48

(p)

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

5,129

5,588,005

2.25%, 08/15/49

-

02/15/52

...........

1,946

1,851,685

2.38%, 11/15/49

-

05/15/51

...........

617

603,567

1.63%, 11/15/50

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

13

10,653

U.S.

Treasury

Notes

1.75%, 04/30/22

-

11/15/29

...........

16,506

16,316,834

2.13%, 12/31/22

-

05/15/25

...........

3,182

3,166,211

0.50%, 03/15/23

-

05/31/27

...........

7,310

7,001,649

0.13%, 03/31/23

-

05/31/23

...........

13,341

13,102,321

0.25%, 04/15/23

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

4,593

4,522,490

2.75%, 05/31/23

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

1,029

1,038,969

1.50%, 10/31/24

-

02/15/30

...........

10,676

10,346,166

2.00%, 02/15/25

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

1,283

1,264,958

0.38%, 04/30/25

-

12/31/25

...........

17,870

16,602,632

0.75%, 05/31/26

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

4,768

4,434,612

1.63%, 11/30/26

-

05/15/31

...........

3,502

3,333,990

2.38%, 05/15/27

-

05/15/29

...........

1,864

1,856,657

2.25%, 08/15/27

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

3,746

3,705,613

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.25%, 03/31/28

-

09/30/28

...........

USD

6,534

$

6,087,650

2.88%, 08/15/28

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

309

316,616

3.13%, 11/15/28

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

1,164

1,211,970

2.63%, 02/15/29

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

474

479,703

1.88%, 02/28/29

-

02/15/32

...........

191

183,790

1.13%, 02/15/31

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

870

785,549

Total

U.S.

Treasury

Obligations

—

15.1%

(Cost:

$131,727,700)

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

123,441,972

Total

Long-Term

Investments

—

109.9%

(Cost:

$937,841,236)

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

896,056,184

Shares

Shares

Short-Term

Securities

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.21%

(m)(q)

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

135,068,947

135,068,947

Total

Short-Term

Securities

—

16.6%

(Cost:

$135,068,947)

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

135,068,947

Total

Options

Purchased

—

0.1%

(Cost:

$281,686)

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

435,423

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

126.6%

(Cost:

$1,073,191,869

)

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

1,031,560,554

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(116,355))

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

(169,288)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

(o)

Mortgage-Backed

Securities

—

(7.5)%

Government

National

Mortgage

Association

3.00%

,

 04/15/52

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

(491)

(485,116)

4.00%

,

 04/15/52

-

05/15/52

...........

(497)

(506,471)

4.50%

,

 04/15/52

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

(294)

(303,923)

3.50%

,

 05/15/52

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

(44)

(44,103)

5.00%

,

 05/15/52

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

(32)

(33,378)

Uniform

Mortgage-Backed

Securities

2.00%

,

 04/25/37

-

04/25/52

...........

(3,704)

(3,501,488)

1.50%

,

 04/25/52

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

(6,894)

(6,152,269)

2.50%

,

 04/25/52

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

(9,398)

(8,966,088)

3.00%

,

 04/25/52

-

05/25/52

...........

(14,303)

(13,985,102)

3.50%

,

 04/25/52

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

(5,028)

(5,036,464)

4.00%

,

 04/25/52

-

05/25/52

...........

(21,408)

(21,799,307)

4.50%

,

 05/25/52

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

(110)

(113,547)

Total

TBA

Sale

Commitments

—

(7.5)%

(Proceeds:

$(61,291,563))

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

(60,927,256)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

119.1%

(Cost:

$1,011,783,951

)

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

970,464,010

Liabilities

in

Excess

of

Other

Assets

—

(19.1)%

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

(155,400,417)

Net

Assets

—

100.0%

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

$

815,063,593

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

BlackRock

Total

Return

V.I.

Fund

21

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

(d)

Rounds

to

less

than

1,000.

(e)

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.

(f)

Perpetual

security

with

no

stated

maturity

date.

(g)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Non-income

producing

security.

(j)

Zero-coupon

bond.

(k)

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.

(l)

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.

(m)

Affiliate

of

the

Fund.

(n)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(o)

Represents

or

includes

a

TBA

transaction.

(p)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(q)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

March

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/22

Shares

Held

at

03/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

190,346,721

$

—

$

(55,277,774)

$

—

$

—

$

135,068,947

135,068,947

$

12,490

$

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

143,797,007

—

—

—

(4,466,640)

139,330,367

14,408,518

—

—

$

—

$

(4,466,640)

$

274,399,314

$

12,490

$

—

—

—

(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

22

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

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-Bund

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

51

06/08/22

$

8,951

$

(26,159)

U.S.

Treasury

10

Year

Note

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

85

06/21/22

10,435

74,607

U.S.

Treasury

Long

Bond

....................................................

207

06/21/22

31,102

(826,491)

U.S.

Treasury

Ultra

Bond

....................................................

161

06/21/22

28,542

(1,058,306)

U.S.

Treasury

2

Year

Note

....................................................

170

06/30/22

36,003

(358,795)

U.S.

Treasury

5

Year

Note

....................................................

248

06/30/22

28,408

(569,654)

(2,764,798)

Short

Contracts

Euro-BTP

...............................................................

48

06/08/22

7,344

177,852

Euro-

Buxl

...............................................................

8

06/08/22

1,648

42,933

U.S.

Treasury

10

Year

Ultra

Note

...............................................

88

06/21/22

11,924

269,947

Long

Gilt

...............................................................

21

06/28/22

3,344

(5,764)

3

Month

SONIA

Index

.......................................................

38

03/14/23

12,211

7,026

491,994

$

(2,272,804)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

MXN

10,387,144

USD

502,000

Citibank

NA

04/01/22

$

20,230

USD

490,774

EUR

442,000

Bank

of

America

NA

04/01/22

1,812

USD

252,000

ZAR

3,665,972

UBS

AG

04/01/22

1,120

ZAR

3,872,584

USD

252,000

Bank

of

America

NA

04/01/22

13,018

BRL

838,532

USD

164,000

Citibank

NA

04/04/22

12,124

BRL

2,152,960

USD

416,024

Goldman

Sachs

International

04/04/22

36,180

USD

248,000

JPY

28,969,534

Citibank

NA

04/18/22

9,976

AUD

169,000

CAD

155,901

Royal

Bank

of

Canada

04/20/22

1,788

CAD

152,665

USD

122,000

HSBC

Bank

plc

04/20/22

109

COP

940,950,000

USD

246,000

Citibank

NA

04/20/22

2,854

CZK

9,408,972

EUR

378,000

Bank

of

New

York

Mellon

04/20/22

7,242

CZK

3,824,740

USD

168,000

Goldman

Sachs

International

04/20/22

5,004

EUR

111,000

SEK

1,152,822

Deutsche

Bank

AG

04/20/22

206

EUR

298,000

USD

329,180

Deutsche

Bank

AG

04/20/22

634

MXN

1,723,913

USD

86,000

BNP

Paribas

SA

04/20/22

431

MXN

16,171,181

USD

780,024

HSBC

Bank

plc

04/20/22

30,743

USD

244,000

CLP

192,394,000

Citibank

NA

04/20/22

160

RUB

4,097,598

USD

46,564

Goldman

Sachs

International

05/24/22

8,273

RUB

9,344,990

USD

77,552

JPMorgan

Chase

Bank

NA

05/24/22

47,510

USD

2,124,487

CNY

13,533,790

BNP

Paribas

SA

05/24/22

1,475

RUB

2,315,962

USD

20,450

Citibank

NA

05/25/22

10,498

RUB

6,617,396

USD

56,337

JPMorgan

Chase

Bank

NA

05/25/22

32,090

RUB

1,679,401

USD

15,337

Morgan

Stanley

&

Co.

International

plc

05/25/22

7,104

TRY

82,632

USD

5,192

Barclays

Bank

plc

06/08/22

166

TRY

2,599,004

USD

162,808

UBS

AG

06/08/22

5,700

CHF

1,270,338

EUR

1,230,000

BNP

Paribas

SA

06/15/22

14,564

EUR

1,220,000

GBP

1,023,203

Bank

of

America

NA

06/15/22

9,704

EUR

1,270,000

GBP

1,061,148

Deutsche

Bank

AG

06/15/22

15,340

EUR

1,580,000

GBP

1,315,524

Goldman

Sachs

International

06/15/22

25,185

EUR

890,000

USD

975,142

Barclays

Bank

plc

06/15/22

12,209

EUR

2,230,000

USD

2,452,908

Deutsche

Bank

AG

06/15/22

21,018

EUR

760,000

USD

829,251

HSBC

Bank

plc

06/15/22

13,880

EUR

490,000

USD

542,782

Morgan

Stanley

&

Co.

International

plc

06/15/22

816

USD

677,628

EUR

610,000

Barclays

Bank

plc

06/15/22

904

USD

544,754

EUR

490,000

Deutsche

Bank

AG

06/15/22

1,156

BlackRock

Total

Return

V.I.

Fund

23

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

1,558,907

EUR

1,401,000

JPMorgan

Chase

Bank

NA

06/15/22

$

4,661

USD

683,164

GBP

520,000

JPMorgan

Chase

Bank

NA

06/15/22

263

USD

15,511

JPY

1,826,000

Bank

of

America

NA

06/15/22

483

376,630

EUR

107,324

USD

120,766

Deutsche

Bank

AG

04/01/22

(2,038)

EUR

314,232

USD

353,482

HSBC

Bank

plc

04/01/22

(5,862)

EUR

20,444

USD

23,006

JPMorgan

Chase

Bank

NA

04/01/22

(390)

USD

102,930

MXN

2,129,510

Barclays

Bank

plc

04/01/22

(4,134)

USD

86,000

MXN

1,718,333

BNP

Paribas

SA

04/01/22

(392)

USD

261,606

MXN

5,416,192

Citibank

NA

04/01/22

(10,702)

USD

25,732

MXN

532,168

Deutsche

Bank

AG

04/01/22

(1,024)

USD

25,732

MXN

532,455

Goldman

Sachs

International

04/01/22

(1,038)

USD

250,000

BRL

1,272,750

Citibank

NA

04/04/22

(17,326)

USD

166,024

BRL

802,062

Deutsche

Bank

AG

04/04/22

(2,440)

USD

164,000

BRL

811,340

Goldman

Sachs

International

04/04/22

(6,412)

JPY

29,004,514

USD

246,000

HSBC

Bank

plc

04/18/22

(7,690)

USD

533,576

IDR

7,694,905,232

Deutsche

Bank

AG

04/18/22

(2,604)

USD

123,000

ZAR

1,863,329

Citibank

NA

04/19/22

(4,274)

CLP

187,429,000

USD

242,000

Citibank

NA

04/20/22

(4,454)

COP

907,500,000

USD

242,000

Goldman

Sachs

International

04/20/22

(1,994)

EUR

442,000

USD

491,052

Bank

of

America

NA

04/20/22

(1,864)

USD

752,876

COP

2,874,301,810

Citibank

NA

04/20/22

(7,291)

USD

168,000

CZK

3,772,096

HSBC

Bank

plc

04/20/22

(2,624)

USD

328,882

EUR

300,000

Royal

Bank

of

Canada

04/20/22

(3,146)

USD

123,000

MXN

2,512,828

HSBC

Bank

plc

04/20/22

(2,984)

USD

507,000

ZAR

7,696,443

Barclays

Bank

plc

04/20/22

(18,633)

ZAR

3,675,536

USD

252,000

UBS

AG

04/20/22

(976)

USD

252,000

TRY

3,864,672

UBS

AG

04/29/22

(6,238)

USD

102,375

MXN

2,119,190

BNP

Paribas

SA

05/24/22

(3,197)

USD

362,645

RUB

28,035,000

JPMorgan

Chase

Bank

NA

05/24/22

(12,540)

USD

124,518

RUB

11,686,014

Citibank

NA

05/25/22

(31,639)

USD

168,000

TRY

2,688,000

Citibank

NA

06/08/22

(6,280)

CHF

1,292,511

EUR

1,270,000

Barclays

Bank

plc

06/15/22

(5,739)

EUR

964,795

CHF

989,693

Barclays

Bank

plc

06/15/22

(4,104)

EUR

485,205

CHF

498,539

HSBC

Bank

plc

06/15/22

(2,946)

EUR

430,000

CHF

441,743

JPMorgan

Chase

Bank

NA

06/15/22

(2,531)

EUR

620,000

CHF

637,766

Morgan

Stanley

&

Co.

International

plc

06/15/22

(4,555)

EUR

300,000

GBP

253,749

BNP

Paribas

SA

06/15/22

(426)

EUR

630,000

USD

700,450

Goldman

Sachs

International

06/15/22

(1,538)

GBP

1,222,435

EUR

1,460,000

Bank

of

America

NA

06/15/22

(14,310)

GBP

1,372,095

EUR

1,640,000

Deutsche

Bank

AG

06/15/22

(17,455)

GBP

532,323

EUR

640,000

HSBC

Bank

plc

06/15/22

(10,920)

GBP

523,907

EUR

630,000

JPMorgan

Chase

Bank

NA

06/15/22

(10,879)

GBP

37,803

USD

49,910

Barclays

Bank

plc

06/15/22

(264)

GBP

355,000

USD

467,736

JPMorgan

Chase

Bank

NA

06/15/22

(1,524)

GBP

127,197

USD

167,979

State

Street

Bank

and

Trust

Co.

06/15/22

(935)

USD

131,769

CAD

168,000

Morgan

Stanley

&

Co.

International

plc

06/15/22

(2,590)

USD

697,325

EUR

630,000

Bank

of

America

NA

06/15/22

(1,587)

USD

459,637

EUR

420,000

Barclays

Bank

plc

06/15/22

(6,303)

USD

5,673,038

EUR

5,155,000

BNP

Paribas

SA

06/15/22

(45,834)

USD

494,235

EUR

450,000

Goldman

Sachs

International

06/15/22

(4,988)

USD

408,430

EUR

370,000

HSBC

Bank

plc

06/15/22

(2,042)

USD

929,172

EUR

850,000

Morgan

Stanley

&

Co.

International

plc

06/15/22

(13,804)

(325,460)

$

51,170

BlackRock

Total

Return

V.I.

Fund

24

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

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

Morgan

Stanley

&

Co.

International

plc

05/19/22

COP

4,100.00

COP

4,060.00

USD

42

$

4,032

Put

EUR

Currency

...............

One-Touch

UBS

AG

04/11/22

SEK

9.95

SEK

9.95

EUR

52

268

$

4,300

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

U.S.

Treasury

10

Year

Note

.....................

287

05/20/22

USD

119.00

USD

28,700

$

76,234

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Bank

of

America

NA

04/12/22

ZAR

15.50

USD

588

$

343

EUR

Currency

...........................

Bank

of

America

NA

04/13/22

CZK

24.85

EUR

296

608

USD

Currency

...........................

Bank

of

America

NA

05/27/22

ZAR

15.00

USD

324

5,178

USD

Currency

...........................

Goldman

Sachs

International

05/27/22

MXN

20.30

USD

490

6,312

EUR

Currency

...........................

Bank

of

America

NA

08/05/22

USD

1.19

EUR

4,910

8,315

20,756

Put

EUR

Currency

...........................

UBS

AG

04/28/22

SEK

10.50

EUR

295

4,673

USD

Currency

...........................

Barclays

Bank

plc

05/06/22

CLP

815.00

USD

670

25,559

30,232

$

50,988

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

Put

3Yx1Y

Interest

Rate

Swap

(a)

.

2.02%

Semi-Annual

1

day

SOFR

Quarterly

Bank

of

America

NA

05/04/22

2.02

%

USD

146,730

$

303,901

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

U.S.

Treasury

10

Year

Note

......................

2

04/22/22

USD

121.50

USD

200

$

(781)

U.S.

Treasury

10

Year

Note

......................

5

04/22/22

USD

123.00

USD

500

(4,609)

$

(5,390)

BlackRock

Total

Return

V.I.

Fund

25

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Bank

of

America

NA

04/12/22

ZAR

16.25

USD

840

$

(57)

EUR

Currency

.............................

UBS

AG

04/28/22

SEK

10.80

EUR

148

(179)

USD

Currency

.............................

Goldman

Sachs

International

04/28/22

TRY

15.00

USD

252

(8,139)

USD

Currency

.............................

Barclays

Bank

plc

05/06/22

CLP

855.00

USD

334

(813)

USD

Currency

.............................

Bank

of

America

NA

05/27/22

ZAR

15.70

USD

486

(3,022)

USD

Currency

.............................

Goldman

Sachs

International

05/27/22

MXN

20.70

USD

734

(5,599)

–

(17,809)

–

Put

USD

Currency

.............................

Bank

of

America

NA

04/08/22

RUB

72.00

USD

253

(3,418)

USD

Currency

.............................

Citibank

NA

04/08/22

RUB

72.00

USD

842

(11,376)

USD

Currency

.............................

Barclays

Bank

plc

05/06/22

CLP

795.00

USD

670

(13,986)

–

(28,780)

–

$

(46,589)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

3Yx1Y

Interest

Rate

Swap

(a)

.

1

day

SOFR

At

Termination

2.32%

At

Termination

Bank

of

America

NA

05/04/22

2.32

%

USD

146,730

$

(117,309)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.CROSSOVER.37.V1

........

5.00

%

Quarterly

06/20/27

EUR

4,620

$

(190,229)

$

(152,190)

$

(38,039)

ITRAXX.EUR.MAIN.37.V1

..............

1.00

Quarterly

06/20/27

EUR

12,140

(93,823)

(74,127)

(19,696)

$

(284,052)

$

(226,317)

$

(57,735)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

Fed

Funds

At

Termination

1.18%

At

Termination

07/27/22

(a)

09/21/22

USD

282,845

$

(215,638)

$

—

$

(215,638)

1

day

Fed

Funds

At

Termination

1.20%

At

Termination

07/27/22

(a)

09/21/22

USD

272,740

(198,646)

—

(198,646)

1

day

Fed

Funds

At

Termination

1.24%

At

Termination

07/27/22

(a)

09/21/22

USD

85,987

(57,037)

—

(57,037)

0.55%

Annual

1

day

ESTR

Annual

03/21/23

(a)

03/21/25

EUR

6,150

56,343

(3,330)

59,673

0.64%

Annual

1

day

ESTR

Annual

03/23/23

(a)

03/23/25

EUR

3,110

22,664

—

22,664

0.70%

Annual

1

day

ESTR

Annual

03/24/23

(a)

03/24/25

EUR

3,120

18,391

—

18,391

0.73%

Annual

1

day

ESTR

Annual

03/27/23

(a)

03/27/25

EUR

6,070

32,117

—

32,117

2.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/23/26

USD

125

(2,246)

—

(2,246)

1

day

ESTR

At

Termination

0.85%

At

Termination

03/20/26

(a)

03/20/27

EUR

12,440

(10,374)

6,610

(16,984)

1

day

ESTR

At

Termination

0.87%

At

Termination

03/25/26

(a)

03/25/27

EUR

12,670

(7,389)

—

(7,389)

1

day

ESTR

At

Termination

1.01%

At

Termination

03/30/26

(a)

03/30/27

EUR

12,750

11,196

—

11,196

3.16%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/03/28

USD

152

(8,561)

—

(8,561)

BlackRock

Total

Return

V.I.

Fund

26

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

7.60%

Monthly

N/A

01/01/32

MXN

9,075

$

(17,628)

$

—

$

(17,628)

28

day

MXIBTIIE

Monthly

7.57%

Monthly

N/A

01/12/32

MXN

10,481

(21,841)

—

(21,841)

28

day

MXIBTIIE

Monthly

7.53%

Monthly

N/A

01/23/32

MXN

6,232

(13,642)

—

(13,642)

28

day

MXIBTIIE

Monthly

8.29%

Monthly

N/A

03/17/32

MXN

5,588

2,433

—

2,433

$

(409,858)

$

3,280

$

(413,138)

(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

3.50%

At

Termination

03/31/27

USD

3,822

$

24,923

$

—

$

24,923

1

month

USCPI

At

Termination

3.52%

At

Termination

03/31/27

USD

3,822

29,089

—

29,089

1

month

USCPI

At

Termination

2.47%

At

Termination

04/26/31

USD

4,447

(477,982)

—

(477,982)

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

3,480

(308,485)

—

(308,485)

1

month

USCPI

At

Termination

2.89%

At

Termination

10/29/31

USD

1,837

(68,765)

—

(68,765)

1

month

USCPI

At

Termination

2.88%

At

Termination

11/01/31

USD

1,839

(70,731)

—

(70,731)

1

month

USCPI

At

Termination

2.76%

At

Termination

11/05/31

USD

1,930

(97,238)

—

(97,238)

1

month

USCPI

At

Termination

2.77%

At

Termination

11/05/31

USD

1,930

(96,735)

—

(96,735)

1

month

USCPI

At

Termination

2.80%

At

Termination

11/08/31

USD

806

(37,592)

—

(37,592)

1

month

USCPI

At

Termination

2.82%

At

Termination

11/10/31

USD

1,124

(49,368)

—

(49,368)

1

month

USCPI

At

Termination

2.89%

At

Termination

11/15/31

USD

965

(35,131)

—

(35,131)

1

month

USCPI

At

Termination

2.93%

At

Termination

11/15/31

USD

965

(31,820)

—

(31,820)

1

month

USCPI

At

Termination

2.89%

At

Termination

02/28/32

USD

1,979

(35,254)

—

(35,254)

1

month

USCPI

At

Termination

3.06%

At

Termination

04/04/32

USD

1,477

–

—

—

$

(1,255,089)

$

—

$

(1,255,089)

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

12/20/24

USD

122

$

705

$

1,678

$

(973)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

78

451

1,052

(601)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

693

1,651

(958)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

170

982

2,294

(1,312)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

693

1,651

(958)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

123

707

1,661

(954)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

06/20/27

USD

1,718

86,572

104,667

(18,095)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

1,413

61,425

78,554

(17,129)

Republic

of

Indonesia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

1,092

(8,709)

13,402

(22,111)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

540

27,454

33,493

(6,039)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

200

10,183

12,422

(2,239)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

223

11,343

13,837

(2,494)

Republic

of

the

Philippines

...

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

754

(7,967)

4,056

(12,023)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

230

37

(493)

530

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/27

USD

190

29

(273)

302

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

2,392

365

15,159

(14,794)

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

300

(892)

1,838

(2,730)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

240

(713)

1,490

(2,203)

BlackRock

Total

Return

V.I.

Fund

27

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

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)

CMBX.NA.9.AAA

..........

0.50

%

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

459

$

(1,367)

$

3,035

$

(4,402)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

200

(594)

1,225

(1,819)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

180

(535)

1,103

(1,638)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

16

813

421

392

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

226

(96)

(85)

(11)

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

96

(41)

(5)

(36)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

57

6,989

2,632

4,357

$

–

$

–

$

–

$

188,527

$

296,465

$

(107,938)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMBX.NA.3.AM

.......

0.50

%

Monthly

Credit

Suisse

International

12/13/49

NR

USD

—

$

—

$

(4)

$

4

CMBX.NA.9.BBB-

.....

3.00

Monthly

Deutsche

Bank

AG

09/17/58

NR

USD

58

(2,946)

(3,182)

236

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A-

USD

240

(1,009)

(4,735)

3,726

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A-

USD

120

(505)

(2,413)

1,908

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

20

(1,109)

(780)

(329)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

BBB-

USD

57

(6,989)

(2,175)

(4,814)

$

(12,558)

$

(13,289)

$

731

(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

$

65,939

$

—

$

65,939

1

day

CLICP

Semi-Annual

1.65%

Semi-Annual

Bank

of

America

NA

05/28/23

CLP

688,128

(69,281)

—

(69,281)

1

day

BZDIOVER

At

Termination

11.47%

At

Termination

Goldman

Sachs

International

01/02/24

BRL

2,908

(5,156)

(12,250)

7,094

$

(8,498)

$

(12,250)

$

3,752

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

BlackRock

Total

Return

V.I.

Fund

28

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

MXN

Mexican

Peso

RUB

New

Russian

Ruble

SEK

Swedish

Krona

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

29

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

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

....................................

$

—

$

20,231,126

$

300,425

$

20,531,551

Corporate

Bonds

Aerospace

&

Defense

....................................

—

10,284,142

—

10,284,142

Air

Freight

&

Logistics

....................................

—

62,983

—

62,983

Airlines

..............................................

—

3,547,824

—

3,547,824

Automobiles

..........................................

—

1,505,933

—

1,505,933

Banks

...............................................

—

41,910,754

—

41,910,754

Beverages

...........................................

—

3,099,965

—

3,099,965

Biotechnology

.........................................

—

4,869,851

—

4,869,851

Building

Products

.......................................

—

202,831

—

202,831

Capital

Markets

........................................

—

28,287,618

—

28,287,618

Chemicals

............................................

—

2,541,961

—

2,541,961

Commercial

Services

&

Supplies

.............................

—

1,818,201

—

1,818,201

Communications

Equipment

................................

—

1,839,380

—

1,839,380

Construction

&

Engineering

................................

—

250,525

—

250,525

Consumer

Finance

......................................

—

3,522,518

—

3,522,518

Containers

&

Packaging

..................................

—

223,256

—

223,256

Diversified

Financial

Services

...............................

—

585,848

—

585,848

Diversified

Telecommunication

Services

........................

—

12,899,950

—

12,899,950

Electric

Utilities

........................................

—

17,970,053

—

17,970,053

Energy

Equipment

&

Services

..............................

—

128,340

—

128,340

Entertainment

.........................................

—

1,387,592

—

1,387,592

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

11,182,657

601,049

11,783,706

Food

&

Staples

Retailing

..................................

—

160,997

—

160,997

Food

Products

.........................................

—

392,806

—

392,806

Gas

Utilities

...........................................

—

1,010,792

—

1,010,792

Health

Care

Equipment

&

Supplies

...........................

—

766,479

—

766,479

BlackRock

Total

Return

V.I.

Fund

30

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Level

1

Level

2

Level

3

Total

Health

Care

Providers

&

Services

............................

$

—

$

10,939,481

$

—

$

10,939,481

Hotels,

Restaurants

&

Leisure

..............................

—

1,057,179

—

1,057,179

Household

Durables

.....................................

—

92,088

—

92,088

Independent

Power

and

Renewable

Electricity

Producers

............

—

17,929

—

17,929

Industrial

Conglomerates

..................................

—

1,080,363

—

1,080,363

Insurance

............................................

—

2,721,014

—

2,721,014

Internet

&

Direct

Marketing

Retail

............................

—

561,027

—

561,027

IT

Services

...........................................

—

3,745,388

—

3,745,388

Life

Sciences

Tools

&

Services

..............................

—

1,136,922

—

1,136,922

Machinery

............................................

—

1,116,987

—

1,116,987

Media

...............................................

—

7,700,888

—

7,700,888

Metals

&

Mining

........................................

—

3,984,275

—

3,984,275

Multiline

Retail

.........................................

—

1,995

—

1,995

Multi-Utilities

..........................................

—

983,221

—

983,221

Oil,

Gas

&

Consumable

Fuels

...............................

—

28,941,906

—

28,941,906

Paper

&

Forest

Products

..................................

—

223,793

—

223,793

Pharmaceuticals

.......................................

—

2,312,440

—

2,312,440

Real

Estate

Management

&

Development

.......................

—

1,153,600

—

1,153,600

Road

&

Rail

...........................................

—

5,363,479

—

5,363,479

Semiconductors

&

Semiconductor

Equipment

....................

—

8,866,312

—

8,866,312

Software

.............................................

—

6,939,513

—

6,939,513

Specialty

Retail

........................................

—

1,447,428

—

1,447,428

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,355,330

—

2,355,330

Thrifts

&

Mortgage

Finance

................................

—

466,265

—

466,265

Tobacco

.............................................

—

2,127,274

—

2,127,274

Trading

Companies

&

Distributors

............................

—

90,246

—

90,246

Wireless

Telecommunication

Services

.........................

—

4,014,182

—

4,014,182

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

41,493

—

41,493

Air

Freight

&

Logistics

....................................

—

266,711

—

266,711

Building

Products

.......................................

—

66,272

—

66,272

Capital

Markets

........................................

—

—

280,080

280,080

Chemicals

............................................

—

197,935

—

197,935

Commercial

Services

&

Supplies

.............................

—

139,922

—

139,922

Construction

Materials

....................................

—

223,995

—

223,995

Consumer

Finance

......................................

—

—

4,200

4,200

Diversified

Consumer

Services

..............................

—

—

148,169

148,169

Diversified

Financial

Services

...............................

—

646,018

—

646,018

Food

Products

.........................................

—

187,860

—

187,860

Health

Care

Providers

&

Services

............................

—

44,130

—

44,130

Hotels,

Restaurants

&

Leisure

..............................

—

1,396,343

51,222

1,447,565

Household

Durables

.....................................

—

76,498

—

76,498

Industrial

Conglomerates

..................................

—

—

29,250

29,250

Machinery

............................................

—

11,890

—

11,890

Media

...............................................

—

423,179

—

423,179

Multiline

Retail

.........................................

—

44,311

—

44,311

Oil,

Gas

&

Consumable

Fuels

...............................

—

453,914

160,196

614,110

Personal

Products

......................................

—

—

466,655

466,655

Pharmaceuticals

.......................................

—

261,177

—

261,177

Road

&

Rail

...........................................

—

163,601

—

163,601

Software

.............................................

—

155,355

—

155,355

Specialty

Retail

........................................

—

132,856

—

132,856

Textiles,

Apparel

&

Luxury

Goods

............................

—

61,226

—

61,226

Thrifts

&

Mortgage

Finance

................................

—

—

599,348

599,348

Foreign

Agency

Obligations

.................................

—

3,614,707

—

3,614,707

Foreign

Government

Obligations

..............................

—

9,348,015

—

9,348,015

Municipal

Bonds

.........................................

—

4,828,325

—

4,828,325

Non-Agency

Mortgage-Backed

Securities

........................

—

11,223,577

97,538

11,321,115

Other

Interests

..........................................

—

—

—

—

Capital

Trusts

...........................................

—

2,931,863

—

2,931,863

U.S.

Government

Sponsored

Agency

Securities

....................

—

323,479,633

—

323,479,633

U.S.

Treasury

Obligations

...................................

—

123,441,972

—

123,441,972

Short-Term

Securities

.......................................

135,068,947

—

—

135,068,947

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

55,288

—

55,288

Interest

rate

contracts

......................................

76,234

303,901

—

380,135

BlackRock

Total

Return

V.I.

Fund

31

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2022

Level

1

Level

2

Level

3

Total

Liabilities

Investments

TBA

Sale

Commitments

....................................

$

—

$

(60,927,256)

$

—

$

(60,927,256)

$

135,145,181

$

693,419,618

$

2,738,132

$

831,302,931

Investments

Valued

at

NAV

(a)

.....................................

139,330,367

$

—

$

970,633,298

$

—

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

11,455

$

—

$

11,455

Foreign

currency

exchange

contracts

............................

—

376,630

—

376,630

Interest

rate

contracts

.......................................

572,365

219,507

—

791,872

Other

contracts

...........................................

—

54,012

—

54,012

Liabilities

Credit

contracts

...........................................

—

(176,397)

—

(176,397)

Foreign

currency

exchange

contracts

............................

—

(372,049)

—

(372,049)

Interest

rate

contracts

.......................................

(2,850,559)

(746,202)

—

(3,596,761)

Other

contracts

...........................................

—

(1,309,101)

—

(1,309,101)

$

(2,278,194)

$

(1,942,145)

$

—

$

(4,220,339)

(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.