BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
September
30,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.1%
Aerospace
&
Defense
—
0.6%
Lockheed
Martin
Corp.
...............
8,624
$
2,976,142
Air
Freight
&
Logistics
—
1.5%
CH
Robinson
Worldwide,
Inc.
..........
32,293
2,809,491
Expeditors
International
of
Washington,
Inc.
.
39,685
4,727,674
7,537,165
Airlines
—
0.1%
Alaska
Air
Group,
Inc.
(a)
...............
6,453
378,146
Auto
Components
—
0.8%
BorgWarner,
Inc.
(b)
..................
86,905
3,755,165
Automobiles
—
1.9%
Tesla,
Inc.
(a)
.......................
12,436
9,643,869
Banks
—
2.0%
Bank
of
Hawaii
Corp.
................
4,436
364,506
Citigroup,
Inc.
.....................
47,058
3,302,531
Commerce
Bancshares,
Inc.
...........
3,262
227,296
Cullen/Frost
Bankers,
Inc.
.............
578
68,562
First
Republic
Bank
.................
4,546
876,833
JPMorgan
Chase
&
Co.
..............
10,212
1,671,602
Signature
Bank
....................
5,076
1,382,093
Truist
Financial
Corp.
................
38,439
2,254,447
Wells
Fargo
&
Co.
..................
2,456
113,983
10,261,853
Beverages
—
0.9%
Molson
Coors
Beverage
Co.,
Class
B
(b)
....
23,670
1,097,815
PepsiCo,
Inc.
.....................
22,401
3,369,334
4,467,149
Biotechnology
—
2.6%
Amgen,
Inc.
......................
5,741
1,220,824
BioMarin
Pharmaceutical,
Inc.
(a)
.........
74,791
5,780,596
Bridgebio
Pharma,
Inc.
(a)
..............
1,695
79,445
Gilead
Sciences,
Inc.
................
41,431
2,893,955
Moderna
,
Inc.
(a)
....................
3,635
1,398,966
Vertex
Pharmaceuticals,
Inc.
(a)
..........
10,078
1,828,049
13,201,835
Building
Products
—
1.3%
Allegion
plc
.......................
10,641
1,406,527
Lennox
International,
Inc.
.............
2,085
613,345
Trane
Technologies
plc
...............
26,177
4,519,459
6,539,331
Capital
Markets
—
2.0%
Bank
of
New
York
Mellon
Corp.
(The)
.....
40,254
2,086,767
CME
Group,
Inc.
...................
19,583
3,786,961
Morgan
Stanley
....................
31,495
3,064,779
Stifel
Financial
Corp.
................
15,342
1,042,642
9,981,149
Chemicals
—
0.8%
Amyris
,
Inc.
(a)
.....................
8,571
117,680
Ecolab,
Inc.
......................
3,841
801,310
PPG
Industries,
Inc.
.................
1,225
175,187
Sherwin-Williams
Co.
(The)
............
10,906
3,050,735
4,144,912
Commercial
Services
&
Supplies
—
0.7%
Copart
,
Inc.
(a)
.....................
12,469
1,729,700
IAA,
Inc.
(a)
........................
31,862
1,738,709
Waste
Connections,
Inc.
(b)
.............
1,582
199,221
3,667,630
Security
Shares
Shares
Value
Communications
Equipment
—
0.1%
Juniper
Networks,
Inc.
...............
16,320
$
449,126
Construction
Materials
—
0.2%
Martin
Marietta
Materials,
Inc.
..........
673
229,951
Vulcan
Materials
Co.
................
5,515
932,917
1,162,868
Consumer
Finance
—
2.3%
Ally
Financial,
Inc.
..................
90,858
4,638,301
American
Express
Co.
...............
41,934
7,025,203
11,663,504
Containers
&
Packaging
—
0.0%
Avery
Dennison
Corp.
................
671
139,038
Distributors
—
0.1%
Genuine
Parts
Co.
..................
3,921
475,343
Diversified
Consumer
Services
—
0.3%
Service
Corp.
International
............
23,590
1,421,533
Terminix
Global
Holdings,
Inc.
(a)
.........
4,962
206,767
1,628,300
Diversified
Financial
Services
—
1.1%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
4,913
1,340,954
Voya
Financial,
Inc.
.................
71,824
4,409,276
5,750,230
Electric
Utilities
—
1.3%
Eversource
Energy
.................
3,662
299,405
NextEra
Energy,
Inc.
................
14,434
1,133,358
OGE
Energy
Corp.
..................
124,720
4,110,771
Pinnacle
West
Capital
Corp.
...........
2,106
152,390
Portland
General
Electric
Co.
...........
5,106
239,931
Southern
Co.
(The)
(b)
................
10,950
678,572
6,614,427
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Flex
Ltd.
(a)
........................
43,814
774,632
Energy
Equipment
&
Services
—
0.5%
Schlumberger
NV
..................
76,823
2,277,034
Entertainment
—
2.0%
Live
Nation
Entertainment,
Inc.
(a)
........
17,293
1,575,911
Roku,
Inc.
(a)
.......................
8,893
2,786,622
Spotify
Technology
SA
(a)
..............
6,233
1,404,544
Walt
Disney
Co.
(The)
(a)
..............
12,989
2,197,349
Warner
Music
Group
Corp.,
Class
A
......
1,481
63,298
Zynga,
Inc.,
Class
A
(a)
................
293,967
2,213,572
10,241,296
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
Brixmor
Property
Group,
Inc.
...........
10,145
224,306
Equinix
,
Inc.
(b)
.....................
1,083
855,711
Equity
Residential
(b)
.................
689
55,754
Life
Storage,
Inc.
...................
23,714
2,720,944
Prologis,
Inc.
......................
53,850
6,754,406
VICI
Properties,
Inc.
(b)
................
54,562
1,550,106
12,161,227
Food
&
Staples
Retailing
—
1.6%
Costco
Wholesale
Corp.
..............
17,806
8,001,126
Food
Products
—
0.8%
Conagra
Brands,
Inc.
(b)
...............
53,083
1,797,921
Kellogg
Co.
.......................
11,741
750,485
McCormick
&
Co.,
Inc.
(Non-Voting)
(b)
.....
17,514
1,419,159
3,967,565
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Shares
Shares
Value
Gas
Utilities
—
0.1%
UGI
Corp.
........................
15,737
$
670,711
Health
Care
Equipment
&
Supplies
—
3.5%
Align
Technology,
Inc.
(a)
...............
5,040
3,353,767
Danaher
Corp.
....................
12,430
3,784,189
DexCom
,
Inc.
(a)
....................
4,222
2,308,843
Envista
Holdings
Corp.
(a)
..............
4,785
200,061
Hologic
,
Inc.
(a)
.....................
4,815
355,395
IDEXX
Laboratories,
Inc.
(a)
.............
9,624
5,985,166
Stryker
Corp.
.....................
7,133
1,881,115
17,868,536
Health
Care
Providers
&
Services
—
1.8%
Anthem,
Inc.
......................
6,773
2,524,974
Cigna
Corp.
......................
1,536
307,446
McKesson
Corp.
...................
14,472
2,885,427
UnitedHealth
Group,
Inc.
..............
8,701
3,399,829
9,117,676
Health
Care
Technology
—
0.5%
Cerner
Corp.
......................
34,894
2,460,725
Hotels,
Restaurants
&
Leisure
—
2.0%
Booking
Holdings,
Inc.
(a)
..............
1,533
3,639,143
Domino's
Pizza,
Inc.
.................
3,358
1,601,632
McDonald's
Corp.
..................
4,012
967,333
Shake
Shack,
Inc.,
Class
A
(a)
...........
10,953
859,372
Six
Flags
Entertainment
Corp.
(a)
.........
5,430
230,775
Wynn
Resorts
Ltd.
(a)
.................
30,243
2,563,094
9,861,349
Household
Durables
—
0.4%
DR
Horton,
Inc.
....................
12,698
1,066,251
Meritage
Homes
Corp.
(a)
..............
1,403
136,091
Whirlpool
Corp.
(b)
...................
5,032
1,025,824
2,228,166
Household
Products
—
1.4%
Colgate-Palmolive
Co.
...............
54,770
4,139,516
Procter
&
Gamble
Co.
(The)
...........
21,381
2,989,064
7,128,580
Industrial
Conglomerates
—
1.1%
Honeywell
International,
Inc.
...........
21,945
4,658,485
Roper
Technologies,
Inc.
..............
1,927
859,692
5,518,177
Insurance
—
4.1%
Athene
Holding
Ltd.,
Class
A
(a)
..........
1,431
98,553
Cincinnati
Financial
Corp.
.............
1,358
155,111
Everest
Re
Group
Ltd.
...............
6,957
1,744,676
Marsh
&
McLennan
Cos.,
Inc.
..........
43,869
6,643,083
MetLife,
Inc.
......................
104,323
6,439,859
Progressive
Corp.
(The)
..............
3,994
361,018
Travelers
Cos.,
Inc.
(The)
.............
15,920
2,419,999
Willis
Towers
Watson
plc
..............
12,751
2,964,097
20,826,396
Interactive
Media
&
Services
—
6.4%
(a)
Alphabet,
Inc.,
Class
A
...............
5,799
15,503,742
Alphabet,
Inc.,
Class
C
...............
3,415
9,102,034
Facebook,
Inc.,
Class
A
..............
21,776
7,390,557
Twitter,
Inc.
.......................
1,871
112,990
32,109,323
Internet
&
Direct
Marketing
Retail
—
3.0%
(a)
Amazon.com,
Inc.
..................
4,064
13,350,403
Etsy,
Inc.
........................
4,450
925,422
Stitch
Fix,
Inc.,
Class
A
(b)
..............
9,918
396,224
Security
Shares
Shares
Value
Internet
&
Direct
Marketing
Retail
(continued)
Wayfair,
Inc.,
Class
A
................
1,636
$
418,014
15,090,063
IT
Services
—
5.9%
Accenture
plc,
Class
A
...............
4,923
1,574,966
Automatic
Data
Processing,
Inc.
.........
14,017
2,802,279
Fidelity
National
Information
Services,
Inc.
..
43,046
5,237,837
Mastercard
,
Inc.,
Class
A
..............
11,479
3,991,019
Okta
,
Inc.,
Class
A
(a)
.................
6,419
1,523,486
PayPal
Holdings,
Inc.
(a)
...............
13,611
3,541,718
Toast,
Inc.,
Class
A
(a)
................
3,794
189,510
Twilio
,
Inc.,
Class
A
(a)
................
3,505
1,118,270
Visa,
Inc.,
Class
A
..................
43,709
9,736,180
29,715,265
Life
Sciences
Tools
&
Services
—
1.0%
Agilent
Technologies,
Inc.
.............
19,345
3,047,418
Bruker
Corp.
......................
13,752
1,074,031
PPD,
Inc.
(a)
.......................
10,485
490,593
Syneos
Health,
Inc.
(a)
................
5,994
524,355
5,136,397
Machinery
—
1.7%
Caterpillar,
Inc.
....................
2,388
458,424
Deere
&
Co.
......................
6,150
2,060,681
Otis
Worldwide
Corp.
................
66,071
5,436,322
Stanley
Black
&
Decker,
Inc.
...........
2,354
412,680
8,368,107
Media
—
1.0%
Comcast
Corp.,
Class
A
..............
19,071
1,066,641
Discovery,
Inc.,
Class
A
(a)(b)
............
35,883
910,711
Discovery,
Inc.,
Class
C
(a)
.............
4,353
105,647
Fox
Corp.,
Class
A
..................
22,622
907,369
Sirius
XM
Holdings,
Inc.
(b)
.............
292,049
1,781,499
TEGNA,
Inc.
......................
7,245
142,871
4,914,738
Metals
&
Mining
—
0.3%
Reliance
Steel
&
Aluminum
Co.
.........
11,587
1,650,221
Multiline
Retail
—
1.4%
Dollar
General
Corp.
................
1,420
301,239
Kohl's
Corp.
......................
3,175
149,510
Target
Corp.
......................
27,966
6,397,782
6,848,531
Multi-Utilities
—
1.9%
Consolidated
Edison,
Inc.
(b)
............
66,244
4,808,652
DTE
Energy
Co.
...................
27,078
3,024,883
NiSource,
Inc.
.....................
69,615
1,686,772
9,520,307
Oil,
Gas
&
Consumable
Fuels
—
1.9%
Antero
Midstream
Corp.
..............
33,251
346,475
Chevron
Corp.
.....................
7,513
762,194
EOG
Resources,
Inc.
................
59,637
4,787,062
Phillips
66
........................
52,484
3,675,455
9,571,186
Personal
Products
—
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
2,867
859,899
Pharmaceuticals
—
3.3%
Bristol-Myers
Squibb
Co.
..............
59,355
3,512,035
Johnson
&
Johnson
.................
65,713
10,612,650
Pfizer,
Inc.
.......................
32,831
1,412,061
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Zoetis,
Inc.
.......................
4,806
$
933,037
16,469,783
Professional
Services
—
0.9%
Equifax,
Inc.
......................
15,796
4,003,022
IHS
Markit
Ltd.
....................
4,542
529,688
4,532,710
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(a)
...........
3,065
298,408
Road
&
Rail
—
1.5%
Landstar
System,
Inc.
................
12,106
1,910,569
Ryder
System,
Inc.
..................
54,789
4,531,598
Schneider
National,
Inc.,
Class
B
........
42,727
971,612
XPO
Logistics,
Inc.
(a)(b)
...............
3,031
241,207
7,654,986
Semiconductors
&
Semiconductor
Equipment
—
4.0%
Advanced
Micro
Devices,
Inc.
(a)
.........
18,994
1,954,482
Analog
Devices,
Inc.
.................
393
65,820
Applied
Materials,
Inc.
...............
16,130
2,076,415
Intel
Corp.
.......................
99,551
5,304,077
Lam
Research
Corp.
................
784
446,214
NVIDIA
Corp.
.....................
33,742
6,989,993
QUALCOMM,
Inc.
..................
13,807
1,780,827
Silicon
Laboratories,
Inc.
(a)
.............
4,804
673,329
Synaptics
,
Inc.
(a)
...................
2,310
415,176
Xilinx,
Inc.
........................
2,993
451,913
20,158,246
Software
—
11.1%
ACI
Worldwide,
Inc.
(a)
................
1,734
53,286
Adobe,
Inc.
(a)
......................
15,095
8,690,493
Cadence
Design
Systems,
Inc.
(a)
........
6,807
1,030,852
HubSpot
,
Inc.
(a)
....................
3,629
2,453,531
Intuit,
Inc.
........................
13,551
7,310,900
Manhattan
Associates,
Inc.
(a)
...........
1,105
169,098
Microsoft
Corp.
....................
73,046
20,593,128
PagerDuty
,
Inc.
(a)
...................
24,901
1,031,399
Paycom
Software,
Inc.
(a)
..............
131
64,943
salesforce.com,
Inc.
(a)
................
1,625
440,733
ServiceNow
,
Inc.
(a)
..................
8,069
5,021,097
Smartsheet
,
Inc.,
Class
A
(a)
............
725
49,895
Splunk
,
Inc.
(a)
.....................
3,875
560,751
VMware,
Inc.,
Class
A
(a)(b)
.............
21,690
3,225,303
Workday,
Inc.,
Class
A
(a)
..............
20,550
5,135,240
Zendesk
,
Inc.
(a)
....................
2,532
294,699
56,125,348
Specialty
Retail
—
1.9%
Advance
Auto
Parts,
Inc.
..............
4,002
835,978
American
Eagle
Outfitters,
Inc.
(b)
.........
61,250
1,580,250
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Home
Depot,
Inc.
(The)
..............
10,445
$
3,428,675
National
Vision
Holdings,
Inc.
(a)
.........
18,323
1,040,197
Penske
Automotive
Group,
Inc.
.........
2,983
300,090
TJX
Cos.,
Inc.
(The)
.................
25,737
1,698,127
Tractor
Supply
Co.
..................
3,664
742,363
9,625,680
Technology
Hardware,
Storage
&
Peripherals
—
7.0%
Apple,
Inc.
.......................
187,624
26,548,796
Dell
Technologies,
Inc.,
Class
C
(a)
........
18,454
1,919,954
Hewlett
Packard
Enterprise
Co.
.........
327,404
4,665,507
NetApp,
Inc.
......................
24,934
2,238,076
35,372,333
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Levi
Strauss
&
Co.,
Class
A
............
65,101
1,595,625
Lululemon
Athletica
,
Inc.
(a)
.............
4,423
1,789,988
Ralph
Lauren
Corp.
(b)
................
4,365
484,690
Skechers
USA,
Inc.,
Class
A
(a)
..........
4,699
197,922
4,068,225
Thrifts
&
Mortgage
Finance
—
0.5%
Essent
Group
Ltd.
..................
4,719
207,683
New
York
Community
Bancorp,
Inc.
(b)
.....
148,989
1,917,488
Radian
Group,
Inc.
..................
21,133
480,142
2,605,313
Trading
Companies
&
Distributors
—
0.2%
SiteOne
Landscape
Supply,
Inc.
(a)
........
5,222
1,041,632
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(a)
..........
21,855
696,956
Total
Common
Stocks
—
99.1%
(Cost:
$427,998,185)
.............................
499,974,035
Total
Long-Term
Investments
—
99.1%
(Cost:
$427,998,185)
.............................
499,974,035
Short-Term
Securities
—
4.1%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
...................
4,461,197
4,461,197
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(e)
.......................
16,287,609
16,292,495
Total
Short-Term
Securities
—
4.1%
(Cost:
$20,753,692)
..............................
20,753,692
Total
Investments
—
103.2%
(Cost:
$448,751,877
)
.............................
520,727,727
Liabilities
in
Excess
of
Other
Assets
—
(3.2)%
............
(16,025,844)
Net
Assets
—
100.0%
..............................
$
504,701,883
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
5
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
13,565,086
$
—
$
(9,103,889)
$
—
$
—
$
4,461,197
4,461,197
$
1,179
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
7,671,732
8,620,276
—
487
—
16,292,495
16,287,609
56,354
(b)
—
$
487
$
—
$
20,753,692
$
57,533
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
6
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
24
12/17/21
$
5,157
$
(153,583)
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviations
S&P
Standard
&
Poor's
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
......................................
$
499,974,035
$
—
$
—
$
499,974,035
Short-Term
Securities
.......................................
4,461,197
—
—
4,461,197
$
504,435,232
$
—
$
—
$
504,435,232
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
7
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Level
1
Level
2
Level
3
Total
Investments
Valued
at
Net
Asset
Value
("NAV")
(a)
........................
16,292,495
$
—
$
520,727,727
$
—
Derivative
Financial
Instruments
(b)
Liabilities:
Equity
contracts
...........................................
$
(153,583)
$
—
$
—
$
(153,583)
(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
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.