UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03290

Name of Fund:  BlackRock Variable Series Funds, Inc.

BlackRock 60/40 Target Allocation ETF V.I. Fund

BlackRock Advantage Large Cap Core V.I. Fund

BlackRock Advantage Large Cap Value V.I. Fund

BlackRock Advantage U.S. Total Market V.I. Fund

BlackRock Basic Value V.I. Fund

BlackRock Capital Appreciation V.I. Fund

BlackRock Equity Dividend V.I. Fund

BlackRock Global Allocation V.I. Fund

BlackRock Government Money Market V.I. Fund

BlackRock International Index V.I. Fund

BlackRock International V.I. Fund

BlackRock Large Cap Focus Growth V.I. Fund

BlackRock Managed Volatility V.I. Fund

BlackRock S&P 500 Index V.I. Fund

BlackRock Small Cap Index V.I. Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Variable Series Funds, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2020

Date of reporting period: 12/31/2020

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Variable

Series

Funds

II,

Inc.

Dear

Shareholder,

The

12-month

reporting

period

as

of

December

31,

2020

has

been

a

time

of

sudden

change

in

global

financial

markets,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

The

threat

from

the

coronavirus

became

increasingly

apparent

throughout

February

and

March

2020,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-

at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

a

series

of

successful

vaccine

trials

and

passage

of

additional

stimulus.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

from

developed

economies

grew

at

a

more

modest

pace,

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment,

and

posted

solid

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

touched

an

all-time

low.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

accelerate

as

vaccination

efforts

get

under

way.

The

results

of

the

U.S.

elections

also

cleared

the

way

for

additional

stimulus

spending

in

2021,

which

is

likely

to

be

a

solid

tailwind

for

economic

growth.

Inflation

should

increase

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

both

equities

and

credit.

We

see

U.S.

and

Asian

equities

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

In

credit,

rising

inflation

should

provide

tailwinds

for

inflation-

protected

bonds,

and

Euro

area

peripherals

and

Asian

bonds

also

provide

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

December

31,

2020

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

22.16%

18.40%

U.S.

small

cap

equities

(Russell

2000

®

Index)

37.85

19.96

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

21.61

7.82

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

31.14

18.31

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.07

0.67

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(1.87)

10.58

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

1.29

7.51

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.92

4.95

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

11.32

7.05

This

Page

is

not

Part

of

Your

Fund

Report

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Investment

Objective

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

blended

benchmark

(60%

MSCI

All

Country

World

Index

/

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index).

What

factors

influenced

performance?

The

largest

positive

contributions

to

the

Fund’s

relative

performance

came

from

exposures

to

U.S.

large-cap

stocks,

as

well

as

to

equities

within

the

information

technology

(“IT”)

and

medical

device

sectors.

Equity

exposures

driven

by

size

and

quality

factor

and

exposure

to

high

yield

corporate

bonds

were

the

largest

detractors

from

performance.

Describe

recent

portfolio

activity.

The

portfolio

made

six

notable

shifts

in

2020

in

the

form

of

four

quarterly

trades

and

two

intra-quarter

trades

in

response

to

the

March

2020

market

sell-off

and

the

U.S.

presidential

election.

Overall,

the

Fund

maintained

an

overweight

to

stocks

throughout

the

period,

with

an

overweight

in

U.S.

equities

relative

to

emerging

market

and

non-

U.S.

developed

market

stocks,

amid

support

from

easing

trade

tensions

along

with

continued

fiscal

and

monetary

stimulus.

Following

the

market

shock

in

March

in

response

to

the

onset

of

COVID-19,

the

Fund

rebalanced

back

to

the

target

asset

class

allocations.

In

June,

the

Fund

continued

its

tilt

to

risk

assets

and

increased

its

equity

overweight,

triggered

by

the

relatively

successful

reopening

of

major

economies

globally.

Strategic

positions

within

the

IT

and

medical

devices

sectors

were

maintained.

In

early

October

2020,

the

Fund

trimmed

its

equity

position

in

anticipation

of

possible

volatility

driven

by

uncertainty

over

the

U.S.

election.

In

early

November

2020

after

the

election

was

decided,

the

Fund

added

back

to

equities,

increasing

its

equity

overweight

by

2%,

with

a

preference

for

U.S.

stocks

generally

and

cyclical

names

in

particular.

Describe

portfolio

positioning

at

period

end.

At

period

end,

the

Fund

was

overweight

in

equity

ETFs,

driven

by

an

ultra-accommodative

Fed,

positive

vaccine

news

and

reduced

uncertainty

following

the

presidential

election.

As

the

investment

adviser

believes

the

economic

recovery

will

continue

to

gather

momentum,

the

Fund

was

positioned

broadly

to

lean

into

risk,

with

balanced

exposure

to

both

growth

and

value

names.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

 Percent

of

Affiliated

Investment

Companies

Equity

Funds

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

55‌

%

Fixed

Income

Funds

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

29‌

Short-Term

Securities

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

16‌

–‌

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

The

Fund’s

total

returns

prior

to

May

1,

2019,

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

iShares

®

Dynamic

Allocation

V.I.

Fund.

(b)

The

Fund

invests

in

a

portfolio

of

underlying

exchange-traded

funds

that

seek

to

track

equity

and

fixed

income

indices.

(c)

A

customized

weighted

index

comprised

of

60%

MSCI

All

Country

World

Index

and

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

(d)

MSCI

All

Country

World

Index

comprises

large

and

mid-capitalization

developed

and

emerging

market

equities.

(e)

A

broad-based

flagship

benchmark

that

measures

the

inves

tment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(f)

Commencement

of

operations.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

Since

Inception

(b)

Class

I

(c)

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

15.52‌%

14.67‌%

10.16‌%

7.09‌%

Class

III

(c)

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

15.40‌

14.35‌

9.87‌

6.82‌

60%

MSCI

All

Country

World

Index

/

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

.......

14.65‌

13.49‌

9.37‌

7.20‌

MSCI

All

Country

World

Index

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

24.01‌

16.25‌

12.26‌

9.00‌

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

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

1.29‌

7.51‌

4.44‌

3.88‌

(a)

For

the

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

The

Fund

commenced

operations

on

April

30,

2014.

(c)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

("NAV")

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

May

1,

2019

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

iShares

®

Dynamic

Allocation

V.I.

Fund.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Disclosure

of

Expenses

2020

BlackRock

Annual

Report

To

Shareholders

4

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00

$

1,155.20

$

1.03

$

1,000.00

$

1,024.18

$

0.97

0.19%

Class

III

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

1,000.00

1,154.00

2.38

1,000.00

1,022.92

2.24

0.44

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Value

Affiliated

Investment

Companies

—

118.6%

*

Equity

Funds

—

65.5%

iShares

Core

MSCI

EAFE

ETF

..........

84,647

$

5,848,261

iShares

Core

S&P

500

ETF

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

134,042

50,318,026

iShares

Core

S&P

Small-Cap

ETF

(a)

.......

68,589

6,303,329

iShares

ESG

Aware

MSCI

EM

ETF

(a)

......

457,727

19,215,379

iShares

Global

Tech

ETF

(a)

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

28,436

8,532,222

iShares

MSCI

EAFE

Growth

ETF

(a)

.......

189,550

19,127,491

iShares

MSCI

USA

Min

Vol

Factor

ETF

(a)

...

75,528

5,126,841

iShares

MSCI

USA

Value

Factor

ETF

(a)

.....

121,158

10,529,842

iShares

Trust

ESG

Aware

MSCI

USA

ETF

(a)

..

466,241

40,110,713

iShares

U.S.

Medical

Devices

ETF

(a)

......

24,627

8,060,417

173,172,521

Security

Shares

Value

Fixed

Income

Funds

—

33.9%

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

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

215,670

$

9,800,045

iShares

20+

Year

Treasury

Bond

ETF

......

14,499

2,286,927

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(a)

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

220,945

30,519,133

iShares

MBS

ETF

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

88,719

9,770,623

iShares

Trust

1-5

Year

Investment

Grade

Corporate

Bond

ETF

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

261,351

14,418,735

iShares

U.S.

Treasury

Bond

ETF

.........

820,898

22,361,262

89,156,725

Short-Term

Securities

—

19.2%

(b)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

0.00%

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

1,321,139

1,321,139

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(c)

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

49,434,201

49,449,031

50,770,170

Total

Affiliated

Investment

Companies

—

118.6%

(Cost:

$271,997,130)

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

313,099,416

Liabilities

in

Excess

of

Other

Assets

—

(18.6)

%

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

(49,180,257)

Net

Assets

—

100.0%

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

$

263,919,159

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

2,018,799

$

—

$

(697,660)

$

—

$

—

$

1,321,139

1,321,139

$

3,394

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

8,665,198

40,805,675

—

(21,263)

(579)

49,449,031

49,434,201

132,224

(b)

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

......

—

9,399,064

(94,907)

2,258

493,630

9,800,045

215,670

338,866

—

iShares

20+

Year

Treasury

Bond

ETF

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

3,534,267

1,196,482

(3,176,458)

613,586

119,050

2,286,927

14,499

42,327

—

iShares

Core

MSCI

EAFE

ETF

..

16,583,616

12,479,468

(20,755,687)

(2,692,154)

233,018

5,848,261

84,647

143,526

—

iShares

Core

MSCI

Emerging

Markets

ETF

(c)

...........

12,645,266

2,697,043

(12,120,948)

(2,660,383)

(560,978)

—

—

—

—

iShares

Core

S&P

500

ETF

....

46,932,832

17,336,246

(21,057,622)

2,078,559

5,028,011

50,318,026

134,042

817,247

—

iShares

Core

S&P

Small-Cap

ETF

—

8,981,814

(4,310,013)

220,900

1,410,628

6,303,329

68,589

78,476

—

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(c)

.......

5,953,311

6,914,001

(11,210,798)

(1,168,334)

(488,180)

—

—

47,858

—

iShares

Edge

MSCI

USA

Quality

Factor

ETF

(c)

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

10,824,776

2,113,357

(11,537,963)

(597,826)

(802,344)

—

—

53,096

—

iShares

Edge

MSCI

USA

Size

Factor

ETF

(c)

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

9,304,701

789,880

(8,973,997)

(804,524)

(316,060)

—

—

29,015

—

iShares

ESG

Aware

MSCI

EM

ETF

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

—

18,059,417

(4,329,640)

486,700

4,998,902

19,215,379

457,727

222,777

—

iShares

Global

Tech

ETF

.....

7,973,782

1,483,526

(3,567,695)

845,639

1,796,970

8,532,222

28,436

52,892

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

.....

—

7,787,420

(7,278,786)

(508,634)

—

—

—

96,788

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

—

33,126,824

(3,724,525)

(8,357)

1,125,191

30,519,133

220,945

569,234

—

iShares

Intermediate-Term

Corporate

Bond

ETF

(c)

.....

12,542,813

1,026,830

(13,466,785)

807,752

(910,610)

—

—

107,459

—

iShares

MBS

ETF

..........

12,270,861

10,586,728

(13,245,256)

301,725

(143,435)

9,770,623

88,719

98,194

—

iShares

MSCI

EAFE

Growth

ETF

—

17,061,814

(3,229,883)

571,854

4,723,706

19,127,491

189,550

165,313

—

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

6

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

MSCI

USA

Min

Vol

Factor

ETF

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

$

5,917,973

$

1,161,605

$

(1,967,383)

$

48,040

$

(33,394)

5,126,841

75,528

$

94,717

$

—

iShares

MSCI

USA

Value

Factor

ETF

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

—

8,667,398

(92,207)

11,906

1,942,745

10,529,842

121,158

161,371

—

iShares

Short

Maturity

Bond

ETF

(c)

5,667,949

11,464,863

(17,240,418)

118,211

(10,605)

—

—

107,276

—

iShares

Trust

1-5

Year

Investment

Grade

Corporate

Bond

ETF

..

—

14,355,352

(112,825)

1,228

174,980

14,418,735

261,351

166,892

—

iShares

Trust

ESG

Aware

MSCI

USA

ETF

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

—

32,202,448

(990,883)

141,040

8,758,108

40,110,713

466,241

313,667

—

iShares

U.S.

Medical

Devices

ETF

—

6,616,689

(509,495)

104,718

1,848,505

8,060,417

24,627

19,243

—

iShares

U.S.

Treasury

Bond

ETF

33,798,186

11,788,434

(25,024,243)

2,273,772

(474,887)

22,361,262

820,898

315,607

191,379

$

166,413

$

28,912,372

$

313,099,416

$

4,177,459

$

191,379

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Affiliated

Investment

Companies

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

$

262,329,246

$

—

$

—

$

262,329,246

Short-Term

Securities

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

1,321,139

—

—

1,321,139

Subtotal

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

$

263,650,385

$

—

$

—

$

263,650,385

Investments

valued

at

NAV

(a)

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

49,449,031

$

—

Total

Investments

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

$

313,099,416

$

—

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

7

Financial

Statements

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

ASSETS

Investments

at

value

—

affiliated

(including

securities

loaned

at

value

of

$48,520,602)

(cost

—

$271,997,130)

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

$

313,099,416‌

Receivables:

–‌

Securities

lending

income

—

affiliated

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

12,741‌

Capital

shares

sold

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

1,265,928‌

Dividends

—

affiliated

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

14‌

Investment

adviser

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

39,977‌

Prepaid

expenses

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

1,467‌

Total

assets

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

314,419,543‌

LIABILITIES

Collateral

on

securities

loaned

at

value

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

49,467,396‌

Payables:

–‌

Investments

purchased

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

796,432‌

Capital

shares

redeemed

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

61,715‌

Distribution

fees

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

4,104‌

Directors'

and

Officer's

fees

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

2,380‌

Other

affiliate

fees

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

1,980‌

Transfer

agent

fees

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

104,216‌

Other

accrued

expenses

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

62,161‌

Total

liabilities

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

50,500,384‌

NET

ASSETS

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

$

263,919,159‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

222,486,399‌

Accumulated

earnings

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

41,432,760‌

NET

ASSETS

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

$

263,919,159‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

8

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

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

$

243,295,946‌

Shares

outstanding

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

17,726,783‌

Net

asset

value

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

$

13.72‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Class

III

Net

assets

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

$

20,623,213‌

Shares

outstanding

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

1,510,373‌

Net

asset

value

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

$

13.65‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

4,045,235‌

Securities

lending

income

—

affiliated

—

net

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

132,224‌

Total

investment

income

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

4,177,459‌

EXPENSES

Transfer

agent

—

class

specific

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

438,220‌

Investment

advisory

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

317,838‌

Professional

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

130,346‌

Printing

and

postage

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

128,965‌

Accounting

services

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

58,549‌

Distribution

—

class

specific

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

38,214‌

Custodian

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

15,352‌

Directors

and

Officer

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

10,855‌

Transfer

agent

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

5,209‌

Miscellaneous

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

7,220‌

Total

expenses

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

1,150,768‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(271,796‌)

Transfer

agent

fees

reimbursed

—

class

specific

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

(438,162‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

440,810‌

Net

investment

income

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

3,736,649‌

REALIZED

AND

UNREALIZED

GAIN

$

29,270,164‌

Net

realized

gain

from:

$

–‌

Investments

—

affiliated

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

166,413‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

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

191,379‌

A

357,792‌

Net

change

in

unrealized

appreciation

on

investments

-

affiliated

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

28,912,372‌

Net

realized

and

unrealized

gain

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

29,270,164‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

33,006,813‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

10

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Year

Ended

December

31,

2020

2019

(a)

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

3,736,649‌

$

3,550,638‌

Net

realized

gain

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

357,792‌

1,974,820‌

Net

change

in

unrealized

appreciation

(depreciation)

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

28,912,372‌

22,047,074‌

Net

increase

in

net

assets

resulting

from

operations

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

33,006,813‌

27,572,532‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

  Class

I

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

(3,984,736‌)

(4,892,043‌)

  Class

III

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

(303,130‌)

(297,098‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(4,287,866‌)

(5,189,141‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

50,754,571‌

40,379,241‌

NET

ASSETS

Total

increase

in

net

assets

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

79,473,518‌

62,762,632‌

Beginning

of

year

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

184,445,641‌

121,683,009‌

End

of

year

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

$

263,919,159‌

$

184,445,641‌

(a)

Consolidated

Statement

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

11

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.76%

and

0.37%,

respectively.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

(a)

2018

(a)

2017

(a)

2016

(a)

Net

asset

value,

beginning

of

year

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

$

12.17‌

$

10.32‌

$

11.13‌

$

9.85‌

$

9.45‌

Net

investment

income

(b)

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

0.22‌

0.28‌

0.33‌

0.23‌

0.22‌

Net

realized

and

unrealized

gain

(loss)

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

1.57‌

1.93‌

(0.88‌)

1.26‌

0.39‌

Net

increase

(decrease)

from

investment

operations

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

1.79‌

2.21‌

(0.55‌)

1.49‌

0.61‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(0.21‌)

(0.24‌)

(0.11‌)

(0.20‌)

(0.20‌)

From

net

realized

gain

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

(0.03‌)

(0.12‌)

(0.15‌)

—‌

—‌

From

return

of

capital

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

—‌

—‌

—‌

(0.01‌)

(0.01‌)

Total

distributions

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

(0.24‌)

(0.36‌)

(0.26‌)

(0.21‌)

(0.21‌)

Net

asset

value,

end

of

year

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

$

13.72‌

$

12.17‌

$

10.32‌

$

11.13‌

$

9.85‌

Total

Return

(d)

14.67%

21.41%

(4.94)%

15.11%

—

Based

on

net

asset

value

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

14.67%

21.41%

(4.94)%

15.11%

6.49%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

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

0.53%

0.57%

1.00%

(f)

0.94%

0.83%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.19%

0.19%

0.37%

(f)

0.53%

0.53%

Net

investment

income

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

1.78%

2.45%

3.01%

2.14%

2.27%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

243,296‌

$

173,351‌

$

117,502‌

$

25,332‌

$

18,135‌

Portfolio

turnover

rate

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

89%

61%

54%

48%

54%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.18%

0.14%

0.20%

0.21%

0.23%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

12

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

1.14%

and

0.72%,

respectively.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

(a)

2018

(a)

2017

(a)

2016

(a)

Net

asset

value,

beginning

of

year

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

$

12.12‌

$

10.28‌

$

11.09‌

$

9.83‌

$

9.44‌

Net

investment

income

(b)

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

0.19‌

0.28‌

0.20‌

0.21‌

0.21‌

Net

realized

and

unrealized

gain

(loss)

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

1.55‌

1.90‌

(0.77‌)

1.24‌

0.37‌

Net

increase

(decrease)

from

investment

operations

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

1.74‌

2.18‌

(0.57‌)

1.45‌

0.58‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(0.18‌)

(0.22‌)

(0.09‌)

(0.18‌)

(0.18‌)

From

net

realized

gain

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

(0.03‌)

(0.12‌)

(0.15‌)

—‌

—‌

From

return

of

capital

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

—‌

—‌

—‌

(0.01‌)

(0.01‌)

Total

distributions

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

(0.21‌)

(0.34‌)

(0.24‌)

(0.19‌)

(0.19‌)

Net

asset

value,

end

of

year

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

$

13.65‌

$

12.12‌

$

10.28‌

$

11.09‌

$

9.83‌

Total

Return

(d)

14.35%

21.22%

(5.18)%

14.72%

—

Based

on

net

asset

value

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

14.35%

21.22%

(5.18)%

14.72%

6.16%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

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

0.77%

0.86%

1.38%

(f)

1.25%

1.02%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.44%

0.44%

0.72%

(f)

0.78%

0.78%

Net

investment

income

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

1.56%

2.38%

1.83%

1.97%

2.08%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

20,623‌

$

11,094‌

$

4,181‌

$

3,615‌

$

1,804‌

Portfolio

turnover

rate

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

89%

61%

54%

48%

54%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.18%

0.14%

0.20%

0.21%

0.23%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

13

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

Basis

of

Consolidation:

The

accompanying

financial

statements

of 

the

Fund

include

the

account

of

iShares

®

Dynamic

Allocation

V.I.

Fund

(Cayman)

(the

"Subsidiary").

During

the

year

ended

December

31,

2020,

there

were

no

assets

in

the

Subsidiary

consolidated.

Effective

March

26,

2020,

the

Subsidiary,

which

was

wholly-owned

by

the

Fund,

was

dissolved.

The

Subsidiary

enabled

the

Fund

to

hold

commodity-related

instruments

and

other

derivatives

and

satisfy

Regulated

Investment

Company

("RIC")

tax

requirements. 

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

14

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

affiliated

investment

companies

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

affiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

15

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $2,708

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Prior

to

the

dissolution

of

the

Subsidiary,

the

Manager

provided

investment

management

and

other

services

to

the

Subsidiary.

The

Manager

did

not

receive

separate

compensation

from

the

Subsidiary

for

providing

investment

management

or

administrative

services.

However,

the

Fund

paid

the

Manager

based

on

the

Fund's

net

assets,

which

included

the

assets

of

the

Subsidiary.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rate

of

0.25%

based

upon

the

average

daily

net

assets

attributable

to

Class

III

.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$38,214.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

BNP

Paribas

Securities

Corp.

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

$

340,030‌

$

(340,030‌)

$

—‌

BofA

Securities,

Inc.

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

2,486,110‌

(2,486,110‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

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

31,467,323‌

(31,467,323‌)

—‌

Deutsche

Bank

Securities,

Inc.

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

191,202‌

(191,202‌)

—‌

JP

Morgan

Securities

LLC

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

12,673,652‌

(12,673,652‌)

—‌

SG

Americas

Securities

LLC

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

1,362,285‌

(1,362,285‌)

—‌

$

48,520,602‌

$

(48,520,602‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

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

0.150

%

$1

Billion

-

$3

Billion

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

0.140

$3

Billion

-

$5

Billion

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

0.135

Greater

than

$5

Billion

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

0.130

Class

I

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

$

407,413‌

Class

III

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

30,807‌

$

438,220‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

16

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$789.

In

addition,

the

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund's

assets

invested

in

affiliated

equity

and

fixed

income

mutual

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days'

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$271,007,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

class

specific

expense

reimbursements are

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

the

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

the

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

the

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

April

30,

2021,

the

repayment

arrangement

between

the

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

the

Fund's

contractual

caps

on

net

expenses will

be

terminated.

As

of December

31,

2020,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

are

as

follows:  

The

following

fund

level

and

class

specific

waivers

and/or

reimbursements

previously

recorded

by

the

Fund,

which

were

subject

to

recoupment

by

the

Manager,

expired

on

December

31,

2020:  

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

Class

I

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

0.19‌%

Class

III

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

0.44‌

Transfer

Agent

Fees

Reimbursed

Class

I

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

$

407,360‌

Class

III

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

30,802‌

$

438,162‌

Expiring

April

30,

2021

Fund

Level

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

$

537,304‌

Class

I

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

686,708‌

Class

III

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

44,427‌

Fund

Level

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

$

86,844‌

Class

I

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

90,389‌

Class

III

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

8,320‌

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $25,973

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers:

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

directors.

For

the

year ended

December

31,

2020,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $237,296,705

and

$188,018,420,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

Purchases

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

$

369,247‌

Sales

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

1,178,865‌

Net

Realized

Gain

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

196,978‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

18

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

the

timing

and

recognition

of

partnership

income.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

12/31/20

12/31/19

Ordinary

income

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

$

4,020,581‌

$

3,861,248‌

Long-term

capital

gains

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

267,285‌

1,327,893‌

$

4,287,866‌

$

5,189,141‌

Undistributed

ordinary

income

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

$

223,990‌

Undistributed

long-term

capital

gains

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

255,134‌

Net

unrealized

gains

(losses)

(a)

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

40,953,636‌

$

41,432,760‌

Tax

cost

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

$

272,161,396‌

Gross

unrealized

appreciation

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

$

40,949,626‌

Gross

unrealized

depreciation

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

(11,606‌)

Net

unrealized

appreciation

(depreciation)

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

$

40,938,020‌

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

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

4,557,687‌

$

56,617,179‌

3,628,212‌

$

43,040,580‌

Shares

issued

in

reinvestment

of

distributions

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

293,922‌

3,984,736‌

402,659‌

4,892,043‌

Shares

redeemed

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

(1,368,407‌)

(17,001,339‌)

(1,176,910‌)

(13,589,381‌)

Net

increase

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

3,483,202‌

$

43,600,576‌

2,853,961‌

$

34,343,242‌

Class

III

Shares

sold

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

891,129‌

$

10,555,456‌

624,873‌

$

7,361,592‌

Shares

issued

in

reinvestment

of

distributions

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

22,500‌

303,130‌

24,569‌

297,098‌

Shares

redeemed

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

(318,862‌)

(3,704,591‌)

(140,375‌)

(1,622,691‌)

Net

increase

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

594,767‌

$

7,153,995‌

509,067‌

$

6,035,999‌

Total

Net

Increase

4,077,969‌

$

50,754,571‌

3,363,028‌

$

40,379,241‌

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

20

To

the

Shareholders

of

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

The

presented

financial

statements

and

financial

highlights

were

consolidated

through

December

31,

2019.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian,

transfer

agents,

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

21

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

EAFE

Europe,

Austra

lasia

and

Far

East

EM

Emerging

Markets

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

MBS

Mortgage-Backed

Securities

MSCI

Morgan

Stanley

Capital

International

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Investment

Objective

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

high

total

investment

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

underperformed

its

benchmark,

the

Russell

1000

®

Index.

What

factors

influenced

performance?

The

Fund

underperformed

amid

a

highly

volatile

market

backdrop

during

the

period.

Broad

economic

shutdowns

in

the

beginning

of

the

year

to

mitigate

coronavirus

spread

led

to

the

worst

first

quarter

on

record

for

U.S.

stocks

as

investors

weighed

the

impact

on

growth

and

unemployment.

Subsequently,

the

easing

of

lockdown

restrictions,

ongoing

loose

monetary

policy

from

the

Fed

and

improving

prospects

for

a

COVID-19

vaccine

led

equities

higher.

U.S.

equities

not

only

completed

a

remarkable

recovery

from

the

March

2020

selloff

but

set

new

all-time

highs

to

end

the

year.

However,

the

move

higher

was

accompanied

by

historic

rotations

of

market

leadership.

Markets

were

boosted

following

strong

efficacy

data

from

vaccine

developers

in

November

2020.

Momentum

styles

experienced

their

sharpest

drawdown

since

the

global

financial

crisis,

as

investors

shifted

to

cyclical

exposures

amid

the

rotation

in

the

fourth

quarter

of

2020.

While

displaying

strong

outperformance

in

the

first

half

of

the

year,

the

Fund

lagged

amid

the

shifting

market

backdrop

seen

in

the

second

half.

Underperformance

was

concentrated

near

the

end

of

the

period,

driven

by

weak

performance

across

trend-based

sentiment

measures

that

struggled

during

the

market

rotation

caused

by

positive

vaccine

news.

Insights

designed

to

machine

read

text

to

evaluate

fundamental

trends

underperformed

as

investors

focused

on

macro

events

instead

of

stock

specific

fundamentals.

Other

insights

that

evaluate

conference

call

text

similarly

failed

to

keep

pace.

The

underperformance

across

trend

measures

broadened

in

November,

driven

by

the

sharp

rotation

away

from

momentum

styles.

Despite

the

challenging

performance

after

vaccine

news

in

November,

performance

for

the

generic

momentum

style

was

strong

for

the

full

period.

As

a

result,

a

style-timing

insight

that

took

a

more

conservative

view

toward

momentum

weighed

on

performance

for

the

year.

As

investors

favored

contrarian

parts

of

the

market,

insights

that

were

positioned

for

sustained

market

leadership

weighed

on

Fund

returns.

Surprisingly,

insights

that

capture

traditional

valuation

metrics,

such

as

comparing

valuation

across

sales,

underperformed.

Select

sentiment

insights

that

capture

COVID-19

related

trends,

specifically

those

that

evaluate

work-from-home

indicators,

also

detracted

late

in

the

period

amid

the

broader

re-opening

trend

and

as

several

employers

made

forward

looking

comments

concerning

the

desire

for

employees

to

return

to

the

office.

On

the

positive

side,

although

trend-based

sentiment

measures

faltered

near

the

end

of

2020,

faster-moving

sentiment

measures

constructed

from

alternative

data

were

able

to

correctly

position

the

portfolio

throughout

the

COVID-19

crisis

witnessed

earlier

in

the

period.

Insights

that

captured

firms

likely

to

benefit

during

the

recovery

were

most

additive,

including

those

evaluating

how

companies

were

navigating

fast

changing

consumer

habits

and

the

emergence

from

lockdown

by

looking

at

supply

chain

linkages

and

mobile

app

usage.

The

real

time

nature

of

such

measures

was

helpful

in

evaluating

the

quickly

evolving

marketplace.

Other

sentiment-based

measures

that

look

to

bond

data

and

non-obvious

news

were

also

additive.

Nontraditional

measures

of

quality,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors,

were

also

able

to

provide

much

needed

ballast.

Specifically,

an

insight

that

looks

to

capture

investor

flows

into

ESG-related

positions

was

one

of

the

best

performing

insights

as

it

was

able

to

follow

the

broader

sustainability

market

trend.

Traditional

quality

insights,

such

as

balance

sheet

strength,

also

aided

Fund

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

However,

a

number

of

new

stock

selection

insights

were

added

to

the

portfolio.

Given

the

dynamism

of

the

current

environment,

the

Fund

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends

due

to

COVID-19,

such

as

“work

from

home”

and

vaccine

development.

A

new

alternative

data-driven

insight

that

looks

to

capture

brand

sentiment

from

consumers

was

also

added.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

Russell

1000

©

Index,

the

Fund

was

positioned

essentially

neutrally

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

the

information

technology

and

utility

sectors

and

slight

underweight

positions

in

consumer

discretionary

and

health

care.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance

related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

large

cap

equity

securities

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Large

Cap

Core

V.I.

Fund”.

(c)

An

index

that

measures

the

performance

of

the

large

cap

segment

of

the

U.S.

equity

universe.

It

is

a

subset

of

the

Russell

3000

®

Index

and

includes

approximately

1,000

of

the

largest

securities

based

on

a

combination

of

their

market

capitalization

and

current

index

membership.

The

index

represents

approximately

92%

of

the

total

market

capitalization

of

the

Russell

3000

®

Index.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

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

22.52‌%

19.80‌%

14.64‌%

13.18‌%

Class

II

(b)

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

22.42‌

19.66‌

14.45‌

12.99‌

Class

III

(b)

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

22.33‌

19.50‌

14.31‌

12.86‌

Russell

1000

®

Index

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

24.46‌

20.96‌

15.60‌

14.01‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

("NAV")

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund's

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

"BlackRock

Large

Cap

Core

V.I.

Fund".

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

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

28‌

%

Health

Care

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

12‌

Consumer

Discretionary

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

12‌

Financials

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

10‌

Communication

Services

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

10‌

Industrials

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

9‌

Consumer

Staples

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

6‌

Utilities

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

3‌

Real

Estate

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

3‌

Materials

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

2‌

Energy

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

2‌

Short-Term

Securities

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

4‌

Liabilities

in

Excess

of

Other

Assets

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

(1‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation

the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00

$

1,225.20

$

3.08

$

1,000.00

$

1,022.37

$

2.80

0.55%

Class

II

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

1,000.00

1,224.20

4.03

1,000.00

1,021.52

3.66

0.72

Class

III

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

1,000.00

1,223.30

4.64

1,000.00

1,020.96

4.22

0.83

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

97.1%

Aerospace

&

Defense

—

1.4%

Boeing

Co.

(The)

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

2,905

$

621,844

HEICO

Corp.

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

3,447

456,383

Hexcel

Corp.

(a)

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

1,123

54,454

L3Harris

Technologies,

Inc.

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

4,343

820,914

Lockheed

Martin

Corp.

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

8,070

2,864,689

Mercury

Systems,

Inc.

(b)

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

1,486

130,857

Northrop

Grumman

Corp.

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

4,489

1,367,888

Teledyne

Technologies,

Inc.

(b)

...........

1,689

662,054

6,979,083

Air

Freight

&

Logistics

—

0.5%

CH

Robinson

Worldwide,

Inc.

..........

3,684

345,817

Expeditors

International

of

Washington,

Inc.

(a)

24,242

2,305,657

2,651,474

Airlines

—

0.1%

Alaska

Air

Group,

Inc.

(a)

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

11,176

581,152

Auto

Components

—

0.3%

Aptiv

plc

(a)

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

10,229

1,332,737

BorgWarner,

Inc.

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

1,988

76,816

1,409,553

Automobiles

—

1.8%

Harley-Davidson,

Inc.

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

7,470

274,149

Tesla,

Inc.

(b)

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

12,514

8,830,754

9,104,903

Banks

—

3.7%

Bank

of

America

Corp.

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

107,179

3,248,596

Bank

of

Hawaii

Corp.

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

3,697

283,264

Bank

OZK

(a)

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

3,620

113,197

Citigroup,

Inc.

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

5,570

343,446

Comerica,

Inc.

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

9,783

546,478

Commerce

Bancshares,

Inc.

...........

5,372

352,927

First

Horizon

National

Corp.

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

29,644

378,258

JPMorgan

Chase

&

Co.

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

44,520

5,657,156

Pinnacle

Financial

Partners,

Inc.

.........

16,561

1,066,528

PNC

Financial

Services

Group,

Inc.

(The)

..

1,313

195,637

Signature

Bank

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

2,210

298,991

SVB

Financial

Group

(b)

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

5,760

2,233,901

Truist

Financial

Corp.

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

4,022

192,775

US

Bancorp

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

23,739

1,106,000

Wells

Fargo

&

Co.

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

64,928

1,959,527

Western

Alliance

Bancorp

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

2,929

175,594

Wintrust

Financial

Corp.

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

3,058

186,813

Zions

Bancorp

NA

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

2,877

124,977

18,464,065

Beverages

—

1.1%

Brown-Forman

Corp.,

Class

B

..........

11,709

930,046

Coca-Cola

Co.

(The)

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

11,528

632,195

Molson

Coors

Beverage

Co.,

Class

B

.....

4,524

204,440

PepsiCo,

Inc.

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

24,549

3,640,617

5,407,298

Biotechnology

—

2.5%

AbbVie,

Inc.

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

25,074

2,686,679

Alexion

Pharmaceuticals,

Inc.

(b)

.........

384

59,996

Amgen,

Inc.

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

13,377

3,075,640

Biogen,

Inc.

(b)

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

2,129

521,307

Gilead

Sciences,

Inc.

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

45,861

2,671,862

Global

Blood

Therapeutics,

Inc.

(b)

........

1,474

63,839

Moderna

,

Inc.

(b)

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

3,882

405,552

Regeneron

Pharmaceuticals,

Inc.

(b)

.......

1,383

668,141

Security

Shares

Shares

Value

Biotechnology

(continued)

Vertex

Pharmaceuticals,

Inc.

(b)

..........

9,332

$

2,205,525

12,358,541

Building

Products

—

0.8%

Allegion

plc

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

14,696

1,710,321

Carrier

Global

Corp.

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

7,397

279,015

Lennox

International,

Inc.

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

5,459

1,495,602

Masco

Corp.

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

3,995

219,445

Trane

Technologies

plc

(a)

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

562

81,580

3,785,963

Capital

Markets

—

3.1%

Ameriprise

Financial,

Inc.

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

2,404

467,169

Bank

of

New

York

Mellon

Corp.

(The)

.....

4,706

199,723

Cboe

Global

Markets,

Inc.

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

2,742

255,335

Charles

Schwab

Corp.

(The)

...........

22,514

1,194,143

CME

Group,

Inc.

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

5,900

1,074,095

FactSet

Research

Systems,

Inc.

.........

5,005

1,664,163

Moody's

Corp.

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

13,952

4,049,428

Morgan

Stanley

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

49,591

3,398,471

S&P

Global,

Inc.

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

7,774

2,555,547

State

Street

Corp.

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

1,335

97,161

T.

Rowe

Price

Group,

Inc.

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

2,361

357,432

15,312,667

Chemicals

—

1.8%

Ecolab,

Inc.

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

18,099

3,915,900

FMC

Corp.

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

8,520

979,204

Mosaic

Co.

(The)

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

2,859

65,785

PPG

Industries,

Inc.

(a)

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

18,024

2,599,421

Sherwin-Williams

Co.

(The)

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

1,603

1,178,061

8,738,371

Commercial

Services

&

Supplies

—

0.5%

ADT,

Inc.

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

8,956

70,305

Cintas

Corp.

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

3,133

1,107,390

Copart

,

Inc.

(b)

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

11,057

1,407,003

IAA,

Inc.

(b)

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

709

46,071

2,630,769

Communications

Equipment

—

1.0%

Cisco

Systems,

Inc.

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

108,568

4,858,418

Construction

&

Engineering

—

0.3%

EMCOR

Group,

Inc.

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

16,294

1,490,249

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

1,023

151,721

Consumer

Finance

—

0.9%

Ally

Financial,

Inc.

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

44,537

1,588,189

American

Express

Co.

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

25,224

3,049,834

4,638,023

Distributors

—

0.1%

Pool

Corp.

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

1,127

419,807

Diversified

Consumer

Services

—

0.2%

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

4,457

771,017

H&R

Block,

Inc.

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

10,228

162,216

933,233

Diversified

Financial

Services

—

0.1%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

......

2,323

538,634

Diversified

Telecommunication

Services

—

0.3%

AT&T,

Inc.

(a)

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

10,172

292,547

Verizon

Communications,

Inc.

..........

17,027

1,000,336

1,292,883

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Electric

Utilities

—

2.2%

Alliant

Energy

Corp.

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

8,544

$

440,272

Eversource

Energy

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

19,979

1,728,383

IDACORP,

Inc.

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

1,955

187,739

NextEra

Energy,

Inc.

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

87,393

6,742,370

Pinnacle

West

Capital

Corp.

...........

5,680

454,116

Xcel

Energy,

Inc.

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

16,779

1,118,656

10,671,536

Electrical

Equipment

—

0.1%

AMETEK,

Inc.

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

3,622

438,045

Rockwell

Automation,

Inc.

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

281

70,477

508,522

Electronic

Equipment,

Instruments

&

Components

—

0.4%

National

Instruments

Corp.

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

27,884

1,225,223

Trimble,

Inc.

(b)

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

7,548

503,980

Vontier

Corp.

(b)

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

2,539

84,802

Zebra

Technologies

Corp.,

Class

A

(b)

......

536

206,001

2,020,006

Energy

Equipment

&

Services

—

0.6%

Schlumberger

NV

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

114,492

2,499,360

TechnipFMC

plc

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

53,110

499,234

2,998,594

Entertainment

—

3.1%

Activision

Blizzard,

Inc.

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

12,123

1,125,621

Netflix,

Inc.

(b)

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

6,254

3,381,725

Walt

Disney

Co.

(The)

(b)

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

45,423

8,229,739

Warner

Music

Group

Corp.,

Class

A

......

22,766

864,880

World

Wrestling

Entertainment,

Inc.,

Class

A

4,671

224,442

Zynga,

Inc.,

Class

A

(b)

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

130,418

1,287,226

15,113,633

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.5%

Alexandria

Real

Estate

Equities,

Inc.

......

5,116

911,774

American

Tower

Corp.

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

7,168

1,608,929

Boston

Properties,

Inc.

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

9,957

941,235

Brixmor

Property

Group,

Inc.

...........

74,273

1,229,218

Equinix

,

Inc.

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

1,006

718,465

Kilroy

Realty

Corp.

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

28,296

1,624,191

Kimco

Realty

Corp.

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

80,838

1,213,378

Macerich

Co.

(The)

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

6,168

65,813

Park

Hotels

&

Resorts,

Inc.

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

9,661

165,686

Prologis,

Inc.

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

51,938

5,176,141

Regency

Centers

Corp.

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

21,551

982,510

Simon

Property

Group,

Inc.

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

26,738

2,280,217

Welltower

,

Inc.

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

1,455

94,022

17,011,579

Food

&

Staples

Retailing

—

1.4%

Costco

Wholesale

Corp.

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

17,322

6,526,583

Walmart,

Inc.

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

1,618

233,235

6,759,818

Food

Products

—

1.7%

General

Mills,

Inc.

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

53,097

3,122,103

Hershey

Co.

(The)

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

18,999

2,894,118

McCormick

&

Co.,

Inc.

(Non-Voting)

......

24,718

2,363,041

8,379,262

Health

Care

Equipment

&

Supplies

—

2.9%

Align

Technology,

Inc.

(b)

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

921

492,164

Becton

Dickinson

and

Co.

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

296

74,065

Boston

Scientific

Corp.

(b)

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

2,221

79,845

Danaher

Corp.

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

7,730

1,717,142

Dentsply

Sirona,

Inc.

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

2,491

130,429

DexCom

,

Inc.

(b)

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

4,146

1,532,859

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Edwards

Lifesciences

Corp.

(a)(b)

.........

39,506

$

3,604,133

Hill-Rom

Holdings,

Inc.

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

2,538

248,648

Hologic

,

Inc.

(b)

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

12,959

943,804

IDEXX

Laboratories,

Inc.

(b)

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

4,151

2,074,960

Medtronic

plc

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

9,144

1,071,128

Quidel

Corp.

(b)

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

531

95,394

Stryker

Corp.

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

8,355

2,047,309

14,111,880

Health

Care

Providers

&

Services

—

2.1%

Anthem,

Inc.

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

7,389

2,372,534

Cardinal

Health,

Inc.

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

25,092

1,343,928

Cigna

Corp.

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

1,589

330,798

Henry

Schein,

Inc.

(b)

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

11,456

765,948

McKesson

Corp.

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

10,353

1,800,594

Quest

Diagnostics,

Inc.

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

2,399

285,889

UnitedHealth

Group,

Inc.

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

9,896

3,470,329

10,370,020

Health

Care

Technology

—

0.1%

Teladoc

Health,

Inc.

(b)

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

3,782

756,249

Hotels,

Restaurants

&

Leisure

—

1.6%

Chipotle

Mexican

Grill,

Inc.

(b)

...........

686

951,283

Choice

Hotels

International,

Inc.

.........

2

213

Darden

Restaurants,

Inc.

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

3,072

365,937

Domino's

Pizza,

Inc.

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

365

139,963

DraftKings

,

Inc.,

Class

A

(b)

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

4,900

228,144

McDonald's

Corp.

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

3,512

753,605

Planet

Fitness,

Inc.,

Class

A

(b)

..........

13,244

1,028,132

Six

Flags

Entertainment

Corp.

..........

8,670

295,647

Starbucks

Corp.

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

12,844

1,374,051

Texas

Roadhouse,

Inc.

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

3,629

283,643

Vail

Resorts,

Inc.

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

702

195,830

Wendy's

Co.

(The)

(a)

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

32,642

715,513

Wyndham

Destinations,

Inc.

...........

24,847

1,114,636

Wynn

Resorts

Ltd.

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

2,363

266,617

7,713,214

Household

Products

—

1.5%

Clorox

Co.

(The)

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

21,501

4,341,482

Colgate-Palmolive

Co.

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

30,710

2,626,012

Procter

&

Gamble

Co.

(The)

...........

3,808

529,845

7,497,339

Industrial

Conglomerates

—

1.5%

3M

Co.

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

12,087

2,112,687

Honeywell

International,

Inc.

...........

20,048

4,264,210

Roper

Technologies,

Inc.

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

1,883

811,742

7,188,639

Insurance

—

1.6%

Aflac,

Inc.

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

13,279

590,517

Athene

Holding

Ltd.,

Class

A

(b)

..........

21,571

930,573

Brighthouse

Financial,

Inc.

(b)

...........

2,006

72,627

First

American

Financial

Corp.

..........

25,415

1,312,176

Marsh

&

McLennan

Cos.,

Inc.

..........

17,299

2,023,983

MetLife,

Inc.

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

10,918

512,600

Progressive

Corp.

(The)

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

13,304

1,315,500

Travelers

Cos.,

Inc.

(The)

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

5,474

768,385

Willis

Towers

Watson

plc

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

1,726

363,634

7,889,995

Interactive

Media

&

Services

—

5.2%

(b)

Alphabet,

Inc.,

Class

A

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

5,978

10,477,282

Alphabet,

Inc.,

Class

C

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

3,900

6,832,332

Facebook,

Inc.,

Class

A

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

23,931

6,536,992

Match

Group,

Inc.

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

3,832

579,360

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

Twitter,

Inc.

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

22,208

$

1,202,563

25,628,529

Internet

&

Direct

Marketing

Retail

—

4.2%

(b)

Amazon.com,

Inc.

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

6,120

19,932,411

Etsy,

Inc.

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

1,414

251,565

Wayfair,

Inc.,

Class

A

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

1,358

306,650

20,490,626

IT

Services

—

5.9%

Accenture

plc,

Class

A

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

21,695

5,666,951

Automatic

Data

Processing,

Inc.

.........

13,392

2,359,670

Fiserv,

Inc.

(b)

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

36,180

4,119,455

Mastercard

,

Inc.,

Class

A

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

12,999

4,639,863

PayPal

Holdings,

Inc.

(b)

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

24,689

5,782,164

Visa,

Inc.,

Class

A

(a)

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

28,740

6,286,300

Wix.com

Ltd.

(b)

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

1,474

368,441

29,222,844

Life

Sciences

Tools

&

Services

—

0.7%

Adaptive

Biotechnologies

Corp.

(b)

........

1,015

60,017

Agilent

Technologies,

Inc.

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

16,520

1,957,455

QIAGEN

NV

(b)

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

2,638

139,418

Thermo

Fisher

Scientific,

Inc.

...........

3,005

1,399,669

3,556,559

Machinery

—

2.0%

Cummins,

Inc.

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

1,701

386,297

Deere

&

Co.

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

13,927

3,747,059

Fortive

Corp.

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

4,815

340,998

Oshkosh

Corp.

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

16,135

1,388,740

Snap-on,

Inc.

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

5,649

966,770

Xylem,

Inc.

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

28,170

2,867,424

9,697,288

Media

—

1.3%

Comcast

Corp.,

Class

A

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

33,187

1,738,999

Discovery,

Inc.,

Class

A

(b)

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

87,032

2,618,793

Discovery,

Inc.,

Class

C

(b)

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

4,549

119,138

Sirius

XM

Holdings,

Inc.

(a)

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

301,927

1,923,275

6,400,205

Metals

&

Mining

—

0.1%

Reliance

Steel

&

Aluminum

Co.

.........

4,926

589,888

Multiline

Retail

—

0.2%

Nordstrom,

Inc.

(a)

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

33,790

1,054,586

Multi-Utilities

—

1.3%

CMS

Energy

Corp.

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

61,444

3,748,698

Consolidated

Edison,

Inc.

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

38,961

2,815,712

6,564,410

Oil,

Gas

&

Consumable

Fuels

—

1.3%

Cheniere

Energy,

Inc.

(b)

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

11,278

677,018

Concho

Resources,

Inc.

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

1,049

61,209

EOG

Resources,

Inc.

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

23,194

1,156,685

Phillips

66

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

47,465

3,319,702

Valero

Energy

Corp.

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

17,051

964,575

6,179,189

Personal

Products

—

0.5%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

8,477

2,256,493

Pharmaceuticals

—

3.8%

Bristol-Myers

Squibb

Co.

(a)

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

61,363

3,806,347

Catalent

,

Inc.

(b)

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

2,213

230,307

Eli

Lilly

&

Co.

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

2,539

428,685

Johnson

&

Johnson

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

35,346

5,562,753

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Merck

&

Co.,

Inc.

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

33,459

$

2,736,946

Pfizer,

Inc.

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

74,540

2,743,817

Zoetis,

Inc.

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

19,161

3,171,146

18,680,001

Professional

Services

—

0.5%

IHS

Markit

Ltd.

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

10,231

919,051

Robert

Half

International,

Inc.

...........

17,972

1,122,891

Verisk

Analytics,

Inc.

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

2,992

621,109

2,663,051

Road

&

Rail

—

0.4%

CSX

Corp.

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

1,289

116,977

Landstar

System,

Inc.

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

4,023

541,737

Lyft,

Inc.,

Class

A

(b)

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

12,776

627,685

Old

Dominion

Freight

Line,

Inc.

.........

3,082

601,545

1,887,944

Semiconductors

&

Semiconductor

Equipment

—

5.1%

Advanced

Micro

Devices,

Inc.

(b)

.........

20,217

1,854,101

Allegro

MicroSystems

,

Inc.

(b)

...........

4,525

120,636

Analog

Devices,

Inc.

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

21,061

3,111,341

Applied

Materials,

Inc.

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

45,545

3,930,533

Cirrus

Logic,

Inc.

(b)

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

10,629

873,704

Intel

Corp.

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

87,830

4,375,691

NVIDIA

Corp.

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

18,059

9,430,410

QUALCOMM,

Inc.

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

10,034

1,528,580

Texas

Instruments,

Inc.

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

483

79,275

Xilinx,

Inc.

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

367

52,030

25,356,301

Software

—

9.9%

Adobe,

Inc.

(b)

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

17,179

8,591,562

Cadence

Design

Systems,

Inc.

(b)

........

26,874

3,666,420

HubSpot

,

Inc.

(b)

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

1,214

481,278

Intuit,

Inc.

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

2,206

837,949

Microsoft

Corp.

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

95,779

21,303,165

salesforce.com,

Inc.

(b)

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

21,004

4,674,020

ServiceNow

,

Inc.

(b)

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

11,902

6,551,218

VMware,

Inc.,

Class

A

(a)(b)

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

9,024

1,265,706

Zendesk

,

Inc.

(b)

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

4,176

597,669

Zoom

Video

Communications,

Inc.,

Class

A

(b)

2,206

744,128

48,713,115

Specialty

Retail

—

1.9%

Home

Depot,

Inc.

(The)

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

23,348

6,201,696

Lowe's

Cos.,

Inc.

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

11,289

1,811,997

TJX

Cos.,

Inc.

(The)

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

23,085

1,576,475

9,590,168

Technology

Hardware,

Storage

&

Peripherals

—

5.8%

Apple,

Inc.

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

187,792

24,918,120

Dell

Technologies,

Inc.,

Class

C

(b)

........

1,020

74,756

Hewlett

Packard

Enterprise

Co.

.........

181,365

2,149,175

HP,

Inc.

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

11,001

270,515

NetApp,

Inc.

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

15,003

993,799

28,406,365

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Crocs,

Inc.

(b)

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

1,907

119,493

Lululemon

Athletica,

Inc.

(b)

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

1,537

534,922

NIKE,

Inc.,

Class

B

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

20,119

2,846,235

Ralph

Lauren

Corp.

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

9,845

1,021,320

4,521,970

Thrifts

&

Mortgage

Finance

—

0.7%

Essent

Group

Ltd.

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

4,031

174,139

MGIC

Investment

Corp.

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

15,515

194,713

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

(continued)

New

York

Community

Bancorp,

Inc.

......

154,026

$

1,624,974

Radian

Group,

Inc.

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

5,480

110,970

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

58,238

1,177,573

3,282,369

Trading

Companies

&

Distributors

—

0.5%

Fastenal

Co.

(a)

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

4,088

199,617

GATX

Corp.

(a)

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

2,956

245,880

WW

Grainger,

Inc.

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

4,437

1,811,805

2,257,302

Wireless

Telecommunication

Services

—

0.1%

United

States

Cellular

Corp.

(b)

..........

9,271

284,527

Total

Common

Stocks

—

97.1%

(Cost:

$391,231,654)

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

478,020,823

Security

Shares

Shares

Value

Rights

—

0.0%

Pharmaceuticals

—

0.0%

Bristol-Myers

S

quibb

Co.,

CVR

(Expires

03/31/

21

)

(b)

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

11,568

$

7,983

Total

Rights

—

0.0%

(Cost:

$24,640)

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

7,983

Total

Long-Term

Investments

—

97.1%

(Cost:

$391,256,294)

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

478,028,806

Short-Term

Securities

—

4.3%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

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

13,565,086

13,565,086

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)

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

7,669,431

7,671,732

Total

Short-Term

Securities

—

4.3%

(Cost:

$21,236,818)

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

21,236,818

Total

Investments

—

101.4%

(Cost:

$412,493,112

)

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

499,265,624

Liabilities

in

Excess

of

Other

Assets

—

(1.4)%

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

(6,733,207)

Net

Assets

—

100.0%

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

$

492,532,417

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

3,174,969

$

10,390,117

$

—

$

—

$

—

$

13,565,086

13,565,086

$

20,203

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

.........

20,685,706

—

(12,999,586)

(14,195)

(193)

7,671,732

7,669,431

78,304

(b)

—

$

(14,195)

$

(193)

$

21,236,818

$

98,507

$

—

(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.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

10

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

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

81

03/19/21

$

15,183

$

389,869

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

389,869

$

—

$

—

$

—

$

389,869

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

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

$

—

$

—

$

3,785,385

$

—

$

—

$

—

$

3,785,385

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

328,892

—

—

—

328,892

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

14,062,494

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Schedule

of

Investments

11

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

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

$

478,028,806

$

—

$

—

$

478,028,806

Short-Term

Securities

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

13,565,086

—

—

13,565,086

Subtotal

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

$

491,593,892

$

—

$

—

$

491,593,892

Investments

valued

at

NAV

(a)

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

7,671,732

$

—

Total

Investments

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

$

499,265,624

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

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

$

389,869

$

—

$

—

$

389,869

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$7,450,780)

(cost

—

$391,256,294)

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

$

478,028,806‌

Investments

at

value

—

affiliated

(cost

—

$21,236,818)

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

21,236,818‌

Cash

pledged

for

futures

contracts

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

912,000‌

Receivables:

–‌

Investments

sold

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

2,494,103‌

Securities

lending

income

—

affiliated

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

11,272‌

Dividends

—

affiliated

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

315‌

Dividends

—

unaffiliated

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

332,531‌

Variation

margin

on

futures

contracts

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

100,739‌

Prepaid

expenses

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

4,190‌

Total

assets

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

503,120,774‌

LIABILITIES

Collateral

on

securities

loaned

at

value

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

7,682,783‌

Payables:

–‌

Investments

purchased

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

2,033,120‌

Capital

shares

redeemed

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

198,791‌

Distribution

fees

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

66,350‌

Investment

advisory

fees

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

189,150‌

Directors'

and

Officer's

fees

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

2,584‌

Other

affiliate

fees

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

4,154‌

Transfer

agent

fees

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

254,823‌

Other

accrued

expenses

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

156,602‌

Total

liabilities

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

10,588,357‌

NET

ASSETS

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

$

492,532,417‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

393,540,752‌

Accumulated

earnings

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

98,991,665‌

NET

ASSETS

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

$

492,532,417‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

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

$

177,976,537‌

Shares

outstanding

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

5,953,478‌

Net

asset

value

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

$

29.89‌

Shares

authorized

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

200

million

Par

value

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

$

0.10‌

Class

II

Net

assets

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

$

3,770,756‌

Shares

outstanding

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

125,913‌

Net

asset

value

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

$

29.95‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Class

III

Net

assets

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

$

310,785,124‌

Shares

outstanding

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

10,505,280‌

Net

asset

value

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

$

29.58‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

20,203‌

Dividends

—

unaffiliated

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

7,439,873‌

Securities

lending

income

—

affiliated

—

net

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

78,304‌

Foreign

taxes

withheld

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

(5,195‌)

Total

investment

income

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

7,533,185‌

EXPENSES

Investment

advisory

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

2,096,768‌

Transfer

agent

—

class

specific

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

901,360‌

Distribution

—

class

specific

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

718,681‌

Accounting

services

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

67,312‌

Professional

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

59,292‌

Custodian

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

41,230‌

Printing

and

postage

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

20,699‌

Directors

and

Officer

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

12,528‌

Transfer

agent

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

5,200‌

Miscellaneous

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

5,970‌

Total

expenses

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

3,929,040‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(7,885‌)

Transfer

agent

fees

reimbursed

—

class

specific

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

(590,263‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

3,330,892‌

Net

investment

income

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

4,202,293‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

79,280,760‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

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

(14,195‌)

Investments

—

unaffiliated

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

43,276,150‌

Futures

contracts

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

3,785,385‌

A

47,047,340‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

(193‌)

Investments

—

unaffiliated

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

31,904,722‌

Futures

contracts

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

328,892‌

A

32,233,421‌

Net

realized

and

unrealized

gain

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

79,280,761‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

83,483,054‌

Statements

of

Changes

in

Net

Assets

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

4,202,293‌

$

5,940,159‌

Net

realized

gain

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

47,047,340‌

35,747,447‌

Net

change

in

unrealized

appreciation

(depreciation)

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

32,233,421‌

76,995,420‌

Net

increase

in

net

assets

resulting

from

operations

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

83,483,054‌

118,683,026‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

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

(16,255,252‌)

(10,956,570‌)

  Class

II

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

(342,878‌)

(313,065‌)

  Class

III

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

(28,131,287‌)

(19,446,891‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(44,729,417‌)

(30,716,526‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(30,480,772‌)

(39,726,187‌)

NET

ASSETS

Total

increase

in

net

assets

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

8,272,865‌

48,240,313‌

Beginning

of

year

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

484,259,552‌

436,019,239‌

End

of

year

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

$

492,532,417‌

$

484,259,552‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

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

$

27.48‌

$

22.80‌

$

28.45‌

$

31.91‌

$

31.40‌

Net

investment

income

(a)

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

0.31‌

0.38‌

0.42‌

(b)

0.44‌

0.39‌

Net

realized

and

unrealized

gain

(loss)

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

5.04‌

6.20‌

(1.90‌)

6.64‌

2.91‌

Net

increase

(decrease)

from

investment

operations

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

5.35‌

6.58‌

(1.48‌)

7.08‌

3.30‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(0.33‌)

(0.39‌)

(0.44‌)

(0.47‌)

(0.40‌)

From

net

realized

gain

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

(2.61‌)

(1.51‌)

(3.73‌)

(10.07‌)

(2.39‌)

Total

distributions

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

(2.94‌)

(1.90‌)

(4.17‌)

(10.54‌)

(2.79‌)

Net

asset

value,

end

of

year

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

$

29.89‌

$

27.48‌

$

22.80‌

$

28.45‌

$

31.91‌

Total

Return

(d)

19.80%

28.92%

(5.22)%

22.33%

—

Based

on

net

asset

value

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

19.80%

28.92%

(5.22)%

22.33%

10.55%

Ratios

to

Average

Net

Assets

Total

expenses

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

0.71%

0.72%

0.74%

0.73%

0.72%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.56%

0.57%

0.58%

0.58%

0.58%

Net

investment

income

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

1.12%

1.43%

1.45%

(b)

1.27%

1.26%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

177,977‌

$

169,743‌

$

152,717‌

$

185,938‌

$

175,947‌

Portfolio

turnover

rate

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

121%

129%

149%

149%

50%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.02

per

share

and

0.06%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Class

II

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

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

$

27.51‌

$

22.83‌

$

28.47‌

$

31.93‌

$

31.42‌

Net

investment

income

(a)

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

0.26‌

0.34‌

0.37‌

(b)

0.38‌

0.34‌

Net

realized

and

unrealized

gain

(loss)

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

5.06‌

6.19‌

(1.89‌)

6.64‌

2.90‌

Net

increase

(decrease)

from

investment

operations

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

5.32‌

6.53‌

(1.52‌)

7.02‌

3.24‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(0.27‌)

(0.34‌)

(0.39‌)

(0.41‌)

(0.34‌)

From

net

realized

gain

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

(2.61‌)

(1.51‌)

(3.73‌)

(10.07‌)

(2.39‌)

Total

distributions

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

(2.88‌)

(1.85‌)

(4.12‌)

(10.48‌)

(2.73‌)

Net

asset

value,

end

of

year

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

$

29.95‌

$

27.51‌

$

22.83‌

$

28.47‌

$

31.93‌

Total

Return

(d)

19.66%

28.67%

(5.37)%

22.12%

—

Based

on

net

asset

value

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

19.66%

28.67%

(5.37)%

22.12%

10.37%

Ratios

to

Average

Net

Assets

Total

expenses

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

0.86%

0.87%

0.89%

0.88%

0.88%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.73%

0.74%

0.75%

0.75%

0.75%

Net

investment

income

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

0.96%

1.26%

1.28%

(b)

1.08%

1.09%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

3,771‌

$

4,986‌

$

4,390‌

$

4,862‌

$

5,170‌

Portfolio

turnover

rate

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

121%

129%

149%

149%

50%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.02

per

share

and

0.06%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

18

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

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

$

27.22‌

$

22.60‌

$

28.23‌

$

31.74‌

$

31.25‌

Net

investment

income

(a)

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

0.23‌

0.30‌

0.34‌

(b)

0.34‌

0.31‌

Net

realized

and

unrealized

gain

(loss)

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

4.99‌

6.14‌

(1.89‌)

6.59‌

2.88‌

Net

increase

(decrease)

from

investment

operations

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

5.22‌

6.44‌

(1.55‌)

6.93‌

3.19‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(0.25‌)

(0.31‌)

(0.35‌)

(0.37‌)

(0.31‌)

From

net

realized

gain

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

(2.61‌)

(1.51‌)

(3.73‌)

(10.07‌)

(2.39‌)

Total

distributions

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

(2.86‌)

(1.82‌)

(4.08‌)

(10.44‌)

(2.70‌)

Net

asset

value,

end

of

year

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

$

29.58‌

$

27.22‌

$

22.60‌

$

28.23‌

$

31.74‌

Total

Return

(d)

19.50%

28.56%

(5.51)%

21.97%

—

Based

on

net

asset

value

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

19.50%

28.56%

(5.51)%

21.97%

10.26%

Ratios

to

Average

Net

Assets

Total

expenses

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

0.96%

0.97%

0.99%

0.99%

0.97%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.84%

0.85%

0.86%

0.86%

0.86%

Net

investment

income

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

0.83%

1.15%

1.17%

(b)

0.98%

0.98%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

310,785‌

$

309,530‌

$

278,913‌

$

341,630‌

$

328,040‌

Portfolio

turnover

rate

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

121%

129%

149%

149%

50%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.02

per

share

and

0.06%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Notes

to

Financial

Statements

19

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I,

Class

II

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

II

and

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

20

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

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

$

3,376,089‌

$

(3,376,089‌)

$

—‌

Credit

Suisse

Securities

(USA)

LLC

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

778,191‌

(778,191‌)

—‌

Deutsche

Bank

Securities,

Inc.

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

706,422‌

(706,422‌)

—‌

Morgan

Stanley

&

Co.

LLC

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

1,220,979‌

(1,220,979‌)

—‌

National

Financial

Services

LLC

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

491,640‌

(491,640‌)

—‌

SG

Americas

Securities

LLC

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

21,873‌

(21,873‌)

—‌

TD

Prime

Services

LLC

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

855,586‌

(855,586‌)

—‌

$

7,450,780‌

$

(7,450,780‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

22

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $5,281

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and Distribution Plans

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plans

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors

”

),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

s

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$7,885.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

Million

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

0.500

%

$250

Million

-

$300

Million

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

0.450

$300

Million

-

$400

Million

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

0.425

Greater

than

$400

Million

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

0.400

Distribution

Fees

Class

II

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

0.15‌%

Class

III

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

0.25‌

Distribution

Fees

Class

II

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

$

6,049‌

Class

III

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

712,632‌

$

718,681‌

Class

I

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

$

321,111‌

Class

II

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

7,977‌

Class

III

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

572,272‌

$

901,360‌

Notes

to

Financial

Statements

(continued)

23

Notes

to

Financial

Statements

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

-

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

as

follows:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

there

were

no

investment

advisory

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Securities

Lending:

T

he

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

th

e

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $22,361

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program

. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

Class

I

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

0.05‌%

Class

II

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

0.07‌

Class

III

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

0.08‌

Transfer

Agent

Fees

Reimbursed

Class

I

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

$

240,921‌

Class

II

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

5,154‌

Class

III

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

344,188‌

$

590,263‌

Class

I

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

1.25‌%

Class

II

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

1.40‌

Class

III

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

1.50‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

24

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $531,017,107

and

$609,333,830,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

12/31/20

12/31/19

Ordinary

income

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

$

17,099,386‌

$

8,466,519‌

Long-term

capital

gains

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

27,630,031‌

22,250,007‌

$

44,729,417‌

$

30,716,526‌

Undistributed

ordinary

income

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

$

9,870,058‌

Undistributed

long-term

capital

gains

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

4,615,754‌

Net

unrealized

gains

(losses)

(a)

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

84,505,853‌

$

98,991,665‌

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

timing

and

recognition

of

partnership

income.

Tax

cost

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

$

414,766,268‌

Gross

unrealized

appreciation

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

$

88,257,687‌

Gross

unrealized

depreciation

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

(3,758,331‌)

Net

unrealized

appreciation

(depreciation)

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

$

84,499,356‌

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

26

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

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

102,372‌

$

2,817,017‌

119,377‌

$

3,193,650‌

Shares

issued

in

reinvestment

of

distributions

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

554,725‌

16,255,252‌

403,253‌

10,956,570‌

Shares

redeemed

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

(881,202‌)

(24,241,525‌)

(1,044,097‌)

(27,816,664‌)

Net

decrease

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

(224,105‌)

$

(5,169,256‌)

(521,467‌)

$

(13,666,444‌)

Class

II

Shares

sold

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

69,765‌

$

1,797,582‌

21,719‌

$

577,422‌

Shares

issued

in

reinvestment

of

distributions

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

11,701‌

342,878‌

11,505‌

313,065‌

Shares

redeemed

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

(136,779‌)

(3,630,527‌)

(44,326‌)

(1,190,547‌)

Net

decrease

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

(55,313‌)

$

(1,490,067‌)

(11,102‌)

$

(300,060‌)

Class

III

Shares

sold

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

376,993‌

$

9,513,924‌

411,381‌

$

10,712,715‌

Shares

issued

in

reinvestment

of

distributions

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

970,829‌

28,131,287‌

722,384‌

19,446,891‌

Shares

redeemed

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

(2,212,014‌)

(61,466,660‌)

(2,104,593‌)

(55,919,289‌)

Net

decrease

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

(864,192‌)

$

(23,821,449‌)

(970,828‌)

$

(25,759,683‌)

Total

Net

Decrease

(1,143,611‌)

$

(30,480,772‌)

(1,503,397‌)

$

(39,726,187‌)

Report

of

Independent

Registered

Public

Accounting

Firm

27

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2020

BlackRock

Annual

Report

To

Shareholders

28

Portfolio

Abbreviations

CVR

Contingent

Value

Rights

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Investment

Objective

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Value

Index.

What

factors

influenced

performance?

The

Fund

outperformed

amid

a

highly

volatile

market

backdrop

during

the

period.

Broad

economic

shutdowns

in

the

beginning

of

the

year

to

mitigate

coronavirus

spread

led

to

the

worst

first

quarter

on

record

for

U.S.

stocks

as

investors

weighed

the

impact

on

growth

and

unemployment.

Subsequently,

the

easing

of

lockdown

restrictions,

ongoing

loose

monetary

policy

from

the

Fed

and

improving

prospects

for

a

COVID-19

vaccine

led

equities

higher.

U.S.

equities

not

only

completed

a

remarkable

recovery

from

the

March

2020

selloff

but

set

new

all-time

highs

to

end

the

year.

However,

the

move

higher

was

accompanied

by

historic

rotations

of

market

leadership.

Strong

efficacy

data

from

vaccine

developers

in

November

2020

instigated

a

sharp

rotation

out

of

momentum

styles,

which

experienced

their

sharpest

drawdown

since

the

global

financial

crisis

as

investors

shifted

to

cyclical

exposures.

Outperformance

was

driven

by

strength

in

the

first

half

of

the

year,

while

the

Fund

lagged

amid

the

shifting

market

backdrop

seen

in

the

second

half.

The

positive

relative

performance

was

primarily

driven

by

the

portfolio’s

sentiment

and

fundamental

quality-based

measures,

while

select

macro

thematic

measures

struggled.

Although

trend-based

sentiment

measures

faltered

near

the

end

of

2020,

faster

moving

sentiment

measures

constructed

from

alternative

data

were

able

to

correctly

position

the

portfolio

throughout

the

COVID-19

crisis

witnessed

earlier

in

the

period.

Insights

that

captured

firms

likely

to

benefit

during

the

recovery

were

most

additive,

including

those

evaluating

how

companies

were

navigating

fast

changing

consumer

habits

and

the

emergence

from

lockdown

by

looking

at

supply

chain

linkages

and

mobile

app

usage.

The

real

time

nature

of

such

measures

was

helpful

in

evaluating

the

quickly

evolving

marketplace.

Other

sentiment-based

measures

that

look

to

bond

data

and

non-

obvious

news

sentiment

were

also

notable

performers.

Nontraditional

measures

of

quality,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors,

were

other

top

contributors.

Specifically,

an

insight

that

looks

to

capture

investor

flows

into

ESG-related

positions

was

one

of

the

best

performing

insights

as

it

was

able

to

follow

the

broader

sustainability

market

trend.

Traditional

quality

insights,

such

as

balance

sheet

strength,

were

able

to

drive

meaningful

gains.

In

particular,

an

insight

that

takes

the

opposite

view

of

concentrated

style

positions

was

a

notable

contributor

for

the

period.

Conversely,

COVID-19

sentiment

insights

that

evaluate

work-from-home

trends

struggled

later

in

the

period

amid

the

broader

re-opening

trend

and

as

several

employers

made

forward-looking

comments

concerning

the

desire

for

employees

to

return

to

the

office.

Select

industry

timing

insights

also

struggled

throughout

the

period.

Of

note,

while

the

portfolio

targets

a

generally

sector-

and

industry-neutral

approach,

an

overweight

in

the

semiconductors

sector

was

a

drag

on

relative

performance.

Despite

the

challenging

performance

after

vaccine

news

in

November,

performance

for

the

generic

momentum

style

was

strong

over

the

period.

As

a

result,

a

style-timing

insight

that

took

a

more

conservative

view

toward

momentum

weighed

on

performance

for

the

year.

During

the

period,

the

Fund

used

derivatives

via

futures

contracts

to

equitize

cash

and

cash

equivalents

to

be

fully

invested

in

the

stock

market

while

maintaining

some

liquidity.

The

Fund’s

use

of

derivatives

had

a

positive

impact

on

Fund

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

However,

a

number

of

new

stock

selection

insights

were

added

to

the

portfolio.

Given

the

dynamism

of

the

current

environment,

the

Fund

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends

due

to

COVID-19,

such

as

“work

from

home”

and

vaccine

development.

A

new

alternative

data-driven

insight

that

looks

to

capture

brand

sentiment

from

consumers

was

also

added.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

Russell

1000

©

Value

Index,

the

Fund

was

positioned

essentially

neutrally

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

the

information

technology

and

utility

sectors

and

slight

underweight

positions

in

consumer

discretionary

and

materials.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

large

cap

equity

securities

of

U.S.

issuers

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Large

Cap

Value

V.I.

Fund”.

(c)

An

unmanaged

index

that

is

a

subset

of

the

Russell

1000

®

Index

that

consists

of

those

Russell

1000

®

securities

with

lower

price-to

book

ratios

and

lower

expected

growth

values.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

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

21.53‌%

3.66‌%

9.62‌%

10.14‌%

Class

II

(b)

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

21.52‌

3.53‌

9.43‌

9.95‌

Class

III

(b)

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

21.39‌

3.42‌

9.30‌

9.79‌

Russell

1000

®

Value

Index

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

22.75‌

2.80‌

9.74‌

10.50‌

(a)

For

the

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Large

Cap

Value

V.I.

Fund”.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Financials

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

20‌

%

Industrials

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

13‌

Health

Care

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

12‌

Information

Technology

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

10‌

Communication

Services

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

9‌

Consumer

Staples

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

8‌

Consumer

Discretionary

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

7‌

Utilities

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

6‌

Real

Estate

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

5‌

Energy

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

4‌

Materials

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

4‌

Short-Term

Securities

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

5‌

Liabilities

in

Excess

of

Other

Assets

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

(3‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00

$

1,215.30

$

3.34

$

1,000.00

$

1,022.12

$

3.05

0.60%

Class

II

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

1,000.00

1,215.20

4.18

1,000.00

1,021.37

3.81

0.75

Class

III

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

1,000.00

1,213.90

4.73

1,000.00

1,020.86

4.32

0.85

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

97.5%

Aerospace

&

Defense

—

2.1%

Boeing

Co.

(The)

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

1,583

$

338,857

Curtiss-Wright

Corp.

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

1,993

231,885

HEICO

Corp.

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

270

35,748

Hexcel

Corp.

(a)

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

417

20,220

L3Harris

Technologies,

Inc.

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

1,336

252,531

Lockheed

Martin

Corp.

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

1,064

377,699

Mercury

Systems,

Inc.

(b)

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

316

27,827

Northrop

Grumman

Corp.

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

473

144,132

Raytheon

Technologies

Corp.

..........

2,570

183,781

Teledyne

Technologies,

Inc.

(b)

...........

508

199,126

1,811,806

Air

Freight

&

Logistics

—

0.8%

CH

Robinson

Worldwide,

Inc.

..........

854

80,165

Expeditors

International

of

Washington,

Inc.

.

3,948

375,495

FedEx

Corp.

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

1,002

260,139

715,799

Airlines

—

0.4%

Alaska

Air

Group,

Inc.

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

5,381

279,812

Copa

Holdings

SA,

Class

A

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

161

12,434

Delta

Air

Lines,

Inc.

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

315

12,666

United

Airlines

Holdings,

Inc.

(b)

..........

1,897

82,045

386,957

Auto

Components

—

0.7%

Aptiv

plc

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

3,785

493,148

BorgWarner,

Inc.

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

2,708

104,637

597,785

Automobiles

—

0.4%

Harley-Davidson,

Inc.

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

3,964

145,479

Tesla,

Inc.

(b)

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

253

178,534

324,013

Banks

—

8.2%

Bank

of

America

Corp.

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

47,701

1,445,817

Bank

of

Hawaii

Corp.

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

1,099

84,206

Citigroup,

Inc.

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

10,602

653,719

Comerica,

Inc.

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

3,973

221,932

Cullen/Frost

Bankers,

Inc.

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

990

86,358

First

Horizon

National

Corp.

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

19,458

248,284

JPMorgan

Chase

&

Co.

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

16,476

2,093,605

Pinnacle

Financial

Partners,

Inc.

.........

4,183

269,385

Regions

Financial

Corp.

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

5,077

81,841

Signature

Bank

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

392

53,034

SVB

Financial

Group

(b)

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

841

326,165

Truist

Financial

Corp.

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

4,851

232,509

US

Bancorp

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

7,143

332,792

Wells

Fargo

&

Co.

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

27,994

844,859

Wintrust

Financial

Corp.

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

1,914

116,926

Zions

Bancorp

NA

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

2,737

118,895

7,210,327

Beverages

—

1.3%

Brown-Forman

Corp.,

Class

A

..........

751

55,176

Brown-Forman

Corp.,

Class

B

..........

3,091

245,518

Coca-Cola

Co.

(The)

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

4,001

219,415

Molson

Coors

Beverage

Co.,

Class

B

.....

832

37,598

PepsiCo,

Inc.

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

3,706

549,600

1,107,307

Security

Shares

Shares

Value

Biotechnology

—

1.2%

AbbVie,

Inc.

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

2,075

$

222,336

Alexion

Pharmaceuticals,

Inc.

(b)

.........

134

20,936

Amgen,

Inc.

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

159

36,557

Biogen,

Inc.

(b)

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

552

135,163

Gilead

Sciences,

Inc.

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

11,292

657,872

Global

Blood

Therapeutics,

Inc.

(b)

........

202

8,749

Vertex

Pharmaceuticals,

Inc.

(b)

..........

57

13,471

1,095,084

Building

Products

—

1.1%

Allegion

plc

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

3,537

411,636

Carrier

Global

Corp.

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

380

14,334

Lennox

International,

Inc.

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

1,469

402,462

Masco

Corp.

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

242

13,293

Trane

Technologies

plc

(a)

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

776

112,644

954,369

Capital

Markets

—

4.5%

Ameriprise

Financial,

Inc.

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

1,736

337,357

Bank

of

New

York

Mellon

Corp.

(The)

.....

7,437

315,626

Cboe

Global

Markets,

Inc.

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

935

87,067

Charles

Schwab

Corp.

(The)

...........

10,984

582,591

CME

Group,

Inc.

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

2,450

446,022

FactSet

Research

Systems,

Inc.

.........

363

120,698

Moody's

Corp.

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

1,398

405,756

Morgan

Stanley

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

13,178

903,088

S&P

Global,

Inc.

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

1,050

345,167

State

Street

Corp.

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

2,656

193,304

T.

Rowe

Price

Group,

Inc.

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

1,734

262,510

3,999,186

Chemicals

—

3.1%

Air

Products

&

Chemicals,

Inc.

..........

327

89,343

Ecolab,

Inc.

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

4,359

943,113

FMC

Corp.

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

3,787

435,240

Linde

plc

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

1,500

395,265

Mosaic

Co.

(The)

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

9,928

228,444

PPG

Industries,

Inc.

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

4,455

642,500

2,733,905

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

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

314

110,986

Copart

,

Inc.

(b)

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

1,971

250,810

IAA,

Inc.

(b)

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

1,007

65,435

427,231

Communications

Equipment

—

1.5%

Cisco

Systems,

Inc.

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

29,028

1,299,003

Motorola

Solutions,

Inc.

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

354

60,201

1,359,204

Construction

&

Engineering

—

0.3%

EMCOR

Group,

Inc.

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

2,006

183,469

Quanta

Services,

Inc.

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

377

27,151

Valmont

Industries,

Inc.

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

216

37,785

248,405

Construction

Materials

—

0.1%

Vulcan

Materials

Co.

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

682

101,147

Consumer

Finance

—

1.4%

Ally

Financial,

Inc.

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

12,808

456,733

American

Express

Co.

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

6,291

760,645

1,217,378

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Containers

&

Packaging

—

0.1%

AptarGroup,

Inc.

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

75

$

10,267

International

Paper

Co.

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

1,353

67,271

Silgan

Holdings,

Inc.

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

1,036

38,415

115,953

Distributors

—

0.2%

Genuine

Parts

Co.

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

383

38,465

Pool

Corp.

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

379

141,177

179,642

Diversified

Consumer

Services

—

0.4%

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

1,645

284,569

Graham

Holdings

Co.,

Class

B

..........

27

14,401

H&R

Block,

Inc.

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

3,730

59,158

358,128

Diversified

Financial

Services

—

1.5%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

......

5,561

1,289,429

Diversified

Telecommunication

Services

—

2.3%

AT&T,

Inc.

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

35,373

1,017,328

Verizon

Communications,

Inc.

..........

16,932

994,755

2,012,083

Electric

Utilities

—

4.0%

Alliant

Energy

Corp.

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

9,285

478,456

Avangrid

,

Inc.

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

1,818

82,628

Eversource

Energy

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

4,489

388,343

IDACORP,

Inc.

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

3,363

322,949

NextEra

Energy,

Inc.

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

21,206

1,636,043

Pinnacle

West

Capital

Corp.

...........

3,671

293,496

Xcel

Energy,

Inc.

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

4,904

326,950

3,528,865

Electrical

Equipment

—

0.4%

Hubbell,

Inc.

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

1,697

266,073

Rockwell

Automation,

Inc.

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

253

63,455

329,528

Electronic

Equipment,

Instruments

&

Components

—

0.5%

National

Instruments

Corp.

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

3,823

167,982

Trimble,

Inc.

(b)

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

2,587

172,734

Vontier

Corp.

(b)

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

1,972

65,865

406,581

Energy

Equipment

&

Services

—

0.8%

Schlumberger

NV

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

25,941

566,292

TechnipFMC

plc

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

16,037

150,748

717,040

Entertainment

—

2.8%

Activision

Blizzard,

Inc.

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

1,274

118,291

Walt

Disney

Co.

(The)

(b)

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

11,538

2,090,455

Warner

Music

Group

Corp.,

Class

A

......

3,022

114,806

World

Wrestling

Entertainment,

Inc.,

Class

A

1,167

56,074

Zynga,

Inc.,

Class

A

(b)

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

10,776

106,359

2,485,985

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

—

4.7%

Alexandria

Real

Estate

Equities,

Inc.

......

774

$

137,942

American

Tower

Corp.

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

383

85,968

Boston

Properties,

Inc.

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

5,405

510,935

Brixmor

Property

Group,

Inc.

...........

19,736

326,631

Camden

Property

Trust

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

1,141

114,009

Douglas

Emmett,

Inc.

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

3,091

90,195

Equinix

,

Inc.

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

40

28,567

Equity

Residential

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

3,190

189,103

Federal

Realty

Investment

Trust

.........

343

29,196

Kilroy

Realty

Corp.

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

5,859

336,307

Kimco

Realty

Corp.

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

11,756

176,458

Macerich

Co.

(The)

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

2,643

28,201

Park

Hotels

&

Resorts,

Inc.

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

3,355

57,538

Prologis,

Inc.

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

13,246

1,320,096

Regency

Centers

Corp.

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

3,575

162,984

Simon

Property

Group,

Inc.

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

5,353

456,504

Welltower

,

Inc.

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

2,184

141,130

4,191,764

Food

&

Staples

Retailing

—

1.4%

Costco

Wholesale

Corp.

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

1,758

662,379

Walmart,

Inc.

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

4,270

615,521

1,277,900

Food

Products

—

2.2%

Bunge

Ltd.

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

675

44,266

General

Mills,

Inc.

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

13,627

801,268

Hershey

Co.

(The)

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

4,541

691,731

McCormick

&

Co.,

Inc.

(Non-Voting)

......

2,824

269,974

Mondelez

International,

Inc.,

Class

A

......

1,666

97,411

1,904,650

Gas

Utilities

—

0.0%

UGI

Corp.

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

624

21,815

Health

Care

Equipment

&

Supplies

—

3.1%

Align

Technology,

Inc.

(b)

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

45

24,047

Becton

Dickinson

and

Co.

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

414

103,591

Boston

Scientific

Corp.

(b)

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

2,928

105,261

Danaher

Corp.

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

1,576

350,093

Dentsply

Sirona,

Inc.

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

828

43,354

Edwards

Lifesciences

Corp.

(b)

..........

6,525

595,276

Hill-Rom

Holdings,

Inc.

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

1,287

126,087

Hologic

,

Inc.

(b)

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

1,072

78,074

IDEXX

Laboratories,

Inc.

(b)

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

395

197,449

Medtronic

plc

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

6,498

761,176

Stryker

Corp.

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

1,519

372,216

2,756,624

Health

Care

Providers

&

Services

—

2.4%

Anthem,

Inc.

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

1,372

440,535

Cardinal

Health,

Inc.

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

3,400

182,104

Cigna

Corp.

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

1,899

395,334

CVS

Health

Corp.

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

2,571

175,599

HCA

Healthcare,

Inc.

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

233

38,319

Henry

Schein,

Inc.

(b)

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

5,736

383,509

Laboratory

Corp.

of

America

Holdings

(b)

....

136

27,683

McKesson

Corp.

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

1,689

293,751

Quest

Diagnostics,

Inc.

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

719

85,683

UnitedHealth

Group,

Inc.

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

323

113,270

2,135,787

Health

Care

Technology

—

0.1%

Cerner

Corp.

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

594

46,617

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

—

2.2%

Chipotle

Mexican

Grill,

Inc.

(b)

...........

112

$

155,312

Darden

Restaurants,

Inc.

(a)

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

1,649

196,429

Hyatt

Hotels

Corp.,

Class

A

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

254

18,860

McDonald's

Corp.

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

2,207

473,578

MGM

Resorts

International

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

3,573

112,585

Planet

Fitness,

Inc.,

Class

A

(b)

..........

2,201

170,864

Six

Flags

Entertainment

Corp.

..........

3,218

109,734

Starbucks

Corp.

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

542

57,983

Texas

Roadhouse,

Inc.

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

1,079

84,335

Vail

Resorts,

Inc.

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

69

19,248

Wendy's

Co.

(The)

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

6,986

153,133

Wyndham

Destinations,

Inc.

...........

6,998

313,930

Wyndham

Hotels

&

Resorts,

Inc.

........

976

58,013

1,924,004

Household

Durables

—

0.1%

DR

Horton,

Inc.

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

677

46,659

KB

Home

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

1,393

46,693

93,352

Household

Products

—

2.5%

Clorox

Co.

(The)

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

3,188

643,721

Colgate-Palmolive

Co.

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

11,253

962,244

Procter

&

Gamble

Co.

(The)

...........

4,203

584,805

2,190,770

Industrial

Conglomerates

—

2.4%

3M

Co.

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

2,035

355,698

General

Electric

Co.

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

23,968

258,854

Honeywell

International,

Inc.

...........

5,621

1,195,587

Roper

Technologies,

Inc.

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

707

304,780

2,114,919

Insurance

—

3.2%

Aflac,

Inc.

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

5,833

259,394

Allstate

Corp.

(The)

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

941

103,444

Arch

Capital

Group

Ltd.

(b)

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

3,695

133,279

Athene

Holding

Ltd.,

Class

A

(b)

..........

5,368

231,576

Brighthouse

Financial,

Inc.

(b)

...........

3,229

116,906

Brown

&

Brown,

Inc.

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

747

35,415

First

American

Financial

Corp.

..........

4,474

230,993

Hanover

Insurance

Group,

Inc.

(The)

.....

466

54,485

Lincoln

National

Corp.

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

1,862

93,677

Marsh

&

McLennan

Cos.,

Inc.

..........

2,120

248,040

MetLife,

Inc.

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

5,368

252,028

Progressive

Corp.

(The)

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

2,246

222,084

Reinsurance

Group

of

America,

Inc.

......

625

72,437

Travelers

Cos.,

Inc.

(The)

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

4,585

643,596

Willis

Towers

Watson

plc

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

650

136,942

2,834,296

Interactive

Media

&

Services

—

1.9%

(b)

Alphabet,

Inc.,

Class

A

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

404

708,066

Alphabet,

Inc.,

Class

C

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

327

572,865

Match

Group,

Inc.

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

287

43,392

Twitter,

Inc.

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

6,203

335,892

1,660,215

Internet

&

Direct

Marketing

Retail

—

0.0%

Wayfair,

Inc.,

Class

A

(b)

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

52

11,742

Security

Shares

Shares

Value

IT

Services

—

2.8%

Accenture

plc,

Class

A

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

2,866

$

748,628

Automatic

Data

Processing,

Inc.

.........

1,609

283,506

DXC

Technology

Co.

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

1,394

35,895

Fiserv,

Inc.

(b)

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

6,444

733,714

PayPal

Holdings,

Inc.

(b)

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

812

190,170

Visa,

Inc.,

Class

A

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

2,161

472,676

2,464,589

Life

Sciences

Tools

&

Services

—

0.6%

Agilent

Technologies,

Inc.

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

4,111

487,112

QIAGEN

NV

(b)

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

550

29,068

Thermo

Fisher

Scientific,

Inc.

...........

35

16,302

532,482

Machinery

—

3.6%

AGCO

Corp.

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

2,026

208,860

Cummins,

Inc.

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

666

151,249

Deere

&

Co.

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

3,378

908,851

Fortive

Corp.

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

4,808

340,503

Illinois

Tool

Works,

Inc.

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

218

44,446

Oshkosh

Corp.

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

5,091

438,182

PACCAR,

Inc.

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

1,241

107,073

Snap-on,

Inc.

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

1,682

287,857

Xylem,

Inc.

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

6,830

695,226

3,182,247

Media

—

2.2%

Comcast

Corp.,

Class

A

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

17,787

932,039

Discovery,

Inc.,

Class

A

(b)

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

18,892

568,460

Discovery,

Inc.,

Class

C

(b)

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

1,628

42,637

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(b)

367

15,851

Omnicom

Group,

Inc.

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

646

40,291

Sirius

XM

Holdings,

Inc.

(a)

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

39,005

248,462

ViacomCBS

,

Inc.

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

2,239

83,425

1,931,165

Metals

&

Mining

—

0.3%

Reliance

Steel

&

Aluminum

Co.

.........

2,015

241,296

Steel

Dynamics,

Inc.

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

1,193

43,986

285,282

Multiline

Retail

—

0.2%

Kohl's

Corp.

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

557

22,664

Nordstrom,

Inc.

(a)

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

5,884

183,640

206,304

Multi-Utilities

—

2.0%

Ameren

Corp.

(a)

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

4,601

359,154

Black

Hills

Corp.

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

140

8,603

CMS

Energy

Corp.

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

10,763

656,651

Consolidated

Edison,

Inc.

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

8,740

631,640

Public

Service

Enterprise

Group,

Inc.

.....

1,501

87,508

1,743,556

Oil,

Gas

&

Consumable

Fuels

—

3.3%

Cheniere

Energy,

Inc.

(b)

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

2,429

145,813

Chevron

Corp.

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

6,136

518,185

Continental

Resources,

Inc.

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

604

9,845

EOG

Resources,

Inc.

(a)

...............

9,426

470,075

Exxon

Mobil

Corp.

..................

14,493

597,402

Kinder

Morgan,

Inc.

.................

13,799

188,632

Phillips

66

........................

9,714

679,397

Valero

Energy

Corp.

.................

4,407

249,304

Williams

Cos.,

Inc.

(The)

..............

1,436

28,792

2,887,445

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

1,304

347,112

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Pharmaceuticals

—

4.8%

Bristol-Myers

Squibb

Co.

(a)

............

12,081

$

749,384

Catalent

,

Inc.

(b)

....................

816

84,921

Johnson

&

Johnson

.................

12,165

1,914,528

Merck

&

Co.,

Inc.

...................

3,175

259,715

Pfizer,

Inc.

.......................

27,848

1,025,085

Zoetis,

Inc.

.......................

1,485

245,768

4,279,401

Professional

Services

—

0.4%

IHS

Markit

Ltd.

....................

2,530

227,270

Robert

Half

International,

Inc.

...........

1,527

95,407

Verisk

Analytics,

Inc.

.................

319

66,221

388,898

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

A

(b)

...........

1,193

74,825

Road

&

Rail

—

0.8%

CSX

Corp.

.......................

4,993

453,115

Landstar

System,

Inc.

................

97

13,062

Lyft,

Inc.,

Class

A

(b)

..................

2,208

108,479

Old

Dominion

Freight

Line,

Inc.

.........

291

56,797

Union

Pacific

Corp.

.................

391

81,414

712,867

Semiconductors

&

Semiconductor

Equipment

—

3.4%

Allegro

MicroSystems

,

Inc.

(b)

...........

2,450

65,317

Analog

Devices,

Inc.

(a)

...............

3,337

492,975

Applied

Materials,

Inc.

...............

2,695

232,579

Intel

Corp.

.......................

26,604

1,325,411

NVIDIA

Corp.

.....................

1,765

921,683

3,037,965

Software

—

1.4%

(b)

Adobe,

Inc.

.......................

771

385,593

Asana,

Inc.,

Class

A

.................

2,768

81,794

Cadence

Design

Systems,

Inc.

..........

1,881

256,625

salesforce.com,

Inc.

.................

352

78,331

ServiceNow

,

Inc.

...................

587

323,102

Teradata

Corp.

....................

437

9,819

VMware,

Inc.,

Class

A

................

969

135,912

1,271,176

Specialty

Retail

—

1.9%

Five

Below,

Inc.

(b)

...................

309

54,069

Home

Depot,

Inc.

(The)

..............

5,225

1,387,864

TJX

Cos.,

Inc.

(The)

.................

3,635

248,234

1,690,167

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.7%

Dell

Technologies,

Inc.,

Class

C

(b)

........

1,059

$

77,614

Hewlett

Packard

Enterprise

Co.

.........

20,972

248,518

HP,

Inc.

.........................

7,183

176,630

NCR

Corp.

(b)

......................

1,487

55,867

NetApp,

Inc.

......................

1,183

78,362

636,991

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Levi

Strauss

&

Co.,

Class

A

............

1,314

26,385

NIKE,

Inc.,

Class

B

.................

816

115,440

Ralph

Lauren

Corp.

.................

2,139

221,900

Under

Armour

,

Inc.,

Class

C

(b)

..........

983

14,627

378,352

Thrifts

&

Mortgage

Finance

—

0.6%

Essent

Group

Ltd.

..................

1,779

76,853

MGIC

Investment

Corp.

..............

1,702

21,360

New

York

Community

Bancorp,

Inc.

......

27,240

287,382

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

9,199

186,004

571,599

Trading

Companies

&

Distributors

—

0.6%

Fastenal

Co.

......................

189

9,229

GATX

Corp.

(a)

.....................

1,232

102,478

WESCO

International,

Inc.

(b)

...........

574

45,059

WW

Grainger,

Inc.

..................

881

359,747

516,513

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

.........

290

44,506

Wireless

Telecommunication

Services

—

0.1%

United

States

Cellular

Corp.

(b)

..........

4,107

126,044

Total

Common

Stocks

—

97.5%

(Cost:

$77,618,555)

..............................

86,187,078

Total

Long-Term

Investments

—

97.5%

(Cost:

$77,618,555)

..............................

86,187,078

Short-Term

Securities

—

5.2%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

...................

2,174,299

2,174,299

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)

.......................

2,433,213

2,433,943

Total

Short-Term

Securities

—

5.2%

(Cost:

$4,608,242)

..............................

4,608,242

Total

Investments

—

102.7%

(Cost:

$82,226,797

)

..............................

90,795,320

Liabilities

in

Excess

of

Other

Assets

—

(2.7)%

............

(2,362,278)

Net

Assets

—

100.0%

..............................

$

88,433,042

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

10

Schedule

of

Investments

(continued)

December

31,

2020

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

915,491

$

1,258,808

$

—

$

—

$

—

$

2,174,299

2,174,299

$

4,287

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

.........

6,774,061

—

(4,331,325)

(8,467)

(326)

2,433,943

2,433,213

16,663

(b)

—

$

(8,467)

$

(326)

$

4,608,242

$

20,950

$

—

(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

Value

V.I.

Fund

Schedule

of

Investments

11

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

......................................................

13

03/19/21

$

2,437

$

62,699

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

l

ocated

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

62,699

$

—

$

—

$

—

$

62,699

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

470,682

$

—

$

—

$

—

$

470,682

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

48,533

—

—

—

48,533

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,433,903

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

12

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

86,187,078

$

—

$

—

$

86,187,078

Short-Term

Securities

.......................................

2,174,299

—

—

2,174,299

Subtotal

....................................................

$

88,361,377

$

—

$

—

$

88,361,377

Investments

valued

at

NAV

(a)

......................................

2,433,943

$

—

Total

Investments

..............................................

$

90,795,320

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

62,699

$

—

$

—

$

62,699

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$2,384,609)

(cost

—

$77,618,555)

...........................................

$

86,187,078‌

Investments

at

value

—

affiliated

(cost

—

$4,608,242)

.................................................................................

4,608,242‌

Cash

pledged

for

futures

contracts

..............................................................................................

167,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

2,062‌

Dividends

—

affiliated

.....................................................................................................

58‌

Dividends

—

unaffiliated

...................................................................................................

89,975‌

Variation

margin

on

futures

contracts

...........................................................................................

15,471‌

Prepaid

expenses

.........................................................................................................

806‌

Total

assets

.............................................................................................................

91,070,692‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

2,440,131‌

Payables:

–‌

Accounting

services

fees

...................................................................................................

20,700‌

Capital

shares

redeemed

...................................................................................................

18,548‌

Custodian

fees

..........................................................................................................

17,902‌

Distribution

fees

.........................................................................................................

1,333‌

Investment

advisory

fees

..................................................................................................

30,890‌

Directors'

and

Officer's

fees

.................................................................................................

2,045‌

Other

affiliate

fees

.......................................................................................................

745‌

Printing

and

postage

fees

..................................................................................................

14,312‌

Professional

fees

........................................................................................................

47,781‌

Transfer

agent

fees

......................................................................................................

43,211‌

Other

accrued

expenses

...................................................................................................

52‌

Total

liabilities

............................................................................................................

2,637,650‌

NET

ASSETS

............................................................................................................

$

88,433,042‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

80,719,696‌

Accumulated

earnings

......................................................................................................

7,713,346‌

NET

ASSETS

............................................................................................................

$

88,433,042‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

81,864,365‌

Shares

outstanding

.................................................................................................

8,234,982‌

Net

asset

value

....................................................................................................

$

9.94‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

696,862‌

Shares

outstanding

.................................................................................................

69,527‌

Net

asset

value

....................................................................................................

$

10.02‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

5,871,815‌

Shares

outstanding

.................................................................................................

603,438‌

Net

asset

value

....................................................................................................

$

9.73‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

4,287‌

Dividends

—

unaffiliated

...................................................................................................

1,977,587‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

16,663‌

Foreign

taxes

withheld

....................................................................................................

(774‌)

Total

investment

income

.....................................................................................................

1,997,763‌

EXPENSES

Investment

advisory

......................................................................................................

611,222‌

Transfer

agent

—

class

specific

..............................................................................................

158,388‌

Accounting

services

......................................................................................................

44,521‌

Professional

...........................................................................................................

44,066‌

Custodian

.............................................................................................................

24,180‌

Distribution

—

class

specific

................................................................................................

13,758‌

Directors

and

Officer

.....................................................................................................

9,628‌

Transfer

agent

..........................................................................................................

5,200‌

Printing

and

postage

.....................................................................................................

2,357‌

Miscellaneous

..........................................................................................................

2,503‌

Total

expenses

...........................................................................................................

915,823‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(254,895‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(158,384‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

502,544‌

Net

investment

income

......................................................................................................

1,495,219‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

626,156‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(8,467‌)

Investments

—

unaffiliated

...............................................................................................

(1,353,043‌)

Futures

contracts

......................................................................................................

470,682‌

A

(890,828‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(326‌)

Investments

—

unaffiliated

...............................................................................................

1,468,777‌

Futures

contracts

......................................................................................................

48,533‌

A

1,516,984‌

Net

realized

and

unrealized

gain

...............................................................................................

626,156‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

2,121,375‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

1,495,219‌

$

1,955,805‌

Net

realized

gain

(loss)

..............................................................................

(890,828‌)

5,652,429‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

1,516,984‌

12,949,136‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

2,121,375‌

20,557,370‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(2,153,705‌)

(5,280,887‌)

  Class

II

.......................................................................................

(16,443‌)

(83,595‌)

  Class

III

.......................................................................................

(152,464‌)

(272,257‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(2,322,612‌)

(5,636,739‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(5,810,577‌)

(7,849,629‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(6,011,814‌)

7,071,002‌

Beginning

of

year

....................................................................................

94,444,856‌

87,373,854‌

End

of

year

........................................................................................

$

88,433,042‌

$

94,444,856‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.09%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

9.86‌

$

8.40‌

$

10.63‌

$

12.06‌

$

11.49‌

Net

investment

income

(a)

.....................................

0.16‌

0.20‌

0.20‌

(b)

0.20‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.18‌

1.88‌

(1.08‌)

1.86‌

1.41‌

Net

increase

(decrease)

from

investment

operations

....................

0.34‌

2.08‌

(0.88‌)

2.06‌

1.56‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.16‌)

(0.20‌)

(0.21‌)

(0.21‌)

(0.16‌)

From

net

realized

gain

.......................................

(0.10‌)

(0.42‌)

(1.14‌)

(3.28‌)

(0.83‌)

Total

distributions

...........................................

(0.26‌)

(0.62‌)

(1.35‌)

(3.49‌)

(0.99‌)

Net

asset

value,

end

of

year

...................................

$

9.94‌

$

9.86‌

$

8.40‌

$

10.63‌

$

12.06‌

Total

Return

(d)

3.66%

24.89%

(8.20)%

—

—

Based

on

net

asset

value

......................................

3.66%

24.89%

(8.20)%

17.22%

13.60%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.11%

1.13%

1.17%

1.17%

1.09%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.60%

0.60%

0.61%

0.71%

0.82%

Net

investment

income

.......................................

1.85%

2.12%

1.90%

(b)

1.57%

1.29%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

81,864‌

$

87,984‌

$

78,685‌

$

99,213‌

$

92,795‌

Portfolio

turnover

rate

........................................

139%

144%

164%

168%

47%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

—%

0.00%

0.01%

—%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

18

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.10%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

II

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

9.93‌

$

8.44‌

$

10.67‌

$

12.09‌

$

11.52‌

Net

investment

income

(a)

.....................................

0.16‌

0.19‌

0.19‌

(b)

0.18‌

0.13‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.17‌

1.89‌

(1.09‌)

1.86‌

1.40‌

Net

increase

(decrease)

from

investment

operations

....................

0.33‌

2.08‌

(0.90‌)

2.04‌

1.53‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.14‌)

(0.17‌)

(0.19‌)

(0.18‌)

(0.13‌)

From

net

realized

gain

.......................................

(0.10‌)

(0.42‌)

(1.14‌)

(3.28‌)

(0.83‌)

Total

distributions

...........................................

(0.24‌)

(0.59‌)

(1.33‌)

(3.46‌)

(0.96‌)

Net

asset

value,

end

of

year

...................................

$

10.02‌

$

9.93‌

$

8.44‌

$

10.67‌

$

12.09‌

Total

Return

(d)

3.53%

24.69%

(8.37)%

17.06%

—

Based

on

net

asset

value

......................................

3.53%

24.69%

(8.37)%

17.06%

13.35%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.22%

1.27%

1.32%

1.32%

1.27%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.75%

0.75%

0.76%

0.88%

1.03%

Net

investment

income

.......................................

1.77%

1.95%

1.74%

(b)

1.38%

1.10%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

697‌

$

1,484‌

$

4,813‌

$

7,063‌

$

6,060‌

Portfolio

turnover

rate

........................................

139%

144%

164%

168%

47%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

—%

0.00%

0.01%

—%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.09%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

9.66‌

$

8.24‌

$

10.46‌

$

11.92‌

$

11.37‌

Net

investment

income

(a)

.....................................

0.14‌

0.18‌

0.18‌

(b)

0.16‌

0.11‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.17‌

1.84‌

(1.07‌)

1.83‌

1.38‌

Net

increase

(decrease)

from

investment

operations

....................

0.31‌

2.02‌

(0.89‌)

1.99‌

1.49‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.14‌)

(0.18‌)

(0.19‌)

(0.17‌)

(0.11‌)

From

net

realized

gain

.......................................

(0.10‌)

(0.42‌)

(1.14‌)

(3.28‌)

(0.83‌)

Total

distributions

...........................................

(0.24‌)

(0.60‌)

(1.33‌)

(3.45‌)

(0.94‌)

Net

asset

value,

end

of

year

...................................

$

9.73‌

$

9.66‌

$

8.24‌

$

10.46‌

$

11.92‌

Total

Return

(d)

3.42%

24.60%

(8.46)%

16.86%

—

Based

on

net

asset

value

......................................

3.42%

24.60%

(8.46)%

16.86%

13.17%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.36%

1.38%

1.42%

1.43%

1.35%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.85%

0.85%

0.86%

0.99%

1.18%

Net

investment

income

.......................................

1.60%

1.88%

1.70%

(b)

1.26%

0.92%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

5,872‌

$

4,976‌

$

3,876‌

$

3,019‌

$

1,930‌

Portfolio

turnover

rate

........................................

139%

144%

164%

168%

47%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

—%

0.00%

0.01%

—%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

To

Shareholders

20

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company.

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I,

Class

II

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

II

and

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities. 

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

22

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $946

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

.............................................

$

1,154,566‌

$

(1,154,566‌)

$

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

899,645‌

(899,645‌)

—‌

Goldman

Sachs

&

Co.

..................................................

99,098‌

(99,098‌)

—‌

JP

Morgan

Securities

LLC

................................................

132,957‌

(132,957‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

98,343‌

(98,343‌)

—‌

$

2,384,609‌

$

(2,384,609‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.75%

$1

Billion

-

$3

Billion

.....................................................................................................

0.71

$3

Billion

-

$5

Billion

.....................................................................................................

0.68

$5

Billion

-

$10

Billion

....................................................................................................

0.65

Greater

than

$10

Billion

..................................................................................................

0.64

Notes

to

Financial

Statements

(continued)

23

Notes

to

Financial

Statements

Distribution

Fees:

 The

Company,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

has

agreed

to

voluntarily

waive

0.05%

of

its

investment

advisory

fee

payable

by

the

Fund.

This

voluntary

waiver

may

be

reduced

or

discontinued

at

any

time

without

notice.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$40,748

.

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021.

The

contractual

agreement

may

be

terminated upon

90

day

s’

notice

by

a

majority

of

the

d

irectors

who

are

not

"interested

persons"

of

the

Company

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$1,447.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

Distribution

Fees

Class

II

...............................................................................................................

0.15‌%

Class

III

...............................................................................................................

0.25‌

Distribution

Fees

Class

II

.........................................................................................................

$

1,381‌

Class

III

.........................................................................................................

12,377‌

$

13,758‌

Class

I

..........................................................................................................

$

146,995‌

Class

II

.........................................................................................................

1,437‌

Class

III

.........................................................................................................

9,956‌

$

158,388‌

Class

I

................................................................................................................

0.00‌%

Class

II

...............................................................................................................

0.05‌

Class

III

...............................................................................................................

0.11‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

24

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

-

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

as

follows:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$212,700

and

$5,898,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

Securities

Lending:

T

he

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $4,801

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow under

t

he

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

146,995‌

Class

II

.........................................................................................................

978‌

Class

III

.........................................................................................................

4

,5

1

3‌

$

15

2

,4

86‌

Class

I

.............................................................................................................

0.60‌%

Class

II

............................................................................................................

0.75‌

Class

III

............................................................................................................

0.85‌

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $110,569,538

and

$118,029,016,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

1,811,710‌

$

2,186,731‌

Long-term

capital

gains

........................................................................................

510,902‌

3,450,008‌

$

2,322,612‌

$

5,636,739‌

Undistributed

ordinary

income

.............................................................................................

$

288,215‌

Non-expiring

capital

loss

carryforwards

(a)

......................................................................................

(321,924‌)

Net

unrealized

gains

(losses)

(b)

............................................................................................

7,747,055‌

$

7,713,346‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

timing

and

recognition

of

partnership

income.

Tax

cost

...........................................................................................................

$

83,049,779‌

Gross

unrealized

appreciation

............................................................................................

$

8,962,561‌

Gross

unrealized

depreciation

............................................................................................

(1,217,020‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

7,745,541‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

26

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

362,405‌

$

3,256,367‌

351,065‌

$

3,386,062‌

Shares

issued

in

reinvestment

of

distributions

........................

233,134‌

2,153,705‌

539,411‌

5,280,887‌

Shares

redeemed

.........................................

(1,284,699‌)

(11,309,362‌)

(1,336,511‌)

(12,817,825‌)

Net

decrease

..............................................

(689,160‌)

$

(5,899,290‌)

(446,035‌)

$

(4,150,876‌)

Class

II

Shares

sold

.............................................

53,715‌

$

390,836‌

80,996‌

$

770,410‌

Shares

issued

in

reinvestment

of

distributions

........................

1,773‌

16,443‌

8,478‌

83,595‌

Shares

redeemed

.........................................

(135,381‌)

(1,054,862‌)

(510,369‌)

(4,969,798‌)

Net

decrease

..............................................

(79,893‌)

$

(647,583‌)

(420,895‌)

$

(4,115,793‌)

Class

III

Shares

sold

.............................................

356,326‌

$

3,073,696‌

279,094‌

$

2,664,998‌

Shares

issued

in

reinvestment

of

distributions

........................

16,951‌

152,464‌

28,389‌

272,257‌

Shares

redeemed

.........................................

(284,996‌)

(2,489,864‌)

(262,713‌)

(2,520,215‌)

Net

increase

...............................................

88,281‌

$

736,296‌

44,770‌

$

417,040‌

Total

Net

Decrease

(680,772‌)

$

(5,810,577‌)

(822,160‌)

$

(7,849,629‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

To

Shareholders

28

To

the

Shareholders

of

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

29

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Investment

Objective

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

growth

of

capital.

On

November

11,

2020,

the

Board

approved

certain

changes

to

the

Fund.

The

Fund

will

be

changing

its

investment

strategy

from

primarily

investing

in

equity

securities

of

U.S.

companies

to

primarily

investing

in

equity

securities

of

U.S.

small

and

medium

capitalization

companies

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

Along

with

this

change,

the

Fund’s

benchmark

will

change

from

the

Russell

3000

®

Index

to

the

Russell

2500™

Index

and

the

Fund

will

be

renamed

BlackRock

Advantage

SMID

Cap

V.I.

Fund.

These

changes

are

effective

on

February

9,

2021.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

underperformed

its

benchmark,

the

Russell

3000

®

Index.

What

factors

influenced

performance?

The

Fund

underperformed

amid

a

highly

volatile

market

backdrop

during

the

period.

Broad

economic

shutdowns

in

the

beginning

of

the

year

to

mitigate

coronavirus

spread

led

to

the

worst

first

quarter

on

record

for

U.S.

stocks

as

investors

weighed

the

impact

on

growth

and

unemployment.

Subsequently,

the

easing

of

lockdown

restrictions,

ongoing

loose

monetary

policy

from

the

Fed

and

improving

prospects

for

a

COVID-19

vaccine

led

equities

higher.

U.S.

equities

not

only

completed

a

remarkable

recovery

from

the

March

2020

selloff

but

set

new

all-time

highs

to

end

the

year.

However,

the

move

higher

was

accompanied

by

historic

rotations

of

market

leadership.

Markets

were

boosted

following

strong

efficacy

data

from

vaccine

developers

in

November

2020.

Momentum

styles

experienced

their

sharpest

drawdown

since

the

global

financial

crisis,

as

investors

shifted

to

cyclical

exposures

amid

the

rotation

in

the

fourth

quarter

of

2020.

While

displaying

strong

outperformance

in

the

first

half

of

the

year,

the

Fund

lagged

amid

the

shifting

market

backdrop

seen

in

the

second

half.

Underperformance

was

concentrated

near

the

end

of

the

period,

driven

by

weak

performance

across

trend-based

sentiment

measures

that

struggled

during

the

market

rotation

caused

by

positive

vaccine

news.

Insights

designed

to

machine

read

text

to

evaluate

fundamental

trends

underperformed

as

investors

focused

on

macro

events

instead

of

stock

specific

fundamentals.

Other

insights

that

evaluate

conference

call

text

similarly

failed

to

keep

pace.

The

underperformance

across

trend

measures

broadened

in

November,

driven

by

the

sharp

rotation

away

from

momentum

styles.

Despite

the

challenging

performance

after

vaccine

news

in

November,

performance

for

the

generic

momentum

style

was

strong

for

the

full

period.

As

a

result,

a

style-timing

insight

that

took

a

more

conservative

view

toward

momentum

weighed

on

performance

for

the

year.

As

investors

favored

contrarian

parts

of

the

market,

insights

that

were

positioned

for

sustained

market

leadership

weighed

on

the

Fund’s

returns.

Surprisingly,

insights

that

capture

traditional

valuation

metrics,

such

as

comparing

valuation

across

sales,

underperformed.

Select

sentiment

insights

that

capture

COVID-19

related

trends,

specifically

those

that

evaluate

work-from-home

indicators,

also

detracted

late

in

the

period

amid

the

broader

re-opening

trend

and

as

several

employers

made

forward

looking

comments

concerning

the

desire

for

employees

to

return

to

the

office.

On

the

positive

side,

although

trend-based

sentiment

measures

faltered

near

the

end

of

2020,

faster

moving

sentiment

measures

constructed

from

alternative

data

were

able

to

correctly

position

the

portfolio

throughout

the

COVID-19

crisis

witnessed

earlier

in

the

period.

Insights

that

captured

firms

likely

to

benefit

during

the

recovery

were

most

additive,

including

those

evaluating

how

companies

were

navigating

fast-changing

consumer

habits

and

the

emergence

from

lockdown

by

looking

at

supply

chain

linkages

and

mobile

app

usage.

The

real

time

nature

of

such

measures

was

helpful

in

evaluating

the

quickly

evolving

marketplace.

Other

sentiment-based

measures

that

look

to

bond

data

and

non-obvious

news

were

also

additive.

Nontraditional

measures

of

quality,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors,

were

also

able

to

provide

much

needed

ballast.

Specifically,

an

insight

that

looks

to

capture

investor

flows

into

ESG-related

positions

was

one

of

the

best

performing

insights

as

it

was

able

to

follow

the

broader

sustainability

market

trend.

Traditional

quality

insights,

such

as

balance

sheet

strength,

also

aided

Fund

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

However,

a

number

of

new

stock

selection

insights

were

added

to

the

portfolio.

Given

the

dynamism

of

the

current

environment,

the

Fund

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends

due

to

COVID-19,

such

as

“work

from

home”

and

vaccine

development.

A

new

alternative

data-driven

insight

that

looks

to

capture

brand

sentiment

from

consumers

was

also

added.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

Russell

3000

®

Index,

the

Fund

was

positioned

essentially

neutrally

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

the

information

technology

and

industrials

sectors

and

slight

underweight

positions

in

consumer

discretionary

and

financials.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

of

U.S.

issuers

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Value

Opportunities

V.I.

Fund”.

(c)

An

index

that

measures

the

performance

of

the

largest

3,000

U.S.

companies

representing

approximately

98%

of

the

investable

U.S.

equity

market.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

23.06‌%

19.96‌%

15.36‌%

12.22‌%

Class

II

(b)

.................................................................

22.97‌

19.82‌

15.18‌

12.04‌

Class

III

(b)

................................................................

22.89‌

19.65‌

15.08‌

11.98‌

Russell

3000

®

Index

.........................................................

25.24‌

20.89‌

15.43‌

13.79‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Value

Opportunities

V.I.

Fund”.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

27‌

%

Health

Care

.....................................

14‌

Consumer

Discretionary

.............................

11‌ 

Financials

.......................................

10‌ 

Industrials

.......................................

10‌

Communication

Services

.............................

9‌

Consumer

Staples

.................................

5‌

Real

Estate

......................................

4‌

Utilities

.........................................

3‌

Materials

.......................................

2‌

Energy

.........................................

2‌

Short-Term

Securities

...............................

4‌

Liabilities

in

Excess

of

Other

Assets

.....................

(1‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,230.60

$

3.08

$

1,000.00

$

1,022.37

$

2.80

0.55%

Class

II

..................................

1,000.00

1,229.70

3.92

1,000.00

1,021.62

3.56

0.70

Class

III

..................................

1,000.00

1,228.90

4.48

1,000.00

1,021.11

4.06

0.80

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

97.0%

Aerospace

&

Defense

—

1.7%

Boeing

Co.

(The)

...................

1,183

$

253,233

Curtiss-Wright

Corp.

.................

534

62,131

HEICO

Corp.

.....................

2,100

278,040

Hexcel

Corp.

(a)

.....................

439

21,287

L3Harris

Technologies,

Inc.

............

1,084

204,898

Lockheed

Martin

Corp.

...............

3,615

1,283,253

Mercury

Systems,

Inc.

(b)

..............

655

57,679

Northrop

Grumman

Corp.

.............

1,585

482,981

Teledyne

Technologies,

Inc.

(b)

...........

1,272

498,598

3,142,100

Air

Freight

&

Logistics

—

0.6%

CH

Robinson

Worldwide,

Inc.

..........

4,480

420,538

Expeditors

International

of

Washington,

Inc.

.

5,320

505,985

Hub

Group,

Inc.,

Class

A

(b)

.............

4,489

255,873

1,182,396

Airlines

—

0.5%

Alaska

Air

Group,

Inc.

................

8,053

418,756

American

Airlines

Group,

Inc.

...........

3,695

58,270

Delta

Air

Lines,

Inc.

.................

1,068

42,944

Spirit

Airlines,

Inc.

(b)

.................

13,118

320,735

United

Airlines

Holdings,

Inc.

(b)

..........

574

24,826

865,531

Auto

Components

—

0.4%

Aptiv

plc

.........................

3,665

477,513

BorgWarner,

Inc.

...................

5,766

222,798

700,311

Automobiles

—

1.5%

Tesla,

Inc.

(b)

.......................

4,048

2,856,552

Banks

—

4.2%

Bank

of

America

Corp.

...............

44,416

1,346,249

Bank

of

Hawaii

Corp.

(a)

...............

4,834

370,381

Bank

OZK

(a)

......................

5,409

169,139

BOK

Financial

Corp.

.................

2,778

190,238

CIT

Group,

Inc.

....................

466

16,729

Citigroup,

Inc.

.....................

4,971

306,512

Comerica,

Inc.

.....................

3,676

205,341

Commerce

Bancshares,

Inc.

...........

1,134

74,504

Credicorp

Ltd.

.....................

365

59,867

Cullen/Frost

Bankers,

Inc.

.............

3,424

298,676

First

Horizon

National

Corp.

............

14,846

189,435

JPMorgan

Chase

&

Co.

..............

12,676

1,610,739

Live

Oak

Bancshares,

Inc.

.............

1,657

78,641

Pinnacle

Financial

Partners,

Inc.

(a)

.......

8,154

525,118

PNC

Financial

Services

Group,

Inc.

(The)

..

1,369

203,981

Republic

First

Bancorp,

Inc.

(b)

...........

25,113

71,572

SVB

Financial

Group

(b)

...............

1,513

586,787

Truist

Financial

Corp.

................

2,371

113,642

US

Bancorp

......................

11,288

525,908

Wells

Fargo

&

Co.

..................

14,343

432,872

Western

Alliance

Bancorp

.............

1,920

115,104

Wintrust

Financial

Corp.

..............

625

38,181

Zions

Bancorp

NA

..................

6,505

282,577

7,812,193

Beverages

—

1.0%

Brown-Forman

Corp.,

Class

B

..........

5,442

432,258

Celsius

Holdings,

Inc.

(b)

...............

1,545

77,729

Coca-Cola

Co.

(The)

................

4,178

229,122

PepsiCo,

Inc.

.....................

7,211

1,069,391

1,808,500

Security

Shares

Shares

Value

Biotechnology

—

2.6%

AbbVie,

Inc.

......................

11,034

$

1,182,293

Alexion

Pharmaceuticals,

Inc.

(b)

.........

1,011

157,959

Amgen,

Inc.

......................

5,313

1,221,565

Biogen,

Inc.

(b)

.....................

757

185,359

Forte

Biosciences,

Inc.

(b)

..............

859

31,276

Gilead

Sciences,

Inc.

................

12,271

714,908

Humanigen

,

Inc.

(b)

..................

6,085

106,488

Inovio

Pharmaceuticals,

Inc.

(a)(b)

.........

862

7,629

Moderna

,

Inc.

(b)

....................

1,367

142,810

Novavax

,

Inc.

(a)(b)

...................

350

39,029

Regeneron

Pharmaceuticals,

Inc.

(b)

.......

469

226,579

Vertex

Pharmaceuticals,

Inc.

(b)

..........

3,207

757,942

Vir

Biotechnology,

Inc.

(b)

..............

263

7,043

4,780,880

Building

Products

—

0.6%

Allegion

plc

.......................

4,058

472,270

Carrier

Global

Corp.

.................

2,771

104,522

Lennox

International,

Inc.

.............

1,104

302,463

Masco

Corp.

......................

761

41,802

Trane

Technologies

plc

(a)

..............

967

140,370

1,061,427

Capital

Markets

—

3.1%

Ameriprise

Financial,

Inc.

.............

1,959

380,692

Bank

of

New

York

Mellon

Corp.

(The)

.....

1,753

74,397

Cboe

Global

Markets,

Inc.

.............

2,260

210,451

Charles

Schwab

Corp.

(The)

...........

9,938

527,112

CME

Group,

Inc.

...................

3,792

690,334

FactSet

Research

Systems,

Inc.

.........

1,223

406,648

Moody's

Corp.

.....................

4,095

1,188,533

Morgan

Stanley

....................

10,323

707,435

S&P

Global,

Inc.

...................

2,666

876,394

State

Street

Corp.

..................

2,360

171,761

T.

Rowe

Price

Group,

Inc.

.............

3,359

508,519

5,742,276

Chemicals

—

1.8%

Ecolab,

Inc.

......................

4,997

1,081,151

FMC

Corp.

.......................

2,753

316,402

Mosaic

Co.

(The)

...................

14,309

329,250

PPG

Industries,

Inc.

.................

8,235

1,187,652

Sherwin-Williams

Co.

(The)

............

443

325,565

Trinseo

SA

.......................

1,284

65,754

3,305,774

Commercial

Services

&

Supplies

—

0.4%

Brink's

Co.

(The)

...................

1,695

122,040

Cintas

Corp.

......................

1,034

365,478

Copart

,

Inc.

(b)

.....................

2,464

313,544

IAA,

Inc.

(b)

........................

675

43,861

844,923

Communications

Equipment

—

0.9%

Cisco

Systems,

Inc.

.................

34,264

1,533,314

Motorola

Solutions,

Inc.

..............

817

138,939

Plantronics,

Inc.

....................

1,757

47,492

1,719,745

Construction

&

Engineering

—

0.4%

EMCOR

Group,

Inc.

.................

7,652

699,852

Construction

Materials

—

0.1%

Vulcan

Materials

Co.

................

1,878

278,526

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Consumer

Finance

—

0.9%

Ally

Financial,

Inc.

..................

13,298

$

474,207

American

Express

Co.

...............

9,250

1,118,417

Encore

Capital

Group,

Inc.

(b)

...........

917

35,717

1,628,341

Distributors

—

0.2%

Genuine

Parts

Co.

..................

538

54,031

Pool

Corp.

.......................

845

314,763

368,794

Diversified

Consumer

Services

—

0.2%

(b)

Bright

Horizons

Family

Solutions,

Inc.

.....

1,837

317,783

WW

International,

Inc.

...............

1,656

40,406

358,189

Diversified

Financial

Services

—

0.0%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

......

311

72,112

Electric

Utilities

—

1.9%

Alliant

Energy

Corp.

.................

9,313

479,899

Eversource

Energy

.................

6,197

536,102

IDACORP,

Inc.

....................

4,506

432,711

NextEra

Energy,

Inc.

................

20,620

1,590,833

Pinnacle

West

Capital

Corp.

...........

4,192

335,150

Xcel

Energy,

Inc.

...................

1,956

130,407

3,505,102

Electrical

Equipment

—

0.7%

AMETEK,

Inc.

.....................

3,702

447,720

Emerson

Electric

Co.

................

800

64,296

Hubbell,

Inc.

......................

1,913

299,939

Rockwell

Automation,

Inc.

.............

1,948

488,578

1,300,533

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Cognex

Corp.

.....................

1,819

146,038

Coherent,

Inc.

(b)

....................

195

29,254

National

Instruments

Corp.

............

8,608

378,236

Trimble,

Inc.

(b)

.....................

4,883

326,038

Vontier

Corp.

(b)

....................

947

31,630

Zebra

Technologies

Corp.,

Class

A

(b)

......

458

176,023

1,087,219

Energy

Equipment

&

Services

—

0.4%

ChampionX

Corp.

(b)

.................

8,471

129,606

Schlumberger

NV

..................

27,805

606,983

Seadrill

Ltd.

(b)

.....................

29

8

TechnipFMC

plc

....................

3,475

32,665

769,262

Entertainment

—

2.8%

Activision

Blizzard,

Inc.

...............

7,119

660,999

Madison

Square

Garden

Sports

Corp.

(b)

....

622

114,510

Marcus

Corp.

(The)

(a)

................

1,796

24,210

Netflix,

Inc.

(b)

......................

1,930

1,043,609

Spotify

Technology

SA

(b)

..............

85

26,746

Take-Two

Interactive

Software,

Inc.

(b)

......

613

127,375

Walt

Disney

Co.

(The)

(b)

..............

14,201

2,572,937

Warner

Music

Group

Corp.,

Class

A

......

8,351

317,255

World

Wrestling

Entertainment,

Inc.,

Class

A

2,287

109,891

Zynga,

Inc.,

Class

A

(b)

................

21,567

212,866

5,210,398

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.7%

Alexandria

Real

Estate

Equities,

Inc.

......

2,797

$

498,481

American

Tower

Corp.

...............

2,332

523,441

Boston

Properties,

Inc.

...............

6,052

572,095

Brixmor

Property

Group,

Inc.

(a)

..........

31,857

527,233

Camden

Property

Trust

...............

777

77,638

CorePoint

Lodging,

Inc.

..............

18,095

124,494

Equinix

,

Inc.

......................

331

236,393

Equity

Residential

..................

4,506

267,116

Federal

Realty

Investment

Trust

.........

2,242

190,839

Host

Hotels

&

Resorts,

Inc.

............

4,328

63,319

Kilroy

Realty

Corp.

..................

7,187

412,534

Kimco

Realty

Corp.

.................

26,642

399,896

Life

Storage,

Inc.

...................

445

53,128

Macerich

Co.

(The)

.................

1,988

21,212

Outfront

Media,

Inc.

.................

2,446

47,844

Prologis,

Inc.

......................

17,351

1,729,201

Regency

Centers

Corp.

..............

8,685

395,949

Simon

Property

Group,

Inc.

............

7,485

638,321

Welltower

,

Inc.

.....................

2,172

140,355

6,919,489

Food

&

Staples

Retailing

—

1.0%

Costco

Wholesale

Corp.

..............

4,502

1,696,264

Sysco

Corp.

......................

770

57,180

United

Natural

Foods,

Inc.

(b)

............

1,363

21,767

Walmart,

Inc.

......................

1,130

162,889

1,938,100

Food

Products

—

1.4%

General

Mills,

Inc.

..................

14,412

847,426

Hershey

Co.

(The)

..................

6,979

1,063,111

Kellogg

Co.

.......................

4,278

266,220

McCormick

&

Co.,

Inc.

(Non-Voting)

......

5,174

494,634

2,671,391

Gas

Utilities

—

0.1%

Southwest

Gas

Holdings,

Inc.

..........

2,145

130,309

Health

Care

Equipment

&

Supplies

—

2.7%

Align

Technology,

Inc.

(b)

...............

446

238,333

Danaher

Corp.

....................

3,013

669,308

Dentsply

Sirona,

Inc.

................

491

25,709

DexCom

,

Inc.

(b)

....................

1,287

475,830

Edwards

Lifesciences

Corp.

(b)

..........

10,729

978,807

Globus

Medical,

Inc.,

Class

A

(b)

.........

1,115

72,720

Haemonetics

Corp.

(b)

................

318

37,762

Hill-Rom

Holdings,

Inc.

...............

406

39,776

Hologic

,

Inc.

(b)

.....................

744

54,186

IDEXX

Laboratories,

Inc.

(b)

.............

1,794

896,767

Insulet

Corp.

(b)

.....................

441

112,733

Intuitive

Surgical,

Inc.

(b)

...............

52

42,541

LivaNova

plc

(b)

.....................

709

46,943

Medtronic

plc

.....................

4,624

541,655

Penumbra,

Inc.

(b)

...................

288

50,400

Quidel

Corp.

(b)

.....................

200

35,930

Shockwave

Medical,

Inc.

(b)

.............

322

33,398

Stryker

Corp.

(a)

....................

2,103

515,319

Tandem

Diabetes

Care,

Inc.

(b)

..........

688

65,828

West

Pharmaceutical

Services,

Inc.

......

601

170,269

5,104,214

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

2.7%

1Life

Healthcare,

Inc.

(b)

...............

2,714

$

118,466

Amedisys

,

Inc.

(b)

...................

131

38,426

AmerisourceBergen

Corp.

.............

2,078

203,145

Anthem,

Inc.

......................

2,726

875,291

Cardinal

Health,

Inc.

.................

9,283

497,198

Cigna

Corp.

......................

1,105

230,039

HCA

Healthcare,

Inc.

................

491

80,750

Henry

Schein,

Inc.

(b)

.................

8,318

556,141

McKesson

Corp.

...................

3,868

672,723

Quest

Diagnostics,

Inc.

...............

1,049

125,009

UnitedHealth

Group,

Inc.

..............

4,614

1,618,038

5,015,226

Health

Care

Technology

—

0.3%

Cerner

Corp.

......................

2,659

208,678

Teladoc

Health,

Inc.

(b)

................

2,008

401,520

610,198

Hotels,

Restaurants

&

Leisure

—

2.2%

Cheesecake

Factory,

Inc.

(The)

.........

1,622

60,111

Chipotle

Mexican

Grill,

Inc.

(b)

...........

453

628,180

Cracker

Barrel

Old

Country

Store,

Inc.

.....

1,209

159,491

Darden

Restaurants,

Inc.

(a)

............

1,833

218,347

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

3,804

114,196

Denny's

Corp.

(b)

....................

11,683

171,506

Dine

Brands

Global,

Inc.

..............

4,761

276,138

Domino's

Pizza,

Inc.

.................

530

203,234

DraftKings

,

Inc.,

Class

A

(b)

.............

2,239

104,248

International

Game

Technology

plc

.......

6,828

115,666

Jack

in

the

Box,

Inc.

.................

2,616

242,765

McDonald's

Corp.

..................

576

123,598

Planet

Fitness,

Inc.,

Class

A

(b)

..........

3,859

299,574

Scientific

Games

Corp.,

Class

A

(b)

........

479

19,874

SeaWorld

Entertainment,

Inc.

(b)

.........

7,735

244,349

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

1,470

124,627

Six

Flags

Entertainment

Corp.

..........

3,105

105,880

Starbucks

Corp.

....................

1,369

146,456

Texas

Roadhouse,

Inc.

...............

2,800

218,848

Vail

Resorts,

Inc.

...................

255

71,135

Wendy's

Co.

(The)

..................

5,259

115,277

Wyndham

Destinations,

Inc.

...........

4,769

213,937

Wynn

Resorts

Ltd.

..................

1,617

182,446

4,159,883

Household

Durables

—

0.1%

iRobot

Corp.

(b)

.....................

630

50,583

KB

Home

........................

953

31,944

Sonos

,

Inc.

(b)

......................

2,644

61,843

144,370

Household

Products

—

1.4%

Church

&

Dwight

Co.,

Inc.

.............

1,494

130,322

Clorox

Co.

(The)

...................

5,459

1,102,281

Colgate-Palmolive

Co.

...............

7,636

652,955

Procter

&

Gamble

Co.

(The)

...........

4,866

677,055

2,562,613

Industrial

Conglomerates

—

1.2%

3M

Co.

..........................

3,438

600,928

Honeywell

International,

Inc.

...........

5,627

1,196,863

Roper

Technologies,

Inc.

..............

1,239

534,120

2,331,911

Security

Shares

Shares

Value

Insurance

—

1.4%

Aflac,

Inc.

........................

3,245

$

144,305

Aon

plc,

Class

A

...................

142

30,000

Arthur

J

Gallagher

&

Co.

..............

1,270

157,112

Athene

Holding

Ltd.,

Class

A

(b)

..........

5,213

224,889

Brighthouse

Financial,

Inc.

(b)

...........

2,400

86,892

First

American

Financial

Corp.

..........

6,151

317,576

Hanover

Insurance

Group,

Inc.

(The)

.....

332

38,818

Marsh

&

McLennan

Cos.,

Inc.

..........

4,527

529,659

Progressive

Corp.

(The)

..............

3,500

346,080

Travelers

Cos.,

Inc.

(The)

.............

4,582

643,175

Trupanion

,

Inc.

(b)

...................

141

16,879

Willis

Towers

Watson

plc

..............

612

128,936

2,664,321

Interactive

Media

&

Services

—

4.9%

(b)

Alphabet,

Inc.,

Class

A

...............

1,963

3,440,432

Alphabet,

Inc.,

Class

C

...............

1,385

2,426,354

Facebook,

Inc.,

Class

A

..............

9,375

2,560,875

Match

Group,

Inc.

..................

1,658

250,673

Twitter,

Inc.

.......................

7,517

407,046

9,085,380

Internet

&

Direct

Marketing

Retail

—

3.9%

(b)

Amazon.com,

Inc.

..................

2,105

6,855,838

Etsy,

Inc.

........................

862

153,358

Grubhub

,

Inc.

.....................

441

32,753

Overstock.com,

Inc.

.................

1,839

88,217

RealReal

,

Inc.

(The)

.................

3,416

66,749

Wayfair,

Inc.,

Class

A

................

502

113,356

7,310,271

IT

Services

—

5.8%

Accenture

plc,

Class

A

...............

8,783

2,294,207

Automatic

Data

Processing,

Inc.

.........

4,784

842,941

Fiserv,

Inc.

(b)

......................

7,254

825,940

Jack

Henry

&

Associates,

Inc.

..........

325

52,647

Mastercard

,

Inc.,

Class

A

..............

4,721

1,685,114

Okta

,

Inc.

(b)

.......................

886

225,274

Paychex,

Inc.

.....................

2,962

275,999

PayPal

Holdings,

Inc.

(b)

...............

8,480

1,986,016

Twilio

,

Inc.,

Class

A

(b)

................

80

27,080

Visa,

Inc.,

Class

A

..................

11,523

2,520,426

Wix.com

Ltd.

(b)

.....................

262

65,490

10,801,134

Life

Sciences

Tools

&

Services

—

1.5%

Adaptive

Biotechnologies

Corp.

(b)

........

155

9,165

Agilent

Technologies,

Inc.

.............

9,767

1,157,292

Illumina,

Inc.

(b)

.....................

400

148,000

Mettler

-Toledo

International,

Inc.

(b)

.......

129

147,019

QIAGEN

NV

(b)

.....................

2,693

142,325

Thermo

Fisher

Scientific,

Inc.

...........

2,213

1,030,771

Waters

Corp.

(b)

....................

530

131,133

2,765,705

Machinery

—

1.8%

Cummins,

Inc.

.....................

1,158

262,982

Deere

&

Co.

......................

4,474

1,203,730

Graco

,

Inc.

.......................

869

62,872

Illinois

Tool

Works,

Inc.

...............

1,548

315,606

Oshkosh

Corp.

....................

4,037

347,465

PACCAR,

Inc.

.....................

2,155

185,933

Snap-on,

Inc.

.....................

2,486

425,454

Xylem,

Inc.

.......................

5,288

538,265

3,342,307

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Media

—

1.5%

Comcast

Corp.,

Class

A

..............

11,430

$

598,932

Discovery,

Inc.,

Class

A

(b)

.............

23,895

719,000

Discovery,

Inc.,

Class

C

(b)

.............

1,620

42,428

iHeartMedia

,

Inc.,

Class

A

(b)

............

4,706

61,084

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(b)

395

17,060

Meredith

Corp.

....................

6,159

118,253

New

York

Times

Co.

(The),

Class

A

.......

3,725

192,843

Sirius

XM

Holdings,

Inc.

..............

161,101

1,026,214

ViacomCBS

,

Inc.

...................

1,992

74,222

2,850,036

Metals

&

Mining

—

0.2%

Reliance

Steel

&

Aluminum

Co.

.........

679

81,310

Royal

Gold,

Inc.

....................

1,947

207,083

288,393

Multiline

Retail

—

0.2%

Nordstrom,

Inc.

....................

10,787

336,662

Target

Corp.

......................

243

42,897

379,559

Multi-Utilities

—

0.7%

CMS

Energy

Corp.

..................

16,422

1,001,906

Consolidated

Edison,

Inc.

.............

4,461

322,397

1,324,303

Oil,

Gas

&

Consumable

Fuels

—

1.6%

Antero

Resources

Corp.

(b)

.............

35,027

190,897

Callon

Petroleum

Co.

(b)

...............

3,954

52,035

Cheniere

Energy,

Inc.

(b)

...............

5,578

334,847

Chevron

Corp.

.....................

430

36,314

Concho

Resources,

Inc.

..............

927

54,090

Delek

US

Holdings,

Inc.

..............

1,608

25,841

EOG

Resources,

Inc.

................

9,591

478,303

Laredo

Petroleum,

Inc.

(b)

..............

7,277

143,357

ONEOK,

Inc.

......................

1,396

53,579

Phillips

66

........................

17,655

1,234,791

Scorpio

Tankers,

Inc.

................

5,827

65,204

Valero

Energy

Corp.

.................

6,355

359,502

Williams

Cos.,

Inc.

(The)

..............

2,168

43,468

3,072,228

Paper

&

Forest

Products

—

0.2%

Boise

Cascade

Co.

.................

7,129

340,766

Personal

Products

—

0.5%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

3,422

910,902

Pharmaceuticals

—

3.9%

Bristol-Myers

Squibb

Co.

..............

20,237

1,255,301

Catalent

,

Inc.

(b)

....................

783

81,487

Eli

Lilly

&

Co.

.....................

4,294

724,999

Johnson

&

Johnson

.................

12,569

1,978,109

Merck

&

Co.,

Inc.

...................

14,930

1,221,274

Pfizer,

Inc.

.......................

26,720

983,563

Zoetis,

Inc.

.......................

6,830

1,130,365

7,375,098

Professional

Services

—

0.6%

Equifax,

Inc.

......................

420

80,993

IHS

Markit

Ltd.

....................

3,316

297,876

Robert

Half

International,

Inc.

...........

4,200

262,416

Verisk

Analytics,

Inc.

.................

2,321

481,816

1,123,101

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

A

(b)

...........

1,744

109,384

Security

Shares

Shares

Value

Road

&

Rail

—

0.5%

Covenant

Logistics

Group,

Inc.,

Class

A

(b)

..

1,496

$

22,156

Landstar

System,

Inc.

................

727

97,898

Lyft,

Inc.,

Class

A

(b)

..................

4,216

207,132

Old

Dominion

Freight

Line,

Inc.

.........

1,558

304,090

Uber

Technologies,

Inc.

(b)

.............

1,576

80,376

Universal

Logistics

Holdings,

Inc.

........

2,314

47,645

Werner

Enterprises,

Inc.

..............

2,539

99,580

858,877

Semiconductors

&

Semiconductor

Equipment

—

5.0%

Advanced

Micro

Devices,

Inc.

(b)

.........

8,191

751,197

Allegro

MicroSystems

,

Inc.

(b)

...........

918

24,474

Analog

Devices,

Inc.

.................

7,684

1,135,157

Applied

Materials,

Inc.

...............

10,584

913,399

Cirrus

Logic,

Inc.

(b)

..................

4,743

389,875

Intel

Corp.

.......................

22,125

1,102,267

Lam

Research

Corp.

................

284

134,125

NVIDIA

Corp.

.....................

6,428

3,356,702

QUALCOMM,

Inc.

..................

4,405

671,058

Texas

Instruments,

Inc.

...............

4,592

753,685

Xilinx,

Inc.

........................

1,167

165,445

9,397,384

Software

—

9.5%

Adobe,

Inc.

(b)

......................

6,188

3,094,742

Asana,

Inc.,

Class

A

(b)

................

1,629

48,137

Autodesk,

Inc.

(b)

....................

390

119,082

Cadence

Design

Systems,

Inc.

(b)

........

4,003

546,129

HubSpot

,

Inc.

(b)

....................

706

279,887

Intuit,

Inc.

........................

2,096

796,166

Microsoft

Corp.

....................

36,458

8,108,988

RingCentral,

Inc.,

Class

A

(b)

............

679

257,321

salesforce.com,

Inc.

(b)

................

6,596

1,467,808

ServiceNow

,

Inc.

(b)

..................

3,230

1,777,889

Slack

Technologies,

Inc.,

Class

A

(b)

.......

499

21,078

Teradata

Corp.

(b)

...................

3,119

70,084

VMware,

Inc.,

Class

A

(b)

..............

2,509

351,912

Workday,

Inc.,

Class

A

(b)

..............

388

92,969

Zendesk

,

Inc.

(b)

....................

2,509

359,088

Zoom

Video

Communications,

Inc.,

Class

A

(b)

1,306

440,540

17,831,820

Specialty

Retail

—

1.4%

Home

Depot,

Inc.

(The)

..............

7,844

2,083,523

Lowe's

Cos.,

Inc.

...................

2,525

405,288

Sally

Beauty

Holdings,

Inc.

(b)

...........

2,194

28,610

Williams-Sonoma,

Inc.

...............

272

27,700

2,545,121

Technology

Hardware,

Storage

&

Peripherals

—

5.4%

Apple,

Inc.

.......................

70,823

9,397,504

Hewlett

Packard

Enterprise

Co.

.........

20,890

247,546

HP,

Inc.

.........................

6,940

170,655

NetApp,

Inc.

......................

3,962

262,443

10,078,148

Textiles,

Apparel

&

Luxury

Goods

—

1.0%

Crocs,

Inc.

(b)

......................

1,360

85,218

Lululemon

Athletica,

Inc.

(b)

.............

982

341,765

NIKE,

Inc.,

Class

B

.................

8,043

1,137,843

Ralph

Lauren

Corp.

.................

3,281

340,371

1,905,197

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

—

0.2%

MGIC

Investment

Corp.

..............

4,459

$

55,961

New

York

Community

Bancorp,

Inc.

......

21,053

222,109

Radian

Group,

Inc.

..................

1,969

39,872

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

7,497

151,589

469,531

Trading

Companies

&

Distributors

—

0.8%

Fastenal

Co.

......................

6,008

293,370

GATX

Corp.

(a)

.....................

4,126

343,201

SiteOne

Landscape

Supply,

Inc.

(b)

........

1,109

175,921

WESCO

International,

Inc.

(b)

...........

392

30,772

WW

Grainger,

Inc.

..................

1,609

657,019

1,500,283

Wireless

Telecommunication

Services

—

0.1%

United

States

Cellular

Corp.

(b)

..........

7,288

223,669

Total

Common

Stocks

—

97.0%

(Cost:

$147,514,623)

.............................

181,241,558

Security

Shares

Shares

Value

Rights

—

0.0%

Pharmaceuticals

—

0.0%

Bristol-Myers

Squibb

Co.,

CVR

(Expires

03/31/2021)

(b)

...................

3,948

$

2,724

Total

Rights

—

0.0%

(Cost:

$8,409)

.................................

2,724

Total

Long-Term

Investments

—

97.0%

(Cost:

$147,523,032)

.............................

181,244,282

Short-Term

Securities

—

3.6%

(c)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

*

...................

5,156,187

5,156,187

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

..........

24,868

24,868

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)*

.......................

1,482,102

1,482,546

Total

Short-Term

Securities

—

3.6%

(Cost:

$6,663,601)

..............................

6,663,601

Total

Investments

—

100.6%

(Cost:

$154,186,633

)

.............................

187,907,883

Liabilities

in

Excess

of

Other

Assets

—

(0.6)%

............

(1,183,881)

Net

Assets

—

100.0%

..............................

$

186,724,002

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,117,321

$

4,038,866

$

—

$

—

$

—

$

5,156,187

5,156,187

$

7,449

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

8,996,974

—

(7,504,972)

(9,312)

(144)

1,482,546

1,482,102

44,947

(b)

—

$

(9,312)

$

(144)

$

6,638,733

$

52,396

$

—

(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

U.S.

Total

Market

V.I.

Fund

Schedule

of

Investments

11

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

......................................................

30

03/19/21

$

5,623

$

142,597

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

142,597

$

—

$

—

$

—

$

142,597

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

1,313,902

$

—

$

—

$

—

$

1,313,902

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

127,016

—

—

—

127,016

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

5,193,958

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

12

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

181,244,282

$

—

$

—

$

181,244,282

Short-Term

Securities

.......................................

5,181,055

—

—

5,181,055

Subtotal

....................................................

$

186,425,337

$

—

$

—

$

186,425,337

Investments

valued

at

NAV

(a)

......................................

1,482,546

$

—

Total

Investments

..............................................

$

187,907,883

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

142,597

$

—

$

—

$

142,597

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$1,448,912)

(cost

—

$147,547,900)

..........................................

$

181,269,150‌

Investments

at

value

—

affiliated

(cost

—

$6,638,733)

.................................................................................

6,638,733‌

Cash

pledged

for

futures

contracts

..............................................................................................

345,000‌

Foreign

currency

at

value

(cost

—

$785)

..........................................................................................

766‌

Receivables:

–‌

Investments

sold

........................................................................................................

927,705‌

Securities

lending

income

—

affiliated

..........................................................................................

2,791‌

Dividends

—

affiliated

.....................................................................................................

121‌

Dividends

—

unaffiliated

...................................................................................................

127,722‌

Variation

margin

on

futures

contracts

...........................................................................................

38,015‌

Prepaid

expenses

.........................................................................................................

2,054‌

Total

assets

.............................................................................................................

189,352,057‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

1,483,699‌

Payables:

–‌

Investments

purchased

....................................................................................................

822,733‌

Capital

shares

redeemed

...................................................................................................

46,466‌

Distribution

fees

.........................................................................................................

1,774‌

Investment

advisory

fees

..................................................................................................

76,285‌

Directors'

and

Officer's

fees

.................................................................................................

2,301‌

Other

affiliate

fees

.......................................................................................................

1,436‌

Transfer

agent

fees

......................................................................................................

99,638‌

Other

accrued

expenses

...................................................................................................

93,723‌

Total

liabilities

............................................................................................................

2,628,055‌

NET

ASSETS

............................................................................................................

$

186,724,002‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

149,405,533‌

Accumulated

earnings

......................................................................................................

37,318,469‌

NET

ASSETS

............................................................................................................

$

186,724,002‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

177,134,427‌

Shares

outstanding

.................................................................................................

6,443,786‌

Net

asset

value

....................................................................................................

$

27.49‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

3,036,248‌

Shares

outstanding

.................................................................................................

110,789‌

Net

asset

value

....................................................................................................

$

27.41‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

6,553,327‌

Shares

outstanding

.................................................................................................

374,373‌

Net

asset

value

....................................................................................................

$

17.50‌

Shares

authorized

..................................................................................................

10

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

7,449‌

Dividends

—

unaffiliated

...................................................................................................

2,728,171‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

44,947‌

Foreign

taxes

withheld

....................................................................................................

(231‌)

Total

investment

income

.....................................................................................................

2,780,336‌

EXPENSES

Investment

advisory

......................................................................................................

1,249,727‌

Transfer

agent

—

class

specific

..............................................................................................

370,700‌

Professional

...........................................................................................................

50,009‌

Accounting

services

......................................................................................................

46,127‌

Custodian

.............................................................................................................

30,649‌

Distribution

—

class

specific

................................................................................................

17,759‌

Directors

and

Officer

.....................................................................................................

10,480‌

Transfer

agent

..........................................................................................................

5,200‌

Printing

and

postage

.....................................................................................................

4,985‌

Miscellaneous

..........................................................................................................

2,907‌

Total

expenses

...........................................................................................................

1,788,543‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(484,196‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(370,672‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

933,675‌

Net

investment

income

......................................................................................................

1,846,661‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

29,312,504‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(9,312‌)

Investments

—

unaffiliated

...............................................................................................

12,010,015‌

Futures

contracts

......................................................................................................

1,313,902‌

A

13,314,605‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(144‌)

Investments

—

unaffiliated

...............................................................................................

15,871,012‌

Foreign

currency

translations

..............................................................................................

15‌

Futures

contracts

......................................................................................................

127,016‌

A

15,997,899‌

Net

realized

and

unrealized

gain

...............................................................................................

29,312,504‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

31,159,165‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

1,846,661‌

$

2,979,432‌

Net

realized

gain

..................................................................................

13,314,605‌

17,736,348‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

15,997,899‌

34,104,578‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

31,159,165‌

54,820,358‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(12,317,097‌)

(15,857,138‌)

  Class

II

.......................................................................................

(215,249‌)

(284,705‌)

  Class

III

.......................................................................................

(670,030‌)

(782,251‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(13,202,376‌)

(16,924,094‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(8,531,951‌)

(87,387,941‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

9,424,838‌

(49,491,677‌)

Beginning

of

year

....................................................................................

177,299,164‌

226,790,841‌

End

of

year

........................................................................................

$

186,724,002‌

$

177,299,164‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

24.65‌

$

21.11‌

$

25.63‌

$

27.93‌

$

23.24‌

Net

investment

income

(a)

.....................................

0.28‌

0.35‌

0.34‌

0.26‌

(b)

0.07‌

Net

realized

and

unrealized

gain

(loss)

...........................

4.57‌

5.74‌

(2.00‌)

3.60‌

5.43‌

Net

increase

(decrease)

from

investment

operations

....................

4.85‌

6.09‌

(1.66‌)

3.86‌

5.50‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.30‌)

(0.44‌)

(0.34‌)

(0.27‌)

(0.07‌)

From

net

realized

gain

.......................................

(1.71‌)

(2.11‌)

(2.52‌)

(5.89‌)

(0.74‌)

Total

distributions

...........................................

(2.01‌)

(2.55‌)

(2.86‌)

(6.16‌)

(0.81‌)

Net

asset

value,

end

of

year

...................................

$

27.49‌

$

24.65‌

$

21.11‌

$

25.63‌

$

27.93‌

Total

Return

(d)

19.96%

28.98%

(6.39)%

—

—

Based

on

net

asset

value

......................................

19.96%

28.98%

(6.39)%

14.05%

23.65%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.06%

1.02%

1.03%

1.05%

1.01%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.55%

0.55%

0.55%

0.71%

0.92%

Net

investment

income

.......................................

1.12%

1.45%

1.31%

0.91%

(b)

0.28%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

177,134‌

$

168,415‌

$

218,976‌

$

261,872‌

$

250,567‌

Portfolio

turnover

rate

........................................

119%

135%

150%

179%

78%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.05

per

share

and

0.18%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

18

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Class

II

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

24.58‌

$

21.06‌

$

25.57‌

$

27.88‌

$

23.21‌

Net

investment

income

(a)

.....................................

0.24‌

0.32‌

0.30‌

0.20‌

(b)

0.03‌

Net

realized

and

unrealized

gain

(loss)

...........................

4.56‌

5.71‌

(1.99‌)

3.60‌

5.41‌

Net

increase

(decrease)

from

investment

operations

....................

4.80‌

6.03‌

(1.69‌)

3.80‌

5.44‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.26‌)

(0.40‌)

(0.30‌)

(0.22‌)

(0.03‌)

From

net

realized

gain

.......................................

(1.71‌)

(2.11‌)

(2.52‌)

(5.89‌)

(0.74‌)

Total

distributions

...........................................

(1.97‌)

(2.51‌)

(2.82‌)

(6.11‌)

(0.77‌)

Net

asset

value,

end

of

year

...................................

$

27.41‌

$

24.58‌

$

21.06‌

$

25.57‌

$

27.88‌

Total

Return

(d)

19.82%

28.77%

(6.53)%

13.85%

—

Based

on

net

asset

value

......................................

19.82%

28.77%

(6.53)%

13.85%

23.40%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.19%

1.21%

1.22%

1.22%

1.20%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.70%

0.70%

0.70%

0.88%

1.09%

Net

investment

income

.......................................

0.97%

1.29%

1.16%

0.72%

(b)

0.10%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

3,036‌

$

3,055‌

$

2,742‌

$

3,131‌

$

3,351‌

Portfolio

turnover

rate

........................................

119%

135%

150%

179%

78%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.05

per

share

and

0.17%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

16.33‌

$

14.66‌

$

18.74‌

$

21.89‌

$

18.36‌

Net

investment

income

(a)

.....................................

0.14‌

0.20‌

0.20‌

0.14‌

(b)

0.01‌

Net

realized

and

unrealized

gain

(loss)

...........................

3.00‌

3.97‌

(1.46‌)

2.82‌

4.29‌

Net

increase

(decrease)

from

investment

operations

....................

3.14‌

4.17‌

(1.26‌)

2.96‌

4.30‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.26‌)

(0.39‌)

(0.30‌)

(0.22‌)

(0.03‌)

From

net

realized

gain

.......................................

(1.71‌)

(2.11‌)

(2.52‌)

(5.89‌)

(0.74‌)

Total

distributions

...........................................

(1.97‌)

(2.50‌)

(2.82‌)

(6.11‌)

(0.77‌)

Net

asset

value,

end

of

year

...................................

$

17.50‌

$

16.33‌

$

14.66‌

$

18.74‌

$

21.89‌

Total

Return

(d)

19.65%

28.65%

(6.65)%

13.83%

—

Based

on

net

asset

value

......................................

19.65%

28.65%

(6.65)%

13.83%

23.41%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.29%

1.31%

1.32%

1.32%

1.29%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.80%

0.80%

0.80%

0.95%

1.11%

Net

investment

income

.......................................

0.87%

1.19%

1.06%

0.65%

(b)

0.08%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

6,553‌

$

5,829‌

$

5,073‌

$

5,324‌

$

6,184‌

Portfolio

turnover

rate

........................................

119%

135%

150%

179%

78%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.04

per

share

and

0.17%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

to

Shareholders

20

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I,

Class

II

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

II

and

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

On

November

11,

2020,

the

Board

of

Directors

of

the

Company

(the

"Board")

approved

certain

changes

to

the

Fund.

The

Fund

will

be

changing

its

investment

strategy

from

primarily

investing

in

equity

securities

of

U.S.

companies

to

primarily

investing

in

equity

securities

of

U.S.

small

and

medium

capitalization

companies

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

Along

with

this

change,

the

Fund’s

benchmark

will

change

from

the

Russell

3000

®

Index

to

the

Russell

2500™

Index

and

the

Fund

will

be

renamed

BlackRock

Advantage

SMID

Cap

V.I.

Fund.

These

changes

are

effective

on

February

9,

2021.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager")

 or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex

.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.  

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

certain

investments

of

the

Fund

were fair valued

using

NAV

per

share

or

its

equivalent

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

22

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Barclays

Capital,

Inc.

...................................................

$

140,710‌

$

(140,710‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

870,607‌

(870,607‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

105,677‌

(105,677‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

137,102‌

(137,102‌)

—‌

Goldman

Sachs

&

Co.

..................................................

20,381‌

(20,381‌)

—‌

National

Financial

Services

LLC

............................................

159,540‌

(159,540‌)

—‌

TD

Prime

Services

LLC

.................................................

14,895‌

(14,895‌)

—‌

$

1,448,912‌

$

(1,448,912‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

23

Notes

to

Financial

Statements

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $1,385

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors

”

),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$2,952

.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.75%

$1

Billion

-

$3

Billion

.....................................................................................................

0.71

$3

Billion

-

$5

Billion

.....................................................................................................

0.68

$5

Billion

-

$10

Billion

....................................................................................................

0.65

Greater

than

$10

Billion

..................................................................................................

0.64

Distribution

Fees

Class

II

...............................................................................................................

0.15‌%

Class

III

...............................................................................................................

0.25‌

Distribution

Fees

Class

II

.........................................................................................................

$

4,300‌

Class

III

.........................................................................................................

13,459‌

$

17,759‌

Class

I

..........................................................................................................

$

354,310‌

Class

II

.........................................................................................................

5,728‌

Class

III

.........................................................................................................

10,662‌

$

370,700‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

24

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

class

specific

expense

reimbursements were

as

follows:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/or

reimbursed

$481,244

and

$113,745,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $13,056

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

Class

I

................................................................................................................

0.07‌%

Class

II

...............................................................................................................

0.09‌

Class

III

...............................................................................................................

0.01‌

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

243

,

644‌

Class

II

.........................................................................................................

3,151‌

Class

III

.........................................................................................................

10,

1

32‌

$

256,9

2

7‌

Class

I

................................................................................................................

0.55‌%

Class

II

...............................................................................................................

0.70‌

Class

III

...............................................................................................................

0.80‌

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $194,321,140

and

$217,123,956,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

5,727,948‌

$

5,424,089‌

Long-term

capital

gains

........................................................................................

7,474,428‌

11,500,005‌

$

13,202,376‌

$

16,924,094‌

Undistributed

ordinary

income

.............................................................................................

$

2,884,527‌

Undistributed

long-term

capital

gains

.........................................................................................

1,417,738‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

33,016,204‌

$

37,318,469‌

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

timing

and

recognition

of

partnership

income.

Tax

cost

...........................................................................................................

$

154,894,156‌

Gross

unrealized

appreciation

............................................................................................

$

34,620,435‌

Gross

unrealized

depreciation

............................................................................................

(1,606,708‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

33,013,727‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

26

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

63,469‌

$

1,572,468‌

129,497‌

$

3,140,046‌

Shares

issued

in

reinvestment

of

distributions

........................

459,212‌

12,317,097‌

650,520‌

15,857,138‌

Shares

redeemed

.........................................

(911,272‌)

(22,466,104‌)

(4,320,224‌)

(106,385,309‌)

Net

decrease

..............................................

(388,591‌)

$

(8,576,539‌)

(3,540,207‌)

$

(87,388,125‌)

Class

II

Shares

sold

.............................................

135‌

$

2,693‌

697‌

$

16,660‌

Shares

issued

in

reinvestment

of

distributions

........................

8,054‌

215,249‌

11,714‌

284,705‌

Shares

redeemed

.........................................

(21,668‌)

(541,795‌)

(18,329‌)

(444,528‌)

Net

decrease

..............................................

(13,479‌)

$

(323,853‌)

(5,918‌)

$

(143,163‌)

Class

III

Shares

sold

.............................................

56,878‌

$

972,213‌

28,577‌

$

466,249‌

Shares

issued

in

reinvestment

of

distributions

........................

38,976‌

670,030‌

48,411‌

782,251‌

Shares

redeemed

.........................................

(78,333‌)

(1,273,802‌)

(66,117‌)

(1,105,153‌)

Net

increase

...............................................

17,521‌

$

368,441‌

10,871‌

$

143,347‌

Total

Net

Decrease

(384,550‌)

$

(8,531,951‌)

(3,535,254‌)

$

(87,387,941‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

28

To

the

Shareholders

of

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

29

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

CVR

Contingent

Value

Rights

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Basic

Value

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

Basic

Value

V.I.

Fund

Investment

Objective

BlackRock

Basic

Value

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

capital

appreciation

and,

secondarily,

income.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Value

Index.

What

factors

influenced

performance?

Stock

selection

and

allocation

decisions

within

the

information

technology

("IT")

sector

provided

the

largest

contribution

to

the

Fund's

relative

performance,

most

notably

in

selection

decisions

within

the

IT

services

and

technology

hardware,

storage

&

peripherals

industries.

Stock

selection

and

an

overweight

allocation

to

the

communications

equipment

industry

also

boosted

relative

returns

within

IT.

Positive

contributors

also

included

investment

decisions

in

the

consumer

discretionary

sector,

particularly

within

the

automobiles,

specialty

retail,

and

textiles

&

apparel

industries.

Lastly,

stock

selection

within

the

energy

and

industrials

sectors

added

to

performance.

The

largest

detractor

from

the

Fund's

relative

performance

was

stock

selection

in

the

health

care

sector.

Specifically,

stock

selection

among

pharmaceuticals

stocks

detracted

the

most,

while

the

Fund's

lack

of

positioning

in

the

life

sciences

tools

&

services

industry

and

stock

selection

in

biotechnology

also

hurt

relative

returns.

In

the

utilities

sector,

stock

selection

within

the

electric

utilities

industry

meaningfully

weighed

on

results,

while

investment

decisions

among

independent

power

and

renewable

electricity

producers

also

exerted

downward

pressure.

Other

detractors

included

stock

selection

in

consumer

staples

and

an

underweight

allocation

to

the

materials

sector.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund

increased

its

exposure

to

the

consumer

discretionary,

IT

and

industrials

sectors.

The

Fund

reduced

its

allocations

to

the

energy,

financials

and

consumer

staples

sectors.

Describe

portfolio

positioning

at

period

end.

The

Fund's

largest

absolute

allocations

were

to

the

financials,

health

care

and

IT

sectors.

Relative

to

the

Russell

1000

®

Value

Index,

the

Fund

ended

the

period

with

the

most

significant

overweight

exposures

to

the

health

care,

financials

and

consumer

discretionary

sectors.

The

Fund

maintained

its

most

significant

underweight

sector

exposures

to

industrials,

real

estate,

and

materials.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Financials

.......................................

22‌

%

Health

Care

.....................................

17‌

Information

Technology

..............................

10‌

Consumer

Discretionary

.............................

10‌

Communication

Services

.............................

10‌

Industrials

.......................................

9‌

Consumer

Staples

.................................

7‌

Energy

.........................................

5‌

Utilities

.........................................

5‌

Materials

.......................................

3‌

Real

Estate

......................................

1‌

Short-Term

Securities

...............................

8‌

Liabilities

in

Excess

of

Other

Assets

.....................

(7‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Basic

Value

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

The

Fund

invests

primarily

in

equity

securities

that

Fund

management

believes

are

undervalued,

which

means

that

their

prices

are

less

than

Fund

management

believes

they

are

worth.

(c)

An

unmanaged

index

that

is

a

subset

of

the

Russell

1000

®

Index

that

consists

of

those

Russell

1000

®

securities

with

lower

price-to-book

ratios

and

lower

expected

growth

values.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

23.24‌%

3.43‌%

8.60‌%

9.15‌%

Class

II

(b)

.................................................................

23.06‌

3.21‌

8.40‌

8.96‌

Class

III

(b)

................................................................

23.00‌

3.13‌

8.28‌

8.84‌

Russell

1000

®

Value

Index

.....................................................

22.75‌

2.80‌

9.74‌

10.50‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Disclosure

of

Expenses

2020

BlackRock

Annual

Report

To

Shareholders

4

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,232.40

$

4.04

$

1,000.00

$

1,021.52

$

3.66

0.72%

Class

II

..................................

1,000.00

1,230.60

4.99

1,000.00

1,020.66

4.52

0.89

Class

III

..................................

1,000.00

1,230.00

5.61

1,000.00

1,020.11

5.08

1.00

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

BlackRock

Basic

Value

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

99.0%

Aerospace

&

Defense

—

4.4%

Airbus

SE

(a)

.......................

40,290

$

4,421,594

BAE

Systems

plc,

ADR

(b)

..............

277,429

7,532,197

Huntington

Ingalls

Industries,

Inc.

........

9,120

1,554,778

13,508,569

Automobiles

—

2.7%

General

Motors

Co.

.................

199,351

8,300,976

Banks

—

9.5%

Bank

of

America

Corp.

...............

122,561

3,714,824

Citigroup,

Inc.

.....................

184,574

11,380,833

JPMorgan

Chase

&

Co.

..............

40,357

5,128,164

Wells

Fargo

&

Co.

..................

298,458

9,007,462

29,231,283

Beverages

—

1.0%

Coca-Cola

Co.

(The)

................

54,980

3,015,103

Biotechnology

—

0.5%

Biogen,

Inc.

(a)

.....................

6,106

1,495,115

Capital

Markets

—

2.7%

Evercore,

Inc.,

Class

A

...............

21,390

2,345,200

Morgan

Stanley

....................

85,487

5,858,424

8,203,624

Chemicals

—

3.2%

Axalta

Coating

Systems

Ltd.

(a)

..........

184,550

5,268,903

Corteva,

Inc.

......................

117,659

4,555,756

9,824,659

Communications

Equipment

—

2.4%

Cisco

Systems,

Inc.

.................

164,762

7,373,100

Consumer

Finance

—

2.9%

Ally

Financial,

Inc.

..................

69,845

2,490,673

Capital

One

Financial

Corp.

............

66,457

6,569,274

9,059,947

Diversified

Financial

Services

—

2.5%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

17,670

4,097,143

Equitable

Holdings,

Inc.

..............

141,730

3,626,871

7,724,014

Diversified

Telecommunication

Services

—

2.6%

Verizon

Communications,

Inc.

..........

135,109

7,937,654

Electric

Utilities

—

2.5%

Edison

International

.................

23,014

1,445,739

Exelon

Corp.

......................

71,850

3,033,507

PG&E

Corp.

(a)

.....................

130,830

1,630,142

PPL

Corp.

.......................

59,780

1,685,796

7,795,184

Electrical

Equipment

—

0.6%

Siemens

Energy

AG

(a)

................

49,590

1,817,449

Electronic

Equipment,

Instruments

&

Components

—

0.7%

Flex

Ltd.

(a)(b)

......................

117,726

2,116,713

Food

Products

—

1.0%

Danone

SA

.......................

45,680

3,006,025

Health

Care

Equipment

&

Supplies

—

4.2%

Dentsply

Sirona,

Inc.

................

44,480

2,328,973

Koninklijke

Philips

NV,

NYRS

(a)(b)

.........

101,279

5,486,283

Medtronic

plc

.....................

17,482

2,047,842

Zimmer

Biomet

Holdings,

Inc.

..........

19,180

2,955,446

12,818,544

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

7.0%

Anthem,

Inc.

......................

19,970

$

6,412,167

Cigna

Corp.

......................

26,503

5,517,395

CVS

Health

Corp.

..................

63,210

4,317,243

Laboratory

Corp.

of

America

Holdings

(a)

....

15,383

3,131,210

McKesson

Corp.

...................

12,670

2,203,566

21,581,581

Industrial

Conglomerates

—

2.4%

General

Electric

Co.

.................

430,147

4,645,588

Siemens

AG,

ADR

(a)

.................

37,090

2,662,691

7,308,279

Insurance

—

4.6%

American

International

Group,

Inc.

.......

195,390

7,397,466

Arthur

J

Gallagher

&

Co.

..............

3,430

424,325

Brighthouse

Financial,

Inc.

(a)

...........

23,119

837,023

Fidelity

National

Financial,

Inc.

..........

79,570

3,110,391

First

American

Financial

Corp.

..........

33,070

1,707,404

Reinsurance

Group

of

America,

Inc.

......

6,372

738,515

14,215,124

Interactive

Media

&

Services

—

1.7%

(a)

Alphabet,

Inc.,

Class

A

...............

2,167

3,797,971

Facebook,

Inc.,

Class

A

..............

5,560

1,518,769

5,316,740

Internet

&

Direct

Marketing

Retail

—

0.4%

Alibaba

Group

Holding

Ltd.,

ADR

(a)

.......

5,820

1,354,489

IT

Services

—

3.6%

CACI

International,

Inc.,

Class

A

(a)

.......

6,170

1,538,366

Cognizant

Technology

Solutions

Corp.,

Class

A

48,646

3,986,540

FleetCor

Technologies,

Inc.

(a)

...........

13,920

3,797,793

Leidos

Holdings,

Inc.

................

17,580

1,848,010

11,170,709

Media

—

3.4%

Comcast

Corp.,

Class

A

..............

139,168

7,292,403

Fox

Corp.,

Class

A

..................

110,050

3,204,656

10,497,059

Multiline

Retail

—

2.4%

Dollar

Tree,

Inc.

(a)

...................

69,267

7,483,607

Multi-Utilities

—

2.2%

Ameren

Corp.

.....................

19,570

1,527,634

NiSource,

Inc.

.....................

97,420

2,234,815

Public

Service

Enterprise

Group,

Inc.

.....

49,600

2,891,680

6,654,129

Oil,

Gas

&

Consumable

Fuels

—

5.4%

BP

plc,

ADR

(b)

.....................

127,311

2,612,422

ConocoPhillips

....................

81,751

3,269,222

Equinor

ASA,

ADR

(b)

.................

49,080

805,894

Marathon

Petroleum

Corp.

............

148,771

6,153,169

Pioneer

Natural

Resources

Co.

.........

31,917

3,635,027

16,475,734

Personal

Products

—

2.3%

Unilever

plc,

ADR

(b)

.................

115,989

7,001,096

Pharmaceuticals

—

5.4%

Bayer

AG

(Registered)

...............

99,480

5,860,486

Elanco

Animal

Health,

Inc.

(a)

............

68,180

2,091,081

Sanofi,

ADR

......................

131,000

6,365,290

Viatris,

Inc.

(a)

......................

122,202

2,290,065

16,606,922

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Basic

Value

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Professional

Services

—

1.2%

Robert

Half

International,

Inc.

...........

56,746

$

3,545,490

Real

Estate

Management

&

Development

—

0.9%

Howard

Hughes

Corp.

(The)

(a)

..........

36,240

2,860,423

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Applied

Materials,

Inc.

...............

10,134

874,564

NXP

Semiconductors

NV

.............

12,380

1,968,544

2,843,108

Software

—

2.4%

CDK

Global,

Inc.

...................

79,990

4,145,882

Open

Text

Corp.

(b)

..................

68,790

3,127,193

7,273,075

Specialty

Retail

—

1.9%

Lowe's

Cos.,

Inc.

...................

10,440

1,675,724

Ross

Stores,

Inc.

...................

27,220

3,342,888

TJX

Cos.,

Inc.

(The)

.................

13,740

938,305

5,956,917

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Samsung

Electronics

Co.

Ltd.,

GDR

......

640

1,164,025

Textiles,

Apparel

&

Luxury

Goods

—

2.7%

Gildan

Activewear,

Inc.

(b)

..............

144,063

4,035,205

Ralph

Lauren

Corp.

.................

36,925

3,830,599

Skechers

USA,

Inc.,

Class

A

(a)

..........

8,600

309,084

8,174,888

Security

Shares

Shares

Value

Tobacco

—

2.3%

Altria

Group,

Inc.

...................

118,716

$

4,867,356

British

American

Tobacco

plc,

ADR

(b)

......

61,260

2,296,637

7,163,993

Wireless

Telecommunication

Services

—

2.1%

Telephone

&

Data

Systems,

Inc.

.........

224,406

4,167,219

Vodafone

Group

plc,

ADR

(b)

............

134,270

2,212,770

6,379,989

Total

Common

Stocks

—

99.0%

(Cost:

$270,486,378)

.............................

304,255,336

Total

Long-Term

Investments

—

99.0%

(Cost:

$270,486,378)

.............................

304,255,336

Short-Term

Securities

—

8.3%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

...................

1,793,464

1,793,464

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)

.......................

23,852,150

23,859,305

Total

Short-Term

Securities

—

8.3%

(Cost:

$25,652,769)

..............................

25,652,769

Total

Investments

—

107.3%

(Cost:

$296,139,147

)

.............................

329,908,105

Liabilities

in

Excess

of

Other

Assets

—

(7.3)%

............

(22,515,153)

Net

Assets

—

100.0%

..............................

$

307,392,952

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

4,209,673

$

—

$

(2,416,209)

$

—

$

—

$

1,793,464

1,793,464

$

11,113

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

14,332,958

9,544,376

—

(18,029)

—

23,859,305

23,852,150

74,605

(b)

—

$

(18,029)

$

—

$

25,652,769

$

85,718

$

—

(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

Basic

Value

V.I.

Fund

Schedule

of

Investments

7

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

9,086,975

$

4,421,594

$

—

$

13,508,569

Automobiles

..........................................

8,300,976

—

—

8,300,976

Banks

...............................................

29,231,283

—

—

29,231,283

Beverages

...........................................

3,015,103

—

—

3,015,103

Biotechnology

.........................................

1,495,115

—

—

1,495,115

Capital

Markets

........................................

8,203,624

—

—

8,203,624

Chemicals

............................................

9,824,659

—

—

9,824,659

Communications

Equipment

................................

7,373,100

—

—

7,373,100

Consumer

Finance

......................................

9,059,947

—

—

9,059,947

Diversified

Financial

Services

...............................

7,724,014

—

—

7,724,014

Diversified

Telecommunication

Services

........................

7,937,654

—

—

7,937,654

Electric

Utilities

........................................

7,795,184

—

—

7,795,184

Electrical

Equipment

.....................................

1,817,449

—

—

1,817,449

Electronic

Equipment,

Instruments

&

Components

.................

2,116,713

—

—

2,116,713

Food

Products

.........................................

—

3,006,025

—

3,006,025

Health

Care

Equipment

&

Supplies

...........................

12,818,544

—

—

12,818,544

Health

Care

Providers

&

Services

............................

21,581,581

—

—

21,581,581

Industrial

Conglomerates

..................................

7,308,279

—

—

7,308,279

Insurance

............................................

14,215,124

—

—

14,215,124

Interactive

Media

&

Services

...............................

5,316,740

—

—

5,316,740

Internet

&

Direct

Marketing

Retail

............................

1,354,489

—

—

1,354,489

IT

Services

...........................................

11,170,709

—

—

11,170,709

Media

...............................................

10,497,059

—

—

10,497,059

Multiline

Retail

.........................................

7,483,607

—

—

7,483,607

Multi-Utilities

..........................................

6,654,129

—

—

6,654,129

Oil,

Gas

&

Consumable

Fuels

...............................

16,475,734

—

—

16,475,734

Personal

Products

......................................

7,001,096

—

—

7,001,096

Pharmaceuticals

.......................................

10,746,436

5,860,486

—

16,606,922

Professional

Services

....................................

3,545,490

—

—

3,545,490

Real

Estate

Management

&

Development

.......................

2,860,423

—

—

2,860,423

Semiconductors

&

Semiconductor

Equipment

....................

2,843,108

—

—

2,843,108

Software

.............................................

7,273,075

—

—

7,273,075

Specialty

Retail

........................................

5,956,917

—

—

5,956,917

Technology

Hardware,

Storage

&

Peripherals

....................

—

1,164,025

—

1,164,025

Textiles,

Apparel

&

Luxury

Goods

............................

8,174,888

—

—

8,174,888

Tobacco

.............................................

7,163,993

—

—

7,163,993

Wireless

Telecommunication

Services

.........................

6,379,989

—

—

6,379,989

Short-Term

Securities

.......................................

1,793,464

—

—

1,793,464

Subtotal

....................................................

$

291,596,670

$

14,452,130

$

—

$

306,048,800

Investments

valued

at

NAV

(a)

......................................

23,859,305

$

—

Total

Investments

..............................................

$

329,908,105

$

—

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

8

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$23,176,463)

(cost

—

$270,486,378)

..........................................

$

304,255,336‌

Investments

at

value

—

affiliated

(cost

—

$25,652,769)

................................................................................

25,652,769‌

Receivables:

–‌

Investments

sold

........................................................................................................

2,966,594‌

Securities

lending

income

—

affiliated

..........................................................................................

3,718‌

Capital

shares

sold

.......................................................................................................

18,065‌

Dividends

—

affiliated

.....................................................................................................

71‌

Dividends

—

unaffiliated

...................................................................................................

397,129‌

Prepaid

expenses

.........................................................................................................

3,296‌

Total

assets

.............................................................................................................

333,296,978‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

23,878,335‌

Payables:

–‌

Investments

purchased

....................................................................................................

1,182,586‌

Capital

shares

redeemed

...................................................................................................

389,376‌

Distribution

fees

.........................................................................................................

8,022‌

Investment

advisory

fees

..................................................................................................

155,533‌

Directors'

and

Officer's

fees

.................................................................................................

1,770‌

Other

affiliate

fees

.......................................................................................................

2,733‌

Transfer

agent

fees

......................................................................................................

164,814‌

Other

accrued

expenses

...................................................................................................

120,857‌

Total

liabilities

............................................................................................................

25,904,026‌

NET

ASSETS

............................................................................................................

$

307,392,952‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

270,518,387‌

Accumulated

earnings

......................................................................................................

36,874,565‌

NET

ASSETS

............................................................................................................

$

307,392,952‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

270,006,688‌

Shares

outstanding

.................................................................................................

19,887,269‌

Net

asset

value

....................................................................................................

$

13.58‌

Shares

authorized

..................................................................................................

300

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

3,801,911‌

Shares

outstanding

.................................................................................................

281,148‌

Net

asset

value

....................................................................................................

$

13.52‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

33,584,353‌

Shares

outstanding

.................................................................................................

2,495,068‌

Net

asset

value

....................................................................................................

$

13.46‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

11,113‌

Dividends

—

unaffiliated

...................................................................................................

8,421,396‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

74,605‌

Foreign

taxes

withheld

....................................................................................................

(159,102‌)

Total

investment

income

.....................................................................................................

8,348,012‌

EXPENSES

Investment

advisory

......................................................................................................

1,739,627‌

Transfer

agent

—

class

specific

..............................................................................................

588,620‌

Distribution

—

class

specific

................................................................................................

115,160‌

Professional

...........................................................................................................

62,951‌

Accounting

services

......................................................................................................

62,481‌

Printing

and

postage

.....................................................................................................

39,926‌

Custodian

.............................................................................................................

13,720‌

Directors

and

Officer

.....................................................................................................

11,014‌

Transfer

agent

..........................................................................................................

5,000‌

Miscellaneous

..........................................................................................................

3,703‌

Total

expenses

...........................................................................................................

2,642,202‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(1,742‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(400,632‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

2,239,828‌

Net

investment

income

......................................................................................................

6,108,184‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(2,247,920‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(18,029‌)

Investments

—

unaffiliated

...............................................................................................

7,847,767‌

Foreign

currency

transactions

.............................................................................................

(22,124‌)

A

7,807,614‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...............................................................................................

(10,056,710‌)

Foreign

currency

translations

..............................................................................................

1,176‌

A

(10,055,534‌)

Net

realized

and

unrealized

loss

................................................................................................

(2,247,920‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

3,860,264‌

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

6,108,184‌

$

8,074,675‌

Net

realized

gain

..................................................................................

7,807,614‌

36,002,459‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(10,055,534‌)

37,466,935‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

3,860,264‌

81,544,069‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(11,883,865‌)

(29,918,295‌)

  Class

II

.......................................................................................

(160,504‌)

(431,025‌)

  Class

III

.......................................................................................

(1,704,850‌)

(6,415,190‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(13,749,219‌)

(36,764,510‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(38,857,318‌)

(77,003,585‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(48,746,273‌)

(32,224,026‌)

Beginning

of

year

....................................................................................

356,139,225‌

388,363,251‌

End

of

year

........................................................................................

$

307,392,952‌

$

356,139,225‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

12

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Basic

Value

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

13.75‌

$

12.39‌

$

15.60‌

$

15.21‌

$

13.36‌

Net

investment

income

(a)

.....................................

0.26‌

0.31‌

0.28‌

0.22‌

0.23‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.18‌

2.63‌

(1.51‌)

1.03‌

2.19‌

Net

increase

(decrease)

from

investment

operations

....................

0.44‌

2.94‌

(1.23‌)

1.25‌

2.42‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.30‌)

(0.35‌)

(0.29‌)

(0.25‌)

(0.22‌)

From

net

realized

gain

.......................................

(0.31‌)

(1.23‌)

(1.69‌)

(0.61‌)

(0.35‌)

Total

distributions

...........................................

(0.61‌)

(1.58‌)

(1.98‌)

(0.86‌)

(0.57‌)

Net

asset

value,

end

of

year

...................................

$

13.58‌

$

13.75‌

$

12.39‌

$

15.60‌

$

15.21‌

Total

Return

(c)

3.43%

23.91%

(7.85)%

8.24%

—

Based

on

net

asset

value

......................................

3.43%

23.91%

(7.85)%

8.24%

18.19%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

0.87%

0.84%

0.85%

0.85%

0.84%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.73%

0.73%

0.72%

0.73%

0.73%

Net

investment

income

.......................................

2.14%

2.20%

1.80%

1.47%

1.63%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

270,007‌

$

288,543‌

$

326,873‌

$

397,180‌

$

409,216‌

Portfolio

turnover

rate

........................................

89%

45%

32%

41%

45%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

0.01%

0.01%

0.01%

—%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Basic

Value

V.I.

Fund

Class

II

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

13.70‌

$

12.35‌

$

15.56‌

$

15.16‌

$

13.33‌

Net

investment

income

(a)

.....................................

0.24‌

0.27‌

0.26‌

0.20‌

0.20‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.17‌

2.64‌

(1.52‌)

1.03‌

2.18‌

Net

increase

(decrease)

from

investment

operations

....................

0.41‌

2.91‌

(1.26‌)

1.23‌

2.38‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.28‌)

(0.33‌)

(0.26‌)

(0.22‌)

(0.20‌)

From

net

realized

gain

.......................................

(0.31‌)

(1.23‌)

(1.69‌)

(0.61‌)

(0.35‌)

Total

distributions

...........................................

(0.59‌)

(1.56‌)

(1.95‌)

(0.83‌)

(0.55‌)

Net

asset

value,

end

of

year

...................................

$

13.52‌

$

13.70‌

$

12.35‌

$

15.56‌

$

15.16‌

Total

Return

(c)

3.21%

23.71%

(8.06)%

8.15%

—

Based

on

net

asset

value

......................................

3.21%

23.71%

(8.06)%

8.15%

17.88%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.02%

1.02%

1.02%

1.02%

1.02%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.90%

0.90%

0.89%

0.90%

0.90%

Net

investment

income

.......................................

1.97%

1.97%

1.63%

1.29%

1.47%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

3,802‌

$

4,218‌

$

3,829‌

$

4,928‌

$

5,280‌

Portfolio

turnover

rate

........................................

89%

45%

32%

41%

45%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

0.01%

0.01%

0.01%

—%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

14

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Basic

Value

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

13.62‌

$

12.29‌

$

15.48‌

$

15.08‌

$

13.28‌

Net

investment

income

(a)

.....................................

0.23‌

0.26‌

0.24‌

0.18‌

0.18‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.16‌

2.61‌

(1.50‌)

1.02‌

2.17‌

Net

increase

(decrease)

from

investment

operations

....................

0.39‌

2.87‌

(1.26‌)

1.20‌

2.35‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.24‌)

(0.31‌)

(0.24‌)

(0.19‌)

(0.20‌)

From

net

realized

gain

.......................................

(0.31‌)

(1.23‌)

(1.69‌)

(0.61‌)

(0.35‌)

Total

distributions

...........................................

(0.55‌)

(1.54‌)

(1.93‌)

(0.80‌)

(0.55‌)

Net

asset

value,

end

of

year

...................................

$

13.46‌

$

13.62‌

$

12.29‌

$

15.48‌

$

15.08‌

Total

Return

(c)

3.13%

23.53%

(8.11)%

8.01%

—

Based

on

net

asset

value

......................................

3.13%

23.53%

(8.11)%

8.01%

17.72%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.12%

1.13%

1.15%

1.16%

1.04%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.01%

1.01%

1.00%

1.01%

1.00%

Net

investment

income

.......................................

1.94%

1.86%

1.52%

1.16%

1.25%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

33,584‌

$

63,378‌

$

57,661‌

$

78,896‌

$

114,160‌

Portfolio

turnover

rate

........................................

89%

45%

32%

41%

45%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

0.01%

0.01%

0.01%

—%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

15

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Basic

Value

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I,

Class

II

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

II

and

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

16

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $3,079

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

.............................................

$

1,799,372‌

$

(1,799,372‌)

$

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

1,347,416‌

(1,347,416‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

91,292‌

(91,292‌)

—‌

JP

Morgan

Securities

LLC

................................................

11,117,079‌

(11,117,079‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

7,544,137‌

(7,544,137‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

932,347‌

(932,347‌)

—‌

TD

Prime

Services

LLC

.................................................

344,820‌

(344,820‌)

—‌

$

23,176,463‌

$

(23,176,463‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.60%

$1

Billion

-

$3

Billion

.....................................................................................................

0.56

$3

Billion

-

$5

Billion

.....................................................................................................

0.54

$5

Billion

-

$10

Billion

....................................................................................................

0.52

Greater

than

$10

Billion

..................................................................................................

0.51

Distribution

Fees

Class

II

...............................................................................................................

0.15‌%

Class

III

...............................................................................................................

0.25‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

18

For

the year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

directors who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

v

oting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

s

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

202

0,

the

amount

waived

was

$1,742.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

-

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

as

follows:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

there

were

no

investment

advisory

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Distribution

Fees

Class

II

.........................................................................................................

$

5,108‌

Class

III

.........................................................................................................

110,052‌

$

115,160‌

Class

I

..........................................................................................................

$

493,566‌

Class

II

.........................................................................................................

6,730‌

Class

III

.........................................................................................................

88,324‌

$

588,620‌

Class

I

................................................................................................................

0.06‌%

Class

II

...............................................................................................................

0.08‌

Class

III

...............................................................................................................

0.09‌

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

347,932‌

Class

II

.........................................................................................................

4,005‌

Class

III

.........................................................................................................

48,695‌

$

400,632‌

Class

I

.............................................................................................................

1.25‌%

Class

II

............................................................................................................

1.40‌

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

Securities

Lending:

Th

e

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $20,615

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“

Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $256,301,282

and

$302,195,655,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

9,787,660‌

$

7,994,508‌

Long-term

capital

gains

........................................................................................

3,961,559‌

28,770,002‌

$

13,749,219‌

$

36,764,510‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

20

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

the

timing

and

recognition

of

partnership

income.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

Undistributed

ordinary

income

.............................................................................................

$

6,793,407‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

30,081,158‌

$

36,874,565‌

Tax

cost

...........................................................................................................

$

299,841,022‌

Gross

unrealized

appreciation

............................................................................................

$

40,652,949‌

Gross

unrealized

depreciation

............................................................................................

(10,585,866‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

30,067,083‌

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

607,803‌

$

6,867,874‌

409,623‌

$

5,703,982‌

Shares

issued

in

reinvestment

of

distributions

........................

915,518‌

11,883,865‌

2,206,072‌

29,918,295‌

Shares

redeemed

.........................................

(2,624,627‌)

(31,840,843‌)

(8,013,802‌)

(111,784,813‌)

Net

decrease

..............................................

(1,101,306‌)

$

(13,089,104‌)

(5,398,107‌)

$

(76,162,536‌)

Class

II

Shares

sold

.............................................

9,798‌

$

110,603‌

586‌

$

8,053‌

Shares

issued

in

reinvestment

of

distributions

........................

12,438‌

160,504‌

31,900‌

431,025‌

Shares

redeemed

.........................................

(49,037‌)

(612,213‌)

(34,572‌)

(474,362‌)

Net

decrease

..............................................

(26,801‌)

$

(341,106‌)

(2,086‌)

$

(35,284‌)

Class

III

Shares

sold

.............................................

570,905‌

$

6,185,743‌

199,212‌

$

2,724,149‌

Shares

issued

in

reinvestment

of

distributions

........................

135,831‌

1,704,850‌

477,611‌

6,415,190‌

Shares

redeemed

.........................................

(2,864,953‌)

(33,317,701‌)

(716,499‌)

(9,945,104‌)

Net

decrease

..............................................

(2,158,217‌)

$

(25,427,108‌)

(39,676‌)

$

(805,765‌)

Total

Net

Decrease

(3,286,324‌)

$

(38,857,318‌)

(5,439,869‌)

$

(77,003,585‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

To

Shareholders

22

To

the

Shareholders

of

BlackRock

Basic

Value

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Basic

Value

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

23

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

NYRS

New

York

Registered

Shares

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Capital

Appreciation

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

Capital

Appreciation

V.I.

Fund

Investment

Objective

BlackRock

Capital

Appreciation

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

growth

of

capital.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Growth

Index,

and

the

broad

market

S&P

500

®

Index.

The

following

discussion

of

relative

performance

pertains

to

the

Russell

1000

®

Growth

Index.

What

factors

influenced

performance?

The

largest

contributors

to

the

Fund’s

relative

performance

over

the

period

were

stock

selection

in

the

communication

services

sector

and

positioning

in

consumer

staples

and

consumer

discretionary.

In

communication

services,

selection

in

interactive

media

&

services,

specifically

an

out-of-benchmark

position

in

Snap,

Inc.,

drove

relative

performance.

Selective

positioning

across

consumer

staples

sub-sectors

also

added

to

relative

results.

Lastly,

an

overweight

to

the

consumer

discretionary

sector

proved

advantageous,

notably

to

the

internet

&

direct

marketing

retail

sub-sector

with

an

out-of-benchmark

position

in

Argentine

ecommerce

company

MercadoLibre,

Inc.

and

overweight

to

ecommerce

and

cloud

computing

company

Amazon.com,

Inc.

The

largest

detractors

from

relative

performance

were

selection

within

health

care

and

positioning

in

financials.

In

health

care,

selection

in

the

health

care

equipment

&

supplies

sub-sector,

most

notably

an

overweight

to

Boston

Scientific

Corp.,

led

detractors.

Within

financials,

an

out-of-benchmark

position

in

CME

Group,

Inc.

in

capital

markets

was

the

biggest

constraint

on

performance.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund’s

exposure

to

information

technology

(“IT”)

increased

with

an

allocation

to

semiconductors

&

semiconductor

equipment.

Exposure

to

the

consumer

discretionary

sector

was

also

increased.

Conversely,

exposure

to

health

care

decreased

as

the

investment

adviser

trimmed

within

health

care

equipment

&

supplies.

Exposure

to

the

industrials

sector

was

also

decreased.

Describe

portfolio

positioning

at

period

end.

As

of

period

end,

the

Fund’s

largest

overweight

position

relative

to

the

Russell

1000

®

Growth

Index

was

to

the

consumer

discretionary

sector,

followed

by

IT

and

materials.

Conversely,

the

consumer

staples

sector

was

the

largest

underweight,

followed

by

health

care

and

energy.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Capital

Appreciation

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

The

Fund

invests

primarily

in

a

diversified

portfolio

consisting

primarily

of

common

stock

of

U.S.

companies

that

the

investment

adviser

believes

have

exhibited

above-average

growth

rates

in

earnings

over

the

long-term.

(c)

An

unmanaged

index

that

measures

the

performance

of

the

large

cap

growth

segment

of

the

U.S.

equity

universe

and

consists

of

those

Russell

1000

®

securities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

(d)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

25.01‌%

41.91‌%

20.66‌%

15.24‌%

Class

III

(b)

................................................................

24.73‌

41.52‌

20.34‌

14.94‌

Russell

1000

®

Growth

Index

...................................................

26.12‌

38.49‌

21.00‌

17.21‌

S&P

500

®

Index

............................................................

22.16‌

18.40‌

15.22‌

13.88‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Capital

Appreciation

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

47‌

%

Consumer

Discretionary

.............................

19‌

Communication

Services

.............................

13‌

Health

Care

.....................................

9‌

Industrials

.......................................

4‌

Materials

.......................................

3‌

Financials

.......................................

2‌

Real

Estate

......................................

2‌

Short-Term

Securities

...............................

5‌

Liabilities

in

Excess

of

Other

Assets

.....................

(4‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,250.10

$

4.58

$

1,000.00

$

1,021.06

$

4.12

0.81%

Class

III

..................................

1,000.00

1,247.30

6.04

1,000.00

1,019.76

5.43

1.07

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Capital

Appreciation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

99.3%

Automobiles

—

0.3%

Ferrari

NV

........................

3,536

$

811,583

Capital

Markets

—

2.6%

S&P

Global,

Inc.

....................

18,916

6,218,257

Chemicals

—

2.2%

International

Flavors

&

Fragrances,

Inc.

.....

8,686

945,384

Linde

plc

.........................

3,635

957,859

Sherwin-Williams

Co.

(The)

.............

4,440

3,263,000

5,166,243

Containers

&

Packaging

—

0.7%

Ball

Corp.

.........................

18,633

1,736,223

Electronic

Equipment,

Instruments

&

Components

—

1.0%

Keysight

Technologies,

Inc.

(a)

............

18,180

2,401,396

Entertainment

—

3.1%

Netflix,

Inc.

(a)

.......................

13,344

7,215,501

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.7%

Prologis,

Inc.

.......................

5,778

575,835

SBA

Communications

Corp.

............

11,806

3,330,827

3,906,662

Health

Care

Equipment

&

Supplies

—

2.6%

(a)

Boston

Scientific

Corp.

................

99,862

3,590,039

Intuitive

Surgical,

Inc.

.................

3,181

2,602,376

6,192,415

Health

Care

Providers

&

Services

—

3.5%

Humana,

Inc.

......................

7,942

3,258,365

UnitedHealth

Group,

Inc.

...............

14,274

5,005,606

8,263,971

Hotels,

Restaurants

&

Leisure

—

0.3%

Domino's

Pizza,

Inc.

..................

2,086

799,898

Industrial

Conglomerates

—

1.3%

Roper

Technologies,

Inc.

...............

6,822

2,940,896

Interactive

Media

&

Services

—

9.1%

(a)

Alphabet,

Inc.,

Class

A

................

4,772

8,363,598

Facebook,

Inc.,

Class

A

...............

26,707

7,295,284

Snap,

Inc.,

Class

A

...................

114,395

5,727,758

21,386,640

Internet

&

Direct

Marketing

Retail

—

13.3%

(a)

Alibaba

Group

Holding

Ltd.,

ADR

.........

14,206

3,306,162

Amazon.com,

Inc.

...................

6,655

21,674,869

MercadoLibre

,

Inc.

...................

3,786

6,342,383

31,323,414

IT

Services

—

13.0%

Fidelity

National

Information

Services,

Inc.

...

17,518

2,478,096

Mastercard

,

Inc.,

Class

A

...............

25,215

9,000,242

PayPal

Holdings,

Inc.

(a)

................

16,434

3,848,843

Shopify,

Inc.,

Class

A

(a)

................

2,146

2,429,165

Snowflake,

Inc.,

Class

A

(a)

..............

940

264,516

Visa,

Inc.,

Class

A

(b)

..................

47,658

10,424,234

Wix.com

Ltd.

(a)(b)

....................

9,189

2,296,883

30,741,979

Life

Sciences

Tools

&

Services

—

0.7%

Lonza

Group

AG

(Registered)

...........

2,547

1,640,693

Security

Shares

Shares

Value

Pharmaceuticals

—

2.3%

AstraZeneca

plc,

ADR

(b)

...............

39,759

$

1,987,552

Zoetis,

Inc.

........................

21,323

3,528,957

5,516,509

Professional

Services

—

3.3%

CoStar

Group,

Inc.

(a)

..................

5,735

5,300,746

TransUnion

........................

23,826

2,364,015

7,664,761

Semiconductors

&

Semiconductor

Equipment

—

7.0%

Analog

Devices,

Inc.

..................

29,399

4,343,114

ASML

Holding

NV

(Registered),

NYRS

.....

13,056

6,367,672

Marvell

Technology

Group

Ltd.

...........

74,497

3,541,588

NVIDIA

Corp.

......................

4,524

2,362,433

16,614,807

Software

—

22.7%

Adobe,

Inc.

(a)

.......................

11,953

5,977,934

Autodesk,

Inc.

(a)

.....................

12,207

3,727,285

Coupa

Software,

Inc.

(a)

................

4,094

1,387,498

Intuit,

Inc.

.........................

14,690

5,579,997

Microsoft

Corp.

.....................

78,419

17,441,954

Palantir

Technologies,

Inc.,

Series

I

(Acquired

02/11/14,

cost

$1,152,906)

(a)(c)

.........

372,988

8,569,151

RingCentral,

Inc.,

Class

A

(a)

.............

9,360

3,547,159

ServiceNow

,

Inc.

(a)

...................

13,333

7,338,883

53,569,861

Specialty

Retail

—

2.4%

Lowe's

Cos.,

Inc.

....................

18,081

2,902,181

TJX

Cos.,

Inc.

(The)

..................

39,064

2,667,681

5,569,862

Technology

Hardware,

Storage

&

Peripherals

—

3.5%

Apple,

Inc.

........................

62,784

8,330,809

Textiles,

Apparel

&

Luxury

Goods

—

2.7%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

2,944

1,842,948

NIKE,

Inc.,

Class

B

(b)

.................

32,498

4,597,492

6,440,440

Total

Common

Stocks

—

99.3%

(Cost:

$128,620,743)

..............................

234,452,820

Preferred

Stocks

—

0.5%

Media

—

0.5%

ByteDance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$1,100,015)

(c)(d)

................

10,039

1,099,973

Total

Preferred

Stocks

—

0.5%

(Cost:

$1,100,015)

...............................

1,099,973

Total

Long-Term

Investments

—

99.8%

(Cost:

$129,720,758)

..............................

235,552,793

BlackRock

Capital

Appreciation

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Short-Term

Securities

—

4.6%

(e)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

1,393,435

$

1,393,435

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(f)

........................

9,396,695

9,399,514

Security

Shares

Shares

Value

Total

Short-Term

Securities

—

4.6%

(Cost:

$10,792,949)

...............................

$

10,792,949

Total

Investments

—

104.4%

(Cost:

$140,513,707

)

..............................

246,345,742

Liabilities

in

Excess

of

Other

Assets

—

(4.4)%

.............

(10,385,189)

Net

Assets

—

100.0%

...............................

$

235,960,553

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$9,669,124,

representing

4.10%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$2,252,921.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

206,770

$

1,186,665

$

—

$

—

$

—

$

1,393,435

1,393,435

$

2,491

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

2,200,975

7,197,556

—

983

—

9,399,514

9,396,695

11,574

(b)

—

$

983

$

—

$

10,792,949

$

14,065

$

—

(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-clas

sifications

for

reporting

ease.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Capital

Appreciation

V.I.

Fund

8

Schedule

of

Investments

(continued)

December

31,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Automobiles

..........................................

$

811,583

$

—

$

—

$

811,583

Capital

Markets

........................................

6,218,257

—

—

6,218,257

Chemicals

............................................

5,166,243

—

—

5,166,243

Containers

&

Packaging

..................................

1,736,223

—

—

1,736,223

Electronic

Equipment,

Instruments

&

Components

.................

2,401,396

—

—

2,401,396

Entertainment

.........................................

7,215,501

—

—

7,215,501

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

3,906,662

—

—

3,906,662

Health

Care

Equipment

&

Supplies

...........................

6,192,415

—

—

6,192,415

Health

Care

Providers

&

Services

............................

8,263,971

—

—

8,263,971

Hotels,

Restaurants

&

Leisure

..............................

799,898

—

—

799,898

Industrial

Conglomerates

..................................

2,940,896

—

—

2,940,896

Interactive

Media

&

Services

...............................

21,386,640

—

—

21,386,640

Internet

&

Direct

Marketing

Retail

............................

31,323,414

—

—

31,323,414

IT

Services

...........................................

30,741,979

—

—

30,741,979

Life

Sciences

Tools

&

Services

..............................

—

1,640,693

—

1,640,693

Pharmaceuticals

.......................................

5,516,509

—

—

5,516,509

Professional

Services

....................................

7,664,761

—

—

7,664,761

Semiconductors

&

Semiconductor

Equipment

....................

16,614,807

—

—

16,614,807

Software

.............................................

45,000,710

8,569,151

—

53,569,861

Specialty

Retail

........................................

5,569,862

—

—

5,569,862

Technology

Hardware,

Storage

&

Peripherals

....................

8,330,809

—

—

8,330,809

Textiles,

Apparel

&

Luxury

Goods

............................

4,597,492

1,842,948

—

6,440,440

Preferred

Stocks

.........................................

—

—

1,099,973

1,099,973

Short-Term

Securities

.......................................

1,393,435

—

—

1,393,435

Subtotal

....................................................

$

223,793,463

$

12,052,792

$

1,099,973

$

236,946,228

Investments

valued

at

NAV

(a)

......................................

9,399,514

$

—

Total

Investments

..............................................

$

246,345,742

$

—

(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.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

year

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Preferred

Stocks

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2019

......................................................................

$

—

$

2,760,111

$

2,760,111

Transfers

into

level

3

....................................................................................

—

—

—

Transfers

out

of

level

3

(a)

..................................................................................

(2,760,111)

—

(2,760,111)

Other

(b)

.............................................................................................

2,760,111

(2,760,111)

—

Accrued

discounts/premiums

................................................................................

—

—

—

Net

realized

gain

.......................................................................................

—

—

—

Net

change

in

unrealized

depreciation

(c)(d)

.......................................................................

—

(42)

(42)

Purchases

............................................................................................

—

1,100,015

1,100,015

Sales

...............................................................................................

—

—

—

Closing

balance,

as

of

December

31,

2020

.......................................................................

$

—

$

1,099,973

$

1,099,973

Net

change

in

unrealized

depreciation

on

investments

still

held

at

December

31,

2020

(d)

.........................................

$

—

$

(42)

$

(42)

BlackRock

Capital

Appreciation

V.I.

Fund

Schedule

of

Investments

9

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

(a)

As

of

December

31,

2019,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

certain

investments.

As

of

December

31,

2020,

the

Fund

used

observable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

at

beginning

of

period

value

were

transferred

from

Level

3

to

Level

2

in

the

disclosure

hierarchy.

(b)

Certain

Level

3

investments

were

re-classified

between

Preferred

Stocks

and

Common

Stocks.

(c)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(d)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2020

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

The

Fund’s

financial

instruments

that

are

categorized

as

Level

3

were

valued

utilizing

third

party

pricing

information

without

adjustment.

Such

valuations

are

based

on

unobservable

inputs.

A

significant

change

in

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Statement

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

10

BlackRock

Capital

Appreciation

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$9,164,890)

(cost

—

$129,720,758)

..........................................

$

235,552,793‌

Investments

at

value

—

affiliated

(cost

—

$10,792,949)

................................................................................

10,792,949‌

Cash

.................................................................................................................

441‌

Foreign

currency

at

value

(cost

—

$78)

...........................................................................................

78‌

Receivables:

–‌

Investments

sold

........................................................................................................

118,027‌

Securities

lending

income

—

affiliated

..........................................................................................

713‌

Capital

shares

sold

.......................................................................................................

4,517‌

Dividends

—

affiliated

.....................................................................................................

18‌

Dividends

—

unaffiliated

...................................................................................................

10,628‌

Prepaid

expenses

.........................................................................................................

2,356‌

Total

assets

.............................................................................................................

246,482,520‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

9,396,866‌

Payables:

–‌

Investments

purchased

....................................................................................................

427,785‌

Capital

shares

redeemed

...................................................................................................

312,398‌

Distribution

fees

.........................................................................................................

19,529‌

Investment

advisory

fees

..................................................................................................

128,155‌

Directors'

and

Officer's

fees

.................................................................................................

1,569‌

Other

affiliate

fees

.......................................................................................................

1,719‌

Transfer

agent

fees

......................................................................................................

123,402‌

Other

accrued

expenses

...................................................................................................

110,544‌

Total

liabilities

............................................................................................................

10,521,967‌

NET

ASSETS

............................................................................................................

$

235,960,553‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

124,187,288‌

Accumulated

earnings

......................................................................................................

111,773,265‌

NET

ASSETS

............................................................................................................

$

235,960,553‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

11

Financial

Statements

BlackRock

Capital

Appreciation

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

162,333,775‌

Shares

outstanding

.................................................................................................

15,690,665‌

Net

asset

value

....................................................................................................

$

10.35‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

73,626,778‌

Shares

outstanding

.................................................................................................

7,326,876‌

Net

asset

value

....................................................................................................

$

10.05‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

See

notes

to

financial

statements.

Statement

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

2,491‌

Dividends

—

unaffiliated

...................................................................................................

1,000,206‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

11,574‌

Foreign

taxes

withheld

....................................................................................................

(11,528‌)

Total

investment

income

.....................................................................................................

1,002,743‌

EXPENSES

Investment

advisory

......................................................................................................

1,346,471‌

Transfer

agent

—

class

specific

..............................................................................................

410,834‌

Distribution

—

class

specific

................................................................................................

162,373‌

Professional

...........................................................................................................

63,595‌

Accounting

services

......................................................................................................

56,110‌

Printing

and

postage

.....................................................................................................

45,398‌

Custodian

.............................................................................................................

19,712‌

Directors

and

Officer

.....................................................................................................

9,930‌

Transfer

agent

..........................................................................................................

5,186‌

Miscellaneous

..........................................................................................................

4,417‌

Total

expenses

...........................................................................................................

2,124,026‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(457‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(259,355‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

1,864,214‌

Net

investment

loss

........................................................................................................

(861,471‌)

REALIZED

AND

UNREALIZED

GAIN

$

74,537,829‌

Net

realized

gain

from:

$

–‌

Investments

—

affiliated

.................................................................................................

983‌

Investments

—

unaffiliated

...............................................................................................

24,833,210‌

Foreign

currency

transactions

.............................................................................................

12,929‌

A

24,847,122‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...............................................................................................

49,690,606‌

Foreign

currency

translations

..............................................................................................

101‌

A

49,690,707‌

Net

realized

and

unrealized

gain

...............................................................................................

74,537,829‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

73,676,358‌

Statements

of

Changes

in

Net

Assets

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

loss

................................................................................

$

(861,471‌)

$

(934,540‌)

Net

realized

gain

..................................................................................

24,847,122‌

65,131,100‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

49,690,707‌

7,481,122‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

73,676,358‌

71,677,682‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(14,109,501‌)

(22,513,872‌)

  Class

III

.......................................................................................

(6,593,327‌)

(11,826,346‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(20,702,828‌)

(34,340,218‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(16,985,856‌)

(102,143,355‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

35,987,674‌

(64,805,891‌)

Beginning

of

year

....................................................................................

199,972,879‌

264,778,770‌

End

of

year

........................................................................................

$

235,960,553‌

$

199,972,879‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

7.99‌

$

7.25‌

$

10.26‌

$

8.63‌

$

8.86‌

Net

investment

income

(

loss

)

(a)

.................................

(0.03‌)

(0.02‌)

0.00‌

(b)(c)

(0.00‌)

(d)(e)

(0.00‌)

(d)(f)

Net

realized

and

unrealized

gain

...............................

3.36‌

2.31‌

0.23‌

2.86‌

0.01‌

Net

increase

from

investment

operations

............................

3.33‌

2.29‌

0.23‌

2.86‌

0.01‌

Distributions

from

net

realized

gain

(g)

............................

(0.97‌)

(1.55‌)

(3.24‌)

(1.23‌)

(0.24‌)

Net

asset

value,

end

of

year

...................................

$

10.35‌

$

7.99‌

$

7.25‌

$

10.26‌

$

8.63‌

Total

Return

(h)

41.91%

31.99%

2.39%

33.22%

—

Based

on

net

asset

value

......................................

41.91%

31.99%

2.39%

33.22%

0.10%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.95%

0.93%

0.94%

(

i

)

0.92%

0.92%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.82%

0.80%

0.80%

(

i

)

0.79%

0.80%

Net

investment

income

(loss)

...................................

(0.33)%

(0.20)%

0.01%

(c)(

i

)

(0.00)%

(e)(j)

(0.06)%

(f)

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

162,334‌

$

135,871‌

$

119,220‌

$

142,246‌

$

124,752‌

Portfolio

turnover

rate

........................................

37%

43%

45%

48%

89%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.02

per

share

and

0.21%,

respectively,

resulting

from

a

non-recurring

dividend.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.09%,

respectively,

resulting

from

a

non-recurring

dividend

from

TransDigm

Group,

Inc.

in

August

2017.

(f)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.07%,

respectively,

resulting

from

a

non-recurring

dividend

from

TransDigm

Group,

Inc.

in

October

2016.

(g)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(h)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(i)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(j)

Amount

is

greater

than

(0.005)%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

15

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

7.80‌

$

7.13‌

$

10.17‌

$

8.56‌

$

8.81‌

Net

investment

loss

(a)

.......................................

(0.05‌)

(0.04‌)

(0.03‌)

(b)

(0.03‌)

(c)

(0.03‌)

(d)

Net

realized

and

unrealized

gain

...............................

3.27‌

2.26‌

0.23‌

2.84‌

0.02‌

Net

increase

(decrease)

from

investment

operations

....................

3.22‌

2.22‌

0.20‌

2.81‌

(0.01‌)

Distributions

from

net

realized

gain

(e)

............................

(0.97‌)

(1.55‌)

(3.24‌)

(1.20‌)

(0.24‌)

Net

asset

value,

end

of

year

...................................

$

10.05‌

$

7.80‌

$

7.13‌

$

10.17‌

$

8.56‌

Total

Return

(f)

41.52%

31.55%

2.13%

32.94%

—

Based

on

net

asset

value

......................................

41.52%

31.55%

2.13%

32.94%

(0.13)%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

1.19%

1.17%

1.19%

(g)

1.17%

1.18%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.08%

1.05%

1.06%

(g)

1.05%

1.06%

Net

investment

loss

..........................................

(0.59)%

(0.47)%

(0.28)%

(b)(g)

(0.27)%

(c)

(0.32)%

(d)

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

73,627‌

$

64,102‌

$

145,559‌

$

259,969‌

$

231,136‌

Portfolio

turnover

rate

........................................

37%

43%

45%

48%

89%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.02

per

share

and

0.19%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.09%,

respectively,

resulting

from

a

non-recurring

dividend

from

TransDigm

Group,

Inc.

in

August

2017.

(d)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.00

per

share

and

0.07%,

respectively,

resulting

from

a

non-recurring

dividend

from

TransDigm

Group,

Inc.

in

October

2016.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(f)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

to

Shareholders

16

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Capital

Appreciation

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

18

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

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

.............................................

$

6,347,427‌

$

(6,347,427‌)

$

—‌

JP

Morgan

Securities

LLC

................................................

90,682‌

(90,682‌)

—‌

National

Financial

Services

LLC

............................................

1,375,030‌

(1,375,030‌)

—‌

SG

Americas

Securities

LLC

..............................................

1,351,751‌

(1,351,751‌)

—‌

$

9,164,890‌

$

(9,164,890‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $1,905

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rate

of

0.25%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$162,373.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

D

irectors

"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

de

scribed

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$457.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund. 

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.65%

$1

Billion

-

$3

Billion

.....................................................................................................

0.61

$3

Billion

-

$5

Billion

.....................................................................................................

0.59

$5

Billion

-

$10

Billion

....................................................................................................

0.57

Greater

than

$10

Billion

..................................................................................................

0.55

Class

I

..........................................................................................................

$

286,678‌

Class

III

.........................................................................................................

124,156‌

$

410,834‌

Class

I

................................................................................................................

0.07‌%

Class

III

...............................................................................................................

0.08‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

20

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

class

specific

expense

reimbursements are

as

follows: 

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $3,249

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $77,518,802

and

$116,716,809,

respectively.

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

187,152‌

Class

III

.........................................................................................................

72,203‌

$

259,355‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAVs

per

share.

As

of

period

end,

the

following

permanent

differences

attributable

to

net

operating

losses

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

and

the

timing

and

recognition

of

partnership

income.

(b)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

year

ending

December

31,

2020.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Paid-in

capital

...........................................................................................................

$

(787,170‌)

Accumulated

earnings

(loss)

.................................................................................................

787,170‌

12/31/20

12/31/19

Long-term

capital

gains

........................................................................................

$

20,702,828‌

$

34,340,218‌

Undistributed

long-term

capital

gains

.........................................................................................

$

6,003,279‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

105,770,341‌

Qualified

late-year

losses

(b)

...............................................................................................

(355‌)

$

111,773,265‌

Tax

cost

...........................................................................................................

$

140,577,950‌

Gross

unrealized

appreciation

............................................................................................

$

105,846,887‌

Gross

unrealized

depreciation

............................................................................................

(79,100‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

105,767,787‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

22

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

As

of

period

end,

the

Fund's

investments

had

the

following

industry

classifications:

Industry

Percent

of

Net

Assets

Software

...........................................................................................................

23‌

%

Internet

&

Direct

Marketing

Retail

...........................................................................................

13‌

IT

Services

..........................................................................................................

13‌

Interactive

Media

&

Services

..............................................................................................

9‌

Semiconductors

&

Semiconductor

Equipment

...................................................................................

7‌

Other

(a)

.............................................................................................................

3

9‌

(a)

All

other

industries

held

were

each

less

than

5%

of

net

assets.

Notes

to

Financial

Statements

(continued)

23

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

385,157‌

$

3,361,946‌

471,686‌

$

4,106,041‌

Shares

issued

in

reinvestment

of

distributions

........................

1,379,522‌

14,109,501‌

2,839,226‌

22,513,872‌

Shares

redeemed

.........................................

(3,070,891‌)

(27,319,577‌)

(2,753,421‌)

(23,669,981‌)

Net

increase

(decrease)

.......................................

(1,306,212‌)

$

(9,848,130‌)

557,491‌

$

2,949,932‌

Class

III

Shares

sold

.............................................

531,980‌

$

4,605,235‌

661,444‌

$

5,481,843‌

Shares

issued

in

reinvestment

of

distributions

........................

663,660‌

6,593,327‌

1,509,611‌

11,826,346‌

Shares

redeemed

.........................................

(2,081,845‌)

(18,336,288‌)

(14,378,799‌)

(122,401,476‌)

Net

decrease

..............................................

(886,205‌)

$

(7,137,726‌)

(12,207,744‌)

$

(105,093,287‌)

Total

Net

Decrease

(2,192,417‌)

$

(16,985,856‌)

(11,650,253‌)

$

(102,143,355‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

24

To

the

Shareholders

of

BlackRock

Capital

Appreciation

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Capital

Appreciation

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

25

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

NYRS

New

York

Registered

Shares

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Equity

Dividend

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

Equity

Dividend

V.I.

Fund

Investment

Objective

BlackRock

Equity

Dividend

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

total

return

and

current

income.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Value

Index,

and

underperformed

the

broad-market

S&P

500

®

Index.

The

following

discussion

of

relative

performance

pertains

to

the

Russell

1000

®

Value

Index.

What

factors

influenced

performance?

During

the

12-month

period,

the

largest

contribution

to

relative

performance

came

from

a

combination

of

stock

selection

and

allocation

decisions

in

the

information

technology

(“IT”)

sector.

Notably,

stock

selection

within

and

an

overweight

to

the

technology

hardware,

storage

&

peripherals

industry

proved

beneficial.

Investment

decisions

in

software,

IT

services

and

communications

equipment

also

added

to

relative

returns

in

the

sector.

Within

consumer

discretionary,

stock

selection

in

specialty

retail

and

multi-line

retail

boosted

relative

results,

as

did

a

combination

of

stock

selection

within

and

an

overweight

to

the

household

durables

and

automobiles

industries.

Other

notable

contributors

included

a

lack

of

exposure

to

real

estate

on

the

view

that

fundamentals

and

valuations

there

were

unattractive,

as

well

as

stock

selection

in

the

energy

sector.

Conversely,

the

largest

detractor

from

relative

performance

was

the

Fund’s

stock

selection

in

the

health

care

sector.

In

particular,

stock

selection

in

the

pharmaceuticals

industry

weighed

on

Fund

performance,

as

did

a

lack

of

holdings

in

the

life

sciences

tools

&

services

and

biotechnology

industries.

Within

utilities,

stock

selection

and

an

underweight

to

the

electric

utilities

industry

detracted

from

relative

performance.

Other

detractors

during

the

period

included

a

combination

of

stock

selection

within

and

an

underweight

to

communication

services,

as

well

as

an

underweight

to

materials.

The

Fund’s

period

end

cash

position

was

slightly

elevated

at

5.8%

and

added

to

relative

performance

during

the

period.

The

Fund’s

cash

position

served

as

a

mechanism

to

lower

and

control

the

portfolio’s

market

risk

relative

to

the

benchmark.

Describe

recent

portfolio

activity.

During

the

12-month

period,

a

combination

of

portfolio

trading

activity

and

market

price

changes

resulted

in

increased

exposure

to

the

IT,

utilities

and

consumer

staples

sectors.

Conversely,

holdings

within

the

energy,

health

care

and

industrials

sectors

were

reduced.

Describe

portfolio

positioning

at

period

end.

In

terms

of

sector

positioning,

the

Fund’s

largest

allocations

were

in

the

financials,

health

care

and

IT

sectors.

Relative

to

the

Russell

1000

®

Value

Index,

the

Fund’s

largest

overweight

positions

were

in

the

financials,

health

care

and

energy

sectors.

The

Fund’s

largest

underweights

were

in

the

industrials,

real

estate

and

communication

services

sectors.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Equity

Dividend

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

The

returns

for

Class

III

Shares

prior

to

July

1,

2011,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

the

performance

of

the

Fund’s

Class

I

Shares,

as

adjusted

to

reflect

the

distribution

(12b-1)

fees

applicable

to

Class

III

Shares.

(b)

The

Fund

seeks

to

achieve

its

objective

by

investing

primarily

in

a

diversified

portfolio

of

equity

securities.

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

assets

in

equity

securities

and

at

least

80%

of

its

assets

in

dividend

paying

securities.

(c)

An

unmanaged

index

that

is

a

subset

of

the

Russell

1000

®

Index

that

consists

of

those

Russell

1000

®

securities

with

lower

price-to-book

ratios

and

lower

expected

growth

values.

(d)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

20.45‌%

3.91‌%

10.85‌%

10.41‌%

Class

III

(b)

................................................................

20.17‌

3.57‌

10.57‌

10.14‌

(c)

Russell

1000

®

Value

Index

.....................................................

22.75‌

2.80‌

9.74‌

10.50‌

S&P

500

®

Index

............................................................

22.16‌

18.40‌

15.22‌

13.88‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(c)

The

returns

for

Class

III

Shares

prior

to

July

1,

2011,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

the

performance

of

the

Fund’s

Class

I

Shares,

as

adjusted

to

reflect

the

distribution

(12b-1)

fees

applicable

to

Class

III

Shares.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Equity

Dividend

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Financials

.......................................

26‌

%

Health

Care

.....................................

17‌

Information

Technology

..............................

12‌

Consumer

Staples

.................................

8‌

Energy

.........................................

7‌

Industrials

.......................................

7‌

Communication

Services

.............................

6‌

Consumer

Discretionary

.............................

5‌

Utilities

.........................................

4‌

Materials

.......................................

2‌

Short-Term

Securities

...............................

7‌

Liabilities

in

Excess

of

Other

Assets

.....................

(1‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Val

ue

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,204.50

$

3.60

$

1,000.00

$

1,021.87

$

3.30

0.65%

Class

III

..................................

1,000.00

1,201.70

4.98

1,000.00

1,020.61

4.57

0.90

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Equity

Dividend

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

92.9%

Aerospace

&

Defense

—

2.2%

BAE

Systems

plc

....................

1,102,031

$

7,349,195

Air

Freight

&

Logistics

—

0.2%

FedEx

Corp.

.......................

1,924

499,509

Automobiles

—

1.8%

General

Motors

Co.

..................

149,176

6,211,689

Banks

—

10.1%

Bank

of

America

Corp.

................

322,693

9,780,825

Citigroup,

Inc.

......................

184,730

11,390,452

JPMorgan

Chase

&

Co.

...............

36,722

4,666,265

Wells

Fargo

&

Co.

...................

284,336

8,581,260

34,418,802

Beverages

—

2.1%

Coca-Cola

Co.

(The)

.................

59,300

3,252,012

Constellation

Brands,

Inc.,

Class

A

........

17,385

3,808,184

7,060,196

Capital

Markets

—

5.9%

Charles

Schwab

Corp.

(The)

............

111,711

5,925,152

CME

Group,

Inc.

....................

13,420

2,443,111

Morgan

Stanley

.....................

90,231

6,183,530

Raymond

James

Financial,

Inc.

..........

59,855

5,726,328

20,278,121

Chemicals

—

2.2%

Corteva

,

Inc.

.......................

56,194

2,175,832

DuPont

de

Nemours,

Inc.

..............

39,207

2,788,010

PPG

Industries,

Inc.

..................

18,210

2,626,246

7,590,088

Communications

Equipment

—

2.9%

Cisco

Systems,

Inc.

..................

165,135

7,389,791

Motorola

Solutions,

Inc.

...............

15,335

2,607,870

9,997,661

Consumer

Finance

—

0.8%

American

Express

Co.

................

21,840

2,640,674

Diversified

Financial

Services

—

2.4%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

.......

24,260

5,625,166

Equitable

Holdings,

Inc.

...............

101,060

2,586,125

8,211,291

Diversified

Telecommunication

Services

—

3.1%

Verizon

Communications,

Inc.

...........

179,297

10,533,699

Electric

Utilities

—

1.8%

Edison

International

..................

49,910

3,135,346

Exelon

Corp.

.......................

25,340

1,069,855

PPL

Corp.

........................

67,193

1,894,843

6,100,044

Electrical

Equipment

—

0.2%

Siemens

Energy

AG

(a)

.................

14,477

530,575

Food

Products

—

1.0%

Danone

SA

........................

27,340

1,799,140

Nestle

SA

(Registered)

................

13,948

1,648,812

3,447,952

Health

Care

Equipment

&

Supplies

—

6.0%

Alcon,

Inc.

(a)

.......................

59,361

3,941,342

Koninklijke

Philips

NV

(a)

................

118,634

6,390,522

Medtronic

plc

......................

59,620

6,983,887

Zimmer

Biomet

Holdings,

Inc.

...........

20,500

3,158,845

20,474,596

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

6.0%

Anthem,

Inc.

.......................

23,408

$

7,516,075

Cigna

Corp.

.......................

4,360

907,665

CVS

Health

Corp.

...................

57,525

3,928,957

Humana,

Inc.

......................

2,560

1,050,291

McKesson

Corp.

....................

15,337

2,667,411

UnitedHealth

Group,

Inc.

...............

12,760

4,474,677

20,545,076

Household

Durables

—

1.0%

Newell

Brands,

Inc.

..................

95,699

2,031,690

Sony

Corp.

........................

14,300

1,440,983

3,472,673

Industrial

Conglomerates

—

2.8%

General

Electric

Co.

..................

489,000

5,281,200

Siemens

AG

(Registered)

..............

28,954

4,170,722

9,451,922

Insurance

—

6.9%

Allstate

Corp.

(The)

..................

20,047

2,203,767

American

International

Group,

Inc.

........

212,611

8,049,452

Arthur

J

Gallagher

&

Co.

...............

50,455

6,241,788

Fidelity

National

Financial,

Inc.

...........

76,035

2,972,208

First

American

Financial

Corp.

...........

9,450

487,904

MetLife,

Inc.

.......................

78,337

3,677,922

23,633,041

IT

Services

—

3.6%

Cognizant

Technology

Solutions

Corp.,

Class

A

72,346

5,928,755

Leidos

Holdings,

Inc.

.................

11,840

1,244,621

Visa,

Inc.,

Class

A

...................

23,010

5,032,977

12,206,353

Media

—

3.1%

Comcast

Corp.,

Class

A

...............

135,107

7,079,607

Fox

Corp.,

Class

A

(b)

..................

116,160

3,382,579

Fox

Corp.,

Class

B

...................

6,330

182,810

10,644,996

Multiline

Retail

—

0.3%

Dollar

General

Corp.

.................

4,671

982,311

Multi-Utilities

—

2.3%

Ameren

Corp.

(b)

.....................

17,610

1,374,636

NiSource,

Inc.

......................

86,440

1,982,934

Public

Service

Enterprise

Group,

Inc.

......

79,848

4,655,138

8,012,708

Oil,

Gas

&

Consumable

Fuels

—

7.0%

BP

plc

...........................

521,008

1,797,865

ConocoPhillips

.....................

67,720

2,708,123

Enterprise

Products

Partners

LP

..........

234,544

4,594,717

Equinor

ASA

.......................

169,493

2,860,446

Marathon

Petroleum

Corp.

.............

148,392

6,137,493

Pioneer

Natural

Resources

Co.

..........

32,545

3,706,550

Williams

Cos.,

Inc.

(The)

...............

107,419

2,153,751

23,958,945

Personal

Products

—

1.9%

Unilever

plc,

ADR

...................

108,198

6,530,831

Pharmaceuticals

—

4.3%

AstraZeneca

plc

....................

36,437

3,633,252

Bayer

AG

(Registered)

................

80,147

4,721,556

Sanofi

...........................

65,083

6,308,041

14,662,849

Road

&

Rail

—

0.9%

Union

Pacific

Corp.

..................

15,482

3,223,662

BlackRock

Equity

Dividend

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

1.2%

Applied

Materials,

Inc.

................

20,110

$

1,735,493

NXP

Semiconductors

NV

..............

15,762

2,506,316

4,241,809

Software

—

2.3%

CDK

Global,

Inc.

....................

34,742

1,800,678

Microsoft

Corp.

.....................

20,631

4,588,747

Open

Text

Corp.

(b)

...................

32,517

1,478,223

7,867,648

Specialty

Retail

—

2.1%

Lowe's

Cos.,

Inc.

....................

7,493

1,202,701

Ross

Stores,

Inc.

....................

30,640

3,762,898

TJX

Cos.,

Inc.

(The)

..................

29,850

2,038,457

7,004,056

Technology

Hardware,

Storage

&

Peripherals

—

2.2%

Samsung

Electronics

Co.

Ltd.,

GDR

.......

4,060

7,392,632

Tobacco

—

1.7%

Altria

Group,

Inc.

....................

134,679

5,521,839

British

American

Tobacco

plc

............

9,170

340,545

5,862,384

Trading

Companies

&

Distributors

—

0.6%

Ferguson

plc

.......................

17,365

2,109,854

Total

Common

Stocks

—

92.9%

(Cost:

$267,398,353)

..............................

317,147,842

Security

Shares

Shares

Value

Preferred

Stocks

—

1.3%

Household

Products

—

1.3%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

40,288

$

4,542,654

Total

Preferred

Stocks

—

1.3%

(Cost:

$3,629,778)

...............................

4,542,654

Total

Long-Term

Investments

—

94.2%

(Cost:

$271,028,131)

..............................

321,690,496

Short-Term

Securities

—

7.1%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

19,884,502

19,884,502

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)

........................

4,488,378

4,489,725

Total

Short-Term

Securities

—

7.1%

(Cost:

$24,374,227)

...............................

24,374,227

Total

Investments

—

101.3%

(Cost:

$295,402,358

)

..............................

346,064,723

Liabilities

in

Excess

of

Other

Assets

—

(1.3)%

.............

(4,481,512)

Net

Assets

—

100.0%

...............................

$

341,583,211

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

26,786,942

$

—

$

(6,902,440)

$

—

$

—

$

19,884,502

19,884,502

$

93,043

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

10,953,087

—

(6,453,458)

(9,904)

—

4,489,725

4,488,378

39,116

(b)

—

$

(9,904)

$

—

$

24,374,227

$

132,159

$

—

(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.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Equity

Dividend

V.I.

Fund

8

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Pe

riod

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

—

$

7,349,195

$

—

$

7,349,195

Air

Freight

&

Logistics

....................................

499,509

—

—

499,509

Automobiles

..........................................

6,211,689

—

—

6,211,689

Banks

...............................................

34,418,802

—

—

34,418,802

Beverages

...........................................

7,060,196

—

—

7,060,196

Capital

Markets

........................................

20,278,121

—

—

20,278,121

Chemicals

............................................

7,590,088

—

—

7,590,088

Communications

Equipment

................................

9,997,661

—

—

9,997,661

Consumer

Finance

......................................

2,640,674

—

—

2,640,674

Diversified

Financial

Services

...............................

8,211,291

—

—

8,211,291

Diversified

Telecommunication

Services

........................

10,533,699

—

—

10,533,699

Electric

Utilities

........................................

6,100,044

—

—

6,100,044

Electrical

Equipment

.....................................

530,575

—

—

530,575

Food

Products

.........................................

—

3,447,952

—

3,447,952

Health

Care

Equipment

&

Supplies

...........................

10,142,732

10,331,864

—

20,474,596

Health

Care

Providers

&

Services

............................

20,545,076

—

—

20,545,076

Household

Durables

.....................................

2,031,690

1,440,983

—

3,472,673

Industrial

Conglomerates

..................................

5,281,200

4,170,722

—

9,451,922

Insurance

............................................

23,633,041

—

—

23,633,041

IT

Services

...........................................

12,206,353

—

—

12,206,353

Media

...............................................

10,644,996

—

—

10,644,996

Multiline

Retail

.........................................

982,311

—

—

982,311

Multi-Utilities

..........................................

8,012,708

—

—

8,012,708

Oil,

Gas

&

Consumable

Fuels

...............................

19,300,634

4,658,311

—

23,958,945

Personal

Products

......................................

6,530,831

—

—

6,530,831

Pharmaceuticals

.......................................

—

14,662,849

—

14,662,849

Road

&

Rail

...........................................

3,223,662

—

—

3,223,662

Semiconductors

&

Semiconductor

Equipment

....................

4,241,809

—

—

4,241,809

Software

.............................................

7,867,648

—

—

7,867,648

Specialty

Retail

........................................

7,004,056

—

—

7,004,056

Technology

Hardware,

Storage

&

Peripherals

....................

—

7,392,632

—

7,392,632

Tobacco

.............................................

5,521,839

340,545

—

5,862,384

Trading

Companies

&

Distributors

............................

—

2,109,854

—

2,109,854

Preferred

Stocks

.........................................

—

4,542,654

—

4,542,654

Short-Term

Securities

.......................................

19,884,502

—

—

19,884,502

Subtotal

....................................................

$

281,127,437

$

60,447,561

$

—

$

341,574,998

Investments

valued

at

NAV

(a)

......................................

4,489,725

$

—

Total

Investments

..............................................

$

346,064,723

$

—

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Equity

Dividend

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$4,337,516)

(cost

—

$271,028,131)

..........................................

$

321,690,496‌

Investments

at

value

—

affiliated

(cost

—

$24,374,227)

................................................................................

24,374,227‌

Foreign

currency

at

value

(cost

—

$15,525)

........................................................................................

15,736‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

1,006‌

Capital

shares

sold

.......................................................................................................

91,998‌

Dividends

—

affiliated

.....................................................................................................

456‌

Dividends

—

unaffiliated

...................................................................................................

387,483‌

Prepaid

expenses

.........................................................................................................

2,897‌

Total

assets

.............................................................................................................

346,564,299‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

4,494,322‌

Payables:

–‌

Capital

shares

redeemed

...................................................................................................

34,437‌

Distribution

fees

.........................................................................................................

63,251‌

Investment

advisory

fees

..................................................................................................

170,629‌

Directors'

and

Officer's

fees

.................................................................................................

2,295‌

Other

affiliate

fees

.......................................................................................................

2,665‌

Transfer

agent

fees

......................................................................................................

153,493‌

Other

accrued

expenses

...................................................................................................

59,996‌

Total

liabilities

............................................................................................................

4,981,088‌

NET

ASSETS

............................................................................................................

$

341,583,211‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

291,657,083‌

Accumulated

earnings

......................................................................................................

49,926,128‌

NET

ASSETS

............................................................................................................

$

341,583,211‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

10

BlackRock

Equity

Dividend

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

31,361,478‌

Shares

outstanding

.................................................................................................

2,685,592‌

Net

asset

value

....................................................................................................

$

11.68‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

310,221,733‌

Shares

outstanding

.................................................................................................

26,626,636‌

Net

asset

value

....................................................................................................

$

11.65‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

See

notes

to

financial

statements.

Statement

of

Operations

Year

Ended

December

31,

2020

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Equity

Dividend

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

93,043‌

Dividends

—

unaffiliated

...................................................................................................

8,454,698‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

39,116‌

Foreign

taxes

withheld

....................................................................................................

(232,476‌)

Total

investment

income

.....................................................................................................

8,354,381‌

EXPENSES

Investment

advisory

......................................................................................................

1,835,236‌

Distribution

—

class

specific

................................................................................................

691,713‌

Transfer

agent

—

class

specific

..............................................................................................

606,678‌

Accounting

services

......................................................................................................

63,684‌

Professional

...........................................................................................................

56,081‌

Custodian

.............................................................................................................

24,871‌

Printing

and

postage

.....................................................................................................

13,836‌

Directors

and

Officer

.....................................................................................................

11,319‌

Transfer

agent

..........................................................................................................

5,783‌

Miscellaneous

..........................................................................................................

4,506‌

Total

expenses

...........................................................................................................

3,313,707‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(16,216‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(606,678‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

2,690,813‌

Net

investment

income

......................................................................................................

5,663,568‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

7,318,290‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(9,904‌)

Investments

—

unaffiliated

...............................................................................................

10,961,982‌

Foreign

currency

transactions

.............................................................................................

8,869‌

A

10,960,947‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...............................................................................................

(3,646,047‌)

Foreign

currency

translations

..............................................................................................

3,391‌

A

(3,642,656‌)

Net

realized

and

unrealized

gain

...............................................................................................

7,318,291‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

12,981,859‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Equity

Dividend

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

5,663,568‌

$

6,104,714‌

Net

realized

gain

..................................................................................

10,960,947‌

19,424,737‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(3,642,656‌)

50,340,126‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

12,981,859‌

75,869,577‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(1,683,804‌)

(2,844,230‌)

  Class

III

.......................................................................................

(15,790,208‌)

(24,841,855‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(17,474,012‌)

(27,686,085‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

5,829,771‌

11,152,752‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

1,337,618‌

59,336,244‌

Beginning

of

year

....................................................................................

340,245,593‌

280,909,349‌

End

of

year

........................................................................................

$

341,583,211‌

$

340,245,593‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Equity

Dividend

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

11.90‌

$

10.17‌

$

12.14‌

$

11.15‌

$

10.04‌

Net

investment

income

(a)

.....................................

0.22‌

0.25‌

0.24‌

0.22‌

0.21‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.20‌

2.53‌

(1.09‌)

1.62‌

1.42‌

Net

increase

(decrease)

from

investment

operations

....................

0.42‌

2.78‌

(0.85‌)

1.84‌

1.63‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.24‌)

(0.24‌)

(0.24‌)

(0.21‌)

(0.19‌)

From

net

realized

gain

.......................................

(0.40‌)

(0.81‌)

(0.88‌)

(0.64‌)

(0.33‌)

Total

distributions

...........................................

(0.64‌)

(1.05‌)

(1.12‌)

(0.85‌)

(0.52‌)

Net

asset

value,

end

of

year

...................................

$

11.68‌

$

11.90‌

$

10.17‌

$

12.14‌

$

11.15‌

Total

Return

(c)

3.91%

27.71%

(7.16)%

16.74%

—

Based

on

net

asset

value

......................................

3.91%

27.71%

(7.16)%

16.74%

16.40%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

0.85%

0.86%

0.87%

0.89%

0.89%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.65%

0.65%

0.66%

0.68%

0.70%

Net

investment

income

.......................................

2.08%

2.17%

2.00%

1.82%

1.98%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

31,361‌

$

33,881‌

$

30,655‌

$

37,525‌

$

35,256‌

Portfolio

turnover

rate

........................................

51%

45%

37%

37%

23%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

14

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Equity

Dividend

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

11.88‌

$

10.15‌

$

12.12‌

$

11.13‌

$

10.03‌

Net

investment

income

(a)

.....................................

0.19‌

0.22‌

0.21‌

0.19‌

0.18‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.19‌

2.53‌

(1.09‌)

1.62‌

1.42‌

Net

increase

(decrease)

from

investment

operations

....................

0.38‌

2.75‌

(0.88‌)

1.81‌

1.60‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.21‌)

(0.21‌)

(0.21‌)

(0.18‌)

(0.17‌)

From

net

realized

gain

.......................................

(0.40‌)

(0.81‌)

(0.88‌)

(0.64‌)

(0.33‌)

Total

distributions

...........................................

(0.61‌)

(1.02‌)

(1.09‌)

(0.82‌)

(0.50‌)

Net

asset

value,

end

of

year

...................................

$

11.65‌

$

11.88‌

$

10.15‌

$

12.12‌

$

11.13‌

Total

Return

(c)

3.57%

27.46%

(7.42)%

16.49%

—

Based

on

net

asset

value

......................................

3.57%

27.46%

(7.42)%

16.49%

16.06%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.11%

1.12%

1.12%

1.16%

1.13%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.90%

0.90%

0.91%

0.93%

0.95%

Net

investment

income

.......................................

1.83%

1.91%

1.75%

1.57%

1.73%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

310,222‌

$

306,365‌

$

250,255‌

$

287,615‌

$

223,338‌

Portfolio

turnover

rate

........................................

51%

45%

37%

37%

23%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

15

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Equity

Dividend

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

"Board").

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

16

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $3,538

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual

rate

of

0.25%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

class

specific

distribution

fees

borne

directly

by

Class

III

were

$691,713.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

.............................................

$

841,374‌

$

(841,374‌)

$

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

1,122,862‌

(1,122,862‌)

—‌

National

Financial

Services

LLC

............................................

2,373,280‌

(2,373,280‌)

—‌

$

4,337,516‌

$

(4,337,516‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.60%

$1

Billion

-

$3

Billion

.....................................................................................................

0.56

$3

Billion

-

$5

Billion

.....................................................................................................

0.54

$5

Billion

-

$10

Billion

....................................................................................................

0.52

Greater

than

$10

Billion

..................................................................................................

0.51

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

18

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$16,216

.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

all

transfer

agent

fees

for

Class

I

and

III.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

as

follows:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

Class

I

..........................................................................................................

$

57,050‌

Class

III

.........................................................................................................

549,628‌

$

606,678‌

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

57,050‌

Class

III

.........................................................................................................

549,628‌

$

606,678‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $11,499

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program

. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $147,313,254

and

$145,802,427,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

the

timing

and

recognition

of

partnership

income.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

6,780,703‌

$

8,124,930‌

Long-term

capital

gains

........................................................................................

10,693,309‌

19,561,155‌

$

17,474,012‌

$

27,686,085‌

Undistributed

long-term

capital

gains

.........................................................................................

$

3,539,466‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

46,386,662‌

$

49,926,128‌

Tax

cost

...........................................................................................................

$

298,815,862‌

Gross

unrealized

appreciation

............................................................................................

$

56,947,601‌

Gross

unrealized

depreciation

............................................................................................

(9,698,741‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

47,248,860‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

20

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

231,232‌

$

2,425,012‌

154,159‌

$

1,782,814‌

Shares

issued

in

reinvestment

of

distributions

........................

153,325‌

1,683,804‌

242,563‌

2,844,230‌

Shares

redeemed

.........................................

(545,626‌)

(5,790,101‌)

(563,670‌)

(6,465,248‌)

Net

decrease

..............................................

(161,069‌)

$

(1,681,285‌)

(166,948‌)

$

(1,838,204‌)

Class

III

Shares

sold

.............................................

4,391,414‌

$

44,431,982‌

2,676,030‌

$

29,909,100‌

Shares

issued

in

reinvestment

of

distributions

........................

1,434,535‌

15,790,208‌

2,122,845‌

24,841,855‌

Shares

redeemed

.........................................

(4,997,363‌)

(52,711,134‌)

(3,651,660‌)

(41,759,999‌)

Net

increase

...............................................

828,586‌

$

7,511,056‌

1,147,215‌

$

12,990,956‌

Total

Net

Increase

667,517‌

$

5,829,771‌

980,267‌

$

11,152,752‌

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

22

To

the

Shareholders

of

BlackRock

Equity

Dividend

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Equity

Dividend

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

23

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Global

Allocation

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

Global

Allocation

V.I.

Fund

Investment

Objective

BlackRock

Global

Allocation

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

high

total

investment

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

reference

benchmark,

which

is

comprised

of

the

S&P

500

®

Index

(36%),

FTSE

World

(ex-

U.S.)

Index

(24%),

ICE

BofA

Current

5-Year

U.S.

Treasury

Index

(24%)

and

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(16%)

(the

“Reference

Benchmark”),

and

outperformed

the

broad-based

all-equity

benchmark,

the

FTSE

World

Index.

The

Fund

invests

in

both

equities

and

bonds;

therefore,

Fund

management

believes

that

the

Reference

Benchmark

provides

a

more

accurate

representation

of

the

Fund’s

composition

and

a

more

comparable

means

for

measurement.

The

following

discussion

of

relative

performance

pertains

to

the

Reference

Benchmark.

The

following

commentary

(and

referenced

allocation

percentages)

are

based

on

the

economic

exposures

of

the

Fund,

which

reflect

adjustments

for

futures,

swaps

and

options

(except

with

respect

to

fixed

income

securities)

and

convertible

bonds,

and

may

vary

relative

to

the

market

value.

What

factors

influenced

performance?

Within

equities,

stock

selection

within

a

number

of

sectors,

notably

consumer

discretionary

and

information

technology

(“IT”),

contributed

to

performance.

Sector

positioning

was

additive,

primarily

driven

by

underweights

to

financials,

energy

and

consumer

staples,

and

overweights

to

IT

and

consumer

discretionary.

Within

fixed

income,

positioning

at

the

long

end

of

the

yield

curve

and

exposure

to

U.S.

corporate

credit

positively

impacted

returns.

Exposure

to

gold-related

securities

also

contributed

to

performance.

Within

equities,

security

selection

within

industrials,

materials

and

financials

detracted

from

performance.

Exposure

to

cash

and

cash

equivalents

negatively

impacted

returns

as

well.

In

addition,

currency

management,

notably

an

underweight

to

the

Australian

dollar

and

overweight

to

the

U.S.

dollar,

weighed

on

performance.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund’s

overall

equity

allocation

increased

slightly

from

67%

to

68%

of

net

assets.

Within

equities,

the

Fund

increased

exposure

to

Europe

and

decreased

exposure

to

Japan

and

the

United

States.

From

a

sector

perspective,

the

Fund

increased

exposure

to

IT,

consumer

discretionary

and

materials,

and

decreased

exposure

to

financials,

consumer

staples,

energy

and

communication

services.

The

Fund’s

allocation

to

fixed

income

decreased

from

26%

to

24%

of

net

assets.

Within

fixed

income,

the

Fund

decreased

exposure

to

developed

market

government

bonds

and

securitized

debt,

and

increased

exposure

to

corporate

credit.

From

the

standpoint

of

duration

and

corresponding

interest

rate

sensitivity,

overall

portfolio

duration

was

tactically

managed

over

the

period

and

ended

the

period

at

1.9

years,

up

from

1.5

years

at

the

beginning

of

the

period.

The

Fund’s

allocation

to

commodity-related

securities

decreased

slightly

from

2%

to

1%

of

net

assets.

Reflecting

the

changes

in

the

Fund’s

overall

allocations

to

the

equity,

fixed

income

and

commodity-related

asset

classes

during

the

period,

the

Fund’s

cash

equivalents

increased

from

5%

to

7%

of

net

assets.

During

the

12-month

period,

cash

helped

mitigate

portfolio

volatility

and

served

as

a

source

of

funds

for

new

investments

and

redemptions.

Describe

portfolio

positioning

at

period

end.

Relative

to

its

Reference

Benchmark,

the

Fund

was

overweight

in

equities

and

underweight

in

fixed

income,

with

modest

exposure

to

commodity-related

assets

and

an

overweight

to

cash

equivalents.

Within

equities,

the

Fund

was

overweight

in

the

United

States,

Europe

and

China,

and

underweight

in

Japan

and

Australia.

From

a

sector

perspective,

the

Fund

was

overweight

in

consumer

discretionary,

IT,

health

care,

materials,

industrials

and

communication

services,

and

underweight

in

consumer

staples,

financials

and

real

estate.

Within

fixed

income,

the

Fund

was

underweight

in

developed

market

government

bonds

and

overweight

in

corporate

credit

and

securitized

debt.

From

a

duration

perspective,

overall

portfolio

duration

was

1.9

years

versus

a

benchmark

duration

of

2.8

years

(total

portfolio

duration

assumes

equity

duration

of

0).

From

a

currency

perspective,

the

Fund

was

overweight

in

the

euro,

underweight

in

the

Australian

dollar

and

neutrally

positioned

toward

the

U.S.

dollar.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Global

Allocation

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

The

Fund

invests

in

a

portfolio

of

U.S.

and

foreign

equity

securities,

debt

and

money

market

securities,

the

combination

of

which

will

be

varied

from

time

to

time

with

respect

to

types

of

securities

and

markets

in

response

to

changing

markets

and

economic

trends.

(c)

A

market

cap

weighted

index

representing

the

performance

of

the

large

and

mid-cap

stocks

from

the

developed

and

advanced

emerging

countries

within

the

FTSE

Global

Equity

Index

Series.

(d)

An

unmanaged

weighted

index

comprised

as

follows:

36%

S&P

500

®

Index;

24%

FTSE

World

(ex

U.S.)

Index;

24%

ICE

BofA

Current

5-Year

U.S.

Treasury

Index;

and

16%

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

20.45‌%

21.08‌%

9.42‌%

6.86‌%

Class

II

(b)

.................................................................

20.31‌

20.88‌

9.25‌

6.70‌

Class

III

(b)

................................................................

20.29‌

20.79‌

9.17‌

6.61‌

FTSE

World

Index

.......................................

24.02‌

16.33‌

12.82‌

9.92‌

Reference

Benchmark

.......................................................

15.26‌

13.34‌

9.51‌

7.53‌

U.S.

Stocks:

S&P

500

®

Index

(c)

.................................................

22.16‌

18.40‌

15.22‌

13.88‌

Non-U.S.

Stocks:

FTSE

World

(ex-U.S.)

Index

(d)

.....................................

24.54‌

10.04‌

9.06‌

5.52‌

U.S.

Bonds:

ICE

BofA

Current

5-year

U.S.

Treasury

Index

(e)

.............................

(0.04‌)

7.20‌

3.13‌

2.88‌

Non-U.S.

Bonds:

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(f)

...................

9.64‌

10.78‌

5.17‌

1.88‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fees.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(c)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

(d)

A

market

cap

weighted

index

representing

the

performance

of

the

large

and

mid-cap

stocks

from

the

developed

and

advanced

emerging

countries

excluding

the

U.S.

within

the

FTSE

Global

Equity

Index

Series.

(e)

An

unmanaged

index

designed

to

track

the

total

return

of

the

current

coupon

five-year

U.S.

Treasury

bond.

(f)

An

unmanaged

market

capitalization-weighted

index

that

tracks

22

government

bond

indexes,

excluding

the

United

States.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

Global

Allocation

V.I.

Fund

Overall

Asset

Exposure

Percent

of

Fund's

Net

Assets

(a)

Reference

Benchmark

(b)

Percentages

12/31/2020

12/31/2019

U.S.

Equities

.....................................................................

42

%

43

%

35

%

European

Equities

..................................................................

16

12

12

Asia

Pacific

Equities

.................................................................

9

11

10

Other

Equities

.....................................................................

1

1

3

Total

Equities

.....................................................................

68

67

60

U.S.

Dollar

Denominated

Fixed-Income

Securities

...............................................

15

18

24

U.S.

Issuers

....................................................................

12

17

—

Non-U.S.

Issuers

.................................................................

3

1

—

Non-U.S.

Dollar

Denominated

Fixed-Income

Securities

............................................

9

8

16

Total

Fixed-Income

Securities

...........................................................

24

26

40

Commodity-Related

.................................................................

1

2

—

Cash

&

Short-Term

Securities

...........................................................

7

5

—

(a)

Exposure

based

on

market

value

and

adjusted

for

the

economic

value

of

futures,

swaps,

and

options

(except

with

respect

to

fixed-income

securities),

and

convertible

bonds.

(b)

The

Reference

Benchmark

is

an

unmanaged

weighted

index

comprised

as

follows:

36%

of

the

S&P

500

®

Index;

24%

FTSE

World

(ex

U.S.)

Index;

24%

ICE

BofA

Current

5-Year

U.S.

Treasury

Index;

and

16%

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index.

Descriptions

of

these

indexes

are

found

on

page

3

of

this

report

to

shareholders

in

the

“Performance

Summary”

section.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Consolidated

Financial

Statements.

Actual

Hypothetical

(a)

Including

dividend

expense

Excluding

dividend

expense

Including

dividend

expense

Excluding

dividend

expense

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(c)

Class

I

..................

$

1,000.00

$

1,204.50

$

3.99

$

3.99

$

1,000.00

$

1,021.52

$

3.66

$

1,021.52

$

3.66

Class

II

.................

1,000.00

1,203.10

4.82

4.

82

1,000.00

1,020.76

4.42

1,020.

76

4.

42

Class

III

.................

1,000.00

1,202.90

5.37

5.37

1,000.00

1,020.26

4.93

1,020.26

4.93

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class

(0.72%

for

Class

I,

0.87%

for

Class

II

and

0.97%

for

Class

III),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

(c)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class

(0.72%

for

Class

I,

0.87%

for

Class

II

and

0.97%

for

Class

III),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

December

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

0.6%

Cayman

Islands

—

0.3%

(a)

AGL

CLO

7

Ltd.,

Series

2020-7A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

07/15/31

(b)

...........

USD

530

$

531,318

AGL

Core

CLO

5

Ltd.

(b)

:

Series

2020-5A,

Class

A2,

(LIBOR

USD

3

Month

+

2.35%),

2.65%,

07/20/30

...............

550

550,552

Series

2020-5A,

Class

B,

(LIBOR

USD

3

Month

+

2.78%),

3.08%,

07/20/30

...............

725

729,398

AIMCO

CLO,

Series

2018-AA,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.62%,

04/17/31

(b)

...........

256

252,613

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

10/15/29

(b)

...........

252

252,174

ALM

XVIII

Ltd.,

Series

2016-18A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

01/15/28

(b)

.....

259

256,864

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.23%,

04/20/31

(b)

....

620

616,093

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

B,

(LIBOR

USD

3

Month

+

2.50%),

2.74%,

04/15/31

(b)

.....

950

952,570

Atrium

XII,

Series

12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.35%),

1.57%,

04/22/27

(b)

...........

287

283,604

Bain

Capital

Credit

CLO

Ltd.,

Series

2020-2A,

Class

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.72%,

07/21/31

(b)

575

573,003

Birch

Grove

CLO

Ltd.,

Series

19X,

Class

A,

(LIBOR

USD

3

Month

+

1.49%),

1.71%,

06/15/31

.......

1,152

1,150,926

BlueMountain

CLO

Ltd.,

Series

2014-

2A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.75%),

1.97%,

10/20/30

(b)

256

255,721

BlueMountain

CLO

XXIV

Ltd.,

Series

2019-24A,

Class

C,

(LIBOR

USD

3

Month

+

2.70%),

2.92%,

04/20/31

(b)

562

564,267

California

Street

CLO

XII

Ltd.,

Series

2013-12A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

10/15/25

(b)

269

264,728

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A1B,

(LIBOR

USD

3

Month

+

1.35%),

1.57%,

04/20/29

(b)

.....

313

311,719

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.79%,

04/15/30

(b)

....

401

393,978

CIFC

Funding

Ltd.

(b)

:

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

2.02%,

07/20/30

...............

276

274,880

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.54%,

07/15/32

...............

875

926,340

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.62%,

04/17/30

(b)

.....

402

394,630

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.32%,

04/20/31

(b)

.....

275

273,529

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.61%,

10/15/32

(b)

.....

250

250,498

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Elmwood

CLO

V

Ltd.

(b)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

2.02%,

07/24/31

...............

USD

1,000

$

1,003,459

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.47%,

07/24/31

...............

250

251,060

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

B1,

(LIBOR

USD

3

Month

+

1.90%),

2.12%,

01/20/33

(b)

...........

326

326,281

Gulf

Stream

Meridian

1

Ltd.,

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.61%,

04/15/33

(b)

1,742

1,742,640

KVK

CLO

Ltd.,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

0.93%),

1.15%,

05/20/29

(b)

...........

215

214,617

Madison

Park

Funding

XII

Ltd.,

Series

2014-12A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

1.87%,

07/20/26

(b)

................

273

272,567

Madison

Park

Funding

XIII

Ltd.,

Series

2014-13A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.72%,

04/19/30

(b)

................

250

247,157

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.41%,

07/29/30

(b)

................

259

258,533

Madison

Park

Funding

XXXVI

Ltd.,

Series

2019-36A,

Class

B1,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

01/15/33

(b)

................

518

518,089

OCP

CLO

Ltd.

(b)

:

Series

2017-13A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

07/15/30

..........

401

400,840

Series

2020-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.50%),

2.82%,

07/20/31

...............

175

176,110

Octagon

Investment

Partners

46

Ltd.

(b)

:

Series

2020-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

07/15/33

...............

1,000

1,002,571

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.45%,

07/15/33

...............

300

300,855

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

B1,

(LIBOR

USD

3

Month

+

1.80%),

2.02%,

07/20/32

(b)

322

320,978

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/19/32

(b)

150

150,126

Palmer

Square

Loan

Funding

Ltd.

(b)

:

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.05%),

1.29%,

07/15/26

...............

650

641,734

Series

2019-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.82%,

04/20/27

...............

583

574,260

Series

2020-3A,

Class

A2,

(LIBOR

USD

3

Month

+

2.40%),

2.62%,

07/20/28

...............

475

475,983

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

2.01%,

08/23/31

(b)

...........

USD

269

$

267,481

RR

10

Ltd.

(b)

:

Series

2020-10A,

Class

A2A,

(LIBOR

USD

3

Month

+

2.50%),

2.74%,

07/15/33

..........

650

651,721

Series

2020-10A,

Class

A2B,

(LIBOR

USD

3

Month

+

3.00%),

3.24%,

07/15/33

..........

650

645,613

RR

11

Ltd.,

Series

2020-11A,

Class

A2,

(LIBOR

USD

3

Month

+

2.10%),

2.28%,

10/15/31

(b)

...........

300

300,959

RR

2

Ltd.,

Series

2017-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.84%,

10/15/29

(b)

...........

402

394,480

Sixth

Street

CLO

XVI

Ltd.,

Series

2020-

16A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

10/20/32

(b)

....

290

290,435

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

1.52%,

01/25/32

(b)

400

399,913

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

01/15/31

(b)

.....

380

374,238

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.55%,

01/20/33

(b)

.....

870

870,732

Whitebox

CLO

II

Ltd.

(b)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

10/24/31

...............

450

450,077

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.49%,

10/24/31

...............

300

300,586

York

CLO

1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.87%,

10/22/29

(b)

.....

256

254,026

York

CLO-3

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.97%,

10/20/29

(b)

...........

725

725,714

York

CLO-6

Ltd.,

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.35%),

1.57%,

07/22/32

(b)

...........

1,094

1,097,172

25,960,412

Ireland

—

0.0%

(a)

Aqueduct

European

CLO

4

DAC,

Series

2019-4A,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

(b)

...........

EUR

250

303,573

Aqueduct

European

CLO

DAC,

Series

2019-4X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

207

251,358

Arbour

CLO

II

DAC,

Series

2014-2X,

Class

B2R,

(EURIBOR

3

Month

+

1.50%),

1.50%,

05/15/30

.......

125

152,473

Cairn

CLO

XII

DAC,

Series

2020-12A,

Class

B,

(EURIBOR

3

Month

+

2.30%),

2.30%,

04/15/33

(b)(c)

....

260

319,217

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

207

249,035

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

.......

231

277,736

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(EURIBOR

3

Month

+

0.92%),

0.92%,

11/14/32

.......

EUR

135

$

163,972

Invesco

Euro

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

08/15/32

.......

207

252,961

OAK

Hill

European

Credit

Partners

V

Designated

Activity

Co.,

Series

2016-5X,

Class

B1,

(EURIBOR

3

Month

+

1.55%),

1.55%,

02/21/30

259

315,528

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

01/20/32

............

160

193,587

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

.......

268

324,475

Rockford

Tower

Europe

CLO

DAC,

Series

2018-1X,

Class

B,

(EURIBOR

3

Month

+

1.85%),

1.85%,

12/20/31

207

253,861

RRE

2

Loan

Management

DAC,

Series

2A,

Class

B,

(EURIBOR

3

Month

+

1.80%),

1.80%,

01/15/32

(b)

.....

285

347,939

Sound

Point

Euro

CLO

II

Funding

DAC,

Series

2X,

Class

A,

(EURIBOR

3

Month

+

1.11%),

1.11%,

10/26/32

.

260

317,679

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.90%),

1.90%,

07/15/32

.......

109

133,011

3,856,405

Netherlands

—

0.0%

(a)

Ares

European

CLO

X

BV,

Series

10X,

Class

B1,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/31

.......

102

124,063

Ares

European

CLO

XI

BV,

Series

11X,

Class

B1,

(EURIBOR

3

Month

+

1.85%),

1.85%,

04/15/32

.......

207

253,266

Avoca

CLO

XVII

DAC,

Series

17A,

Class

B1R,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/32

(b)

.....

250

303,971

Avoca

CLO

XVII

Designated

Activity

Co.,

Series

17X,

Class

AR,

(EURIBOR

3

Month

+

0.96%),

0.96%,

10/15/32

............

142

173,043

854,343

United

States

—

0.3%

Battalion

CLO

18

Ltd.

(a)(b)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

2.03%,

10/15/32

...............

USD

449

450,559

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.53%,

10/15/32

...............

449

446,156

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(b)

................

2,050

2,081,267

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-A,

Class

A2A,

3.42%,

01/15/43

(b)

...........

677

707,879

SLM

Private

Credit

Student

Loan

Trust

(a)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.55%,

06/15/39

...............

1,458

1,395,241

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.51%,

06/15/39

...............

USD

2,217

$

2,131,008

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.46%,

12/16/41

...............

2,339

2,269,552

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(LIBOR

USD

1

Month

+

4.75%),

4.91%,

10/15/41

(a)(b)

...............

5,643

6,152,280

SMB

Private

Education

Loan

Trust

(b)

:

Series

2019-A,

Class

A2A,

3.44%,

07/15/36

...............

2,026

2,143,962

Series

2020-B,

Class

B,

2.76%,

07/15/53

...............

1,330

1,331,098

SoFi

Professional

Loan

Program

LLC,

Series

2019-A,

Class

A2FX,

3.69%,

06/15/48

(b)(c)

...............

1,333

1,382,321

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

A2FX,

3.34%,

08/25/47

(b)

................

541

557,017

21,048,340

Total

Asset-Backed

Securities

—

0.6%

(Cost:

$50,180,872)

..............................

51,719,500

Shares

Shares

Common

Stocks

—

67.3%

Argentina

—

0.0%

(d)

Globant

SA

..................

11,424

2,485,977

MercadoLibre

,

Inc.

.............

275

460,685

2,946,662

Australia

—

0.2%

BHP

Group

Ltd.

...............

12,287

401,472

BHP

Group

plc

...............

118,968

3,141,276

Brambles

Ltd.

................

42,250

346,547

Coles

Group

Ltd.

..............

3,715

51,904

Fortescue

Metals

Group

Ltd.

......

8,766

158,335

Goodman

Group

..............

6,014

87,909

Newcrest

Mining

Ltd.

...........

155,904

3,111,495

Quintis

HoldCo

Pty.

Ltd.

(Acquired

10/22/18,

cost

$5,761,227)

(c)(d)(e)*

..

9,827,224

6,288,328

Rio

Tinto

plc

.................

39,116

2,944,382

Wesfarmers

Ltd.

..............

9,187

357,072

16,888,720

Brazil

—

0.0%

B3

SA

-

Brasil

Bolsa

Balcao

.......

25,899

310,083

Banco

do

Brasil

SA

(d)

...........

15,511

116,607

Centrais

Eletricas

Brasileiras

SA

....

6,582

46,858

Engie

Brasil

Energia

SA

.........

52,719

447,824

Petroleo

Brasileiro

SA,

ADR

(f)

......

39,584

444,528

Vale

SA,

ADR

(f)

...............

137,298

2,301,114

3,667,014

Canada

—

0.7%

Barrick

Gold

Corp.

.............

179,081

4,079,935

Enbridge,

Inc.

................

1,637,042

52,356,022

Fairfax

Financial

Holdings

Ltd.

.....

95

32,379

George

Weston

Ltd.

............

1,158

86,497

Loblaw

Cos.

Ltd.

..............

5,797

286,047

Manulife

Financial

Corp.

.........

5,453

97,031

National

Bank

of

Canada

........

2,235

125,788

Security

Shares

Shares

Value

Canada

(continued)

Restaurant

Brands

International,

Inc.

1,515

$

92,633

Royal

Bank

of

Canada

..........

994

81,674

Shopify,

Inc.,

Class

A

(d)

..........

67

75,654

TC

Energy

Corp.

..............

14,045

571,002

Thomson

Reuters

Corp.

.........

2,101

171,956

Wheaton

Precious

Metals

Corp.

....

101,950

4,257,728

62,314,346

China

—

2.5%

AAC

Technologies

Holdings,

Inc.

...

248,500

1,377,409

Agile

Group

Holdings

Ltd.

........

28,000

37,269

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

......................

244,063

2,812,499

Alibaba

Group

Holding

Ltd.

(d)

......

161,300

4,691,335

Alibaba

Group

Holding

Ltd.,

ADR

(d)

..

76,146

17,721,458

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

111,950

1,346,254

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

18,500

115,941

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

6,200

86,357

ANTA

Sports

Products

Ltd.

.......

396,000

6,283,376

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

...............

47,987

2,209,035

Autobio

Diagnostics

Co.

Ltd.,

Class

A

74,700

1,666,712

Autohome

,

Inc.,

ADR

...........

861

85,773

Baidu,

Inc.,

ADR

(d)

.............

1,410

304,898

Brilliance

China

Automotive

Holdings

Ltd.

.....................

230,000

209,959

BYD

Co.

Ltd.,

Class

A

...........

220,500

6,605,372

China

CITIC

Bank

Corp.

Ltd.,

Class

H

157,000

66,691

China

Construction

Bank

Corp.,

Class

H

......................

113,000

85,234

China

Feihe

Ltd.

(b)

.............

91,000

213,525

China

Galaxy

Securities

Co.

Ltd.,

Class

H

......................

159,500

100,068

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................

392,500

2,482,973

China

National

Building

Material

Co.

Ltd.,

Class

H

...............

490,000

589,809

China

Petroleum

&

Chemical

Corp.,

Class

H

..................

262,000

116,679

China

Resources

Cement

Holdings

Ltd.

194,000

216,685

China

Resources

Power

Holdings

Co.

Ltd.

.....................

152,000

163,622

CITIC

Ltd.

...................

71,000

50,270

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

............

251,300

13,603,159

Country

Garden

Services

Holdings

Co.

Ltd.

.....................

27,321

184,842

CSPC

Pharmaceutical

Group

Ltd.

...

176,000

179,193

Dali

Foods

Group

Co.

Ltd.

(b)

.......

208,500

119,170

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

......................

52,000

60,764

ENN

Energy

Holdings

Ltd.

........

91,300

1,340,257

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(b)

.

176,400

2,112,751

GDS

Holdings

Ltd.,

ADR

(d)

........

1,861

174,264

Glodon

Co.

Ltd.,

Class

A

.........

175,290

2,125,192

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

...............

107,000

860,417

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

............

1,028,700

2,239,023

Haidilao

International

Holding

Ltd.

(b)

.

195,000

1,503,772

Haier

Smart

Home

Co.

Ltd.,

Class

A

.

324,699

1,461,964

Haitong

Securities

Co.

Ltd.,

Class

H

.

184,400

164,792

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

..................

210,800

1,322,985

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

...............

72,438

1,798,813

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

China

(continued)

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(b)(d)

............

57,300

$

1,328,858

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

............

386,090

2,542,182

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(b)(d)

...................

256,000

1,240,640

Hengan

International

Group

Co.

Ltd.

.

50,500

357,570

Huaneng

Power

International,

Inc.,

Class

H

..................

162,000

59,135

Huazhu

Group

Ltd.,

ADR

(f)

........

64,511

2,904,930

Hundsun

Technologies,

Inc.,

Class

A

.

128,824

2,080,362

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

...............

2,851,000

1,831,738

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

...............

242,395

1,654,231

JD

Health

International,

Inc.

(b)(d)

....

808,800

15,649,246

JD.com,

Inc.,

ADR

(d)

............

7,804

685,972

Jiangxi

Copper

Co.

Ltd.,

Class

H

...

46,000

72,410

KE

Holdings,

Inc.,

ADR

(d)

.........

5,332

328,131

Kingdee

International

Software

Group

Co.

Ltd.

(d)

.................

2,386,000

9,740,985

Kunlun

Energy

Co.

Ltd.

..........

102,000

88,402

Kweichow

Moutai

Co.

Ltd.,

Class

A

..

4,100

1,260,074

Lenovo

Group

Ltd.

.............

194,000

183,406

Li

Auto,

Inc.,

ADR

(d)(f)

............

327,764

9,449,436

Lufax

Holding

Ltd.,

ADR

(d)

........

2,222

31,552

Meituan

Dianping

,

Class

B

(d)

......

72,900

2,744,208

Ming

Yuan

Cloud

Group

Holdings

Ltd.

(d)

350,000

2,155,484

NetEase

,

Inc.,

ADR

............

34,601

3,313,738

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(d)

...........

11,767

2,186,426

Offcn

Education

Technology

Co.

Ltd.,

Class

A

..................

11,900

64,351

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(b)

6,100

103,131

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..................

432,000

326,815

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

...............

148,100

1,981,829

Shanghai

International

Airport

Co.

Ltd.,

Class

A

..................

207,990

2,421,988

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

..................

1,900

45,518

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

...............

134,100

1,925,974

Silergy

Corp.

.................

34,000

2,926,097

Sun

Art

Retail

Group

Ltd.

(f)

........

194,500

197,880

Tencent

Holdings

Ltd.

...........

507,700

36,530,943

Tingyi

Cayman

Islands

Holding

Corp.

202,000

345,523

Topsports

International

Holdings

Ltd.

(b)

22,000

32,947

Trip.com

Group

Ltd.,

ADR

(d)

.......

114,652

3,867,212

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(b)(d)

....................

201,000

2,051,328

Venustech

Group,

Inc.,

Class

A

....

347,696

1,564,100

Vipshop

Holdings

Ltd.,

ADR

(d)

......

5,607

157,613

Want

Want

China

Holdings

Ltd.

....

1,862,000

1,346,194

Wilmar

International

Ltd.

.........

22,700

79,923

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

...

181,586

2,454,543

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

..................

47,400

227,848

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

78,735

1,630,471

Wuxi

Biologics

Cayman,

Inc.

(b)(d)

....

280,500

3,719,807

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

......................

140,180

1,946,576

Yihai

International

Holding

Ltd.

(d)

....

217,000

3,222,629

Security

Shares

Shares

Value

China

(continued)

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

..................

197,414

$

1,333,155

Yum

China

Holdings,

Inc.

........

55,929

3,192,987

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A

(d)

..............

69,700

76,290

ZTO

Express

Cayman,

Inc.,

ADR

...

11,602

338,314

214,891,663

Denmark

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

....

133

274,749

AP

Moller

-

Maersk

A/S,

Class

B

....

104

231,427

Carlsberg

A/S,

Class

B

..........

503

80,637

DSV

Panalpina

A/S

............

45,622

7,667,315

Genmab

A/S

(d)

................

8,299

3,365,194

11,619,322

Finland

—

0.3%

Neste

OYJ

..................

298,182

21,649,136

Nokia

OYJ

(d)

.................

264,371

1,021,086

22,670,222

France

—

2.8%

Arkema

SA

..................

204,799

23,433,492

AXA

SA

....................

12,550

300,978

BNP

Paribas

SA

(d)

.............

115,425

6,093,538

Carrefour

SA

.................

25,129

430,320

Cie

de

Saint-Gobain

............

12,777

587,645

Danone

SA

..................

514,863

33,881,157

EssilorLuxottica

SA

............

172,462

26,875,514

Kering

SA

...................

9,245

6,709,410

LVMH

Moet

Hennessy

Louis

Vuitton

SE

38,078

23,836,882

Orange

SA

..................

8,685

103,395

Pernod

Ricard

SA

.............

1,222

234,681

Safran

SA

(d)

.................

300,997

42,661,472

Sanofi

.....................

475,415

46,078,655

Sartorius

Stedim

Biotech

.........

265

94,272

Schneider

Electric

SE

...........

4,602

665,115

Social

Capital

Hedosophia

Holdings

II

Corp.

(Acquired

12/16/20,

cost

$6,478,630)

(d)(e)

.............

647,863

14,419,136

Societe

Generale

SA

(d)

..........

341,712

7,103,721

TOTAL

SE

..................

103,118

4,450,803

Vivendi

SA

..................

9,509

306,708

238,266,894

Germany

—

2.5%

adidas

AG

(d)

.................

109,345

39,780,254

Allianz

SE

(Registered)

..........

135,695

33,336,595

Daimler

AG

(Registered)

.........

9,398

666,124

Deutsche

Boerse

AG

...........

3,182

541,806

Deutsche

Post

AG

(Registered)

....

5,105

252,880

Deutsche

Telekom

AG

(Registered)

.

1,954,678

35,677,957

E.ON

SE

...................

6,327

70,060

Evonik

Industries

AG

...........

10,238

334,624

Fresenius

SE

&

Co.

KGaA

........

1,392

64,369

Henkel

AG

&

Co.

KGaA

.........

1,550

149,359

Infineon

Technologies

AG

........

162,893

6,220,659

Rational

AG

.................

963

895,866

SAP

SE

....................

1,562

202,308

Siemens

AG

(Registered)

........

568,428

81,880,051

Siemens

Energy

AG

(d)

...........

286,098

10,485,349

Vonovia

SE

..................

78,821

5,756,620

216,314,881

Hong

Kong

—

0.7%

AIA

Group

Ltd.

...............

3,918,400

47,750,102

CLP

Holdings

Ltd.

.............

162,500

1,502,580

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Hong

Kong

(continued)

Hang

Lung

Properties

Ltd.

........

1,094,000

$

2,882,974

HKT

Trust

&

HKT

Ltd.

(g)

..........

1,091,000

1,414,951

Hysan

Development

Co.

Ltd.

......

263,000

963,317

Jardine

Matheson

Holdings

Ltd.

....

38,200

2,136,837

56,650,761

India

—

0.3%

GAIL

India

Ltd.

...............

37,106

62,749

HDFC

Asset

Management

Co.

Ltd.

(b)

.

1,348

53,870

Hindustan

Unilever

Ltd.

..........

4,244

139,327

Housing

Development

Finance

Corp.

Ltd.

.....................

1,940

67,970

Indian

Oil

Corp.

Ltd.

............

34,476

42,963

Indus

Towers

Ltd.

..............

7,893

24,904

Maruti

Suzuki

India

Ltd.

.........

573

60,118

NTPC

Ltd.

..................

89,288

121,576

Petronet

LNG

Ltd.

.............

255,156

865,238

Power

Grid

Corp.

of

India

Ltd.

.....

18,699

48,613

Reliance

Industries

Ltd.

.........

1,068,302

27,833,951

Tata

Consultancy

Services

Ltd.

....

1,891

74,250

Vedanta

Ltd.

.................

94,708

209,803

29,605,332

Indonesia

—

0.0%

Bank

Central

Asia

Tbk

.

PT

........

1,106,400

2,667,010

Ireland

—

0.1%

Flutter

Entertainment

plc

.........

45,621

9,437,180

Italy

—

1.6%

Enel

SpA

...................

7,233,766

73,601,657

Intesa

Sanpaolo

SpA

(d)

..........

6,519,474

15,410,206

RAI

Way

SpA

(b)

...............

1,029,046

6,892,645

Snam

SpA

..................

482,506

2,724,999

UniCredit

SpA

(d)

...............

3,642,244

34,125,639

132,755,146

Japan

—

2.5%

Aisin

Seiki

Co.

Ltd.

.............

11,500

344,876

Ajinomoto

Co.,

Inc.

.............

548,800

12,435,667

Asahi

Kasei

Corp.

.............

16,800

172,202

Astellas

Pharma,

Inc.

...........

1,463,965

22,667,682

Canon,

Inc.

..................

14,900

288,651

Daifuku

Co.

Ltd.

...............

37,100

4,590,961

Disco

Corp.

..................

17,700

5,965,483

Eisai

Co.

Ltd.

................

700

50,059

ENEOS

Holdings,

Inc.

..........

71,400

256,448

FANUC

Corp.

................

31,600

7,800,432

Fujitsu

Ltd.

..................

700

101,175

Hitachi

Ltd.

..................

7,600

299,967

Honda

Motor

Co.

Ltd.

...........

5,900

166,476

Hoya

Corp.

..................

224,274

31,060,787

Kao

Corp.

...................

600

46,354

KDDI

Corp.

..................

161,300

4,782,587

Keyence

Corp.

...............

24,100

13,556,661

Kirin

Holdings

Co.

Ltd.

..........

2,700

63,755

Kose

Corp.

..................

65,400

11,175,553

Kyowa

Kirin

Co.

Ltd.

............

1,000

27,308

Maeda

Road

Construction

Co.

Ltd.

..

27,200

456,287

Marubeni

Corp.

...............

15,100

100,602

Mitsubishi

Corp.

...............

7,000

172,563

Mitsubishi

Estate

Co.

Ltd.

........

250,700

4,029,461

NEC

Corp.

..................

1,800

96,677

Nintendo

Co.

Ltd.

..............

100

64,194

Nippon

Telegraph

&

Telephone

Corp.

170,120

4,365,110

Nomura

Holdings,

Inc.

..........

14,600

77,191

NTT

Data

Corp.

...............

11,400

156,047

Security

Shares

Shares

Value

Japan

(continued)

Olympus

Corp.

...............

3,900

$

85,386

Oriental

Land

Co.

Ltd.

..........

49,700

8,211,997

Otsuka

Holdings

Co.

Ltd.

(f)

........

2,900

124,255

Panasonic

Corp.

..............

17,000

198,173

Rakuten

,

Inc.

................

5,400

51,963

Recruit

Holdings

Co.

Ltd.

........

232,500

9,765,688

Ryohin

Keikaku

Co.

Ltd.

.........

195,700

4,004,911

Sekisui

House

Ltd.

.............

4,100

83,524

Seven

&

i

Holdings

Co.

Ltd.

.......

7,600

269,121

Shin-Etsu

Chemical

Co.

Ltd.

......

222,334

39,023,143

Sompo

Holdings,

Inc.

...........

3,100

125,683

Sony

Corp.

..................

86,000

8,666,056

Suzuki

Motor

Corp.

............

395,189

18,319,195

Terumo

Corp.

................

900

37,662

Tokyo

Electron

Ltd.

............

500

186,781

Toshiba

Corp.

................

5,900

165,250

214,690,004

Mexico

—

0.0%

Fomento

Economico

Mexicano

SAB

de

CV

.....................

4,394

33,327

Grupo

Bimbo

SAB

de

CV

........

109,626

237,712

271,039

Netherlands

—

2.9%

Adyen

NV

(b)(d)(f)

................

10,792

25,075,663

Akzo

Nobel

NV

(f)

..............

453,006

48,623,217

ASML

Holding

NV

.............

108,165

52,371,030

Heineken

Holding

NV

...........

1,751

164,818

ING

Groep

NV

................

5,240,863

48,728,732

ING

Groep

NV,

ADR

(d)

...........

14,447

136,380

Koninklijke

Philips

NV

(d)

..........

646,859

34,844,707

NXP

Semiconductors

NV

........

244,471

38,873,334

Royal

Dutch

Shell

plc,

Class

A

.....

7,121

124,876

Royal

Dutch

Shell

plc,

Class

B

.....

4,216

71,456

249,014,213

Norway

—

0.0%

LINK

Mobility

Group

Holding

ASA

(d)

..

254,921

1,381,302

Poland

—

0.0%

Polski

Koncern

Naftowy

ORLEN

SA

.

7,411

114,732

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

92,577

1,556,194

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

................

672

19,524

Singapore

—

0.1%

ComfortDelGro

Corp.

Ltd.

........

1,017,400

1,289,140

DBS

Group

Holdings

Ltd.

........

132,500

2,510,972

United

Overseas

Bank

Ltd.

.......

151,000

2,573,707

6,373,819

South

Africa

—

0.0%

Anglo

American

Platinum

Ltd.

.....

3,650

359,167

Anglo

American

plc

............

61,021

2,015,050

AngloGold

Ashanti

Ltd.

..........

6,387

147,210

Kumba

Iron

Ore

Ltd.

............

2,443

103,540

MTN

Group

Ltd.

(f)

..............

72,474

299,113

2,924,080

South

Korea

—

0.5%

Celltrion

,

Inc.

(d)

...............

494

163,513

Hana

Financial

Group,

Inc.

.......

1,998

63,639

Hyundai

Mobis

Co.

Ltd.

(d)

........

371

87,321

Kakao

Corp.

.................

22,653

8,128,362

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

South

Korea

(continued)

KB

Financial

Group,

Inc.

.........

2,510

$

99,690

Kia

Motors

Corp.

(d)

.............

5,011

288,718

LG

Chem

Ltd.

(d)

...............

21,050

16,006,776

LG

Electronics,

Inc.

............

2,729

339,820

LG

Uplus

Corp.

(d)

..............

6,836

74,022

NCSoft

Corp.

(d)

...............

4,863

4,175,135

POSCO

....................

6,867

1,715,922

Samsung

Biologics

Co.

Ltd.

(b)(d)

....

390

296,933

Samsung

SDI

Co.

Ltd.

..........

18,284

10,596,452

42,036,303

Spain

—

0.3%

Cellnex

Telecom

SA

(b)

...........

429,708

25,805,239

Telefonica

SA

................

62,989

250,547

Telefonica

SA

(d)

...............

3,499

13,918

26,069,704

Sweden

—

0.9%

Atlas

Copco

AB,

Class

A

.........

60,379

3,103,264

Hexagon

AB,

Class

B

...........

88,949

8,155,026

Sandvik

AB

(d)

.................

9,263

228,459

Swedbank

AB,

Class

A

(d)

.........

164,711

2,889,095

Telefonaktiebolaget

LM

Ericsson,

Class

B

......................

490,317

5,832,545

Volvo

AB,

Class

B

(d)

............

2,457,426

58,174,903

78,383,292

Switzerland

—

0.8%

ABB

Ltd.

(Registered)

...........

10,968

307,644

Alcon,

Inc.

(d)

.................

2,074

137,706

Alcon,

Inc.

(d)

.................

54,104

3,569,782

Cie

Financiere

Richemont

SA

(Registered)

...............

1,633

147,529

Nestle

SA

(Registered)

..........

80,358

9,499,225

Novartis

AG

(Registered)

........

5,441

512,313

Roche

Holding

AG

.............

117,089

40,781,931

Sika

AG

(Registered)

...........

29,997

8,176,979

Straumann

Holding

AG

(Registered)

.

3,996

4,680,999

67,814,108

Taiwan

—

1.2%

ASE

Technology

Holding

Co.

Ltd.

...

36,000

104,430

Asustek

Computer,

Inc.

..........

8,000

71,446

Cathay

Financial

Holding

Co.

Ltd.

...

923,000

1,389,836

Chunghwa

Telecom

Co.

Ltd.

......

480,000

1,862,089

Formosa

Chemicals

&

Fibre

Corp.

..

438,000

1,321,602

Formosa

Petrochemical

Corp.

.....

234,000

832,243

Formosa

Plastics

Corp.

..........

388,000

1,332,676

Fubon

Financial

Holding

Co.

Ltd.

...

1,015,000

1,690,334

Hon

Hai

Precision

Industry

Co.

Ltd.

..

547,960

1,796,731

MediaTek

,

Inc.

................

72,000

1,920,044

Nan

Ya

Plastics

Corp.

...........

531,000

1,360,369

Nanya

Technology

Corp.

.........

87,000

269,726

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

4,270,000

80,777,608

Uni

-President

Enterprises

Corp.

....

744,000

1,789,451

United

Microelectronics

Corp.

.....

157,000

264,037

Yageo

Corp.

.................

162,000

2,998,583

99,781,205

Thailand

—

0.1%

Advanced

Info

Service

PCL

.......

287,300

1,688,685

Intouch

Holdings

PCL,

Class

F

.....

925,200

1,736,084

Thai

Beverage

PCL

............

1,152,100

641,366

4,066,135

Security

Shares

Shares

Value

Turkey

—

0.0%

Tupras

Turkiye

Petrol

Rafinerileri

A/S

(d)

23,672

$

343,591

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(c)(d)

.............

365,939

5

United

Kingdom

—

1.9%

AstraZeneca

plc

..............

201,908

20,132,908

Barclays

plc

.................

3,022,799

6,064,018

Berkeley

Group

Holdings

plc

......

75,033

4,853,703

BP

plc

.....................

27,321

94,278

Coca-Cola

European

Partners

plc

...

1,407

70,111

Diageo

plc

..................

16,756

663,014

Experian

plc

.................

15,743

598,055

Fiat

Chrysler

Automobiles

NV

(d)

....

5,312

95,967

GlaxoSmithKline

plc

............

28,839

527,695

RELX

plc

...................

227,772

5,572,992

THG

Holdings

Ltd.

(d)

............

3,603,079

38,432,242

Unilever

plc

..................

284,752

17,077,624

Unilever

plc

..................

544,635

32,978,239

Vodafone

Group

plc

............

19,397,372

31,859,948

159,020,794

United

States

—

44.2%

Abbott

Laboratories

............

342,230

37,470,763

AbbVie,

Inc.

.................

474,598

50,853,176

Adobe,

Inc.

(d)

.................

1,515

757,682

Advanced

Micro

Devices,

Inc.

(d)

....

2,135

195,801

Aflac,

Inc.

...................

1,700

75,599

Air

Products

&

Chemicals,

Inc.

.....

226,307

61,831,599

Akamai

Technologies,

Inc.

(d)

.......

22,324

2,343,797

Alaska

Air

Group,

Inc.

...........

37,962

1,974,024

Alexion

Pharmaceuticals,

Inc.

(d)

....

14,518

2,268,292

Alphabet,

Inc.,

Class

C

(d)

.........

70,696

123,850,908

Altair

Engineering,

Inc.,

Class

A

(d)

...

108,985

6,340,747

Altria

Group,

Inc.

..............

3,381

138,621

Amazon.com,

Inc.

(d)(h)

...........

45,147

147,040,619

American

Express

Co.

..........

646

78,108

American

Tower

Corp.

..........

196,974

44,212,784

American

Water

Works

Co.,

Inc.

....

26,760

4,106,857

Amgen,

Inc.

.................

3,786

870,477

Analog

Devices,

Inc.

............

9,467

1,398,560

Annaly

Capital

Management,

Inc.

...

95,187

804,330

Anthem,

Inc.

.................

118,454

38,034,395

Aon

plc,

Class

A

..............

227

47,958

Apellis

Pharmaceuticals,

Inc.

(d)

.....

43,236

2,473,099

Apple,

Inc.

(h)

.................

1,439,191

190,966,254

Applied

Materials,

Inc.

..........

549,843

47,451,451

Aptiv

plc

....................

317,626

41,383,492

Atlassian

Corp.

plc,

Class

A

(d)

......

22,961

5,369,889

Autodesk,

Inc.

(d)

...............

80,124

24,465,062

Bank

of

America

Corp.

..........

2,289,624

69,398,503

Baxter

International,

Inc.

.........

40,062

3,214,575

Becton

Dickinson

and

Co.

........

104,788

26,220,053

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.

45,466

10,542,201

BJ's

Wholesale

Club

Holdings,

Inc.

(d)

.

52,651

1,962,829

Blackstone

Group,

Inc.

(The),

Class

A

4,678

303,181

Booking

Holdings,

Inc.

(d)

.........

901

2,006,770

Boston

Scientific

Corp.

(d)

.........

1,559,026

56,046,985

Bristol-Myers

Squibb

Co.

.........

521,083

32,322,778

Broadcom,

Inc.

...............

6,993

3,061,885

Brookfield

Renewable

Corp.

......

2,420

141,181

Brown-Forman

Corp.,

Class

B

.....

3,258

258,783

Cadence

Design

Systems,

Inc.

(d)

...

43,132

5,884,499

Capital

One

Financial

Corp.

.......

511,142

50,526,387

Capri

Holdings

Ltd.

(d)

...........

71,958

3,022,236

Cerner

Corp.

.................

2,546

199,810

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

United

States

(continued)

CH

Robinson

Worldwide,

Inc.

.....

44,857

$

4,210,727

Charles

Schwab

Corp.

(The)

......

328,940

17,446,978

Charter

Communications,

Inc.,

Class

A

(d)

.....................

70,729

46,790,770

Chubb

Ltd.

..................

112,472

17,311,690

Ciena

Corp.

(d)

................

9,664

510,742

Cigna

Corp.

.................

890

185,280

Citigroup,

Inc.

................

212,129

13,079,874

Cognizant

Technology

Solutions

Corp.,

Class

A

..................

207,960

17,042,322

Colgate-Palmolive

Co.

..........

65,933

5,637,931

Comcast

Corp.,

Class

A

.........

1,226,674

64,277,718

ConocoPhillips

...............

440,048

17,597,520

Corteva

,

Inc.

.................

1,477

57,189

Costco

Wholesale

Corp.

.........

64,486

24,297,035

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.

75,958

16,089,424

Crown

Castle

International

Corp.

...

731

116,368

Cummins,

Inc.

................

887

201,438

Darden

Restaurants,

Inc.

........

15,571

1,854,818

Dell

Technologies,

Inc.,

Class

C

(d)

...

389,092

28,516,553

Delta

Air

Lines,

Inc.

............

5,801

233,258

Devon

Energy

Corp.

............

170,536

2,696,174

DexCom

,

Inc.

(d)

...............

1,601

591,922

Digital

Realty

Trust,

Inc.

.........

927

129,326

Dow,

Inc.

...................

139,939

7,766,614

DR

Horton,

Inc.

...............

622,950

42,933,714

Dynatrace

,

Inc.

(d)

..............

38,963

1,685,929

Eaton

Corp.

plc

...............

4,861

584,001

eBay,

Inc.

...................

11,983

602,146

Edwards

Lifesciences

Corp.

(d)

.....

98,420

8,978,857

Emerson

Electric

Co.

...........

5,001

401,930

EOG

Resources,

Inc.

...........

1,533

76,451

EPAM

Systems,

Inc.

(d)

...........

9,898

3,546,948

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$8,212,150)

(c)(d)(e)

.........

14,282

9,644,206

Equinix

,

Inc.

.................

162

115,697

Expedia

Group,

Inc.

............

28,178

3,730,767

Facebook,

Inc.,

Class

A

(d)

........

138,493

37,830,748

FedEx

Corp.

.................

1,287

334,131

Ferguson

plc

.................

42,330

5,143,110

FirstEnergy

Corp.

.............

3,249

99,452

Fisker

Coachbuild

LLC

(d)

.........

236,707

3,467,758

Ford

Motor

Co.

...............

5,748

50,525

Fortinet,

Inc.

(d)

................

37,099

5,510,314

Fortive

Corp.

.................

595,750

42,191,015

Fortune

Brands

Home

&

Security,

Inc.

46,285

3,967,550

Freeport-McMoRan,

Inc.

.........

582,200

15,148,844

General

Motors

Co.

............

4,461

185,756

Gilead

Sciences,

Inc.

...........

658

38,335

Global

Payments,

Inc.

..........

150,075

32,329,156

Goldman

Sachs

Group,

Inc.

(The)

..

32,004

8,439,775

Guardant

Health,

Inc.

(d)

..........

42,136

5,430,488

HCA

Healthcare,

Inc.

...........

223,512

36,758,784

Healthcare

Merger

Corp.

(Acquired

10/30/20,

cost

$3,117,860)

(d)(e)

...

311,786

2,425,390

Highland

Transcend

Partners

I

Corp.

(d)

272,414

2,860,347

Hilton

Worldwide

Holdings,

Inc.

....

103,069

11,467,457

Home

Depot,

Inc.

(The)

.........

156,965

41,693,043

HP,

Inc.

....................

9,802

241,031

Humana,

Inc.

................

3,880

1,591,848

iHeartMedia

,

Inc.,

Class

B

(d)

.......

3,761

45,132

Illinois

Tool

Works,

Inc.

..........

1,329

270,957

Illumina,

Inc.

(d)

................

3,961

1,465,570

Incyte

Corp.

(d)

................

1,127

98,026

Inphi

Corp.

(d)

.................

4,801

770,416

Security

Shares

Shares

Value

United

States

(continued)

Insulet

Corp.

(d)

................

5,331

$

1,362,764

Intel

Corp.

..................

13,777

686,370

International

Flavors

&

Fragrances,

Inc.

(f)

....................

234,481

25,520,912

International

Paper

Co.

..........

7,188

357,387

Intuit,

Inc.

...................

1,806

686,009

Intuitive

Surgical,

Inc.

(d)(f)

.........

15,515

12,692,821

Iovance

Biotherapeutics

,

Inc.

(d)

.....

30,352

1,408,333

Jawbone

Health

Hub,

Inc.

(Acquired

01/24/17,

cost

$0)

(c)(d)(e)

........

301,223

3

JBS

SA

....................

20,946

95,465

Johnson

&

Johnson

............

501,529

78,930,634

JPMorgan

Chase

&

Co.

.........

788,212

100,158,099

Kinder

Morgan,

Inc.

............

13,111

179,227

L3Harris

Technologies,

Inc.

.......

332,345

62,819,852

Lam

Research

Corp.

...........

397

187,491

Las

Vegas

Sands

Corp.

.........

50,325

2,999,370

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(d)

.................

318,249

13,745,174

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

(d)

.................

400,555

17,428,148

Live

Nation

Entertainment,

Inc.

(d)

...

25,746

1,891,816

Lockheed

Martin

Corp.

..........

342

121,403

Lookout,

Inc.

(Acquired

03/04/15,

cost

$936,169)

(c)(d)(e)

.............

73,943

414,821

Lowe's

Cos.,

Inc.

..............

320,815

51,494,016

Lululemon

Athletica,

Inc.

(d)

........

767

266,939

Lyft,

Inc.,

Class

A

(d)

.............

229,408

11,270,815

Madison

Square

Garden

Sports

Corp.

(d)

824

151,698

Marathon

Oil

Corp.

.............

95,100

634,317

Marsh

&

McLennan

Cos.,

Inc.

.....

349,623

40,905,891

Marvell

Technology

Group

Ltd.

.....

112,379

5,342,498

Masco

Corp.

.................

115,860

6,364,190

Mastercard

,

Inc.,

Class

A

.........

207,797

74,171,061

McDonald's

Corp.

.............

197,837

42,451,863

Medtronic

plc

................

6,524

764,221

Merck

&

Co.,

Inc.

..............

521,521

42,660,418

MGM

Resorts

International

.......

30,078

947,758

Microchip

Technology,

Inc.

........

175,040

24,174,774

Micron

Technology,

Inc.

(d)

........

411,220

30,915,520

Microsoft

Corp.

(h)

..............

770,310

171,332,350

Mondelez

International,

Inc.,

Class

A

.

72,750

4,253,693

MongoDB,

Inc.

(d)

..............

10,971

3,939,028

Morgan

Stanley

...............

960,590

65,829,233

Netflix,

Inc.

(d)

.................

814

440,154

Nevro

Corp.

(d)

................

8,122

1,405,918

New

Relic,

Inc.

(d)

..............

28,653

1,873,906

Newmont

Corp.

...............

79,636

4,769,400

NextEra

Energy,

Inc.

...........

935,484

72,172,591

Northrop

Grumman

Corp.

........

4,589

1,398,360

NortonLifeLock

,

Inc.

............

121,488

2,524,521

NVIDIA

Corp.

................

78,884

41,193,225

Okta

,

Inc.

(d)

..................

24,847

6,317,598

Otis

Worldwide

Corp.

...........

6,446

435,427

Palantir

Technologies,

Inc.,

Class

A

(d)(f)

70,926

1,670,307

Palantir

Technologies,

Inc.,

Series

I

(Acquired

02/11/14,

cost

$11,447,321)

(d)(e)

............

1,493,941

34,322,294

Palo

Alto

Networks,

Inc.

(d)

........

23,028

8,183,921

Paycom

Software,

Inc.

(d)

.........

8,726

3,946,334

PayPal

Holdings,

Inc.

(d)

..........

197,149

46,172,296

Peloton

Interactive,

Inc.,

Class

A

(d)

..

225,603

34,228,487

Penn

National

Gaming,

Inc.

(d)

......

51,958

4,487,612

PepsiCo,

Inc.

................

39,301

5,828,338

Pfizer,

Inc.

..................

62,031

2,283,361

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

United

States

(continued)

Philip

Morris

International,

Inc.

.....

2,741

$

226,927

Pioneer

Natural

Resources

Co.

....

22,700

2,585,303

PPG

Industries,

Inc.

............

331,557

47,817,151

Procter

&

Gamble

Co.

(The)

......

1,345

187,143

Prologis,

Inc.

.................

2,453

244,466

Proofpoint

,

Inc.

(d)

..............

16,795

2,291,006

Prudential

Financial,

Inc.

.........

3,296

257,319

PTC

Therapeutics,

Inc.

(d)

.........

14,930

911,178

PTC,

Inc.

(d)

..................

426,567

51,021,679

PubMatic,

Inc.,

Class

A

(d)

.........

93,405

2,611,604

QUALCOMM,

Inc.

.............

65,429

9,967,454

Quest

Diagnostics,

Inc.

..........

17,949

2,138,982

Raytheon

Technologies

Corp.

.....

402,116

28,755,315

Regeneron

Pharmaceuticals,

Inc.

(d)

..

465

224,646

Reinvent

Technology

Partners

Z

(d)

...

210,164

2,391,666

ResMed

,

Inc.

................

16,015

3,404,148

RingCentral,

Inc.,

Class

A

(d)

.......

4,900

1,856,953

Rockwell

Automation,

Inc.

........

831

208,423

salesforce.com,

Inc.

(d)

...........

205,762

45,788,218

SBA

Communications

Corp.

......

553

156,018

Schlumberger

Ltd.

.............

10,977

239,628

Seagen

,

Inc.

(d)

................

20,628

3,612,788

Sempra

Energy

...............

833

106,133

Sensata

Technologies

Holding

plc

(d)

.

26,762

1,411,428

ServiceNow

,

Inc.

(d)

.............

39,484

21,733,178

Silk

Road

Medical,

Inc.

(d)

.........

37,882

2,385,808

Simply

Good

Foods

Co.

(The)

(d)

....

100,480

3,151,053

Southwest

Airlines

Co.

..........

249,427

11,625,792

Splunk

,

Inc.

(d)

................

34,057

5,785,944

Stanley

Black

&

Decker,

Inc.

......

439

78,388

Starbucks

Corp.

...............

406,992

43,540,004

Stryker

Corp.

................

16,166

3,961,317

Sysco

Corp.

.................

879

65,275

Target

Corp.

.................

1,723

304,161

Tesla,

Inc.

(d)

..................

540

381,062

Thermo

Fisher

Scientific,

Inc.

......

75,972

35,386,238

TJX

Cos.,

Inc.

(The)

............

544,674

37,195,787

T-Mobile

US,

Inc.

(d)

.............

35,347

4,766,543

Toll

Brothers,

Inc.

(f)

.............

114,091

4,959,536

TransDigm

Group,

Inc.

(d)

.........

14,466

8,952,284

Travelers

Cos.,

Inc.

(The)

........

32,107

4,506,860

Truist

Financial

Corp.

...........

112,273

5,381,245

Twilio

,

Inc.,

Class

A

(d)

...........

16,901

5,720,989

Uber

Technologies,

Inc.

(d)

........

87,700

4,472,700

Union

Pacific

Corp.

............

320,681

66,772,198

United

Parcel

Service,

Inc.,

Class

B

.

226,948

38,218,043

United

States

Steel

Corp.

........

159,847

2,680,634

UnitedHealth

Group,

Inc.

.........

224,337

78,670,499

US

Bancorp

.................

380,832

17,742,963

Vail

Resorts,

Inc.

..............

780

217,589

Valero

Energy

Corp.

............

271,952

15,384,325

Verizon

Communications,

Inc.

.....

64,471

3,787,671

Vertex

Pharmaceuticals,

Inc.

(d)

.....

57,194

13,517,230

Vertiv

Holdings

Co.

(Acquired

02/04/20,

cost

$17,149,150)

(d)(e)

.........

1,714,915

32,017,463

VF

Corp.

...................

487

41,595

Visa,

Inc.,

Class

A

.............

48,721

10,656,744

Vistra

Energy

Corp.

............

124,317

2,444,072

VMware,

Inc.,

Class

A

(d)(f)

.........

272,291

38,191,536

Vontier

Corp.

(d)

...............

45,120

1,507,008

Vulcan

Materials

Co.

...........

179,137

26,567,808

Walmart,

Inc.

.................

312,264

45,012,856

Walt

Disney

Co.

(The)

(d)

.........

248,003

44,933,184

Western

Digital

Corp.

...........

78,015

4,321,251

Weyerhaeuser

Co.

.............

97,644

3,274,003

Security

Shares

Shares

Value

United

States

(continued)

Workday,

Inc.,

Class

A

(d)

.........

13,976

$

3,348,789

Wynn

Resorts

Ltd.

.............

72,952

8,231,174

Xilinx,

Inc.

(f)

..................

64,392

9,128,854

Yum!

Brands,

Inc.

.............

1,350

146,556

Zillow

Group,

Inc.,

Class

C

(d)

......

31,385

4,073,773

Zoetis,

Inc.

..................

30,131

4,986,681

Zoom

Video

Communications,

Inc.,

Class

A

(d)

.................

1,031

347,777

Zscaler

,

Inc.

(d)

................

36,376

7,264,651

3,790,181,374

Zambia

—

0.1%

First

Quantum

Minerals

Ltd.

.......

590,013

10,591,403

Total

Common

Stocks

—

67.3%

(Cost:

$4,210,464,922)

...........................

5,775,327,974

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

5.7%

Australia

—

0.5%

Australia

&

New

Zealand

Banking

Group

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

2.57%

,

11/25/35

(a)(b)

...............

USD

2,321

2,367,816

FMG

Resources

August

2006

Pty.

Ltd.

(b)

:

4.75%,

05/15/22

............

140

144,025

5.13%,

03/15/23

............

95

100,344

5.13%,

05/15/24

............

144

156,240

Quintis

Australia

Pty.

Ltd.

(b)(c)(

i

)*

:

0.00%,

(0.00%

Cash

or

8.00%

PIK),

10/01/26

...............

18,467

18,089,674

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

18,591

18,591,047

Westpac

Banking

Corp.,

2.96%

,

11/16/40

..................

567

603,783

40,052,929

Brazil

—

0.2%

Embraer

Netherlands

Finance

BV,

6.95%

,

01/17/28

(b)

...........

824

931,120

Itau

Unibanco

Holding

SA:

5.13%,

05/13/23

(b)

...........

235

250,789

3.25%,

01/24/25

............

961

1,005,350

Oi

SA,

10.00%

,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(

i

)

........

820

873,044

Petrobras

Global

Finance

BV:

5.30%,

01/27/25

............

927

1,046,931

6.00%,

01/27/28

............

531

621,270

5.60%,

01/03/31

............

3,220

3,686,900

Suzano

Austria

GmbH,

3.75%

,

01/15/31

.................

892

945,520

Vale

Overseas

Ltd.:

6.25%,

08/10/26

............

754

934,489

3.75%,

07/08/30

............

842

935,409

11,230,822

Canada

—

0.1%

(b)

1011778

BC

ULC:

4.38%,

01/15/28

............

205

211,150

4.00%,

10/15/30

............

1,507

1,527,239

Brookfield

Residential

Properties,

Inc.,

6.25%

,

09/15/27

............

117

124,459

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

GFL

Environmental,

Inc.,

5.13%

,

12/15/26

.................

USD

125

$

132,969

Kronos

Acquisition

Holdings,

Inc.,

9.00%

,

08/15/23

............

2,271

2,326,639

Mattamy

Group

Corp.:

5.25%,

12/15/27

............

71

75,082

4.63%,

03/01/30

............

1,626

1,723,560

6,121,098

Cayman

Islands

—

0.0%

Bioceanico

Sovereign

Certificate

Ltd.,

0.00%

,

06/05/34

(j)

...........

236

179,348

Chile

—

0.0%

Sable

International

Finance

Ltd.,

5.75%

,

09/07/27

............

917

975,459

China

—

0.0%

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(d)(j)(k)(l)

..............

4,800

4,800

Colombia

—

0.0%

(b)

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

...

834

886,907

Millicom

International

Cellular

SA,

4.50%

,

04/27/31

............

860

926,919

1,813,826

Congo,

Democratic

Republic

of

the

—

0.0%

HTA

Group

Ltd.,

7.00%

,

12/18/25

(b)

..

1,141

1,227,288

France

—

0.1%

(b)

Altice

France

SA:

7.38%,

05/01/26

............

1,426

1,500,865

5.50%,

01/15/28

............

337

352,337

BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

2.59%

,

08/12/35

(a)

................

3,785

3,869,505

5,722,707

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%

,

12/15/24

(b)

.

EUR

4,989

5,683,412

Hong

Kong

—

0.0%

Melco

Resorts

Finance

Ltd.:

4.88%,

06/06/25

............

USD

345

354,811

5.38%,

12/04/29

(b)

...........

200

207,250

562,061

India

—

0.0%

Muthoot

Finance

Ltd.,

6.13%

,

10/31/22

(b)

................

1,197

1,252,361

REI

Agro

Ltd.

(d)(k)(l)

:

5.50%,

11/13/14

(b)

...........

5,549

53,348

5.50%,

11/13/14

(c)

...........

2,291

1

1,305,710

Indonesia

—

0.0%

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

(b)

...........

510

568,971

Ireland

—

0.0%

C&W

Senior

Financing

DAC,

6.88%

,

09/15/27

.................

241

260,008

Israel

—

0.0%

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

(b)

1,174

1,249,828

Security

Par

(000)

Par

(000)

Value

Kuwait

—

0.0%

Equate

Petrochemical

BV,

4.25%

,

11/03/26

(b)

................

USD

200

$

222,562

MEGlobal

Canada

ULC,

5.88%

,

05/18/30

.................

885

1,101,825

1,324,387

Luxembourg

—

0.2%

(b)

Altice

Financing

SA,

5.00%

,

01/15/28

361

369,893

Garfunkelux

Holdco

3

SA:

6.75%,

11/01/25

............

EUR

1,710

2,141,247

7.75%,

11/01/25

............

GBP

2,906

4,081,331

Intelsat

Jackson

Holdings

SA,

8.00%

,

02/15/24

(m)

................

USD

7,812

7,997,535

14,590,006

Macau

—

0.0%

(b)

MGM

China

Holdings

Ltd.:

5.38%,

05/15/24

............

200

207,125

5.88%,

05/15/26

............

200

210,728

Wynn

Macau

Ltd.:

4.88%,

10/01/24

............

200

202,875

5.13%,

12/15/29

............

200

203,250

823,978

Mexico

—

0.0%

Cemex

SAB

de

CV,

5.45%

,

11/19/29

.

570

626,288

Cydsa

SAB

de

CV,

6.25%

,

10/04/27

(b)

709

746,222

1,372,510

Netherlands

—

0.0%

(b)

NXP

BV,

3.15%

,

05/01/27

........

325

358,329

VEON

Holdings

BV,

4.00%

,

04/09/25

593

627,098

Ziggo

Bond

Co.

BV,

6.00%

,

01/15/27

221

233,546

Ziggo

BV:

5.50%,

01/15/27

............

540

563,625

4.88%,

01/15/30

............

200

210,250

1,992,848

Panama

—

0.0%

AES

Panama

Generation

Holdings

SRL,

4.38%

,

05/31/30

(b)

.......

698

753,622

Peru

—

0.0%

Hudbay

Minerals,

Inc.,

6.13%

,

04/01/29

(b)

................

326

351,265

South

Africa

—

0.0%

Gold

Fields

Orogen

Holdings

BVI

Ltd.,

5.13%

,

05/15/24

(b)

...........

861

945,755

South

Korea

—

0.0%

Clark

Equipment

Co.,

5.88%

,

06/01/25

(b)

................

364

384,020

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(a)(n)

.................

600

631,980

Banco

Santander

SA,

2.75%

,

05/28/25

1,000

1,067,525

1,699,505

Switzerland

—

0.1%

(b)

Credit

Suisse

Group

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.55%),

4.50%

(a)(n)

2,547

2,559,480

UBS

Group

AG,

4.13%

,

09/24/25

...

2,876

3,293,187

5,852,667

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Tanzania,

United

Republic

of

—

0.0%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

.................

USD

295

$

315,650

Turkey

—

0.0%

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(b)(c)(d)(k)(l)*

............

21,400

2,193,500

United

Arab

Emirates

—

0.0%

DP

World

plc,

6.85%

,

07/02/37

.....

770

1,054,659

MAF

Sukuk

Ltd.,

4.64%

,

05/14/29

...

200

224,750

1,279,409

United

Kingdom

—

0.3%

Algeco

Global

Finance

plc,

6.50%

,

02/15/23

.................

EUR

9,999

12,367,481

British

Airways

Pass-Through

Trust

(b)

:

Series

2020-1,

Class

B,

8.38%,

11/15/28

...............

USD

1,174

1,294,335

Series

2020-1,

Class

A,

4.25%,

11/15/32

...............

552

589,950

HSBC

Holdings

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(n)

868

883,294

Lloyds

Banking

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

0.00%),

2.71%

,

12/03/35

(a)

................

GBP

7,015

10,048,028

Virgin

Media

Finance

plc,

5.00%

,

07/15/30

(b)

................

USD

238

246,925

Virgin

Media

Secured

Finance

plc,

4.50%

,

08/15/30

(b)

...........

200

209,000

Vmed

O2

UK

Financing

I

plc,

4.25%

,

01/31/31

(b)

................

200

204,000

Vodafone

Group

plc,

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

,

04/04/79

(a)

212

263,736

26,106,749

United

States

—

4.1%

Acadia

Healthcare

Co.,

Inc.

(b)

:

5.50%,

07/01/28

............

978

1,050,421

5.00%,

04/15/29

............

232

247,660

ADT

Security

Corp.

(The),

4.88%

,

07/15/32

(b)

................

103

111,626

Affinity

Gaming,

6.88%

,

12/15/27

(b)

..

884

926,246

Air

Lease

Corp.,

3.13%

,

12/01/30

...

1,650

1,717,616

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(b)

...........

149

152,725

5.75%,

03/15/25

............

554

570,620

7.50%,

03/15/26

(b)

...........

123

137,643

3.50%,

03/15/29

(b)

...........

4,283

4,333,839

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(b)

6,634

7,082,059

AMC

Networks,

Inc.:

5.00%,

04/01/24

............

186

189,022

4.75%,

08/01/25

............

148

152,840

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%

,

01/15/28

(b)

101

104,535

AMN

Healthcare,

Inc.,

4.00%

,

04/15/29

(b)

................

295

301,637

Aramark

Services,

Inc.:

4.75%,

06/01/26

............

245

252,215

5.00%,

02/01/28

(b)

...........

561

591,154

Avantor

Funding,

Inc.,

4.63%

,

07/15/28

(b)

................

1,226

1,296,495

Axalta

Coating

Systems

LLC,

3.38%

,

02/15/29

(b)

................

314

314,000

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

B&G

Foods,

Inc.,

5.25%

,

09/15/27

..

USD

79

$

83,993

Ball

Corp.,

2.88%

,

08/15/30

.......

1,057

1,054,357

Bank

of

America

Corp.,

(SOFR

+

2.15%),

2.59%

,

04/29/31

(a)

.....

3,174

3,401,761

Bausch

Health

Americas,

Inc.,

9.25%

,

04/01/26

(b)

................

404

450,460

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%,

11/01/25

............

257

266,327

9.00%,

12/15/25

............

419

462,555

5.75%,

08/15/27

............

77

82,582

7.00%,

01/15/28

............

204

224,237

6.25%,

02/15/29

............

796

864,655

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(b)

................

348

370,620

Boise

Cascade

Co.,

4.88%

,

07/01/30

(b)

262

283,615

Boyd

Gaming

Corp.,

8.63%

,

06/01/25

(b)

495

550,534

BP

Capital

Markets

America,

Inc.,

1.75%

,

08/10/30

............

624

627,824

Buckeye

Partners

LP:

4.15%,

07/01/23

............

70

71,925

4.35%,

10/15/24

............

409

418,203

4.13%,

03/01/25

(b)

...........

2,019

2,044,237

Builders

FirstSource

,

Inc.,

6.75%

,

06/01/27

(b)

................

119

129,080

BY

Crown

Parent

LLC,

4.25%

,

01/31/26

(b)

................

388

397,700

Calpine

Corp.

(b)

:

4.50%,

02/15/28

............

339

352,560

5.13%,

03/15/28

............

817

859,459

Carrier

Global

Corp.,

3.58%

,

04/05/50

1,517

1,697,555

CCO

Holdings

LLC,

4.75%

,

03/01/30

(b)

827

892,333

Cedar

Fair

LP:

5.50%,

05/01/25

(b)

...........

264

275,220

5.38%,

04/15/27

............

96

98,160

5.25%,

07/15/29

............

94

96,778

Centene

Corp.:

4.75%,

01/15/25

............

2,745

2,817,001

5.38%,

06/01/26

(b)

...........

3,071

3,239,014

5.38%,

08/15/26

(b)

...........

142

149,988

4.25%,

12/15/27

............

470

498,200

3.00%,

10/15/30

............

3,269

3,464,813

CenturyLink,

Inc.

(b)

:

5.13%,

12/15/26

............

252

266,102

4.00%,

02/15/27

............

255

263,287

Charles

River

Laboratories

International,

Inc.,

5.50%

,

04/01/26

(b)

97

101,598

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

(a)(n)

...........

1,655

1,741,888

Charter

Communications

Operating

LLC,

2.80%

,

04/01/31

.........

5,275

5,579,265

Cheniere

Energy

Partners

LP:

5.25%,

10/01/25

............

736

755,320

5.63%,

10/01/26

............

210

218,400

4.50%,

10/01/29

............

399

422,054

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

(b)

................

1,854

1,946,700

Chobani

LLC,

4.63%

,

11/15/28

(b)

...

337

342,055

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

............

115

121,756

4.75%,

01/15/28

............

71

74,728

Citigroup,

Inc.,

(SOFR

+

3.91%),

4.41%

,

03/31/31

(a)

...........

2,257

2,736,967

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Clarios

Global

LP

(b)

:

6.75%,

05/15/25

............

USD

72

$

77,580

6.25%,

05/15/26

............

144

154,440

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(b)

101

105,374

CNX

Resources

Corp.,

7.25%

,

03/14/27

(b)

................

98

104,860

Colfax

Corp.,

6.00%

,

02/15/24

(b)

....

117

121,244

Colt

Merger

Sub,

Inc.

(b)

:

5.75%,

07/01/25

............

1,208

1,279,969

6.25%,

07/01/25

............

7,995

8,514,675

8.13%,

07/01/27

............

2,790

3,088,593

CommScope

,

Inc.,

7.13%

,

07/01/28

(b)

1,067

1,136,355

Community

Health

Systems,

Inc.,

8.00%

,

03/15/26

(b)

...........

1,056

1,137,840

Continental

Resources,

Inc.,

4.38%

,

01/15/28

.................

134

137,377

Crown

Castle

International

Corp.,

4.15%

,

07/01/50

............

3,497

4,250,564

CrownRock

LP,

5.63%

,

10/15/25

(b)

..

362

369,685

CSC

Holdings

LLC

(b)

:

5.50%,

05/15/26

............

1,669

1,735,760

5.38%,

02/01/28

............

465

496,387

5.75%,

01/15/30

............

620

679,675

4.13%,

12/01/30

............

3,165

3,309,324

4.63%,

12/01/30

............

6,339

6,616,331

3.38%,

02/15/31

............

1,179

1,156,894

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(b)

................

96

102,077

DaVita,

Inc.

(b)

:

4.63%,

06/01/30

............

5,074

5,384,782

3.75%,

02/15/31

............

10,749

10,914,105

DCP

Midstream

Operating

LP:

5.38%,

07/15/25

............

158

173,614

5.13%,

05/15/29

............

86

95,384

DISH

DBS

Corp.,

7.75%

,

07/01/26

..

406

454,724

Elanco

Animal

Health,

Inc.

(m)

:

4.91%,

08/27/21

............

93

95,093

5.27%,

08/28/23

............

145

158,412

5.90%,

08/28/28

............

201

237,180

Emergent

BioSolutions

,

Inc.,

3.88%

,

08/15/28

(b)

................

134

138,757

Encompass

Health

Corp.,

4.50%

,

02/01/28

.................

231

241,395

Endeavor

Energy

Resources

LP

(b)

:

6.63%,

07/15/25

............

160

171,200

5.50%,

01/30/26

............

93

95,432

5.75%,

01/30/28

............

433

467,077

Energizer

Holdings,

Inc.

(b)

:

4.75%,

06/15/28

............

701

737,802

4.38%,

03/31/29

............

415

429,741

ESH

Hospitality,

Inc.

(b)

:

5.25%,

05/01/25

............

242

248,050

4.63%,

10/01/27

............

105

107,625

Ford

Motor

Co.:

9.00%,

04/22/25

............

568

696,374

9.63%,

04/22/30

............

161

227,211

Ford

Motor

Credit

Co.

LLC:

5.13%,

06/16/25

............

827

899,197

4.13%,

08/17/27

............

1,257

1,316,708

Forestar

Group,

Inc.

(b)

:

8.00%,

04/15/24

............

1,083

1,139,857

5.00%,

03/01/28

............

3,483

3,596,198

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

............

456

483,360

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.63%,

08/01/30

............

USD

776

$

851,660

Fresh

Market,

Inc.

(The),

9.75%

,

05/01/23

(b)

................

1,125

1,158,750

GCI

LLC,

4.75%

,

10/15/28

(b)

......

480

511,944

General

Electric

Co.,

4.35%

,

05/01/50

890

1,082,372

General

Motors

Financial

Co.,

Inc.,

2.70%

,

08/20/27

............

2,971

3,150,916

Genesis

Energy

LP,

8.00%

,

01/15/27

403

399,051

Global

Payments,

Inc.,

2.90%

,

05/15/30

.................

2,054

2,236,545

GLP

Capital

LP,

4.00%

,

01/15/31

...

1,498

1,634,648

Graham

Packaging

Co.,

Inc.,

7.13%

,

08/15/28

(b)

................

201

222,105

Gray

Television,

Inc.,

7.00%

,

05/15/27

(b)

274

300,030

Great

Western

Petroleum

LLC,

9.00%

,

09/30/21

(b)

................

1,212

702,960

Hanesbrands,

Inc.,

4.63%

,

05/15/24

(b)

170

178,075

Harsco

Corp.,

5.75%

,

07/31/27

(b)

...

70

74,025

HCA,

Inc.,

3.50%

,

09/01/30

.......

6,482

6,887,618

Herc

Holdings,

Inc.,

5.50%

,

07/15/27

(b)

171

181,260

Hess

Corp.,

4.30%

,

04/01/27

......

1,538

1,695,602

Hilton

Domestic

Operating

Co.,

Inc.:

5.13%,

05/01/26

............

284

293,230

4.88%,

01/15/30

............

264

288,420

4.00%,

05/01/31

(b)

...........

501

528,610

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

.................

114

120,660

Hologic

,

Inc.,

3.25%

,

02/15/29

(b)

....

2,866

2,916,155

Howard

Hughes

Corp.

(The)

(b)

:

5.38%,

03/15/25

............

813

838,406

5.38%,

08/01/28

............

2,456

2,641,428

Hughes

Satellite

Systems

Corp.,

7.63%

,

06/15/21

............

857

878,425

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

............

5,859

6,269,496

8.38%,

05/01/27

............

1,927

2,057,528

5.25%,

08/15/27

(b)

...........

902

947,100

4.75%,

01/15/28

(b)

...........

822

843,578

International

Game

Technology

plc

(b)

:

6.50%,

02/15/25

............

227

253,791

6.25%,

01/15/27

............

200

229,030

IQVIA,

Inc.

(b)

:

5.00%,

10/15/26

............

200

209,000

5.00%,

05/15/27

............

211

224,298

Iron

Mountain,

Inc.

(b)

:

4.88%,

09/15/27

............

285

297,825

5.25%,

03/15/28

............

236

249,048

5.25%,

07/15/30

............

3,869

4,178,520

4.50%,

02/15/31

............

3,487

3,652,633

Jagged

Peak

Energy

LLC,

5.88%

,

05/01/26

.................

133

137,655

Jaguar

Holding

Co.

II/PPD

Development

LP,

5.00%

,

06/15/28

(b)

351

374,693

JBS

Investments

II

GmbH

(b)

:

7.00%,

01/15/26

............

200

215,940

5.75%,

01/15/28

............

200

214,002

JBS

USA

LUX

SA

(b)

:

5.75%,

06/15/25

............

652

672,701

6.75%,

02/15/28

............

183

204,788

6.50%,

04/15/29

............

286

332,933

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%

,

08/01/28

(b)

................

466

527,745

Kaiser

Aluminum

Corp.,

4.63%

,

03/01/28

(b)

................

69

71,588

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Kraft

Heinz

Foods

Co.,

5.00%

,

07/15/35

.................

USD

245

$

296,999

L

Brands,

Inc.:

6.88%,

07/01/25

(b)

...........

230

249,730

5.25%,

02/01/28

............

304

317,248

6.63%,

10/01/30

(b)

...........

312

347,100

Lamar

Media

Corp.:

5.75%,

02/01/26

............

126

129,938

4.88%,

01/15/29

............

380

403,750

4.00%,

02/15/30

............

116

120,350

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

............

157

163,673

4.88%,

11/01/26

............

158

165,157

4.88%,

05/15/28

............

72

80,370

Lennar

Corp.:

4.13%,

01/15/22

............

110

112,613

4.50%,

04/30/24

............

126

139,230

Level

3

Financing,

Inc.:

5.25%,

03/15/26

............

146

150,862

4.25%,

07/01/28

(b)

...........

6,001

6,166,027

3.63%,

01/15/29

(b)

...........

3,462

3,453,345

Marriott

International,

Inc.,

4.63%

,

06/15/30

.................

259

303,931

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(b)

...........

2,611

2,780,715

6.50%,

09/15/26

............

149

155,705

Masonite

International

Corp.,

5.38%

,

02/01/28

(b)

................

158

169,653

MasTec

,

Inc.,

4.50%

,

08/15/28

(b)

....

85

89,250

Mauser

Packaging

Solutions

Holding

Co.,

7.25%

,

04/15/25

(b)

........

759

766,590

McDonald's

Corp.,

4.45%

,

09/01/48

.

1,960

2,565,793

Meritor,

Inc.

(b)

:

6.25%,

06/01/25

............

982

1,060,560

4.50%,

12/15/28

............

26

26,650

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

............

207

224,833

4.63%,

06/15/25

(b)

...........

561

600,831

5.75%,

02/01/27

............

154

172,768

3.88%,

02/15/29

(b)

...........

1,124

1,149,290

MGM

Resorts

International:

6.75%,

05/01/25

............

194

209,986

5.50%,

04/15/27

............

256

285,312

Michaels

Stores,

Inc.,

8.00%

,

07/15/27

(b)

................

1,327

1,426,525

Molina

Healthcare,

Inc.:

5.38%,

11/15/22

(m)

...........

135

142,931

3.88%,

11/15/30

(b)

...........

430

461,175

MPT

Operating

Partnership

LP:

5.00%,

10/15/27

............

267

284,021

4.63%,

08/01/29

............

304

324,900

Nationstar

Mortgage

Holdings,

Inc.

(b)

:

5.50%,

08/15/28

............

705

740,250

5.13%,

12/15/30

............

396

413,907

Netflix,

Inc.,

5.50%

,

02/15/22

......

135

141,244

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(b)

................

892

916,075

Newell

Brands,

Inc.,

4.35%

,

04/01/23

(m)

262

274,809

Nexstar

Broadcasting,

Inc.

(b)

:

5.63%,

07/15/27

............

392

419,930

4.75%,

11/01/28

............

1,082

1,132,043

NRG

Energy,

Inc.:

2.00%,

12/02/25

(b)

...........

415

430,346

7.25%,

05/15/26

............

196

206,780

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

6.63%,

01/15/27

............

USD

236

$

249,225

5.75%,

01/15/28

............

158

172,615

5.25%,

06/15/29

(b)

...........

328

360,800

NuStar

Logistics

LP,

5.75%

,

10/01/25

2,875

3,061,875

ONEOK

Partners

LP,

4.90%

,

03/15/25

3,403

3,870,495

Oracle

Corp.,

3.60%

,

04/01/40

.....

6,316

7,397,217

Outfront

Media

Capital

LLC

(b)

:

6.25%,

06/15/25

............

360

379,800

5.00%,

08/15/27

............

181

184,168

4.63%,

03/15/30

............

67

68,483

Park

Intermediate

Holdings

LLC

(b)

:

7.50%,

06/01/25

............

71

76,680

5.88%,

10/01/28

............

430

457,950

Parsley

Energy

LLC

(b)

:

5.38%,

01/15/25

............

1,173

1,206,313

5.25%,

08/15/25

............

2,163

2,252,765

5.63%,

10/15/27

............

134

146,663

PBF

Holding

Co.

LLC,

9.25%

,

05/15/25

(b)

................

2,384

2,350,386

PennyMac

Financial

Services,

Inc.,

5.38%

,

10/15/25

(b)

...........

70

74,025

PetSmart,

Inc.,

5.88%

,

06/01/25

(b)

...

194

199,335

PG&E

Corp.:

5.00%,

07/01/28

............

2,121

2,258,865

5.25%,

07/01/30

............

363

399,300

Picasso

Finance

Sub,

Inc.,

6.13%

,

06/15/25

(b)

................

749

801,430

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(b)

................

164

177,876

Pioneer

Natural

Resources

Co.,

1.90%

,

08/15/30

.................

2,460

2,438,269

Post

Holdings,

Inc.,

4.63%

,

04/15/30

(b)

908

955,180

Prime

Security

Services

Borrower

LLC

(b)

:

3.38%,

08/31/27

............

617

612,373

6.25%,

01/15/28

............

272

292,016

Quicken

Loans

LLC

(b)

:

3.63%,

03/01/29

............

5,783

5,898,660

3.88%,

03/01/31

............

4,868

5,050,550

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(b)

946

1,009,855

Radiate

Holdco

LLC,

4.50%

,

09/15/26

(b)

992

1,023,000

Reynolds

Group

Issuer,

Inc.

(b)

:

5.13%,

07/15/23

............

18

18,221

4.00%,

10/15/27

............

258

264,450

Rockies

Express

Pipeline

LLC,

4.95%

,

07/15/29

(b)

................

77

80,089

Scientific

Games

International,

Inc.,

5.00%

,

10/15/25

(b)

...........

175

180,581

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%

,

08/01/25

(b)

...........

333

361,513

Select

Medical

Corp.,

6.25%

,

08/15/26

(b)

................

6,774

7,295,056

Service

Properties

Trust:

5.00%,

08/15/22

............

4,154

4,226,695

4.50%,

06/15/23

............

3,036

3,051,180

4.35%,

10/01/24

............

107

105,663

7.50%,

09/15/25

............

508

585,378

Shea

Homes

LP,

4.75%

,

04/01/29

(b)

.

1,515

1,556,663

Shift4

Payments

LLC,

4.63%

,

11/01/26

(b)

................

220

228,800

Simmons

Foods,

Inc.,

5.75%

,

11/01/24

(b)

................

77

78,636

Sirius

XM

Radio,

Inc.

(b)

:

3.88%,

08/01/22

............

186

188,790

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.63%,

07/15/24

............

USD

267

$

276,679

5.38%,

07/15/26

............

190

198,075

5.00%,

08/01/27

............

288

306,003

5.50%,

07/01/29

............

242

266,276

4.13%,

07/01/30

............

3,412

3,631,647

Six

Flags

Entertainment

Corp.,

4.88%

,

07/31/24

(b)

................

187

187,163

Six

Flags

Theme

Parks,

Inc.,

7.00%

,

07/01/25

(b)

................

104

112,320

SM

Energy

Co.:

1.50%,

07/01/21

(k)

...........

2,106

1,982,854

10.00%,

01/15/25

(b)

..........

1,967

2,114,525

Specialty

Building

Products

Holdings

LLC,

6.38%

,

09/30/26

(b)

.......

84

89,018

Spirit

Loyalty

Cayman

Ltd.,

8.00%

,

09/20/25

(b)

................

672

752,640

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

............

89

93,005

4.38%,

07/15/30

............

874

934,944

3.38%,

01/15/31

............

330

331,650

Steel

Dynamics,

Inc.,

3.25%

,

01/15/31

295

329,882

Stericycle,

Inc.,

3.88%

,

01/15/29

(b)

..

214

219,885

Summit

Materials

LLC,

5.25%

,

01/15/29

(b)

................

394

413,700

Sunoco

LP:

4.88%,

01/15/23

............

184

186,319

5.50%,

02/15/26

............

150

153,750

6.00%,

04/15/27

............

114

121,184

4.50%,

05/15/29

(b)

...........

412

428,480

Talen

Energy

Supply

LLC,

7.63%

,

06/01/28

(b)

................

2,860

3,081,650

Targa

Resources

Partners

LP:

5.13%,

02/01/25

............

94

96,350

5.88%,

04/15/26

............

192

203,562

5.38%,

02/01/27

............

96

100,836

6.50%,

07/15/27

............

155

168,175

6.88%,

01/15/29

............

157

176,821

Taylor

Morrison

Communities,

Inc.,

5.88%

,

06/15/27

(b)

...........

56

63,466

TEGNA,

Inc.

(b)

:

4.75%,

03/15/26

............

680

726,104

4.63%,

03/15/28

............

140

143,150

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

95

102,097

Tempur

Sealy

International,

Inc.,

5.50%

,

06/15/26

............

112

116,558

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

............

800

820,016

4.63%,

09/01/24

(b)

...........

113

116,672

5.13%,

05/01/25

............

260

265,067

4.88%,

01/01/26

(b)

...........

389

406,937

6.25%,

02/01/27

(b)

...........

290

307,400

4.63%,

06/15/28

(b)

...........

433

453,568

Terex

Corp.,

5.63%

,

02/01/25

(b)

....

187

192,633

T-Mobile

USA,

Inc.

(b)

:

3.88%,

04/15/30

............

2,112

2,446,119

2.55%,

02/15/31

............

1,786

1,875,425

2.25%,

11/15/31

............

1,389

1,425,586

TransDigm

,

Inc.:

6.25%,

03/15/26

(b)

...........

13,573

14,455,245

6.38%,

06/15/26

............

258

267,030

TreeHouse

Foods,

Inc.,

4.00%

,

09/01/28

.................

72

74,475

Uber

Technologies,

Inc.,

6.25%

,

01/15/28

(b)

................

414

450,225

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Under

Armour

,

Inc.,

3.25%

,

06/15/26

.

USD

83

$

83,519

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%

,

10/15/27

.................

7,243

7,823,979

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

............

195

206,446

5.50%,

05/15/27

............

196

209,720

4.88%,

01/15/28

............

311

331,215

3.88%,

02/15/31

............

1,417

1,486,504

United

Shore

Financial

Services

LLC,

5.50%

,

11/15/25

(b)

...........

6,910

7,290,050

US

Concrete,

Inc.:

6.38%,

06/01/24

............

37

37,925

5.13%,

03/01/29

(b)

...........

987

1,016,610

US

Foods,

Inc.,

6.25%

,

04/15/25

(b)

..

141

150,694

Vail

Resorts,

Inc.,

6.25%

,

05/15/25

(b)

.

87

92,873

Valvoline,

Inc.,

4.25%

,

02/15/30

(b)

...

84

89,040

ViaSat

,

Inc.,

5.63%

,

04/15/27

(b)

.....

85

89,250

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

............

1,283

1,312,220

3.75%,

02/15/27

............

1,230

1,257,675

4.13%,

08/15/30

............

1,465

1,546,498

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

............

192

200,102

5.63%,

02/15/27

............

4,432

4,714,053

5.00%,

07/31/27

............

248

262,880

Weekley

Homes

LLC,

4.88%

,

09/15/28

(b)

................

1,049

1,096,205

WESCO

Distribution,

Inc.,

7.25%

,

06/15/28

(b)

................

585

665,315

William

Carter

Co.

(The),

5.63%

,

03/15/27

(b)

................

97

102,093

Williams

Scotsman

International,

Inc.,

4.63%

,

08/15/28

(b)

...........

254

262,890

WMG

Acquisition

Corp.,

3.88%

,

07/15/30

(b)

................

75

79,708

WPX

Energy,

Inc.:

5.75%,

06/01/26

............

94

98,817

5.25%,

10/15/27

............

140

148,347

4.50%,

01/15/30

............

208

220,480

Wyndham

Destinations,

Inc.,

6.63%

,

07/31/26

(b)

................

1,560

1,786,200

Wyndham

Hotels

&

Resorts,

Inc.

(b)

:

5.38%,

04/15/26

............

95

98,325

4.38%,

08/15/28

............

581

603,688

Wynn

Las

Vegas

LLC,

5.25%

,

05/15/27

(b)

................

234

241,196

Wynn

Resorts

Finance

LLC

(b)

:

7.75%,

04/15/25

............

160

173,400

5.13%,

10/01/29

............

195

204,263

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(b)

................

1,483

1,578,312

XHR

LP,

6.38%

,

08/15/25

(b)

.......

2,763

2,914,965

XPO

Logistics,

Inc.

(b)

:

6.13%,

09/01/23

............

101

102,767

6.75%,

08/15/24

............

199

211,438

6.25%,

05/01/25

............

777

836,161

Yum!

Brands,

Inc.:

4.75%,

01/15/30

(b)

...........

217

237,941

3.63%,

03/15/31

............

1,829

1,848,808

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(b)

................

214

214,535

350,762,640

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.,

6.88%

,

10/15/27

(b)

................

USD

1,512

$

1,634,850

Total

Corporate

Bonds

—

5.7%

(Cost:

$504,031,920)

.............................

489,341,628

Floating

Rate

Loan

Interests

—

1.7%

Canada

—

0.1%

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 12/22/25

(a)

.....

EUR

8,231

10,044,947

France

—

0.3%

(a)

Babar

Bidco

,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 11/17/27

............

9,198

11,184,036

Casino

Guichard-Perrachon

SA,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

5.50%),

5.50%

,

 01/31/24

......

8,126

9,868,161

21,052,197

Germany

—

0.1%

HSE24,

Term

Loan,

(EURIBOR

3

Month

+

6.50%),

6.50%

,

 01/01/28

(a)

(c)

......................

10,310

12,343,307

Luxembourg

—

0.1%

(a)(o)

CatLuxe

SARL,

Facility

Term

Loan

B1,

10/02/24

.................

2,657

2,296,492

CatLuxe

SARL,

Facility

Term

Loan

B3,

10/02/24

.................

6,715

5,803,891

8,100,383

Netherlands

—

0.4%

(a)

Boels

Topholding

BV,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 02/06/27

......

10,935

13,345,384

Ziggo

BV,

Facility

Term

Loan

H,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 01/31/29

............

13,707

16,682,204

30,027,588

United

States

—

0.7%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.00%),

6.75%

,

 02/02/26

(a)(c)

....

USD

3,211

3,194,811

Airbnb,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.50%),

8.50%

,

 04/17/25

(a)

...........

2,657

2,872,503

BCA

Central

Ltd.,

Facility

Term

Loan

A,

(EURIBOR

6

Month

+

0.00%),

5.50%

,

 04/29/23

(a)(c)

..........

EUR

7,314

8,666,552

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(a)

...........

USD

826

823,679

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.65%

,

 07/21/25

(a)

.....

1,533

1,533,633

Douglas

Dynamics

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/08/26

(a)(c)

..........

478

480,466

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(a)

.....

3,896

3,915,716

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

1.90%

,

 06/22/26

(a)

.....

USD

6,621

$

6,535,887

iHeart

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%

,

 05/01/26

(a)

.....

2,950

2,898,790

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(a)(o)

...............

2,976

2,976,923

LATAM,

Facility

Term

Loan:

(LIBOR

USD

3

Month

+

0.00%),

0.00%, 01/01/28

(a)(c)

........

11,182

11,182,499

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(a)(o)

...........

1,042

1,041,013

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(a)(o)

....

232

231,336

Luxembourg

Life

Fund,

Term

Loan

G,

0.00%

-

10.00%

,

 01/01/28

(c)(p)

...

4,035

4,015,272

Opendoor

,

Term

Loan,

0.00%

-

10.00%

,

 01/23/26

(c)(p)

.........

2,651

2,651,200

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 06/23/25

(a)

...........

2,114

2,136,047

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%

,

 07/24/26

(a)

1,114

1,109,937

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

6

Month

+

4.00%),

4.75%

,

 09/23/27

(a)

.....

670

670,112

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

(a)

...........

5,759

5,751,801

62,688,177

Total

Floating

Rate

Loan

Interests

—

1.7%

(Cost:

$136,937,103)

.............................

144,256,599

Foreign

Agency

Obligations

—

0.2%

Argentina

—

0.0%

YPF

SA:

8.75%,

04/04/24

(b)

...........

127

111,919

8.50%,

07/28/25

............

1,019

784,311

896,230

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

4.25%

,

07/17/42

............

1,694

1,972,981

Empresa

Nacional

del

Petroleo

,

4.50%

,

09/14/47

.................

1,012

1,122,371

3,095,352

Colombia

—

0.0%

Ecopetrol

SA,

6.88%

,

04/29/30

....

1,880

2,411,570

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(b)

...........

1,164

1,245,844

3,657,414

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

.................

1,731

1,930,065

Mexico

—

0.1%

Petroleos

Mexicanos

:

6.50%,

03/13/27

............

2,728

2,882,650

6.35%,

02/12/48

............

1,156

1,038,594

7.69%,

01/23/50

............

391

394,226

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

6.95%,

01/28/60

............

USD

395

$

370,767

4,686,237

Saudi

Arabia

—

0.1%

Saudi

Arabian

Oil

Co.,

2.25%

,

11/24/30

(b)

................

4,031

4,086,426

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$17,017,262)

..............................

18,351,724

Foreign

Government

Obligations

—

8.4%

Argentina

—

0.2%

Argentine

Republic:

1.00%,

07/09/29

............

1,308

568,783

0.12%,

07/09/30

(m)

..........

12,424

5,050,375

0.12%,

07/09/35

(m)

..........

15,337

5,613,458

0.12%,

01/09/38

(m)

..........

5,205

2,129,175

13,361,791

Australia

—

0.7%

Commonwealth

of

Australia,

3.00%

,

03/21/47

.................

AUD

60,881

57,806,894

Bahrain

—

0.0%

Kingdom

of

Bahrain,

6.75%

,

09/20/29

USD

3,152

3,614,950

Brazil

—

0.2%

Federative

Republic

of

Brazil:

10.00%,

01/01/27

...........

BRL

73

16,566,059

4.63%,

01/13/28

............

USD

1,486

1,666,178

3.88%,

06/12/30

............

1,053

1,110,915

19,343,152

China

—

2.6%

People's

Republic

of

China:

3.29%,

05/23/29

............

CNY

714,010

110,418,237

2.68%,

05/21/30

............

754,060

111,115,084

221,533,321

Colombia

—

0.1%

Republic

of

Colombia:

8.13%,

05/21/24

............

USD

514

629,136

4.50%,

01/28/26

............

4,366

4,951,317

3.88%,

04/25/27

............

568

631,332

4.50%,

03/15/29

............

897

1,036,035

4.13%,

05/15/51

............

285

316,635

7,564,455

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond:

5.95%,

01/25/27

............

1,434

1,672,851

4.50%,

01/30/30

............

1,092

1,181,749

6.40%,

06/05/49

............

643

754,922

3,609,522

Egypt

—

0.1%

Arab

Republic

of

Egypt:

5.75%,

05/29/24

(b)

...........

1,179

1,263,004

5.88%,

06/11/25

............

1,783

1,931,212

7.60%,

03/01/29

............

2,636

3,027,281

8.50%,

01/31/47

(b)

...........

1,092

1,238,055

7,459,552

Germany

—

0.1%

Federal

Republic

of

Germany,

0.00%

,

08/15/50

.................

EUR

8,373

10,731,845

Security

Par

(000)

Par

(000)

Value

Greece

—

0.2%

Hellenic

Republic,

2.00%

,

04/22/27

(b)

EUR

14,929

$

20,131,192

Indonesia

—

0.1%

Republic

of

Indonesia:

4.10%,

04/24/28

............

USD

2,334

2,710,357

4.20%,

10/15/50

............

902

1,075,917

3,786,274

Italy

—

2.0%

Republic

of

Italy:

1.35%,

04/01/30

............

EUR

49,790

65,820,799

0.95%,

08/01/30

............

41,574

53,082,097

3.85%,

09/01/49

(b)

...........

25,062

48,355,865

167,258,761

Japan

—

0.8%

Japan

Government

Bond,

0.40%

,

09/20/49

.................

JPY

7,557,650

68,864,607

Mexico

—

0.1%

United

Mexican

States:

3.75%,

01/11/28

............

USD

1,118

1,259,497

2.66%,

05/24/31

............

2,883

2,965,165

4.75%,

04/27/32

............

2,324

2,793,158

7,017,820

Morocco

—

0.0%

Kingdom

of

Morocco

(b)

:

3.00%,

12/15/32

............

728

737,100

4.00%,

12/15/50

............

475

488,656

1,225,756

Panama

—

0.1%

Republic

of

Panama:

3.16%,

01/23/30

............

1,284

1,421,629

6.70%,

01/26/36

............

736

1,093,420

4.50%,

04/16/50

............

991

1,273,435

3,788,484

Paraguay

—

0.0%

Republic

of

Paraguay

(b)

:

4.95%,

04/28/31

............

902

1,089,165

5.40%,

03/30/50

............

997

1,258,401

2,347,566

Qatar

—

0.0%

State

of

Qatar

(b)

:

4.00%,

03/14/29

............

2,065

2,449,606

4.40%,

04/16/50

............

997

1,296,100

3,745,706

Romania

—

0.0%

Romania

Government

Bond,

6.13%

,

01/22/44

(b)

................

758

1,066,885

Russia

—

0.0%

Russian

Federation:

4.25%,

06/23/27

............

200

228,500

5.25%,

06/23/47

............

800

1,104,000

1,332,500

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia:

4.50%,

04/17/30

............

1,149

1,384,904

4.63%,

10/04/47

............

910

1,123,566

2,508,470

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Spain

—

1.0%

Kingdom

of

Spain

(b)

:

0.60%,

10/31/29

............

EUR

43,962

$

56,857,226

1.25%,

10/31/30

............

6,047

8,253,826

2.70%,

10/31/48

............

4,704

8,441,472

1.00%,

10/31/50

............

10,602

13,389,709

86,942,233

Ukraine

—

0.1%

Ukraine

Government

Bond:

7.75%,

09/01/23

............

USD

327

359,700

7.75%,

09/01/25

(b)

...........

930

1,039,565

7.75%,

09/01/25

............

551

615,915

7.25%,

03/15/33

(b)

...........

2,097

2,285,730

4,300,910

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.10%

,

06/18/50

.................

1,633

2,284,845

Total

Foreign

Government

Obligations

—

8.4%

(Cost:

$658,304,732)

.............................

721,627,491

Shares

Shares

Investment

Companies

—

5.8%

Consumer

Discretionary

Select

Sector

SPDR

Fund

...............

66,229

10,648,299

Financial

Select

Sector

SPDR

Fund

.

279,850

8,249,978

Health

Care

Select

Sector

SPDR

Fund

104,400

11,843,136

Industrial

Select

Sector

SPDR

Fund

(f)

187,875

16,636,331

iShares

China

Large-Cap

ETF

(f)*

....

238,715

11,083,538

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(f)*

...............

1,187,300

103,651,290

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(f)*

........

339,670

46,918,617

iShares

Latin

America

40

ETF

(f)*

....

193,900

5,690,965

iShares

MSCI

Brazil

ETF

*

........

115,951

4,298,303

iShares

MSCI

Emerging

Markets

ETF

*

28,334

1,464,018

iShares

Nasdaq

Biotechnology

ETF

(f)*

10,363

1,569,891

iShares

Russell

2000

ETF

(f)*

......

548,261

107,492,052

iShares

S&P

500

Value

ETF

(f)*

.....

80,267

10,275,781

KraneShares

Bosera

MSCI

China

A

ETF

.....................

59,126

2,713,292

KraneShares

CSI

China

Internet

ETF

(f)

48,809

3,748,043

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.................

422,343

46,010,047

SPDR

EURO

STOXX

50

ETF

.....

35,800

1,493,576

SPDR

Gold

Shares

(h)(q)

..........

566,998

101,129,763

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

(f)

............

69,074

4,040,829

VanEck

Vectors

Semiconductor

ETF

(f)

14,934

3,261,884

Total

Investment

Companies

—

5.8%

(Cost:

$469,669,346)

.............................

502,219,633

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

0.1%

Puerto

Rico

-

0.1%

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

2018A-1,

RB,

5.00%, 07/01/58

............

USD

5,573

$

6,208,211

Total

Municipal

Bonds

—

0.1%

(Cost:

$5,886,593)

..............................

6,208,211

Non-Agency

Mortgage-Backed

Securities

—

0.7%

Collateralized

Mortgage

Obligations

—

0.0%

United

States

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes,

Series

2020-DNA6,

Class

B1,

(SOFR

+

3.00%),

3.08%,

12/25/50

(a)(b)

...............

743

743,351

Commercial

Mortgage-Backed

Securities

—

0.7%

United

States

—

0.7%

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.14%,

08/10/35

(a)(b)

...............

1,520

1,559,611

AOA

Mortgage

Trust,

Series

2015-

1177,

Class

C,

3.01%,

12/13/29

(a)(b)

1,022

1,019,043

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

D,

3.60%,

04/14/33

(a)(b)

....

255

269,780

BANK:

Series

2017-BNK8,

Class

B,

3.93%,

11/15/50

(a)

..............

542

611,140

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

..........

700

802,289

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-3A,

Class

M6,

(LIBOR

USD

1

Month

+

1.05%),

1.20%,

11/25/35

...............

157

146,485

Series

2006-3A,

Class

M1,

(LIBOR

USD

1

Month

+

0.34%),

0.49%,

10/25/36

...............

212

198,239

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

C,

(LIBOR

USD

1

Month

+

1.12%),

1.28%,

03/15/37

(a)

(b)

......................

1,701

1,641,300

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(b)

.

1,287

1,347,037

BX

Commercial

Mortgage

Trust

(a)(b)

:

Series

2018-BIOA,

Class

D,

(LIBOR

USD

1

Month

+

1.32%),

1.48%,

03/15/37

...............

460

459,865

Series

2018-BIOA,

Class

F,

(LIBOR

USD

1

Month

+

2.47%),

2.63%,

03/15/37

...............

2,663

2,651,861

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.21%,

11/15/35

...............

1,325

1,323,562

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.46%,

10/15/36

...............

3,156

3,130,965

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.81%,

10/15/36

...............

3,504

3,443,013

Series

2020-VKNG,

Class

G,

(LIBOR

USD

1

Month

+

3.25%),

3.41%,

10/15/37

..........

470

467,665

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BX

Trust

(a)(b)

:

Series

2019-OC11,

Class

D,

4.08%,

12/09/41

...............

USD

2,801

$

2,914,139

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

3,926

3,965,058

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(a)

.....

303

330,584

CGDBB

Commercial

Mortgage

Trust,

Series

2017-BIOC,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

2.31%,

07/15/32

(a)(b)

...............

1,162

1,158,931

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

D,

5.09%,

03/10/47

(a)(b)

.............

405

424,376

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

1,940

2,104,627

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

...............

699

839,244

Commercial

Mortgage

Trust,

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

.................

1,390

1,502,390

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.51%,

12/15/31

(a)

(b)

......................

702

680,117

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(b)

.........

1,412

1,462,589

CSAIL

Commercial

Mortgage

Trust,

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

.................

4,122

4,432,887

DBWF

Mortgage

Trust,

Series

2018-

GLKS,

Class

C,

(LIBOR

USD

1

Month

+

1.75%),

1.90%,

12/19/30

(a)

(b)

......................

575

554,132

GRACE

Mortgage

Trust,

Series

2014-

GRCE,

Class

B,

3.52%,

06/10/28

(b)

1,200

1,199,689

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

1,547

1,671,210

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

2.98%,

08/10/38

(a)(b)

...............

315

316,763

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

1,512

1,789,158

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(b)

:

Series

2018-WPT,

Class

DFL,

(LIBOR

USD

1

Month

+

2.25%),

2.40%,

07/05/33

(a)

.........

438

420,228

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

..........

756

756,777

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C24,

Class

C,

(LIBOR

USD

1

Month

+

0.00%),

4.34%,

05/15/48

(a)

..............

227

229,101

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

...............

1,184

1,355,454

Morgan

Stanley

Capital

I

Trust,

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

997

1,088,728

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

412

451,924

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.03%,

08/10/49

(a)(b)

..........

USD

597

$

610,246

VNDO

Trust,

Series

2016-350P,

Class

D,

3.90%,

01/10/35

(a)(b)

........

750

770,821

Wells

Fargo

Commercial

Mortgage

Trust

(a)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

1,140

1,256,972

Series

2017-C38,

Class

C,

3.90%,

07/15/50

...............

442

473,408

Series

2017-C41,

Class

B,

4.19%,

11/15/50

...............

1,065

1,146,835

Series

2018-1745,

Class

A,

3.75%,

06/15/36

(b)

..............

759

839,946

53,818,189

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

United

States

—

0.0%

(a)

GS

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.74%,

12/12/53

.................

1,500

202,362

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2020-C58,

Class

XA,

1.89%,

07/15/53

............

10,810

1,549,276

1,751,638

Total

Non-Agency

Mortgage-Backed

Securities

—

0.7%

(Cost:

$54,881,149)

..............................

56,313,178

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

-

0.1%

Industrial

Conglomerates

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty,

LP

(r)

...............

7,220

7,219,518

Total

Other

Interests

-

0.1%

(Cost:

$7,219,518)

................................

7,219,518

Preferred

Securities

—

2.6%

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.3%

United

States

—

0.3%

American

Express

Co.,

Series

C

,

(LIBOR

USD

3

Month

+

3.29%),

3.50%

(a)(n)

.................

3,158

3,073,903

Citigroup,

Inc.,

Series

Q

,

(LIBOR

USD

3

Month

+

4.10%),

4.32%

(a)(n)

....

4,158

4,137,210

General

Motors

Financial

Co.,

Inc.,

Series

C

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(a)(n)

......

656

723,240

Goldman

Sachs

Group,

Inc.

(The),

Series

M

,

(LIBOR

USD

3

Month

+

3.92%),

4.13%

(a)(n)

...........

5,010

4,999,880

Morgan

Stanley,

Series

H

,

(LIBOR

USD

3

Month

+

3.61%),

3.85%

(a)(n)

....

3,450

3,425,160

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

NBCUniversal

Enterprise,

Inc.,

5.25%

(b)

(n)

......................

USD

3,676

$

3,749,520

Prudential

Financial,

Inc.

(a)

:

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

..........

1,731

1,856,367

(LIBOR

USD

3

Month

+

4.18%),

5.87%, 09/15/42

..........

2,628

2,820,220

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.50%

(a)(n)

..........

1,344

1,320,480

26,105,980

Total

Capital

Trusts

—

0.3%  

(Cost:

$25,844,772)

..............................

26,105,980

Shares

Shares

Preferred

Stocks

—

2.2%

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA

(Preference)

...............

13,943

100,056

Itau

Unibanco

Holding

SA

(Preference)

331,083

2,026,261

2,126,317

China

—

0.2%

Bytedance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$11,713,918)

(c)(d)(e)

.

106,904

11,713,471

Germany

—

0.0%

Volkswagen

AG

(Preference)

......

1,212

226,503

India

—

0.1%

Think

&

Learn

Pvt

Ltd.

Series

F

(Acquired

12/11/20,

cost

$4,447,111)

(c)(d)(e)

............

1,380

3,097,485

Jersey

—

0.0%

Loadsmart

,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$3,701,680)

(c)(d)(e)

..

432,945

3,701,680

United

Kingdom

—

0.4%

Arrival

Ltd.

Series

A

(Acquired

10/8/20,

cost

$10,849,984)

(c)(d)(e)

........

2,706,346

36,765,029

United

States

—

1.5%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(b)(k)

.............

12,010

14,396,027

Aptiv

plc,

Series

A,

5.50%

........

47,115

7,269,845

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(f)

..................

176,383

9,723,995

Boston

Scientific

Corp.,

Series

A,

5.50%

(f)

..................

31,118

3,409,599

C3

ai

,

Inc.,

(Acquired

12/6/2020,

cost

$7,773,859)

(d)(e)

.............

292,213

38,765,098

Databricks

,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$3,896,150)

(c)(d)(e)

..

90,717

5,822,217

DoubleVerify

Holdings,

Inc.,

Series

A

(Acquired

11/18/20,

cost

$2,404,126)

(c)(d)(e)

............

419,049

2,405,341

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$3,117,865)

(c)(d)(e)

............

94,319

3,353,040

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$5,939,231)

(c)(d)(e)

..

1,929,993

6,851,475

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$3,180,966)

(c)(d)(e)

..

1,184,166

4,168,264

Jumpcloud

,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$4,033,036)

(c)(d)(e)

..

2,211,458

4,024,854

Security

Shares

Shares

Value

United

States

(continued)

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$10,936,522)

(c)(d)(e)

...........

863,811

$

10,046,122

Mount

Sinai

Genomics,

Inc.,

Sema

4

Series

C

(Acquired

07/17/20,

cost

$3,686,955),

Series

C

(c)(d)(e)

.....

6,008

4,268,744

Neon

Parent,

Inc.

(c)(d)

...........

9,248

3,336,863

Nuvia

,

Inc.,

Series

B

(Acquired

09/17/20,

cost

$1,832,412)

(c)(d)(e)

..

571,317

1,828,214

SambaNova

Systems,

Inc.

Series

C

(Acquired

02/19/20,

cost

$4,030,858)

(c)(d)(e)

............

75,709

4,521,342

Wells

Fargo

&

Co.,

Series

L,

7.50%

(k)(n)

2,041

3,098,034

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$3,083,013)

(c)(d)(e)

............

195,578

3,150,762

130,439,836

Total

Preferred

Stocks

—

2.2%  

(Cost:

$119,404,774)

.............................

188,070,321

Trust

Preferreds

—

0.1%

United

States

—

0.1%

(a)

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

6.58%, 10/30/40

219,773

6,263,530

GMAC

Capital

Trust

I,

Series

2

,

(LIBOR

USD

3

Month

+

5.79%),

6.01%, 02/15/40

............

241,418

6,530,357

12,793,887

Total

Trust

Preferreds

—

0.1%  

(Cost:

$11,860,908)

..............................

12,793,887

Total

Preferred

Securities

—

2.6%

(Cost:

$157,110,454)

.............................

226,970,188

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.70%, 09/25/30

(a)

...........

USD

757

912,395

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

2,840

268,611

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%  

(Cost:

$1,178,775)

..............................

1,181,006

U.S.

Treasury

Obligations

—

3.9%

U.S.

Treasury

Bonds:

1.13%, 05/15/40

-

08/15/40

.....

53,858

51,020,202

2.38%, 11/15/49

............

48,864

57,402,191

1.63%, 11/15/50

............

6,873

6,847,425

U.S.

Treasury

Inflation

Linked

Notes:

0.13%, 10/15/24

-

01/15/30

.....

117,146

126,599,413

U.S.

Treasury

Notes:

2.00%, 11/15/21

(q)

...........

20,000

20,326,562

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.75%, 11/15/29

(h)(s)

..........

USD

64,815

$

70,048,521

Total

U.S.

Treasury

Obligations

—

3.9%

(Cost:

$315,334,885)

.............................

332,244,314

Shares

Shares

Warrants

—

0.0%

Brazil

—

0.0%

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

2

shares

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

2.00)

(c)(d)

..........

4,592

157,506

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

exercisable

11/24/20,

1

share

for

1

warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(d)

..........

1,586

412

United

States

—

0.0%

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/08/20,

cost

$0)

(Issued/exercisable

05/08/20,

1

share

for

1

warrant,

Expires

11/08/21,

Strike

Price

USD

18.92)

(c)

(d)(e)

.....................

195,578

213,180

Total

Warrants

—

0.0%

............................

371,098

Total

Long-Term

Investments

—

97.1%

(Cost:

$6,588,217,531)

...........................

8,333,352,062

Short-Term

Securities

—

6.5%

Money

Market

Funds

—

4.5%

(t)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

......

29,360,501

29,360,501

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(u)

.............

352,515,632

352,621,386

Total

Money

Market

Funds

—

4.5%

(Cost:

$381,981,887)

.............................

381,981,887

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.1%

Canada

—

0.0%

Royal

Bank

of

Canada,

0.01%, 01/04/21

............

CAD

1,016

797,289

Europe

—

0.0%

Citibank

NA,

(0.72)%, 01/04/21

....

EUR

1,300

1,595,162

Hong

Kong

—

0.0%

Hong

Kong

&

Shanghai

Bank,

0.00%, 01/04/21

............

HKD

1,556

200,708

New

Zealand

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.20)%, 01/05/21

...........

NZD

—

(v)

4

Singapore

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 01/04/21

............

SGD

24

18,086

Security

Par

(000)

Par

(000)

Value

South

Africa

—

0.0%

Brown

Brothers

Harriman

&

Co.,

7.70%, 01/04/21

............

ZAR

—

(v)

$

10

United

Kingdom

—

0.0%

Citibank

NA,

0.01%, 01/04/21

.....

GBP

66

89,022

United

States

—

0.1%

Royal

Bank

of

Canada,

0.10%, 01/04/21

............

USD

3,036

3,036,194

Total

Time

Deposits

—

0.1%

(Cost:

$5,736,475)

..............................

5,736,475

U.S.

Treasury

Obligations

—

1.9%

U.S.

Treasury

Bills

(w)

:

0.07%, 02/09/21

............

15,000

14,999,325

0.08%, 02/04/21

............

130,000

129,993,843

0.09%, 02/25/21

............

5,000

4,999,512

0.10%, 02/11/21

............

10,000

9,999,367

Total

U.S.

Treasury

Obligations

—

1.9%

(Cost:

$159,987,857)

.............................

159,992,047

Total

Short-Term

Securities

—

6.5%

(Cost:

$547,706,219)

.............................

547,710,409

Total

Options

Purchased

—

0.9%

(Cost:

$71,577,745)

..............................

76,547,189

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

104.5%

(Cost:

$7,207,501,495)

...........................

8,957,609,660

Total

Options

Written

—

(0.6)%

(Premiums

Received

—

$49,195,947)

.................

(48,088,530)

Investments

Sold

Short

—

(0.6)%

Shares

Shares

Common

Stocks

—

(0.6)%

United

States

—

(0.6)%

Appian

Corp.

(d)

...............

20,468

(3,317,658)

DoorDash

,

Inc.,

Class

A

(d)

........

83,666

(11,943,321)

Hershey

Co.

(The)

.............

16,650

(2,536,294)

JM

Smucker

Co.

(The)

..........

17,766

(2,053,750)

McCormick

&

Co.,

Inc.

(Non-Voting)

.

19,862

(1,898,807)

Nordstrom,

Inc.

...............

26,510

(827,377)

Seagate

Technology

plc

.........

85,643

(5,323,569)

Snowflake,

Inc.,

Class

A

(d)

........

36,929

(10,391,821)

Unity

Software,

Inc.

(d)

...........

16,082

(2,468,105)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

United

States

(continued)

Walgreens

Boots

Alliance,

Inc.

.....

200,708

$

(8,004,235)

(48,764,937)

Total

Common

Stocks

—

(0.6)%

(Proceeds:

$50,527,763)

..........................

(48,764,937)

Total

Investments

Sold

Short

—

(0.6)%

(Proceeds:

$50,527,763

)

..........................

(48,764,937)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

103.3%

(Cost:

$7,107,777,785)

...........................

8,860,756,193

Liabilities

in

Excess

of

Other

Assets

—

(3.3)%

............

(282,399,362)

Net

Assets

—

100.0%

..............................

$

8,578,356,831

(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.

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$244,227,959,

representing

2.85%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$137,730,193.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(i)

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.

(j)

Zero-coupon

bond.

(k)

Convertible

security.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(n)

Perpetual

security

with

no

stated

maturity

date.

(o)

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.

(p)

Fixed

rate.

(q)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(r)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(s)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

centrally

cleared

swaps.

(t)

Annualized

7-day

yield

as

of

period

end.

(u)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(v)

Amount

is

less

than

500.

(w)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Par/Shares

Held

at

12/31/20

Income

(Expense)

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

12,096,488

$

17,264,014

$

—

$

(1)

$

—

$

29,360,501

29,360,501

$

74,108

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

117,733,383

235,013,192

—

(116,702)

(8,487)

352,621,386

352,515,632

1,386,651

(b)

—

Bio

City

Development

Co.

BV,

8.00%, 07/06/21

.........

2,835,500

—

—

—

(642,000)

2,193,500

21,400,000

—

—

iShares

China

Large-Cap

ETF

..

8,253,749

31,617,631

(28,900,726)

(148,592)

261,476

11,083,538

238,715

223,431

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

—

261,680,504

(172,080,084)

10,596,712

3,454,158

103,651,290

1,187,300

3,268,506

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

—

106,441,445

(61,317,671)

814,598

980,245

46,918,617

339,670

310,446

—

iShares

Latin

America

40

ETF

..

—

4,847,888

—

—

843,077

5,690,965

193,900

—

—

iShares

MSCI

Brazil

ETF

.....

—

3,556,054

—

—

742,249

4,298,303

115,951

32,033

—

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

26

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Par/Shares

Held

at

12/31/20

Income

(Expense)

Capital

Gain

Distributions

from

Underlying

Funds

iShares

MSCI

Emerging

Markets

ETF

..................

$

20,381,569

$

—

$

(16,251,095)

$

(2,759,466)

$

93,010

1,464,018

28,334

$

21,227

$

—

iShares

Nasdaq

Biotechnology

ETF

..................

—

1,177,213

—

—

392,678

1,569,891

10,363

2,645

—

iShares

Russell

2000

ETF

.....

13,634,641

110,420,914

(19,681,432)

(6,641,383)

9,759,31

2

107,492,052

548,261

337,125

—

iShares

S&P

500

Value

ETF

...

10,441,934

—

—

—

(166,153

)

10,275,781

80,267

243,120

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/26

.........

16,724,922

1,400,182

—

—

(35,430

)

$

18,089,674

18,467,226

1,393,238

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/28

.........

18,591,047

233,938

—

—

(233,938)

18,591,047

18,591,047

1

—

Quintis

HoldCo

Pty.

Ltd.

(Acquired

10/22/18,

cost

$5,761,227)

..

6,620,404

—

—

—

(332,076)

6,288,328

9,827,224

—

—

$

1,745,166

$

15,108,12

1

$

719,588,891

$

7,292,531

$

—

(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

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

27

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

...............................................................

455

03/08/21

$

84,495

$

361,400

Euro-OAT

...............................................................

365

03/08/21

74,849

193,554

Australia

10

Year

Bond

......................................................

236

03/15/21

26,788

32,900

DAX

Index

..............................................................

13

03/19/21

5,458

179,884

EURO

STOXX

50

Index

.....................................................

1,018

03/19/21

44,149

86,869

MSCI

Emerging

Markets

E-Mini

Index

............................................

210

03/19/21

13,526

292,938

NASDAQ

100

E-Mini

Index

...................................................

135

03/19/21

34,791

542,718

Russell

2000

E-Mini

Index

....................................................

237

03/19/21

23,401

175,333

U.S.

Treasury

10

Year

Note

...................................................

1,499

03/22/21

206,979

423,577

U.S.

Treasury

10

Year

Ultra

Note

...............................................

2,725

03/22/21

426,079

(626,102)

1,663,071

Short

Contracts

Euro-Bund

..............................................................

37

03/08/21

8,030

(16,490)

SPI

200

Index

............................................................

40

03/18/21

5,040

26,347

FTSE

100

Index

..........................................................

40

03/19/21

3,512

66,263

S&P

500

E-Mini

Index

......................................................

4,660

03/19/21

873,470

(20,704,552)

U.S.

Treasury

Long

Bond

....................................................

23

03/22/21

3,983

50,818

U.S.

Treasury

Ultra

Bond

....................................................

153

03/22/21

32,675

111,256

U.S.

Treasury

2

Year

Note

....................................................

2,229

03/31/21

492,557

(478,277)

U.S.

Treasury

5

Year

Note

....................................................

1,462

03/31/21

184,452

(238,301)

(21,182,936)

$

(19,519,865)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

23,905,275

USD

27,949,357

JPMorgan

Chase

Bank

NA

01/08/21

$

1,257,087

GBP

19,511,000

USD

25,260,667

JPMorgan

Chase

Bank

NA

01/08/21

1,421,546

JPY

3,841,550,000

USD

36,409,380

Barclays

Bank

plc

01/08/21

796,658

CAD

13,747,000

USD

10,260,202

Goldman

Sachs

International

01/14/21

540,128

EUR

15,703,937

USD

18,625,532

HSBC

Bank

plc

01/14/21

564,010

GBP

31,354,000

USD

40,324,796

JPMorgan

Chase

Bank

NA

01/14/21

2,555,848

JPY

5,329,400,000

USD

50,511,762

Morgan

Stanley

&

Co.

International

plc

01/14/21

1,108,465

EUR

26,009,000

USD

30,630,859

Morgan

Stanley

&

Co.

International

plc

01/15/21

1,151,777

GBP

47,303,000

USD

61,250,460

Barclays

Bank

plc

01/22/21

3,446,121

JPY

2,759,074,000

USD

26,462,950

Barclays

Bank

plc

01/28/21

265,853

MXN

402,853,773

USD

18,598,630

Citibank

NA

01/28/21

1,591,381

JPY

2,759,037,000

USD

26,462,912

Barclays

Bank

plc

01/29/21

265,860

JPY

2,916,809,000

USD

27,936,686

Morgan

Stanley

&

Co.

International

plc

02/04/21

322,613

MXN

274,000,000

USD

12,790,288

Goldman

Sachs

International

02/04/21

930,911

JPY

2,912,742,000

USD

27,902,260

JPMorgan

Chase

Bank

NA

02/05/21

317,905

EUR

20,452,173

USD

24,308,913

Barclays

Bank

plc

02/11/21

698,675

CHF

16,334,000

USD

17,962,913

JPMorgan

Chase

Bank

NA

02/12/21

508,865

JPY

3,592,658,000

USD

34,410,917

Goldman

Sachs

International

02/12/21

398,954

JPY

3,587,119,000

USD

34,366,916

Goldman

Sachs

International

02/18/21

391,273

EUR

19,207,000

USD

22,846,636

Bank

of

America

NA

02/19/21

642,277

JPY

3,193,887,000

USD

30,357,664

JPMorgan

Chase

Bank

NA

02/19/21

590,510

EUR

2,617,300

USD

3,187,772

Bank

of

America

NA

02/25/21

13,408

EUR

11,725,000

USD

13,841,922

Citibank

NA

02/25/21

498,750

JPY

3,189,182,000

USD

30,314,899

Morgan

Stanley

&

Co.

International

plc

02/25/21

589,450

EUR

30,447,968

USD

36,038,775

Morgan

Stanley

&

Co.

International

plc

02/26/21

1,202,439

KRW

25,668,781,000

USD

22,987,929

HSBC

Bank

plc

02/26/21

604,273

EUR

39,863,708

USD

47,761,471

JPMorgan

Chase

Bank

NA

03/04/21

1,002,209

JPY

1,990,156,000

USD

19,080,982

Bank

of

America

NA

03/04/21

205,650

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

28

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

13,677,678

USD

16,599,721

Citibank

NA

03/11/21

$

134,303

JPY

4,389,194,000

USD

42,209,239

JPMorgan

Chase

Bank

NA

03/11/21

330,267

EUR

24,016,629

USD

29,219,906

JPMorgan

Chase

Bank

NA

03/18/21

168,234

GBP

14,498,721

EUR

15,999,000

Morgan

Stanley

&

Co.

International

plc

03/18/21

258,686

GBP

12,117,000

USD

16,288,052

HSBC

Bank

plc

03/18/21

289,458

EUR

13,711,422

USD

16,706,393

Deutsche

Bank

AG

03/19/21

72,096

EUR

20,246,000

USD

24,674,886

JPMorgan

Chase

Bank

NA

03/25/21

103,404

GBP

15,075,000

USD

20,378,991

HSBC

Bank

plc

03/25/21

246,298

GBP

5,676,000

USD

7,694,872

Deutsche

Bank

AG

04/01/21

71,239

JPY

3,715,591,000

USD

35,820,013

Citibank

NA

04/01/21

201,501

JPY

3,798,890,719

USD

36,623,580

Citibank

NA

04/02/21

206,008

25,964,390

JPY

2,399,181,035

EUR

19,485,000

HSBC

Bank

plc

01/08/21

(569,479)

USD

15,230,943

INR

1,132,710,000

Barclays

Bank

plc

01/08/21

(269,434)

USD

1,836,534

JPY

193,373,000

Morgan

Stanley

&

Co.

International

plc

01/14/21

(36,465)

USD

11,319,741

AUD

15,917,000

Bank

of

America

NA

01/15/21

(953,138)

USD

35,217,512

CNY

239,166,000

BNP

Paribas

SA

01/15/21

(1,536,037)

USD

4,281,513

EUR

3,613,609

Barclays

Bank

plc

01/15/21

(134,267)

USD

10,135,446

EUR

8,551,905

JPMorgan

Chase

Bank

NA

01/15/21

(314,863)

USD

30,171,573

AUD

42,748,000

BNP

Paribas

SA

01/22/21

(2,791,949)

EUR

9,758,000

AUD

16,188,737

Bank

of

America

NA

01/29/21

(556,215)

JPY

3,969,359,881

EUR

32,350,000

HSBC

Bank

plc

01/29/21

(1,090,207)

USD

25,060,295

CNY

168,532,000

BNP

Paribas

SA

02/04/21

(804,436)

USD

36,751,641

HKD

284,925,000

BNP

Paribas

SA

02/04/21

(5,524)

USD

14,944,192

CNY

100,507,000

Citibank

NA

02/05/21

(479,692)

USD

36,676,916

HKD

284,501,000

HSBC

Bank

plc

02/11/21

(26,213)

USD

21,715

MXN

438,969

UBS

AG

02/11/21

(251)

USD

36,081,934

EUR

30,448,000

JPMorgan

Chase

Bank

NA

02/26/21

(1,159,319)

USD

22,919,122

ZAR

362,443,000

Bank

of

America

NA

02/26/21

(1,579,467)

USD

20,991,684

CNY

138,077,000

Morgan

Stanley

&

Co.

International

plc

03/04/21

(160,621)

USD

28,846,578

EUR

23,993,000

Citibank

NA

03/04/21

(503,099)

USD

34,950,739

CNY

229,453,000

Barclays

Bank

plc

03/11/21

(182,636)

USD

482,630

CNY

3,169,000

HSBC

Bank

plc

03/11/21

(2,601)

USD

22,909,819

INR

1,705,636,000

Citibank

NA

03/12/21

(285,429)

CAD

47,889,000

USD

37,645,181

Deutsche

Bank

AG

03/19/21

(15,559)

JPY

1,416,290,121

EUR

11,226,000

Bank

of

America

NA

03/19/21

(9,087)

USD

34,892,640

CNY

229,454,000

HSBC

Bank

plc

04/01/21

(188,619)

(13,654,607)

$

12,309,783

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

EUR

Currency

One-Touch

Goldman

Sachs

International

—

01/15/21

NOK

11.75

NOK

11.75

EUR

1,182

$

3,261

USD

Currency

One-Touch

Citibank

NA

—

02/18/21

NOK

8.10

NOK

8.10

USD

842

89,194

EUR

Currency

One-Touch

Bank

of

America

NA

—

03/09/21

USD

1.17

USD

1.17

EUR

670

109,316

SPDR

Gold

Shares

(a)

Up

and

Out

Morgan

Stanley

&

Co.

International

plc

105,820

03/19/21

USD

191.10

USD

218.40

USD

99

101,703

303,474

Put

EUR

Currency

One-Touch

Bank

of

America

NA

—

01/20/21

USD

1.20

USD

1.20

EUR

1,545

$

217,228

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

29

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

EUR

Currency

Down

and

Out

Bank

of

America

NA

—

02/18/21

USD

1.21

USD

1.18

EUR

24,927

$

79,858

USD

Currency

One-Touch

HSBC

Bank

plc

—

02/18/21

JPY

100.00

JPY

100.00

USD

1,697

342,146

EUR

Currency

Down

and

Out

Bank

of

America

NA

—

03/04/21

USD

1.21

USD

1.18

EUR

24,927

196,672

835,904

$

1,139,378

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Alibaba

Group

Holding

Ltd.

.....................

372

01/15/21

USD

305.00

USD

8,658

$

3,720

Amazon.com,

Inc.

...........................

13

01/15/21

USD

2,350.00

USD

4,234

1,180,823

Amazon.com,

Inc.

...........................

26

01/15/21

USD

3,300.00

USD

8,468

136,890

Apple,

Inc.

................................

1,308

01/15/21

USD

125.00

USD

17,356

1,160,850

Autodesk,

Inc.

..............................

331

01/15/21

USD

260.00

USD

10,107

1,502,740

Bank

of

America

Corp.

........................

1,409

01/15/21

USD

27.00

USD

4,271

479,060

Comcast

Corp.

.............................

1,843

01/15/21

USD

45.00

USD

9,657

1,368,428

ConocoPhillips

.............................

902

01/15/21

USD

44.00

USD

3,607

29,766

DAX

Index

................................

575

01/15/21

EUR

13,800.00

EUR

39,441

724,400

DR

Horton,

Inc.

.............................

2,176

01/15/21

USD

80.00

USD

14,997

23,936

Exxon

Mobil

Corp.

...........................

2,396

01/15/21

USD

45.00

USD

9,876

47,920

Home

Depot,

Inc.

(The)

.......................

636

01/15/21

USD

300.00

USD

16,893

3,180

Industrial

Select

Sector

SPDR

Fund

...............

1,193

01/15/21

USD

92.00

USD

10,564

41,159

iShares

MSCI

Emerging

Markets

ETF

..............

1,152

01/15/21

USD

51.00

USD

5,952

139,968

Marathon

Oil

Corp.

..........................

951

01/15/21

USD

5.00

USD

634

159,768

Mastercard

,

Inc.

............................

240

01/15/21

USD

315.00

USD

8,567

1,009,800

Mastercard

,

Inc.

............................

671

01/15/21

USD

335.00

USD

23,951

1,563,430

Merck

&

Co.,

Inc.

............................

953

01/15/21

USD

85.00

USD

7,796

49,080

Micron

Technology,

Inc.

.......................

1,871

01/15/21

USD

77.50

USD

14,066

460,266

Morgan

Stanley

.............................

1,547

01/15/21

USD

55.00

USD

10,602

2,111,655

PPG

Industries,

Inc.

..........................

678

01/15/21

USD

125.00

USD

9,778

1,318,710

Raytheon

Technologies

Corp.

...................

1,267

01/15/21

USD

65.00

USD

9,060

858,393

SPDR

S&P

500

ETF

Trust

......................

1,673

01/15/21

USD

373.00

USD

62,550

982,888

SPDR

S&P

500

ETF

Trust

......................

4,009

01/15/21

USD

375.00

USD

149,888

1,858,172

SPDR

S&P

500

ETF

Trust

......................

5,881

01/15/21

USD

370.00

USD

219,879

4,690,098

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

1,198

01/15/21

USD

62.00

USD

7,008

129,384

Union

Pacific

Corp.

..........................

420

01/15/21

USD

200.00

USD

8,745

417,900

United

Parcel

Service,

Inc.

.....................

233

01/15/21

USD

180.00

USD

3,924

11,068

VanEck

Vectors

Semiconductor

ETF

...............

242

01/15/21

USD

185.00

USD

5,286

808,885

VanEck

Vectors

Semiconductor

ETF

...............

432

01/15/21

USD

225.00

USD

9,436

84,024

VanEck

Vectors

Semiconductor

ETF

...............

761

01/15/21

USD

205.00

USD

16,622

1,107,255

Walt

Disney

Co.

(The)

........................

619

01/15/21

USD

140.00

USD

11,215

2,558,018

Walt

Disney

Co.

(The)

........................

712

01/15/21

USD

160.00

USD

12,900

1,532,580

Wayfair,

Inc.

...............................

119

01/15/21

USD

280.00

USD

2,687

8,628

Alibaba

Group

Holding

Ltd.

.....................

580

02/19/21

USD

210.00

USD

13,498

1,645,750

Alphabet,

Inc.

..............................

103

02/19/21

USD

1,920.00

USD

18,044

267,285

Capri

Holdings

Ltd.

..........................

1,530

02/19/21

USD

45.00

USD

6,426

465,120

DAX

Index

................................

173

02/19/21

EUR

14,000.00

EUR

11,867

309,621

Exxon

Mobil

Corp.

...........................

2,667

02/19/21

USD

45.00

USD

10,993

278,702

Global

Payments,

Inc.

........................

456

02/19/21

USD

210.00

USD

9,823

554,040

Global

Payments,

Inc.

........................

465

02/19/21

USD

190.00

USD

10,017

1,215,975

iShares

MSCI

Emerging

Markets

ETF

..............

1,237

02/19/21

USD

51.00

USD

6,392

241,215

Microsoft

Corp.

.............................

382

02/19/21

USD

215.00

USD

8,496

517,610

Raytheon

Technologies

Corp.

...................

1,266

02/19/21

USD

65.00

USD

9,053

955,830

SPDR

S&P

500

ETF

Trust

......................

2,692

02/19/21

USD

382.00

USD

100,648

1,586,934

SPDR

S&P

500

ETF

Trust

......................

12,194

02/19/21

USD

380.00

USD

455,909

8,389,472

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

30

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Volvo

AB

.................................

1,036

02/19/21

SEK

210.00

SEK

20,078

$

29,276

Walmart,

Inc.

..............................

551

02/19/21

USD

155.00

USD

7,943

104,415

Alibaba

Group

Holding

Ltd.

.....................

581

03/19/21

USD

240.00

USD

13,522

817,758

Bank

of

America

Corp.

........................

1,661

03/19/21

USD

25.00

USD

5,034

934,313

iShares

MSCI

Brazil

ETF

......................

3,821

03/19/21

USD

40.00

USD

14,164

515,835

Lowe's

Cos.,

Inc.

............................

359

03/19/21

USD

170.00

USD

5,762

177,705

PayPal

Holdings,

Inc.

.........................

238

03/19/21

USD

250.00

USD

5,574

254,065

SPDR

S&P

500

ETF

Trust

......................

433

12/17/21

USD

360.00

USD

16,189

1,640,637

49,464,400

Put

SPDR

S&P

500

ETF

Trust

......................

3,587

01/04/21

USD

360.00

USD

134,111

60,979

SPDR

S&P

500

ETF

Trust

......................

5,251

01/04/21

USD

350.00

USD

196,324

55,136

Alphabet,

Inc.

..............................

74

01/15/21

USD

1,560.00

USD

12,964

19,425

Amazon.com,

Inc.

...........................

36

01/15/21

USD

3,250.00

USD

11,725

249,660

Apple,

Inc.

................................

909

01/15/21

USD

125.00

USD

12,062

96,354

Capital

One

Financial

Corp.

.....................

456

01/15/21

USD

87.50

USD

4,508

18,240

Johnson

&

Johnson

..........................

275

01/15/21

USD

145.00

USD

4,328

3,713

Micron

Technology,

Inc.

.......................

586

01/15/21

USD

67.50

USD

4,406

44,829

Microsoft

Corp.

.............................

539

01/15/21

USD

215.00

USD

11,988

96,481

NXP

Semiconductors

NV

......................

266

01/15/21

USD

150.00

USD

4,230

38,171

Walmart,

Inc.

..............................

287

01/15/21

USD

140.00

USD

4,137

25,256

CBOE

Volatility

Index

.........................

7,149

01/20/21

USD

22.00

USD

16,264

1,072,350

CBOE

Volatility

Index

.........................

4,773

02/17/21

USD

21.00

USD

10,859

584,693

Amazon.com,

Inc.

...........................

13

02/19/21

USD

2,940.00

USD

4,234

71,175

Amazon.com,

Inc.

...........................

34

02/19/21

USD

3,350.00

USD

11,074

772,565

Apple,

Inc.

................................

340

02/19/21

USD

115.00

USD

4,511

61,710

Aptiv

plc

..................................

693

02/19/21

USD

115.00

USD

9,029

145,530

Comcast

Corp.

.............................

1,623

02/19/21

USD

47.50

USD

8,505

107,930

Microsoft

Corp.

.............................

532

02/19/21

USD

215.00

USD

11,833

349,790

SPDR

S&P

500

ETF

Trust

......................

1,373

02/19/21

USD

345.00

USD

51,334

505,951

Walt

Disney

Co.

(The)

........................

244

02/19/21

USD

165.00

USD

4,421

80,520

CBOE

Volatility

Index

.........................

1,256

03/17/21

USD

24.00

USD

2,857

395,640

CBOE

Volatility

Index

.........................

4,773

03/17/21

USD

21.00

USD

10,859

751,748

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

2,874

03/19/21

USD

134.00

USD

39,699

293,148

Mastercard

,

Inc.

............................

254

03/19/21

USD

310.00

USD

9,066

147,320

6,048,314

$

55,512,714

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

59,259

01/15/21

USD

180.00

USD

10,569

$

118,828

EUR

Currency

...........

BNP

Paribas

SA

—

01/27/21

USD

1.22

EUR

37,934

491,411

TOPIX

Index

............

Goldman

Sachs

International

392,690

02/12/21

JPY

1,775.00

JPY

708,680

212,974

Givaudan

SA

...........

UBS

AG

591

02/19/21

CHF

3,680.00

CHF

2,204

85,252

SPDR

Gold

Shares

(a)

......

Morgan

Stanley

&

Co.

International

plc

24,345

02/19/21

USD

178.00

USD

4,342

125,377

Union

Pacific

Corp.

.......

Goldman

Sachs

International

36,409

02/19/21

USD

195.00

USD

7,581

645,350

WisdomTree

Japan

Hedged

Equity

Fund

..........

Goldman

Sachs

International

74,849

02/19/21

USD

50.00

USD

4,073

353,148

adidas

AG

.............

Barclays

Bank

plc

21,803

03/19/21

EUR

310.00

EUR

6,495

292,552

iShares

Russell

2000

Value

ETF

...............

Goldman

Sachs

International

34,388

03/19/21

USD

125.66

USD

4,531

380,746

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

7,238

03/19/21

EUR

510.00

EUR

3,698

202,029

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

58,887

03/19/21

USD

180.00

USD

10,503

335,656

Starbucks

Corp.

.........

Citibank

NA

43,626

03/19/21

USD

107.50

USD

4,667

225,040

Vanguard

Small-Cap

Value

ETF

...............

Morgan

Stanley

&

Co.

International

plc

31,694

03/19/21

USD

137.05

USD

4,507

338,934

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

31

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

Gold

Shares

(a)

......

JPMorgan

Chase

Bank

NA

51,533

04/16/21

USD

181.00

USD

9,191

$

327,839

SPDR

S&P

500

ETF

Trust

...

Morgan

Stanley

&

Co.

International

plc

198,200

06/18/21

USD

360.00

USD

74,103

5,817,430

EURO

STOXX

50

Price

Index

Credit

Suisse

International

4,703

12/17/21

EUR

3,400.00

EUR

16,708

1,729,092

11,681,658

Put

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

01/21/21

JPY

104.00

USD

59,858

614,537

USD

Currency

...........

Bank

of

America

NA

—

02/03/21

JPY

101.00

USD

97,416

188,410

802,947

$

12,484,605

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

3,511.53

and

10

year

swap

>=

97.1

......

Goldman

Sachs

International

145

01/08/21

USD

509

$

4,679

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

3,511.53

and

10

year

swap

>=

97.4

......

Goldman

Sachs

International

145

01/15/21

USD

509

16,347

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

3,511.53

and

10

year

swap

>=

100.35

....

Goldman

Sachs

International

235

03/19/21

USD

825

67,079

$

88,105

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.16%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

01/19/21

1.16

%

USD

78,591

$

88,033

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.30%

Semi-Annual

Citibank

NA

02/09/21

1.30

USD

47,842

578,696

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.27%

Semi-Annual

Goldman

Sachs

International

02/18/21

1.27

USD

52,424

632,344

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

06/04/21

1.00

USD

35,591

458,079

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

BNP

Paribas

SA

06/11/21

1.00

USD

11,606

156,312

1,913,464

Put

30-Year

Interest

Rate

Swap

(a)

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

01/26/21

1.48

USD

33,216

357,089

30-Year

Interest

Rate

Swap

(a)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

02/08/21

0.89

USD

20,199

2,686,901

5-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

04/06/21

0.60

USD

258,789

418,734

5-Year

Interest

Rate

Swap

(a)

.

0.62%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

04/06/21

0.62

USD

106,560

151,843

5-Year

Interest

Rate

Swap

(a)

.

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

05/24/21

0.63

USD

248,932

610,096

5-Year

Interest

Rate

Swap

(a)

.

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

05/25/21

0.64

USD

251,404

592,130

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

32

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

5-Year

Interest

Rate

Swap

(a)

.

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

Nomura

International

plc

05/25/21

0.64

%

USD

251,404

$

592,130

5,408,923

$

7,322,387

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

.

Down

and

In

Credit

Suisse

International

4,703

12/17/21

EUR

2,600.00

EUR

2,200.00

EUR

6

$

(381,457)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Amazon.com,

Inc.

............................

25

01/15/21

USD

2,900.00

USD

8,142

$

(905,250)

Apple,

Inc.

.................................

952

01/15/21

USD

130.00

USD

12,632

(483,140)

Apple,

Inc.

.................................

1,003

01/15/21

USD

140.00

USD

13,309

(123,369)

Apple,

Inc.

.................................

2,620

01/15/21

USD

150.00

USD

34,765

(79,910)

Applied

Materials,

Inc.

.........................

1,428

01/15/21

USD

70.00

USD

12,324

(2,324,070)

Autodesk,

Inc.

...............................

603

01/15/21

USD

290.00

USD

18,412

(1,083,893)

Bank

of

America

Corp.

.........................

1,647

01/15/21

USD

28.00

USD

4,992

(405,162)

Bank

of

America

Corp.

.........................

3,077

01/15/21

USD

31.00

USD

9,326

(147,696)

Capital

One

Financial

Corp.

......................

930

01/15/21

USD

100.00

USD

9,193

(217,155)

Citigroup,

Inc.

...............................

874

01/15/21

USD

55.00

USD

5,389

(607,430)

Citigroup,

Inc.

...............................

923

01/15/21

USD

52.50

USD

5,691

(865,313)

Citigroup,

Inc.

...............................

1,496

01/15/21

USD

50.00

USD

9,224

(1,761,540)

Comcast

Corp.

..............................

1,843

01/15/21

USD

52.50

USD

9,657

(165,870)

Crowdstrike

Holdings,

Inc.

.......................

259

01/15/21

USD

190.00

USD

5,486

(626,780)

Guardant

Health,

Inc.

..........................

430

01/15/21

USD

120.00

USD

5,542

(481,600)

HCA

Healthcare,

Inc.

..........................

533

01/15/21

USD

170.00

USD

8,766

(118,571)

Intuitive

Surgical,

Inc.

..........................

56

01/15/21

USD

800.00

USD

4,581

(183,960)

iShares

Russell

2000

ETF

.......................

3,438

01/15/21

USD

210.00

USD

67,405

(115,173)

Johnson

&

Johnson

...........................

275

01/15/21

USD

165.00

USD

4,328

(19,113)

JPMorgan

Chase

&

Co.

........................

372

01/15/21

USD

115.00

USD

4,727

(449,190)

JPMorgan

Chase

&

Co.

........................

410

01/15/21

USD

110.00

USD

5,210

(704,175)

JPMorgan

Chase

&

Co.

........................

805

01/15/21

USD

120.00

USD

10,229

(593,688)

Lowe's

Cos.,

Inc.

.............................

196

01/15/21

USD

170.00

USD

3,146

(10,486)

Mastercard

,

Inc.

.............................

240

01/15/21

USD

350.00

USD

8,567

(274,800)

Mastercard

,

Inc.

.............................

671

01/15/21

USD

365.00

USD

23,951

(278,465)

Micron

Technology,

Inc.

........................

586

01/15/21

USD

80.00

USD

4,406

(98,741)

Morgan

Stanley

..............................

814

01/15/21

USD

57.50

USD

5,578

(909,645)

Morgan

Stanley

..............................

1,547

01/15/21

USD

62.50

USD

10,602

(978,478)

Morgan

Stanley

..............................

2,457

01/15/21

USD

60.00

USD

16,838

(2,131,448)

NXP

Semiconductors

NV

.......................

266

01/15/21

USD

175.00

USD

4,230

(14,364)

Okta

,

Inc.

..................................

124

01/15/21

USD

290.00

USD

3,153

(11,966)

PayPal

Holdings,

Inc.

..........................

194

01/15/21

USD

240.00

USD

4,543

(78,570)

Penn

National

Gaming,

Inc.

......................

283

01/15/21

USD

110.00

USD

2,444

(8,207)

PPG

Industries,

Inc.

...........................

678

01/15/21

USD

140.00

USD

9,778

(386,460)

Raytheon

Technologies

Corp.

....................

1,267

01/15/21

USD

75.00

USD

9,060

(58,282)

ResMed

,

Inc.

...............................

163

01/15/21

USD

195.00

USD

3,465

(291,770)

SPDR

S&P

500

ETF

Trust

.......................

2,692

01/15/21

USD

380.00

USD

100,648

(605,700)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

1,198

01/15/21

USD

68.00

USD

7,008

(27,554)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

33

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

TJX

Cos.,

Inc.

(The)

...........................

906

01/15/21

USD

70.00

USD

6,187

$

(83,805)

Truist

Financial

Corp.

..........................

561

01/15/21

USD

50.00

USD

2,689

(25,245)

Uber

Technologies,

Inc.

........................

877

01/15/21

USD

55.00

USD

4,473

(48,674)

United

Parcel

Service,

Inc.

......................

466

01/15/21

USD

190.00

USD

7,847

(6,524)

US

Bancorp

................................

2,577

01/15/21

USD

45.00

USD

12,006

(559,209)

VanEck

Vectors

Semiconductor

ETF

................

242

01/15/21

USD

210.00

USD

5,286

(251,075)

Walmart,

Inc.

...............................

287

01/15/21

USD

160.00

USD

4,137

(2,009)

Walt

Disney

Co.

(The)

.........................

356

01/15/21

USD

175.00

USD

6,450

(295,480)

Walt

Disney

Co.

(The)

.........................

619

01/15/21

USD

155.00

USD

11,215

(1,638,803)

Zoetis,

Inc.

.................................

135

01/15/21

USD

175.00

USD

2,234

(6,413)

Zscaler

,

Inc.

................................

181

01/15/21

USD

210.00

USD

3,615

(76,925)

Abbott

Laboratories

...........................

393

02/19/21

USD

120.00

USD

4,303

(39,890)

Alibaba

Group

Holding

Ltd.

......................

677

02/19/21

USD

350.00

USD

15,756

(15,910)

Alphabet,

Inc.

...............................

46

02/19/21

USD

2,000.00

USD

8,059

(55,430)

Alphabet,

Inc.

...............................

103

02/19/21

USD

2,100.00

USD

18,044

(56,650)

Amazon.com,

Inc.

............................

11

02/19/21

USD

3,800.00

USD

3,583

(36,823)

Amazon.com,

Inc.

............................

27

02/19/21

USD

3,600.00

USD

8,794

(169,763)

Amazon.com,

Inc.

............................

48

02/19/21

USD

3,900.00

USD

15,633

(120,960)

Apple,

Inc.

.................................

340

02/19/21

USD

140.00

USD

4,511

(152,150)

Apple,

Inc.

.................................

687

02/19/21

USD

135.00

USD

9,116

(434,528)

Aptiv

plc

...................................

693

02/19/21

USD

135.00

USD

9,029

(363,825)

Bank

of

America

Corp.

.........................

1,605

02/19/21

USD

30.00

USD

4,865

(253,590)

Bank

of

America

Corp.

.........................

1,906

02/19/21

USD

29.00

USD

5,777

(419,320)

Boston

Scientific

Corp.

.........................

1,062

02/19/21

USD

40.00

USD

3,818

(39,825)

Capri

Holdings

Ltd.

...........................

1,530

02/19/21

USD

55.00

USD

6,426

(93,330)

Comcast

Corp.

..............................

1,623

02/19/21

USD

57.50

USD

8,505

(77,904)

ConocoPhillips

..............................

1,805

02/19/21

USD

55.00

USD

7,218

(22,563)

Exxon

Mobil

Corp.

............................

960

02/19/21

USD

55.00

USD

3,957

(13,920)

Facebook,

Inc.

..............................

148

02/19/21

USD

320.00

USD

4,043

(39,590)

Global

Payments,

Inc.

.........................

456

02/19/21

USD

230.00

USD

9,823

(180,120)

Global

Payments,

Inc.

.........................

465

02/19/21

USD

220.00

USD

10,017

(313,875)

Merck

&

Co.,

Inc.

.............................

524

02/19/21

USD

87.50

USD

4,286

(44,802)

Microsoft

Corp.

..............................

183

02/19/21

USD

255.00

USD

4,070

(19,764)

Microsoft

Corp.

..............................

189

02/19/21

USD

250.00

USD

4,204

(28,634)

Microsoft

Corp.

..............................

382

02/19/21

USD

245.00

USD

8,496

(78,119)

Raytheon

Technologies

Corp.

....................

1,266

02/19/21

USD

75.00

USD

9,053

(249,402)

salesforce.com,

Inc.

...........................

330

02/19/21

USD

280.00

USD

7,343

(19,800)

salesforce.com,

Inc.

...........................

759

02/19/21

USD

260.00

USD

16,890

(116,127)

ServiceNow

,

Inc.

.............................

95

02/19/21

USD

580.00

USD

5,229

(190,000)

Societe

Generale

SA

..........................

2,297

02/19/21

EUR

20.00

EUR

3,910

(71,556)

SPDR

S&P

500

ETF

Trust

.......................

1,373

02/19/21

USD

400.00

USD

51,334

(146,225)

Starbucks

Corp.

.............................

850

02/19/21

USD

110.00

USD

9,093

(248,625)

Walt

Disney

Co.

(The)

.........................

244

02/19/21

USD

190.00

USD

4,421

(142,740)

Alibaba

Group

Holding

Ltd.

......................

581

03/19/21

USD

300.00

USD

13,522

(119,977)

Apple,

Inc.

.................................

2,561

03/19/21

USD

150.00

USD

33,982

(883,545)

Bank

of

America

Corp.

.........................

773

03/19/21

USD

33.00

USD

2,343

(54,497)

Bank

of

America

Corp.

.........................

1,651

03/19/21

USD

30.00

USD

5,004

(312,039)

Bank

of

America

Corp.

.........................

1,661

03/19/21

USD

28.00

USD

5,034

(523,215)

Citigroup,

Inc.

...............................

534

03/19/21

USD

52.50

USD

3,293

(539,340)

Citigroup,

Inc.

...............................

1,429

03/19/21

USD

70.00

USD

8,811

(179,340)

Goldman

Sachs

Group,

Inc.

(The)

.................

335

03/19/21

USD

270.00

USD

8,834

(391,950)

Gores

Holdings

IV,

Inc.

.........................

1,432

03/19/21

USD

15.00

USD

1,880

(311,460)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

2,874

03/19/21

USD

140.00

USD

39,699

(182,499)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

4,068

03/19/21

USD

139.00

USD

56,191

(431,208)

iShares

MSCI

Brazil

ETF

.......................

3,821

03/19/21

USD

45.00

USD

14,164

(131,825)

Johnson

&

Johnson

...........................

194

03/19/21

USD

170.00

USD

3,053

(46,463)

JPMorgan

Chase

&

Co.

........................

360

03/19/21

USD

135.00

USD

4,575

(122,400)

JPMorgan

Chase

&

Co.

........................

595

03/19/21

USD

140.00

USD

7,561

(130,008)

Lowe's

Cos.,

Inc.

.............................

196

03/19/21

USD

175.00

USD

3,146

(72,520)

Lowe's

Cos.,

Inc.

.............................

359

03/19/21

USD

190.00

USD

5,762

(45,055)

Mastercard

,

Inc.

.............................

254

03/19/21

USD

370.00

USD

9,066

(379,095)

NextEra

Energy,

Inc.

..........................

566

03/19/21

USD

85.00

USD

4,367

(53,770)

NVIDIA

Corp.

...............................

47

03/19/21

USD

700.00

USD

2,454

(19,035)

PayPal

Holdings,

Inc.

..........................

238

03/19/21

USD

310.00

USD

5,574

(35,105)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

34

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Southwest

Airlines

Co.

.........................

768

03/19/21

USD

60.00

USD

3,580

$

(39,936)

Starbucks

Corp.

.............................

359

03/19/21

USD

105.00

USD

3,841

(229,760)

Toll

Brothers,

Inc.

.............................

570

03/19/21

USD

55.00

USD

2,478

(32,775)

Truist

Financial

Corp.

..........................

551

03/19/21

USD

55.00

USD

2,641

(34,438)

Goldman

Sachs

Group,

Inc.

(The)

.................

116

04/16/21

USD

240.00

USD

3,059

(356,700)

SPDR

S&P

500

ETF

Trust

.......................

4,039

06/18/21

USD

400.00

USD

151,010

(2,841,437)

(34,376,298)

Put

Alphabet,

Inc.

...............................

74

01/15/21

USD

1,320.00

USD

12,964

(3,700)

Amazon.com,

Inc.

............................

26

01/15/21

USD

2,695.00

USD

8,468

(6,110)

Amazon.com,

Inc.

............................

36

01/15/21

USD

2,740.00

USD

11,725

(10,404)

Apple,

Inc.

.................................

909

01/15/21

USD

107.50

USD

12,062

(17,726)

Apple,

Inc.

.................................

1,003

01/15/21

USD

102.50

USD

13,309

(15,547)

Apple,

Inc.

.................................

1,308

01/15/21

USD

100.00

USD

17,356

(17,658)

Autodesk,

Inc.

...............................

331

01/15/21

USD

210.00

USD

10,107

(4,965)

Bank

of

America

Corp.

.........................

1,647

01/15/21

USD

20.00

USD

4,992

(3,294)

Bank

of

America

Corp.

.........................

3,077

01/15/21

USD

22.00

USD

9,326

(4,616)

Capital

One

Financial

Corp.

......................

456

01/15/21

USD

77.50

USD

4,508

(5,244)

Comcast

Corp.

..............................

1,843

01/15/21

USD

37.50

USD

9,657

(7,372)

DR

Horton,

Inc.

..............................

2,176

01/15/21

USD

60.00

USD

14,997

(26,112)

Freeport-McMoran

,

Inc.

........................

533

01/15/21

USD

19.00

USD

1,387

(1,599)

Freeport-McMoran

,

Inc.

........................

1,119

01/15/21

USD

18.00

USD

2,912

(1,119)

Home

Depot,

Inc.

(The)

........................

636

01/15/21

USD

250.00

USD

16,893

(48,972)

JPMorgan

Chase

&

Co.

........................

808

01/15/21

USD

80.00

USD

10,267

(3,232)

Mastercard

,

Inc.

.............................

247

01/15/21

USD

280.00

USD

8,816

(2,964)

Mastercard

,

Inc.

.............................

336

01/15/21

USD

300.00

USD

11,993

(9,240)

Merck

&

Co.,

Inc.

.............................

953

01/15/21

USD

72.50

USD

7,796

(10,960)

Micron

Technology,

Inc.

........................

586

01/15/21

USD

57.50

USD

4,406

(6,446)

Microsoft

Corp.

..............................

539

01/15/21

USD

180.00

USD

11,988

(7,007)

Morgan

Stanley

..............................

1,547

01/15/21

USD

44.00

USD

10,602

(4,641)

NXP

Semiconductors

NV

.......................

266

01/15/21

USD

135.00

USD

4,230

(6,783)

PPG

Industries,

Inc.

...........................

678

01/15/21

USD

100.00

USD

9,778

(3,390)

Raytheon

Technologies

Corp.

....................

1,267

01/15/21

USD

55.00

USD

9,060

(13,304)

SPDR

S&P

500

ETF

Trust

.......................

4,066

01/15/21

USD

345.00

USD

152,020

(337,478)

SPDR

S&P

500

ETF

Trust

.......................

5,251

01/15/21

USD

330.00

USD

196,324

(217,917)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

1,198

01/15/21

USD

50.00

USD

7,008

(28,752)

Truist

Financial

Corp.

..........................

561

01/15/21

USD

35.00

USD

2,689

(8,415)

Union

Pacific

Corp.

...........................

420

01/15/21

USD

165.00

USD

8,745

(7,350)

Walmart,

Inc.

...............................

287

01/15/21

USD

130.00

USD

4,137

(3,444)

Wayfair,

Inc.

................................

119

01/15/21

USD

230.00

USD

2,687

(155,890)

Zoetis,

Inc.

.................................

135

01/15/21

USD

140.00

USD

2,234

(5,400)

CBOE

Volatility

Index

..........................

1,434

01/20/21

USD

18.00

USD

3,262

(14,340)

CBOE

Volatility

Index

..........................

5,715

01/20/21

USD

19.00

USD

13,002

(157,163)

CBOE

Volatility

Index

..........................

9,546

02/17/21

USD

17.00

USD

21,717

(167,055)

Alibaba

Group

Holding

Ltd.

......................

255

02/19/21

USD

240.00

USD

5,935

(441,150)

Alphabet,

Inc.

...............................

24

02/19/21

USD

1,495.00

USD

4,205

(36,480)

Amazon.com,

Inc.

............................

13

02/19/21

USD

2,600.00

USD

4,234

(17,160)

Amazon.com,

Inc.

............................

13

02/19/21

USD

2,660.00

USD

4,234

(22,068)

Amazon.com,

Inc.

............................

34

02/19/21

USD

2,800.00

USD

11,074

(98,090)

Amazon.com,

Inc.

............................

48

02/19/21

USD

2,840.00

USD

15,633

(176,640)

Apple,

Inc.

.................................

683

02/19/21

USD

100.00

USD

9,063

(40,297)

Aptiv

plc

...................................

693

02/19/21

USD

105.00

USD

9,029

(71,033)

Bank

of

America

Corp.

.........................

1,605

02/19/21

USD

20.00

USD

4,865

(6,420)

Bank

of

America

Corp.

.........................

2,016

02/19/21

USD

26.00

USD

6,110

(50,400)

Boston

Scientific

Corp.

.........................

1,062

02/19/21

USD

31.00

USD

3,818

(28,143)

Capri

Holdings

Ltd.

...........................

1,530

02/19/21

USD

30.00

USD

6,426

(79,560)

Comcast

Corp.

..............................

1,623

02/19/21

USD

42.50

USD

8,505

(32,460)

Facebook,

Inc.

..............................

148

02/19/21

USD

235.00

USD

4,043

(58,460)

Global

Payments,

Inc.

.........................

456

02/19/21

USD

165.00

USD

9,823

(28,500)

Global

Payments,

Inc.

.........................

465

02/19/21

USD

155.00

USD

10,017

(33,713)

Microsoft

Corp.

..............................

721

02/19/21

USD

185.00

USD

16,036

(73,542)

Raytheon

Technologies

Corp.

....................

1,266

02/19/21

USD

50.00

USD

9,053

(29,751)

salesforce.com,

Inc.

...........................

466

02/19/21

USD

220.00

USD

10,370

(424,060)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

35

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

salesforce.com,

Inc.

...........................

759

02/19/21

USD

190.00

USD

16,890

$

(119,543)

SPDR

S&P

500

ETF

Trust

.......................

1,373

02/19/21

USD

290.00

USD

51,334

(93,364)

Starbucks

Corp.

.............................

850

02/19/21

USD

80.00

USD

9,093

(17,425)

Volvo

AB

..................................

1,036

02/19/21

SEK

180.00

SEK

20,078

(39,664)

Vulcan

Materials

Co.

..........................

291

02/19/21

USD

110.00

USD

4,316

(15,278)

Walmart,

Inc.

...............................

551

02/19/21

USD

135.00

USD

7,943

(100,007)

Walt

Disney

Co.

(The)

.........................

244

02/19/21

USD

140.00

USD

4,421

(17,080)

CBOE

Volatility

Index

..........................

9,546

03/17/21

USD

17.00

USD

21,717

(334,110)

Alibaba

Group

Holding

Ltd.

......................

581

03/19/21

USD

175.00

USD

13,522

(141,474)

Lowe's

Cos.,

Inc.

.............................

359

03/19/21

USD

135.00

USD

5,762

(65,877)

Mastercard

,

Inc.

.............................

254

03/19/21

USD

280.00

USD

9,066

(51,435)

Truist

Financial

Corp.

..........................

551

03/19/21

USD

40.00

USD

2,641

(45,458)

SPDR

S&P

500

ETF

Trust

.......................

1,348

06/18/21

USD

250.00

USD

50,399

(293,864)

SPDR

S&P

500

ETF

Trust

.......................

216

12/17/21

USD

270.00

USD

8,076

(169,128)

(4,597,243)

$

(38,973,541)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

60,118

01/15/21

USD

192.00

USD

10,723

$

(2,986)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

29,400

01/15/21

USD

190.00

USD

5,244

(6,468)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

01/21/21

JPY

108.00

USD

59,858

(3,417)

EUR

Currency

..............

BNP

Paribas

SA

—

01/27/21

USD

1.34

EUR

56,900

(975)

Disco

Corp.

...............

Morgan

Stanley

&

Co.

International

plc

2,193

02/12/21

JPY

36,564.18

JPY

76,207

(12,108)

FANUC

Corp.

..............

Goldman

Sachs

International

4,004

02/12/21

JPY

28,774.09

JPY

101,541

(6,905)

Hoya

Corp.

................

Morgan

Stanley

&

Co.

International

plc

28,026

02/12/21

JPY

15,276.93

JPY

399,931

(71,058)

Keyence

Corp.

.............

UBS

AG

3,050

02/12/21

JPY

58,465.00

JPY

176,900

(58,507)

Kose

Corp.

................

Goldman

Sachs

International

6,292

02/12/21

JPY

17,660.53

JPY

110,739

(49,302)

Recruit

Holdings

Co.

Ltd.

......

BNP

Paribas

SA

20,019

02/12/21

JPY

4,721.15

JPY

86,502

(10,978)

Ryohin

Keikaku

Co.

Ltd.

.......

Goldman

Sachs

International

24,404

02/12/21

JPY

2,426.22

JPY

51,370

(5,417)

Shin-Etsu

Chemical

Co.

Ltd.

....

Morgan

Stanley

&

Co.

International

plc

27,740

02/12/21

JPY

19,430.67

JPY

500,430

(69,598)

Sony

Corp.

................

Goldman

Sachs

International

11,153

02/12/21

JPY

10,807.24

JPY

114,709

(23,008)

Suzuki

Motor

Corp.

..........

Goldman

Sachs

International

49,380

02/12/21

JPY

6,201.82

JPY

236,135

(4,361)

Autodesk,

Inc.

..............

Nomura

International

plc

21,661

02/19/21

USD

275.00

USD

6,614

(763,494)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

24,345

02/19/21

USD

196.00

USD

4,342

(10,185)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

24,261

02/19/21

USD

194.00

USD

4,327

(24,868)

Union

Pacific

Corp.

..........

Goldman

Sachs

International

36,409

02/19/21

USD

210.00

USD

7,581

(302,742)

Disco

Corp.

...............

Morgan

Stanley

&

Co.

International

plc

2,193

03/12/21

JPY

38,226.19

JPY

76,207

(10,214)

FANUC

Corp.

..............

Goldman

Sachs

International

4,004

03/12/21

JPY

30,082.01

JPY

101,541

(6,999)

Hoya

Corp.

................

Morgan

Stanley

&

Co.

International

plc

28,026

03/12/21

JPY

15,971.34

JPY

399,931

(54,131)

Keyence

Corp.

.............

UBS

AG

3,050

03/12/21

JPY

61,122.50

JPY

176,900

(46,584)

Kose

Corp.

................

Goldman

Sachs

International

6,292

03/12/21

JPY

18,463.28

JPY

110,739

(44,081)

Recruit

Holdings

Co.

Ltd.

......

BNP

Paribas

SA

20,019

03/12/21

JPY

4,935.74

JPY

86,502

(12,045)

Ryohin

Keikaku

Co.

Ltd.

.......

Goldman

Sachs

International

24,404

03/12/21

JPY

2,536.50

JPY

51,370

(6,731)

Shin-Etsu

Chemical

Co.

Ltd.

....

Morgan

Stanley

&

Co.

International

plc

27,740

03/12/21

JPY

20,313.88

JPY

500,430

(57,635)

Sony

Corp.

................

Goldman

Sachs

International

11,153

03/12/21

JPY

11,298.48

JPY

114,709

(17,809)

Suzuki

Motor

Corp.

..........

Goldman

Sachs

International

49,380

03/12/21

JPY

6,483.72

JPY

236,135

(10,664)

adidas

AG

................

Barclays

Bank

plc

21,803

03/19/21

EUR

340.00

EUR

6,495

(95,295)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

7,238

03/19/21

EUR

560.00

EUR

3,698

(56,755)

Safran

SA

.................

UBS

AG

26,124

03/19/21

EUR

140.00

EUR

3,029

(52,292)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

88,331

03/19/21

USD

195.00

USD

15,755

(95,935)

Starbucks

Corp.

............

Citibank

NA

43,626

03/19/21

USD

122.50

USD

4,667

(48,976)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

83,175

04/16/21

USD

197.00

USD

14,835

(197,994)

(2,240,517)

Put

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

56,011

01/15/21

USD

166.00

USD

9,990

(14,282)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

36

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Options

Written

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

01/21/21

JPY

100.00

USD

59,858

$

(31,546)

EUR

Currency

..............

BNP

Paribas

SA

—

01/27/21

USD

1.10

EUR

37,934

(73)

Givaudan

SA

..............

UBS

AG

591

02/19/21

CHF

3,540.00

CHF

2,204

(28,030)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

24,345

02/19/21

USD

162.00

USD

4,342

(15,943)

Union

Pacific

Corp.

..........

Goldman

Sachs

International

36,409

02/19/21

USD

175.00

USD

7,581

(54,968)

WisdomTree

Japan

Hedged

Equity

Fund

..................

Goldman

Sachs

International

74,849

02/19/21

USD

43.00

USD

4,073

(16)

adidas

AG

................

Barclays

Bank

plc

21,803

03/19/21

EUR

260.00

EUR

6,495

(204,929)

Givaudan

SA

..............

UBS

AG

591

03/19/21

CHF

3,680.00

CHF

2,204

(72,214)

iShares

Russell

2000

Value

ETF

.

Goldman

Sachs

International

17,187

03/19/21

USD

114.08

USD

2,264

(57,668)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

7,238

03/19/21

EUR

450.00

EUR

3,698

(30,340)

Safran

SA

.................

UBS

AG

26,124

03/19/21

EUR

100.00

EUR

3,029

(67,339)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

44,165

03/19/21

USD

160.00

USD

7,877

(44,151)

Vanguard

Small-Cap

Value

ETF

..

Morgan

Stanley

&

Co.

International

plc

15,840

03/19/21

USD

122.11

USD

2,253

(32,821)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

51,533

04/16/21

USD

159.00

USD

9,191

(72,822)

(727,142)

$

(2,967,659)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

1.07%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

02/18/21

1.07

%

USD

52,424

$

(178,317)

30-Year

Interest

Rate

Swap

(a)

0.87%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

03/24/21

0.87

USD

15,296

(49,103)

30-Year

Interest

Rate

Swap

(a)

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

JPMorgan

Chase

Bank

NA

06/04/21

0.50

USD

35,591

(100,442)

30-Year

Interest

Rate

Swap

(a)

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

BNP

Paribas

SA

06/11/21

0.50

USD

11,606

(35,205)

10-Year

Interest

Rate

Swap

(a)

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/20/21

0.55

USD

18,939

(95,609)

5-Year

Interest

Rate

Swap

(a)

.

(0.02)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/08/22

(0.02)

EUR

59,930

(1,527,125)

5-Year

Interest

Rate

Swap

(a)

.

(0.15)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/19/22

(0.15)

EUR

15,814

(294,329)

5-Year

Interest

Rate

Swap

(a)

.

(0.13)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/19/22

(0.13)

EUR

39,510

(777,693)

(3,057,823)

Put

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

Citibank

NA

02/08/21

0.39

USD

111,096

(436,774)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

Citibank

NA

02/08/21

1.24

USD

30,299

(1,537,102)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

Bank

of

America

NA

04/06/21

0.87

USD

106,560

(34,925)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

Bank

of

America

NA

04/06/21

0.85

USD

258,789

(94,515)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/20/21

1.40

USD

37,877

(313,828)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.02)%

Annual

Barclays

Bank

plc

04/08/22

(0.02)

EUR

59,930

(118,749)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.15)%

Annual

Barclays

Bank

plc

04/19/22

(0.15)

EUR

15,814

(51,946)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.13)%

Annual

Barclays

Bank

plc

04/19/22

(0.13)

EUR

39,510

(120,211)

(2,708,050)

$

(5,765,873)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

37

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.33.V1

...................

1.00

%

Quarterly

12/20/24

USD

302,896

$

(5,098,151)

$

(5,277,527)

$

179,376

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

18,506

(1,745,622)

159,567

(1,905,189)

CDX.NA.IG.34.V1

...................

1.00

Quarterly

06/20/25

USD

43,636

(726,928)

(572,861)

(154,067)

$

(7,570,701)

$

(5,690,821)

$

(1,879,880)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V1

.

5.00

%

Quarterly

12/20/25

B+

EUR

24,253

$

3,565,233

$

2,101,456

$

1,463,777

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

BA

Semi-Annual

1.91%

Semi-Annual

N/A

07/09/21

CAD

240,208

$

2,663,124

$

—

$

2,663,124

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

359,009

(4,840,322)

—

(4,840,322)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

202,105

(2,886,246)

—

(2,886,246)

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

71,709

(272,528)

—

(272,528)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

144,079

(8,350,561)

1,606

(8,352,167)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

54,783

53,723

—

53,723

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

N/A

10/29/25

USD

158,782

(275,937)

—

(275,937)

3

month

LIBOR

Quarterly

0.46%

Semi-Annual

N/A

11/23/25

USD

43,983

87,222

—

87,222

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

17,492

326,668

—

326,668

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

40,837

832,441

—

832,441

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

18,887

(432,759)

—

(432,759)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

6,952

(141,638)

—

(141,638)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

10,581

(235,590)

—

(235,590)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

10,581

184,302

—

184,302

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

8,465

(162,788)

—

(162,788)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

8,465

103,924

—

103,924

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/23/30

USD

29,026

301,741

—

301,741

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

12,949

1,683,906

—

1,683,906

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

8,506

1,132,209

—

1,132,209

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

18,355

(1,531,912)

—

(1,531,912)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

4,323

(355,200)

—

(355,200)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

N/A

10/21/50

USD

12,759

(1,097,247)

—

(1,097,247)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/23/50

USD

27,206

933,413

—

933,413

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

N/A

10/28/50

USD

10,346

(1,160,050)

—

(1,160,050)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/28/50

USD

10,707

646,518

—

646,518

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/29/50

USD

31,369

3,433,913

—

3,433,913

1.30%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/19/50

USD

23,577

648,281

—

648,281

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/27/50

USD

10,707

518,722

—

518,722

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/11/50

USD

7,800

(82,429)

—

(82,429)

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

N/A

12/22/50

USD

41,893

(2,279,413)

—

(2,279,413)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

38

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/30/50

USD

10,707

$

390,700

$

—

$

390,700

$

(10,163,813)

$

1,606

$

(10,165,419)

(a)

Forward

swap.

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

..........

5.00

%

Quarterly

Barclays

Bank

plc

06/20/23

USD

2,962

$

192,452

$

410,406

$

(217,954)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

......

5.00

%

Quarterly

Barclays

Bank

plc

12/20/21

CCC

USD

4,440

$

16,119

$

(198,395)

$

214,514

(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

Total

Return

Swap

s

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

GSCBBL8X

Index

.........

USD

2,077,489

Goldman

Sachs

International

01/22/21

USD

2,077

$

254,345

$

—

$

254,345

GSCBBL8X

Index

.........

USD

17,342,669

Goldman

Sachs

International

01/25/21

USD

17,343

2,080,567

—

2,080,567

EURO

STOXX

Bank

Index

...

EUR

(3,827,508)

Morgan

Stanley

&

Co.

International

plc

03/19/21

EUR

3,828

99,874

—

99,874

S&P

500

Index

Annual

Dividend

Future

December

2021

....

USD

2,403,225

BNP

Paribas

SA

12/17/21

USD

2,403

371,250

—

371,250

$

2,806,036

$

—

$

2,806,036

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

39

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest.

(c)

Amount

includes

$(20,910)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(6,584)

of

net

dividends

and

financing

fees.

i

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Citibank

NA

(b)

01/25/21-05/31/23

$

14,254,688

$

484,963

(c)

$

14,760,561

0.3

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(9,243,247)

(348,824)

(e)

(9,585,487)

0.1

$

136,139

$

5,175,074

(b)

(d)

Range:

18-175

basis

points

18-83

basis

points

Benchmarks:

Intercontinental

Exchange

LIBOR:

Intercontinental

Exchange

LIBOR:

USD

1

Week

USD

1

Month

USD

1

Month

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

December

31,

2020,

expiration

dates

01/25/21-05/31/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Italy

Leonardo

SpA

...........

3,078,209

$

22,249,830

150.7

%

Total

Reference

Entity

—

Long

............

22,249,830

Reference

Entity

—

Short

Canada

Alimentation

Couche-Tard,

Inc.,

Class

B

..............

(2,586)

(88,130)

(0.6)

China

BeiGene

Ltd.,

ADR

........

(342)

(88,369)

(0.6)

China

Conch

Venture

Holdings

Ltd.

................

(117,500)

(571,762)

(3.9)

China

Evergrande

Group

....

(40,000)

(76,883)

(0.5)

China

Literature

Ltd.

.......

(29,200)

(229,556)

(1.6)

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(300,000)

(196,290)

(1.3)

China

Resources

Gas

Group

Ltd.

................

(32,000)

(170,094)

(1.1)

China

Resources

Land

Ltd.

..

(8,000)

(32,967)

(0.2)

China

Vanke

Co.

Ltd.,

Class

H

(13,200)

(45,569)

(0.3)

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

..........

(172,000)

(206,209)

(1.4)

GSX

Techedu

,

Inc.,

ADR

....

(1,310)

(67,740)

(0.5)

Longfor

Group

Holdings

Ltd.

..

(72,500)

(424,087)

(2.9)

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(55,000)

(262,901)

(1.8)

TravelSky

Technology

Ltd.,

Class

H

..................

(32,000)

(77,309)

(0.5)

Xiaomi

Corp.,

Class

B

......

(52,600)

(223,565)

(1.5)

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

.......

(5,000)

(23,301)

(0.2)

Shares

Value

%

of

Basket

Value

China

(continued)

Zhongsheng

Group

Holdings

Ltd.

................

(6,000)

$

(42,860)

(0.3)

%

Zijin

Mining

Group

Co.

Ltd.,

Class

H

..............

(90,000)

(101,968)

(0.7)

(2,841,430)

Denmark

Orsted

A/S

..............

(1,022)

(209,107)

(1.4)

Vestas

Wind

Systems

A/S

...

(246)

(58,112)

(0.4)

(267,219)

France

Air

Liquide

SA

...........

(937)

(153,618)

(1.0)

Airbus

SE

..............

(875)

(96,026)

(0.6)

Bouygues

SA

............

(6,313)

(259,641)

(1.8)

Vinci

SA

...............

(1,875)

(186,768)

(1.3)

(696,053)

Hong

Kong

Evergrande

.............

(392)

—

—

Sino

Biopharmaceutical

Ltd.

..

(157,000)

(151,409)

(1.0)

(151,409)

Italy

Atlantia

SpA

.............

(11,041)

(199,378)

(1.3)

Macau

Galaxy

Entertainment

Group

Ltd.

................

(7,000)

(54,492)

(0.4)

Norway

Equinor

ASA

............

(9,998)

(168,731)

(1.1)

Poland

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

.......

(54,336)

(81,135)

(0.6)

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(2,658)

(399,683)

(2.7)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

40

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Shares

Value

%

of

Basket

Value

South

Korea

(continued)

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(2,202)

$

(220,535)

(1.5)

%

(620,218)

Spain

Grifols

SA

..............

(3,220)

(94,013)

(0.6)

Sweden

Investor

AB,

Class

B

.......

(572)

(41,632)

(0.3)

Telia

Co.

AB

.............

(26,462)

(109,284)

(0.7)

(150,916)

Taiwan

Catcher

Technology

Co.

Ltd.

..

(6,000)

(44,118)

(0.3)

E.Sun

Financial

Holding

Co.

Ltd.

(102,000)

(92,838)

(0.6)

Hotai

Motor

Co.

Ltd.

.......

(2,000)

(45,897)

(0.3)

(182,853)

United

Kingdom

Prudential

plc

............

(14,187)

(260,870)

(1.8)

United

States

Boeing

Co.

(The)

.........

(1,713)

(366,685)

(2.5)

Honeywell

International,

Inc.

..

(755)

(160,589)

(1.1)

Keurig

Dr

Pepper,

Inc.

......

(4,277)

(136,864)

(0.9)

PPL

Corp.

..............

(5,676)

(160,063)

(1.1)

Public

Storage

...........

(1,211)

(279,656)

(1.9)

Simon

Property

Group,

Inc.

..

(6,198)

(528,565)

(3.6)

(1,632,422)

Total

Reference

Entity

—

Short

............

(7,489,269)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

14,760,561

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

December

31,

2020,

expiration

date

02/08/23:

Reference

Entity

—

Short

Australia

Afterpay

Ltd.

............

(672)

(61,088)

0.6

National

Australia

Bank

Ltd.

..

(17,000)

(296,375)

3.1

Ramsay

Health

Care

Ltd.

....

(2,595)

(124,692)

1.3

Scentre

Group

...........

(163,280)

(350,724)

3.7

Transurban

Group

.........

(10,511)

(110,763)

1.1

(943,642)

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(90,355)

(266,570)

2.8

Magazine

Luiza

SA

........

(61,761)

(296,154)

3.1

Raia

Drogasil

SA

.........

(26,566)

(127,705)

1.3

(690,429)

Canada

Canadian

National

Railway

Co.

(647)

(71,130)

0.7

Canadian

Natural

Resources

Ltd.

................

(951)

(22,854)

0.2

CGI,

Inc.

...............

(1,885)

(149,553)

1.6

Franco-Nevada

Corp.

......

(589)

(73,850)

0.8

Rogers

Communications,

Inc.,

Class

B

..............

(751)

(34,963)

0.4

(352,350)

Shares

Value

%

of

Basket

Value

China

Aluminum

Corp.

of

China

Ltd.,

Class

H

..............

(330,000)

$

(116,180)

1.2

%

Bilibili

,

Inc.,

ADR

..........

(1,126)

(96,521)

1.0

China

Gas

Holdings

Ltd.

....

(18,400)

(72,914)

0.8

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(490,000)

(292,881)

3.0

Geely

Automobile

Holdings

Ltd.

(67,000)

(229,415)

2.4

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(123,500)

(424,913)

4.4

Innovent

Biologics,

Inc.

.....

(4,000)

(42,240)

0.4

iQIYI

,

Inc.,

ADR

..........

(13,032)

(227,800)

2.4

NIO,

Inc.,

ADR

...........

(1,146)

(55,856)

0.6

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

..............

(12,000)

(27,149)

0.3

Shenzhou

International

Group

Holdings

Ltd.

..........

(7,300)

(143,067)

1.5

Tsingtao

Brewery

Co.

Ltd.,

Class

H

..................

(8,000)

(83,815)

0.9

XPeng

,

Inc.,

ADR

.........

(3,956)

(169,436)

1.8

(1,982,187)

Germany

Fresenius

Medical

Care

AG

&

Co.

KGaA

............

(2,957)

(246,576)

2.6

Hong

Kong

Link

REIT

..............

(21,700)

(197,074)

2.0

Japan

Fast

Retailing

Co.

Ltd.

......

(400)

(358,672)

3.8

Nippon

Paint

Holdings

Co.

Ltd.

(2,300)

(252,730)

2.6

ORIX

Corp.

.............

(9,500)

(146,149)

1.5

SoftBank

Group

Corp.

......

(1,300)

(100,926)

1.1

Sysmex

Corp.

...........

(500)

(60,163)

0.6

(918,640)

Luxembourg

ArcelorMittal

SA

..........

(2,539)

(58,067)

0.6

Peru

Credicorp

Ltd.

...........

(1,690)

(277,194)

2.9

Poland

CD

Projekt

SA

...........

(475)

(35,027)

0.4

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(3,820)

(373,578)

3.9

Shoprite

Holdings

Ltd.

......

(8,281)

(78,893)

0.8

Vodacom

Group

Ltd.

.......

(20,529)

(173,774)

1.8

(626,245)

South

Korea

AMOREPACIFIC

Group

(Preference)

..........

(353)

(11,644)

0.1

Samsung

C&T

Corp.

.......

(797)

(101,453)

1.1

(113,097)

Spain

Aena

SME

SA

...........

(710)

(123,433)

1.3

Amadeus

IT

Group

SA

......

(4,261)

(314,536)

3.3

Ferrovial

SA

.............

(4,328)

(119,671)

1.2

(557,640)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

41

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Shares

Value

%

of

Basket

Value

Switzerland

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(57)

$

(555,593)

5.8

%

Schindler

Holding

AG

......

(134)

(36,239)

0.4

(591,832)

Taiwan

Mega

Financial

Holding

Co.

Ltd.

(43,000)

(45,640)

0.5

Taiwan

Mobile

Co.

Ltd.

......

(9,000)

(31,679)

0.3

(77,319)

United

Kingdom

Compass

Group

plc

........

(13,903)

(259,310)

2.7

London

Stock

Exchange

Group

plc

.................

(2,737)

(337,846)

3.5

(597,156)

Shares

Value

%

of

Basket

Value

United

States

Chipotle

Mexican

Grill,

Inc.

...

(19)

$

(26,348)

0.3

%

CSX

Corp.

..............

(1,647)

(149,465)

1.6

Dollar

General

Corp.

.......

(256)

(53,837)

0.6

Dollar

Tree,

Inc.

..........

(812)

(87,728)

0.9

Hormel

Foods

Corp.

.......

(4,561)

(212,588)

2.2

Intercontinental

Exchange,

Inc.

(861)

(99,265)

1.0

Roper

Technologies,

Inc.

....

(757)

(326,335)

3.4

Ross

Stores,

Inc.

.........

(426)

(52,317)

0.5

Welltower

,

Inc.

...........

(2,774)

(179,256)

1.9

Xcel

Energy,

Inc.

..........

(2,008)

(133,873)

1.4

(1,321,012)

Total

Reference

Entity

—

Short

............

(9,585,487)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(9,585,487)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.48

%

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.24

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.53)

Balances

Reported

in

the

Consolidated

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

...........................................

$

2,262,629

$

(5,850,388)

$

15,583,960

$

(26,165,482)

$

—

OTC

Swaps

.....................................................

410,406

(198,395)

3,505,513

(566,778)

—

Options

Written

...................................................

N/A

N/A

24,454,578

(23,347,161)

(48,088,530)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

42

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

1,370,352

$

—

$

1,173,505

$

—

$

2,543,857

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

25,964,390

—

—

25,964,390

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

66,804,664

2,332,033

7,322,387

88,105

76,547,189

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

1,643,153

—

—

13,940,807

—

15,583,960

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

624,920

3,290,999

—

—

—

3,915,919

$

—

$

2,268,073

$

71,466,015

$

28,296,423

$

22,436,699

$

88,105

$

124,555,315

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

20,704,552

—

1,359,170

—

22,063,722

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

13,654,607

—

—

13,654,607

Options

written

(b)

Options

written

at

value

.....................

—

—

42,286,646

36,011

5,765,873

—

48,088,530

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

2,059,256

—

—

24,106,226

—

26,165,482

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

416,349

348,824

—

—

—

765,173

$

—

$

2,475,605

$

63,340,022

$

13,690,618

$

31,231,269

$

—

$

110,737,514

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Consolidated

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

(52,766,679)

$

—

$

61,807,500

$

—

$

9,040,821

Forward

foreign

currency

exchange

contracts

....

—

—

—

(19,927,024)

—

—

(19,927,024)

Options

purchased

(a)

....................

—

(37,226)

16,704,206

(11,478,299)

(15,587,091)

—

(10,398,410)

Options

written

........................

—

186,706

56,381,839

9,468,152

15,313,403

—

81,350,100

Swaps

..............................

—

2,567,042

6,518,012

—

(4,192,997)

—

4,892,057

$

—

$

2,716,522

$

26,837,378

$

(21,937,171)

$

57,340,815

$

—

$

64,957,544

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(20,020,694)

—

13,661

—

(20,007,033)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(334,244)

—

—

(334,244)

Options

purchased

(b)

....................

—

—

6,629,224

780,549

1,332,874

(137,995)

8,604,652

Options

written

........................

—

—

(3,745,086)

81,454

(1,509,948)

—

(5,173,580)

Swaps

..............................

—

1,221,637

6,524,858

—

(10,679,272)

—

(2,932,777)

$

—

$

1,221,637

$

(10,611,698)

$

527,759

$

(10,842,685)

$

(137,995)

$

(19,842,982)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

43

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

910,827,915

Average

notional

value

of

contracts

—

short

.................................................................................

1,395,236,262

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

613,037,778

Average

amounts

sold

—

in

USD

........................................................................................

936,120,124

Options:

Average

value

of

option

contracts

purchased

................................................................................

62,881,504

Average

value

of

option

contracts

written

...................................................................................

56,351,032

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

585,151,252

Average

notional

value

of

swaption

contracts

written

...........................................................................

1,163,631,042

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

345,632,409

Average

notional

value

—

sell

protection

...................................................................................

25,556,838

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

857,588,379

Average

notional

value

—

receives

fixed

rate

................................................................................

362,361,753

Total

return

swaps:

Average

notional

value

...............................................................................................

26,699,478

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

1,090,531

$

5,922,459

Forward

foreign

currency

exchange

contracts

.................................................................

25,964,390

13,654,607

Options

(a)(b)

........................................................................................

76,547,189

48,088,530

Swaps

—

Centrally

cleared

.............................................................................

—

434,993

Swaps

—

OTC

(c)

....................................................................................

3,915,919

765,173

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statement

of

Assets

and

Liabilities

....................................

$

107,518,029

$

68,865,762

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(56,603,245)

(45,330,993)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

50,914,784

$

23,534,769

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

44

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

2,223,396

$

(2,223,396)

$

—

$

—

$

—

Barclays

Bank

plc

................................

6,592,668

(4,280,058)

—

—

2,312,610

BNP

Paribas

SA

.................................

1,018,973

(1,018,973)

—

—

—

Citibank

NA

....................................

7,053,826

(3,340,175)

—

(2,050,073)

1,663,578

Credit

Suisse

International

..........................

1,729,092

(381,457)

—

(1,347,635)

—

Deutsche

Bank

AG

...............................

735,465

(15,559)

—

(710,000)

9,906

Goldman

Sachs

International

........................

6,912,106

(768,988)

—

(4,160,000)

1,983,118

HSBC

Bank

plc

..................................

2,046,185

(1,877,119)

—

(169,066)

—

JPMorgan

Chase

Bank

NA

..........................

8,713,954

(1,923,448)

—

—

6,790,506

JPMorgan

Chase

Bank

NA

(e)

.........................

327,839

(270,816)

—

—

57,023

Morgan

Stanley

&

Co.

International

plc

..................

12,202,334

(949,051)

—

(6,131,000)

5,122,283

Morgan

Stanley

&

Co.

International

plc

(e)

.................

227,080

(50,996)

—

(20,000)

156,084

Nomura

International

plc

...........................

592,130

(592,130)

—

—

—

Societe

Generale

SA

(e)

.............................

454,484

(163,822)

—

—

290,662

UBS

AG

......................................

85,252

(85,252)

—

—

—

$

50,914,784

$

(17,941,240)

$

—

$

(14,587,774)

$

18,385,770

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(f)

Cash

Collateral

Pledged

(f)

Net

Amount

of

Derivative

Liabilities

(d)(g)

Bank

of

America

NA

..............................

$

3,227,347

$

(2,223,396)

$

—

$

(1,003,951)

$

—

Barclays

Bank

plc

................................

4,280,058

(4,280,058)

—

—

—

BNP

Paribas

SA

.................................

5,197,222

(1,018,973)

—

—

4,178,249

Citibank

NA

....................................

3,340,175

(3,340,175)

—

—

—

Credit

Suisse

International

..........................

381,457

(381,457)

—

—

—

Deutsche

Bank

AG

...............................

15,559

(15,559)

—

—

—

Goldman

Sachs

International

........................

768,988

(768,988)

—

—

—

HSBC

Bank

plc

..................................

1,877,119

(1,877,119)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

1,923,448

(1,923,448)

—

—

—

JPMorgan

Chase

Bank

NA

(e)

.........................

270,816

(270,816)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

949,051

(949,051)

—

—

—

Morgan

Stanley

&

Co.

International

plc

(e)

.................

50,996

(50,996)

—

—

—

Nomura

International

plc

...........................

763,494

(592,130)

—

—

171,364

Societe

Generale

SA

(e)

.............................

163,822

(163,822)

—

—

—

UBS

AG

......................................

325,217

(85,252)

(239,965)

—

—

$

23,534,769

$

(17,941,240)

$

(239,965)

$

(1,003,951)

$

4,349,613

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Represents

derivatives

owned

by

the

BlackRock

Cayman

Global

Allocation

V.I.

Fund

I,

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements.

(f)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(g)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

45

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

........................................

$

—

$

25,960,412

$

—

$

25,960,412

Ireland

..............................................

—

3,537,188

319,217

3,856,405

Netherlands

...........................................

—

854,343

—

854,343

United

States

..........................................

—

19,666,019

1,382,321

21,048,340

Common

Stocks:

Argentina

............................................

2,946,662

—

—

2,946,662

Australia

.............................................

—

10,600,392

6,288,328

16,888,720

Brazil

...............................................

2,745,642

921,372

—

3,667,014

Canada

.............................................

62,314,346

—

—

62,314,346

China

...............................................

60,391,950

154,499,713

—

214,891,663

Denmark

.............................................

—

11,619,322

—

11,619,322

Finland

..............................................

—

22,670,222

—

22,670,222

France

..............................................

94,272

238,172,622

—

238,266,894

Germany

............................................

11,381,215

204,933,666

—

216,314,881

Hong

Kong

...........................................

—

56,650,761

—

56,650,761

India

...............................................

—

29,605,332

—

29,605,332

Indonesia

............................................

—

2,667,010

—

2,667,010

Ireland

..............................................

—

9,437,180

—

9,437,180

Italy

................................................

—

132,755,146

—

132,755,146

Japan

...............................................

—

214,690,004

—

214,690,004

Mexico

..............................................

271,039

—

—

271,039

Netherlands

...........................................

39,174,532

209,839,681

—

249,014,213

Norway

..............................................

1,381,302

—

—

1,381,302

Poland

..............................................

—

114,732

—

114,732

Portugal

.............................................

—

1,556,194

—

1,556,194

Saudi

Arabia

..........................................

19,524

—

—

19,524

Singapore

............................................

—

6,373,819

—

6,373,819

South

Africa

...........................................

103,540

2,820,540

—

2,924,080

South

Korea

..........................................

—

42,036,303

—

42,036,303

Spain

...............................................

—

26,069,704

—

26,069,704

Sweden

.............................................

—

78,383,292

—

78,383,292

Switzerland

...........................................

3,569,782

64,244,326

—

67,814,108

Taiwan

..............................................

—

99,781,205

—

99,781,205

Thailand

.............................................

—

4,066,135

—

4,066,135

Turkey

..............................................

—

343,591

—

343,591

United

Arab

Emirates

....................................

—

—

5

5

United

Kingdom

........................................

71,480,592

87,540,202

—

159,020,794

United

States

..........................................

3,702,605,732

77,516,612

10,059,030

3,790,181,374

Zambia

..............................................

10,591,403

—

—

10,591,403

Corporate

Bonds

Australia

.............................................

—

3,372,208

36,680,721

40,052,929

Brazil

...............................................

—

11,230,822

—

11,230,822

Canada

.............................................

—

6,121,098

—

6,121,098

Cayman

Islands

........................................

—

179,348

—

179,348

Chile

...............................................

—

975,459

—

975,459

China

...............................................

—

4,800

—

4,800

Colombia

............................................

—

1,813,826

—

1,813,826

Congo,

Democratic

Republic

of

the

...........................

—

1,227,288

—

1,227,288

France

..............................................

—

5,722,707

—

5,722,707

Greece

..............................................

—

5,683,412

—

5,683,412

Hong

Kong

...........................................

—

562,061

—

562,061

India

...............................................

—

1,305,709

1

1,305,710

Indonesia

............................................

—

568,971

—

568,971

Ireland

..............................................

—

260,008

—

260,008

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

46

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Level

1

Level

2

Level

3

Total

Israel

...............................................

$

—

$

1,249,828

$

—

$

1,249,828

Kuwait

..............................................

—

1,324,387

—

1,324,387

Luxembourg

..........................................

—

14,590,006

—

14,590,006

Macau

..............................................

—

823,978

—

823,978

Mexico

..............................................

—

1,372,510

—

1,372,510

Netherlands

...........................................

—

1,992,848

—

1,992,848

Panama

.............................................

—

753,622

—

753,622

Peru

................................................

—

351,265

—

351,265

South

Africa

...........................................

—

945,755

—

945,755

South

Korea

..........................................

—

384,020

—

384,020

Spain

...............................................

—

1,699,505

—

1,699,505

Switzerland

...........................................

—

5,852,667

—

5,852,667

Tanzania,

United

Republic

of

...............................

—

315,650

—

315,650

Turkey

..............................................

—

—

2,193,500

2,193,500

United

Arab

Emirates

....................................

—

1,279,409

—

1,279,409

United

Kingdom

........................................

—

26,106,749

—

26,106,749

United

States

..........................................

—

350,762,640

—

350,762,640

Zambia

..............................................

—

1,634,850

—

1,634,850

Floating

Rate

Loan

Interests:

Canada

.............................................

—

10,044,947

—

10,044,947

France

..............................................

—

21,052,197

—

21,052,197

Germany

............................................

—

—

12,343,307

12,343,307

Luxembourg

..........................................

—

8,100,383

—

8,100,383

Netherlands

...........................................

—

30,027,588

—

30,027,588

United

States

..........................................

—

32,497,377

30,190,800

62,688,177

Foreign

Agency

Obligations

.................................

—

18,351,724

—

18,351,724

Foreign

Government

Obligations

..............................

—

721,627,491

—

721,627,491

Investment

Companies

....................................

502,219,633

—

—

502,219,633

Municipal

Bonds

.........................................

—

6,208,211

—

6,208,211

Non-Agency

Mortgage-Backed

Securities

........................

—

56,313,178

—

56,313,178

Other

Interests

..........................................

—

7,219,518

—

7,219,518

Preferred

Securities:

Brazil

...............................................

—

2,126,317

—

2,126,317

China

...............................................

—

—

11,713,471

11,713,471

Germany

............................................

—

226,503

—

226,503

India

...............................................

—

—

3,097,485

3,097,485

Jersey

..............................................

—

—

3,701,680

3,701,680

United

Kingdom

........................................

—

—

36,765,029

36,765,029

United

States

..........................................

36,295,360

79,267,105

53,777,238

169,339,703

U.S.

Government

Sponsored

Agency

Securities

....................

—

1,181,006

—

1,181,006

U.S.

Treasury

Obligations

...................................

—

332,244,314

—

332,244,314

Warrants

..............................................

412

—

370,686

371,098

Short-Term

Securities:

Money

Market

Funds

......................................

29,360,501

—

—

29,360,501

Time

Deposits

..........................................

—

5,736,475

—

5,736,475

U.S.

Treasury

Obligations

...................................

—

159,992,047

—

159,992,047

Options

Purchased:

Equity

contracts

..........................................

55,512,714

11,291,950

—

66,804,664

Foreign

currency

exchange

contracts

...........................

—

2,332,033

—

2,332,033

Interest

rate

contracts

......................................

—

7,322,387

—

7,322,387

Other

contracts

..........................................

—

—

88,105

88,105

Liabilities:

Investments

Sold

Short

....................................

(48,764,937)

—

—

(48,764,937)

Subtotal

....................................................

$

4,543,695,216

$

3,803,557,197

$

208,970,924

$

8,556,223,337

Investments

valued

at

NAV

(a)

......................................

352,621,386

$

—

Total

Investments

..............................................

$

8,908,844,723

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

1,857,667

$

—

$

1,857,667

Equity

contracts

...........................................

1,370,352

3,290,999

—

4,661,351

Foreign

currency

exchange

contracts

............................

—

25,964,390

—

25,964,390

Interest

rate

contracts

.......................................

1,173,505

13,940,807

—

15,114,312

Liabilities:

Credit

contracts

...........................................

—

(2,277,210)

—

(2,277,210)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

47

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Level

1

Level

2

Level

3

Total

Equity

contracts

...........................................

$

(59,678,093)

$

(3,661,929)

$

—

$

(63,340,022)

Foreign

currency

exchange

contracts

............................

—

(13,690,618)

—

(13,690,618)

Interest

rate

contracts

.......................................

(1,359,170)

(29,872,099)

—

(31,231,269)

$

(58,493,406)

$

(4,447,993)

$

—

$

(62,941,399)

(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.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

year

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Options

Purchased

Preferred

Securities

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2019

..................

$

—

$

15,053,541

$

38,151,469

$

—

$

—

$

38,429,122

$

—

$

91,634,132

Transfers

into

level

3

................................

—

8,713,622

—

—

—

—

—

8,713,622

Transfers

out

of

level

3

...............................

—

(11,055,162)

—

—

—

—

—

(11,055,162)

Other

(a)

.........................................

—

11,055,162

—

—

—

(11,055,162)

—

—

Accrued

discounts/premiums

............................

(333)

—

(36,641)

60,796

—

—

—

23,822

Net

realized

gain

...................................

—

3,221

—

1,144

—

107

—

4,472

Net

change

in

unrealized

appreciation

(depreciation)

(b)(c)

..........

46,973

(7,296,991)

(633,842)

(4,052,780)

(137,995)

33,265,290

370,686

21,561,341

Purchases

........................................

1,654,898

8,212,150

1,393,236

46,601,132

226,100

56,193,815

—

114,281,331

Sales

...........................................

—

(8,338,180)

—

(76,185)

—

(7,778,269)

—

(16,192,634)

Closing

balance,

as

of

December

31,

2020

...................

$

1,701,538

$

16,347,363

$

38,874,222

$

42,534,107

$

88,105

$

109,054,903

$

370,686

$

208,970,924

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2020

(c)

.........................

$

46,973

$

(7,139,628)

$

(633,842)

$

(4,052,780)

$

(137,995)

$

34,328,086

$

370,686

$

22,781,500

(a)

Certain

Level

3

investments

were

re-classified

between

Preferred

Stocks

and

Common

Stocks.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statement

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2020

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

48

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

consolidated

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$37,657,288.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Common

Stocks

...........................

$

16,347,354

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

15.00x

—

EBITDA

Multiple

13.50x

—

Volatility

57%

—

Time

to

Exit

1.4

—

Corporate

Bonds

...........................

38,874,221

Income

Discount

Rate

16%

–

29%

17%

Floating

Rate

Loan

Interests

....................

6,666,472

Income

Discount

Rate

10%

–

11%

10%

Preferred

Stocks

(b)(c)

.........................

109,054,903

Market

Revenue

Multiple

3.50x

–

15.50x

8.33x

Time

to

Exit

0.8

–

2.5

1.7

Volatility

44%

–

62%

56%

Recent

Transactions

—

—

Warrants

................................

370,686

Market

Revenue

Multiple

7.25x

-

9.85x

8.35x

Time

to

Exit

0.8

–

2.4

1.7

Volatility

44%

-

62%

52%

$

171,313,636

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

December

31,

2020,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$11,019,739

changed

to

Current

Value

Method.

The

investments

were

previously

valued

utilizing

PWERM

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(c)

For

the

period

end

December

31,

2020,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$5,822,217

changed

to

Current

Value

Method.

The

investments

were

previously

valued

utilizing

Transaction

Price

Approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

Consolidated

Statement

of

Assets

and

Liabilities

December

31,

2020

49

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$343,740,182)

(cost

—

$6,485,547,971)

.......................................

$

8,238,020,769‌

Investments

at

value

—

affiliated

(cost

—

$721,953,524)

...............................................................................

719,588,891‌

Cash

.................................................................................................................

59,670,719‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

................................................................................................

2,470,000‌

Futures

contracts

........................................................................................................

64,393,000‌

Centrally

cleared

swaps

....................................................................................................

18,036,000‌

Foreign

currency

at

value

(cost

—

$5,672,579)

......................................................................................

3,521,007‌

Receivables:

–‌

Investments

sold

........................................................................................................

7,943,900‌

Securities

lending

income

—

affiliated

..........................................................................................

129,373‌

Capital

shares

sold

.......................................................................................................

1,136,584‌

Dividends

—

affiliated

.....................................................................................................

713‌

Dividends

—

unaffiliated

...................................................................................................

4,537,827‌

Interest

—

unaffiliated

.....................................................................................................

13,914,965‌

Variation

margin

on

futures

contracts

...........................................................................................

1,090,531‌

Swap

premiums

paid

.......................................................................................................

410,406‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

25,964,390‌

OTC

swaps

............................................................................................................

3,505,513‌

Prepaid

expenses

.........................................................................................................

89,108‌

Total

assets

.............................................................................................................

9,164,423,696‌

LIABILITIES

Investments

sold

short

at

value

(proceeds

$50,527,763)

................................................................................

48,764,937‌

Cash

received

as

collateral

for

OTC

derivatives

.....................................................................................

16,221,073‌

Collateral

on

securities

loaned

at

value

...........................................................................................

352,652,155‌

Options

written

at

value

(premium

received

$49,195,947)

..............................................................................

48,088,530‌

Payables:

–‌

Investments

purchased

....................................................................................................

80,313,846‌

Swaps  

..............................................................................................................

218,769‌

Capital

shares

redeemed

...................................................................................................

5,192,431‌

Deferred

foreign

capital

gain

tax

..............................................................................................

1,277,057‌

Distribution

fees

.........................................................................................................

1,511,864‌

Investment

advisory

fees

..................................................................................................

4,461,776‌

Directors'

and

Officer's

fees

.................................................................................................

31,800‌

Other

affiliate

fees

.......................................................................................................

68,831‌

Variation

margin

on

futures

contracts

...........................................................................................

5,922,459‌

Variation

margin

on

centrally

cleared

swaps

......................................................................................

434,993‌

Other

accrued

expenses

...................................................................................................

6,486,564‌

Swap

premiums

received

....................................................................................................

198,395‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

13,654,607‌

OTC

swaps

............................................................................................................

566,778‌

Total

liabilities

............................................................................................................

586,066,865‌

NET

ASSETS

............................................................................................................

$

8,578,356,831‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

6,

866

,

085

,

421‌

Accumulated

earnings

......................................................................................................

1,

712

,

271

,

410‌

NET

ASSETS

............................................................................................................

$

8,578,356,831‌

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

50

BlackRock

Global

Allocation

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

1,368,516,162‌

Shares

outstanding

.................................................................................................

70,220,188‌

Net

asset

value

....................................................................................................

$

19.49‌

Shares

authorized

..................................................................................................

400

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

243,361,081‌

Shares

outstanding

.................................................................................................

12,537,969‌

Net

asset

value

....................................................................................................

$

19.41‌

Shares

authorized

..................................................................................................

200

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

6,966,479,588‌

Shares

outstanding

.................................................................................................

427,751,247‌

Net

asset

value

....................................................................................................

$

16.29‌

Shares

authorized

..................................................................................................

1.5

billion

Par

value

........................................................................................................

$

0.10‌

See

notes

to

consolidated

financial

statements.

Consolidated

Statement

of

Operations

Year

Ended

December

31,

2020

51

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

6,052,115‌

Dividends

—

unaffiliated

...................................................................................................

79,286,957‌

Interest

—

unaffiliated

....................................................................................................

48,060,562‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

1,386,651‌

Foreign

taxes

withheld

....................................................................................................

(3,275,355‌)

Total

investment

income

.....................................................................................................

131,510,930‌

EXPENSES

Investment

advisory

......................................................................................................

49,984,104‌

Distribution

—

class

specific

................................................................................................

16,307,457‌

Transfer

agent

—

class

specific

..............................................................................................

14,418,984‌

Custodian

.............................................................................................................

629,906‌

Accounting

services

......................................................................................................

571,003‌

Printing

and

postage

.....................................................................................................

442,068‌

Directors

and

Officer

.....................................................................................................

121,740‌

Professional

...........................................................................................................

54,744‌

Transfer

agent

..........................................................................................................

28,560‌

Miscellaneous

..........................................................................................................

156,030‌

Total

expenses

excluding

dividend

expense

........................................................................................

82,714,596‌

Dividends

expense

—

affiliated

................................................................................................

146,235‌

Dividends

expense

—

unaffiliated

...............................................................................................

344,516‌

Total

expenses

...........................................................................................................

83,205,347‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(749,154‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(8,954,996‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

73,501,197‌

Net

investment

income

......................................................................................................

58,009,733‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

1,745,166‌

Investments

—

unaffiliated

(net

of

$(757,277)

foreign

capital

gain

tax)

...................................................................

368,051,181‌

Forward

foreign

currency

exchange

contracts

...................................................................................

(19,927,024‌)

Foreign

currency

transactions

.............................................................................................

1,090,768‌

Futures

contracts

......................................................................................................

9,040,821‌

Options

written

.......................................................................................................

81,350,100‌

Short

sales

—

unaffiliated

................................................................................................

4,868,732‌

Swaps

.............................................................................................................

4,892,057‌

A

451,111,801‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

15,108,121‌

Investments

—

unaffiliated

(net

of

$876,155

foreign

capital

gain

tax)

....................................................................

1,004,594,353‌

Forward

foreign

currency

exchange

contracts

...................................................................................

(334,244‌)

Foreign

currency

translations

..............................................................................................

(2,317,492‌)

Futures

contracts

......................................................................................................

(20,007,033‌)

Options

written

.......................................................................................................

(5,173,580‌)

Short

sales

—

unaffiliated

................................................................................................

2,024,230‌

Swaps

.............................................................................................................

(2,932,777‌)

A

990,961,578‌

Net

realized

and

unrealized

gain

...............................................................................................

1,442,073,379‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

1,500,083,112‌

Consolidated

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

52

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

58,009,733‌

$

115,829,332‌

Net

realized

gain

..................................................................................

451,111,801‌

336,187,714‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

990,961,578‌

956,230,734‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

1,500,083,112‌

1,408,247,780‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(79,993,028‌)

(53,305,190‌)

  Class

II

.......................................................................................

(13,937,498‌)

(9,837,909‌)

  Class

III

.......................................................................................

(471,472,143‌)

(342,314,609‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(565,402,669‌)

(405,457,708‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(476,189,342‌)

(1,858,035,783‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

458,491,101‌

(855,245,711‌)

Beginning

of

year

....................................................................................

8,119,865,730‌

8,975,111,441‌

End

of

year

........................................................................................

$

8,578,356,831‌

$

8,119,865,730‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Consolidated

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

53

Consolidated

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Global

Allocation

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

17.11‌

$

15.19‌

$

17.26‌

$

15.51‌

$

15.09‌

Net

investment

income

(a)

.....................................

0.17‌

0.26‌

0.26‌

0.22‌

0.22‌

Net

realized

and

unrealized

gain

(loss)

...........................

3.41‌

2.45‌

(1.52‌)

1.92‌

0.40‌

Net

increase

(decrease)

from

investment

operations

....................

3.58‌

2.71‌

(1.26‌)

2.14‌

0.62‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.24‌)

(0.22‌)

(0.17‌)

(0.22‌)

(0.20‌)

From

net

realized

gain

.......................................

(0.96‌)

(0.57‌)

(0.64‌)

(0.17‌)

—‌

Total

distributions

...........................................

(1.20‌)

(0.79‌)

(0.81‌)

(0.39‌)

(0.20‌)

Net

asset

value,

end

of

year

...................................

$

19.49‌

$

17.11‌

$

15.19‌

$

17.26‌

$

15.51‌

Total

Return

(c)

21.08%

17.92%

(7.34)%

13.86%

—

Based

on

net

asset

value

......................................

21.08%

17.92%

(7.34)%

13.86%

4.11%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

0.84%

0.74%

0.75%

0.72%

0.74%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.73%

0.73%

0.74%

0.72%

0.74%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

broker

fees

and

expenses

on

short

sales

.....

0.73%

0.73%

0.73%

0.70%

0.73%

Net

investment

income

.......................................

0.95%

1.60%

1.53%

1.32%

1.47%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,368,516‌

$

1,192,769‌

$

2,091,197‌

$

2,306,034‌

$

2,107,145‌

Portfolio

turnover

rate

........................................

161%

198%

144%

118%

135%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.02%

—%

0.01%

0.01%

—%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

54

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Global

Allocation

V.I.

Fund

Class

II

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

17.05‌

$

15.14‌

$

17.21‌

$

15.46‌

$

15.04‌

Net

investment

income

(a)

.....................................

0.14‌

0.23‌

0.23‌

0.19‌

0.20‌

Net

realized

and

unrealized

gain

(loss)

...........................

3.39‌

2.44‌

(1.52‌)

1.93‌

0.40‌

Net

increase

(decrease)

from

investment

operations

....................

3.53‌

2.67‌

(1.29‌)

2.12‌

0.60‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.21‌)

(0.19‌)

(0.14‌)

(0.20‌)

(0.18‌)

From

net

realized

gain

.......................................

(0.96‌)

(0.57‌)

(0.64‌)

(0.17‌)

—‌

Total

distributions

...........................................

(1.17‌)

(0.76‌)

(0.78‌)

(0.37‌)

(0.18‌)

Net

asset

value,

end

of

year

...................................

$

19.41‌

$

17.05‌

$

15.14‌

$

17.21‌

$

15.46‌

Total

Return

(c)

20.88%

17.76%

(7.52)%

13.74%

—

Based

on

net

asset

value

......................................

20.88%

17.76%

(7.52)%

13.74%

3.96%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.02%

1.02%

1.04%

1.00%

1.02%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.88%

0.88%

0.89%

0.87%

0.89%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

broker

fees

and

expenses

on

short

sales

.....

0.88%

0.88%

0.88%

0.85%

0.88%

Net

investment

income

.......................................

0.80%

1.41%

1.34%

1.17%

1.33%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

243,361‌

$

224,159‌

$

213,919‌

$

258,564‌

$

229,492‌

Portfolio

turnover

rate

........................................

161%

198%

144%

118%

135%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.02%

—%

0.01%

0.01%

—%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

55

Consolidated

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Global

Allocation

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

14.47‌

$

12.95‌

$

14.84‌

$

13.37‌

$

13.04‌

Net

investment

income

(a)

.....................................

0.10‌

0.19‌

0.19‌

0.17‌

0.16‌

Net

realized

and

unrealized

gain

(loss)

...........................

2.88‌

2.08‌

(1.31‌)

1.66‌

0.34‌

Net

increase

(decrease)

from

investment

operations

....................

2.98‌

2.27‌

(1.12‌)

1.83‌

0.50‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.20‌)

(0.18‌)

(0.13‌)

(0.19‌)

(0.17‌)

From

net

realized

gain

.......................................

(0.96‌)

(0.57‌)

(0.64‌)

(0.17‌)

—‌

Total

distributions

...........................................

(1.16‌)

(0.75‌)

(0.77‌)

(0.36‌)

(0.17‌)

Net

asset

value,

end

of

year

...................................

$

16.29‌

$

14.47‌

$

12.95‌

$

14.84‌

$

13.37‌

Total

Return

(c)

20.79%

17.67%

(7.58)%

13.71%

—

Based

on

net

asset

value

......................................

20.79%

17.67%

(7.58)%

13.71%

3.81%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.11%

1.14%

1.14%

1.13%

1.12%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.98%

0.98%

0.99%

1.00%

0.99%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

broker

fees

and

expenses

on

short

sales

.....

0.98%

0.98%

0.98%

0.98%

0.98%

Net

investment

income

.......................................

0.70%

1.32%

1.28%

1.15%

1.22%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

6,966,480‌

$

6,702,938‌

$

6,669,996‌

$

8,233,615‌

$

8,139,218‌

Portfolio

turnover

rate

........................................

161%

198%

144%

118%

135%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.02%

—%

0.01%

0.01%

—%

See

notes

to

consolidated

financial

statements.

Notes

to

Consolidated

Financial

Statements

2020

BlackRock

Annual

Report

To

Shareholders

56

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

consolidated

financial

statements

presented

are

for

BlackRock

Global

Allocation

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I,

Class

II

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

II

and

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

the

Fund

 include

the

accounts

of

BlackRock

Cayman

Global

Allocation

V.I.

Fund

I,

Ltd.

(the

“Subsidiary”),

which

is

a

wholly-owned

subsidiary

of

the

Fund

 and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Subsidiary

enables 

the

Fund

to

hold

these

commodity-related

instruments

and

satisfy

regulated

investment

company

tax

requirements.

The

Fund

 may

invest

up

to

25%

of

its

total

assets

in

the

Subsidiary.

The

net

assets

of

the

Subsidiary

as

of

period

end

were

$122,013,658

,

which

is

1.4%

 of

the

Fund's

 consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated. The

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to 

the

Fund

,

except

that

the

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments. 

SIGNIFICANT

ACCOUNTING

POLICIES

The

consolidated

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

consolidated

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Consolidated

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Consolidated

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the

Consolidated Statement

of

Assets

and

Liabilities.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts,

options

written,

swaps

and

short

sales)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Notes

to

Consolidated

Financial

Statements

(continued)

57

Notes

to

Consolidated

Financial

Statements

Net

income

and

realized

gains

from

investments

held

by

the

Subsidiary

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Subsidiary

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Fund’s

ordinary

income

and/or

capital

gains

for

that

year.  

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

The

Fund

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

The

Fund

may

incur

charges

on overdrafts,

subject

to

certain

conditions.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

consolidated

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day's

price will

be

used,

unless

it

is

determined

that

the

prior

day's

price

no

longer

reflects

the

fair

value

of

the

option.

OTC

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments. 

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Notes

to

Consolidated

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

58

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

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

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Consolidated

Financial

Statements

(continued)

59

Notes

to

Consolidated

Financial

Statements

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

will

be

included

as

interest

income

in

the

Consolidated

Statement

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets

.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

Notes

to

Consolidated

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

60

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Consolidated

Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

Consolidated

Statement

of

Operations.

As

of

period

end,

the

fund

had

the

following

unfunded

floating

rate

loan

interests:

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate

the

Fund

to

make

future

cash

payments.

As

of

December

31,

2020,

the

Fund

had

outstanding

commitments

of

$7,452,600.

These

commitments

are

not

included

in

the

net

assets

of

the

Fund

as

of

December

31,

2020.

Short

Sale

Transactions:

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser. To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker. The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale. A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Consolidated

Statement

of

Assets

and

Liabilities. 

Securities

segregated

as

collateral

are

denoted

in

the

Consolidated

Schedule

of

Investments. A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Consolidated

Statement

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Consolidated

Statement

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain,

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Opendoor

,

Term

Loan

...............................................

$

5,302,400‌

$

5,302,400‌

$

5,302,400‌

$

–‌

Notes

to

Consolidated

Financial

Statements

(continued)

61

Notes

to

Consolidated

Financial

Statements

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks/preferred

stocks/affiliated

and

unaffiliated

investment

companies

in

the

Fund’s

Consolidated

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Consolidated

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Consolidated

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Consolidated

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Barclays

Capital,

Inc.

...................................................

$

26,255,441‌

$

(26,255,441‌)

$

—‌

BofA

Securities,

Inc.

....................................................

101,768,247‌

(101,768,247‌)

—‌

Citigroup

Global

Markets,

Inc.

.............................................

9,894,510‌

(9,894,510‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

46,082,141‌

(46,082,141‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

541,604‌

(541,604‌)

—‌

Goldman

Sachs

&

Co.

..................................................

108,473,835‌

(108,473,835‌)

—‌

Jefferies

LLC

.........................................................

21,423‌

(21,423‌)

—‌

JP

Morgan

Securities

LLC

................................................

5,228,734‌

(5,228,734‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

13,226‌

(13,226‌)

—‌

National

Financial

Services

LLC

............................................

28,902,381‌

(28,902,381‌)

—‌

SG

Americas

Securities

LLC

..............................................

3,210,774‌

(3,210,774‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

898,327‌

(898,327‌)

—‌

TD

Prime

Services

LLC

.................................................

1,476,876‌

(1,476,876‌)

—‌

UBS

Securities

LLC

....................................................

10,972,663‌

(10,972,663‌)

—‌

$

343,740,182‌

$

(343,740,182‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Consolidated

Statement

of

Assets

and

Liabilities.

Notes

to

Consolidated

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

62

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Consolidated

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Fund

purchases

and

writes

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Swaptions

–

The

Fund

purchases

and

writes

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

Interest

rate

caps

and

floors

—

Interest

rate

caps

and

floors

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

(interest

rate

risk

and/or

other

risk).

Caps

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

exceed

a

specified

rate,

or

“cap.”

Floors

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

fall

below

a

specified

rate,

or

“floor.”

The

maximum

potential

amount

of

future

payments

that

the

Fund

would

be

required

to

make

under

an

interest

rate

cap

would

be

the

notional

amount

times

the

percentage

increase

in

interest

rates

determined

by

the

difference

between

the

interest

rate

index

current

value

and

the

value

at

the

time

the

cap

was

entered

into.

Foreign

currency

options

-

The

Fund

purchases

and

writes

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

Barrier

options

–

The

Fund

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Fund

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

Notes

to

Consolidated

Financial

Statements

(continued)

63

Notes

to

Consolidated

Financial

Statements

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Consolidated

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Consolidated

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Consolidated

Statement

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Notes

to

Consolidated

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

64

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

—

The

Fund

enters

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

the

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Consolidated

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Consolidated

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

provides

investment

management

and

other

services

to

the

Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the

Subsidiary

for

providing

investment

management

or

administrative

services.

However,

the

Fund

pays

the

Manager

based

on

the

Fund's

net

assets,

which

includes

the

assets

of

the

Subsidiary.

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $81,324

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Consolidated

Statement

of

Operations.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$6

Billion

.........................................................................................................

0.65%

$6

Billion

-

$8

Billion

.....................................................................................................

0.61

$8

Billion

-

$10

Billion

....................................................................................................

0.59

$10

Billion

-

$15

Billion

...................................................................................................

0.57

Greater

than

$15

Billion

..................................................................................................

0.55

Notes

to

Consolidated

Financial

Statements

(continued)

65

Notes

to

Consolidated

Financial

Statements

Distribution

Fees:

 The

Company,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Consolidated

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

directors

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$15,308.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

Manager

waived

$733,846

in

investment

advisory

fees

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

—

class

specific

in

the

Consolidated

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

as

follows:

Distribution

Fees

Class

II

...............................................................................................................

0.15‌%

Class

III

...............................................................................................................

0.25‌

Distribution

Fees

Class

II

.........................................................................................................

$

322,630‌

Class

III

.........................................................................................................

15,984,827‌

$

16,307,457‌

Class

I

..........................................................................................................

$

1,993,290‌

Class

II

.........................................................................................................

434,981‌

Class

III

.........................................................................................................

11,990,713‌

$

14,418,984‌

Class

I

................................................................................................................

0.07‌%

Class

II

...............................................................................................................

0.07‌

Class

III

...............................................................................................................

0.07‌

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

1,156,880‌

Class

II

.........................................................................................................

284,364‌

Class

III

.........................................................................................................

7,513,752‌

$

8,954,996‌

Notes

to

Consolidated

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

66

The

Manager

has

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

there

were

no

investment

advisory

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold, the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Consolidated

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $278,714

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Consolidated

Statement

of

Operations. 

Other

Transactions

:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

directors.

For

the

year ended

December

31,

2020,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

Class

I

.............................................................................................................

1.25‌%

Class

II

............................................................................................................

1.40‌

Class

III

............................................................................................................

1.50‌

Purchases

...............................................................................................................

$

5,303,814‌

Sales

...................................................................................................................

5,272,013‌

Net

Realized

Gain

..........................................................................................................

99,975‌

Notes

to

Consolidated

Financial

Statements

(continued)

67

Notes

to

Consolidated

Financial

Statements

PURCHASES

AND

SALES 

For

the

year ended

December

31,

2020,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

investments,

were

as

follows:

RULE-ABOVE

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

consolidated

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

period

end,

the

following

permanent

differences

attributable

to

investment

in

wholly-owned

subsidiaries

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

Global

Allocation

V.I.

..................................................

$

946,507,561‌

$

1,486,301,845‌

$

10,569,781,088‌

$

10,222,388,661‌

Paid-in

capital

...........................................................................................................

$

20,199,690‌

Accumulated

e

arnings

(loss)

.................................................................................................

(20,199,690‌)

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

430,947,991‌

$

307,763,094‌

Long-term

capital

gains

........................................................................................

134,454,678‌

97,694,614‌

$

565,402,669‌

$

405,457,708‌

Undistributed

ordinary

income

.............................................................................................

$

173,590,200‌

Undistributed

long-term

capital

gains

.........................................................................................

13,669,237‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

1,525,011,973‌

$

1,712,271,410‌

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

the

accounting

for

swap

agreements,

the

classification

of

investments,

investment

in

a

wholly

owned

subsidiary

and

dividends

recognized

for

tax

purposes.

Tax

cost

...........................................................................................................

$

7,250,120,821‌

Gross

unrealized

appreciation

............................................................................................

$

1,888,488,848‌

Gross

unrealized

depreciation

............................................................................................

(187,265,128‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

1,701,223,720‌

Notes

to

Consolidated

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

68

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer's

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Consolidated

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

Notes

to

Consolidated

Financial

Statements

(continued)

69

Notes

to

Consolidated

Financial

Statements

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Consolidated

Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

fixed-income

securities

and/or

uses

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

consolidated

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

consolidated

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

4,760,199‌

$

83,520,363‌

4,995,044‌

$

82,768,726‌

Shares

issued

in

reinvestment

of

distributions

........................

4,011,126‌

76,848,043‌

2,991,028‌

50,879,664‌

Shares

redeemed

.........................................

(8,261,008‌)

(143,407,126‌)

(75,955,193‌)

(1,254,809,730‌)

Net

increase

(decrease)

.......................................

510,317‌

$

16,961,280‌

(67,969,121‌)

$

(1,121,161,340‌)

Class

II

Shares

sold

.............................................

736,262‌

$

13,118,809‌

219,540‌

$

3,637,138‌

Shares

issued

in

reinvestment

of

distributions

........................

730,862‌

13,937,498‌

580,600‌

9,837,910‌

Shares

redeemed

.........................................

(2,077,689‌)

(34,169,681‌)

(1,781,414‌)

(29,175,794‌)

Net

decrease

..............................................

(610,565‌)

$

(7,113,374‌)

(981,274‌)

$

(15,700,746‌)

Class

III

Shares

sold

.............................................

5,868,298‌

$

87,028,784‌

4,496,421‌

$

63,308,040‌

Shares

issued

in

reinvestment

of

distributions

........................

29,443,468‌

471,472,143‌

23,779,931‌

342,314,610‌

Shares

redeemed

.........................................

(70,805,119‌)

(1,044,538,175‌)

(79,939,440‌)

(1,126,796,347‌)

Net

decrease

..............................................

(35,493,353‌)

$

(486,037,248‌)

(51,663,088‌)

$

(721,173,697‌)

Total

Net

Decrease

(35,593,601‌)

$

(476,189,342‌)

(120,613,483‌)

$

(1,858,035,783‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

To

Shareholders

70

To

the

Shareholders

of

BlackRock

Global

Allocation

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities

of

BlackRock

Global

Allocation

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

consolidated

schedule

of

investments,

as

of

December

31,

2020,

the

related

consolidated

statement

of

operations

for

the

year

then

ended,

the

consolidated

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian,

agent

banks,

and

brokers;

when

replies

were

not

received

from

agent

banks

or

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

71

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NZD

New

Zealand

Dollar

SGD

Singapore

Dollar

SEK

Swedish

Krona

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

RB

Revenue

Bonds

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Government

Money

Market

V.I.

Fund

Money

Market

Overview

For

the

12-Month

Period

Ended

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

Entering

2020,

the

economy

was

in

a

good

place

and

interest

rate

policy

was

appropriate

according

to

the

Fed.

However,

this

outlook

quickly

changed

upon

the

imposition

of

dramatic

measures

taken

by

authorities

around

the

world

to

stem

the

spread

of

the

coronavirus

pandemic.

In

response,

the

Fed

quickly

enacted

a

series

of

unprecedented

measures

to

channel

credit

to

businesses

and

households

and

smooth

market

functioning.

In

an

unprecedented

move,

the

Fed

issued

two

“emergency”

rate

cuts

in

March,

ultimately

reducing

the

Federal

Funds

target

rate

range

from

1.50%-1.75%

to

0.00%-0.25%.

This

range

was

consistent

through

the

remainder

of

2020

and

reinforced

by

Fed

Chair

Jerome

Powell’s

comments

that

“we

are

not

even

thinking

about

thinking

about

raising

interest

rates”

later

in

the

year.

In

a

nod

to

2008,

the

Fed

also

revived

the

following

programs

and

facilities:

the

Commercial

Paper

Funding

Facility

to

backstop

the

purchase

of

high-quality

commercial

paper

from

U.S.

issuers;

the

Primary

Dealer

Credit

Facility

to

provide

low

cost

funding

against

a

broad

range

of

collateral

including

commercial

paper;

and

the

Term

Asset-

Backed

Securities

Loan

Facility

to

purchase

asset-backed

securities.

Other

notable

actions

included

the

creation

of

new

facilities

to

purchase

investment

grade

corporate

debt

through

the

Primary

Market

Corporate

Credit

Facility

and

Secondary

Market

Corporate

Credit

Facility.

The

Fed

also

introduced

a

few

additional

programs

such

as

the

Money

Market

Mutual

Fund

Liquidity

Facility

to

purchase

commercial

paper

and

domestic

and

Yankee

certificates

of

deposit

from

prime

money

market

funds,

and

municipal

debt

and

variable

rate

demand

notes

from

municipal

money

market

funds.

Complementing

the

Fed’s

sweeping

measures,

a

$2.2

trillion

fiscal

aid

package

was

signed

into

law

by

President

Donald

Trump

along

with

a

series

of

coordinated

global

fiscal

and

monetary

actions.

As

a

result

of

this

substantial

fiscal

deal,

U.S.

Treasury

bill

supply

dramatically

increased

and

remained

robust

until

the

second

half

of

the

year

when

supply

contracted

over

$150

billion

and

became

a

challenge

for

front-end

investors.

The

three-month

London

Interbank

Offered

Rate

("LIBOR")

overnight

indexed

swap

(“LIBOR-OIS”)

spread

—

a

gauge

of

stress

in

the

financial

system

—

increased

from

a

low

of

about

12

basis

points

(0.12%)

in

February

2020

to

around

132

basis

points

(1.32%)

at

the

end

of

the

March

2020.

The

blow

out

of

this

spread

signaled

stress

in

the

markets

and

the

unwillingness

of

market

makers

to

take

on

risk

and

provide

liquidity.

Because

of

the

uncertainty

introduced

by

COVID-19,

there

was

an

increased

demand

for

liquidity

across

markets,

or

a

“flight

to

quality,”

resulting

in

a

significant

premium

for

front-end

liquidity.

U.S.

Treasury

bills

traded

in

the

secondary

market

with

a

negative

yield

at

the

end

of

March,

highlighting

this

demand.

As

investors

sought

liquidity,

assets

of

money

market

mutual

funds

rose

to

an

all-time

high

of

$4.2

trillion

during

the

first

half

of

the

year,

most

of

which

entered

U.S.

government

funds.

After

the

volatility

in

March

2020,

the

market

began

to

find

its

footing

and

asset

valuations

ticked

higher.

Normalization

would

continue

for

the

remainder

of

the

year

as

spreads

were

seen

to

significantly

compress.

In

the

summer

of

2020,

Fed

Chair

Powell

released

a

series

of

statements

pertaining

to

the

long-term

recovery

and

monetary

policies.

Powell

noted

that

the

Fed

will

tolerate

the

economy

“running

hot”

for

quite

some

time

before

any

monetary

tools

are

scaled

back,

and

the

Fed’s

stance

on

inflation

was

revised

to

tolerate

a

booming

economy

that

fosters

an

increase

in

prices

of

goods

and

services.

In

summary,

the

Fed

will

remain

extremely

accommodative

over

the

next

few

years

and

is

looking

to

achieve

an

inflation

that

is

moderately

above

2%

for

“quite

some

time.”

After

several

days

of

counting

mail-in

ballots,

the

unprecedented

2020

presidential

election

was

concluded,

and

former

Vice

President

and

Senator

Joe

Biden

was

announced

the

winner.

The

makeup

of

the

Senate,

however,

remained

uncertain

at

year

end

as

the

country

awaited

the

results

from

the

Georgia

run-off

races

held

January

5,

2021.

The

uncertain

implications

of

this

race

weighed

heavily

on

the

front-end

and

rates

space

at

year

end.

The

three-month

LIBOR

set

a

record

low

of

under

0.21%

on

November

20,

2020.

The

three-month

LIBOR-OIS

spread

trended

slightly

above

its

low

point

of

0.12%

for

the

past

12

months

and

finished

the

fourth

quarter

of

2020

at

0.16%,

despite

the

blow

out

earlier

in

the

year.

In

general,

we

expect

limited

commercial

paper

supply

will

keep

spreads

largely

contained

in

the

near

term.

Excess

reserves

in

the

banking

system

remain

plentiful,

and

are

likely

to

increase,

in

our

view,

in

the

months

ahead

as

a

result

of

continuing

asset

purchases

by

the

Fed

along

with

the

expected

reduction

in

the

Treasury

General

Account.

We

thus

believe

yields

on

U.S.

treasury

bills

and

repurchase

agreements

could

be

pressured

lower

in

2021.

Money

market

mutual

fund

industry

assets

fell

$107

billion

during

the

fourth

quarter

of

2020.

Government

money

market

funds

experienced

$38

billion

of

outflows

while

assets

of

prime

money

market

funds

fell

$61

billion.

These

declines

occurred

despite

a

general

weakening

in

certain

economic

measures

from

an

increase

in

coronavirus

cases

and

related

restrictions

on

activity.

Past

performance

is

no

guarantee

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Summary

as

of

December

31,

2020

3

Fund

Summary

BlackRock

Government

Money

Market

V.I.

Fund

Investment

Objective

BlackRock

Government

Money

Market

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

preserve

capital,

maintain

liquidity

and

achieve

the

highest

possible

current

income

consistent

with

the

foregoing.

Fund

Information

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yield

7-Day

Yield

BlackRock

Government

Money

Market

V.I.

Fund

.....

0.00‌

%

0.00‌

%

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

..............................

48‌

%

U.S.

Government

Sponsored

Agency

Obligations

..............

28‌

Repurchase

Agreements

...............................

22‌

Other

Assets

Less

Liabilities

............................

2‌

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00‌

$

1,000.00‌

$

0.90‌

$

1,000.00‌

$

1,024.23‌

$

0.92‌

0.18‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Government

Money

Market

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

28.4%

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.06%

,

 01/19/21

..................

USD

1,230

$

1,229,791

0.06%

,

 01/20/21

..................

270

269,875

0.07%

,

 02/12/21

..................

1,040

1,039,478

0.09%

,

 03/11/21

..................

1,000

999,674

0.09%

,

 03/17/21

..................

1,040

1,039,415

0.09%

,

 04/01/21

..................

5,000

4,998,125

0.10%

,

 06/01/21

..................

1,155

1,154,080

0.10%

,

 06/30/21

..................

1,085

1,084,403

0.10%

,

 07/01/21

..................

3,010

3,007,730

0.10%

,

 07/21/21

..................

505

504,605

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.17%

,

 01/14/21

......

380

380,000

(SOFR

+

0.11%),

0.20%

,

 01/15/21

......

705

705,000

(LIBOR

USD

1

Month

+

0.05%),

0.20%

,

 04/16/21

................

1,185

1,185,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.26%),

0.36%

,

 06/17/21

.....

795

794,964

(LIBOR

USD

1

Month

+

0.16%),

0.31%

,

 07/01/21

................

645

645,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.32%

,

 07/08/21

.....

455

455,000

(LIBOR

USD

1

Month

+

0.11%),

0.26%

,

 07/09/21

................

260

260,000

(LIBOR

USD

1

Month

+

0.13%),

0.28%

,

 10/08/21

................

300

300,000

(LIBOR

USD

1

Month

+

0.11%),

0.26%

,

 11/12/21

................

225

225,000

(SOFR

+

0.19%),

0.28%

,

 11/18/21

......

375

375,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.25%

,

 12/13/21

.....

535

534,495

(SOFR

+

0.18%),

0.27%

,

 01/14/22

......

870

870,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.22%

,

 05/02/22

.....

270

269,978

(SOFR

+

0.05%),

0.14%

,

 05/05/22

......

3,000

2,999,816

(SOFR

+

0.19%),

0.28%

,

 07/14/22

......

590

590,000

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.18%),

0.27%

,

 07/20/22

................

2,030

2,029,689

(SOFR

+

0.10%),

0.19%

,

 09/02/22

......

320

320,000

(SOFR

+

0.06%),

0.15%

,

 10/21/22

......

1,915

1,915,000

(SOFR

+

0.08%),

0.16%

,

 11/03/22

......

1,040

1,040,000

Federal

Home

Loan

Bank:

0.17%

,

 05/13/21

..................

1,575

1,574,986

0.20%

,

 06/17/21

..................

480

479,983

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.16%

,

 01/04/21

..................

210

209,997

0.05%

,

 01/15/21

..................

1,755

1,754,929

0.06%

,

 01/20/21

..................

1,355

1,354,929

0.06%

,

 01/29/21

..................

4,000

3,999,695

0.07%

,

 02/03/21

..................

205

204,987

0.07%

,

 02/17/21

..................

1,000

999,896

0.09%

,

 03/17/21

..................

2,265

2,264,627

0.09%

,

 03/19/21

..................

1,510

1,509,722

0.09%

,

 03/24/21

..................

1,000

999,797

0.10%

,

 05/19/21

..................

110

109,958

0.10%

,

 06/11/21

..................

840

839,249

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(LIBOR

USD

3

Month

-

0.17%),

0.06%

,

 01/08/21

................

700

700,000

(SOFR

+

0.05%),

0.14%

,

 01/22/21

......

310

310,000

(SOFR

+

0.04%),

0.13%

,

 02/09/21

......

1,825

1,824,967

(SOFR

+

0.08%),

0.17%

,

 03/04/21

......

560

560,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(SOFR

+

0.12%),

0.20%

,

 03/12/21

......

USD

890

$

890,000

(SOFR

+

0.11%),

0.20%

,

 03/25/21

......

1,000

1,000,000

(LIBOR

USD

1

Month

-

0.01%),

0.14%

,

 04/05/21

................

1,555

1,555,000

(SOFR

+

0.17%),

0.26%

,

 04/09/21

......

870

870,000

(LIBOR

USD

1

Month

-

0.02%),

0.13%

,

 04/27/21

................

865

864,921

(SOFR

+

0.08%),

0.16%

,

 07/08/21

......

650

650,000

(SOFR

+

0.09%),

0.18%

,

 09/10/21

......

1,580

1,580,000

(SOFR

+

0.12%),

0.21%

,

 10/13/21

......

4,000

4,000,000

(SOFR

+

0.12%),

0.21%

,

 02/28/22

......

1,265

1,265,000

(SOFR

+

0.07%),

0.16%

,

 04/28/22

......

345

345,000

(SOFR

+

0.06%),

0.15%

,

 12/16/22

......

2,425

2,425,000

Federal

Home

Loan

Mortgage

Corp.,

1.13%, 08/12/21

.................

330

331,989

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

(SOFR

+

0.18%),

0.27%

,

 12/13/21

......

1,390

1,390,000

(SOFR

+

0.07%),

0.16%

,

 11/10/22

......

755

755,000

Federal

National

Mortgage

Association,

1.38%, 10/07/21

.................

465

469,382

Federal

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

(SOFR

+

0.36%),

0.45%

,

 01/20/22

......

2,600

2,600,000

(SOFR

+

0.35%),

0.44%

,

 04/07/22

......

985

985,000

(SOFR

+

0.39%),

0.48%

,

 04/15/22

......

1,470

1,470,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

28.4%

(Cost:

$74,365,132)

...............................

74,365,132

U.S.

Treasury

Obligations

—

47.6%

U.S.

Treasury

Bills

(a)

:

0.00%, 01/05/21

..................

11,485

11,484,903

0.01%, 01/07/21

..................

4,000

3,999,937

0.04%, 01/21/21

..................

6,781

6,781,136

0.05%, 01/28/21

..................

25,000

24,998,350

0.07%, 02/02/21

..................

5,155

5,154,496

0.05%, 02/04/21

..................

12,000

11,998,923

0.06%, 02/11/21

..................

1,740

1,739,762

0.07%, 02/16/21

..................

2,000

1,999,693

0.06%, 02/23/21

..................

11,160

11,158,357

0.06%, 02/25/21

..................

2,000

1,999,450

0.08%, 03/02/21

..................

1,000

999,868

0.07%, 03/04/21

..................

8,000

7,998,622

0.07%, 03/23/21

..................

1,000

999,809

0.08%, 04/29/21

..................

2,000

1,999,279

0.08%, 05/20/21

..................

1,335

1,334,175

0.08%, 06/01/21

..................

5,500

5,497,809

0.08%, 06/24/21

..................

1,984

1,983,137

0.09%, 08/12/21

..................

810

809,298

0.09%, 11/04/21

..................

1,637

1,635,215

0.10%, 12/02/21

..................

4,635

4,630,655

0.10%, 12/30/21

..................

5,000

4,994,454

BlackRock

Government

Money

Market

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Notes:

2.00%, 01/15/21

..................

USD

350

$

350,218

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

0.23%, 04/30/21

(b)

....

170

169,953

2.25%, 04/30/21

..................

3,000

3,020,786

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.32%, 07/31/21

(b)

....

1,000

1,000,000

2.75%, 09/15/21

..................

5,000

5,092,694

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.40%, 10/31/21

(b)

....

USD

590

$

590,291

Total

U.S.

Treasury

Obligations

—

47.6%

(Cost:

$124,421,270)

..............................

124,421,270

Total

Repurchase

Agreements

—

22.0%

(Cost:

$57,500,000)

...............................

57,500,000

Total

Investments

—

98.0%

(Cost:

$256,286,402

)

(c)

.............................

256,286,402

Other

Assets

Less

Liabilities

—

2.0%

....................

5,111,227

Net

Assets

—

100.0%

...............................

$

261,397,629

(a)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(b)

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.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

....

0.08

%

12/31/20

01/04/21

$

6,000

$

6,000

$

6,000,053

U.S.

Government

Sponsored

Agency

Obligations,

4.37%

to

4.63%,

due

11/20/64

to

12/20/68

..........

$

7,573,304

$

6,120,000

$

–

$

–

BNP

Paribas

SA

.....

0.08

12/31/20

01/04/21

5,000

5,000

5,000,044

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.00%,

due

01/01/22

to

01/01/49

.

12,276,595

5,109,127

$

–

$

–

Goldman

Sachs

&

Co.

LLC

............

0.13

12/29/20

01/05/21

4,000

4,000

4,000,101

U.S.

Treasury

Obligations,

0.00%

to

1.75%,

due

03/31/22

to

05/15/48

..........

5,996,974

4,080,000

$

–

$

–

JP

Morgan

Securities

LLC

............

0.06

12/31/20

01/04/21

7,000

7,000

7,000,047

U.S.

Treasury

Obligations,

0.00%

to

2.00%,

due

03/16/21

to

11/15/43

..........

7,006,223

7,140,001

0.24

(a)

12/31/20

02/08/21

3,500

3,500

3,500,925

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

07/20/46

..........

11,122,480

3,675,010

$

–

$

–

$

10,500

$

10,815,011

$

–

$

–

Mizuho

Securities

USA

LLC

............

0.07

12/31/20

01/04/21

5,000

5,000

5,000,039

U.S.

Treasury

Obligation,

0.63%,

due

08/15/30

.

5,220,000

5,100,012

$

–

$

–

Societe

Generale

SA

..

0.05

12/31/20

01/04/21

10,000

10,000

10,000,056

U.S.

Treasury

Obligations,

0.00%

to

2.75%,

due

01/31/21

to

08/15/36

..........

9,203,376

10,200,000

$

–

$

–

TD

Securities

USA

LLC

.

0.05

12/31/20

01/04/21

6,000

6,000

6,000,033

U.S.

Treasury

Obligations,

0.13%

to

1.50%,

due

10/31/21

to

09/15/23

..........

6,069,600

6,120,090

$

–

$

–

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Government

Money

Market

V.I.

Fund

6

Schedule

of

Investments

(continued)

December

31,

2020

.

See

notes

to

financial

statements.

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

At

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Wells

Fargo

Securities

LLC

............

0.06

%

12/31/20

01/04/21

$

11,000

$

11,000

$

11,000,073

U.S.

Treasury

Obligation,

3.13%,

due

02/15/43

.

$

8,503,900

$

11,220,103

$

–

$

–

$

57,500

$

58,764,343

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

256,286,402

$

—

$

256,286,402

Statement

of

Assets

and

Liabilities

December

31,

2020

7

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(cost

—

$198,786,402)

..............................................................................

$

198,786,402‌

Cash

.................................................................................................................

6,224,648‌

Repurchase

agreements

at

value

(cost

—

$57,500,000)

...............................................................................

57,500,000‌

Receivables:

–‌

Capital

shares

sold

.......................................................................................................

22,145‌

Interest

—

unaffiliated

.....................................................................................................

75,112‌

Prepaid

expenses

.........................................................................................................

1,987‌

Total

assets

.............................................................................................................

262,610,294‌

LIABILITIES

Payables:

–‌

Investments

purchased

....................................................................................................

999,868‌

Capital

shares

redeemed

...................................................................................................

55,441‌

Investment

advisory

fees

..................................................................................................

15,761‌

Directors'

and

Officer's

fees

.................................................................................................

2,226‌

Other

affiliate

fees

.......................................................................................................

1,853‌

Other

accrued

expenses

...................................................................................................

137,516‌

Total

liabilities

............................................................................................................

1,212,665‌

NET

ASSETS

............................................................................................................

$

261,397,629‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

261,383,652‌

Accumulated

earnings

......................................................................................................

13,977‌

NET

ASSETS

............................................................................................................

$

261,397,629‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

8

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

261,397,629‌

Shares

outstanding

.................................................................................................

261,383,188‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

3.3

billion

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

INVESTMENT

INCOME

Interest

—

unaffiliated

....................................................................................................

$

1,208,147‌

Total

investment

income

.....................................................................................................

1,208,147‌

EXPENSES

Investment

advisory

......................................................................................................

1,075,541‌

Transfer

agent

..........................................................................................................

97,946‌

Printing

and

postage

.....................................................................................................

90,302‌

Professional

...........................................................................................................

59,865‌

Accounting

services

......................................................................................................

40,541‌

Custodian

.............................................................................................................

13,900‌

Directors

and

Officer

.....................................................................................................

10,799‌

Miscellaneous

..........................................................................................................

4,397‌

Total

expenses

...........................................................................................................

1,393,291‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(787,616‌)

Transfer

agent

fees

reimbursed

..............................................................................................

(92,946‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

512,729‌

Net

investment

income

......................................................................................................

695,418‌

REALIZED

GAIN

$

4,759‌

Net

realized

gain

from

investments

............................................................................................

4,759‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

700,177‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

695,418‌

$

3,931,343‌

Net

realized

gain

..................................................................................

4,759‌

4,798‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

700,177‌

3,936,141‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(705,718‌)

(3,931,343‌)

CAPITAL

TRANSACTIONS

Net

proceeds

from

sale

of

shares

.........................................................................

214,735,557‌

90,279,997‌

Reinvestments

of

distributions

...........................................................................

697,959‌

3,926,355‌

Cost

of

shares

redeemed

..............................................................................

(155,348,427‌)

(92,332,532‌)

Net

increase

in

net

assets

derived

from

capital

transactions

.......................................................

60,085,089‌

1,873,820‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

60,079,548‌

1,878,618‌

Beginning

of

year

....................................................................................

201,318,081‌

199,439,463‌

End

of

year

........................................................................................

$

261,397,629‌

$

201,318,081‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

11

Financial

Highlights

BlackRock

Government

Money

Market

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

......................................

0.0032‌

0.0196‌

0.0160‌

0.0064‌

0.0013‌

Net

realized

gain

(loss)

......................................

0.0002‌

0.0000‌

(a)

(0.0001‌)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

............................

0.0034‌

0.0196‌

0.0159‌

0.0064‌

0.0013‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.0034‌)

(0.0196‌)

(0.0159‌)

(0.0064‌)

(0.0013‌)

From

net

realized

gain

.......................................

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

...........................................

(0.0034‌)

(0.0196‌)

(0.0159‌)

(0.0064‌)

(0.0013‌)

Net

asset

value,

end

of

year

...................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.34%

1.98%

1.61%

—

—

Based

on

net

asset

value

......................................

0.34%

1.98%

1.61%

0.65%

0.13%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.65%

0.64%

0.80%

(e)

0.72%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.24%

0.30%

0.30%

(e)

0.30%

0.30%

Net

investment

income

.......................................

0.32%

1.96%

1.60%

0.63%

0.13%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

261,398‌

$

201,318‌

$

199,439‌

$

135,659‌

$

151,523‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.72%

and

0.29%,

respectively.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

to

Shareholders

12

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Government

Money

Market

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

The

Fund

operates

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

The

Fund

is

not

subject

to

liquidity

fees

or

temporary

suspensions

of

redemptions

due

to

declines

in

the

Fund's

weekly

liquid

assets.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

distributed

at

least

annually

and

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

. 

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

the

Fund

are

charged

to

the

Fund.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 U.S.

GAAP

defines

fair

value

as

the

price

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund’s

investments

are

valued

under

the

amortized

cost

method

which

approximates

current

market

value

in

accordance

with

Rule

2a-7

under

the

1940

Act.

Under

this

method,

investments

are

valued

at

cost

when

purchased

and,

thereafter,

a

constant

proportionate

accretion

of

discounts

and

amortization

of

premiums

are

recorded

until

the

maturity

of

the

security.

The

Fund

seeks

to

maintain

its

net

asset

value

(“NAV”)

per

share

at

$1.00,

although

there

is

no

assurance

that

it

will

be

able

to

do

so

on

a

continuing

basis.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Fair

Value

Hierarchy:

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 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. 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.

Notes

to

Financial

Statements

(continued)

13

Notes

to

Financial

Statements

SECURITIES

AND

OTHER

INVESTMENTS 

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

purchase

a

security

from

a

counterparty

who

agrees

to

repurchase

the

same

security

at

a

mutually

agreed

upon

date

and

price.

On

a

daily

basis,

the

counterparty

is

required

to

maintain

collateral

subject

to

the

agreement

and

in

value

no

less

than

the

agreed

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri-party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third

party

custodian

maintains

accounts

to

hold

collateral

for

the

fund

and

its

counterparties.

Typically,

the

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or

the

fund,

respectively. 

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, the

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by

the

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits

the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA,

the

fund

receives

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects

the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty. 

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $2,387

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager has

voluntarily

agreed

to

waive

a

portion

of

its investment

advisory

fees and/or

reimburse

operating

expenses

to

enable

the

Fund

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statement

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager.

The

Manager

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

year ended

December

31,

2020,

fees

waived

and/or

reimbursed

by

the

Manager

under

this

agreement

were

$132,600.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”),

to

0.30%

of

average

daily

net

assets

of

Class

I

Shares.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

April

30,

2021,

unless

approved

by

the

Board

of

Directors

of

the

Company,

including

a

majority

of

the directors who

are

not

“interested

persons”

of

the

Company,

as

defined

in

the

1940

Act

(“Independent

Directors”),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$655,016

and

transfer

agent

fees

of

$92,946,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed,

respectively,

in

the

Statement

of

Operations.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.500

%

$1

Billion

-

$2

Billion

.....................................................................................................

0.450

$2

Billion

-

$3

Billion

....................................................................................................

0.400

$3

Billion

-

$4

Billion

.....................................................................................................

0.375

$4

Billion

-

$7

Billion

.....................................................................................................

0.350

$7

Billion

-

$10

Billion

....................................................................................................

0.325

$10

Billion

-

$15

Billion

...................................................................................................

0.300

Greater

than

$15

Billion

..................................................................................................

0.290

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

14

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time.

The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

705,718‌

$

3,931,343‌

Undistributed

ordinary

income

.............................................................................................

$

13,977‌

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

214,735,557‌

$

214,735,557‌

90,266,065‌

$

90,279,997‌

Shares

issued

in

reinvestment

of

distributions

........................

697,959‌

697,959‌

3,926,355‌

3,926,355‌

Shares

redeemed

.........................................

(155,348,427‌)

(155,348,427‌)

(92,332,532‌)

(92,332,532‌)

Net

increase

...............................................

60,085,089‌

$

60,085,089‌

1,859,888‌

$

1,873,820‌

Report

of

Independent

Registered

Public

Accounting

Firm

15

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Government

Money

Market

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Government

Money

Market

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2020

BlackRock

Annual

Report

To

Shareholders

16

Currency

Abbreviations

USD

United

States

Dollar

Portfolio

Abb

reviations

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

International

Index

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

International

Index

V.I.

Fund

Investment

Objective

The

investment

objective

of

the

BlackRock

International

Index

V.I.

Fund

(the

“Fund”)

is

to

seek

to

match

the

performance

of

the

MSCI

EAFE

Index

(Europe,

Australasia,

Far

East)

(the

“MSCI

EAFE

Index”

or

the

“Underlying

Index”)

in

U.S.

dollars

with

net

dividends

as

closely

as

possible

before

the

deduction

of

Fund

expenses.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund’s

Class

I

Shares

returned

8.03%.

The

MSCI

EAFE

Index

returned

7.82%

for

the

same

period.

The

MSCI

EAFE

Index

is

a

free-float

adjusted,

market-capitalization

weighted

index

designed

to

measure

equity

performance

of

developed

markets,

excluding

the

United

States

and

Canada.

Describe

the

market

environment?

In

the

Asia

Pacific

region,

Japan

outperformed

relatively

in

the

first

quarter

of

2020

while

the

country

saw

a

technical

recession

after

a

contraction

in

its

fourth

quarter

of

2019

gross

domestic

product

growth

due

to

a

sales

tax

hike

and

as

the

coronavirus

pandemic

hit

Japan’s

tourism

and

trade

in

the

first

quarter

of

2020.

Both

Singapore

and

Australia

suffered

from

record

drawdowns

on

coronavirus

fears

during

the

quarter.

On

continental

Europe,

Italy

and

Spain

were

among

the

worst

performers

as

the

COVID-19

outbreak

in

Italy

intensified

in

late

February

and

virus-related

measures

started

to

disrupt

economic

activities

in

the

broader

region

with

both

France

and

Germany

dragging

the

index

down.

The

globally

integrated

European

economy

was

particularly

vulnerable

to

global

supply

chain

disruptions,

posing

downside

risks

to

growth.

Macro

data

across

the

region

showed

a

significant

negative

impact,

as

export

orders

sharply

declined

and

the

Eurozone

March

final

manufacturing

Purchasing

Managers’

Index

came

in

at

44.5

versus

44.6

estimated,

its

lowest

since

July

2012.

In

the

United

Kingdom,

business

sentiment

improved

in

the

first

two

months,

before

the

spread

of

COVID-19

started

to

rattle

its

economy.

Developed

markets,

as

represented

by

the

MSCI

EAFE

Index,

advanced

15.2%

(in

U.S.

dollar

terms)

in

the

second

quarter

of

2020,

amid

strong

fiscal

and

monetary

stimulus,

combined

with

the

reopening

of

economies.

The

European

Central

Bank

(“ECB”)

continued

its

quantitative

easing

with

a

novel

and

flexible

Pandemic

Emergency

Purchase

Programme

that

allowed

the

ECB

to

buy

government

debt

out

of

proportion

to

euro

area

country

shareholdings

in

the

bank.

Meanwhile,

the

targeted

long-term

refinancing

operation

provided

a

record

boost

to

the

ECB

balance.

On

continental

Europe,

Germany

outperformed

with

stronger

government

support

while

Italy,

Switzerland

and

Spain

lagged.

Shares

in

the

United

Kingdom

underperformed

the

region.

In

the

Asia-Pacific

region,

Australia

led

strong

gains

after

suffering

from

record

drawdowns

on

coronavirus

fears

in

the

previous

quarter.

Hong

Kong

and

Singapore

underperformed

in

the

region.

Developed

markets,

as

represented

by

the

MSCI

EAFE

Index,

continued

their

recovery

over

the

third

quarter

of

2020

but

at

a

slower

pace

than

the

second

quarter.

The

ease

of

restrictions

and

supportive

fiscal

and

monetary

policies

helped

the

market

recovery

over

the

quarter

despite

the

market

drop

toward

the

end

of

the

quarter

as

concerns

about

a

third

coronavirus

wave

in

the

developed

countries

started

to

arise.

The

ECB

kept

its

quantitative

easing

policies

unchanged

even

with

rising

concerns

around

inflation

and

debt

level

in

the

Eurozone.

The

low

inflation

rate,

euro

appreciation,

and

slower

recovery

sign

shown

in

economic

data

started

to

surface

toward

the

second

half

of

the

third

quarter

and

pushed

the

ECB

to

consider

adjusting

its

policies

in

the

fourth

quarter

of

2020

to

tackle

the

low

inflation

rate

In

the

fourth

quarter

of

2020,

developed

markets,

as

represented

by

the

MSCI

EAFE

Index,

rallied

despite

negative

performance

over

October.

Despite

the

rising

numbers

of

COVID-19

cases

in

Europe

and

reports

of

the

newly

discovered

strain

of

the

virus

in

the

United

Kingdom,

the

MSCI

EAFE

Index

still

posted

strong

performance.

Additionally,

the

Biden-Harris

ticket

was

declared

the

winner

of

the

U.S.

presidential

election.

This

caused

market

participants

to

forecast

decreased

trade

tensions

between

the

United

States

and

its

counterparties,

along

with

more

stable

global

policies.

In

addition,

the

announcement

of

the

COVID-19

vaccine

and

the

subsequent

debut

of

vaccine

distribution

across

developed

countries

reinforced

the

performance

of

the

developed

equity

markets.

Most

Global

Industry

Classification

Standard

sectors

within

the

MSCI

EAFE

Index

posted

positive

returns

over

the

quarter.

Information

technology

(+28.73%),

materials

(+21.08%)

and

consumer

discretionary

(+16.08%)

were

the

best

performing

sectors,

while

energy

(-26.97%),

real

estate

(-6.43%)

and

financials

(-3.35%)

lagged.

Describe

recent

portfolio

activity.

During

the

12-month

period,

as

changes

were

made

to

the

composition

of

the

MSCI

EAFE

Index,

the

Fund

purchased

and

sold

securities

to

maintain

its

objective

of

matching

the

risks

and

return

of

the

Underlying

Index.

Describe

portfolio

positioning

at

period

end.

The

Fund

remains

positioned

to

match

the

risk

characteristics

of

the

Underlying

Index,

irrespective

of

the

market’s

future

direction.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

International

Index

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

invests

at

least

90%

of

its

assets

in

securities

or

other

financial

instruments

that

are

components

of

or

have

economic

characteristics

similar

to

the

securities

included

in

the

MSCI

EAFE

Index.

On

October

29,

2018,

the

Fund

acquired

all

of

the

assets

and

assumed

certain

stated

liabilities

of

the

International

Equity

Index

Fund

(the

“Predecessor

Fund”),

a

series

of

State

Farm

Variable

Product

Trust,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization;

accordingly,

the

Fund

assumed

the

performance

and

financial

history

of

the

Predecessor

Fund

upon

completion

of

the

Reorganization.

(c)

An

equity

index

which

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

around

the

world,

excluding

the

United

States

and

Canada.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c)

................................................................

21.05‌%

8.03‌%

7.48‌%

5.24‌%

MSCI

EAFE

Index

..........................................................

21.61‌

7.82‌

7.45‌

5.51‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(c)

On

October

29,

2018,

the

Fund

acquired

all

of

the

assets

and

assumed

certain

stated

liabilities

of

the

Predecessor

Fund,

a

series

of

State

Farm

Variable

Product

Trust,

through

the

Reorganization.

The

Pred

ecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization;

accordingly,

the

Fund

assumed

the

performance

and

financial

history

of

the

Predecessor

Fund

upon

completion

of

the

Reorganization.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

International

Index

V.I.

Fund

Portfolio

Information

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

...........................................

25‌

%

United

Kingdom

.....................................

1

2‌

France

...........................................

11‌

Germany

.........................................

10‌

Switzerland

........................................

10‌

Australia

..........................................

8‌

Netherlands

.......................................

4‌

Hong

Kong

........................................

3‌

Sweden

..........................................

3‌

Denmark

.........................................

2‌

Italy

.............................................

2‌

Spain

............................................

2‌

Finland

..........................................

1‌

Singapore

.........................................

1‌

Other

(a)

...........................................

5‌

Short-Term

Securities

.................................

4‌

Liabilities

in

Excess

of

Other

Assets

.......................

(3‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,210.50

$

1.50

$

1,000.00

$

1,023.78

$

1.37

0.27%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Value

Common

Stocks

—

98.4%

Australia

—

7.9%

Afterpay

Ltd.

(a)

................

2,741

$

249,173

AGL

Energy

Ltd.

..............

8,066

74,452

AMP

Ltd.

...................

46,373

55,728

Ampol

Ltd.

..................

3,273

71,772

APA

Group

(b)

.................

15,568

115,833

Aristocrat

Leisure

Ltd.

...........

7,276

174,704

ASX

Ltd.

...................

2,395

132,915

Aurizon

Holdings

Ltd.

...........

23,960

71,986

AusNet

Services

..............

24,028

32,565

Australia

&

New

Zealand

Banking

Group

Ltd.

................

35,673

625,995

BGP

Holdings

plc

(a)(c)

...........

253,848

3

BHP

Group

Ltd.

...............

37,506

1,225,492

BHP

Group

plc

...............

26,812

707,954

BlueScope

Steel

Ltd.

...........

6,737

90,982

Brambles

Ltd.

................

19,656

161,224

CIMIC

Group

Ltd.

(a)

............

1,293

24,322

Coca-Cola

Amatil

Ltd.

...........

6,738

67,138

Cochlear

Ltd.

................

828

120,818

Coles

Group

Ltd.

..............

16,964

237,011

Commonwealth

Bank

of

Australia

...

22,549

1,433,260

Computershare

Ltd.

............

6,136

69,049

Crown

Resorts

Ltd.

............

4,428

32,955

CSL

Ltd.

....................

5,782

1,263,324

Dexus

.....................

14,431

104,667

Evolution

Mining

Ltd.

...........

20,784

79,984

Fortescue

Metals

Group

Ltd.

......

21,737

392,622

Glencore

plc

(a)

................

128,201

407,140

Goodman

Group

..............

20,847

304,730

GPT

Group

(The)

..............

23,998

83,473

Insurance

Australia

Group

Ltd.

.....

28,928

104,982

Lendlease

Corp.

Ltd.

(b)

..........

8,407

85,002

Macquarie

Group

Ltd.

...........

4,321

461,221

Magellan

Financial

Group

Ltd.

.....

1,613

66,808

Medibank

Pvt

Ltd.

.............

31,798

73,649

Mirvac

Group

................

49,339

100,206

National

Australia

Bank

Ltd.

.......

40,685

709,296

Newcrest

Mining

Ltd.

...........

10,271

204,986

Northern

Star

Resources

Ltd.

......

9,499

92,843

Oil

Search

Ltd.

...............

25,328

72,588

Orica

Ltd.

...................

5,028

58,806

Origin

Energy

Ltd.

.............

21,517

78,997

Qantas

Airways

Ltd.

............

9,644

36,163

QBE

Insurance

Group

Ltd.

.......

18,704

121,921

Ramsay

Health

Care

Ltd.

........

2,295

110,276

REA

Group

Ltd.

...............

701

80,298

Rio

Tinto

Ltd.

................

4,632

407,345

Rio

Tinto

plc

.................

14,282

1,075,050

Santos

Ltd.

..................

21,942

106,259

Scentre

Group

................

66,680

143,228

SEEK

Ltd.

..................

4,434

97,215

Sonic

Healthcare

Ltd.

...........

5,750

142,467

South32

Ltd.

.................

59,618

113,940

Stockland

...................

29,531

95,343

Suncorp

Group

Ltd.

............

15,622

117,563

Sydney

Airport

(a)(b)

.............

17,530

86,770

Tabcorp

Holdings

Ltd.

...........

27,737

83,509

Telstra

Corp.

Ltd.

..............

51,980

119,378

TPG

Telecom

Ltd.

(a)

............

4,934

27,403

Transurban

Group

(b)

............

35,045

369,298

Treasury

Wine

Estates

Ltd.

.......

9,555

69,119

Vicinity

Centres

...............

43,755

54,102

Washington

H

Soul

Pattinson

&

Co.

Ltd.

1,455

33,846

Wesfarmers

Ltd.

..............

14,430

560,853

Westpac

Banking

Corp.

.........

45,622

678,916

Security

Shares

Value

Australia

(continued)

WiseTech

Global

Ltd.

...........

1,912

$

45,439

Woodside

Petroleum

Ltd.

........

11,736

205,916

Woolworths

Group

Ltd.

..........

16,051

486,513

15,988,785

Austria

—

0.2%

Erste

Group

Bank

AG

...........

3,659

111,463

OMV

AG

...................

1,717

68,582

Raiffeisen

Bank

International

AG

(a)

..

1,968

39,993

Verbund

AG

.................

920

78,161

voestalpine

AG

...............

1,524

54,393

352,592

Belgium

—

0.9%

Ageas

SA

...................

2,267

120,394

Anheuser-Busch

InBev

SA/NV

.....

9,695

676,389

Elia

Group

SA/NV

.............

397

47,386

Etablissements

Franz

Colruyt

NV

...

613

36,298

Galapagos

NV

(a)

..............

496

49,091

Groupe

Bruxelles

Lambert

SA

.....

1,449

146,530

KBC

Group

NV

...............

3,211

224,709

Proximus

SADP

...............

2,022

39,941

Sofina

SA

...................

198

66,979

Solvay

SA

...................

973

114,750

UCB

SA

....................

1,583

163,520

Umicore

SA

.................

2,436

117,086

1,803,073

Brazil

—

0.0%

Yara

International

ASA

(d)

.........

2,127

88,240

Chile

—

0.0%

Antofagasta

plc

...............

5,243

102,863

China

—

0.5%

BOC

Hong

Kong

Holdings

Ltd.

.....

46,500

140,952

Budweiser

Brewing

Co.

APAC

Ltd.

(e)

.

22,100

73,004

ESR

Cayman

Ltd.

(a)(e)

...........

21,400

76,818

Prosus

NV

(a)

.................

6,245

674,327

Wilmar

International

Ltd.

.........

22,600

79,571

1,044,672

Denmark

—

2.5%

Ambu

A/S,

Class

B

.............

2,096

90,043

AP

Moller

-

Maersk

A/S,

Class

A

....

41

84,697

AP

Moller

-

Maersk

A/S,

Class

B

....

79

175,795

Carlsberg

A/S,

Class

B

..........

1,293

207,284

Chr

Hansen

Holding

A/S

(a)

........

1,315

135,868

Coloplast

A/S,

Class

B

..........

1,524

233,064

Danske

Bank

A/S

(a)

............

8,480

140,152

Demant

A/S

(a)

................

1,367

54,032

DSV

Panalpina

A/S

............

2,616

439,650

Genmab

A/S

(a)

................

828

335,749

GN

Store

Nord

A/S

.............

1,644

131,050

H

Lundbeck

A/S

...............

927

31,735

Novo

Nordisk

A/S,

Class

B

.......

21,849

1,524,168

Novozymes

A/S,

Class

B

.........

2,698

153,678

Orsted

A/S

(e)

.................

2,396

490,234

Pandora

A/S

.................

1,226

137,211

ROCKWOOL

International

A/S,

Class

B

102

38,174

Tryg

A/S

....................

1,607

50,542

Vestas

Wind

Systems

A/S

........

2,493

588,920

5,042,046

Finland

—

1.2%

Elisa

OYJ

...................

1,747

95,769

Fortum

OYJ

.................

5,443

131,504

Kesko

OYJ,

Class

B

............

3,461

88,832

Kone

OYJ,

Class

B

............

4,334

353,135

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

Finland

(continued)

Neste

OYJ

..................

5,345

$

388,067

Nokia

OYJ

(a)

.................

73,258

282,946

Nordea

Bank

Abp

.............

40,693

333,479

Orion

OYJ,

Class

B

............

1,385

63,620

Sampo

OYJ,

Class

A

...........

6,046

258,488

Stora

Enso

OYJ,

Class

R

........

7,327

140,295

UPM-Kymmene

OYJ

...........

6,733

251,085

Wartsila

OYJ

Abp

..............

5,901

59,059

2,446,279

France

—

10.7%

Accor

SA

(a)

..................

2,301

83,482

Adevinta

ASA

(a)

...............

3,059

51,422

Aeroports

de

Paris

.............

395

51,104

Air

Liquide

SA

................

6,024

987,616

Airbus

SE

(a)

..................

7,432

815,619

Alstom

SA

(a)

.................

3,068

174,751

Amundi

SA

(a)(e)

................

804

65,527

Arkema

SA

..................

814

93,139

Atos

SE

(a)

...................

1,264

115,423

AXA

SA

....................

24,300

582,771

BioMerieux

..................

551

77,550

BNP

Paribas

SA

(a)

.............

14,342

757,146

Bollore

SA

..................

11,639

48,187

Bouygues

SA

................

2,914

119,847

Bureau

Veritas

SA

(a)

............

3,526

94,126

Capgemini

SE

................

2,042

317,638

Carrefour

SA

.................

7,725

132,286

Cie

de

Saint-Gobain

............

6,642

305,482

Cie

Generale

des

Etablissements

Michelin

SCA

..............

2,157

277,729

CNP

Assurances

(a)

.............

2,282

37,076

Covivio

....................

612

56,158

Credit

Agricole

SA

(a)

............

14,347

181,374

Danone

SA

..................

7,856

516,973

Dassault

Aviation

SA

(a)

..........

33

35,934

Dassault

Systemes

SE

..........

1,682

341,143

Edenred

....................

3,130

177,757

Eiffage

SA

(a)

.................

1,069

103,332

Electricite

de

France

SA

.........

7,785

123,192

Engie

SA

(a)

..................

23,207

355,764

EssilorLuxottica

SA

............

3,575

564,049

EssilorLuxottica

SA

............

7

1,091

Eurazeo

SE

(a)

................

537

36,489

Faurecia

SE

(a)

................

1,009

51,698

Gecina

SA

..................

601

93,456

Getlink

SE

(a)

.................

5,858

101,350

Hermes

International

...........

403

433,337

Iliad

SA

....................

193

39,616

Ipsen

SA

...................

501

41,427

Kering

SA

...................

960

696,705

Klepierre

SA

.................

2,450

55,257

La

Francaise

des

Jeux

SAEM

(e)

....

1,103

50,557

Legrand

SA

.................

3,407

304,779

L'Oreal

SA

..................

3,198

1,220,204

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,526

2,207,281

Natixis

SA

(a)

.................

12,518

42,893

Orange

SA

..................

25,324

301,483

Orpea

SA

(a)

..................

664

87,072

Pernod

Ricard

SA

.............

2,675

513,724

Peugeot

SA

(a)

................

7,357

201,476

Publicis

Groupe

SA

............

2,776

137,971

Remy

Cointreau

SA

............

300

55,997

Renault

SA

(a)

.................

2,559

112,012

Safran

SA

(a)

.................

4,078

577,991

Sanofi

.....................

14,308

1,386,774

Sartorius

Stedim

Biotech

.........

340

120,953

Security

Shares

Value

France

(continued)

Schneider

Electric

SE

...........

6,825

$

986,400

SCOR

SE

(a)

..................

1,940

62,927

SEB

SA

....................

300

54,550

Societe

Generale

SA

(a)

..........

10,388

215,952

Sodexo

SA

..................

1,160

98,106

Suez

SA

....................

4,361

86,432

Teleperformance

..............

735

244,006

Thales

SA

...................

1,328

121,502

TOTAL

SE

..................

31,500

1,359,610

Ubisoft

Entertainment

SA

(a)

.......

1,162

111,980

Unibail-Rodamco-Westfield

.......

1,787

139,180

Valeo

SA

...................

2,890

113,994

Veolia

Environnement

SA

........

6,764

166,782

Vinci

SA

....................

6,547

652,143

Vivendi

SA

..................

10,445

336,898

Wendel

SE

..................

369

44,036

Worldline

SA

(a)(e)

..............

3,016

292,999

21,602,687

Germany

—

8.7%

adidas

AG

(a)

.................

2,412

877,498

Allianz

SE

(Registered)

..........

5,309

1,304,278

Aroundtown

SA

...............

12,558

93,632

BASF

SE

...................

11,689

923,930

Bayer

AG

(Registered)

..........

12,472

734,740

Bayerische

Motoren

Werke

AG

....

4,202

370,854

Bechtle

AG

..................

346

75,408

Beiersdorf

AG

................

1,340

154,046

Brenntag

AG

.................

1,917

149,069

Carl

Zeiss

Meditec

AG

..........

538

71,348

Commerzbank

AG

(a)

............

13,321

86,087

Continental

AG

...............

1,346

200,332

Covestro

AG

(e)

................

2,111

130,066

Daimler

AG

(Registered)

.........

10,809

766,134

Delivery

Hero

SE

(a)(e)

............

1,643

256,947

Deutsche

Bank

AG

(Registered)

(a)

...

24,963

274,568

Deutsche

Boerse

AG

...........

2,418

411,718

Deutsche

Lufthansa

AG

(Registered)

(a)

3,133

41,455

Deutsche

Post

AG

(Registered)

....

12,555

621,922

Deutsche

Telekom

AG

(Registered)

.

42,419

774,257

Deutsche

Wohnen

SE

..........

4,349

232,040

E.ON

SE

...................

28,573

316,396

Evonik

Industries

AG

...........

2,692

87,987

Fresenius

Medical

Care

AG

&

Co.

KGaA

...................

2,721

226,897

Fresenius

SE

&

Co.

KGaA

........

5,288

244,527

GEA

Group

AG

...............

1,958

70,032

Hannover

Rueck

SE

............

747

119,039

HeidelbergCement

AG

..........

1,979

147,348

HelloFresh

SE

(a)

...............

1,872

144,803

Henkel

AG

&

Co.

KGaA

.........

1,370

132,014

HOCHTIEF

AG

...............

256

24,912

Infineon

Technologies

AG

........

16,546

631,869

Just

Eat

Takeaway.com

NV

(a)(e)

.....

1,499

169,017

KION

Group

AG

...............

890

77,183

Knorr-Bremse

AG

.............

925

126,201

LANXESS

AG

................

1,089

82,819

LEG

Immobilien

AG

............

886

137,458

Merck

KGaA

.................

1,644

281,970

MTU

Aero

Engines

AG

..........

650

169,435

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

1,788

531,262

Nemetschek

SE

...............

741

55,070

Puma

SE

(a)

..................

1,100

123,780

Rational

AG

.................

65

60,469

RWE

AG

...................

8,217

347,639

SAP

SE

....................

13,326

1,725,967

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

Index

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

Germany

(continued)

Scout24

AG

(e)

................

1,381

$

112,847

Siemens

AG

(Registered)

........

9,756

1,405,317

Siemens

Energy

AG

(a)

...........

4,878

178,776

Siemens

Healthineers

AG

(e)

.......

3,428

176,409

Symrise

AG

.................

1,640

218,027

TeamViewer

AG

(a)(e)

............

1,669

89,654

Telefonica

Deutschland

Holding

AG

.

13,365

36,811

Uniper

SE

...................

2,405

83,333

United

Internet

AG

(Registered)

....

1,341

56,450

Volkswagen

AG

...............

432

90,073

Vonovia

SE

..................

6,526

476,620

Zalando

SE

(a)(e)

...............

1,947

216,568

17,725,308

Hong

Kong

—

2.8%

AIA

Group

Ltd.

...............

153,154

1,866,353

ASM

Pacific

Technology

Ltd.

......

4,000

52,827

Bank

of

East

Asia

Ltd.

(The)

......

16,825

35,993

CK

Asset

Holdings

Ltd.

..........

33,159

169,671

CK

Infrastructure

Holdings

Ltd.

.....

9,000

48,334

CLP

Holdings

Ltd.

.............

20,783

192,173

Hang

Lung

Properties

Ltd.

........

27,000

71,152

Hang

Seng

Bank

Ltd.

...........

9,574

165,229

Henderson

Land

Development

Co.

Ltd.

18,836

73,171

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(b)

...........

35,000

34,447

HKT

Trust

&

HKT

Ltd.

(b)

..........

50,100

64,976

Hong

Kong

&

China

Gas

Co.

Ltd.

...

133,543

199,795

Hong

Kong

Exchanges

&

Clearing

Ltd.

15,407

845,101

Hongkong

Land

Holdings

Ltd.

.....

13,800

56,996

Jardine

Matheson

Holdings

Ltd.

....

2,600

145,439

Jardine

Strategic

Holdings

Ltd.

.....

2,900

72,152

Link

REIT

(d)

..................

26,700

242,483

Melco

Resorts

&

Entertainment

Ltd.,

ADR

....................

2,854

52,942

MTR

Corp.

Ltd.

...............

20,000

111,853

New

World

Development

Co.

Ltd.

...

18,361

85,423

PCCW

Ltd.

..................

56,000

33,723

Power

Assets

Holdings

Ltd.

.......

16,500

89,358

Sino

Land

Co.

Ltd.

.............

37,311

48,553

Sun

Hung

Kai

Properties

Ltd.

......

16,500

211,018

Swire

Pacific

Ltd.,

Class

A

........

6,500

35,805

Swire

Properties

Ltd.

...........

15,600

45,356

Techtronic

Industries

Co.

Ltd.

......

17,500

250,135

WH

Group

Ltd.

(e)

..............

117,000

98,111

Wharf

Real

Estate

Investment

Co.

Ltd.

21,953

114,092

Xinyi

Glass

Holdings

Ltd.

........

24,000

67,129

5,579,790

Ireland

—

0.7%

CRH

plc

....................

9,929

422,247

Flutter

Entertainment

plc

.........

1,979

402,400

Kerry

Group

plc,

Class

A

.........

2,022

293,682

Kingspan

Group

plc

............

1,962

137,581

Smurfit

Kappa

Group

plc

.........

2,785

129,423

1,385,333

Israel

—

0.6%

Azrieli

Group

Ltd.

..............

564

35,846

Bank

Hapoalim

BM

(a)

...........

14,196

97,501

Bank

Leumi

Le-Israel

BM

........

18,004

106,273

Check

Point

Software

Technologies

Ltd.

(a)(d)

...................

1,450

192,719

Elbit

Systems

Ltd.

.............

313

41,261

ICL

Group

Ltd.

................

9,360

47,780

Israel

Discount

Bank

Ltd.,

Class

A

..

15,549

60,036

Mizrahi

Tefahot

Bank

Ltd.

........

1,858

43,101

Security

Shares

Value

Israel

(continued)

Nice

Ltd.

(a)

..................

814

$

230,295

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(a)(d)

..................

13,352

128,847

Wix.com

Ltd.

(a)(d)

..............

657

164,224

1,147,883

Italy

—

2.1%

Amplifon

SpA

(a)

...............

1,578

65,592

Assicurazioni

Generali

SpA

.......

13,610

238,289

Atlantia

SpA

(a)

................

6,193

111,833

Davide

Campari-Milano

NV

.......

6,845

78,460

DiaSorin

SpA

................

323

67,440

Enel

SpA

...................

103,512

1,053,207

Eni

SpA

....................

32,371

337,944

Ferrari

NV

..................

1,618

375,281

FinecoBank

Banca

Fineco

SpA

(a)

...

7,920

130,617

Infrastrutture

Wireless

Italiane

SpA

(e)

.

3,081

37,349

Intesa

Sanpaolo

SpA

(a)

..........

211,959

501,012

Mediobanca

Banca

di

Credito

Finanziario

SpA

(a)

...........

8,248

76,350

Moncler

SpA

(a)

................

2,379

146,262

Nexi

SpA

(a)(e)

.................

5,591

111,256

Poste

Italiane

SpA

(e)

............

6,946

71,049

Prysmian

SpA

................

3,194

113,683

Recordati

Industria

Chimica

e

Farmaceutica

SpA

...........

1,390

77,296

Snam

SpA

..................

25,938

146,487

Telecom

Italia

SpA

.............

181,364

88,742

Terna

Rete

Elettrica

Nazionale

SpA

..

17,272

132,721

UniCredit

SpA

(a)

...............

27,234

255,166

4,216,036

Japan

—

25.1%

ABC-Mart,

Inc.

...............

400

22,241

Acom

Co.

Ltd.

................

5,300

22,630

Advantest

Corp.

...............

2,500

187,255

Aeon

Co.

Ltd.

................

8,100

265,732

Aeon

Mall

Co.

Ltd.

.............

1,400

23,122

AGC,

Inc.

(d)

..................

2,500

87,423

Air

Water,

Inc.

................

2,000

35,586

Aisin

Seiki

Co.

Ltd.

.............

1,900

56,980

Ajinomoto

Co.,

Inc.

.............

5,600

126,895

Alfresa

Holdings

Corp.

..........

2,500

45,823

Amada

Co.

Ltd.

...............

4,500

49,519

ANA

Holdings,

Inc.

.............

1,500

33,143

Asahi

Group

Holdings

Ltd.

(d)

.......

5,800

238,857

Asahi

Intecc

Co.

Ltd.

...........

2,300

84,008

Asahi

Kasei

Corp.

.............

15,700

160,927

Astellas

Pharma,

Inc.

...........

23,900

370,062

Azbil

Corp.

..................

1,600

87,523

Bandai

Namco

Holdings,

Inc.

......

2,500

216,502

Bank

of

Kyoto

Ltd.

(The)

.........

700

36,497

Bridgestone

Corp.

(d)

............

6,900

226,291

Brother

Industries

Ltd.

..........

3,000

61,930

Calbee,

Inc.

.................

1,100

33,159

Canon,

Inc.

(d)

.................

12,700

246,031

Capcom

Co.

Ltd.

..............

1,100

71,338

Casio

Computer

Co.

Ltd.

.........

2,600

47,581

Central

Japan

Railway

Co.

.......

1,800

254,526

Chiba

Bank

Ltd.

(The)

...........

6,300

34,765

Chubu

Electric

Power

Co.,

Inc.

.....

8,100

97,751

Chugai

Pharmaceutical

Co.

Ltd.

....

8,500

453,519

Chugoku

Electric

Power

Co.,

Inc.

(The)

3,700

43,421

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

1,400

21,868

Concordia

Financial

Group

Ltd.

....

14,300

50,444

Cosmos

Pharmaceutical

Corp.

.....

200

32,296

CyberAgent,

Inc.

..............

1,300

89,680

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

Japan

(continued)

Dai

Nippon

Printing

Co.

Ltd.

......

3,200

$

57,560

Daifuku

Co.

Ltd.

...............

1,300

160,869

Dai-ichi

Life

Holdings,

Inc.

........

14,000

210,916

Daiichi

Sankyo

Co.

Ltd.

..........

21,639

741,573

Daikin

Industries

Ltd.

...........

3,100

689,648

Daito

Trust

Construction

Co.

Ltd.

...

800

74,764

Daiwa

House

Industry

Co.

Ltd.

.....

7,200

214,076

Daiwa

House

REIT

Investment

Corp.

23

56,899

Daiwa

Securities

Group,

Inc.

......

18,500

84,264

Denso

Corp.

.................

5,600

333,316

Dentsu

Group,

Inc.

(d)

............

2,600

77,381

Disco

Corp.

..................

400

134,813

East

Japan

Railway

Co.

.........

3,800

253,519

Eisai

Co.

Ltd.

................

3,200

228,842

ENEOS

Holdings,

Inc.

..........

39,550

142,052

FANUC

Corp.

................

2,400

592,438

Fast

Retailing

Co.

Ltd.

..........

800

717,344

Fuji

Electric

Co.

Ltd.

............

1,600

57,754

FUJIFILM

Holdings

Corp.

........

4,600

242,659

Fujitsu

Ltd.

..................

2,500

361,339

Fukuoka

Financial

Group,

Inc.

.....

1,900

33,867

GLP

J-Reit

..................

47

74,167

GMO

Payment

Gateway,

Inc.

......

500

67,192

Hakuhodo

DY

Holdings,

Inc.

......

3,100

42,597

Hamamatsu

Photonics

KK

........

1,700

97,264

Hankyu

Hanshin

Holdings,

Inc.

.....

3,000

99,786

Harmonic

Drive

Systems,

Inc.

.....

500

44,743

Hikari

Tsushin,

Inc.

.............

200

46,927

Hino

Motors

Ltd.

..............

3,400

29,025

Hirose

Electric

Co.

Ltd.

..........

435

66,021

Hisamitsu

Pharmaceutical

Co.,

Inc.

..

500

29,720

Hitachi

Construction

Machinery

Co.

Ltd.

1,400

39,807

Hitachi

Ltd.

..................

12,100

477,579

Hitachi

Metals

Ltd.

.............

2,900

44,091

Honda

Motor

Co.

Ltd.

(d)

..........

20,500

578,434

Hoshizaki

Corp.

...............

700

64,277

Hoya

Corp.

..................

4,800

664,775

Hulic

Co.

Ltd.

................

4,000

44,001

Ibiden

Co.

Ltd.

................

1,300

60,771

Idemitsu

Kosan

Co.

Ltd.

.........

2,425

53,391

Iida

Group

Holdings

Co.

Ltd.

......

2,000

40,436

Inpex

Corp.

(d)

................

13,600

73,335

Isuzu

Motors

Ltd.

..............

7,300

69,493

Ito

En

Ltd.

...................

700

44,325

ITOCHU

Corp.

...............

16,900

486,046

Itochu

Techno-Solutions

Corp.

.....

1,300

46,420

Japan

Airlines

Co.

Ltd.

..........

1,500

28,926

Japan

Airport

Terminal

Co.

Ltd.

....

600

36,412

Japan

Exchange

Group,

Inc.

......

6,300

160,976

Japan

Post

Bank

Co.

Ltd.

........

5,400

44,386

Japan

Post

Holdings

Co.

Ltd.

......

19,800

154,225

Japan

Post

Insurance

Co.

Ltd.

.....

3,000

61,512

Japan

Real

Estate

Investment

Corp.

.

17

98,232

Japan

Retail

Fund

Investment

Corp.

.

35

63,698

Japan

Tobacco,

Inc.

(d)

...........

15,000

305,807

JFE

Holdings,

Inc.

.............

6,500

62,408

JSR

Corp.

..................

2,600

72,495

Kajima

Corp.

.................

6,000

80,490

Kakaku.com,

Inc.

..............

1,800

49,272

Kansai

Electric

Power

Co.,

Inc.

(The)

8,400

79,448

Kansai

Paint

Co.

Ltd.

...........

2,400

73,981

Kao

Corp.

...................

6,100

471,263

KDDI

Corp.

..................

20,600

610,795

Keihan

Holdings

Co.

Ltd.

.........

1,300

62,326

Keikyu

Corp.

.................

2,900

49,751

Keio

Corp.

..................

1,200

93,102

Security

Shares

Value

Japan

(continued)

Keisei

Electric

Railway

Co.

Ltd.

....

1,700

$

57,545

Keyence

Corp.

...............

2,356

1,325,290

Kikkoman

Corp.

...............

1,700

118,315

Kintetsu

Group

Holdings

Co.

Ltd.

...

2,100

92,033

Kirin

Holdings

Co.

Ltd.

(d)

.........

10,400

245,575

Kobayashi

Pharmaceutical

Co.

Ltd.

..

600

73,336

Kobe

Bussan

Co.

Ltd.

...........

1,600

49,160

Koei

Tecmo

Holdings

Co.

Ltd.

.....

600

36,629

Koito

Manufacturing

Co.

Ltd.

......

1,400

95,278

Komatsu

Ltd.

................

11,200

309,101

Konami

Holdings

Corp.

..........

1,200

67,519

Kose

Corp.

..................

400

68,352

Kubota

Corp.

(d)

...............

13,000

284,019

Kuraray

Co.

Ltd.

..............

4,200

44,718

Kurita

Water

Industries

Ltd.

.......

1,300

49,692

Kyocera

Corp.

................

4,100

251,652

Kyowa

Kirin

Co.

Ltd.

............

3,500

95,578

Kyushu

Electric

Power

Co.,

Inc.

....

5,000

43,134

Kyushu

Railway

Co.

............

2,100

45,303

Lasertec

Corp.

...............

1,000

117,373

Lawson,

Inc.

.................

700

32,575

Lion

Corp.

..................

3,000

72,674

LIXIL

Group

Corp.

.............

3,500

75,903

M3,

Inc.

....................

5,600

529,017

Makita

Corp.

.................

2,700

135,424

Marubeni

Corp.

...............

21,200

141,243

Marui

Group

Co.

Ltd.

...........

2,500

44,025

Mazda

Motor

Corp.

............

7,600

50,874

McDonald's

Holdings

Co.

Japan

Ltd.

.

900

43,615

Medipal

Holdings

Corp.

..........

2,300

43,252

MEIJI

Holdings

Co.

Ltd.

.........

1,300

91,494

Mercari,

Inc.

(a)

................

1,000

44,329

MINEBEA

MITSUMI,

Inc.

........

4,600

91,516

MISUMI

Group,

Inc.

............

3,400

111,613

Mitsubishi

Chemical

Holdings

Corp.

.

15,800

95,722

Mitsubishi

Corp.

...............

16,800

414,151

Mitsubishi

Electric

Corp.

.........

22,900

346,103

Mitsubishi

Estate

Co.

Ltd.

........

15,000

241,093

Mitsubishi

Gas

Chemical

Co.,

Inc.

..

2,200

50,590

Mitsubishi

Heavy

Industries

Ltd.

....

4,000

122,504

Mitsubishi

UFJ

Financial

Group,

Inc.

.

154,260

683,005

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

.....................

5,400

25,930

Mitsui

&

Co.

Ltd.

..............

20,800

381,353

Mitsui

Chemicals,

Inc.

...........

2,400

70,501

Mitsui

Fudosan

Co.

Ltd.

.........

11,900

249,181

Miura

Co.

Ltd.

................

1,100

61,411

Mizuho

Financial

Group,

Inc.

......

30,370

385,462

MonotaRO

Co.

Ltd.

............

1,700

86,341

MS&AD

Insurance

Group

Holdings,

Inc.

5,600

170,380

Murata

Manufacturing

Co.

Ltd.

.....

7,300

660,866

Nabtesco

Corp.

...............

1,500

65,839

Nagoya

Railroad

Co.

Ltd.

........

2,400

63,326

NEC

Corp.

..................

3,200

171,871

Nexon

Co.

Ltd.

...............

5,900

182,044

NGK

Insulators

Ltd.

............

3,500

54,081

NGK

Spark

Plug

Co.

Ltd.

........

2,100

35,862

NH

Foods

Ltd.

................

900

39,640

Nidec

Corp.

.................

5,600

708,445

Nihon

M&A

Center,

Inc.

..........

1,900

127,059

Nintendo

Co.

Ltd.

..............

1,400

898,718

Nippon

Building

Fund,

Inc.

........

17

98,595

Nippon

Express

Co.

Ltd.

.........

800

53,813

Nippon

Paint

Holdings

Co.

Ltd.

.....

1,900

208,777

Nippon

Prologis

REIT,

Inc.

........

27

84,350

Nippon

Sanso

Holdings

Corp.

.....

1,700

31,623

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

Index

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

Japan

(continued)

Nippon

Shinyaku

Co.

Ltd.

........

600

$

39,384

Nippon

Steel

Corp.

(a)

...........

9,900

127,682

Nippon

Telegraph

&

Telephone

Corp.

16,200

415,676

Nippon

Yusen

KK

..............

2,000

46,662

Nissan

Chemical

Corp.

..........

1,500

94,057

Nissan

Motor

Co.

Ltd.

...........

28,700

155,566

Nisshin

Seifun

Group,

Inc.

........

2,600

41,417

Nissin

Foods

Holdings

Co.

Ltd.

....

800

68,572

Nitori

Holdings

Co.

Ltd.

..........

1,000

209,102

Nitto

Denko

Corp.

.............

1,900

170,202

Nomura

Holdings,

Inc.

..........

40,200

212,540

Nomura

Real

Estate

Holdings,

Inc.

..

1,700

37,695

Nomura

Real

Estate

Master

Fund,

Inc.

52

74,414

Nomura

Research

Institute

Ltd.

....

4,010

143,452

NSK

Ltd.

...................

4,800

41,773

NTT

Data

Corp.

...............

7,700

105,400

Obayashi

Corp.

...............

8,600

74,257

Obic

Co.

Ltd.

.................

900

180,880

Odakyu

Electric

Railway

Co.

Ltd.

...

3,900

122,492

Oji

Holdings

Corp.

.............

11,600

66,040

Olympus

Corp.

...............

14,900

326,219

Omron

Corp.

.................

2,400

214,251

Ono

Pharmaceutical

Co.

Ltd.

......

4,700

141,634

Oracle

Corp.

Japan

............

500

65,177

Oriental

Land

Co.

Ltd.

..........

2,500

413,078

ORIX

Corp.

..................

16,600

255,376

Orix

JREIT,

Inc.

...............

31

51,284

Osaka

Gas

Co.

Ltd.

............

5,000

102,488

Otsuka

Corp.

................

1,400

73,846

Otsuka

Holdings

Co.

Ltd.

(d)

.......

4,900

209,947

Pan

Pacific

International

Holdings

Corp.

5,300

122,450

Panasonic

Corp.

..............

27,600

321,740

PeptiDream,

Inc.

(a)

.............

1,200

61,040

Persol

Holdings

Co.

Ltd.

.........

2,400

43,360

Pigeon

Corp.

.................

1,300

53,655

Pola

Orbis

Holdings,

Inc.

.........

1,200

24,368

Rakuten,

Inc.

................

11,400

109,700

Recruit

Holdings

Co.

Ltd.

........

17,200

722,451

Renesas

Electronics

Corp.

(a)

......

9,700

101,530

Resona

Holdings,

Inc.

..........

27,800

97,321

Ricoh

Co.

Ltd.

................

8,900

58,525

Rinnai

Corp.

.................

400

46,497

Rohm

Co.

Ltd.

................

1,100

106,635

Ryohin

Keikaku

Co.

Ltd.

.........

3,000

61,394

Santen

Pharmaceutical

Co.

Ltd.

....

4,400

71,462

SBI

Holdings,

Inc.

.............

2,945

70,059

SCSK

Corp.

.................

700

40,030

Secom

Co.

Ltd.

...............

2,700

249,080

Sega

Sammy

Holdings,

Inc.

.......

2,268

35,802

Seibu

Holdings,

Inc.

............

2,600

25,505

Seiko

Epson

Corp.

.............

3,700

54,982

Sekisui

Chemical

Co.

Ltd.

........

4,300

81,534

Sekisui

House

Ltd.

.............

7,800

158,900

Seven

&

i

Holdings

Co.

Ltd.

.......

9,640

341,358

SG

Holdings

Co.

Ltd.

...........

4,200

114,518

Sharp

Corp.

.................

2,300

34,947

Shimadzu

Corp.

...............

2,700

104,949

Shimamura

Co.

Ltd.

............

200

21,015

Shimano,

Inc.

................

900

210,671

Shimizu

Corp.

................

7,300

53,139

Shin-Etsu

Chemical

Co.

Ltd.

......

4,500

789,821

Shinsei

Bank

Ltd.

..............

2,100

25,943

Shionogi

&

Co.

Ltd.

............

3,300

180,416

Shiseido

Co.

Ltd.

..............

5,100

353,044

Shizuoka

Bank

Ltd.

(The)

........

5,700

41,840

SMC

Corp.

..................

700

427,516

Security

Shares

Value

Japan

(continued)

SoftBank

Corp.

...............

36,600

$

459,403

SoftBank

Group

Corp.

(d)

.........

19,900

1,544,938

Sohgo

Security

Services

Co.

Ltd.

...

900

46,688

Sompo

Holdings,

Inc.

...........

4,100

166,226

Sony

Corp.

..................

15,900

1,602,213

Square

Enix

Holdings

Co.

Ltd.

.....

1,200

72,757

Stanley

Electric

Co.

Ltd.

.........

1,800

58,067

Subaru

Corp.

................

7,800

156,070

SUMCO

Corp.

................

3,100

68,071

Sumitomo

Chemical

Co.

Ltd.

......

20,000

80,616

Sumitomo

Corp.

..............

15,000

198,794

Sumitomo

Dainippon

Pharma

Co.

Ltd.

2,100

31,037

Sumitomo

Electric

Industries

Ltd.

...

9,200

121,907

Sumitomo

Metal

Mining

Co.

Ltd.

....

2,800

124,547

Sumitomo

Mitsui

Financial

Group,

Inc.

16,600

514,569

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.

4,100

126,504

Sumitomo

Realty

&

Development

Co.

Ltd.

.....................

3,800

117,317

Sundrug

Co.

Ltd.

..............

1,000

39,967

Suntory

Beverage

&

Food

Ltd.

(d)

....

1,800

63,755

Suzuken

Co.

Ltd.

..............

700

25,322

Suzuki

Motor

Corp.

............

4,600

213,235

Sysmex

Corp.

................

2,000

240,653

T&D

Holdings,

Inc.

.............

6,400

75,705

Taiheiyo

Cement

Corp.

..........

1,600

40,079

Taisei

Corp.

.................

2,500

86,246

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

.....................

500

33,716

Takeda

Pharmaceutical

Co.

Ltd.

....

19,971

722,738

TDK

Corp.

..................

1,600

241,414

Teijin

Ltd.

...................

2,400

45,163

Terumo

Corp.

................

8,100

338,955

THK

Co.

Ltd.

.................

1,600

51,745

TIS,

Inc.

....................

2,900

59,449

Tobu

Railway

Co.

Ltd.

...........

2,500

74,541

Toho

Co.

Ltd.

................

1,500

63,268

Toho

Gas

Co.

Ltd.

.............

1,000

66,250

Tohoku

Electric

Power

Co.,

Inc.

....

5,700

47,043

Tokio

Marine

Holdings,

Inc.

.......

8,100

417,325

Tokyo

Century

Corp.

............

600

47,615

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(a)

....................

19,200

50,715

Tokyo

Electron

Ltd.

............

1,900

709,769

Tokyo

Gas

Co.

Ltd.

............

4,800

111,097

Tokyu

Corp.

.................

6,600

82,005

Tokyu

Fudosan

Holdings

Corp.

.....

6,800

36,323

Toppan

Printing

Co.

Ltd.

.........

3,300

46,601

Toray

Industries,

Inc.

...........

18,400

109,138

Toshiba

Corp.

................

5,000

140,042

Tosoh

Corp.

.................

3,500

54,685

TOTO

Ltd.

..................

1,700

102,320

Toyo

Suisan

Kaisha

Ltd.

.........

1,000

48,667

Toyoda

Gosei

Co.

Ltd.

..........

900

26,113

Toyota

Industries

Corp.

..........

1,900

150,957

Toyota

Motor

Corp.

(d)

...........

26,800

2,068,159

Toyota

Tsusho

Corp.

............

2,800

113,306

Trend

Micro,

Inc.

(d)

.............

1,600

92,117

Tsuruha

Holdings,

Inc.

..........

500

71,102

Unicharm

Corp.

...............

5,100

241,873

United

Urban

Investment

Corp.

....

39

48,283

USS

Co.

Ltd.

.................

2,900

58,641

Welcia

Holdings

Co.

Ltd.

.........

1,200

45,267

West

Japan

Railway

Co.

.........

2,100

109,956

Yakult

Honsha

Co.

Ltd.

..........

1,500

75,648

Yamada

Holdings

Co.

Ltd.

........

8,400

44,629

Yamaha

Corp.

................

1,800

106,064

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

Japan

(continued)

Yamaha

Motor

Co.

Ltd.

..........

3,700

$

75,521

Yamato

Holdings

Co.

Ltd.

........

4,100

104,684

Yamazaki

Baking

Co.

Ltd.

........

1,600

26,722

Yaskawa

Electric

Corp.

..........

2,900

144,581

Yokogawa

Electric

Corp.

.........

3,000

59,836

Z

Holdings

Corp.

..............

33,400

202,111

ZOZO,

Inc.

..................

1,400

34,488

50,844,226

Jordan

—

0.0%

Hikma

Pharmaceuticals

plc

.......

1,866

64,136

Luxembourg

—

0.2%

ArcelorMittal

SA

(a)(d)

............

8,720

199,426

Eurofins

Scientific

SE

(a)

..........

1,690

141,693

SES

SA,

FDR

................

4,843

45,452

386,571

Macau

—

0.2%

Galaxy

Entertainment

Group

Ltd.

...

26,000

202,398

Sands

China

Ltd.

..............

30,400

132,769

SJM

Holdings

Ltd.

.............

26,000

29,151

Wynn

Macau

Ltd.

(a)

............

20,800

34,995

399,313

Mexico

—

0.0%

Fresnillo

plc

.................

2,334

36,050

Netherlands

—

4.3%

ABN

AMRO

Bank

NV,

CVA

(e)

......

5,624

55,109

Adyen

NV

(a)(e)

................

232

539,062

Aegon

NV

...................

23,684

94,472

Akzo

Nobel

NV

...............

2,463

264,365

Altice

Europe

NV

(a)

.............

6,672

43,213

Argenx

SE

(a)

.................

570

167,968

ASML

Holding

NV

.............

5,393

2,611,168

EXOR

NV

...................

1,319

107,139

Heineken

Holding

NV

...........

1,432

134,791

Heineken

NV

................

3,261

363,402

ING

Groep

NV

................

49,047

456,031

JDE

Peet's

NV

(a)

..............

950

43,092

Koninklijke

Ahold

Delhaize

NV

.....

13,979

394,366

Koninklijke

DSM

NV

............

2,211

380,228

Koninklijke

KPN

NV

............

44,704

135,869

Koninklijke

Philips

NV

(a)

..........

11,695

629,981

Koninklijke

Vopak

NV

...........

935

49,105

NN

Group

NV

(d)

...............

3,735

161,465

Randstad

NV

(a)

...............

1,393

90,173

Royal

Dutch

Shell

plc,

Class

A

.....

51,935

910,753

Royal

Dutch

Shell

plc,

Class

B

.....

46,814

793,437

Wolters

Kluwer

NV

.............

3,540

298,660

8,723,849

New

Zealand

—

0.4%

a2

Milk

Co.

Ltd.

(The)

(a)

..........

9,034

78,573

Auckland

International

Airport

Ltd.

..

15,598

85,300

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

7,121

169,115

Mercury

NZ

Ltd.

...............

8,325

39,179

Meridian

Energy

Ltd.

...........

17,039

91,254

Ryman

Healthcare

Ltd.

..........

5,318

58,344

Spark

New

Zealand

Ltd.

.........

21,630

73,265

Xero

Ltd.

(a)

..................

1,538

174,562

769,592

Norway

—

0.5%

DNB

ASA

...................

11,820

231,620

Equinor

ASA

.................

12,472

210,484

Gjensidige

Forsikring

ASA

........

2,659

59,347

Mowi

ASA

...................

5,540

123,409

Security

Shares

Value

Norway

(continued)

Norsk

Hydro

ASA

..............

17,881

$

83,220

Orkla

ASA

...................

8,866

90,011

Schibsted

ASA,

Class

A

(a)

........

958

40,830

Schibsted

ASA,

Class

B

(a)

........

1,303

48,368

Telenor

ASA

.................

8,961

152,111

1,039,400

Portugal

—

0.2%

EDP

-

Energias

de

Portugal

SA

....

34,499

216,533

Galp

Energia

SGPS

SA

.........

6,665

70,625

Jeronimo

Martins

SGPS

SA

.......

3,347

56,262

343,420

Russia

—

0.0%

Evraz

plc

...................

6,748

43,126

Singapore

—

1.0%

Ascendas

REIT

...............

43,590

98,403

CapitaLand

Integrated

Commercial

Trust

....................

58,083

94,990

CapitaLand

Ltd.

...............

34,092

84,591

City

Developments

Ltd.

(d)

.........

5,431

32,739

DBS

Group

Holdings

Ltd.

........

22,867

433,346

Genting

Singapore

Ltd.

..........

80,400

51,781

Keppel

Corp.

Ltd.

..............

17,302

70,460

Mapletree

Commercial

Trust

......

22,200

35,786

Mapletree

Logistics

Trust

........

34,747

52,884

Oversea-Chinese

Banking

Corp.

Ltd.

42,535

324,138

Singapore

Airlines

Ltd.

(a)

.........

18,000

58,405

Singapore

Exchange

Ltd.

........

9,500

66,728

Singapore

Technologies

Engineering

Ltd.

(d)

....................

20,781

60,142

Singapore

Telecommunications

Ltd.

.

106,950

186,750

Suntec

REIT

.................

24,100

27,180

United

Overseas

Bank

Ltd.

.......

15,059

256,672

UOL

Group

Ltd.

...............

5,646

32,922

Venture

Corp.

Ltd.

.............

3,600

52,934

2,020,851

South

Africa

—

0.3%

Anglo

American

plc

............

15,766

520,628

Spain

—

2.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

...............

3,308

109,902

Aena

SME

SA

(a)(e)

..............

884

153,683

Amadeus

IT

Group

SA

..........

5,504

406,290

Banco

Bilbao

Vizcaya

Argentaria

SA

.

84,819

420,414

Banco

Santander

SA

...........

220,241

686,786

CaixaBank

SA

................

47,036

120,896

Cellnex

Telecom

SA

(e)

...........

4,016

241,173

Enagas

SA

..................

3,015

66,329

Endesa

SA

..................

4,163

114,187

Ferrovial

SA

.................

6,295

174,060

Grifols

SA

...................

3,727

108,815

Iberdrola

SA

.................

75,535

1,085,460

Industria

de

Diseno

Textil

SA

......

13,883

440,644

Naturgy

Energy

Group

SA

........

3,421

79,552

Red

Electrica

Corp.

SA

..........

5,673

116,473

Repsol

SA

..................

19,463

196,073

Siemens

Gamesa

Renewable

Energy

SA

.....................

3,170

128,722

Telefonica

SA

................

62,055

246,832

Telefonica

SA

(a)

...............

3,447

13,711

4,910,002

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

Index

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

Sweden

—

3.2%

Alfa

Laval

AB

(a)

...............

3,904

$

107,815

Assa

Abloy

AB,

Class

B

.........

12,747

315,004

Atlas

Copco

AB,

Class

A

.........

8,546

439,234

Atlas

Copco

AB,

Class

B

.........

5,070

227,579

Boliden

AB

..................

3,348

118,778

Electrolux

AB

................

2,964

68,963

Epiroc

AB,

Class

A

.............

8,142

147,979

Epiroc

AB,

Class

B

.............

5,188

87,582

EQT

AB

....................

3,058

77,623

Essity

AB,

Class

B

.............

7,695

247,927

Evolution

Gaming

Group

AB

(e)

.....

2,031

204,186

Fastighets

AB

Balder,

Class

B

(a)

....

1,283

66,991

Hennes

&

Mauritz

AB,

Class

B

.....

10,224

214,623

Hexagon

AB,

Class

B

...........

3,495

320,429

Husqvarna

AB,

Class

B

..........

5,551

72,041

ICA

Gruppen

AB

..............

1,291

64,577

Industrivarden

AB,

Class

A

(a)

......

1,354

45,111

Industrivarden

AB,

Class

C

(a)

......

1,883

60,863

Investment

AB

Latour,

Class

B

.....

1,900

46,023

Investor

AB,

Class

B

............

5,739

417,704

Kinnevik

AB,

Class

B

(a)

..........

3,118

156,638

L

E

Lundbergforetagen

AB,

Class

B

(a)

1,010

54,185

Lundin

Energy

AB

.............

2,489

67,458

Nibe

Industrier

AB,

Class

B

.......

4,003

131,274

Sandvik

AB

(a)

.................

14,218

350,667

Securitas

AB,

Class

B

...........

4,163

67,164

Skandinaviska

Enskilda

Banken

AB,

Class

A

(a)

.................

20,626

212,396

Skanska

AB,

Class

B

...........

4,093

104,306

SKF

AB,

Class

B

..............

5,029

130,851

Svenska

Cellulosa

AB

SCA,

Class

B

(a)

7,777

135,974

Svenska

Handelsbanken

AB,

Class

A

(a)

19,458

196,137

Swedbank

AB,

Class

A

(a)

.........

11,445

200,750

Swedish

Match

AB

.............

2,029

157,898

Tele2

AB,

Class

B

.............

6,403

84,699

Telefonaktiebolaget

LM

Ericsson,

Class

B

......................

36,722

436,825

Telia

Co.

AB

.................

32,316

133,460

Volvo

AB,

Class

B

(a)

............

18,042

427,110

6,398,824

Switzerland

—

9.7%

ABB

Ltd.

(Registered)

...........

23,413

656,716

Adecco

Group

AG

(Registered)

....

1,862

124,015

Alcon,

Inc.

(a)

.................

6,161

409,067

Baloise

Holding

AG

(Registered)

(d)

..

592

105,182

Banque

Cantonale

Vaudoise

(Registered)

...............

386

42,016

Barry

Callebaut

AG

(Registered)

....

35

83,410

Chocoladefabriken

Lindt

&

Spruengli

AG

.....................

13

126,714

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

............

2

200,882

Cie

Financiere

Richemont

SA

(Registered)

...............

6,606

596,799

Clariant

AG

(Registered)

.........

2,648

56,180

Coca-Cola

HBC

AG

............

2,617

84,746

Credit

Suisse

Group

AG

(Registered)

31,168

402,406

EMS-Chemie

Holding

AG

(Registered)

98

94,272

Geberit

AG

(Registered)

.........

468

292,954

Givaudan

SA

(Registered)

........

118

499,237

Julius

Baer

Group

Ltd.

..........

2,750

158,432

Kuehne

+

Nagel

International

AG

(Registered)

...............

667

151,355

LafargeHolcim

Ltd.

(Registered)

(a)

...

6,525

358,143

Logitech

International

SA

(Registered)

2,111

204,968

Lonza

Group

AG

(Registered)

.....

939

604,873

Security

Shares

Value

Switzerland

(continued)

Nestle

SA

(Registered)

..........

36,502

$

4,314,949

Novartis

AG

(Registered)

........

28,132

2,648,851

Partners

Group

Holding

AG

.......

230

270,260

Roche

Holding

AG

.............

8,889

3,096,026

Schindler

Holding

AG

...........

508

137,382

Schindler

Holding

AG

(Registered)

..

268

72,439

SGS

SA

(Registered)

...........

75

226,078

Sika

AG

(Registered)

...........

1,809

493,121

Sonova

Holding

AG

(Registered)

(a)

..

696

181,025

STMicroelectronics

NV

..........

8,187

302,884

Straumann

Holding

AG

(Registered)

.

128

149,942

Swatch

Group

AG

(The)

.........

377

102,485

Swatch

Group

AG

(The)

(Registered)

521

27,494

Swiss

Life

Holding

AG

(Registered)

(a)

376

175,393

Swiss

Prime

Site

AG

(Registered)

...

947

92,836

Swiss

Re

AG

.................

3,620

341,052

Swisscom

AG

(Registered)

.......

329

177,179

Temenos

AG

(Registered)

........

803

111,882

UBS

Group

AG

(Registered)

......

46,326

652,263

Vifor

Pharma

AG

..............

605

95,089

Zurich

Insurance

Group

AG

.......

1,904

802,386

19,723,383

United

Kingdom

—

11.7%

3i

Group

plc

.................

12,301

194,564

Admiral

Group

plc

.............

2,316

91,579

Ashtead

Group

plc

.............

5,620

264,708

Associated

British

Foods

plc

(a)

.....

4,434

136,898

AstraZeneca

plc

..............

16,683

1,663,517

Auto

Trader

Group

plc

(e)

.........

12,141

98,825

AVEVA

Group

plc

..............

1,463

63,873

Aviva

plc

...................

48,823

217,166

BAE

Systems

plc

..............

41,041

273,693

Barclays

plc

.................

220,316

441,975

Barratt

Developments

plc

........

13,463

123,080

Berkeley

Group

Holdings

plc

......

1,532

99,101

BP

plc

.....................

257,580

888,842

British

American

Tobacco

plc

......

29,178

1,083,579

British

Land

Co.

plc

(The)

........

11,235

75,247

BT

Group

plc

(a)

...............

114,493

206,369

Bunzl

plc

...................

4,215

140,730

Burberry

Group

plc

(a)

...........

5,393

131,698

CK

Hutchison

Holdings

Ltd.

.......

34,159

238,492

CNH

Industrial

NV

(a)

............

12,504

157,181

Coca-Cola

European

Partners

plc

(d

)

.

2,626

130,854

Compass

Group

plc

............

22,896

427,041

Croda

International

plc

..........

1,574

141,550

DCC

plc

....................

1,289

91,213

Diageo

plc

..................

29,615

1,171,829

Direct

Line

Insurance

Group

plc

....

18,282

79,960

Entain

plc

...................

7,296

113,167

Experian

plc

.................

11,682

443,783

Fiat

Chrysler

Automobiles

NV

(a)

....

13,464

243,242

GlaxoSmithKline

plc

............

63,846

1,168,252

Halma

plc

...................

4,761

159,447

Hargreaves

Lansdown

plc

........

4,262

88,744

HSBC

Holdings

plc

............

258,380

1,334,595

Imperial

Brands

plc

............

12,079

253,352

Informa

plc

..................

19,097

142,795

InterContinental

Hotels

Group

plc

...

2,282

147,908

Intertek

Group

plc

.............

2,023

156,257

J

Sainsbury

plc

...............

23,366

71,820

JD

Sports

Fashion

plc

(a)

.........

5,572

65,461

Johnson

Matthey

plc

...........

2,573

85,245

Kingfisher

plc

(a)

...............

26,020

96,148

Land

Securities

Group

plc

........

9,146

84,473

Legal

&

General

Group

plc

.......

76,613

279,209

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Value

United

Kingdom

(continued)

Lloyds

Banking

Group

plc

........

888,339

$

442,888

London

Stock

Exchange

Group

plc

..

4,034

497,943

M&G

plc

....................

33,500

90,422

Melrose

Industries

plc

(a)

.........

59,712

145,482

Mondi

plc

...................

6,082

142,513

National

Grid

plc

..............

44,311

523,642

Natwest

Group

plc

.............

59,808

136,720

Next

plc

(a)

...................

1,623

156,500

Ocado

Group

plc

(a)

.............

5,933

185,526

Pearson

plc

.................

9,180

84,256

Persimmon

plc

...............

4,139

156,217

Phoenix

Group

Holdings

plc

......

6,962

66,717

Prudential

plc

................

32,831

603,695

Reckitt

Benckiser

Group

plc

.......

9,018

804,894

RELX

plc

...................

24,673

603,684

Rentokil

Initial

plc

..............

23,374

162,968

Rolls-Royce

Holdings

plc

(a)

.......

107,406

162,551

RSA

Insurance

Group

plc

........

13,648

126,501

Sage

Group

plc

(The)

...........

13,453

106,820

Schroders

plc

................

1,653

75,370

Segro

plc

...................

13,815

179,260

Severn

Trent

plc

..............

3,146

98,212

Smith

&

Nephew

plc

............

11,036

229,245

Smiths

Group

plc

..............

5,262

108,234

Spirax-Sarco

Engineering

plc

......

917

141,552

SSE

plc

....................

12,985

265,974

St.

James's

Place

plc

...........

7,035

108,860

Standard

Chartered

plc

..........

34,388

218,362

Standard

Life

Aberdeen

plc

.......

28,351

108,669

Taylor

Wimpey

plc

.............

39,831

90,096

Tesco

plc

...................

122,577

386,824

Unilever

plc

..................

14,852

890,729

Unilever

plc

..................

18,541

1,122,678

United

Utilities

Group

plc

.........

8,430

103,107

Vodafone

Group

plc

............

340,361

559,039

Whitbread

plc

(a)

...............

2,676

113,346

Wm

Morrison

Supermarkets

plc

....

29,757

72,003

WPP

plc

....................

15,652

169,605

23,808,566

United

States

—

0.4%

CyberArk

Software

Ltd.

(a)

.........

497

80,310

Ferguson

plc

.................

2,822

342,874

James

Hardie

Industries

plc,

CDI

(a)

..

5,471

162,144

QIAGEN

NV

(a)

................

2,837

147,124

Security

Shares

Value

United

States

(continued)

Tenaris

SA

..................

6,279

$

50,884

783,336

Total

Common

Stocks

—

98.4%

(Cost:

$178,499,681)

.............................

199,340,860

Preferred

Securities

—

0.6%

Preferred

Stocks

—

0.6%

Germany

—

0.6%

Bayerische

Motoren

Werke

AG

(Preference)

...............

733

49,379

Fuchs

Petrolub

SE

(Preference)

....

924

52,134

Henkel

AG

&

Co.

KGaA

(Preference)

2,243

252,908

Porsche

Automobil

Holding

SE

(Preference)

...............

1,910

131,937

Sartorius

AG

(Preference)

........

451

189,952

Volkswagen

AG

(Preference)

......

2,362

441,420

1,117,730

Total

Preferred

Stocks

—

0.6%  

(Cost:

$687,720)

................................

1,117,730

Rights

—

0.0%

Spain

—

0.0%

Repsol

SA

(a)

.................

19,463

6,674

Total

Rights

—

0.0%

(Cost:

$6,968)

.................................

6,674

Total

Long-Term

Investments

—

99.0%

(Cost:

$179,194,369)

.............................

200,465,264

Short-Term

Securities

—

3.2%

(f)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

......

207,683

207,683

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(g)

.............

6,377,328

6,379,240

Total

Short-Term

Securities

—

3.2%

(Cost:

$6,587,098)

..............................

6,586,923

Total

Investments

—

102.2%

(Cost:

$185,781,467)

.............................

207,052,187

Liabilities

in

Excess

of

Other

Assets

—

(2.2)%

............

(4,475,853)

Net

Assets

—

100.0%

..............................

$

202,576,334

(a)

Non-income

producing

security.

(b)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

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.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

cash

collateral

from

loaned

securities.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

Index

V.I.

Fund

14

Schedule

of

Investments

(continued)

December

31,

2020

*

Investments

in

issuers

considered

to

be

an

affiliate/affiliates

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

13,454

$

194,229

$

—

$

—

$

—

$

207,683

207,683

$

322

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

1,651,798

4,726,826

—

807

(191)

6,379,240

6,377,328

26,692

(b)

—

$

807

$

(191)

$

6,586,923

$

27,014

$

—

(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.

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

15

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

Nikkei

225

Index

..........................................................

3

03/11/21

$

399

$

15,424

SPI

200

Index

............................................................

2

03/18/21

252

(1,762)

EURO

STOXX

50

Index

.....................................................

16

03/19/21

694

7,619

FTSE

100

Index

..........................................................

4

03/19/21

351

(4,121)

$

17,160

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

23,043

$

—

$

—

$

—

$

23,043

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

5,883

—

—

—

5,883

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

673,895

$

—

$

—

$

—

$

673,895

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

23,122

—

—

—

23,122

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,109,414

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

Index

V.I.

Fund

16

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Australia

.............................................

$

—

$

15,988,782

$

3

$

15,988,785

Austria

..............................................

—

352,592

—

352,592

Belgium

.............................................

36,298

1,766,775

—

1,803,073

Brazil

...............................................

—

88,240

—

88,240

Chile

...............................................

—

102,863

—

102,863

China

...............................................

—

1,044,672

—

1,044,672

Denmark

.............................................

—

5,042,046

—

5,042,046

Finland

..............................................

—

2,446,279

—

2,446,279

France

..............................................

685,002

20,917,685

—

21,602,687

Germany

............................................

440,854

17,284,454

—

17,725,308

Hong

Kong

...........................................

125,094

5,454,696

—

5,579,790

Ireland

..............................................

267,004

1,118,329

—

1,385,333

Israel

...............................................

485,790

662,093

—

1,147,883

Italy

................................................

—

4,216,036

—

4,216,036

Japan

...............................................

—

50,844,226

—

50,844,226

Jordan

..............................................

—

64,136

—

64,136

Luxembourg

..........................................

141,693

244,878

—

386,571

Macau

..............................................

—

399,313

—

399,313

Mexico

..............................................

—

36,050

—

36,050

Netherlands

...........................................

845,958

7,877,891

—

8,723,849

New

Zealand

..........................................

—

769,592

—

769,592

Norway

..............................................

123,409

915,991

—

1,039,400

Portugal

.............................................

—

343,420

—

343,420

Russia

..............................................

—

43,126

—

43,126

Singapore

............................................

—

2,020,851

—

2,020,851

South

Africa

...........................................

—

520,628

—

520,628

Spain

...............................................

—

4,910,002

—

4,910,002

Sweden

.............................................

—

6,398,824

—

6,398,824

Switzerland

...........................................

—

19,723,383

—

19,723,383

United

Kingdom

........................................

1,253,532

22,555,034

—

23,808,566

United

States

..........................................

227,434

555,902

—

783,336

Preferred

Securities

......................................

—

1,117,730

—

1,117,730

Rights

................................................

6,674

—

—

6,674

Short-Term

Securities

.......................................

207,683

—

—

207,683

Subtotal

....................................................

$

4,846,425

$

195,826,519

$

3

$

200,672,947

Investments

valued

at

NAV

(a)

......................................

6,379,240

$

—

Total

Investments

..............................................

$

207,052,187

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

23,043

$

—

$

—

$

23,043

Liabilities:

Equity

contracts

...........................................

(5,883)

—

—

(5,883)

$

17,160

$

—

$

—

$

17,160

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

17

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$

3

,

918

,

114

)

(cost

—

$179,194,369)

...........................................

$

200,465,264‌

Investments

at

value

—

affiliated

(cost

—

$6,587,098)

.................................................................................

6,586,923‌

Cash

pledged

for

futures

contracts

..............................................................................................

153,444‌

Foreign

currency

at

value

(cost

—

$1,150,554)

......................................................................................

1,166,485‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

787‌

Capital

shares

sold

.......................................................................................................

58,363‌

Dividends

—

affiliated

.....................................................................................................

3‌

Dividends

—

unaffiliated

...................................................................................................

813,372‌

From

the

Manager

.......................................................................................................

2,323‌

Variation

margin

on

futures

contracts

...........................................................................................

11,404‌

Prepaid

expenses

.........................................................................................................

1,623‌

Total

assets

.............................................................................................................

209,259,991‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

6,378,366‌

Payables:

–‌

Accounting

services

fees

...................................................................................................

18,231‌

Capital

shares

redeemed

...................................................................................................

70,635‌

Custodian

fees

..........................................................................................................

37,177‌

Investment

advisory

fees

..................................................................................................

6,882‌

Directors'

and

Officer's

fees

.................................................................................................

2,399‌

Other

affiliate

fees

.......................................................................................................

1,967‌

Pricing

fees

............................................................................................................

33,151‌

Printing

and

postage

fees

..................................................................................................

48,322‌

Professional

fees

........................................................................................................

40,840‌

Transfer

agent

fees

......................................................................................................

19,859‌

Variation

margin

on

futures

contracts

...........................................................................................

9,323‌

Other

accrued

expenses

...................................................................................................

16,505‌

Total

liabilities

............................................................................................................

6,683,657‌

NET

ASSETS

............................................................................................................

$

202,576,334‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

185,334,532‌

Accumulated

earnings

......................................................................................................

17,241,802‌

NET

ASSETS

............................................................................................................

$

202,576,334‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

18

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

202,576,334‌

Shares

outstanding

.................................................................................................

20,350,476‌

Net

asset

value

....................................................................................................

$

9.95‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

19

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

322‌

Dividends

—

unaffiliated

...................................................................................................

4,604,872‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

26,692‌

Foreign

taxes

withheld

....................................................................................................

(375,610‌)

Total

investment

income

.....................................................................................................

4,256,276‌

EXPENSES

Printing

and

postage

.....................................................................................................

183,437‌

Investment

advisory

......................................................................................................

141,300‌

Transfer

agent

..........................................................................................................

99,855‌

License

..............................................................................................................

97,683‌

Professional

...........................................................................................................

72,747‌

Custodian

.............................................................................................................

70,850‌

Accounting

services

......................................................................................................

56,502‌

Directors

and

Officer

.....................................................................................................

10,911‌

Miscellaneous

..........................................................................................................

20,931‌

Total

expenses

...........................................................................................................

754,216‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(182,442‌)

Transfer

agent

fees

reimbursed

..............................................................................................

(94,842‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

476,932‌

Net

investment

income

......................................................................................................

3,779,344‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

10,597,502‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

807‌

Investments

—

unaffiliated

...............................................................................................

(3,407,671‌)

Foreign

currency

transactions

.............................................................................................

148,001‌

Futures

contracts

......................................................................................................

673,895‌

A

(2,584,968‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(191‌)

Investments

—

unaffiliated

...............................................................................................

13,095,626‌

Foreign

currency

translations

..............................................................................................

63,912‌

Futures

contracts

......................................................................................................

23,122‌

A

13,182,469‌

Net

realized

and

unrealized

gain

...............................................................................................

10,597,501‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

14,376,845‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

20

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

3,779,344‌

$

5,800,605‌

Net

realized

gain

(loss)

..............................................................................

(2,584,968‌)

253,535‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

13,182,469‌

29,879,893‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

14,376,845‌

35,934,033‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(3,860,018‌)

(6,321,048‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(4,306,715‌)

(3,875,905‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

6,210,112‌

25,737,080‌

Beginning

of

year

....................................................................................

196,366,222‌

170,629,142‌

End

of

year

........................................................................................

$

202,576,334‌

$

196,366,222‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

21

Financial

Highlights

BlackRock

International

Index

V.I.

Fund

(a)

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

9.39‌

$

7.98‌

$

14.28‌

$

11.84‌

$

12.21‌

Net

investment

income

(b)

.....................................

0.19‌

0.28‌

0.42‌

0.36‌

0.34‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.56‌

1.45‌

(2.40‌)

2.65‌

(0.24‌)

Net

increase

(decrease)

from

investment

operations

....................

0.75‌

1.73‌

(1.98‌)

3.01‌

0.10‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.19‌)

(0.31‌)

(0.64‌)

(0.40‌)

(0.35‌)

From

net

realized

gain

.......................................

—‌

(0.01‌)

(3.68‌)

(0.17‌)

(0.12‌)

Total

distributions

...........................................

(0.19‌)

(0.32‌)

(4.32‌)

(0.57‌)

(0.47‌)

Net

asset

value,

end

of

year

...................................

$

9.95‌

$

9.39‌

$

7.98‌

$

14.28‌

$

11.84‌

Total

Return

(d)

8.03%

21.58%

(13.70)%

25.40%

0.90%

Based

on

net

asset

value

......................................

8.03%

21.58%

(13.70)%

25.40%

0.90%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.43%

0.39%

0.31%

(e)

0.26%

0.42%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.27%

0.27%

0.24%

(e)

0.26%

(f)

0.42%

(f)

Net

investment

income

.......................................

2.14%

3.13%

3.00%

2.69%

2.83%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

202,576‌

$

196,366‌

$

170,629‌

$

334,241‌

$

275,529‌

Portfolio

turnover

rate

........................................

5%

3%

4%

4%

3%

(a)

On

October

29,

2018,

the

Fund

acquired

all

of

the

assets

and

assumed

certain

stated

liabilities

of

the

International

Equity

Index

Fund

(the

"Predecessor

Fund"),

a

series

of

State

Farm

Variable

Product

Trust,

through

a

tax-free

reorganization

(the

"Reorganization").

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.27%

and

0.24%,

respectively.

(f)

The

expense

ratio

includes

the

effect

of

expense

reimbursements

that

are

less

than

0.01%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

To

Shareholders

22

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

International

Index

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Taxes

withheld

that

are

reclaimable

under

applicable

foreign

tax

treaties

are

reflected

in

tax

reclaims

receivable.

Reclaim

amounts

for

which

collection

is

uncertain

are

recorded

upon

receipt.

Tax

reclaims

recorded

or

received

during

the

period

along

with

applicable

fees

associated

with

the

filings

of

tax

claims

that

result

in

the

recovery

of

foreign

withholding

taxes,

if

any,

are

included

in

the

Statement

of

Operations.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

the

Fund

are

charged

to

the

Fund.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.

Notes

to

Financial

Statements

(continued)

23

Notes

to

Financial

Statements

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

24

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

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

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

0.08%

of

the

average

daily

value

of

the

Fund’s

net

assets.

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $2,471

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

BofA

Securities,

Inc.

....................................................

$

57,132‌

$

(57,132‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

308,710‌

(308,710‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

134,200‌

(134,200‌)

—‌

Goldman

Sachs

&

Co.

..................................................

1,517,274‌

(1,517,274‌)

—‌

Jefferies

LLC

.........................................................

1,705,456‌

(1,705,456‌)

—‌

JP

Morgan

Securities

LLC

................................................

32,868‌

(32,868‌)

—‌

National

Financial

Services

LLC

............................................

162,474‌

(162,474‌)

—‌

$

3,918,114‌

$

(3,918,114‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

26

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$85.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

at

0.05%

of

average

daily

net

assets.

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

transfer

agent

fees

reimbursed

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

expense

reimbursements

were

$6,547.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitation

as

a

percentage

of

average

daily

net

assets is

0.27%.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/or

reimbursed

$182,357

and

$88,295,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed,

respectively,

in

the

Statement

of

Operations.

With

respect

to

the

contractual

expense

limitation,

if

during

the

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

the

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

the

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

October

26,

2025,

the

repayment

arrangement

between

the

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

the

Fund's

contractual

caps

on

net

expenses will

be terminated.

As

of December

31,

2020,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

are

as

follows:  

The

following

fund

level

and

class

specific

waivers

and/or

reimbursements

previously

recorded

by

the

Fund,

which

were

subject

to

recoupment

by

the

Manager,

expired

on

December

31,

2020:  

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Expiring

December

31,

2021

2022

Fund

Level

........................................................................................

$

170,201‌

$

182,357‌

Class

I

...........................................................................................

59,383‌

94,842‌

Fund

Level

...............................................................................................................

$

32,290‌

Class

I

..................................................................................................................

15,533‌

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold, the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $5,216

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

directors.

For

the

year ended

December

31,

2020,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $8,100,838

and

$11,625,345,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAVs

per

share.

As

of

period

end,

the

following

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

Purchases

...............................................................................................................

$

1,390,479‌

Sales

...................................................................................................................

1,198,061‌

Net

Realized

Gain

..........................................................................................................

335,599‌

Paid-in

capital

...........................................................................................................

$

3,203‌

Accumulated

e

arnings

.....................................................................................................

(3,203‌)

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

3,860,018‌

$

6,312,262‌

Long-term

capital

gains

........................................................................................

—‌

8,786‌

$

3,860,018‌

$

6,321,048‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

28

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Manager uses

a

“passive”

or

index

approach

to

try

to

achieve

the

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns. The

Manager does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

the

Manager.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

Undistributed

ordinary

income

.............................................................................................

$

313,732‌

Non-expiring

capital

loss

carryforwards

(a)

......................................................................................

(2,817,608‌)

Net

unrealized

gains

(losses)

(b)

............................................................................................

19,745,678‌

$

17,241,802‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

investments

in

passive

foreign

investment

companies,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

classification

of

investments

and

the

timing

and

recognition

of

partnership

income.

Tax

cost

...........................................................................................................

$

187,331,776‌

Gross

unrealized

appreciation

............................................................................................

$

76,223,245‌

Gross

unrealized

depreciation

............................................................................................

(56,489,172‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

19,734,073‌

Notes

to

Financial

Statements

(continued)

29

Notes

to

Financial

Statements

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

substantial

amount

of

its

assets

in

issuers

located

in

a

single

country

or

a

limit

ed

number

of

countries.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liq

uidity

of,

the

Fund's

portfolio

.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedule

of

Investments. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund's

investments. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

364,984‌

$

3,134,817‌

233,553‌

$

2,077,437‌

Shares

issued

in

reinvestment

of

distributions

........................

389,099‌

3,859,866‌

674,579‌

6,317,929‌

Shares

redeemed

.........................................

(1,309,269‌)

(11,301,398‌)

(1,379,661‌)

(12,271,271‌)

Net

decrease

..............................................

(555,186‌)

$

(4,306,715‌)

(471,529‌)

$

(3,875,905‌)

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

30

As

of

December

31,

2020,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

790

Class

I

Shares

of

the

Fund.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Report

of

Independent

Registered

Public

Accounting

Firm

31

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

International

Index

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

International

Index

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

each

of

the

two

years

in

the

period

ended

December

31,

2017

of

the

Fund

were

audited

by

other

auditors

whose

report

dated

February

23,

2018,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2020

BlackRock

Annual

Report

To

Shareholders

32

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

FDR

Fiduciary

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

International

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

International

V.I.

Fund

Investment

Objective

BlackRock

International

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

long-term

capital

growth.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

MSCI

All

Country

World

Index

ex

USA.

What

factors

influenced

performance?

The

most

significant

contributors

to

the

Fund's

relative

performance

were

stock

selection

decisions

in

the

materials

and

communication

services

sectors.

Stock

selection

within

health

care

also

contributed

to

Fund

performance.

Among

individual

stocks,

LG

Chem

Ltd.,

PayPal

Holdings,

Inc.,

and

SEA

Ltd.

were

the

top

relative

contributors.

South

Korean

electric-vehicle

battery

supplier

LG

Chem

saw

robust

demand

for

its

electric

vehicle

battery

technology

during

the

period,

producing

strong

financial

results.

U.S.

electronic

payments

company

PayPal

benefited

from

growth

in

e-commerce,

and

Singapore's

Sea

rallied

as

the

gaming

and

e-commerce

platform

provider

gave

more

details

on

its

investments

into

its

payments

business,

which

is

expected

to

be

a

key

driver

of

future

growth.

Conversely,

negative

stock

selection

in

the

financials

and

consumer

discretionary

sectors

was

the

only

relative

detractor

from

performance

during

the

period.

At

the

individual

stock

level,

Indusind

Bank

Ltd.,

ON

Semiconductor

Corp.

and

Banco

Comercial

Portugues

SA

were

the

most

significant

detractors.

Indusind

and

Banco

Comercial

Portugues

lagged

in

the

first

half

of

2020,

as

financials

were

the

second-worst

performing

sector

and

banks

with

exposure

to

emerging

markets

were

hit

the

hardest.

ON

Semiconductor

also

detracted

from

performance

in

the

first

half

of

the

period,

as

fears

of

a

global

growth

slowdown

put

pressure

on

the

semiconductor

industry.

Describe

recent

portfolio

activity.

The

Fund

was

active

in

making

portfolio

changes

in

an

environment

of

increased

volatility.

The

largest

change

to

the

Fund's

positioning

was

a

significant

increase

in

exposure

to

the

industrials

sector.

Exposure

to

consumer

staples

also

grew

moderately.

In

contrast,

the

Fund

exited

multiple

positions

in

the

financials

sector

and

reduced

its

real

estate

exposure

to

zero.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

largest

sector

overweight

positions

were

in

industrials,

communication

services

and

information

technology.

The

largest

underweight

exposures

were

in

financials,

health

care

and

utilities.

On

a

geographical

basis,

the

largest

overweight

exposures

were

in

the

United

States,

France

and

Brazil,

while

the

largest

underweight

allocations

were

in

China,

Australia

and

Taiwan.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

International

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

The

Fund

invests

primarily

in

stocks

of

companies

located

outside

the

U.S.

The

Fund’s

total

returns

prior

to

October

1,

2011

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

International

Value

V.I.

Fund.”

(c)

A

free

float-adjusted

market

capitalization

weighted

index

designed

to

measure

the

combined

equity

market

performance

of

developed

and

emerging

market

countries,

excluding

the

United

States.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

28.26‌%

21.32‌%

10.53‌%

6.37‌%

MSCI

All

Country

World

Index

ex

USA

............................................

24.33‌

10.65‌

8.93‌

4.92‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

October

1,

2011

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

International

Value

V.I.

Fund.”

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

International

V.I.

Fund

Portfolio

Information

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

...........................................

16‌

%

France

...........................................

12‌

United

States

......................................

12‌

United

Kingdom

.....................................

8‌

South

Korea

.......................................

5‌

Germany

.........................................

5‌

Brazil

............................................

5‌

Italy

.............................................

4‌

Switzerland

........................................

4‌

China

............................................

4‌

India

............................................

4‌

Ireland

...........................................

3‌

Iceland

...........................................

3‌

Russia

...........................................

3‌

Canada

..........................................

3‌

Sweden

..........................................

2‌

Mexico

...........................................

2‌

Netherlands

.......................................

2‌

Spain

............................................

2‌

Taiwan

...........................................

1‌

Short-Term

Securities

.................................

1‌

Liabilities

in

Excess

of

Other

Assets

.......................

(1‌)

Disclosure

of

Expenses

5

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,282.60

$

5.34

$

1,000.00

$

1,020.46

$

4.72

0.93%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

International

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

94.7%

Brazil

—

5.3%

(a)

Banco

do

Brasil

SA

............

477,272

$

3,587,980

Locaweb

Servicos

de

Internet

SA

(b)

..

119,199

1,854,346

5,442,326

Canada

—

3.4%

Canadian

National

Railway

Co.

....

31,773

3,493,058

China

—

4.0%

(a)(b)

Weimob

,

Inc.

.................

1,122,000

2,022,633

Wuxi

Biologics

Cayman,

Inc.

......

156,000

2,068,770

4,091,403

France

—

12.0%

L'Oreal

SA

..................

11,397

4,348,550

Schneider

Electric

SE

...........

17,354

2,508,129

Ubisoft

Entertainment

SA

(a)

.......

26,551

2,558,683

Worldline

SA

(a)(b)

..............

29,885

2,903,272

12,318,634

Iceland

—

2.5%

Marel

HF

(b)

..................

426,459

2,615,338

India

—

4.3%

Bharti

Airtel

Ltd.

...............

334,651

2,337,072

Reliance

Industries

Ltd.

.........

74,641

2,030,902

4,367,974

Ireland

—

2.4%

Ryanair

Holdings

plc,

ADR

(a)

......

22,811

2,508,754

Italy

—

3.7%

Intesa

Sanpaolo

SpA

(a)

..........

1,597,772

3,776,684

Japan

—

15.9%

FANUC

Corp.

................

18,000

4,443,284

Recruit

Holdings

Co.

Ltd.

........

139,900

5,876,214

Sony

Corp.

..................

59,900

6,036,008

16,355,506

Mexico

—

1.9%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(a)

.................

361,053

1,989,470

Netherlands

—

2.0%

Koninklijke

DSM

NV

............

12,169

2,092,717

Russia

—

3.1%

Sberbank

of

Russia

PJSC,

ADR

....

217,501

3,144,679

South

Korea

—

4.5%

LG

Chem

Ltd.

(a)

...............

6,047

4,598,241

Spain

—

2.4%

Cellnex

Telecom

SA

(b)

...........

40,947

2,458,989

Sweden

—

1.8%

Volvo

AB,

Class

B

(a)

............

76,120

1,801,997

Switzerland

—

4.0%

Roche

Holding

AG

.............

11,734

4,086,935

Taiwan

—

1.4%

Sea

Ltd.,

ADR

(a)(c)

..............

7,313

1,455,653

Security

Shares

Shares

Value

United

Kingdom

—

7.9%

Burberry

Group

plc

(a)

...........

73,905

$

1,804,768

Unilever

plc

..................

55,485

3,359,677

Vodafone

Group

plc

............

1,802,800

2,961,077

8,125,522

United

States

—

12.2%

Airbnb,

Inc.,

Class

A

(a)

...........

1,994

292,719

Cadence

Design

Systems,

Inc.

(a)

...

18,769

2,560,655

Marvell

Technology

Group

Ltd.

.....

33,871

1,610,228

Mondelez

International,

Inc.,

Class

A

.

36,143

2,113,281

Otis

Worldwide

Corp.

...........

34,786

2,349,794

PayPal

Holdings,

Inc.

(a)

..........

15,480

3,625,416

12,552,093

Total

Common

Stocks

—

94.7%

(Cost:

$71,985,304)

..............................

97,275,973

Preferred

Stocks

—

4.9%

Germany

—

4.9%

Volkswagen

AG

(Preference),

.....

26,946

5,035,773

Total

Preferred

Stocks

—

4.9%  

(Cost:

$5,124,336)

..............................

5,035,773

Total

Long-Term

Investments

—

99.6%

(Cost:

$77,109,640)

..............................

102,311,746

Short-Term

Securities

—

1.4%

Money

Market

Funds

—

1.4%

(d)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

......

753,853

753,853

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(e)

.............

710,241

710,454

Total

Money

Market

Funds

—

1.4%

(Cost:

$1,464,307)

..............................

1,464,307

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Canada

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 01/04/21

............

CAD

13

10,370

Total

Time

Deposits

—

0.0%

(Cost:

$10,370)

................................

10,370

Total

Short-Term

Securities

—

1.4%

(Cost:

$1,474,677)

..............................

1,474,677

Total

Investments

—

101.0%

(Cost:

$78,584,317)

..............................

103,786,423

Liabilities

in

Excess

of

Other

Assets

—

(1.0)%

............

(1,032,958)

Net

Assets

—

100.0%

..............................

$

102,753,465

(a)

Non-income

producing

security.

(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)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

BlackRock

International

V.I.

Fund

Schedule

of

Investments

7

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

2,069,868

$

—

$

(1,316,015)

$

—

$

—

$

753,853

753,853

$

4,159

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

.........

—

712,649

—

(2,195)

—

710,454

710,241

6,800

(b)

—

$

(2,195)

$

—

$

1,464,307

$

10,959

$

—

(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.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Brazil

...............................................

$

—

$

5,442,326

$

—

$

5,442,326

Canada

.............................................

3,493,058

—

—

3,493,058

China

...............................................

—

4,091,403

—

4,091,403

France

..............................................

—

12,318,634

—

12,318,634

Iceland

..............................................

2,615,338

—

—

2,615,338

India

...............................................

—

4,367,974

—

4,367,974

Ireland

..............................................

2,508,754

—

—

2,508,754

Italy

................................................

—

3,776,684

—

3,776,684

Japan

...............................................

—

16,355,506

—

16,355,506

Mexico

..............................................

1,989,470

—

—

1,989,470

Netherlands

...........................................

—

2,092,717

—

2,092,717

Russia

..............................................

—

3,144,679

—

3,144,679

South

Korea

..........................................

—

4,598,241

—

4,598,241

Spain

...............................................

—

2,458,989

—

2,458,989

Sweden

.............................................

—

1,801,997

—

1,801,997

Switzerland

...........................................

—

4,086,935

—

4,086,935

Taiwan

..............................................

1,455,653

—

—

1,455,653

United

Kingdom

........................................

3,359,677

4,765,845

—

8,125,522

United

States

..........................................

12,552,093

—

—

12,552,093

Preferred

Securities

......................................

—

5,035,773

—

5,035,773

Short-Term

Securities:

Money

Market

Funds

......................................

753,853

—

—

753,853

Time

Deposits

..........................................

—

10,370

—

10,370

Subtotal

....................................................

$

28,727,896

$

74,348,073

$

—

$

103,075,969

Investments

valued

at

NAV

(a)

......................................

710,454

$

—

Total

Investments

..............................................

$

103,786,423

$

—

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

8

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$704,438)

(cost

—

$77,120,010)

.............................................

$

102,322,116‌

Investments

at

value

—

affiliated

(cost

—

$1,464,307)

.................................................................................

1,464,307‌

Foreign

currency

at

value

(cost

—

$9,118)

.........................................................................................

9,146‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

339‌

Capital

shares

sold

.......................................................................................................

731‌

Dividends

—

affiliated

.....................................................................................................

70‌

Dividends

—

unaffiliated

...................................................................................................

200,117‌

Prepaid

expenses

.........................................................................................................

811‌

Total

assets

.............................................................................................................

103,997,637‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

715,200‌

Payables:

–‌

Capital

shares

redeemed

...................................................................................................

296,311‌

Investment

advisory

fees

..................................................................................................

63,616‌

Directors'

and

Officer's

fees

.................................................................................................

2,094‌

Other

affiliate

fees

.......................................................................................................

755‌

Printing

and

postage

fees

..................................................................................................

28,973‌

Professional

fees

........................................................................................................

40,471‌

Transfer

agent

fees

......................................................................................................

50,167‌

Other

accrued

expenses

...................................................................................................

46,585‌

Total

liabilities

............................................................................................................

1,244,172‌

NET

ASSETS

............................................................................................................

$

102,753,465‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

74,900,575‌

Accumulated

earnings

......................................................................................................

27,852,890‌

NET

ASSETS

............................................................................................................

$

102,753,465‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

102,753,465‌

Shares

outstanding

.................................................................................................

7,198,443‌

Net

asset

value

....................................................................................................

$

14.27‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

10

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

4,159‌

Dividends

—

unaffiliated

...................................................................................................

1,311,886‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

6,800‌

Foreign

taxes

withheld

....................................................................................................

(137,433‌)

Total

investment

income

.....................................................................................................

1,185,412‌

EXPENSES

Investment

advisory

......................................................................................................

651,730‌

Transfer

agent

..........................................................................................................

177,880‌

Accounting

services

......................................................................................................

50,772‌

Printing

and

postage

.....................................................................................................

41,577‌

Professional

...........................................................................................................

36,390‌

Custodian

.............................................................................................................

19,307‌

Directors

and

Officer

.....................................................................................................

9,647‌

Miscellaneous

..........................................................................................................

3,900‌

Total

expenses

...........................................................................................................

991,203‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(17,317‌)

Transfer

agent

fees

reimbursed

..............................................................................................

(166,430‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

807,456‌

Net

investment

income

......................................................................................................

377,956‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

17,190,845‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(2,195‌)

Investments

—

unaffiliated

...............................................................................................

2,668,791‌

Foreign

currency

transactions

.............................................................................................

(32,947‌)

A

2,633,649‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...............................................................................................

14,549,936‌

Foreign

currency

translations

..............................................................................................

7,260‌

A

14,557,196‌

Net

realized

and

unrealized

gain

...............................................................................................

17,190,845‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

17,568,801‌

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

377,956‌

$

1,182,648‌

Net

realized

gain

..................................................................................

2,633,649‌

4,130,091‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

14,557,196‌

19,554,105‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

17,568,801‌

24,866,844‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(1,905,779‌)

(1,052,006‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(8,052,954‌)

(10,904,229‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

7,610,068‌

12,910,609‌

Beginning

of

year

....................................................................................

95,143,397‌

82,232,788‌

End

of

year

........................................................................................

$

102,753,465‌

$

95,143,397‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

12

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.04

per

share

and

0.31%,

respectively,

resulting

from

a

non-recurring

dividend.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

International

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

12.02‌

$

9.20‌

$

12.56‌

$

9.58‌

$

9.71‌

Net

investment

income

(a)

.....................................

0.05‌

0.14‌

0.17‌

(b)

0.15‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

...........................

2.46‌

2.81‌

(2.88‌)

2.83‌

(0.11‌)

Net

increase

(decrease)

from

investment

operations

....................

2.51‌

2.95‌

(2.71‌)

2.98‌

0.04‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.06‌)

(0.13‌)

(0.32‌)

—‌

(0.17‌)

From

net

realized

gain

.......................................

(0.20‌)

—‌

(0.33‌)

—‌

—‌

From

return

of

capital

.......................................

—‌

—‌

—‌

—‌

(0.00‌)

(d)

Total

distributions

...........................................

(0.26‌)

(0.13‌)

(0.65‌)

—‌

(0.17‌)

Net

asset

value,

end

of

year

...................................

$

14.27‌

$

12.02‌

$

9.20‌

$

12.56‌

$

9.58‌

Total

Return

(e)

21.32%

32.12%

(21.82)%

31.11%

—

Based

on

net

asset

value

......................................

21.32%

32.12%

(21.82)%

31.11%

0.39%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.............................................

1.14%

1.12%

1.20%

1.24%

1.15%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.93%

0.97%

1.07%

1.11%

1.04%

Net

investment

income

.......................................

0.43%

1.31%

1.48%

(b)

1.37%

1.57%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

102,753‌

$

95,143‌

$

82,233‌

$

115,433‌

$

96,201‌

Portfolio

turnover

rate

........................................

98%

104%

100%

103%

82%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

0.01

%

0.01%

0.01%

—%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

13

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

International

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Taxes

withheld

that

are

reclaimable

under

applicable

foreign

tax

treaties

are

reflected

in

tax

reclaims

receivable.

Reclaim

amounts

for

which

collection

is

uncertain

are

recorded

upon

receipt.

Tax

reclaims

recorded

or

received

during

the

period

along

with

applicable

fees

associated

with

the

filings

of

tax

claims

that

result

in

the

recovery

of

foreign

withholding

taxes,

if

any,

are

included

in

the

Statement

of

Operations.

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP. 

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

the

Fund

are

charged

to

the

Fund.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.

The

Fund

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

The

Fund

may

incur

charges

on overdrafts,

subject

to

certain

conditions.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

14

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

Notes

to

Financial

Statements

(continued)

15

Notes

to

Financial

Statements

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $976

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager. The

Manager

pays

BIL

for

services

it provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021.

The

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Barclays

Capital,

Inc.

...................................................

$

696,675‌

$

(696,675‌)

$

—‌

National

Financial

Services

LLC

............................................

7,763‌

(7,763‌)

—‌

$

704,438‌

$

(704,438‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.75%

$1

Billion

-

$3

Billion

.....................................................................................................

0.71

$3

Billion

-

$5

Billion

.....................................................................................................

0.68

$5

Billion

-

$10

Billion

....................................................................................................

0.65

Greater

than

$10

Billion

..................................................................................................

0.64

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

16

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations

.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$1,223.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

at

0.08%

of

average

daily

net

assets.

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

transfer

agent

fees

reimbursed

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

expense

waivers

and/or

reimbursements

were

$103,140.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitation

as

a

percentage

of

average

daily

net

assets

is

0.93%

for

Class

I.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

$16,094

and

$63,290,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed,

respectively,

in

the

Statement

of

Operations.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series

,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $1,178

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $84,087,203

and

$92,325,795,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

442,534‌

$

1,052,006‌

Long-term

capital

gains

........................................................................................

1,463,245‌

—‌

$

1,905,779‌

$

1,052,006‌

Undistributed

ordinary

income

.............................................................................................

$

378,117‌

Undistributed

long-term

capital

gains

.........................................................................................

2,313,212‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

25,161,561‌

$

27,852,890‌

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

the

timing

and

recognition

of

partnership

income.

Tax

cost

...........................................................................................................

$

78,636,070‌

Gross

unrealized

appreciation

............................................................................................

$

25,981,121‌

Gross

unrealized

depreciation

............................................................................................

(830,768‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

25,150,353‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

18

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

substantial

amount

of

its

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedule

of

Investments. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

In

addition,

the

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund's

investments. 

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

255,832‌

$

2,922,838‌

234,006‌

$

2,548,975‌

Shares

issued

in

reinvestment

of

distributions

........................

160,308‌

1,905,779‌

88,914‌

1,052,006‌

Shares

redeemed

.........................................

(1,133,111‌)

(12,881,571‌)

(1,344,919‌)

(14,505,210‌)

Net

decrease

..............................................

(716,971‌)

$

(8,052,954‌)

(1,021,999‌)

$

(10,904,229‌)

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

To

Shareholders

20

To

the

Shareholders

of

BlackRock

International

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

International

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

21

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

CAD

Canadian

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

PJSC

Public

Joint

Stock

Company

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Investment

Objective

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

capital

growth.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Growth

Index.

What

factors

influenced

performance?

The

largest

contributors

to

the

Fund’s

relative

performance

over

the

period

were

stock

selection

in

the

communication

services

and

consumer

discretionary

sectors

as

well

as

positioning

in

industrials.

In

communication

services,

selection

in

interactive

media

&

services

drove

relative

performance,

specifically

an

out-of-benchmark

position

in

Snap,

Inc.

Within

consumer

discretionary,

selection

in

the

internet

&

direct

marketing

retail

sub-sector

proved

advantageous,

specifically

an

out-of-benchmark

position

in

Argentine

ecommerce

company

MercadoLibre,

Inc.

and

an

overweight

to

ecommerce

and

cloud

computing

company

Amazon.com,

Inc.

Within

industrials,

contributions

were

led

by

an

underweight

to

The

Boeing

Company

within

aerospace

&

defense.

The

largest

detractors

from

relative

performance

were

selection

within

information

technology

(“IT”),

the

portfolio’s

cash

position,

and

positioning

in

financials.

Within

IT,

a

substantial

underweight

to

technology,

hardware,

storage

&

peripherals,

specifically

an

underweight

to

Apple,

Inc.

detracted

from

relative

performance.

The

portfolio’s

modest

cash

position

weighed

slightly

on

performance

in

a

rising

market.

Within

financials,

an

out-of-benchmark

position

in

CME

Group,

Inc.

in

capital

markets

was

the

biggest

constraint

on

performance.

Describe

recent

portfolio

activity.

During

the

period,

exposure

to

IT

increased

with

an

allocation

to

semiconductors

&

semiconductor

equipment.

Exposure

to

the

communication

services

sector

increased

as

well.

Conversely,

exposure

to

health

care

decreased

the

most

as

the

investment

adviser

trimmed

within

health

care

equipment

&

supplies.

Exposure

to

the

financials

sector

was

also

decreased.

Describe

portfolio

positioning

at

period

end.

As

of

period

end,

the

Fund’s

largest

overweight

position

relative

to

the

Russell

1000

®

Growth

Index

was

in

the

communication

services

sector,

followed

by

industrials

and

financials.

Conversely,

the

health

care

sector

was

the

largest

underweight,

followed

by

the

consumer

staples

and

real

estate

sectors.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

large

cap

equity

securities

and

derivatives

that

have

similar

economi

c

characteristics

to

such

securities.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Large

Cap

Growth

V.I.

Fund”.

(c)

An

unmanaged

index

that

measures

the

performance

of

the

large

cap

growth

segment

of

the

U.S.

equity

universe

and

consists

of

those

Russell

1000

®

securities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

23.82‌%

43.74‌%

22.39‌%

17.69‌%

Class

III

(b)

................................................................

23.70‌

43.43‌

22.07‌

17.39‌

Russell

1000

®

Growth

Index

...................................................

26.12‌

38.49‌

21.00‌

17.21‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund's

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

"BlackRock

Large

Cap

Growth

V.I.

Fund".

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

47‌

%

Consumer

Discretionary

.............................

18‌

Communication

Services

.............................

14‌

Health

Care

.....................................

8‌

Industrials

.......................................

7‌

Financials

.......................................

3‌

Real

Estate

......................................

2‌

Materials

.......................................

1‌

Short-Term

Securities

...............................

2‌

Liabilities

in

Excess

of

Other

Assets

.....................

(2‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,238.20

$

4.33

$

1,000.00

$

1,021.27

$

3.91

0

.77%

Class

III

..................................

1,000.00

1,237.00

5.74

1,000.00

1,020.01

5.18

1

.02

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

98.7%

Capital

Markets

—

3.2%

S&P

Global,

Inc.

...................

27,828

$

9,147,899

Chemicals

—

1.3%

Sherwin-Williams

Co.

(The)

............

5,112

3,756,860

Commercial

Services

&

Supplies

—

2.5%

Copart

,

Inc.

(a)

.....................

56,987

7,251,596

Entertainment

—

2.8%

Netflix,

Inc.

(a)

......................

14,654

7,923,857

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.4%

SBA

Communications

Corp.

...........

14,563

4,108,659

Health

Care

Equipment

&

Supplies

—

1.2%

Boston

Scientific

Corp.

(a)

..............

94,450

3,395,478

Health

Care

Providers

&

Services

—

1.8%

Humana,

Inc.

.....................

12,260

5,029,910

Industrial

Conglomerates

—

2.2%

Roper

Technologies,

Inc.

..............

14,404

6,209,420

Interactive

Media

&

Services

—

10.7%

(a)

Alphabet,

Inc.,

Class

A

...............

4,899

8,586,183

Facebook,

Inc.,

Class

A

..............

37,647

10,283,654

Match

Group,

Inc.

..................

30,819

4,659,525

Snap,

Inc.,

Class

A

..................

145,465

7,283,433

30,812,795

Internet

&

Direct

Marketing

Retail

—

15.2%

(a)

Alibaba

Group

Holding

Ltd.,

ADR

........

20,664

4,809,133

Amazon.com,

Inc.

..................

9,491

30,911,523

MercadoLibre

,

Inc.

..................

4,619

7,737,841

43,458,497

IT

Services

—

13.2%

Adyen

NV

(a)(b)

.....................

2,929

6,805,654

Mastercard

,

Inc.,

Class

A

..............

31,654

11,298,579

Shopify,

Inc.,

Class

A

(a)

...............

2,057

2,328,421

Visa,

Inc.,

Class

A

..................

58,081

12,704,057

Wix.com

Ltd.

(a)

.....................

19,264

4,815,229

37,951,940

Life

Sciences

Tools

&

Services

—

2.0%

Lonza

Group

AG

(Registered)

..........

8,992

5,792,348

Pharmaceuticals

—

3.1%

AstraZeneca

plc,

ADR

(c)

..............

83,141

4,156,219

Zoetis,

Inc.

.......................

27,959

4,627,214

8,783,433

Professional

Services

—

2.5%

CoStar

Group,

Inc.

(a)

.................

7,630

7,052,256

Semiconductors

&

Semiconductor

Equipment

—

7.9%

Analog

Devices,

Inc.

.................

39,017

5,763,981

ASML

Holding

NV

(Registered),

NYRS

....

15,917

7,763,039

Marvell

Technology

Group

Ltd.

..........

117,272

5,575,111

NVIDIA

Corp.

.....................

6,679

3,487,774

22,589,905

Software

—

21.9%

Adobe,

Inc.

(a)

......................

13,623

6,813,135

Autodesk,

Inc.

(a)

....................

16,702

5,099,788

Coupa

Software,

Inc.

(a)

...............

5,741

1,945,682

Fair

Isaac

Corp.

(a)

...................

13,942

7,124,920

Intuit,

Inc.

........................

19,007

7,219,809

Microsoft

Corp.

....................

95,104

21,153,032

RingCentral,

Inc.,

Class

A

(a)

............

13,354

5,060,765

Security

Shares

Shares

Value

Software

(continued)

ServiceNow

,

Inc.

(a)

..................

15,446

$

8,501,942

62,919,073

Technology

Hardware,

Storage

&

Peripherals

—

3.3%

Apple,

Inc.

.......................

71,272

9,457,082

Textiles,

Apparel

&

Luxury

Goods

—

2.5%

NIKE,

Inc.,

Class

B

.................

50,701

7,172,671

Total

Common

Stocks

—

98.7%

(Cost:

$170,182,445)

.............................

282,813,679

Preferred

Stocks

—

0.7%

Media

—

0.7%

ByteDance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$1,974,965)

(d)(e)

...............

18,024

1,974,889

Total

Preferred

Stocks

—

0.7%

(Cost:

$1,974,965)

..............................

1,974,889

Total

Long-Term

Investments

—

99.4%

(Cost:

$172,157,410)

.............................

284,788,568

Short-Term

Securities

—

2.3%

Money

Market

Funds

—

2.3%

(f)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

...................

2,458,115

2,458,115

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(g)

.......................

4,232,151

4,233,421

Total

Money

Market

Funds

—

2.3%

(Cost:

$6,691,536)

..............................

6,691,536

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Brown

Brothers

Harriman

&

Co.:

(1.69)%, 01/04/21

................

AUD

—

(h)

253

0.00%, 01/04/21

.................

HKD

1

74

Total

Time

Deposits

—

0.0%

(Cost:

$327)

...................................

327

Total

Short-Term

Securities

—

2.3%

(Cost:

$6,691,863)

..............................

6,691,863

Total

Investments

—

101.7%

(Cost:

$178,849,273

)

.............................

291,480,431

Liabilities

in

Excess

of

Other

Assets

—

(1.7)%

............

(4,879,706)

Net

Assets

—

100.0%

..............................

$

286,600,725

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Schedule

of

Investments

7

Schedule

of

Investments

(continued)

December

31,

2020

(a)

Non-income

producing

security.

(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)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,974,889,

representing

0.69%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,974,965.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(h)

Amount

is

less

than

500.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,830,876

$

627,239

$

—

$

—

$

—

$

2,458,115

2,458,115

$

5,605

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,661,836

—

(424,518)

(3,734)

(163)

4,233,421

4,232,151

36,658

(b)

—

$

(3,734)

$

(163)

$

6,691,536

$

42,263

$

—

(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.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

8

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Capital

Markets

........................................

$

9,147,899

$

—

$

—

$

9,147,899

Chemicals

............................................

3,756,860

—

—

3,756,860

Commercial

Services

&

Supplies

.............................

7,251,596

—

—

7,251,596

Entertainment

.........................................

7,923,857

—

—

7,923,857

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

4,108,659

—

—

4,108,659

Health

Care

Equipment

&

Supplies

...........................

3,395,478

—

—

3,395,478

Health

Care

Providers

&

Services

............................

5,029,910

—

—

5,029,910

Industrial

Conglomerates

..................................

6,209,420

—

—

6,209,420

Interactive

Media

&

Services

...............................

30,812,795

—

—

30,812,795

Internet

&

Direct

Marketing

Retail

............................

43,458,497

—

—

43,458,497

IT

Services

...........................................

31,146,286

6,805,654

—

37,951,940

Life

Sciences

Tools

&

Services

..............................

—

5,792,348

—

5,792,348

Pharmaceuticals

.......................................

8,783,433

—

—

8,783,433

Professional

Services

....................................

7,052,256

—

—

7,052,256

Semiconductors

&

Semiconductor

Equipment

....................

22,589,905

—

—

22,589,905

Software

.............................................

62,919,073

—

—

62,919,073

Technology

Hardware,

Storage

&

Peripherals

....................

9,457,082

—

—

9,457,082

Textiles,

Apparel

&

Luxury

Goods

............................

7,172,671

—

—

7,172,671

Preferred

Stocks

.........................................

—

—

1,974,889

1,974,889

Short-Term

Securities:

Money

Market

Funds

......................................

2,458,115

—

—

2,458,115

Time

Deposits

..........................................

—

327

—

327

Subtotal

....................................................

$

272,673,792

$

12,598,329

$

1,974,889

$

287,247,010

Investments

valued

at

NAV

(a)

......................................

4,233,421

$

—

Total

Investments

..............................................

$

291,480,431

$

—

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$4,114,627)

(cost

—

$172,157,737)

...........................................

$

284,788,895‌

Investments

at

value

—

affiliated

(cost

—

$6,691,536)

.................................................................................

6,691,536‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

188‌

Capital

shares

sold

.......................................................................................................

3,821‌

Dividends

—

affiliated

.....................................................................................................

84‌

Dividends

—

unaffiliated

...................................................................................................

16,195‌

Prepaid

expenses

.........................................................................................................

1,790‌

Total

assets

.............................................................................................................

291,502,509‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

4,238,479‌

Payables:

–‌

Investments

purchased

....................................................................................................

174,039‌

Capital

shares

redeemed

...................................................................................................

81,149‌

Distribution

fees

.........................................................................................................

29,582‌

Investment

advisory

fees

..................................................................................................

153,601‌

Directors'

and

Officer's

fees

.................................................................................................

1,645‌

Other

affiliate

fees

.......................................................................................................

1,750‌

Transfer

agent

fees

......................................................................................................

137,065‌

Other

accrued

expenses

...................................................................................................

84,474‌

Total

liabilities

............................................................................................................

4,901,784‌

NET

ASSETS

............................................................................................................

$

286,600,725‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

163,518,716‌

Accumulated

earnings

......................................................................................................

123,082,009‌

NET

ASSETS

............................................................................................................

$

286,600,725‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

139,806,806‌

Shares

outstanding

.................................................................................................

6,478,528‌

Net

asset

value

....................................................................................................

$

21.58‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

146,793,919‌

Shares

outstanding

.................................................................................................

6,957,040‌

Net

asset

value

....................................................................................................

$

21.10‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

5,605‌

Dividends

—

unaffiliated

...................................................................................................

944,981‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

36,658‌

Foreign

taxes

withheld

....................................................................................................

(12,604‌)

Total

investment

income

.....................................................................................................

974,640‌

EXPENSES

Investment

advisory

......................................................................................................

1,488,754‌

Transfer

agent

—

class

specific

..............................................................................................

467,688‌

Distribution

—

class

specific

................................................................................................

275,671‌

Accounting

services

......................................................................................................

53,264‌

Professional

...........................................................................................................

48,936‌

Directors

and

Officer

.....................................................................................................

9,985‌

Printing

and

postage

.....................................................................................................

9,927‌

Transfer

agent

..........................................................................................................

5,048‌

Miscellaneous

..........................................................................................................

4,242‌

Total

expenses

...........................................................................................................

2,363,515‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(1,425‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(307,378‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

2,054,712‌

Net

investment

loss

........................................................................................................

(1,080,072‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

85,278,769‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(3,734‌)

Investments

—

unaffiliated

...............................................................................................

24,735,248‌

Foreign

currency

transactions

.............................................................................................

(20,527‌)

A

24,710,987‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(163‌)

Investments

—

unaffiliated

...............................................................................................

60,567,699‌

Foreign

currency

translations

..............................................................................................

246‌

A

60,567,782‌

Net

realized

and

unrealized

gain

...............................................................................................

85,278,769‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

84,198,697‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

loss

................................................................................

$

(1,080,072‌)

$

(713,381‌)

Net

realized

gain

..................................................................................

24,710,987‌

21,562,851‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

60,567,782‌

29,706,684‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

84,198,697‌

50,556,154‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(7,736,174‌)

(10,507,499‌)

  Class

III

.......................................................................................

(8,015,898‌)

(9,229,899‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(15,752,072‌)

(19,737,398‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

19,654,764‌

5,615,086‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

88,101,389‌

36,433,842‌

Beginning

of

year

....................................................................................

198,499,336‌

162,065,494‌

End

of

year

........................................................................................

$

286,600,725‌

$

198,499,336‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

15.91‌

$

13.32‌

$

14.51‌

$

13.35‌

$

13.59‌

Net

investment

income

(loss)

(a)

.................................

(0.06‌)

(0.04‌)

(0.04‌)

0.02‌

0.09‌

Net

realized

and

unrealized

gain

...............................

6.97‌

4.36‌

0.49‌

3.92‌

0.99‌

Net

increase

from

investment

operations

............................

6.91‌

4.32‌

0.45‌

3.94‌

1.08‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

—‌

—‌

—‌

(0.01‌)

(0.10‌)

From

net

realized

gain

.......................................

(1.24‌)

(1.73‌)

(1.64‌)

(2.77‌)

(1.22‌)

Total

distributions

...........................................

(1.24‌)

(1.73‌)

(1.64‌)

(2.78‌)

(1.32‌)

Net

asset

value,

end

of

year

...................................

$

21.58‌

$

15.91‌

$

13.32‌

$

14.51‌

$

13.35‌

Total

Return

(c)

43.74%

32.70%

3.01%

29.56%

—

Based

on

net

asset

value

......................................

43.74%

32.70%

3.01%

29.56%

7.89%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

0.91%

0.95%

0.96%

1.01%

0.96%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.78%

0.81%

0.82%

0.89%

0.84%

Net

investment

income

(loss)

...................................

(0.35)%

(0.27)%

(0.23)%

0.10%

0.68%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

139,807‌

$

106,238‌

$

91,380‌

$

100,308‌

$

87,346‌

Portfolio

turnover

rate

........................................

54%

58%

63%

95%

37%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

—%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

14

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Class

III

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

15.61‌

$

13.13‌

$

14.36‌

$

13.24‌

$

13.50‌

Net

investment

income

(loss)

(a)

.................................

(0.11‌)

(0.08‌)

(0.08‌)

(0.02‌)

0.06‌

Net

realized

and

unrealized

gain

...............................

6.84‌

4.29‌

0.49‌

3.88‌

0.96‌

Net

increase

from

investment

operations

............................

6.73‌

4.21‌

0.41‌

3.86‌

1.02‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

—‌

—‌

—‌

(0.00‌)

(c)

(0.06‌)

From

net

realized

gain

.......................................

(1.24‌)

(1.73‌)

(1.64‌)

(2.74‌)

(1.22‌)

Total

distributions

...........................................

(1.24‌)

(1.73‌)

(1.64‌)

(2.74‌)

(1.28‌)

Net

asset

value,

end

of

year

...................................

$

21.10‌

$

15.61‌

$

13.13‌

$

14.36‌

$

13.24‌

Total

Return

(d)

43.43%

32.33%

2.77%

29.23%

—

Based

on

net

asset

value

......................................

43.43%

32.33%

2.77%

29.23%

7.54%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

1.16%

1.20%

1.22%

1.28%

1.22%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

1.03%

1.06%

1.07%

1.14%

1.09%

Net

investment

income

(loss)

...................................

(0.60)%

(0.52)%

(0.48)%

(0.16)%

0.42%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

146,794‌

$

92,261‌

$

70,685‌

$

54,820‌

$

39,346‌

Portfolio

turnover

rate

........................................

54%

58%

63%

95%

37%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

—%

—%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

15

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

The

Fund

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

The

Fund

may

incur

charges

on overdrafts,

subject

to

certain

conditions.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

16

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

.............................................

$

915,267‌

$

(915,267‌)

$

—‌

JP

Morgan

Securities

LLC

................................................

3,199,360‌

(3,199,360‌)

—‌

$

4,114,627‌

$

(4,114,627‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

18

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $2,368

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual

rate

of

0.25%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$275,671.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements

:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

directors

who

are

no

t

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitatio

n

d

escribed

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$1,425

.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.65%

$1

Billion

-

$3

Billion

.....................................................................................................

0.61

$3

Billion

-

$5

Billion

.....................................................................................................

0.59

$5

Billion

-

$10

Billion

....................................................................................................

0.57

Greater

than

$10

Billion

..................................................................................................

0.55

Class

I

..........................................................................................................

$

242,526‌

Class

III

.........................................................................................................

225,162‌

$

467,688‌

Class

I

................................................................................................................

0.07‌%

Class

III

...............................................................................................................

0.07‌

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

class

specific

expense

reimbursements were

as

follows:

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

there

were

no

investment

advisory

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $10,475

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

th

e

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $124,175,278

and

$121,842,223,

respectively.

Transfer

Agent

Fees

Reimbursed

Class

I

........................................................................................................

$

159,395‌

Class

III

.......................................................................................................

147,983‌

$

307,378‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

20

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

timing

and

recognition

of

partnership

income.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

12/31/20

12/31/19

Long-term

capital

gains

........................................................................................

$

15,752,072‌

$

19,737,398‌

Undistributed

ordinary

income

.............................................................................................

$

6,500,855‌

Undistributed

long-term

capital

gains

.........................................................................................

3,965,894‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

112,615,260‌

$

123,082,009‌

Tax

cost

...........................................................................................................

$

178,868,203‌

Gross

unrealized

appreciation

............................................................................................

$

113,216,981‌

Gross

unrealized

depreciation

............................................................................................

(604,753‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

112,612,228‌

Notes

to

Financial

Statements

(continued)

21

Notes

to

Financial

Statements

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

As

of

period

end,

the

Fund's

investments

had

the

following

industry

classifications:

Industry

Percent

of

Net

Assets

Software

...........................................................................................................

22‌

%

Internet

&

Direct

Marketing

Retail

...........................................................................................

15‌

IT

Services

..........................................................................................................

13‌

Interactive

Media

&

Services

..............................................................................................

11‌

Semiconductors

&

Semiconductor

Equipment

...................................................................................

8‌

Other

(a)

.............................................................................................................

33‌

(a)

All

other

industries

held

were

each

less

than

5%

of

net

assets.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

22

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

427,437‌

$

7,646,247‌

253,503‌

$

4,110,454‌

Shares

issued

in

reinvestment

of

distributions

........................

369,088‌

7,736,174‌

670,920‌

10,507,499‌

Shares

redeemed

.........................................

(995,847‌)

(18,083,146‌)

(1,108,808‌)

(17,750,295‌)

Net

decrease

..............................................

(199,322‌)

$

(2,700,725‌)

(184,385‌)

$

(3,132,342‌)

Class

III

Shares

sold

.............................................

2,994,341‌

$

56,657,540‌

1,696,231‌

$

26,488,011‌

Shares

issued

in

reinvestment

of

distributions

........................

390,117‌

8,015,898‌

600,496‌

9,229,899‌

Shares

redeemed

.........................................

(2,336,141‌)

(42,317,949‌)

(1,772,732‌)

(26,970,482‌)

Net

increase

...............................................

1,048,317‌

$

22,355,489‌

523,995‌

$

8,747,428‌

Total

Net

Increase

848,995‌

$

19,654,764‌

339,610‌

$

5,615,086‌

Report

of

Independent

Registered

Public

Accounting

Firm

23

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2020

BlackRock

Annual

Report

To

Shareholders

24

Currency

Abbreviations

AUD

Australian

Dollar

HKD

Hong

Kong

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

NYRS

New

York

Registered

Shares

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Managed

Volatility

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

Managed

Volatility

V.I.

Fund

Investment

Objective

BlackRock

Managed

Volatility

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

a

level

of

current

income

and

degree

of

stability

of

principal

not

normally

available

from

an

investment

solely

in

equity

securities,

as

well

as

the

opportunity

for

capital

appreciation

greater

than

is

normally

available

from

an

investment

solely

in

debt

securities.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

underperformed

its

blended

benchmark

(50%

MSCI

All

Country

World

Index

/50%

FTSE

WGBI

(hedged

into

USD).

For

the

same

period,

the

Fund

outperformed

its

performance

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

The

largest

detractor

over

the

12

months

was

the

Fund’s

defensive

de-risking

process,

which

was

triggered

in

the

first

quarter

of

2020

as

COVID-19

shocked

markets.

The

process

acts

to

tactically

reduce

exposure

to

cyclical

assets,

often

equities,

to

reduce

the

Fund’s

volatility

and

downside

potential.

As

markets

recovered

sharply

in

April

and

May

2020,

the

Fund's

reduced

directional

equity

exposure

meant

that

it

did

not

fully

participate.

Overweight

positions

to

emerging

market

currencies

also

weighed

on

Fund

returns.

A

long

position

in

the

Mexican

peso

in

the

first

quarter

suffered

from

dislocations

in

currency

markets.

Additionally,

a

directional

short

position

in

developed

market

bonds

early

in

the

year

detracted

as

investors

fled

to

safety

amid

the

initial

COVID-19

outbreak,

pushing

developed

market

sovereign

yields

to

record

lows.

Relative

value

positioning

in

global

interest

rates

was

the

largest

driver

of

positive

returns

over

2020,

most

notably

in

the

second

quarter

of

2020.

Long

positions

in

emerging

market

interest

rates

were

key

contributors,

specifically

in

South

Africa

and

Mexico.

In

developed

markets,

shorts

in

Eurozone

versus

Canadian

and

Australian

rates

also

boosted

returns.

Pro-cyclical

positioning

in

the

Fund's

discretionary

process

was

the

next

largest

contributor.

These

exposures

enjoyed

a

strong

tailwind

from

the

combination

of

positive

vaccine

developments

and

clarity

on

the

U.S.

presidential

election

outcome

in

the

fourth

quarter

of

2020.

In

the

lead

up

to

the

U.S.

election,

the

investment

adviser

increased

these

directional

exposures,

adding

to

the

Fund’s

equity

long

and

initiating

a

directional

short

U.S.

bond

position

on

the

view

that

positive

growth

tailwinds

were

not

fully

priced

into

markets.

Vaccine

news

came

not

long

thereafter,

along

with

clarity

on

the

U.S.

election

outcome,

which

led

to

strong

pricing

for

the

Fund’s

pro-cyclical

exposures.

In

late

November

2020,

the

investment

adviser

trimmed

these

exposures,

locking

in

profits.

Relative

value

country

positioning

within

equities

also

boosted

returns

late

in

the

year.

A

long

position

in

the

U.K.

versus

Sweden

was

a

key

contributor

as

U.K.

equities

rallied.

The

long

U.K.

position

was

motivated

by

both

strong

shipping

data

and

relatively

weak

recent

equity

returns.

A

relative

long

position

in

the

Netherlands

and

France

versus

Germany

also

contributed.

The

Fund

began

trimming

these

exposures

in

the

final

weeks

of

the

year.

Describe

recent

portfolio

activity.

The

Fund

entered

the

period

net

long

in

equities

and

net

in

short

bonds.

As

early

macroeconomic

data

suggested

an

initial

upswing

in

global

manufacturing

activity,

the

Fund

increased

its

exposure

to

cyclical

assets,

adding

to

equities

and

selling

bonds.

The

global

spread

of

COVID-19

and

the

subsequent

equity

sell-off

led

the

Fund

to

implement

its

de-risking

process

and

reduce

equity

exposure

over

much

of

the

March-through-May

2020

period.

Even

with

the

de-risking

process

engaged,

the

Fund

began

the

second

quarter

of

2020

net

long

in

both

equities

and

bonds.

As

equity

volatility

fell

in

April

and

May

2020,

the

Fund

gradually

added

back

equity

exposure.

The

Fund

entered

the

third

quarter

of

2020

fully

re-risked

with

a

net

long

position

in

equities

and

net

short

position

in

bonds,

and

it

maintained

this

stance

through

the

balance

of

the

year.

In

bonds,

the

Fund

held

a

long

position

in

Australia

versus

developed

market

peers

for

much

of

the

year.

Relatively

weak

growth

data

motivated

the

long

position,

while

the

European

Central

Bank’s

focus

on

compressing

peripheral

spreads

rather

than

reducing

core

German

yields

made

Europe

an

attractive

short

pairing

versus

Australia.

The

Fund

gradually

reduced

this

position

early

in

the

fourth

quarter

of

2020.

Opportunities

were

also

sought

across

emerging

market

bonds,

with

long

exposures

in

Mexico

and

South

Africa

early

in

the

year

giving

way

to

longs

in

South

Korea

and

India.

In

equities,

the

Fund

sought

opportunities

intra-Europe,

preferring

France,

the

Netherlands,

the

U.K.,

Spain

and

Italy

relative

to

Germany

and

Sweden.

Early

in

the

period

the

Fund

initiated

a

relative

value

driven

overweight

to

peripheral

European

equities

versus

a

developed

market

basket

including

U.S.

stocks,

on

the

view

that

European

policy

packages

should

boost

the

hard-hit

peripheral

economies.

Given

a

recovery

in

global

growth

and

firming

inflation

near

period

end,

the

investment

adviser

took

a

directionally

short

position

in

U.S.

bonds

on

the

view

that

reaccelerating

growth

and

inflationary

pressures

would

be

a

headwind

for

the

category.

Concurrently,

the

Fund

added

to

equities

in

Japan,

emerging

markets

and

the

United

States

during

October

and

November.

In

addition

to

a

directional

underweight

to

U.S.

duration

(and

corresponding

interest

rate

sensitivity),

the

investment

adviser

introduced

a

relative

value

underweight

to

U.S.

10-year

bonds

versus

international

developed

market

bonds

on

the

view

that

U.S.

fiscal

stimulus

is

likely

to

outpace

that

for

its

peers

over

the

coming

months.

In

the

wake

of

November’s

strong

rally,

the

Fund’s

equity

overweight

was

trimmed

by

reducing

U.S.

and

emerging

market

exposure,

and

the

directional

underweight

to

U.S.

duration

was

closed.

With

respect

to

currencies,

the

Fund

maintained

a

short

U.S.

dollar

position

versus

a

developed

market

currency

basket

over

the

majority

of

the

period.

Derivatives

are

used

by

the

investment

adviser

team

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indices

and

currencies

in

the

Fund.

During

the

period,

the

use

of

derivatives

instead

of

physical

instruments

had

a

minimal

negative

impact

on

Fund

performance.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Managed

Volatility

V.I.

Fund

The

Fund

held

a

relatively

high

allocation

to

cash

as

a

result

of

its

derivatives

use.

Derivative

securities

do

not

require

large

amounts

of

cash

to

gain

desired

exposures,

leaving

cash

left

over.

Including

its

derivative

securities,

physical

securities

and

cash

holdings,

the

Fund

is

fully

exposed

and

equitized.

The

cash

position

did

not

have

any

material

impact

on

Fund

performance.

Describe

portfolio

positioning

at

period

end.

As

of

period

end,

the

Fund

maintained

a

net

long

position

in

equities,

a

net

short

stance

with

respect

to

duration,

and

a

net

short

U.S.

dollar

position.

This

positioning

reflected

expectations

of

a

strong,

global

cyclical

recovery

in

2021

driven

by

pent-up

consumer

demand

and

distribution

of

COVID-19

vaccines,

along

with

reduced

U.S.

political

uncertainty

and

the

likelihood

of

additional

fiscal

stimulus.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

The

returns

for

Class

III

Shares

prior

to

February

14,

2018,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

the

performance

of

the

Fund’s

Class

I

Shares,

as

adjusted

to

reflect

the

distribution

(12b-1)

fees

applicable

to

Class

III

Shares.

(b)

The

Fund

uses

an

asset

allocation

strategy,

investing

various

percentages

of

its

portfolio

in

three

major

categories:

stocks,

bonds

and

money

market

investments.

The

Fund’s

total

returns

prior

to

January

22,

2013

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Balanced

Capital

V.I.

Fund”.

(c)

MSCI

All

Country

World

Index

comprises

large

and

mid-capitalization

developed

and

emerging

market

equities.

(d)

A

market

capitalization

weighted

bond

index

consisting

of

government

bond

markets

of

23

countries,

including

the

United

States.

(e)

A

customized

weighted

index

comprised

of

the

returns

of

50%

MSCI

All

Country

World

Index/50%

FTSE

WGBI

(hedged

into

USD).

(f)

An

unmanaged

index

that

tracks

3-month

U.S.

Treasury

securities.

Effective

June

2,

2014,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

was

added

to

the

performance

benchmarks

against

which

the

Fund

measures

its

performance.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Managed

Volatility

V.I.

Fund

Performance

Summary

for

the

Period

Ended

December

31,

2020

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

3.73‌%

3.49‌%

2.65‌%

4.07‌%

Class

III

(b)

................................................................

3.56‌

3.17‌

2.39‌

(c)

3.80‌

(c)

50%

MSCI

All

Country

World

Index

/50%

FTSE

WGBI

(hedged

into

USD)

....................

12.24‌

12.01‌

8.62‌

6.93‌

MSCI All

Country

World

Index

..................................................

24.01‌

16.25‌

12.26‌

9.13‌

FTSE

WGBI

(hedged

into

USD)

.................................................

0.98‌

6.11‌

4.42‌

4.17‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

.........................................

0.07‌

0.67‌

1.20‌

0.64‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund’s

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

January

22,

2013

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Balanced

Capital

V.I.

Fund”.

(c)

The

returns

for

Class

III

Shares

prior

to

February

14,

2018,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

the

performance

of

the

Fund’s

Class

I

Shares,

as

adjusted

to

reflect

the

distribution

(12b-1)

fees

applicable

to

Class

III

Shares.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Common

Stocks

...................................

76‌

%

U.S.

Treasury

Obligations

.............................

24‌

Preferred

Stocks

...................................

—‌

(b)

Corporate

Bonds

...................................

—‌

(b)

Rights

..........................................

—‌

(b)

Warrants

........................................

—‌

(b)

Other

Interests

....................................

—‌

(b)

(a)

Excludes

short-term

securities.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,037.30

$

3.02

$

1,000.00

$

1,022.17

$

3.00

0.59%

Class

III

..................................

1,000.00

1,035.60

4.30

1,000.00

1,020.91

4.27

0.84

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

59.9%

Aerospace

&

Defense

—

0.2%

HEICO

Corp.

......................

374

$

49,518

HEICO

Corp.,

Class

A

.................

559

65,436

Howmet

Aerospace,

Inc.

...............

4,946

141,159

MTU

Aero

Engines

AG

................

266

69,338

Teledyne

Technologies,

Inc.

(a)

............

176

68,989

TransDigm

Group,

Inc.

(a)

...............

233

144,192

538,632

Air

Freight

&

Logistics

—

0.6%

CH

Robinson

Worldwide,

Inc.

...........

781

73,312

Deutsche

Post

AG

(Registered)

..........

2,564

127,010

DSV

Panalpina

A/S

..................

697

117,139

Expeditors

International

of

Washington,

Inc.

..

1,452

138,100

FedEx

Corp.

.......................

985

255,726

United

Parcel

Service,

Inc.,

Class

B

.......

2,811

473,372

XPO

Logistics,

Inc.

(a)

.................

567

67,586

1,252,245

Airlines

—

0.2%

Delta

Air

Lines,

Inc.

..................

5,750

231,208

Deutsche

Lufthansa

AG

(Registered)

(a)

.....

1,106

14,634

Japan

Airlines

Co.

Ltd.

................

1,100

21,213

Southwest

Airlines

Co.

................

5,133

239,249

506,304

Auto

Components

—

0.4%

Aisin

Seiki

Co.

Ltd.

...................

700

20,992

Aptiv

plc

..........................

869

113,222

Autoliv

,

Inc.

........................

379

34,906

BorgWarner,

Inc.

....................

1,793

69,282

Bridgestone

Corp.

...................

5,400

177,098

Cie

Generale

des

Etablissements

Michelin

SCA

480

61,803

Continental

AG

.....................

432

64,297

Denso

Corp.

.......................

1,100

65,473

Faurecia

SE

(a)

......................

443

22,698

Koito

Manufacturing

Co.

Ltd.

............

400

27,222

Lear

Corp.

........................

411

65,361

NGK

Spark

Plug

Co.

Ltd.

..............

3,600

61,477

Stanley

Electric

Co.

Ltd.

...............

1,000

32,259

Sumitomo

Electric

Industries

Ltd.

.........

4,800

63,604

Toyota

Industries

Corp.

................

1,100

87,396

Valeo

SA

.........................

607

23,943

991,033

Automobiles

—

1.2%

Bayerische

Motoren

Werke

AG

..........

196

17,298

Daimler

AG

(Registered)

...............

994

70,454

Ferrari

NV

........................

270

62,624

Fiat

Chrysler

Automobiles

NV

(a)

..........

2,220

40,107

Ford

Motor

Co.

.....................

9,315

81,879

General

Motors

Co.

..................

2,892

120,423

Honda

Motor

Co.

Ltd.

.................

5,200

146,725

Mazda

Motor

Corp.

..................

1,800

12,049

Nissan

Motor

Co.

Ltd.

.................

8,100

43,905

Peugeot

SA

(a)

......................

1,389

38,039

Subaru

Corp.

......................

3,200

64,029

Suzuki

Motor

Corp.

..................

400

18,542

Tesla,

Inc.

(a)

........................

2,153

1,519,307

Toyota

Motor

Corp.

..................

4,500

347,266

Yamaha

Motor

Co.

Ltd.

................

500

10,205

2,592,852

Banks

—

2.9%

ABN

AMRO

Bank

NV,

CVA

(b)

............

1,097

10,749

Australia

&

New

Zealand

Banking

Group

Ltd.

.

5,657

99,270

Security

Shares

Shares

Value

Banks

(continued)

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

17,029

$

84,406

Banco

Santander

SA

.................

48,130

150,086

Bank

of

America

Corp.

................

27,280

826,857

Barclays

plc

.......................

38,149

76,530

BNP

Paribas

SA

(a)

...................

2,681

141,536

BOC

Hong

Kong

Holdings

Ltd.

...........

12,500

37,890

CaixaBank

SA

......................

8,373

21,521

Citigroup,

Inc.

......................

7,919

488,286

Citizens

Financial

Group,

Inc.

...........

2,130

76,169

Commerzbank

AG

(a)

..................

1,181

7,632

Commonwealth

Bank

of

Australia

.........

3,786

240,646

Credit

Agricole

SA

(a)

..................

2,784

35,195

Danske

Bank

A/S

(a)

..................

2,300

38,013

Erste

Group

Bank

AG

.................

388

11,819

Fifth

Third

Bancorp

..................

3,173

87,480

First

Republic

Bank

..................

714

104,908

Hang

Seng

Bank

Ltd.

.................

2,900

50,048

HSBC

Holdings

plc

..................

48,299

249,476

Huntington

Bancshares,

Inc.

............

5,000

63,150

ING

Groep

NV

......................

9,077

84,397

Intesa

Sanpaolo

SpA

(a)

................

39,692

93,821

Japan

Post

Bank

Co.

Ltd.

..............

2,100

17,261

JPMorgan

Chase

&

Co.

...............

10,240

1,301,197

KBC

Group

NV

.....................

774

54,165

KeyCorp

..........................

5,402

88,647

M&T

Bank

Corp.

....................

746

94,966

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

34,500

152,753

Mizuho

Financial

Group,

Inc.

............

6,550

83,134

National

Australia

Bank

Ltd.

.............

6,649

115,918

Natwest

Group

plc

...................

12,482

28,534

Nordea

Bank

Abp

...................

358

2,934

Regions

Financial

Corp.

...............

4,037

65,076

Societe

Generale

SA

(a)

................

2,218

46,109

Standard

Chartered

plc

................

5,978

37,960

Sumitomo

Mitsui

Financial

Group,

Inc.

......

3,600

111,593

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.......

600

18,513

SVB

Financial

Group

(a)

................

205

79,505

Truist

Financial

Corp.

.................

5,195

248,996

UniCredit

SpA

(a)

.....................

4,963

46,500

US

Bancorp

.......................

5,205

242,501

Wells

Fargo

&

Co.

...................

15,406

464,953

Westpac

Banking

Corp.

...............

8,185

121,804

6,502,904

Beverages

—

1.0%

Anheuser-Busch

InBev

SA/NV

...........

2,021

140,999

Asahi

Group

Holdings

Ltd.

..............

1,100

45,300

Brown-Forman

Corp.,

Class

B

...........

906

71,964

Budweiser

Brewing

Co.

APAC

Ltd.

(b)

.......

5,600

18,499

Carlsberg

A/S,

Class

B

................

214

34,307

Coca-Cola

Co.

(The)

.................

12,476

684,184

Coca-Cola

European

Partners

plc

.........

224

11,162

Coca-Cola

HBC

AG

..................

836

27,072

Constellation

Brands,

Inc.,

Class

A

........

485

106,239

Diageo

plc

........................

6,237

246,790

Keurig

Dr

Pepper,

Inc.

................

1,750

56,000

Kirin

Holdings

Co.

Ltd.

................

1,700

40,142

Molson

Coors

Beverage

Co.,

Class

B

......

572

25,849

Monster

Beverage

Corp.

(a)

..............

1,097

101,450

PepsiCo,

Inc.

......................

4,252

630,572

Pernod

Ricard

SA

...................

329

63,183

Suntory

Beverage

&

Food

Ltd.

...........

300

10,626

Treasury

Wine

Estates

Ltd.

.............

1,130

8,174

2,322,512

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Biotechnology

—

1.0%

AbbVie,

Inc.

.......................

4,980

$

533,607

Alexion

Pharmaceuticals,

Inc.

(a)

..........

492

76,870

Alnylam

Pharmaceuticals,

Inc.

(a)

..........

224

29,113

Amgen,

Inc.

.......................

1,638

376,609

Argenx

SE

(a)

.......................

41

12,082

Biogen,

Inc.

(a)

......................

480

117,533

BioMarin

Pharmaceutical,

Inc.

(a)

..........

212

18,590

CSL

Ltd.

..........................

914

199,702

Exact

Sciences

Corp.

(a)

................

416

55,116

Galapagos

NV

(a)

....................

77

7,621

Genmab

A/S

(a)

......................

83

33,656

Gilead

Sciences,

Inc.

.................

3,574

208,221

Grifols

SA

.........................

485

14,160

Incyte

Corp.

(a)

......................

342

29,747

Moderna

,

Inc.

(a)

.....................

713

74,487

Neurocrine

Biosciences,

Inc.

(a)

...........

155

14,857

Regeneron

Pharmaceuticals,

Inc.

(a)

........

279

134,788

Sarepta

Therapeutics,

Inc.

(a)

............

126

21,482

Seagen

,

Inc.

(a)

......................

231

40,458

Vertex

Pharmaceuticals,

Inc.

(a)

...........

665

157,166

2,155,865

Building

Products

—

0.6%

AGC,

Inc.

.........................

1,200

41,963

Allegion

plc

........................

716

83,328

AO

Smith

Corp.

.....................

1,789

98,073

Assa

Abloy

AB,

Class

B

...............

1,351

33,386

Carrier

Global

Corp.

..................

3,527

133,038

Cie

de

Saint-Gobain

..................

1,216

55,927

Daikin

Industries

Ltd.

.................

800

177,974

Fortune

Brands

Home

&

Security,

Inc.

......

863

73,976

Geberit

AG

(Registered)

...............

49

30,673

Johnson

Controls

International

plc

........

4,546

211,798

Kingspan

Group

plc

..................

257

18,022

Lennox

International,

Inc.

..............

237

64,931

Masco

Corp.

.......................

1,568

86,130

Owens

Corning

.....................

732

55,456

Trane

Technologies

plc

................

1,094

158,805

Xinyi

Glass

Holdings

Ltd.

..............

30,000

83,911

1,407,391

Capital

Markets

—

2.0%

3i

Group

plc

.......................

1,913

30,258

Ameriprise

Financial,

Inc.

..............

466

90,558

Amundi

SA

(a)(b)

......................

176

14,344

Apollo

Global

Management,

Inc.

..........

520

25,470

ASX

Ltd.

.........................

221

12,265

Bank

of

New

York

Mellon

Corp.

(The)

......

3,599

152,742

Blackstone

Group,

Inc.

(The),

Class

A

......

2,669

172,978

Carlyle

Group,

Inc.

(The)

...............

887

27,887

Cboe

Global

Markets,

Inc.

..............

597

55,593

Charles

Schwab

Corp.

(The)

............

5,312

281,748

CME

Group,

Inc.

....................

1,391

253,232

Credit

Suisse

Group

AG

(Registered)

......

7,765

100,253

Daiwa

Securities

Group,

Inc.

............

3,400

15,486

Deutsche

Bank

AG

(Registered)

(a)

.........

4,008

44,084

Deutsche

Boerse

AG

.................

564

96,034

FactSet

Research

Systems,

Inc.

..........

163

54,197

Franklin

Resources,

Inc.

...............

1,670

41,733

Goldman

Sachs

Group,

Inc.

(The)

........

1,270

334,912

Hargreaves

Lansdown

plc

..............

773

16,095

Hong

Kong

Exchanges

&

Clearing

Ltd.

.....

2,700

148,100

Intercontinental

Exchange,

Inc.

..........

2,043

235,537

Invesco

Ltd.

.......................

1,650

28,759

Japan

Exchange

Group,

Inc.

............

1,000

25,552

Julius

Baer

Group

Ltd.

................

522

30,073

Security

Shares

Shares

Value

Capital

Markets

(continued)

KKR

&

Co.,

Inc.,

Class

A

...............

1,997

$

80,859

London

Stock

Exchange

Group

plc

........

749

92,454

Macquarie

Group

Ltd.

.................

716

76,425

MarketAxess

Holdings,

Inc.

.............

146

83,302

Moody's

Corp.

......................

652

189,236

Morgan

Stanley

.....................

4,957

339,703

MSCI,

Inc.

........................

294

131,280

Nasdaq,

Inc.

.......................

544

72,211

Natixis

SA

(a)

.......................

3,100

10,622

Nomura

Holdings,

Inc.

................

8,600

45,469

Northern

Trust

Corp.

..................

918

85,502

Partners

Group

Holding

AG

.............

54

63,452

Raymond

James

Financial,

Inc.

..........

589

56,350

S&P

Global,

Inc.

....................

986

324,128

SBI

Holdings,

Inc.

...................

500

11,895

Schroders

plc

......................

387

17,646

SEI

Investments

Co.

..................

707

40,631

St.

James's

Place

plc

.................

655

10,135

Standard

Life

Aberdeen

plc

.............

3,688

14,136

State

Street

Corp.

...................

1,487

108,224

T.

Rowe

Price

Group,

Inc.

..............

876

132,618

Tradeweb

Markets,

Inc.,

Class

A

..........

492

30,725

UBS

Group

AG

(Registered)

............

9,269

130,506

4,435,399

Chemicals

—

1.4%

Air

Liquide

SA

......................

1,453

238,215

Air

Products

&

Chemicals,

Inc.

...........

741

202,456

Akzo

Nobel

NV

.....................

305

32,737

Albemarle

Corp.

....................

223

32,897

Asahi

Kasei

Corp.

...................

1,200

12,300

BASF

SE

.........................

2,594

205,037

CF

Industries

Holdings,

Inc.

.............

911

35,265

Chr

Hansen

Holding

A/S

(a)

..............

401

41,432

Clariant

AG

(Registered)

...............

771

16,358

Corteva

,

Inc.

.......................

1,925

74,536

Covestro

AG

(b)

......................

185

11,398

Croda

International

plc

................

90

8,094

Dow,

Inc.

.........................

2,444

135,642

DuPont

de

Nemours,

Inc.

..............

2,572

182,895

Ecolab,

Inc.

.......................

647

139,985

FMC

Corp.

........................

549

63,097

Givaudan

SA

(Registered)

..............

47

198,849

International

Flavors

&

Fragrances,

Inc.

.....

293

31,890

Johnson

Matthey

plc

.................

677

22,429

Koninklijke

DSM

NV

..................

142

24,420

Kuraray

Co.

Ltd.

....................

2,400

25,553

Linde

plc

.........................

1,696

446,913

LyondellBasell

Industries

NV,

Class

A

......

857

78,553

Mitsubishi

Chemical

Holdings

Corp.

.......

400

2,423

Nippon

Paint

Holdings

Co.

Ltd.

...........

400

43,953

Nippon

Sanso

Holdings

Corp.

...........

600

11,161

Nitto

Denko

Corp.

...................

700

62,706

Novozymes

A/S,

Class

B

...............

1,081

61,574

PPG

Industries,

Inc.

..................

632

91,147

Sherwin-Williams

Co.

(The)

.............

156

114,646

Shin-Etsu

Chemical

Co.

Ltd.

............

900

157,964

Sika

AG

(Registered)

.................

456

124,302

Solvay

SA

.........................

609

71,822

Sumitomo

Chemical

Co.

Ltd.

............

16,400

66,105

Symrise

AG

.......................

311

41,345

Toray

Industries,

Inc.

.................

5,600

33,216

Umicore

SA

.......................

727

34,943

3,178,258

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

0.4%

Brambles

Ltd.

......................

8,281

$

67,923

Cintas

Corp.

.......................

375

132,547

Copart

,

Inc.

(a)

......................

584

74,314

Rentokil

Initial

plc

....................

8,083

56,356

Republic

Services,

Inc.

................

1,071

103,137

Rollins,

Inc.

........................

1,650

64,466

Securitas

AB,

Class

B

.................

1,419

22,894

Toppan

Printing

Co.

Ltd.

...............

500

7,061

Waste

Connections,

Inc.

...............

1,618

165,958

Waste

Management,

Inc.

...............

1,968

232,086

926,742

Communications

Equipment

—

0.3%

Arista

Networks,

Inc.

(a)

................

104

30,219

Cisco

Systems,

Inc.

..................

11,566

517,579

F5

Networks,

Inc.

(a)

..................

129

22,696

Motorola

Solutions,

Inc.

...............

435

73,976

Nokia

OYJ

(a)

.......................

16,194

62,546

Telefonaktiebolaget

LM

Ericsson,

Class

B

...

3,848

45,774

752,790

Construction

&

Engineering

—

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA

...........................

1,081

35,914

Ferrovial

SA

.......................

2,350

64,979

HOCHTIEF

AG

.....................

774

75,319

Obayashi

Corp.

.....................

1,900

16,406

Vinci

SA

..........................

785

78,193

270,811

Construction

Materials

—

0.2%

CRH

plc

..........................

1,908

81,141

HeidelbergCement

AG

................

493

36,706

James

Hardie

Industries

plc,

CDI

(a)

........

2,359

69,914

LafargeHolcim

Ltd.

(Registered)

(a)

.........

3,153

173,061

Martin

Marietta

Materials,

Inc.

...........

247

70,141

Vulcan

Materials

Co.

.................

573

84,982

515,945

Consumer

Finance

—

0.3%

Ally

Financial,

Inc.

...................

1,395

49,746

American

Express

Co.

................

2,716

328,392

Capital

One

Financial

Corp.

.............

1,736

171,604

Discover

Financial

Services

.............

1,099

99,492

Synchrony

Financial

..................

2,354

81,707

730,941

Containers

&

Packaging

—

0.3%

Avery

Dennison

Corp.

.................

633

98,184

Ball

Corp.

.........................

1,988

185,242

Crown

Holdings,

Inc.

(a)

................

1,289

129,158

International

Paper

Co.

................

833

41,417

Packaging

Corp.

of

America

............

402

55,440

Sealed

Air

Corp.

....................

1,057

48,400

Smurfit

Kappa

Group

plc

...............

492

22,864

WestRock

Co.

......................

3,389

147,523

728,228

Distributors

—

0.1%

Genuine

Parts

Co.

...................

1,437

144,318

LKQ

Corp.

(a)

.......................

979

34,500

Pool

Corp.

........................

71

26,447

205,265

Diversified

Financial

Services

—

0.6%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

.......

4,525

1,049,212

Equitable

Holdings,

Inc.

...............

1,911

48,902

EXOR

NV

.........................

387

31,435

Security

Shares

Shares

Value

Diversified

Financial

Services

(continued)

Groupe

Bruxelles

Lambert

SA

...........

403

$

40,620

M&G

plc

..........................

7,204

19,445

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

....

2,000

9,604

ORIX

Corp.

........................

3,900

59,998

Sofina

SA

.........................

26

8,795

Voya

Financial,

Inc.

..................

390

22,936

1,290,947

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

.........................

17,649

507,585

BT

Group

plc

(a)

.....................

31,968

57,621

Cellnex

Telecom

SA

(b)

.................

385

23,120

Deutsche

Telekom

AG

(Registered)

.......

5,801

105,883

Elisa

OYJ

.........................

95

5,208

Nippon

Telegraph

&

Telephone

Corp.

......

2,300

59,016

Orange

SA

........................

4,408

52,477

Swisscom

AG

(Registered)

.............

5

2,693

Telefonica

SA

......................

15,493

61,626

Verizon

Communications,

Inc.

...........

10,430

612,763

1,487,992

Electric

Utilities

—

0.7%

Edison

International

..................

1,300

81,666

Electricite

de

France

SA

...............

2,206

34,909

Elia

Group

SA/NV

...................

191

22,798

Enel

SpA

.........................

22,442

228,341

Eversource

Energy

..................

1,037

89,711

Exelon

Corp.

.......................

3,602

152,076

Fortum

OYJ

.......................

3,228

77,989

Iberdrola

SA

.......................

18,601

267,302

NextEra

Energy,

Inc.

.................

5,528

426,485

Orsted

A/S

(b)

.......................

587

120,103

SSE

plc

..........................

3,205

65,649

Terna

Rete

Elettrica

Nazionale

SpA

........

6,743

51,814

Verbund

AG

.......................

303

25,742

1,644,585

Electrical

Equipment

—

0.8%

ABB

Ltd.

(Registered)

.................

5,489

153,962

AMETEK,

Inc.

......................

1,210

146,337

Eaton

Corp.

plc

.....................

1,663

199,793

Emerson

Electric

Co.

.................

2,603

209,203

Generac

Holdings,

Inc.

(a)

...............

151

34,339

Legrand

SA

.......................

1,200

107,348

Mitsubishi

Electric

Corp.

...............

7,500

113,352

Nidec

Corp.

.......................

1,200

151,810

Prysmian

SpA

......................

1,142

40,647

Rockwell

Automation,

Inc.

..............

451

113,115

Schneider

Electric

SE

.................

1,554

224,596

Sensata

Technologies

Holding

plc

(a)

.......

1,502

79,216

Siemens

Energy

AG

(a)

.................

1,666

61,058

Siemens

Gamesa

Renewable

Energy

SA

....

536

21,765

Sunrun

,

Inc.

(a)

......................

253

17,553

Vestas

Wind

Systems

A/S

..............

714

168,668

1,842,762

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.,

Class

A

..............

991

129,593

Arrow

Electronics,

Inc.

(a)

...............

160

15,568

Cognex

Corp.

......................

456

36,610

Corning,

Inc.

.......................

3,820

137,520

Halma

plc

.........................

316

10,583

Hamamatsu

Photonics

KK

..............

800

45,771

Hirose

Electric

Co.

Ltd.

................

400

60,709

Hitachi

Ltd.

........................

1,800

71,045

IPG

Photonics

Corp.

(a)

................

238

53,262

Keyence

Corp.

.....................

300

168,755

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Keysight

Technologies,

Inc.

(a)

............

539

$

71,197

Kyocera

Corp.

......................

1,000

61,378

Murata

Manufacturing

Co.

Ltd.

...........

2,500

226,324

Omron

Corp.

.......................

1,100

98,198

TDK

Corp.

........................

700

105,618

TE

Connectivity

Ltd.

..................

1,005

121,675

Trimble,

Inc.

(a)

......................

266

17,761

Zebra

Technologies

Corp.,

Class

A

(a)

.......

78

29,978

1,461,545

Energy

Equipment

&

Services

—

0.3%

Baker

Hughes

Co.

...................

4,352

90,739

Halliburton

Co.

.....................

6,563

124,041

Schlumberger

NV

...................

16,053

350,437

Tenaris

SA

........................

1,935

15,681

580,898

Entertainment

—

1.0%

Activision

Blizzard,

Inc.

................

2,379

220,890

Electronic

Arts,

Inc.

..................

939

134,840

Netflix,

Inc.

(a)

.......................

1,029

556,411

Nexon

Co.

Ltd.

.....................

700

21,599

Nintendo

Co.

Ltd.

....................

200

128,388

Roku,

Inc.

(a)

........................

268

88,981

Take-Two

Interactive

Software,

Inc.

(a)

.......

325

67,532

Ubisoft

Entertainment

SA

(a)

.............

158

15,226

Vivendi

SA

........................

1,667

53,768

Walt

Disney

Co.

(The)

(a)

...............

5,036

912,423

2,200,058

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.0%

Alexandria

Real

Estate

Equities,

Inc.

.......

274

48,832

American

Tower

Corp.

................

1,115

250,273

AvalonBay

Communities,

Inc.

...........

332

53,263

Boston

Properties,

Inc.

................

420

39,703

British

Land

Co.

plc

(The)

..............

1,696

11,359

Camden

Property

Trust

................

151

15,088

Covivio

..........................

84

7,708

Crown

Castle

International

Corp.

.........

1,028

163,647

Daiwa

House

REIT

Investment

Corp.

......

3

7,422

Digital

Realty

Trust,

Inc.

...............

560

78,126

Duke

Realty

Corp.

...................

481

19,226

Equinix

,

Inc.

.......................

210

149,978

Equity

LifeStyle

Properties,

Inc.

..........

395

25,027

Equity

Residential

...................

1,002

59,398

Essex

Property

Trust,

Inc.

..............

127

30,152

Extra

Space

Storage,

Inc.

..............

196

22,709

Gecina

SA

........................

117

18,193

GLP

J-

Reit

........................

5

7,890

Goodman

Group

....................

2,328

34,029

Healthpeak

Properties,

Inc.

.............

1,183

35,762

Host

Hotels

&

Resorts,

Inc.

.............

994

14,542

Invitation

Homes,

Inc.

.................

1,101

32,700

Iron

Mountain,

Inc.

...................

410

12,087

Japan

Real

Estate

Investment

Corp.

.......

4

23,113

Japan

Retail

Fund

Investment

Corp.

.......

6

10,920

Klepierre

SA

.......................

691

15,585

Land

Securities

Group

plc

..............

1,619

14,953

Link

REIT

(c)

........................

5,800

52,674

Medical

Properties

Trust,

Inc.

............

867

18,892

Mid-America

Apartment

Communities,

Inc.

...

233

29,519

Nippon

Building

Fund,

Inc.

..............

4

23,199

Nippon

Prologis

REIT,

Inc.

..............

3

9,372

Nomura

Real

Estate

Master

Fund,

Inc.

.....

5

7,155

Omega

Healthcare

Investors,

Inc.

.........

293

10,642

Orix

JREIT,

Inc.

.....................

8

13,235

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Prologis,

Inc.

.......................

1,798

$

179,189

Public

Storage

......................

370

85,444

Realty

Income

Corp.

..................

719

44,700

Regency

Centers

Corp.

...............

456

20,789

SBA

Communications

Corp.

............

215

60,658

Scentre

Group

......................

10,526

22,610

Segro

plc

.........................

1,503

19,502

Simon

Property

Group,

Inc.

.............

725

61,828

Stockland

.........................

2,951

9,527

Sun

Communities,

Inc.

................

206

31,302

UDR,

Inc.

.........................

670

25,748

Unibail

-

Rodamco

-Westfield

.............

429

33,413

United

Urban

Investment

Corp.

..........

10

12,380

Ventas,

Inc.

.......................

638

31,287

VEREIT,

Inc.

.......................

395

14,927

VICI

Properties,

Inc.

..................

474

12,087

Vicinity

Centres

.....................

5,962

7,372

Vornado

Realty

Trust

.................

544

20,313

Welltower

,

Inc.

......................

856

55,315

Weyerhaeuser

Co.

...................

1,098

36,816

WP

Carey,

Inc.

.....................

344

24,279

2,175,859

Food

&

Staples

Retailing

—

0.6%

Aeon

Co.

Ltd.

......................

900

29,526

Coles

Group

Ltd.

....................

434

6,063

Costco

Wholesale

Corp.

...............

1,628

613,398

Kesko

OYJ,

Class

B

..................

399

10,241

Koninklijke

Ahold

Delhaize

NV

...........

5,421

152,934

Kroger

Co.

(The)

....................

4,260

135,297

Lawson,

Inc.

.......................

200

9,307

Sysco

Corp.

.......................

2,022

150,154

Walgreens

Boots

Alliance,

Inc.

...........

3,861

153,977

Welcia

Holdings

Co.

Ltd.

...............

300

11,317

Woolworths

Group

Ltd.

................

1,433

43,435

1,315,649

Food

Products

—

1.3%

Ajinomoto

Co.,

Inc.

...................

1,200

27,192

Archer-Daniels-Midland

Co.

.............

2,970

149,718

Associated

British

Foods

plc

(a)

...........

407

12,566

Barry

Callebaut

AG

(Registered)

..........

7

16,682

Bunge

Ltd.

........................

886

58,104

Campbell

Soup

Co.

..................

986

47,673

Chocoladefabriken

Lindt

&

Spruengli

AG

....

4

38,989

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

.....................

1

100,441

Conagra

Brands,

Inc.

.................

2,082

75,493

Danone

SA

........................

1,432

94,234

General

Mills,

Inc.

...................

2,333

137,180

Hershey

Co.

(The)

...................

627

95,511

Hormel

Foods

Corp.

..................

1,632

76,068

JDE

Peet's

NV

(a)

....................

218

9,889

JM

Smucker

Co.

(The)

................

705

81,498

Kellogg

Co.

........................

1,521

94,652

Kerry

Group

plc,

Class

A

...............

421

61,148

Kikkoman

Corp.

.....................

900

62,637

Kraft

Heinz

Co.

(The)

.................

3,190

110,565

Lamb

Weston

Holdings,

Inc.

............

540

42,520

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

1,108

105,925

Mondelez

International,

Inc.,

Class

A

.......

6,258

365,905

Nestle

SA

(Registered)

................

7,171

847,693

Nissin

Foods

Holdings

Co.

Ltd.

..........

200

17,143

Toyo

Suisan

Kaisha

Ltd.

...............

200

9,733

Tyson

Foods,

Inc.,

Class

A

.............

1,271

81,903

Wilmar

International

Ltd.

...............

1,200

4,225

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Food

Products

(continued)

Yakult

Honsha

Co.

Ltd.

................

900

$

45,389

2,870,676

Gas

Utilities

—

0.1%

APA

Group

(d)

.......................

1,663

12,373

Atmos

Energy

Corp.

..................

221

21,090

Hong

Kong

&

China

Gas

Co.

Ltd.

.........

63,650

95,227

Naturgy

Energy

Group

SA

..............

2,330

54,182

Osaka

Gas

Co.

Ltd.

..................

1,200

24,597

Snam

SpA

........................

9,328

52,681

Tokyo

Gas

Co.

Ltd.

..................

900

20,831

UGI

Corp.

.........................

252

8,810

289,791

Health

Care

Equipment

&

Supplies

—

2.0%

Abbott

Laboratories

..................

5,202

569,567

ABIOMED,

Inc.

(a)

....................

121

39,228

Alcon,

Inc.

(a)

.......................

1,126

74,762

Align

Technology,

Inc.

(a)

................

230

122,907

Ambu

A/S,

Class

B

...................

74

3,179

Asahi

Intecc

Co.

Ltd.

.................

200

7,305

Baxter

International,

Inc.

...............

1,500

120,360

Becton

Dickinson

and

Co.

..............

951

237,959

Boston

Scientific

Corp.

(a)

...............

4,933

177,341

Carl

Zeiss

Meditec

AG

................

171

22,678

Coloplast

A/S,

Class

B

................

383

58,572

Cooper

Cos.,

Inc.

(The)

...............

167

60,674

Danaher

Corp.

.....................

1,956

434,506

Dentsply

Sirona,

Inc.

.................

722

37,804

DexCom

,

Inc.

(a)

.....................

304

112,395

DiaSorin

SpA

......................

48

10,022

Edwards

Lifesciences

Corp.

(a)

...........

2,034

185,562

GN

Store

Nord

A/S

...................

92

7,334

Hologic

,

Inc.

(a)

......................

732

53,311

Hoya

Corp.

........................

800

110,796

IDEXX

Laboratories,

Inc.

(a)

..............

245

122,468

Insulet

Corp.

(a)

......................

186

47,547

Intuitive

Surgical,

Inc.

(a)

................

371

303,515

Koninklijke

Philips

NV

(a)

................

1,767

95,184

Masimo

Corp.

(a)

.....................

145

38,915

Medtronic

plc

......................

4,347

509,208

Novocure

Ltd.

(a)

.....................

245

42,395

Olympus

Corp.

.....................

2,600

56,924

ResMed

,

Inc.

......................

384

81,623

Siemens

Healthineers

AG

(b)

.............

1,511

77,758

Smith

&

Nephew

plc

..................

1,828

37,972

Sonova

Holding

AG

(Registered)

(a)

........

135

35,113

STERIS

plc

........................

118

22,366

Straumann

Holding

AG

(Registered)

.......

18

21,086

Stryker

Corp.

......................

1,099

269,299

Sysmex

Corp.

......................

300

36,098

Teleflex,

Inc.

.......................

156

64,205

Terumo

Corp.

......................

1,400

58,585

Varian

Medical

Systems,

Inc.

(a)

...........

266

46,553

West

Pharmaceutical

Services,

Inc.

.......

178

50,429

Zimmer

Biomet

Holdings,

Inc.

...........

693

106,784

4,570,289

Health

Care

Providers

&

Services

—

0.9%

Anthem,

Inc.

.......................

641

205,819

Cardinal

Health,

Inc.

..................

586

31,386

Centene

Corp.

(a)

....................

1,351

81,100

Cigna

Corp.

.......................

820

170,708

CVS

Health

Corp.

...................

2,637

180,107

Fresenius

Medical

Care

AG

&

Co.

KGaA

....

857

71,463

Fresenius

SE

&

Co.

KGaA

..............

1,839

85,039

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

HCA

Healthcare,

Inc.

.................

344

$

56,574

Henry

Schein,

Inc.

(a)

..................

246

16,448

Humana,

Inc.

......................

326

133,748

Laboratory

Corp.

of

America

Holdings

(a)

.....

61

12,416

McKesson

Corp.

....................

165

28,697

Molina

Healthcare,

Inc.

(a)

...............

120

25,522

Quest

Diagnostics,

Inc.

................

51

6,078

UnitedHealth

Group,

Inc.

...............

2,655

931,055

2,036,160

Health

Care

Technology

—

0.2%

Cerner

Corp.

.......................

1,024

80,363

M3,

Inc.

..........................

900

85,021

Teladoc

Health,

Inc.

(a)

.................

376

75,185

Veeva

Systems,

Inc.,

Class

A

(a)

..........

419

114,073

354,642

Hotels,

Restaurants

&

Leisure

—

1.5%

Aramark

..........................

2,080

80,038

Aristocrat

Leisure

Ltd.

.................

827

19,857

Carnival

Corp.

......................

4,248

92,012

Chipotle

Mexican

Grill,

Inc.

(a)

............

174

241,288

Compass

Group

plc

..................

3,990

74,419

Darden

Restaurants,

Inc.

..............

1,115

132,819

Domino's

Pizza,

Inc.

..................

340

130,376

DraftKings

,

Inc.,

Class

A

(a)

..............

488

22,721

Flutter

Entertainment

plc

...............

274

55,714

Galaxy

Entertainment

Group

Ltd.

.........

1,000

7,785

Hilton

Worldwide

Holdings,

Inc.

..........

1,247

138,741

Las

Vegas

Sands

Corp.

...............

2,115

126,054

Marriott

International,

Inc.,

Class

A

........

1,285

169,517

McDonald's

Corp.

...................

3,594

771,200

Melco

Resorts

&

Entertainment

Ltd.,

ADR

...

1,238

22,965

MGM

Resorts

International

.............

2,743

86,432

Oriental

Land

Co.

Ltd.

................

200

33,046

Royal

Caribbean

Cruises

Ltd.

...........

1,086

81,113

Sands

China

Ltd.

....................

1,200

5,241

Sodexo

SA

........................

208

17,591

Starbucks

Corp.

.....................

5,854

626,261

Vail

Resorts,

Inc.

....................

208

58,024

Wynn

Resorts

Ltd.

...................

949

107,076

Yum!

Brands,

Inc.

...................

1,973

214,189

3,314,479

Household

Durables

—

0.4%

Casio

Computer

Co.

Ltd.

...............

500

9,150

Garmin

Ltd.

........................

1,417

169,558

Mohawk

Industries,

Inc.

(a)

..............

705

99,370

Newell

Brands,

Inc.

..................

1,713

36,367

Panasonic

Corp.

....................

4,400

51,292

Sharp

Corp.

.......................

1,700

25,831

Sony

Corp.

........................

2,800

282,151

Whirlpool

Corp.

.....................

705

127,245

800,964

Household

Products

—

1.1%

Church

&

Dwight

Co.,

Inc.

..............

1,616

140,964

Clorox

Co.

(The)

....................

835

168,603

Colgate-Palmolive

Co.

................

4,186

357,945

Henkel

AG

&

Co.

KGaA

...............

67

6,456

Kimberly-Clark

Corp.

.................

1,843

248,492

Lion

Corp.

........................

200

4,845

Pigeon

Corp.

.......................

400

16,509

Procter

&

Gamble

Co.

(The)

............

9,776

1,360,233

Reckitt

Benckiser

Group

plc

.............

1,680

149,947

Spectrum

Brands

Holdings,

Inc.

..........

12

948

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Household

Products

(continued)

Unicharm

Corp.

.....................

900

$

42,683

2,497,625

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Uniper

SE

.........................

992

34,373

Vistra

Corp.

.......................

1,766

34,719

69,092

Industrial

Conglomerates

—

0.5%

3M

Co.

...........................

2,151

375,973

CK

Hutchison

Holdings

Ltd.

.............

15,500

108,218

Roper

Technologies,

Inc.

...............

420

181,058

Siemens

AG

(Registered)

..............

2,066

297,600

Smiths

Group

plc

....................

1,038

21,351

Toshiba

Corp.

......................

1,300

36,411

1,020,611

Insurance

—

1.9%

Admiral

Group

plc

...................

111

4,389

Aegon

NV

.........................

3,799

15,154

Aflac,

Inc.

.........................

2,261

100,547

Ageas

SA

.........................

483

25,651

AIA

Group

Ltd.

.....................

29,400

358,272

Alleghany

Corp.

.....................

65

39,240

Allianz

SE

(Registered)

................

1,130

277,610

Allstate

Corp.

(The)

..................

1,382

151,923

American

Financial

Group,

Inc.

..........

187

16,385

American

International

Group,

Inc.

........

2,069

78,332

Aon

plc,

Class

A

....................

894

188,875

Arch

Capital

Group

Ltd.

(a)

..............

1,898

68,461

Arthur

J

Gallagher

&

Co.

...............

720

89,071

Assicurazioni

Generali

SpA

.............

3,559

62,312

Assurant,

Inc.

......................

106

14,439

Athene

Holding

Ltd.,

Class

A

(a)

...........

166

7,161

Aviva

plc

.........................

6,263

27,858

AXA

SA

..........................

4,924

118,089

Baloise

Holding

AG

(Registered)

.........

122

21,676

Brown

&

Brown,

Inc.

..................

889

42,147

Cincinnati

Financial

Corp.

..............

650

56,790

Dai-ichi

Life

Holdings,

Inc.

..............

2,200

33,144

Erie

Indemnity

Co.,

Class

A

.............

111

27,262

Everest

Re

Group

Ltd.

................

186

43,541

Fidelity

National

Financial,

Inc.

...........

838

32,757

Globe

Life,

Inc.

.....................

254

24,120

Hannover

Rueck

SE

..................

147

23,425

Hartford

Financial

Services

Group,

Inc.

(The)

.

1,304

63,870

Insurance

Australia

Group

Ltd.

...........

3,352

12,165

Japan

Post

Holdings

Co.

Ltd.

............

6,400

49,850

Legal

&

General

Group

plc

.............

13,988

50,978

Lincoln

National

Corp.

................

712

35,821

Loews

Corp.

.......................

1,956

88,059

Markel

Corp.

(a)

......................

66

68,198

Marsh

&

McLennan

Cos.,

Inc.

...........

2,156

252,252

MetLife,

Inc.

.......................

2,222

104,323

MS&AD

Insurance

Group

Holdings,

Inc.

....

1,300

39,553

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

349

103,697

Poste

Italiane

SpA

(b)

..................

309

3,161

Principal

Financial

Group,

Inc.

...........

865

42,913

Progressive

Corp.

(The)

...............

2,195

217,042

Prudential

Financial,

Inc.

...............

1,473

114,997

Prudential

plc

......................

5,854

107,643

QBE

Insurance

Group

Ltd.

.............

1,649

10,749

Reinsurance

Group

of

America,

Inc.

.......

335

38,826

RenaissanceRe

Holdings

Ltd.

...........

240

39,797

Sampo

OYJ,

Class

A

.................

1,710

73,109

Security

Shares

Shares

Value

Insurance

(continued)

SCOR

SE

(a)

........................

237

$

7,687

Sompo

Holdings,

Inc.

.................

700

28,380

Swiss

Life

Holding

AG

(Registered)

(a)

......

83

38,717

Swiss

Re

AG

.......................

800

75,371

T&D

Holdings,

Inc.

...................

1,200

14,195

Tokio

Marine

Holdings,

Inc.

.............

1,800

92,739

Travelers

Cos.,

Inc.

(The)

..............

1,041

146,125

Tryg

A/S

..........................

704

22,142

Willis

Towers

Watson

plc

...............

531

111,871

WR

Berkley

Corp.

...................

652

43,306

Zurich

Insurance

Group

AG

.............

446

187,954

4,234,121

Interactive

Media

&

Services

—

2.5%

Alphabet,

Inc.,

Class

A

(a)

...............

882

1,545,829

Alphabet,

Inc.,

Class

C

(a)

...............

881

1,543,406

Auto

Trader

Group

plc

(b)

...............

441

3,590

Facebook,

Inc.,

Class

A

(a)

..............

7,052

1,926,324

IAC/InterActiveCorp

(a)

.................

158

29,917

Match

Group,

Inc.

(a)

..................

690

104,321

Pinterest,

Inc.,

Class

A

(a)

...............

1,300

85,670

Snap,

Inc.,

Class

A

(a)

.................

2,562

128,279

Twitter,

Inc.

(a)

.......................

2,110

114,257

Z

Holdings

Corp.

....................

2,800

16,943

Zillow

Group,

Inc.,

Class

A

(a)

............

143

19,440

Zillow

Group,

Inc.,

Class

C

(a)

............

263

34,137

5,552,113

Internet

&

Direct

Marketing

Retail

—

2.2%

Amazon.com,

Inc.

(a)

..................

1,217

3,963,684

Booking

Holdings,

Inc.

(a)

...............

104

231,636

Chewy,

Inc.,

Class

A

(a)

................

200

17,978

Delivery

Hero

SE

(a)(b)

..................

354

55,362

eBay,

Inc.

.........................

2,131

107,083

Etsy,

Inc.

(a)

........................

238

42,343

Expedia

Group,

Inc.

..................

307

40,647

HelloFresh

SE

(a)

.....................

589

45,560

Just

Eat

Takeaway.com

NV

(a)(b)

...........

192

21,648

MercadoLibre

,

Inc.

(a)

..................

126

211,078

Ocado

Group

plc

(a)

...................

511

15,979

Prosus

NV

(a)

.......................

772

83,359

Rakuten

,

Inc.

......................

500

4,811

Wayfair,

Inc.,

Class

A

(a)

................

142

32,065

4,873,233

IT

Services

—

2.9%

Accenture

plc,

Class

A

................

1,991

520,069

Adyen

NV

(a)(b)

......................

22

51,118

Afterpay

Ltd.

(a)

......................

165

14,999

Akamai

Technologies,

Inc.

(a)

.............

502

52,705

Amadeus

IT

Group

SA

................

1,415

104,451

Atos

SE

(a)

.........................

897

81,910

Automatic

Data

Processing,

Inc.

..........

1,414

249,147

Booz

Allen

Hamilton

Holding

Corp.

........

283

24,672

Broadridge

Financial

Solutions,

Inc.

.......

226

34,623

Capgemini

SE

......................

510

79,332

Cognizant

Technology

Solutions

Corp.,

Class

A

1,348

110,469

Computershare

Ltd.

..................

10,845

122,040

Edenred

..........................

185

10,506

EPAM

Systems,

Inc.

(a)

.................

179

64,145

Fidelity

National

Information

Services,

Inc.

...

1,857

262,691

Fiserv,

Inc.

(a)

.......................

1,602

182,404

FleetCor

Technologies,

Inc.

(a)

............

317

86,487

Fujitsu

Ltd.

........................

200

28,907

Gartner,

Inc.

(a)

......................

198

31,718

Global

Payments,

Inc.

................

833

179,445

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

IT

Services

(continued)

GoDaddy

,

Inc.,

Class

A

(a)

...............

409

$

33,927

International

Business

Machines

Corp.

.....

3,425

431,139

Jack

Henry

&

Associates,

Inc.

...........

109

17,657

Mastercard

,

Inc.,

Class

A

...............

2,801

999,789

MongoDB,

Inc.

(a)

....................

181

64,986

NEC

Corp.

........................

100

5,371

NTT

Data

Corp.

.....................

1,800

24,639

Okta

,

Inc.

(a)

........................

269

68,396

Paychex,

Inc.

......................

394

36,713

PayPal

Holdings,

Inc.

(a)

................

3,246

760,213

Snowflake,

Inc.,

Class

A

(a)

..............

90

25,326

Square,

Inc.,

Class

A

(a)

................

1,012

220,252

Twilio

,

Inc.,

Class

A

(a)

.................

369

124,906

VeriSign,

Inc.

(a)

.....................

342

74,009

Visa,

Inc.,

Class

A

...................

5,189

1,134,990

Western

Union

Co.

(The)

..............

2,155

47,281

Worldline

SA

(a)(b)

....................

467

45,368

6,406,800

Leisure

Products

—

0.0%

Bandai

Namco

Holdings,

Inc.

............

100

8,660

Shimano,

Inc.

......................

200

46,816

Yamaha

Corp.

......................

400

23,570

79,046

Life

Sciences

Tools

&

Services

—

0.5%

10X

Genomics,

Inc.,

Class

A

(a)

...........

137

19,399

Agilent

Technologies,

Inc.

..............

616

72,990

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

.......

19

11,076

Illumina,

Inc.

(a)

......................

398

147,260

IQVIA

Holdings,

Inc.

(a)

.................

435

77,939

Lonza

Group

AG

(Registered)

...........

124

79,877

Mettler

-Toledo

International,

Inc.

(a)

........

41

46,727

PerkinElmer,

Inc.

....................

95

13,632

PPD,

Inc.

(a)

........................

226

7,734

QIAGEN

NV

(a)

......................

783

40,605

Thermo

Fisher

Scientific,

Inc.

............

1,104

514,221

Waters

Corp.

(a)

.....................

93

23,010

1,054,470

Machinery

—

2.1%

Alfa

Laval

AB

(a)

.....................

1,488

41,093

Alstom

SA

(a)

.......................

1,006

57,301

Amada

Co.

Ltd.

.....................

4,400

48,418

Atlas

Copco

AB,

Class

A

...............

2,501

128,542

Atlas

Copco

AB,

Class

B

...............

618

27,741

Caterpillar,

Inc.

.....................

1,642

298,877

CNH

Industrial

NV

(a)

..................

6,272

78,842

Cummins,

Inc.

......................

484

109,916

Daifuku

Co.

Ltd.

.....................

600

74,247

Deere

&

Co.

.......................

703

189,142

Dover

Corp.

.......................

1,044

131,805

FANUC

Corp.

......................

700

172,794

Fortive

Corp.

.......................

1,822

129,034

GEA

Group

AG

.....................

581

20,781

Hitachi

Construction

Machinery

Co.

Ltd.

....

1,500

42,650

IDEX

Corp.

........................

572

113,942

Illinois

Tool

Works,

Inc.

................

1,510

307,859

Ingersoll

Rand,

Inc.

(a)

.................

1,959

89,252

KION

Group

AG

.....................

299

25,930

Knorr-

Bremse

AG

...................

545

74,356

Komatsu

Ltd.

......................

5,200

143,511

Kone

OYJ,

Class

B

..................

1,141

92,969

Kubota

Corp.

......................

6,300

137,640

Kurita

Water

Industries

Ltd.

.............

400

15,290

Makita

Corp.

.......................

1,000

50,157

Security

Shares

Shares

Value

Machinery

(continued)

MINEBEA

MITSUMI,

Inc.

..............

3,000

$

59,684

MISUMI

Group,

Inc.

..................

1,100

36,110

Mitsubishi

Heavy

Industries

Ltd.

..........

3,700

113,317

Nabtesco

Corp.

.....................

400

17,557

NGK

Insulators

Ltd.

..................

5,000

77,259

Nordson

Corp.

......................

490

98,466

NSK

Ltd.

.........................

5,600

48,735

Otis

Worldwide

Corp.

.................

2,709

182,993

PACCAR,

Inc.

......................

1,048

90,421

Parker-Hannifin

Corp.

.................

575

156,636

Pentair

plc

........................

642

34,084

Rational

AG

.......................

20

18,606

Sandvik

AB

(a)

.......................

1,646

40,596

Schindler

Holding

AG

.................

310

83,836

Schindler

Holding

AG

(Registered)

........

168

45,409

SKF

AB,

Class

B

....................

823

21,414

SMC

Corp.

........................

200

122,148

Snap-on,

Inc.

......................

398

68,114

Stanley

Black

&

Decker,

Inc.

............

748

133,563

Techtronic

Industries

Co.

Ltd.

............

12,000

171,521

THK

Co.

Ltd.

.......................

800

25,873

Volvo

AB,

Class

B

(a)

..................

3,259

77,151

Wartsila

OYJ

Abp

....................

6,472

64,774

Westinghouse

Air

Brake

Technologies

Corp.

..

962

70,418

Xylem,

Inc.

........................

946

96,293

Yaskawa

Electric

Corp.

................

1,300

64,812

4,621,879

Marine

—

0.0%

AP

Moller

-

Maersk

A/S,

Class

A

..........

7

14,460

AP

Moller

-

Maersk

A/S,

Class

B

..........

16

35,604

Kuehne

+

Nagel

International

AG

(Registered)

173

39,257

89,321

Media

—

0.4%

Charter

Communications,

Inc.,

Class

A

(a)

....

254

168,034

Comcast

Corp.,

Class

A

...............

10,871

569,640

DISH

Network

Corp.,

Class

A

(a)

..........

91

2,943

Fox

Corp.,

Class

A

...................

274

7,979

Informa

plc

........................

4,644

34,725

Pearson

plc

.......................

2,868

26,323

Publicis

Groupe

SA

..................

481

23,906

ViacomCBS

,

Inc.

....................

458

17,065

WPP

plc

..........................

2,409

26,104

876,719

Metals

&

Mining

—

0.7%

ArcelorMittal

SA

(a)

...................

1,734

39,657

BlueScope

Steel

Ltd.

.................

607

8,197

Evraz

plc

.........................

560

3,579

Fortescue

Metals

Group

Ltd.

............

6,436

116,250

Glencore

plc

(a)

......................

24,475

77,728

Hitachi

Metals

Ltd.

...................

1,800

27,367

JFE

Holdings,

Inc.

...................

1,800

17,282

Nippon

Steel

Corp.

(a)

.................

2,000

25,794

Nucor

Corp.

.......................

7,469

397,276

Rio

Tinto

Ltd.

......................

2,222

195,406

Rio

Tinto

plc

.......................

4,091

307,942

Steel

Dynamics,

Inc.

..................

7,199

265,427

1,481,905

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

AGNC

Investment

Corp.

...............

2,571

40,108

Annaly

Capital

Management,

Inc.

.........

7,325

61,896

102,004

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Multiline

Retail

—

0.2%

Dollar

General

Corp.

.................

599

$

125,970

Dollar

Tree,

Inc.

(a)

....................

579

62,555

Target

Corp.

.......................

1,290

227,724

416,249

Multi-Utilities

—

0.3%

CenterPoint

Energy,

Inc.

...............

182

3,938

Consolidated

Edison,

Inc.

..............

808

58,394

E.ON

SE

.........................

8,104

89,737

Engie

SA

(a)

........................

5,144

78,858

National

Grid

plc

....................

10,737

126,884

NiSource,

Inc.

......................

931

21,357

Public

Service

Enterprise

Group,

Inc.

......

1,142

66,579

Sempra

Energy

.....................

574

73,133

Suez

SA

..........................

746

14,785

Veolia

Environnement

SA

..............

2,283

56,293

589,958

Oil,

Gas

&

Consumable

Fuels

—

1.8%

BP

plc

...........................

56,044

193,393

Cabot

Oil

&

Gas

Corp.

................

2,874

46,789

Cheniere

Energy,

Inc.

(a)

................

1,692

101,571

Chevron

Corp.

......................

7,958

672,053

Concho

Resources,

Inc.

...............

1,242

72,471

ConocoPhillips

.....................

5,361

214,386

ENEOS

Holdings,

Inc.

................

6,100

21,909

Eni

SpA

..........................

8,894

92,851

EOG

Resources,

Inc.

.................

3,093

154,248

Exxon

Mobil

Corp.

...................

18,585

766,074

Galp

Energia

SGPS

SA

...............

910

9,643

Hess

Corp.

........................

1,692

89,321

Inpex

Corp.

........................

3,000

16,177

Kinder

Morgan,

Inc.

..................

14,850

202,999

Marathon

Petroleum

Corp.

.............

3,489

144,305

Neste

OYJ

........................

963

69,917

Occidental

Petroleum

Corp.

.............

5,857

101,385

Oil

Search

Ltd.

.....................

3,816

10,936

OMV

AG

.........................

750

29,957

ONEOK,

Inc.

.......................

2,998

115,063

Phillips

66

.........................

2,955

206,673

Pioneer

Natural

Resources

Co.

..........

1,016

115,712

Repsol

SA

........................

4,929

49,655

Santos

Ltd.

........................

2,703

13,090

TOTAL

SE

........................

6,165

266,095

Valero

Energy

Corp.

..................

2,668

150,929

Williams

Cos.,

Inc.

(The)

...............

7,590

152,180

Woodside

Petroleum

Ltd.

..............

2,104

36,916

4,116,698

Paper

&

Forest

Products

—

0.1%

Stora

Enso

OYJ,

Class

R

..............

3,201

61,292

UPM-

Kymmene

OYJ

.................

2,435

90,805

152,097

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

1,106

294,406

Kao

Corp.

.........................

900

69,531

L'Oreal

SA

........................

468

178,567

Shiseido

Co.

Ltd.

....................

800

55,379

Unilever

plc

........................

2,708

162,409

Unilever

plc

........................

2,443

147,926

908,218

Pharmaceuticals

—

2.6%

Astellas

Pharma,

Inc.

.................

3,700

57,290

AstraZeneca

plc

....................

2,926

291,761

Aurora

Cannabis,

Inc.

(a)

................

105

874

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Bristol-Myers

Squibb

Co.

...............

5,460

$

338,684

Chugai

Pharmaceutical

Co.

Ltd.

..........

1,400

74,697

Daiichi

Sankyo

Co.

Ltd.

................

3,400

116,519

Eisai

Co.

Ltd.

......................

500

35,757

Elanco

Animal

Health,

Inc.

(a)

.............

238

7,299

Eli

Lilly

&

Co.

......................

2,095

353,720

GlaxoSmithKline

plc

..................

12,359

226,145

H

Lundbeck

A/S

.....................

177

6,059

Horizon

Therapeutics

plc

(a)

.............

201

14,703

Johnson

&

Johnson

..................

7,452

1,172,796

Merck

&

Co.,

Inc.

....................

6,729

550,432

Merck

KGaA

.......................

380

65,176

Novartis

AG

(Registered)

..............

5,310

499,979

Novo

Nordisk

A/S,

Class

B

.............

4,073

284,129

Orion

OYJ,

Class

B

..................

89

4,088

Otsuka

Holdings

Co.

Ltd.

..............

800

34,277

Pfizer,

Inc.

........................

14,282

525,720

Roche

Holding

AG

...................

1,626

566,333

Royalty

Pharma

plc,

Class

A

............

488

24,424

Sanofi

...........................

2,346

227,381

Shionogi

&

Co.

Ltd.

..................

600

32,803

Takeda

Pharmaceutical

Co.

Ltd.

..........

3,700

133,901

UCB

SA

..........................

290

29,956

Viatris

,

Inc.

(a)

.......................

1,715

32,139

Vifor

Pharma

AG

....................

108

16,975

Zoetis,

Inc.

........................

979

162,025

5,886,042

Professional

Services

—

0.8%

Adecco

Group

AG

(Registered)

..........

854

56,879

Bureau

Veritas

SA

(a)

..................

1,676

44,740

CoStar

Group,

Inc.

(a)

..................

178

164,522

Equifax,

Inc.

.......................

781

150,608

Experian

plc

.......................

4,001

151,993

IHS

Markit

Ltd.

.....................

1,852

166,365

Intertek

Group

plc

...................

343

26,493

Randstad

NV

(a)

.....................

79

5,114

Recruit

Holdings

Co.

Ltd.

..............

3,200

134,410

RELX

plc

.........................

8,124

198,773

Robert

Half

International,

Inc.

............

984

61,480

SGS

SA

(Registered)

.................

28

84,402

TransUnion

........................

971

96,343

Verisk

Analytics,

Inc.

..................

923

191,606

Wolters

Kluwer

NV

...................

2,140

180,546

1,714,274

Real

Estate

Management

&

Development

—

0.3%

Aroundtown

SA

.....................

3,320

24,754

CBRE

Group,

Inc.,

Class

A

(a)

............

659

41,333

CK

Asset

Holdings

Ltd.

................

10,000

51,169

Daito

Trust

Construction

Co.

Ltd.

.........

200

18,691

Daiwa

House

Industry

Co.

Ltd.

...........

1,500

44,599

Deutsche

Wohnen

SE

................

689

36,762

Henderson

Land

Development

Co.

Ltd.

.....

8,000

31,077

Hongkong

Land

Holdings

Ltd.

...........

4,700

19,412

Hulic

Co.

Ltd.

......................

1,000

11,000

LEG

Immobilien

AG

..................

132

20,479

Lendlease

Corp.

Ltd.

(d)

................

743

7,512

Mitsubishi

Estate

Co.

Ltd.

..............

3,600

57,862

Mitsui

Fudosan

Co.

Ltd.

...............

3,000

62,819

New

World

Development

Co.

Ltd.

.........

3,000

13,957

Sino

Land

Co.

Ltd.

...................

4,000

5,205

Sumitomo

Realty

&

Development

Co.

Ltd.

...

1,100

33,960

Sun

Hung

Kai

Properties

Ltd.

............

4,500

57,550

Swire

Pacific

Ltd.,

Class

A

..............

3,500

19,279

Swire

Properties

Ltd.

.................

4,400

12,793

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Swiss

Prime

Site

AG

(Registered)

.........

250

$

24,508

Vonovia

SE

........................

1,232

89,978

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

5,000

25,986

710,685

Road

&

Rail

—

0.3%

Central

Japan

Railway

Co.

.............

300

42,421

CSX

Corp.

........................

860

78,045

East

Japan

Railway

Co.

...............

600

40,029

Norfolk

Southern

Corp.

................

401

95,282

Uber

Technologies,

Inc.

(a)

..............

823

41,973

Union

Pacific

Corp.

..................

1,294

269,437

West

Japan

Railway

Co.

...............

400

20,944

588,131

Semiconductors

&

Semiconductor

Equipment

—

2.6%

Advanced

Micro

Devices,

Inc.

(a)

..........

3,410

312,731

Advantest

Corp.

.....................

500

37,451

Analog

Devices,

Inc.

..................

727

107,400

Applied

Materials,

Inc.

................

2,310

199,353

ASM

Pacific

Technology

Ltd.

............

1,400

18,489

ASML

Holding

NV

...................

1,047

506,934

Broadcom,

Inc.

.....................

1,150

503,527

Disco

Corp.

........................

200

67,407

Infineon

Technologies

AG

..............

2,052

78,363

Intel

Corp.

........................

12,725

633,960

KLA

Corp.

.........................

490

126,866

Lam

Research

Corp.

.................

295

139,320

Lasertec

Corp.

.....................

300

35,212

Marvell

Technology

Group

Ltd.

...........

1,619

76,967

Maxim

Integrated

Products,

Inc.

..........

713

63,207

Microchip

Technology,

Inc.

..............

676

93,362

Micron

Technology,

Inc.

(a)

..............

2,964

222,834

Monolithic

Power

Systems,

Inc.

..........

291

106,573

NVIDIA

Corp.

......................

1,857

969,725

NXP

Semiconductors

NV

..............

811

128,957

Qorvo

,

Inc.

(a)

.......................

273

45,392

QUALCOMM,

Inc.

...................

3,455

526,335

Skyworks

Solutions,

Inc.

...............

406

62,069

STMicroelectronics

NV

................

1,224

45,283

SUMCO

Corp.

......................

300

6,587

Teradyne,

Inc.

......................

350

41,962

Texas

Instruments,

Inc.

................

2,708

444,464

Tokyo

Electron

Ltd.

..................

400

149,425

Xilinx,

Inc.

.........................

642

91,016

5,841,171

Software

—

4.1%

Adobe,

Inc.

(a)

.......................

1,461

730,675

ANSYS,

Inc.

(a)

......................

225

81,855

Autodesk,

Inc.

(a)

.....................

602

183,815

Avalara,

Inc.

(a)

......................

122

20,117

Cadence

Design

Systems,

Inc.

(a)

.........

769

104,915

Ceridian

HCM

Holding,

Inc.

(a)

............

290

30,902

Citrix

Systems,

Inc.

..................

333

43,323

Cloudflare

,

Inc.,

Class

A

(a)

..............

409

31,080

Coupa

Software,

Inc.

(a)

................

182

61,682

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

.......

392

83,033

Dassault

Systemes

SE

................

486

98,570

Datadog

,

Inc.,

Class

A

(a)

...............

412

40,557

DocuSign,

Inc.

(a)

....................

464

103,147

Dropbox,

Inc.,

Class

A

(a)

...............

1,148

25,474

Dynatrace

,

Inc.

(a)

....................

833

36,044

Fair

Isaac

Corp.

(a)

....................

37

18,909

Fortinet,

Inc.

(a)

......................

399

59,264

Guidewire

Software,

Inc.

(a)

..............

129

16,606

Security

Shares

Shares

Value

Software

(continued)

HubSpot

,

Inc.

(a)

.....................

115

$

45,591

Intuit,

Inc.

.........................

642

243,864

Microsoft

Corp.

.....................

20,951

4,659,921

NortonLifeLock

,

Inc.

..................

2,653

55,129

Oracle

Corp.

.......................

6,163

398,684

Palo

Alto

Networks,

Inc.

(a)

..............

229

81,384

Paycom

Software,

Inc.

(a)

...............

78

35,276

PTC,

Inc.

(a)

........................

213

25,477

RingCentral,

Inc.,

Class

A

(a)

.............

198

75,036

salesforce.com,

Inc.

(a)

.................

2,627

584,586

SAP

SE

..........................

2,114

273,803

ServiceNow

,

Inc.

(a)

...................

613

337,414

Slack

Technologies,

Inc.,

Class

A

(a)

........

1,191

50,308

Splunk

,

Inc.

(a)

......................

416

70,674

SS&C

Technologies

Holdings,

Inc.

........

274

19,934

Synopsys,

Inc.

(a)

....................

288

74,661

TeamViewer

AG

(a)

...................

172

9,239

Trade

Desk,

Inc.

(The),

Class

A

(a)

.........

91

72,891

Trend

Micro,

Inc.

....................

200

11,515

VMware,

Inc.,

Class

A

(a)

...............

273

38,291

Workday,

Inc.,

Class

A

(a)

...............

494

118,367

Zendesk

,

Inc.

(a)

.....................

111

15,886

Zoom

Video

Communications,

Inc.,

Class

A

(a)

.

501

168,997

Zscaler

,

Inc.

(a)

......................

176

35,149

9,272,045

Specialty

Retail

—

1.2%

Advance

Auto

Parts,

Inc.

...............

240

37,802

AutoZone,

Inc.

(a)

....................

85

100,762

Best

Buy

Co.,

Inc.

...................

724

72,248

Burlington

Stores,

Inc.

(a)

...............

372

97,297

CarMax,

Inc.

(a)

......................

560

52,898

Carvana

Co.

(a)

......................

218

52,220

Fast

Retailing

Co.

Ltd.

................

100

89,668

Hennes

&

Mauritz

AB,

Class

B

...........

794

16,668

Home

Depot,

Inc.

(The)

...............

3,332

885,046

Industria

de

Diseno

Textil

SA

............

2,238

71,034

Lowe's

Cos.,

Inc.

....................

2,308

370,457

O'Reilly

Automotive,

Inc.

(a)

..............

251

113,595

Ross

Stores,

Inc.

....................

1,597

196,127

Tiffany

&

Co.

.......................

666

87,546

TJX

Cos.,

Inc.

(The)

..................

5,082

347,050

Tractor

Supply

Co.

...................

625

87,862

Ulta

Beauty,

Inc.

(a)

...................

297

85,286

2,763,566

Technology

Hardware,

Storage

&

Peripherals

—

3.2%

Apple,

Inc.

........................

50,194

6,660,242

Canon,

Inc.

........................

3,800

73,616

Dell

Technologies,

Inc.,

Class

C

(a)

.........

844

61,857

FUJIFILM

Holdings

Corp.

..............

300

15,826

Hewlett

Packard

Enterprise

Co.

..........

3,631

43,027

HP,

Inc.

..........................

3,028

74,458

Logitech

International

SA

(Registered)

......

230

22,332

NetApp,

Inc.

.......................

660

43,718

Ricoh

Co.

Ltd.

......................

1,000

6,576

Seiko

Epson

Corp.

...................

500

7,430

Western

Digital

Corp.

.................

947

52,454

7,061,536

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

adidas

AG

(a)

.......................

432

157,164

Burberry

Group

plc

(a)

.................

184

4,493

EssilorLuxottica

SA

..................

680

105,967

Hermes

International

.................

46

49,463

Kering

SA

.........................

119

86,362

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Lululemon

Athletica,

Inc.

(a)

..............

28

$

9,745

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

577

361,203

NIKE,

Inc.,

Class

B

..................

1,835

259,597

Pandora

A/S

.......................

89

9,961

Swatch

Group

AG

(The)

...............

65

17,670

1,061,625

Trading

Companies

&

Distributors

—

0.4%

Ashtead

Group

plc

...................

2,789

131,365

Brenntag

AG

.......................

1,044

81,183

Bunzl

plc

.........................

2,357

78,695

Ferguson

plc

.......................

1,481

179,942

ITOCHU

Corp.

.....................

400

11,504

Marubeni

Corp.

.....................

20,200

134,581

Mitsubishi

Corp.

.....................

3,800

93,677

Mitsui

&

Co.

Ltd.

....................

4,500

82,504

Sumitomo

Corp.

....................

8,900

117,951

Toyota

Tsusho

Corp.

..................

1,800

72,840

984,242

Transportation

Infrastructure

—

0.0%

Atlantia

SpA

(a)

......................

520

9,390

Transurban

Group

(d)

..................

2,444

25,755

35,145

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

421

64,611

Essential

Utilities,

Inc.

.................

609

28,799

Severn

Trent

plc

....................

655

20,448

United

Utilities

Group

plc

...............

2,066

25,269

139,127

Wireless

Telecommunication

Services

—

0.3%

KDDI

Corp.

........................

2,800

83,021

SoftBank

Corp.

.....................

4,800

60,249

SoftBank

Group

Corp.

................

3,100

240,669

T-Mobile

US,

Inc.

(a)

...................

1,046

141,053

Vodafone

Group

plc

..................

68,161

111,954

636,946

Total

Common

Stocks

—

59.9%

(Cost:

$105,954,656)

..............................

134,088,107

Par

(000)

Par

(000)

Corporate

Bonds

—

0.0%

Diversified

Telecommunication

Services

—

0.0%

AT&T,

Inc.,

7.13%,

12/15/31

...........

USD

25

35,516

Total

Corporate

Bonds

—

0.0%

(Cost:

$29,677)

.................................

35,516

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(e)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(a)(f)(g)

.......

25

—

Total

Other

Interests

—

0.0%

..........................

—

Security

Shares

Shares

Value

Preferred

Stocks

—

0.1%

Automobiles

—

0.0%

Bayerische

Motoren

Werke

AG

(Preference)

..

370

$

24,925

Health

Care

Equipment

&

Supplies

—

0.1%

Sartorius

AG

(Preference)

..............

114

48,014

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

314

35,405

Total

Preferred

Stocks

—

0.1%

(Cost:

$82,374)

.................................

108,344

Rights

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Repsol

SA

(Expires

01/08/2021)

(a)

.........

4,929

1,690

Pharmaceuticals

—

0.0%

Bristol-Myers

Squibb

Co.,

CVR

(Expires

03/31/2021)

(a)

....................

2,935

2,026

Total

Rights

—

0.0%

(Cost:

$8,016)

..................................

3,716

Par

(000)

Par

(000)

U.S.

Treasury

Obligations

—

19.2%

U.S.

Treasury

Notes:

1.63%, 08/31/22

..................

USD

21,000

21,521,719

1.50%, 09/15/22

..................

21,000

21,490,547

Total

U.S.

Treasury

Obligations

—

19.2%

(Cost:

$42,990,993)

...............................

43,012,266

Shares

Shares

Warrants

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Occidental

Petroleum

Corp.

(Issued/exercisable

07/06/20,

1

share

for

1

warrant,

Expires

08/03/27,

Strike

Price

USD

22.00)

(a)

.....

392

2,670

Total

Warrants

—

0.0%

..............................

2,670

Total

Long-Term

Investments

—

79.2%

(Cost:

$149,067,657)

..............................

177,250,619

Short-Term

Securities

—

3.3%

(h)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

7,228,106

7,228,106

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(

i

)

........................

53,696

53,711

Total

Short-Term

Securities

—

3.3%

(Cost:

$7,281,822)

...............................

7,281,817

Total

Investments

—

82.5%

(Cost:

$156,349,479

)

..............................

184,532,436

Other

Assets

Less

Liabilities

—

17.5%

...................

39,162,435

Net

Assets

—

100.0%

...............................

$

223,694,871

(a)

Non-income

producing

security.

(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)

All

or

a

portion

of

this

security

is

on

loan.

(d)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

16

Schedule

of

Investments

(continued)

December

31,

2020

(e)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(f)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

Annualized

7-day

yield

as

of

period

end.

(i)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

12,000,414

$

—

$

(4,772,308)

$

—

$

—

$

7,228,106

7,228,106

$

38,425

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

53,681

—

35

(5)

53,711

53,696

112

(b)

—

$

35

$

(5)

$

7,281,817

$

38,537

$

—

(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

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

17

Schedule

of

Investments

(continued)

December

31,

2020

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

CAC

40

10

Euro

Index

......................................................

416

01/15/21

$

28,165

$

37,507

Hang

Seng

China

Enterprises

Index

.............................................

36

01/28/21

2,485

63,197

Hang

Seng

Index

..........................................................

62

01/28/21

10,884

334,444

TOPIX

Index

.............................................................

56

03/11/21

9,787

176,546

Australia

10

Year

Bond

......................................................

336

03/15/21

38,138

86,778

FTSE/JSE

Top

40

Index

.....................................................

137

03/18/21

5,092

(26,125)

SPI

200

Index

............................................................

61

03/18/21

7,686

(87,156)

EURO

STOXX

50

Index

.....................................................

34

03/19/21

1,475

19,894

FTSE

100

Index

..........................................................

55

03/19/21

4,829

(72,456)

Mini-DAX

Index

...........................................................

23

03/19/21

1,931

76,139

Canada

10

Year

Bond

......................................................

689

03/22/21

80,705

374,417

983,185

Short

Contracts

AEX

Index

..............................................................

2

01/15/21

305

(3,500)

IBEX

35

Index

............................................................

88

01/15/21

8,676

18,199

OMXS30

Index

...........................................................

534

01/15/21

12,190

139,663

MSCI

Singapore

Index

......................................................

271

01/28/21

6,629

24,851

SGX

NIFTY

50

Index

.......................................................

28

01/28/21

785

(16,225)

Euro-Bund

..............................................................

52

03/08/21

11,285

36,132

S&P/TSX

60

Index

.........................................................

31

03/18/21

5,012

48,234

DAX

Index

..............................................................

20

03/19/21

8,396

(302,147)

FTSE/MIB

Index

..........................................................

5

03/19/21

676

(12,935)

MSCI

EAFE

E-Mini

Index

....................................................

318

03/19/21

33,880

(743,097)

S&P

500

E-Mini

Index

......................................................

437

03/19/21

81,911

(1,917,437)

WIG20

Index

............................................................

7

03/19/21

75

(2,745)

U.S.

Treasury

10

Year

Note

...................................................

369

03/22/21

50,951

(53,106)

Long

Gilt

...............................................................

399

03/29/21

73,955

(708,343)

SET50

Index

.............................................................

51

03/30/21

308

(4,300)

(3,496,756)

$

(2,513,571)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

6,781,895

USD

5,048,246

Goldman

Sachs

International

03/17/21

$

183,367

CAD

5,781,484

USD

4,515,133

Bank

of

America

NA

03/17/21

27,747

CLP

321,875,000

USD

430,688

Citibank

NA

03/17/21

22,363

EUR

16,199,473

USD

19,746,105

UBS

AG

03/17/21

76,040

GBP

575,000

USD

777,861

Morgan

Stanley

&

Co.

International

plc

03/17/21

8,803

JPY

452,071,799

USD

4,357,470

Westpac

Banking

Corp.

03/17/21

24,316

NZD

116,000

USD

81,869

Barclays

Bank

plc

03/17/21

1,619

SEK

5,548,000

USD

659,133

JPMorgan

Chase

Bank

NA

03/17/21

15,706

SGD

163,000

USD

122,389

BNP

Paribas

SA

03/17/21

955

USD

611,776

EUR

498,675

Citibank

NA

03/17/21

1,583

USD

1,740,033

MXN

34,758,000

Toronto

Dominion

Bank

03/17/21

7,378

369,877

EUR

204,633

USD

252,061

Barclays

Bank

plc

03/17/21

(1,666)

RUB

111,552,000

USD

1,495,495

BNP

Paribas

SA

03/17/21

(71)

USD

143,698

CAD

184,000

Bank

of

America

NA

03/17/21

(884)

USD

650,885

CHF

577,000

HSBC

Bank

plc

03/17/21

(2,242)

USD

375,432

EUR

308,000

UBS

AG

03/17/21

(1,446)

USD

649,247

JPY

67,413,000

HSBC

Bank

plc

03/17/21

(4,166)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

18

Schedule

of

Investments

(continued)

December

31,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

19,187

NOK

168,000

JPMorgan

Chase

Bank

NA

03/17/21

$

(402)

(10,877)

$

359,000

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

Quarterly

0.05%

Quarterly

N/A

10/21/22

USD

26

$

(11)

$

—

$

(11)

0.05%

Quarterly

1

day

SOFR

Quarterly

N/A

10/21/22

USD

26

9

—

9

1

day

Fed

Funds

Quarterly

0.18%

Quarterly

N/A

10/21/25

USD

16

(46)

—

(46)

0.17%

Quarterly

1

day

SOFR

Quarterly

N/A

10/21/25

USD

16

36

—

36

28

day

MXIBTIIE

Monthly

4.87%

Monthly

03/17/21

(a)

03/11/26

MXN

25,000

6,268

—

6,268

28

day

MXIBTIIE

Monthly

4.87%

Monthly

03/17/21

(a)

03/11/26

MXN

141,000

34,558

—

34,558

0.49%

Semi-Annual

3

month

LIBOR

Quarterly

03/17/21

(a)

03/16/26

USD

7,000

(12,346)

(446)

(11,900)

6

month

GBP

LIBOR

Semi-Annual

0.27%

Semi-Annual

03/17/21

(a)

03/17/26

GBP

24,000

101,190

(14,296)

115,486

6

month

BBR

Semi-Annual

0.37%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

7,140

(16,242)

—

(16,242)

6

month

BBR

Semi-Annual

0.37%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

13,860

(30,464)

—

(30,464)

6

month

BBR

Semi-Annual

0.37%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

9,500

(18,508)

—

(18,508)

6

month

BBR

Semi-Annual

0.38%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

7,000

(12,159)

—

(12,159)

6

month

BBR

Semi-Annual

0.38%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

7,000

(11,890)

—

(11,890)

6

month

BBR

Semi-Annual

0.38%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

9,500

(15,588)

—

(15,588)

6

month

BBR

Semi-Annual

0.39%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

9,500

(13,946)

—

(13,946)

6

month

BBR

Semi-Annual

0.39%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

9,500

(12,486)

—

(12,486)

6

month

BBR

Semi-Annual

0.43%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

6,000

643

—

643

6

month

BBR

Semi-Annual

0.43%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

7,000

2,364

—

2,364

6

month

BBR

Semi-Annual

0.43%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

9,000

3,385

—

3,385

6

month

BBR

Semi-Annual

0.44%

Semi-Annual

03/17/21

(a)

03/17/26

AUD

8,000

5,161

—

5,161

3

month

HIBOR

Quarterly

0.59%

Quarterly

03/17/21

(a)

03/17/26

HKD

28,000

13,987

—

13,987

6

month

WIBOR

Semi-Annual

0.66%

Annual

03/17/21

(a)

03/17/26

PLN

57,000

8,113

—

8,113

6

month

WIBOR

Semi-Annual

0.67%

Annual

03/17/21

(a)

03/17/26

PLN

41,000

8,552

—

8,552

6

month

WIBOR

Semi-Annual

0.74%

Annual

03/17/21

(a)

03/17/26

PLN

32,000

38,267

—

38,267

6

month

WIBOR

Semi-Annual

0.79%

Annual

03/17/21

(a)

03/17/26

PLN

29,000

52,742

—

52,742

0.91%

Semi-Annual

3

month

BA

Semi-Annual

03/17/21

(a)

03/17/26

CAD

12,000

(29,968)

245

(30,213)

5.30%

Quarterly

3

month

JIBAR

Quarterly

03/17/21

(a)

03/17/26

ZAR

29,000

(36,743)

—

(36,743)

5.27%

Quarterly

3

month

JIBAR

Quarterly

03/17/21

(a)

03/17/26

ZAR

29,000

(34,353)

—

(34,353)

0.47%

Semi-Annual

3

month

LIBOR

Quarterly

03/17/21

(a)

03/17/26

USD

29,000

(16,738)

3,874

(20,612)

0.48%

Semi-Annual

3

month

LIBOR

Quarterly

03/17/21

(a)

03/17/26

USD

3,000

(2,627)

(239)

(2,388)

0.12%

Annual

3

month

STIBOR

Quarterly

03/17/21

(a)

03/17/26

SEK

133,000

30,290

8,304

21,986

0.11%

Annual

3

month

STIBOR

Quarterly

03/17/21

(a)

03/17/26

SEK

185,000

53,438

10,353

43,085

0.10%

Annual

3

month

STIBOR

Quarterly

03/17/21

(a)

03/17/26

SEK

207,000

66,116

(1,021)

67,137

0.11%

Annual

3

month

STIBOR

Quarterly

03/17/21

(a)

03/17/26

SEK

30,000

7,210

1,603

5,607

0.11%

Annual

3

month

STIBOR

Quarterly

03/17/21

(a)

03/17/26

SEK

117,000

32,481

1,225

31,256

0.11%

Annual

3

month

STIBOR

Quarterly

03/17/21

(a)

03/17/26

SEK

73,000

18,681

750

17,931

(0.48)%

Annual

6

month

EURIBOR

Semi-Annual

03/17/21

(a)

03/17/26

EUR

10,000

15,340

(4,318)

19,658

(0.45)%

Annual

6

month

EURIBOR

Semi-Annual

03/17/21

(a)

03/17/26

EUR

4,000

(2,269)

(847)

(1,422)

(0.42)%

Annual

6

month

EURIBOR

Semi-Annual

03/17/21

(a)

03/17/26

EUR

36,000

(77,431)

12,474

(89,905)

(0.47)%

Annual

6

month

EURIBOR

Semi-Annual

03/17/21

(a)

03/17/26

EUR

15,000

9,389

(53)

9,442

(0.40)%

Annual

6

month

EURIBOR

Semi-Annual

03/17/21

(a)

03/17/26

EUR

61,000

(229,336)

2,573

(231,909)

0.54%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

4,000

(9,950)

—

(9,950)

0.54%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

4,500

(10,938)

—

(10,938)

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

19

Schedule

of

Investments

(continued)

December

31,

2020

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.55%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

5,000

$

(14,613)

$

—

$

(14,613)

0.55%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

1,800

(5,159)

—

(5,159)

0.49%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

4,000

(2,307)

—

(2,307)

0.53%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

6,000

(12,541)

—

(12,541)

0.55%

Semi-Annual

6

month

SOR

Semi-Annual

03/17/21

(a)

03/17/26

SGD

3,200

(8,263)

—

(8,263)

$

(128,702)

$

20,181

$

(148,883)

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

MIBOR

Semi-Annual

4.58%

Semi-Annual

Bank

of

America

NA

03/17/21

(a)

03/17/26

INR

2,458,005

$

(185,672)

$

—

$

(185,672)

1

day

MIBOR

Semi-Annual

4.60%

Semi-Annual

Bank

of

America

NA

03/17/21

(a)

03/17/26

INR

312,000

(20,198)

—

(20,198)

1

day

MIBOR

Semi-Annual

4.64%

Semi-Annual

Bank

of

America

NA

03/17/21

(a)

03/17/26

INR

474,810

(19,276)

—

(19,276)

1

day

MIBOR

Semi-Annual

4.66%

Semi-Annual

Bank

of

America

NA

03/17/21

(a)

03/17/26

INR

1,460,121

(38,130)

—

(38,130)

2.66%

Quarterly

1

week

CNREPOFI

Quarterly

Bank

of

America

NA

03/17/21

(a)

03/17/26

CNY

48,000

2,226

—

2,226

3

month

CD_KSDA

Quarterly

1.05%

Quarterly

Bank

of

America

NA

03/17/21

(a)

03/17/26

KRW

6,879,000

(29,790)

—

(29,790)

3

month

CD_KSDA

Quarterly

1.09%

Quarterly

Bank

of

America

NA

03/17/21

(a)

03/17/26

KRW

6,336,000

(14,252)

—

(14,252)

3

month

CD_KSDA

Quarterly

1.15%

Quarterly

Bank

of

America

NA

03/17/21

(a)

03/17/26

KRW

7,788,000

782

—

782

0.83%

Semi-Annual

6

month

THBFIX

Semi-Annual

BNP

Paribas

SA

03/17/21

(a)

03/17/26

THB

43,500

(9,751)

—

(9,751)

2.58%

Quarterly

1

week

CNREPOFI

Quarterly

BNP

Paribas

SA

03/17/21

(a)

03/17/26

CNY

37,520

24,551

—

24,551

2.63%

Quarterly

1

week

CNREPOFI

Quarterly

BNP

Paribas

SA

03/17/21

(a)

03/17/26

CNY

18,480

4,822

—

4,822

2.91%

Quarterly

1

week

CNREPOFI

Quarterly

BNP

Paribas

SA

03/17/21

(a)

03/17/26

CNY

37,000

(62,461)

—

(62,461)

3

month

CD_KSDA

Quarterly

1.03%

Quarterly

BNP

Paribas

SA

03/17/21

(a)

03/17/26

KRW

6,879,000

(33,947)

—

(33,947)

2.92%

Quarterly

1

week

CNREPOFI

Quarterly

Citibank

NA

03/17/21

(a)

03/17/26

CNY

37,000

(66,430)

—

(66,430)

3

month

CD_KSDA

Quarterly

1.05%

Quarterly

Citibank

NA

03/17/21

(a)

03/17/26

KRW

7,331,000

(29,615)

—

(29,615)

1

day

MIBOR

Semi-Annual

4.66%

Semi-Annual

HSBC

Bank

plc

03/17/21

(a)

03/17/26

INR

467,000

(12,195)

—

(12,195)

3

month

CD_KSDA

Quarterly

1.01%

Quarterly

HSBC

Bank

plc

03/17/21

(a)

03/17/26

KRW

407,150

(2,510)

—

(2,510)

1

day

MIBOR

Semi-Annual

4.63%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/17/21

(a)

03/17/26

INR

358,190

(15,298)

—

(15,298)

2.78%

Quarterly

1

week

CNREPOFI

Quarterly

JPMorgan

Chase

Bank

NA

03/17/21

(a)

03/17/26

CNY

33,500

(27,320)

—

(27,320)

2.86%

Quarterly

1

week

CNREPOFI

Quarterly

JPMorgan

Chase

Bank

NA

03/17/21

(a)

03/17/26

CNY

31,200

(42,404)

—

(42,404)

3

month

CD_KSDA

Quarterly

1.06%

Quarterly

JPMorgan

Chase

Bank

NA

03/17/21

(a)

03/17/26

KRW

7,331,000

(27,154)

—

(27,154)

0.96%

Semi-Annual

6

month

THBFIX

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

THB

1,259,390

(549,371)

—

(549,371)

1

day

MIBOR

Semi-Annual

4.46%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

INR

300,000

(44,947)

—

(44,947)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

20

Schedule

of

Investments

(continued)

December

31,

2020

i

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

MIBOR

Semi-Annual

4.46%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

INR

630,000

$

(94,389)

$

—

$

(94,389)

1

day

MIBOR

Semi-Annual

4.59%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

INR

604,800

(42,255)

—

(42,255)

1

day

MIBOR

Semi-Annual

4.65%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

INR

1,205,550

(38,757)

—

(38,757)

2.72%

Quarterly

1

week

CNREPOFI

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

CNY

3,000

(987)

—

(987)

3

month

CD_KSDA

Quarterly

1.06%

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

KRW

1,331,000

(4,930)

—

(4,930)

3

month

CD_KSDA

Quarterly

1.13%

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/17/21

(a)

03/17/26

KRW

6,263,000

(3,576)

—

(3,576)

$

(1,383,234)

$

—

$

(1,383,234)

(a)

Forward

swap.

OTC

Total

Return

Swap

s

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

January

2021

................

TWD

121,343,697

Merrill

Lynch

International

&

Co.

01/20/21

TWD

121,344

$

173,931

$

—

$

173,931

BOVESPA

Index

Futures

February

2021

.........

BRL

(3,371,473)

Merrill

Lynch

International

&

Co.

02/17/21

BRL

3,371

(16,595)

—

(16,595)

KOSPI

200

Index

Futures

March

2021

................

KRW

(9,411,220,725)

Merrill

Lynch

International

&

Co.

03/11/21

KRW

9,411,221

(560,979)

—

(560,979)

KOSPI

200

Index

Futures

March

2021

................

KRW

(1,451,404,400)

Merrill

Lynch

International

&

Co.

03/11/21

KRW

1,451,404

(96,838)

—

(96,838)

KOSPI

200

Index

Futures

March

2021

................

KRW

(1,640,649,150)

Merrill

Lynch

International

&

Co.

03/11/21

KRW

1,640,649

(101,745)

—

(101,745)

KOSPI

200

Index

Futures

March

2021

................

KRW

(1,277,626,000)

Merrill

Lynch

International

&

Co.

03/11/21

KRW

1,277,626

(77,694)

—

(77,694)

KOSPI

200

Index

Futures

March

2021

................

KRW

(2,172,321,000)

Merrill

Lynch

International

&

Co.

03/11/21

KRW

2,172,321

(149,663)

—

(149,663)

Swiss

Market

Index

Futures

March

2021

...........

CHF

(412,880)

HSBC

Bank

plc

03/19/21

CHF

413

(14,549)

—

(14,549)

Swiss

Market

Index

Futures

March

2021

...........

CHF

(615,444)

HSBC

Bank

plc

03/19/21

CHF

615

(26,201)

—

(26,201)

Russian

Depositary

Net

Total

Return

USD

Index

.......

USD

(672,376)

Merrill

Lynch

International

&

Co.

05/12/21

USD

672

(86,756)

—

(86,756)

Russian

Depositary

Net

Total

Return

USD

Index

.......

USD

(862,418)

Merrill

Lynch

International

&

Co.

05/12/21

USD

862

(66,527)

—

(66,527)

MSCI

Chile

Net

Return

Index

..

USD

(597,203)

HSBC

Bank

plc

05/20/21

USD

597

(60,266)

—

(60,266)

MSCI

Mexico

Net

Return

Index

USD

248,541

BNP

Paribas

SA

05/20/21

USD

249

15,813

—

15,813

MSCI

Mexico

Net

Return

Index

USD

677,438

BNP

Paribas

SA

05/20/21

USD

677

43,135

—

43,135

MSCI

Mexico

Net

Return

Index

USD

614,533

HSBC

Bank

plc

05/20/21

USD

615

39,193

—

39,193

MSCI

Mexico

Net

Return

Index

USD

641,807

Merrill

Lynch

International

&

Co.

05/20/21

USD

642

40,965

—

40,965

$

(944,776)

$

—

$

(944,776)

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

21

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

Fed

Funds

......................................

1

day

Fed

Funds

0.09

%

1

day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

3.51

1

day

SOFR

.........................................

Secured

Overnight

Financing

Rate

0.08

1

week

CNREPOFI

....................................

China

Fixing

Repo

Rates

2.60

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.48

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.48

3

month

CD_KSDA

....................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

0.48

3

month

HIBOR

.......................................

Hong

Kong

Interbank

Offered

Rate

0.35

3

month

JIBAR

.......................................

Johannesburg

Interbank

Average

Rate

3.64

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.24

3

month

STIBOR

......................................

Stockholm

Interbank

Offered

Rate

(0.09)

6

month

BBR

........................................

Australian

Bank

Bill

Rate

0.02

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.53)

6

month

GBP

LIBOR

...................................

London

Interbank

Offered

Rate

0.03

6

month

SOR

........................................

Singapore

Interbank

Offered

Rate

0.19

6

month

THBFIX

......................................

Thai

Baht

Interest

Rate

Fixing

0.26

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.15

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

41,401

$

(21,220)

$

505,673

$

(654,556)

OTC

Swaps

...................................................................

—

—

345,418

(2,673,428)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

938,674

$

—

$

497,327

$

—

$

1,436,001

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

369,877

—

—

369,877

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

505,673

—

505,673

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

313,037

—

32,381

—

345,418

$

—

$

—

$

1,251,711

$

369,877

$

1,035,381

$

—

$

2,656,969

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

3,188,123

—

761,449

—

3,949,572

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

10,877

—

—

10,877

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

654,556

—

654,556

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

1,257,813

—

1,415,615

—

2,673,428

$

—

$

—

$

4,445,936

$

10,877

$

2,831,620

$

—

$

7,288,433

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

22

Schedule

of

Investments

(continued)

December

31,

2020

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

(23,889,301)

$

—

$

(2,148,036)

$

—

$

(26,037,337)

Forward

foreign

currency

exchange

contracts

....

—

—

—

87,486

—

—

87,486

Swaps

..............................

—

—

2,440,577

—

10,406,757

—

12,847,334

$

—

$

—

$

(21,448,724)

$

87,486

$

8,258,721

$

—

$

(13,102,517)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

3,853,749

—

594,422

—

4,448,171

Forward

foreign

currency

exchange

contracts

....

—

—

—

274,009

—

—

274,009

Swaps

..............................

—

—

(724,878)

—

(2,773,526)

—

(3,498,404)

$

—

$

—

$

3,128,871

$

274,009

$

(2,179,104)

$

—

$

1,223,776

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

207,518,773

Average

notional

value

of

contracts

—

short

.................................................................................

304,698,611

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

29,407,898

Average

amounts

sold

—

in

USD

........................................................................................

53,736,294

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

343,074,282

Average

notional

value

—

receives

fixed

rate

................................................................................

281,196,341

Total

return

swaps:

Average

notional

value

...............................................................................................

20,971,073

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

1,371,872

$

312,770

Forward

foreign

currency

exchange

contracts

.................................................................

369,877

10,877

Swaps

—

Centrally

cleared

.............................................................................

191,174

—

Swaps

—

OTC

(a)

....................................................................................

345,418

2,673,428

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

2,278,341

$

2,997,075

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(1,563,046)

(312,770)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

715,295

$

2,684,305

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statement

of

Assets

and

Liabilities.

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

23

Schedule

of

Investments

(continued)

December

31,

2020

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Bank

of

America

NA

..............................

$

30,755

$

(30,755)

$

—

$

—

$

—

Barclays

Bank

plc

................................

1,619

(1,619)

—

—

—

BNP

Paribas

SA

.................................

89,276

(89,276)

—

—

—

Citibank

NA

....................................

23,946

(23,946)

—

—

—

Goldman

Sachs

International

........................

183,367

—

—

—

183,367

HSBC

Bank

plc

..................................

39,193

(39,193)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

15,706

(15,706)

—

—

—

Merrill

Lynch

International

&

Co.

......................

214,896

(214,896)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

8,803

(8,803)

—

—

—

Toronto

Dominion

Bank

............................

7,378

—

—

—

7,378

UBS

AG

......................................

76,040

(1,446)

—

—

74,594

Westpac

Banking

Corp.

............................

24,316

—

—

—

24,316

$

715,295

$

(425,640)

$

—

$

—

$

289,655

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(c)

Net

Amount

of

Derivative

Liabilities

(d)

Bank

of

America

NA

..............................

$

308,202

$

(30,755)

$

—

$

(277,447)

$

—

Barclays

Bank

plc

................................

1,666

(1,619)

—

—

47

BNP

Paribas

SA

.................................

106,230

(89,276)

—

—

16,954

Citibank

NA

....................................

96,045

(23,946)

—

—

72,099

HSBC

Bank

plc

..................................

122,129

(39,193)

—

—

82,936

JPMorgan

Chase

Bank

NA

..........................

112,578

(15,706)

—

—

96,872

Merrill

Lynch

International

&

Co.

......................

1,156,797

(214,896)

—

(941,901)

—

Morgan

Stanley

&

Co.

International

plc

..................

779,212

(8,803)

—

(510,000)

260,409

UBS

AG

......................................

1,446

(1,446)

—

—

—

$

2,684,305

$

(425,640)

$

—

$

(1,729,348)

$

529,317

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

24

Schedule

of

Investments

(continued)

December

31,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

469,294

$

69,338

$

—

$

538,632

Air

Freight

&

Logistics

....................................

1,008,096

244,149

—

1,252,245

Airlines

..............................................

470,457

35,847

—

506,304

Auto

Components

......................................

282,771

708,262

—

991,033

Automobiles

..........................................

1,721,609

871,243

—

2,592,852

Banks

...............................................

4,232,691

2,270,213

—

6,502,904

Beverages

...........................................

1,687,420

635,092

—

2,322,512

Biotechnology

.........................................

1,888,644

267,221

—

2,155,865

Building

Products

.......................................

983,557

423,834

—

1,407,391

Capital

Markets

........................................

3,430,115

1,005,284

—

4,435,399

Chemicals

............................................

1,629,922

1,548,336

—

3,178,258

Commercial

Services

&

Supplies

.............................

772,508

154,234

—

926,742

Communications

Equipment

................................

644,470

108,320

—

752,790

Construction

&

Engineering

................................

—

270,811

—

270,811

Construction

Materials

....................................

155,123

360,822

—

515,945

Consumer

Finance

......................................

730,941

—

—

730,941

Containers

&

Packaging

..................................

728,228

—

—

728,228

Distributors

...........................................

205,265

—

—

205,265

Diversified

Financial

Services

...............................

1,121,050

169,897

—

1,290,947

Diversified

Telecommunication

Services

........................

1,120,348

367,644

—

1,487,992

Electric

Utilities

........................................

749,938

894,647

—

1,644,585

Electrical

Equipment

.....................................

860,614

982,148

—

1,842,762

Electronic

Equipment,

Instruments

&

Components

.................

613,164

848,381

—

1,461,545

Energy

Equipment

&

Services

..............................

565,217

15,681

—

580,898

Entertainment

.........................................

1,981,077

218,981

—

2,200,058

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

1,814,248

361,611

—

2,175,859

Food

&

Staples

Retailing

..................................

1,052,826

262,823

—

1,315,649

Food

Products

.........................................

1,522,715

1,347,961

—

2,870,676

Gas

Utilities

...........................................

29,900

259,891

—

289,791

Health

Care

Equipment

&

Supplies

...........................

3,856,921

713,368

—

4,570,289

Health

Care

Providers

&

Services

............................

1,879,658

156,502

—

2,036,160

Health

Care

Technology

..................................

269,621

85,021

—

354,642

Hotels,

Restaurants

&

Leisure

..............................

3,100,826

213,653

—

3,314,479

Household

Durables

.....................................

432,540

368,424

—

800,964

Household

Products

.....................................

2,277,185

220,440

—

2,497,625

Independent

Power

and

Renewable

Electricity

Producers

............

34,719

34,373

—

69,092

Industrial

Conglomerates

..................................

557,031

463,580

—

1,020,611

Insurance

............................................

2,348,451

1,885,670

—

4,234,121

Interactive

Media

&

Services

...............................

5,531,580

20,533

—

5,552,113

Internet

&

Direct

Marketing

Retail

............................

4,646,514

226,719

—

4,873,233

IT

Services

...........................................

5,838,159

568,641

—

6,406,800

Leisure

Products

.......................................

—

79,046

—

79,046

Life

Sciences

Tools

&

Services

..............................

974,593

79,877

—

1,054,470

Machinery

............................................

2,393,777

2,228,102

—

4,621,879

Marine

..............................................

—

89,321

—

89,321

Media

...............................................

765,661

111,058

—

876,719

Metals

&

Mining

........................................

662,703

819,202

—

1,481,905

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

102,004

—

—

102,004

Multiline

Retail

.........................................

416,249

—

—

416,249

Multi-Utilities

..........................................

223,401

366,557

—

589,958

Oil,

Gas

&

Consumable

Fuels

...............................

3,306,159

810,539

—

4,116,698

Paper

&

Forest

Products

..................................

—

152,097

—

152,097

Personal

Products

......................................

442,332

465,886

—

908,218

Pharmaceuticals

.......................................

3,182,816

2,703,226

—

5,886,042

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

25

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Professional

Services

....................................

$

1,011,470

$

702,804

$

—

$

1,714,274

Real

Estate

Management

&

Development

.......................

41,333

669,352

—

710,685

Road

&

Rail

...........................................

484,737

103,394

—

588,131

Semiconductors

&

Semiconductor

Equipment

....................

4,896,020

945,151

—

5,841,171

Software

.............................................

8,878,918

393,127

—

9,272,045

Specialty

Retail

........................................

2,586,196

177,370

—

2,763,566

Technology

Hardware,

Storage

&

Peripherals

....................

6,935,756

125,780

—

7,061,536

Textiles,

Apparel

&

Luxury

Goods

............................

269,342

792,283

—

1,061,625

Trading

Companies

&

Distributors

............................

—

984,242

—

984,242

Transportation

Infrastructure

...............................

—

35,145

—

35,145

Water

Utilities

.........................................

93,410

45,717

—

139,127

Wireless

Telecommunication

Services

.........................

141,053

495,893

—

636,946

Corporate

Bonds

........................................

—

35,516

—

35,516

Preferred

Stocks

.........................................

—

108,344

—

108,344

Rights

................................................

3,716

—

—

3,716

U.S.

Treasury

Obligations

...................................

—

43,012,266

—

43,012,266

Warrants

..............................................

2,670

—

—

2,670

Short-Term

Securities

.......................................

7,228,106

—

—

7,228,106

Subtotal

....................................................

$

108,287,835

$

76,190,890

$

—

$

184,478,725

Investments

valued

at

NAV

(a)

......................................

53,711

$

—

Total

Investments

..............................................

$

184,532,436

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

938,674

$

313,037

$

—

$

1,251,711

Foreign

currency

exchange

contracts

............................

—

369,877

—

369,877

Interest

rate

contracts

.......................................

497,327

538,054

—

1,035,381

Liabilities:

Equity

contracts

...........................................

(3,188,123)

(1,257,813)

—

(4,445,936)

Foreign

currency

exchange

contracts

............................

—

(10,877)

—

(10,877)

Interest

rate

contracts

.......................................

(761,449)

(2,070,171)

—

(2,831,620)

$

(2,513,571)

$

(2,117,893)

$

—

$

(4,631,464)

(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

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

26

See

notes

to

financial

statements.

BlackRock

Managed

Volatility

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$50,041)

(cost

—

$149,067,657)

.............................................

$

177,250,619‌

Investments

at

value

—

affiliated

(cost

—

$7,281,822)

.................................................................................

7,281,817‌

Cash

.................................................................................................................

17,473‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

................................................................................................

1,920,000‌

Futures

contracts

........................................................................................................

27,300,000‌

Centrally

cleared

swaps

....................................................................................................

5,460,000‌

Foreign

currency

at

value

(cost

—

$5,385,944)

......................................................................................

5,397,427‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

10‌

Dividends

—

affiliated

.....................................................................................................

198‌

Dividends

—

unaffiliated

...................................................................................................

143,462‌

Interest

—

unaffiliated

.....................................................................................................

209,572‌

Variation

margin

on

futures

contracts

...........................................................................................

1,371,872‌

Variation

margin

on

centrally

cleared

swaps

......................................................................................

191,174‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

369,877‌

OTC

swaps

............................................................................................................

345,418‌

Prepaid

expenses

.........................................................................................................

2,195‌

Total

assets

.............................................................................................................

227,261,114‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

53,911‌

Payables:

–‌

Capital

shares

redeemed

...................................................................................................

10,761‌

Custodian

fees

..........................................................................................................

99,105‌

Distribution

fees

.........................................................................................................

39,810‌

Investment

advisory

fees

..................................................................................................

71,787‌

Directors'

and

Officer's

fees

.................................................................................................

2,260‌

Other

affiliate

fees

.......................................................................................................

2,394‌

Professional

fees

........................................................................................................

79,679‌

Transfer

agent

fees

......................................................................................................

106,798‌

Variation

margin

on

futures

contracts

...........................................................................................

312,770‌

Other

accrued

expenses

...................................................................................................

102,663‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.....................................................................................

10,877‌

OTC

swaps

............................................................................................................

2,673,428‌

Total

liabilities

............................................................................................................

3,566,243‌

NET

ASSETS

............................................................................................................

$

223,694,871‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

358,070,074‌

Accumulated

loss

.........................................................................................................

(134,375,203‌)

NET

ASSETS

............................................................................................................

$

223,694,871‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

27

Financial

Statements

BlackRock

Managed

Volatility

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

9,844,001‌

Shares

outstanding

.................................................................................................

745,346‌

Net

asset

value

....................................................................................................

$

13.21‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

213,850,870‌

Shares

outstanding

.................................................................................................

16,195,176‌

Net

asset

value

....................................................................................................

$

13.20‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

See

notes

to

financial

statements.

Statement

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

28

See

notes

to

financial

statements.

BlackRock

Managed

Volatility

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

38,425‌

Dividends

—

unaffiliated

...................................................................................................

2,619,179‌

Interest

—

unaffiliated

....................................................................................................

277,340‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

112‌

Foreign

taxes

withheld

....................................................................................................

(68,295‌)

Total

investment

income

.....................................................................................................

2,866,761‌

EXPENSES

Investment

advisory

......................................................................................................

1,185,851‌

Distribution

—

class

specific

................................................................................................

513,786‌

Transfer

agent

—

class

specific

..............................................................................................

435,530‌

Custodian

.............................................................................................................

221,926‌

Accounting

services

......................................................................................................

117,189‌

Professional

...........................................................................................................

93,483‌

Printing

and

postage

.....................................................................................................

34,425‌

Directors

and

Officer

.....................................................................................................

11,109‌

Transfer

agent

..........................................................................................................

8,700‌

Miscellaneous

..........................................................................................................

55,388‌

Total

expenses

...........................................................................................................

2,677,387‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(456,101‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(435,530‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

1,785,756‌

Net

investment

income

......................................................................................................

1,081,005‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

5,545,593‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

35‌

Investments

—

unaffiliated

...............................................................................................

(36,438‌)

Forward

foreign

currency

exchange

contracts

...................................................................................

87,486‌

Foreign

currency

transactions

.............................................................................................

(1,237,455‌)

Futures

contracts

......................................................................................................

(26,037,337‌)

Swaps

.............................................................................................................

12,847,334‌

A

(14,376,375‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(5‌)

Investments

—

unaffiliated

...............................................................................................

18,663,062‌

Forward

foreign

currency

exchange

contracts

...................................................................................

274,009‌

Foreign

currency

translations

..............................................................................................

35,135‌

Futures

contracts

......................................................................................................

4,448,171‌

Swaps

.............................................................................................................

(3,498,404‌)

A

19,921,968‌

Net

realized

and

unrealized

gain

...............................................................................................

5,545,593‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

6,626,598‌

Statements

of

Changes

in

Net

Assets

29

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Managed

Volatility

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

1,081,005‌

$

3,403,424‌

Net

realized

loss

..................................................................................

(14,376,375‌)

(11,219,350‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

19,921,968‌

12,029,655‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

6,626,598‌

4,213,729‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(379,975‌)

(366,689‌)

  Class

III

.......................................................................................

(7,568,483‌)

(7,093,025‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(7,948,458‌)

(7,459,714‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(11,214,463‌)

(8,672,745‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(12,536,323‌)

(11,918,730‌)

Beginning

of

year

....................................................................................

236,231,194‌

248,149,924‌

End

of

year

........................................................................................

$

223,694,871‌

$

236,231,194‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

To

Shareholders

30

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.02

per

share

and

0.19%,

respectively,

resulting

from

a

one

time

payment

from

a

third

party

administrator.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(f)

Includes

reimbursements

of

out

of

pocket

expenses

from

a

third

party

administrator.

Excluding

this

amount,

the

Fund's

total

return

is

1.48%.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

BlackRock

Managed

Volatility

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

13.27‌

$

13.45‌

$

13.71‌

$

13.19‌

$

13.08‌

Net

investment

income

(a)

.....................................

0.10‌

0.22‌

0.15‌

0.04‌

0.02‌

(b)

Net

realized

and

unrealized

gain

(loss)

...........................

0.36‌

0.06‌

(0.01‌)

0.62‌

0.20‌

Net

increase

from

investment

operations

............................

0.46‌

0.28‌

0.14‌

0.66‌

0.22‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.52‌)

(0.46‌)

(0.25‌)

(0.05‌)

(0.11‌)

From

net

realized

gain

.......................................

—‌

(0.00‌)

(d)

(0.15‌)

(0.09‌)

—‌

Total

distributions

...........................................

(0.52‌)

(0.46‌)

(0.40‌)

(0.14‌)

(0.11‌)

Net

asset

value,

end

of

year

...................................

$

13.21‌

$

13.27‌

$

13.45‌

$

13.71‌

$

13.19‌

Total

Return

(e)

3.49%

2.11%

1.02%

4.98%

—

Based

on

net

asset

value

......................................

3.49%

2.11%

1.02%

4.98%

1.71%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.............................................

1.00%

0.93%

1.21%

1.48%

1.39%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.59%

0.59%

0.71%

0.89%

0.94%

Net

investment

income

.......................................

0.74%

1.62%

1.09%

0.29%

0.18%

(b)

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

9,844‌

$

10,808‌

$

12,571‌

$

14,536‌

$

15,895‌

Portfolio

turnover

rate

........................................

181%

314%

319%

0%

1%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.03%

0.23%

0.25%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

31

Financial

Highlights

(a)

Recommencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(f)

Aggregate

total

return.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(h)

Annualized.

(i)

Portfolio

turnover

rate

is

representative

of

the

Fund

for

the

entire

year.

BlackRock

Managed

Volatility

V.I.

Fund

Class

III

Year

Ended

December

31,

Period

from

02/14/18

(a)

to

12/31/18

2020

2019

Net

asset

value,

beginning

of

period

...........................................................

$

13.27‌

$

13.45‌

$

13.70‌

Net

investment

income

(b)

...................................................................

0.06‌

0.19‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

0.36‌

0.06‌

(0.02‌)

Net

increase

from

investment

operations

..........................................................

0.42‌

0.25‌

0.13‌

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.49‌)

(0.43‌)

(0.23‌)

From

net

realized

gain

.....................................................................

—‌

(0.00‌)

(d)

(0.15‌)

Total

distributions

.........................................................................

(0.49‌)

(0.43‌)

(0.38‌)

Net

asset

value,

end

of

period

................................................................

$

13.20‌

$

13.27‌

$

13.45‌

Total

Return

(e)

3.17%

1.85%

0.90%

Based

on

net

asset

value

....................................................................

3.17%

1.85%

0.90%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

...........................................................................

1.25%

1.36%

0.99%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.84%

0.84%

0.84%

(h)

Net

investment

income

.....................................................................

0.49%

1.39%

1.22%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

213,851‌

$

225,423‌

$

235,579‌

Portfolio

turnover

rate

......................................................................

181%

314%

319%

(

i

)

Year

Ended

December

31,

Period

from

02/14/18

to

12/31/18

2020

2019

Investments

in

underlying

funds

................................................................

0.01%

0.01%

0.03%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

to

Shareholders

32

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds.

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Managed

Volatility

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

date

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

Notes

to

Financial

Statements

(continued)

33

Notes

to

Financial

Statements

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

34

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

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

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

35

Notes

to

Financial

Statements

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stock

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Jefferies

LLC

.........................................................

$

50,041‌

$

(50,041‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

36

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

a

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

—

The

Fund

enters

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

the

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Notes

to

Financial

Statements

(continued)

37

Notes

to

Financial

Statements

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $2,886

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

The

Manager

entered

into separate

sub-advisory

agreements

with

BlackRock

International

Limited

(“BIL”),

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

and

BlackRock

(Singapore)

Limited

(“BRS”),

(collectively,

the

“Sub-Advisers'),

each

an

affiliate

of

the

Manager. The

Manager

pays

BIL,

BAMNA

and

BRS

for

services

they provide

for

that

portion

of

the

Fund

for

which

BIL,

BAMNA

and

BRS,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual

rate

of

0.25%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$513,786.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

directors

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.55%

$1

Billion

-

$3

Billion

.....................................................................................................

0.52

$3

Billion

-

$5

Billion

.....................................................................................................

0.50

$5

Billion

-

$10

Billion

....................................................................................................

0.48

Greater

than

$10

Billion

..................................................................................................

0.47

Class

I

..........................................................................................................

$

20,236‌

Class

III

.........................................................................................................

415,294‌

$

435,530‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

38

("

Independent

Directors

"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$8,265.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

all

transfer

agent

fees

for

Class

I

Shares

and

Class

III

Shares.

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

–

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements were

as

follows: 

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$447,836

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $32

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

20,236‌

Class

III

.........................................................................................................

415,294‌

$

435,530‌

Class

I

.............................................................................................................

0.59‌%

Class

III

............................................................................................................

0.84‌

Notes

to

Financial

Statements

(continued)

39

Notes

to

Financial

Statements

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the

year ended

December

31,

2020,

purchases

and

sales

of

investments, including

paydowns

and

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

During

the

year

ended

December

31,

2020,

the

Fund

utilized

$882,814

of

its

capital

loss

carryforward.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

Managed

Volatility

V.I.

Fund

.............................................

$

73,377,308‌

$

62,510,450‌

$

225,433,524‌

$

271,483,936‌

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

7,948,458‌

$

7,459,714‌

Undistributed

ordinary

income

.............................................................................................

$

1,480,119‌

Non-expiring

capital

loss

carryforwards

(a)

......................................................................................

(130,864,095‌)

Net

unrealized

gains

(losses)

(b)

............................................................................................

(4,991,227‌)

$

(134,375,203‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unr

ealized

gains

(losses)

on

investments

in

passive

foreign

investment

companies,

certain

futures,

options

and

forward

contracts,

and

the

timing

and

recognition

of

partnership

income.

Tax

cost

...........................................................................................................

$

161,790,893‌

Gross

unrealized

appreciation

............................................................................................

$

30,699,979‌

Gross

unrealized

depreciation

............................................................................................

(8,338,566‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

22,361,413‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

40

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

41

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

December

31,

2020,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

730

Class

III

Shares

of the

Fund.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

15,278‌

$

203,368‌

15,992‌

$

216,378‌

Shares

issued

in

reinvestment

of

distributions

........................

28,794‌

379,975‌

27,540‌

366,689‌

Shares

redeemed

.........................................

(113,418‌)

(1,509,239‌)

(163,533‌)

(2,209,996‌)

Net

decrease

..............................................

(69,346‌)

$

(925,896‌)

(120,001‌)

$

(1,626,929‌)

Class

III

Shares

sold

.............................................

2,660,714‌

$

35,220,676‌

2,448,987‌

$

33,265,000‌

Shares

issued

in

reinvestment

of

distributions

........................

573,615‌

7,568,128‌

532,709‌

7,092,711‌

Shares

redeemed

.........................................

(4,032,124‌)

(53,077,371‌)

(3,507,917‌)

(47,403,527‌)

Net

decrease

..............................................

(797,795‌)

$

(10,288,567‌)

(526,221‌)

$

(7,045,816‌)

Total

Net

Decrease

(867,141‌)

$

(11,214,463‌)

(646,222‌)

$

(8,672,745‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

42

To

the

Shareholders

of

BlackRock

Managed

Volatility

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Managed

Volatility

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

43

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BBR

Australian

Bank

Bill

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDI

Crest

Depository

Interests

CNREPOFI

Day

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

CVR

Contingent

Value

Rights

EURIBOR

Euro

Interbank

Offered

Rate

HIBOR

Hong

Kong

Interbank

Offered

Rate

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SOR

Singapore

Interbank

Offered

Rate

STIBOR

Stockholm

Interbank

Offered

Rate

THBFIX

Thai

Baht

Interest

Rate

Fixing

WIBOR

Warsaw

Interbank

Offered

Rate

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

S&P

500

Index

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

S&P

500

Index

V.I.

Fund

Investment

Objective

BlackRock

S&P

500

Index

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

investment

results

that,

before

expenses,

correspond

to

the

aggregate

price

and

yield

performance

of

the

Standard

and

Poor’s

(“S&P”)

500

®

Index.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund’s

Class

I,

Class

II

and

Class

III

Shares

returned

18.24%,

18.03%

and

17.92%,

respectively.

The

benchmark

S&P

500

®

Index

returned

18.40%

for

the

same

period.

Returns

for

the

Fund’s

respective

share

classes

differ

from

the

benchmark

index

based

on

individual

share-class

expenses.

Describe

the

market

environment.

Fears

of

the

coronavirus

(or

“COVID-19”)

outbreak

in

the

first

quarter

of

2020

and

its

economic

toll

drove

unprecedented

levels

of

financial

market

volatility.

The

Chicago

Board

Options

Exchange

Volatility

Index,

which

measures

near-term

stock

market

volatility,

surged

to

its

highest

level

since

the

financial

crisis,

and

the

S&P

500

®

experienced

its

quickest

bear

market

contraction

on

record.

Economic

activity

fell

to

a

standstill

with

the

Purchasing

Managers

Index

(an

index

of

the

prevailing

direction

of

economic

trends

in

the

manufacturing

and

service

sectors)

across

the

globe

registering

its

lowest

levels

on

record

and

jobless

claims

surged.

In

late

March,

the

United

States

saw

a

record

number

of

initial

unemployment

claims

as

3.3

million

people

filed

for

unemployment

benefits

while

the

consensus

estimate

was

1.4

million.

On

the

policy

front,

global

governments

in

the

second

quarter

of

2020

unleashed

large

stimulus

packages

to

combat

the

shock

on

the

economy.

The

United

States

passed

several

fiscal

stimulus

measures,

including

a

$2

trillion

relief

bill

to

send

money

directly

to

Americans.

Separately,

monetary

policy

moved

toward

accommodation

as

the

Federal

Reserve

(the

“Fed”)

cut

the

policy

rate

to

0%

and

pledged

to

buy

as

much

government-backed

debt

as

needed

to

bolster

the

markets

for

housing

and

Treasury

bonds.

Furthermore,

the

Fed

announced

it

would

buy

corporate

bonds,

including

the

riskiest

investment-grade

debt,

for

the

first

time

in

its

history.

U.S.

stocks

outperformed

other

regions

in

the

second

quarter,

with

a

sharper

recovery

from

the

troughs

of

late

March.

This

was

largely

supported

by

the

historic

policy

response.

The

United

States

was

able

to

deliver

coordinated

fiscal

and

monetary

support

sufficient

to

offset

the

estimated

initial

shock

from

the

coronavirus

pandemic

and

spillovers

to

the

full

economy.

Toward

the

end

of

the

second

quarter,

U.S.

government

measures

to

contain

the

coronavirus

was

gradually

lifted

in

many

states,

boosting

activity

and

employment.

In

the

third

quarter

of

2020,

U.S.

stocks

continued

their

recovery

over

July

and

August

and

maintained

recording

all-time

highs

until

early

September

when

valuation

concerns

created

market

volatility

and

led

to

a

market

sell

off.

COVID-19

continued

to

be

center

stage

over

the

third

quarter

but

the

ease

of

some

restrictions,

coupled

with

a

drop

in

the

number

of

new

cases

in

the

United

States

and

the

Fed’s

accommodative

policies,

supported

the

U.S.

market

recovery

over

the

third

quarter

despite

the

spikes

in

volatility

and

the

market

sell

off

that

dampened

the

recovery

momentum.

U.S.

markets

reacted

positively

to

the

U.S.

presidential

election

results

following

a

poor

start

to

the

fourth

quarter

of

2020.

The

victory

of

Joe

Biden

came

as

an

indicator

of

more

stable

internal

and

external

policies.

The

fear

of

rising

COVID-19

cases

in

the

United

States

was

offset

by

positive

vaccine

news

and

an

announcement

of

a

$900

billion

stimulus

in

late

December,

which

supported

the

market’s

positive

performance.

Sectors

that

were

severely

impacted

by

the

coronavirus

pandemic,

such

as

energy

and

financials,

recovered

following

the

positive

vaccine

news

in

November,

prompting

these

two

sectors

to

recoup

some

of

the

losses

incurred

earlier

in

2020.

Most

Global

Industry

Classification

Standard

sectors

within

the

S&P

500

®

Index

posted

positive

returns

over

the

year.

Information

technology

(+43.88%),

consumer

discretionary

(+33.30%)

and

communication

services

(+23.61%)

were

the

best

performers,

while

energy

(-33.67%),

real

estate

(-2.27%)

and

financials

(-1.70%)

were

among

the

lowest

performers.

Describe

recent

portfolio

activity.

During

the

period,

as

changes

were

made

to

the

composition

of

the

S&P

500

®

Index,

the

Fund

purchased

and

sold

securities

to

maintain

its

objective

of

replicating

the

risks

and

return

of

the

benchmark

index.

Describe

portfolio

positioning

at

period

end.

The

Fund

remains

positioned

to

match

the

risk

characteristics

of

its

benchmark

index,

irrespective

of

the

market’s

future

direction.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

S&P

500

Index

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

The

returns

for

Class

III

Shares

prior

to

February

14,

2018,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

the

performance

of

the

Fund’s

Class

I

Shares,

as

adjusted

to

reflect

the

distribution

(12b-1)

fees

applicable

to

Class

III

Shares.

(b)

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

assets

in

the

common

stocks

represented

in

the

S&P

500

®

Index

and

in

derivative

instruments

linked

to

the

S&P

500

®

Index.

(c)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

.................................................................

22.11‌%

18.24‌%

14.97‌%

13.55‌%

Class

II

(b)

.................................................................

22.03‌

18.03‌

14.80‌

13.39‌

Class

III

(b)

................................................................

21.92‌

17.92‌

14.68‌

(c)

13.27‌

(c)

S&P

500

®

Index

............................................................

22.16‌

18.40‌

15.22‌

13.88‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(c)

The

returns

for

Class

III

Shares

prior

to

February

14,

2018,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

the

performance

of

the

Fund’s

Class

I

Shares,

as

adjusted

to

reflect

the

distribution

(12b-1)

fees

applicable

to

Class

III

Shares.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

S&P

500

Index

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

27‌

%

Health

Care

.....................................

13‌

Consumer

Discretionary

.............................

13‌

Communication

Services

.............................

11‌ 

Financials

.......................................

10‌

Industrials

.......................................

8‌

Consumer

Staples

.................................

7‌

Utilities

.........................................

3‌

Materials

.......................................

3‌

Real

Estate

......................................

2‌

Energy

.........................................

2‌

Short-Term

Securities

...............................

2‌

Liabilities

in

Excess

of

Other

Assets

.....................

(1‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,221.10

$

0.84

$

1,000.00

$

1,024.38

$

0.76

0

.15%

Class

II

..................................

1,000.00

1,220.30

1.67

1,000.00

1,023.63

1.53

0

.30

Class

III

..................................

1,000.00

1,219.20

2.23

1,000.00

1,023.13

2.03

0

.40

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

99.0%

Aerospace

&

Defense

—

1.6%

Boeing

Co.

(The)

....................

35,446

$

7,587,571

General

Dynamics

Corp.

...............

15,162

2,256,409

Howmet

Aerospace,

Inc.

...............

27,097

773,348

Huntington

Ingalls

Industries,

Inc.

.........

2,799

477,174

L3Harris

Technologies,

Inc.

.............

14,085

2,662,347

Lockheed

Martin

Corp.

................

16,430

5,832,321

Northrop

Grumman

Corp.

..............

10,256

3,125,208

Raytheon

Technologies

Corp.

...........

101,445

7,254,332

Teledyne

Technologies,

Inc.

(a)

............

2,502

980,734

Textron,

Inc.

.......................

16,073

776,808

TransDigm

Group,

Inc.

(a)

...............

3,636

2,250,139

33,976,391

Air

Freight

&

Logistics

—

0.7%

CH

Robinson

Worldwide,

Inc.

(b)

..........

9,315

874,399

Expeditors

International

of

Washington,

Inc.

..

10,788

1,026,047

FedEx

Corp.

.......................

16,137

4,189,488

United

Parcel

Service,

Inc.,

Class

B

(b)

......

47,774

8,045,141

14,135,075

Airlines

—

0.3%

Alaska

Air

Group,

Inc.

.................

8,579

446,108

American

Airlines

Group,

Inc.

............

35,287

556,476

Delta

Air

Lines,

Inc.

..................

43,627

1,754,242

Southwest

Airlines

Co.

................

39,428

1,837,739

United

Airlines

Holdings,

Inc.

(a)

...........

20,190

873,217

5,467,782

Auto

Components

—

0.1%

Aptiv

plc

..........................

18,227

2,374,796

BorgWarner,

Inc.

....................

14,381

555,682

2,930,478

Automobiles

—

2.0%

Ford

Motor

Co.

.....................

261,012

2,294,295

General

Motors

Co.

..................

84,133

3,503,298

Tesla,

Inc.

(a)

........................

50,653

35,744,303

41,541,896

Banks

—

3.8%

Bank

of

America

Corp.

................

508,500

15,412,635

Citigroup,

Inc.

......................

139,067

8,574,871

Citizens

Financial

Group,

Inc.

...........

29,307

1,048,018

Comerica,

Inc.

......................

9,489

530,056

Fifth

Third

Bancorp

..................

48,552

1,338,579

First

Republic

Bank

..................

11,312

1,662,072

Huntington

Bancshares,

Inc.

............

69,642

879,578

JPMorgan

Chase

&

Co.

...............

203,609

25,872,596

KeyCorp

..........................

66,630

1,093,398

M&T

Bank

Corp.

....................

8,162

1,039,023

People's

United

Financial,

Inc.

...........

25,211

325,978

PNC

Financial

Services

Group,

Inc.

(The)

(b)

..

28,553

4,254,397

Regions

Financial

Corp.

...............

66,480

1,071,658

SVB

Financial

Group

(a)

................

3,460

1,341,892

Truist

Financial

Corp.

.................

90,113

4,319,116

US

Bancorp

.......................

90,632

4,222,545

Wells

Fargo

&

Co.

...................

277,774

8,383,219

Zions

Bancorp

NA

...................

9,843

427,580

81,797,211

Beverages

—

1.6%

Brown-Forman

Corp.,

Class

B

(b)

..........

12,192

968,411

Coca-Cola

Co.

(The)

.................

258,348

14,167,804

Constellation

Brands,

Inc.,

Class

A

........

11,322

2,480,084

Molson

Coors

Beverage

Co.,

Class

B

......

13,049

589,684

Monster

Beverage

Corp.

(a)

..............

24,666

2,281,112

Security

Shares

Shares

Value

Beverages

(continued)

PepsiCo,

Inc.

......................

92,310

$

13,689,573

34,176,668

Biotechnology

—

1.9%

AbbVie,

Inc.

.......................

117,927

12,635,878

Alexion

Pharmaceuticals,

Inc.

(a)

..........

14,624

2,284,854

Amgen,

Inc.

.......................

38,887

8,940,899

Biogen,

Inc.

(a)

......................

10,296

2,521,079

Gilead

Sciences,

Inc.

.................

84,154

4,902,812

Incyte

Corp.

(a)

......................

12,171

1,058,634

Regeneron

Pharmaceuticals,

Inc.

(a)

........

7,004

3,383,702

Vertex

Pharmaceuticals,

Inc.

(a)

...........

17,451

4,124,369

39,852,227

Building

Products

—

0.5%

Allegion

plc

........................

5,762

670,582

AO

Smith

Corp.

.....................

9,393

514,924

Carrier

Global

Corp.

..................

54,222

2,045,254

Fortune

Brands

Home

&

Security,

Inc.

......

9,586

821,712

Johnson

Controls

International

plc

........

48,730

2,270,331

Masco

Corp.

.......................

16,954

931,283

Trane

Technologies

plc

................

16,039

2,328,221

9,582,307

Capital

Markets

—

2.7%

Ameriprise

Financial,

Inc.

..............

8,018

1,558,138

Bank

of

New

York

Mellon

Corp.

(The)

......

54,444

2,310,603

BlackRock,

Inc.

*

.....................

9,475

6,836,592

Cboe

Global

Markets,

Inc.

..............

6,825

635,544

Charles

Schwab

Corp.

(The)

............

99,639

5,284,853

CME

Group,

Inc.

....................

23,979

4,365,377

Franklin

Resources,

Inc.

(b)

..............

18,342

458,367

Goldman

Sachs

Group,

Inc.

(The)

........

22,982

6,060,583

Intercontinental

Exchange,

Inc.

..........

37,492

4,322,453

Invesco

Ltd.

.......................

25,400

442,722

MarketAxess

Holdings,

Inc.

.............

2,536

1,446,940

Moody's

Corp.

......................

10,874

3,156,070

Morgan

Stanley

.....................

95,470

6,542,559

MSCI,

Inc.

........................

5,599

2,500,121

Nasdaq,

Inc.

.......................

7,477

992,497

Northern

Trust

Corp.

..................

13,747

1,280,396

Raymond

James

Financial,

Inc.

..........

8,140

778,754

S&P

Global,

Inc.

....................

16,112

5,296,498

State

Street

Corp.

...................

23,566

1,715,133

T.

Rowe

Price

Group,

Inc.

..............

15,191

2,299,765

58,283,965

Chemicals

—

1.8%

Air

Products

&

Chemicals,

Inc.

...........

14,814

4,047,481

Albemarle

Corp.

....................

7,111

1,049,015

Celanese

Corp.

(b)

....................

7,699

1,000,408

CF

Industries

Holdings,

Inc.

.............

14,415

558,005

Corteva

,

Inc.

.......................

49,764

1,926,862

Dow,

Inc.

.........................

49,546

2,749,803

DuPont

de

Nemours,

Inc.

..............

49,536

3,522,505

Eastman

Chemical

Co.

................

9,231

925,685

Ecolab,

Inc.

(b)

......................

16,588

3,588,980

FMC

Corp.

........................

8,667

996,098

International

Flavors

&

Fragrances,

Inc.

(b)

....

6,790

739,024

Linde

plc

.........................

35,059

9,238,397

LyondellBasell

Industries

NV,

Class

A

......

17,175

1,574,260

Mosaic

Co.

(The)

....................

23,937

550,790

PPG

Industries,

Inc.

..................

15,778

2,275,503

Sherwin-Williams

Co.

(The)

.............

5,460

4,012,609

38,755,425

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

0.4%

Cintas

Corp.

.......................

5,802

$

2,050,775

Copart

,

Inc.

(a)

......................

14,163

1,802,242

Republic

Services,

Inc.

................

13,148

1,266,152

Rollins,

Inc.

........................

15,270

596,599

Waste

Management,

Inc.

...............

25,660

3,026,084

8,741,852

Communications

Equipment

—

0.8%

Arista

Networks,

Inc.

(a)

................

3,571

1,037,625

Cisco

Systems,

Inc.

(b)

.................

282,249

12,630,643

F5

Networks,

Inc.

(a)

..................

4,245

746,865

Juniper

Networks,

Inc.

................

19,682

443,042

Motorola

Solutions,

Inc.

...............

11,295

1,920,828

16,779,003

Construction

&

Engineering

—

0.1%

Jacobs

Engineering

Group,

Inc.

(b)

.........

8,658

943,375

Quanta

Services,

Inc.

.................

9,386

675,980

1,619,355

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

...........

4,160

1,181,315

Vulcan

Materials

Co.

.................

9,052

1,342,502

2,523,817

Consumer

Finance

—

0.5%

American

Express

Co.

................

43,566

5,267,565

Capital

One

Financial

Corp.

.............

30,755

3,040,132

Discover

Financial

Services

.............

20,473

1,853,420

Synchrony

Financial

..................

36,266

1,258,793

11,419,910

Containers

&

Packaging

—

0.4%

Amcor

plc

.........................

107,074

1,260,261

Avery

Dennison

Corp.

.................

5,339

828,132

Ball

Corp.

.........................

21,850

2,035,983

International

Paper

Co.

................

26,257

1,305,498

Packaging

Corp.

of

America

............

6,109

842,492

Sealed

Air

Corp.

....................

10,914

499,752

WestRock

Co.

......................

17,741

772,266

7,544,384

Distributors

—

0.1%

Genuine

Parts

Co.

...................

9,636

967,743

LKQ

Corp.

(a)

.......................

18,703

659,094

Pool

Corp.

........................

2,722

1,013,945

2,640,782

Diversified

Financial

Services

—

1.4%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

.......

129,994

30,141,709

Diversified

Telecommunication

Services

—

1.4%

AT&T,

Inc.

.........................

475,991

13,689,501

CenturyLink,

Inc.

(b)

...................

62,562

609,979

Verizon

Communications,

Inc.

...........

276,698

16,256,008

30,555,488

Electric

Utilities

—

1.7%

Alliant

Energy

Corp.

..................

15,821

815,256

American

Electric

Power

Co.,

Inc.

.........

33,010

2,748,743

Duke

Energy

Corp.

..................

49,277

4,511,802

Edison

International

..................

25,887

1,626,221

Entergy

Corp.

......................

13,122

1,310,101

Evergy

,

Inc.

........................

14,635

812,389

Eversource

Energy

..................

22,836

1,975,542

Exelon

Corp.

.......................

65,340

2,758,655

FirstEnergy

Corp.

(b)

..................

37,317

1,142,273

NextEra

Energy,

Inc.

.................

130,859

10,095,772

NRG

Energy,

Inc.

....................

15,211

571,173

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Pinnacle

West

Capital

Corp.

............

7,769

$

621,132

PPL

Corp.

(b)

.......................

51,355

1,448,211

Southern

Co.

(The)

..................

71,215

4,374,737

Xcel

Energy,

Inc.

....................

34,802

2,320,249

37,132,256

Electrical

Equipment

—

0.5%

AMETEK,

Inc.

......................

15,400

1,862,476

Eaton

Corp.

plc

.....................

26,850

3,225,759

Emerson

Electric

Co.

.................

39,947

3,210,540

Rockwell

Automation,

Inc.

..............

7,760

1,946,286

10,245,061

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.,

Class

A

..............

19,982

2,613,046

CDW

Corp.

........................

9,771

1,287,720

Corning,

Inc.

.......................

51,033

1,837,188

FLIR

Systems,

Inc.

...................

9,098

398,765

IPG

Photonics

Corp.

(a)

................

2,423

542,243

Keysight

Technologies,

Inc.

(a)

............

12,327

1,628,274

TE

Connectivity

Ltd.

..................

22,092

2,674,679

Vontier

Corp.

(a)

.....................

9,355

312,457

Zebra

Technologies

Corp.,

Class

A

(a)

.......

3,561

1,368,599

12,662,971

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

...................

42,835

893,110

Halliburton

Co.

.....................

60,954

1,152,030

National

Oilwell

Varco,

Inc.

.............

26,419

362,733

Schlumberger

NV

...................

92,983

2,029,819

TechnipFMC

plc

.....................

29,057

273,136

4,710,828

Entertainment

—

2.2%

Activision

Blizzard,

Inc.

................

51,624

4,793,288

Electronic

Arts,

Inc.

(b)

.................

19,369

2,781,388

Live

Nation

Entertainment,

Inc.

(a)

.........

9,551

701,808

Netflix,

Inc.

(a)

.......................

29,510

15,956,942

Take-Two

Interactive

Software,

Inc.

(a)

.......

7,683

1,596,451

Walt

Disney

Co.

(The)

(a)

...............

120,934

21,910,822

47,740,699

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.3%

Alexandria

Real

Estate

Equities,

Inc.

.......

8,016

1,428,611

American

Tower

Corp.

................

29,672

6,660,177

AvalonBay

Communities,

Inc.

...........

9,249

1,483,817

Boston

Properties,

Inc.

................

9,791

925,543

Crown

Castle

International

Corp.

.........

28,493

4,535,801

Digital

Realty

Trust,

Inc.

...............

18,517

2,583,307

Duke

Realty

Corp.

...................

24,845

993,055

Equinix

,

Inc.

(b)

......................

6,006

4,289,365

Equity

Residential

...................

22,327

1,323,544

Essex

Property

Trust,

Inc.

..............

4,253

1,009,747

Extra

Space

Storage,

Inc.

..............

8,940

1,035,788

Federal

Realty

Investment

Trust

..........

4,684

398,702

Healthpeak

Properties,

Inc.

.............

35,961

1,087,101

Host

Hotels

&

Resorts,

Inc.

.............

49,064

717,806

Iron

Mountain,

Inc.

(b)

..................

19,590

577,513

Kimco

Realty

Corp.

..................

29,782

447,028

Mid-America

Apartment

Communities,

Inc.

...

7,875

997,684

Prologis,

Inc.

.......................

49,377

4,920,912

Public

Storage

......................

10,190

2,353,177

Realty

Income

Corp.

..................

23,615

1,468,144

Regency

Centers

Corp.

...............

10,946

499,028

SBA

Communications

Corp.

............

7,475

2,108,922

Simon

Property

Group,

Inc.

(b)

............

21,195

1,807,510

SL

Green

Realty

Corp.

................

5,089

303,203

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

UDR,

Inc.

.........................

20,474

$

786,816

Ventas,

Inc.

.......................

25,553

1,253,119

Vornado

Realty

Trust

.................

10,876

406,110

Welltower

,

Inc.

......................

27,874

1,801,218

Weyerhaeuser

Co.

...................

49,513

1,660,171

49,862,919

Food

&

Staples

Retailing

—

1.4%

Costco

Wholesale

Corp.

...............

29,472

11,104,460

Kroger

Co.

(The)

....................

51,969

1,650,535

Sysco

Corp.

.......................

34,130

2,534,494

Walgreens

Boots

Alliance,

Inc.

...........

47,831

1,907,500

Walmart,

Inc.

.......................

92,603

13,348,723

30,545,712

Food

Products

—

1.0%

Archer-Daniels-Midland

Co.

.............

36,903

1,860,280

Campbell

Soup

Co.

(b)

.................

12,707

614,384

Conagra

Brands,

Inc.

.................

33,831

1,226,712

General

Mills,

Inc.

...................

40,990

2,410,212

Hershey

Co.

(The)

...................

9,668

1,472,727

Hormel

Foods

Corp.

..................

18,030

840,378

JM

Smucker

Co.

(The)

................

7,362

851,047

Kellogg

Co.

........................

16,443

1,023,248

Kraft

Heinz

Co.

(The)

.................

44,341

1,536,859

Lamb

Weston

Holdings,

Inc.

............

10,076

793,384

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

16,334

1,561,530

Mondelez

International,

Inc.,

Class

A

.......

95,720

5,596,748

Tyson

Foods,

Inc.,

Class

A

.............

20,076

1,293,698

21,081,207

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

..................

7,928

756,569

Health

Care

Equipment

&

Supplies

—

3.8%

Abbott

Laboratories

..................

118,387

12,962,193

ABIOMED,

Inc.

(a)

....................

3,095

1,003,399

Align

Technology,

Inc.

(a)

................

4,792

2,560,749

Baxter

International,

Inc.

...............

33,993

2,727,598

Becton

Dickinson

and

Co.

..............

19,463

4,870,032

Boston

Scientific

Corp.

(a)

...............

94,652

3,402,739

Cooper

Cos.,

Inc.

(The)

...............

3,187

1,157,901

Danaher

Corp.

.....................

42,231

9,381,194

Dentsply

Sirona,

Inc.

.................

15,058

788,437

DexCom

,

Inc.

(a)

.....................

6,414

2,371,384

Edwards

Lifesciences

Corp.

(a)

...........

41,767

3,810,403

Hologic

,

Inc.

(a)

......................

17,120

1,246,850

IDEXX

Laboratories,

Inc.

(a)

..............

5,698

2,848,259

Intuitive

Surgical,

Inc.

(a)

................

7,879

6,445,810

Medtronic

plc

......................

89,909

10,531,940

ResMed

,

Inc.

......................

9,640

2,049,078

STERIS

plc

........................

5,699

1,080,189

Stryker

Corp.

......................

21,838

5,351,184

Teleflex,

Inc.

.......................

3,068

1,262,697

Varian

Medical

Systems,

Inc.

(a)

...........

6,219

1,088,387

West

Pharmaceutical

Services,

Inc.

.......

4,895

1,386,803

Zimmer

Biomet

Holdings,

Inc.

...........

13,845

2,133,376

80,460,602

Health

Care

Providers

&

Services

—

2.6%

AmerisourceBergen

Corp.

..............

9,992

976,818

Anthem,

Inc.

.......................

16,613

5,334,268

Cardinal

Health,

Inc.

..................

19,142

1,025,246

Centene

Corp.

(a)

....................

38,850

2,332,165

Cigna

Corp.

.......................

24,131

5,023,592

CVS

Health

Corp.

...................

87,431

5,971,537

DaVita,

Inc.

(a)

.......................

5,180

608,132

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

HCA

Healthcare,

Inc.

.................

17,734

$

2,916,534

Henry

Schein,

Inc.

(a)

..................

9,743

651,417

Humana,

Inc.

......................

8,889

3,646,890

Laboratory

Corp.

of

America

Holdings

(a)

.....

6,506

1,324,296

McKesson

Corp.

....................

10,855

1,887,902

Quest

Diagnostics,

Inc.

................

9,002

1,072,768

UnitedHealth

Group,

Inc.

...............

63,378

22,225,397

Universal

Health

Services,

Inc.,

Class

B

....

5,192

713,900

55,710,862

Health

Care

Technology

—

0.1%

Cerner

Corp.

.......................

19,924

1,563,636

Hotels,

Restaurants

&

Leisure

—

1.7%

Carnival

Corp.

......................

50,061

1,084,321

Chipotle

Mexican

Grill,

Inc.

(a)

............

1,869

2,591,761

Darden

Restaurants,

Inc.

(b)

.............

8,697

1,035,987

Domino's

Pizza,

Inc.

..................

2,632

1,009,267

Hilton

Worldwide

Holdings,

Inc.

..........

18,532

2,061,870

Las

Vegas

Sands

Corp.

...............

21,939

1,307,564

Marriott

International,

Inc.,

Class

A

........

18,248

2,407,276

McDonald's

Corp.

...................

49,771

10,679,861

MGM

Resorts

International

.............

27,384

862,870

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

....

18,089

460,003

Royal

Caribbean

Cruises

Ltd.

...........

12,272

916,596

Starbucks

Corp.

.....................

78,399

8,387,125

Wynn

Resorts

Ltd.

...................

6,665

752,012

Yum!

Brands,

Inc.

...................

20,150

2,187,484

35,743,997

Household

Durables

—

0.4%

DR

Horton,

Inc.

.....................

22,149

1,526,509

Garmin

Ltd.

........................

9,831

1,176,377

Leggett

&

Platt,

Inc.

..................

9,250

409,775

Lennar

Corp.,

Class

A

.................

18,377

1,400,879

Mohawk

Industries,

Inc.

(a)

..............

4,127

581,701

Newell

Brands,

Inc.

..................

25,867

549,156

NVR,

Inc.

(a)

........................

234

954,687

PulteGroup,

Inc.

....................

17,908

772,193

Whirlpool

Corp.

.....................

4,285

773,400

8,144,677

Household

Products

—

1.6%

Church

&

Dwight

Co.,

Inc.

..............

16,382

1,429,002

Clorox

Co.

(The)

....................

8,379

1,691,887

Colgate-Palmolive

Co.

................

57,376

4,906,222

Kimberly-Clark

Corp.

.................

22,517

3,035,967

Procter

&

Gamble

Co.

(The)

............

165,629

23,045,619

34,108,697

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

....................

44,428

1,044,058

Industrial

Conglomerates

—

1.2%

3M

Co.

...........................

38,530

6,734,659

General

Electric

Co.

..................

585,128

6,319,382

Honeywell

International,

Inc.

............

46,870

9,969,249

Roper

Technologies,

Inc.

...............

7,061

3,043,927

26,067,217

Insurance

—

1.8%

Aflac,

Inc.

.........................

43,636

1,940,493

Allstate

Corp.

(The)

..................

20,454

2,248,508

American

International

Group,

Inc.

........

58,051

2,197,811

Aon

plc,

Class

A

....................

15,349

3,242,783

Arthur

J

Gallagher

&

Co.

...............

12,846

1,589,179

Assurant,

Inc.

......................

4,048

551,419

Chubb

Ltd.

........................

30,255

4,656,850

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Insurance

(continued)

Cincinnati

Financial

Corp.

(b)

.............

10,380

$

906,901

Everest

Re

Group

Ltd.

................

2,723

637,427

Globe

Life,

Inc.

.....................

5,997

569,475

Hartford

Financial

Services

Group,

Inc.

(The)

.

23,541

1,153,038

Lincoln

National

Corp.

................

12,604

634,107

Loews

Corp.

.......................

14,825

667,421

Marsh

&

McLennan

Cos.,

Inc.

...........

33,879

3,963,843

MetLife,

Inc.

.......................

51,096

2,398,957

Principal

Financial

Group,

Inc.

...........

17,515

868,919

Progressive

Corp.

(The)

...............

39,116

3,867,790

Prudential

Financial,

Inc.

...............

26,451

2,065,030

Travelers

Cos.,

Inc.

(The)

(b)

.............

16,933

2,376,885

Unum

Group

.......................

14,011

321,412

Willis

Towers

Watson

plc

...............

8,579

1,807,424

WR

Berkley

Corp.

...................

8,711

578,585

39,244,257

Interactive

Media

&

Services

—

5.4%

(a)

Alphabet,

Inc.,

Class

A

................

20,082

35,196,517

Alphabet,

Inc.,

Class

C

................

19,390

33,968,953

Facebook,

Inc.,

Class

A

...............

160,576

43,862,940

Twitter,

Inc.

........................

53,126

2,876,773

115,905,183

Internet

&

Direct

Marketing

Retail

—

4.9%

Amazon.com,

Inc.

(a)

..................

28,488

92,783,422

Booking

Holdings,

Inc.

(a)

...............

2,736

6,093,811

eBay,

Inc.

.........................

44,262

2,224,165

Etsy,

Inc.

(a)

........................

8,149

1,449,789

Expedia

Group,

Inc.

..................

9,080

1,202,192

103,753,379

IT

Services

—

5.4%

Accenture

plc,

Class

A

................

42,320

11,054,407

Akamai

Technologies,

Inc.

(a)

.............

10,686

1,121,923

Automatic

Data

Processing,

Inc.

..........

28,755

5,066,631

Broadridge

Financial

Solutions,

Inc.

.......

7,536

1,154,515

Cognizant

Technology

Solutions

Corp.,

Class

A

35,981

2,948,643

DXC

Technology

Co.

.................

17,049

439,012

Fidelity

National

Information

Services,

Inc.

...

41,666

5,894,072

Fiserv,

Inc.

(a)

.......................

37,708

4,293,433

FleetCor

Technologies,

Inc.

(a)

............

5,508

1,502,748

Gartner,

Inc.

(a)

......................

5,794

928,141

Global

Payments,

Inc.

(b)

...............

20,190

4,349,330

International

Business

Machines

Corp.

.....

59,519

7,492,252

Jack

Henry

&

Associates,

Inc.

...........

4,932

798,935

Leidos

Holdings,

Inc.

.................

9,192

966,263

Mastercard

,

Inc.,

Class

A

...............

58,986

21,054,463

Paychex,

Inc.

......................

21,270

1,981,938

PayPal

Holdings,

Inc.

(a)

................

78,265

18,329,663

VeriSign,

Inc.

(a)

.....................

6,350

1,374,140

Visa,

Inc.,

Class

A

...................

113,265

24,774,453

Western

Union

Co.

(The)

..............

25,704

563,946

116,088,908

Leisure

Products

—

0.0%

Hasbro,

Inc.

.......................

8,195

766,560

Life

Sciences

Tools

&

Services

—

1.2%

Agilent

Technologies,

Inc.

..............

20,667

2,448,833

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

.......

1,478

861,585

Illumina,

Inc.

(a)

......................

9,752

3,608,240

IQVIA

Holdings,

Inc.

(a)

.................

12,788

2,291,226

Mettler

-Toledo

International,

Inc.

(a)

........

1,588

1,809,812

PerkinElmer,

Inc.

....................

7,479

1,073,236

Thermo

Fisher

Scientific,

Inc.

............

26,474

12,331,060

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Waters

Corp.

(a)

.....................

4,005

$

990,917

25,414,909

Machinery

—

1.7%

Caterpillar,

Inc.

.....................

36,288

6,605,142

Cummins,

Inc.

......................

9,876

2,242,840

Deere

&

Co.

.......................

20,932

5,631,755

Dover

Corp.

.......................

9,328

1,177,660

Flowserve

Corp.

....................

8,923

328,812

Fortive

Corp.

.......................

22,182

1,570,929

IDEX

Corp.

........................

4,919

979,865

Illinois

Tool

Works,

Inc.

................

19,017

3,877,186

Ingersoll

Rand,

Inc.

(a)

.................

25,755

1,173,398

Otis

Worldwide

Corp.

.................

27,178

1,835,874

PACCAR,

Inc.

......................

23,050

1,988,754

Parker-Hannifin

Corp.

.................

8,603

2,343,543

Pentair

plc

........................

11,294

599,598

Snap-on,

Inc.

......................

3,420

585,299

Stanley

Black

&

Decker,

Inc.

............

10,967

1,958,267

Westinghouse

Air

Brake

Technologies

Corp.

..

12,412

908,558

Xylem,

Inc.

........................

12,487

1,271,052

35,078,532

Media

—

1.3%

Charter

Communications,

Inc.,

Class

A

(a)

....

9,746

6,447,466

Comcast

Corp.,

Class

A

...............

304,984

15,981,162

Discovery,

Inc.,

Class

A

(a)

..............

11,085

333,548

Discovery,

Inc.,

Class

C

(a)

..............

19,705

516,074

DISH

Network

Corp.,

Class

A

(a)

..........

17,118

553,596

Fox

Corp.,

Class

A

...................

23,485

683,883

Fox

Corp.,

Class

B

...................

8,644

249,639

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

27,056

636,357

News

Corp.,

Class

A

..................

26,519

476,546

News

Corp.,

Class

B

.................

8,848

157,229

Omnicom

Group,

Inc.

.................

14,359

895,571

ViacomCBS

,

Inc.

....................

37,407

1,393,785

28,324,856

Metals

&

Mining

—

0.3%

Freeport-McMoRan,

Inc.

...............

97,046

2,525,137

Newmont

Corp.

.....................

53,661

3,213,757

Nucor

Corp.

.......................

19,086

1,015,185

6,754,079

Multiline

Retail

—

0.5%

Dollar

General

Corp.

.................

16,365

3,441,560

Dollar

Tree,

Inc.

(a)

....................

15,688

1,694,932

Target

Corp.

.......................

33,450

5,904,928

11,041,420

Multi-Utilities

—

0.8%

Ameren

Corp.

......................

16,006

1,249,428

CenterPoint

Energy,

Inc.

...............

37,390

809,120

CMS

Energy

Corp.

...................

18,379

1,121,303

Consolidated

Edison,

Inc.

..............

22,966

1,659,753

Dominion

Energy,

Inc.

.................

54,662

4,110,582

DTE

Energy

Co.

....................

13,198

1,602,369

NiSource,

Inc.

......................

23,894

548,128

Public

Service

Enterprise

Group,

Inc.

......

33,660

1,962,378

Sempra

Energy

.....................

19,353

2,465,766

WEC

Energy

Group,

Inc.

...............

20,996

1,932,262

17,461,089

Oil,

Gas

&

Consumable

Fuels

—

2.0%

Apache

Corp.

......................

26,379

374,318

Cabot

Oil

&

Gas

Corp.

(b)

...............

27,445

446,805

Chevron

Corp.

......................

128,586

10,859,088

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Concho

Resources,

Inc.

...............

13,112

$

765,085

ConocoPhillips

.....................

70,952

2,837,370

Devon

Energy

Corp.

..................

26,367

416,862

Diamondback

Energy,

Inc.

..............

10,552

510,717

EOG

Resources,

Inc.

.................

38,541

1,922,040

Exxon

Mobil

Corp.

...................

282,431

11,641,806

Hess

Corp.

........................

18,699

987,120

HollyFrontier

Corp.

...................

10,018

258,965

Kinder

Morgan,

Inc.

..................

129,232

1,766,601

Marathon

Oil

Corp.

...................

53,060

353,910

Marathon

Petroleum

Corp.

.............

43,573

1,802,179

Occidental

Petroleum

Corp.

.............

55,981

969,031

ONEOK,

Inc.

.......................

29,684

1,139,272

Phillips

66

.........................

28,989

2,027,491

Pioneer

Natural

Resources

Co.

..........

10,847

1,235,365

Valero

Energy

Corp.

..................

27,149

1,535,819

Williams

Cos.,

Inc.

(The)

...............

81,030

1,624,652

43,474,496

Personal

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(b)

....

15,132

4,027,987

Pharmaceuticals

—

3.8%

Bristol-Myers

Squibb

Co.

...............

150,943

9,362,994

Catalent

,

Inc.

(a)

.....................

11,001

1,144,874

Eli

Lilly

&

Co.

(b)

.....................

53,034

8,954,261

Johnson

&

Johnson

..................

175,844

27,674,329

Merck

&

Co.,

Inc.

(b)

...................

169,115

13,833,607

Perrigo

Co.

plc

.....................

9,152

409,277

Pfizer,

Inc.

........................

371,281

13,666,854

Viatris

,

Inc.

(a)(b)

......................

79,566

1,491,067

Zoetis,

Inc.

........................

31,926

5,283,753

81,821,016

Professional

Services

—

0.3%

Equifax,

Inc.

.......................

8,055

1,553,326

IHS

Markit

Ltd.

.....................

24,924

2,238,923

Nielsen

Holdings

plc

..................

24,420

509,645

Robert

Half

International,

Inc.

............

7,745

483,908

Verisk

Analytics,

Inc.

..................

10,843

2,250,898

7,036,700

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

A

(a)

............

22,407

1,405,367

Road

&

Rail

—

1.0%

CSX

Corp.

........................

51,282

4,653,841

JB

Hunt

Transport

Services,

Inc.

.........

5,355

731,761

Kansas

City

Southern

.................

6,215

1,268,668

Norfolk

Southern

Corp.

................

17,027

4,045,785

Old

Dominion

Freight

Line,

Inc.

..........

6,578

1,283,894

Union

Pacific

Corp.

..................

45,012

9,372,399

21,356,348

Semiconductors

&

Semiconductor

Equipment

—

5.1%

Advanced

Micro

Devices,

Inc.

(a)

..........

80,139

7,349,548

Analog

Devices,

Inc.

..................

24,680

3,645,976

Applied

Materials,

Inc.

................

61,004

5,264,645

Broadcom,

Inc.

.....................

27,019

11,830,269

Intel

Corp.

........................

273,732

13,637,328

KLA

Corp.

.........................

10,455

2,706,904

Lam

Research

Corp.

.................

9,619

4,542,765

Maxim

Integrated

Products,

Inc.

..........

18,251

1,617,951

Microchip

Technology,

Inc.

..............

17,337

2,394,413

Micron

Technology,

Inc.

(a)

..............

74,359

5,590,310

NVIDIA

Corp.

......................

41,347

21,591,403

Qorvo

,

Inc.

(a)

.......................

7,537

1,253,177

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

QUALCOMM,

Inc.

...................

75,547

$

11,508,830

Skyworks

Solutions,

Inc.

...............

11,038

1,687,490

Teradyne,

Inc.

......................

10,980

1,316,392

Texas

Instruments,

Inc.

................

61,511

10,095,801

Xilinx,

Inc.

.........................

16,373

2,321,200

108,354,402

Software

—

8.5%

Adobe,

Inc.

(a)

.......................

32,043

16,025,345

ANSYS,

Inc.

(a)

......................

5,712

2,078,026

Autodesk,

Inc.

(a)

.....................

14,688

4,484,834

Cadence

Design

Systems,

Inc.

(a)

.........

18,662

2,546,057

Citrix

Systems,

Inc.

..................

8,079

1,051,078

Fortinet,

Inc.

(a)

......................

9,166

1,361,426

Intuit,

Inc.

(b)

........................

17,550

6,666,367

Microsoft

Corp.

.....................

505,014

112,325,214

NortonLifeLock

,

Inc.

..................

37,596

781,245

Oracle

Corp.

.......................

126,703

8,196,417

Paycom

Software,

Inc.

(a)

...............

3,227

1,459,411

salesforce.com,

Inc.

(a)

.................

61,119

13,600,811

ServiceNow

,

Inc.

(a)

...................

13,071

7,194,670

Synopsys,

Inc.

(a)

....................

10,194

2,642,693

Tyler

Technologies,

Inc.

(a)

..............

2,751

1,200,866

181,614,460

Specialty

Retail

—

2.2%

Advance

Auto

Parts,

Inc.

...............

4,404

693,674

AutoZone,

Inc.

(a)

....................

1,536

1,820,836

Best

Buy

Co.,

Inc.

...................

15,394

1,536,167

CarMax,

Inc.

(a)

......................

11,263

1,063,903

Gap,

Inc.

(The)

.....................

14,155

285,789

Home

Depot,

Inc.

(The)

...............

71,913

19,101,531

L

Brands,

Inc.

......................

15,604

580,313

Lowe's

Cos.,

Inc.

....................

48,943

7,855,841

O'Reilly

Automotive,

Inc.

(a)

..............

4,821

2,181,840

Ross

Stores,

Inc.

(b)

...................

23,932

2,939,089

Tiffany

&

Co.

.......................

7,017

922,385

TJX

Cos.,

Inc.

(The)

..................

80,198

5,476,721

Tractor

Supply

Co.

...................

7,989

1,123,094

Ulta

Beauty,

Inc.

(a)

...................

3,763

1,080,583

46,661,766

Technology

Hardware,

Storage

&

Peripherals

—

6.9%

Apple,

Inc.

........................

1,067,519

141,649,096

Hewlett

Packard

Enterprise

Co.

..........

83,500

989,475

HP,

Inc.

..........................

91,504

2,250,083

NetApp,

Inc.

.......................

14,921

988,367

Seagate

Technology

plc

...............

15,389

956,580

Western

Digital

Corp.

.................

20,771

1,150,506

Xerox

Holdings

Corp.

.................

11,131

258,128

148,242,235

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Hanesbrands,

Inc.

(b)

..................

23,134

337,294

NIKE,

Inc.,

Class

B

..................

83,817

11,857,591

PVH

Corp.

........................

4,733

444,381

Ralph

Lauren

Corp.

..................

3,279

340,163

Tapestry,

Inc.

.......................

19,008

590,769

Under

Armour

,

Inc.,

Class

A

(a)

............

12,618

216,651

Under

Armour

,

Inc.,

Class

C

(a)

...........

13,493

200,776

VF

Corp.

.........................

21,362

1,824,528

15,812,153

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Tobacco

—

0.7%

Altria

Group,

Inc.

....................

124,136

$

5,089,576

Philip

Morris

International,

Inc.

...........

104,023

8,612,064

13,701,640

Trading

Companies

&

Distributors

—

0.2%

Fastenal

Co.

.......................

38,348

1,872,533

United

Rentals,

Inc.

(a)

.................

4,818

1,117,342

WW

Grainger,

Inc.

...................

2,971

1,213,178

4,203,053

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

12,108

1,858,215

Wireless

Telecommunication

Services

—

0.3%

T-Mobile

US,

Inc.

(a)

...................

38,966

5,254,565

Total

Common

Stocks

—

99.0%

(Cost:

$839,247,962)

..............................

2,114,705,268

Total

Long-Term

Investments

—

99.0%

(Cost:

$839,247,962)

..............................

2,114,705,268

Security

Shares

Shares

Value

Short-Term

Securities

—

1.6%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

20,694,526

$

20,694,526

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)

........................

13,891,502

13,895,670

Total

Short-Term

Securities

—

1.6%

(Cost:

$34,590,196)

...............................

34,590,196

Total

Investments

—

100.6%

(Cost:

$873,838,158

)

..............................

2,149,295,464

Liabilities

in

Excess

of

Other

Assets

—

(0.6)%

.............

(12,389,888)

Net

Assets

—

100.0%

...............................

$

2,136,905,576

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

5,870,713

$

14,823,813

$

—

$

—

$

—

$

20,694,526

20,694,526

$

41,307

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

13,804,194

205,660

—

(114,184)

—

13,895,670

13,891,502

145,556

(b)

—

BlackRock,

Inc.

............

4,473,527

1,342,826

(1,199,611)

774,567

1,445,283

6,836,592

9,475

145,483

—

$

660,383

$

1,445,283

$

41,426,788

$

332,346

$

—

(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.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

12

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

......................................................

123

03/19/21

$

23,055

$

286,137

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

286,137

$

—

$

—

$

—

$

286,137

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

801,414

$

—

$

—

$

—

$

801,414

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

155,074

—

—

—

155,074

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

22,119,200

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

13

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

2,114,705,268

$

—

$

—

$

2,114,705,268

Short-Term

Securities

.......................................

20,694,526

—

—

20,694,526

Subtotal

....................................................

$

2,135,399,794

$

—

$

—

$

2,135,399,794

Investments

valued

at

NAV

(a)

......................................

13,895,670

$

—

Total

Investments

..............................................

$

2,149,295,464

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

286,137

$

—

$

—

$

286,137

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

14

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$13,821,195)

(cost

—

$836,443,384)

..........................................

$

2,107,868,676‌

Investments

at

value

—

affiliated

(cost

—

$37,394,774)

................................................................................

41,426,788‌

Cash

.................................................................................................................

1,830‌

Cash

pledged

for

futures

contracts

..............................................................................................

1,367,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

..........................................................................................

4,046‌

Capital

shares

sold

.......................................................................................................

255,930‌

Dividends

—

affiliated

.....................................................................................................

351‌

Dividends

—

unaffiliated

...................................................................................................

1,568,895‌

Variation

margin

on

futures

contracts

...........................................................................................

151,280‌

Prepaid

expenses

.........................................................................................................

27,095‌

Total

assets

.............................................................................................................

2,152,671,891‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

13,997,024‌

Payables:

–‌

Capital

shares

redeemed

...................................................................................................

850,108‌

Distribution

fees

.........................................................................................................

51,022‌

Investment

advisory

fees

..................................................................................................

124,128‌

Directors'

and

Officer's

fees

.................................................................................................

4,774‌

Other

affiliate

fees

.......................................................................................................

16,490‌

Printing

and

postage

fees

..................................................................................................

118,069‌

Professional

fees

........................................................................................................

163,229‌

Transfer

agent

fees

......................................................................................................

289,275‌

Other

accrued

expenses

...................................................................................................

152,196‌

Total

liabilities

............................................................................................................

15,766,315‌

NET

ASSETS

............................................................................................................

$

2,136,905,576‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

853,305,429‌

Accumulated

earnings

......................................................................................................

1,283,600,147‌

NET

ASSETS

............................................................................................................

$

2,136,905,576‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

1,857,885,375‌

Shares

outstanding

.................................................................................................

68,111,010‌

Net

asset

value

....................................................................................................

$

27.28‌

Shares

authorized

..................................................................................................

300

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

9,215,094‌

Shares

outstanding

.................................................................................................

341,578‌

Net

asset

value

....................................................................................................

$

26.98‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

269,805,107‌

Shares

outstanding

.................................................................................................

9,994,847‌

Net

asset

value

....................................................................................................

$

26.99‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

16

P;

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

186,790‌

Dividends

—

unaffiliated

...................................................................................................

35,692,534‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

145,556‌

Total

investment

income

.....................................................................................................

36,024,880‌

EXPENSES

Investment

advisory

......................................................................................................

1,338,127‌

Transfer

agent

—

class

specific

..............................................................................................

974,551‌

Distribution

—

class

specific

................................................................................................

667,463‌

Printing

and

postage

.....................................................................................................

368,850‌

Accounting

services

......................................................................................................

160,824‌

Professional

...........................................................................................................

134,834‌

Custodian

.............................................................................................................

43,135‌

Transfer

agent

..........................................................................................................

19,720‌

Directors

and

Officer

.....................................................................................................

19,325‌

Miscellaneous

..........................................................................................................

29,028‌

Total

expenses

...........................................................................................................

3,755,857‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(8,779‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(213,215‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

3,533,863‌

Net

investment

income

......................................................................................................

32,491,017‌

REALIZED

AND

UNREALIZED

GAIN

$

296,776,074‌

Net

realized

gain

from:

$

–‌

Investments

—

affiliated

.................................................................................................

660,383‌

Investments

—

unaffiliated

...............................................................................................

141,512,664‌

Futures

contracts

......................................................................................................

801,414‌

A

142,974,461‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

1,445,283‌

Investments

—

unaffiliated

...............................................................................................

152,201,256‌

Futures

contracts

......................................................................................................

155,074‌

A

153,801,613‌

Net

realized

and

unrealized

gain

...............................................................................................

296,776,074‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

329,267,091‌

Statements

of

Changes

in

Net

Assets

17

Financial

Statements

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

32,491,017‌

$

35,672,041‌

Net

realized

gain

..................................................................................

142,974,461‌

116,347,335‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

153,801,613‌

364,246,647‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

329,267,091‌

516,266,023‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(137,187,142‌)

(125,146,552‌)

  Class

II

.......................................................................................

(661,108‌)

(560,971‌)

  Class

III

.......................................................................................

(19,843,841‌)

(22,916,318‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(157,692,091‌)

(148,623,841‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(51,063,425‌)

(87,585,794‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

120,511,575‌

280,056,388‌

Beginning

of

year

....................................................................................

2,016,394,001‌

1,736,337,613‌

End

of

year

........................................................................................

$

2,136,905,576‌

$

2,016,394,001‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

18

BlackRock

S&P

500

Index

V.I.

Fund

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

24.94‌

$

20.50‌

$

22.82‌

$

19.90‌

$

19.08‌

Net

investment

income

(a)

.....................................

0.43‌

0.45‌

0.44‌

0.37‌

0.37‌

Net

realized

and

unrealized

gain

(loss)

...........................

4.05‌

5.94‌

(1.51‌)

3.91‌

1.85‌

Net

increase

(decrease)

from

investment

operations

....................

4.48‌

6.39‌

(1.07‌)

4.28‌

2.22‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.46‌)

(0.54‌)

(0.25‌)

(0.39‌)

(0.38‌)

From

net

realized

gain

.......................................

(1.68‌)

(1.41‌)

(1.00‌)

(0.97‌)

(1.02‌)

Total

distributions

...........................................

(2.14‌)

(1.95‌)

(1.25‌)

(1.36‌)

(1.40‌)

Net

asset

value,

end

of

year

...................................

$

27.28‌

$

24.94‌

$

20.50‌

$

22.82‌

$

19.90‌

Total

Return

(c)

18.24%

31.34%

(4.61)%

21.50%

—

Based

on

net

asset

value

......................................

18.24%

31.34%

(4.61)%

21.50%

11.60%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.16%

0.15%

0.19%

(d)

0.46%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.15%

0.14%

0.16%

(d)

0.30%

0.31%

Net

investment

income

.......................................

1.73%

1.90%

1.88%

1.68%

1.87%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

1,857,885‌

$

1,709,703‌

$

1,412,400‌

$

216,251‌

$

195,261‌

Portfolio

turnover

rate

........................................

4%

3%

5%

3%

4%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.18%

and

0.15%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

BlackRock

S&P

500

Index

V.I.

Fund

Class

II

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

24.70‌

$

20.32‌

$

22.63‌

$

19.75‌

$

18.94‌

Net

investment

income

(a)

.....................................

0.39‌

0.41‌

0.38‌

0.34‌

0.33‌

Net

realized

and

unrealized

gain

(loss)

...........................

3.99‌

5.89‌

(1.47‌)

3.87‌

1.85‌

Net

increase

(decrease)

from

investment

operations

....................

4.38‌

6.30‌

(1.09‌)

4.21‌

2.18‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.42‌)

(0.51‌)

(0.22‌)

(0.36‌)

(0.35‌)

From

net

realized

gain

.......................................

(1.68‌)

(1.41‌)

(1.00‌)

(0.97‌)

(1.02‌)

Total

distributions

...........................................

(2.10‌)

(1.92‌)

(1.22‌)

(1.33‌)

(1.37‌)

Net

asset

value,

end

of

year

...................................

$

26.98‌

$

24.70‌

$

20.32‌

$

22.63‌

$

19.75‌

Total

Return

(c)

18.03%

31.17%

(4.74)%

21.31%

—

Based

on

net

asset

value

......................................

18.03%

31.17%

(4.74)%

21.31%

11.47%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.31%

0.31%

0.40%

(d)

0.60%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.30%

0.30%

0.33%

(d)

0.45%

0.46%

Net

investment

income

.......................................

1.60%

1.74%

1.64%

1.54%

1.71%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

9,215‌

$

7,979‌

$

4,485‌

$

3,340‌

$

2,298‌

Portfolio

turnover

rate

........................................

4%

3%

5%

3%

4%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.39%

and

0.33%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

20

BlackRock

S&P

500

Index

V.I.

Fund

Class

III

Year

Ended

December

31,

Period

from

02/14/18

(a)

to

12/31/18

2020

2019

Net

asset

value,

beginning

of

period

...........................................................

$

24.70‌

$

20.32‌

$

22.88‌

Net

investment

income

(b)

...................................................................

0.36‌

0.39‌

0.34‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

4.00‌

5.87‌

(1.69‌)

Net

increase

(decrease)

from

investment

operations

..................................................

4.36‌

6.26‌

(1.35‌)

Distributions

(c)

–

–

–

From

net

investment

income

................................................................

(0.39‌)

(0.47‌)

(0.21‌)

From

net

realized

gain

.....................................................................

(1.68‌)

(1.41‌)

(1.00‌)

Total

distributions

.........................................................................

(2.07‌)

(1.88‌)

(1.21‌)

Net

asset

value,

end

of

period

................................................................

$

26.99‌

$

24.70‌

$

20.32‌

Total

Return

(d)

17.92%

30.97%

(5.82)%

Based

on

net

asset

value

....................................................................

17.92%

30.97%

(5.82)%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

...........................................................................

0.41%

0.44%

0.38%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................

0.40%

0.40%

0.36%

(f)(g)

Net

investment

income

.....................................................................

1.49%

1.65%

1.64%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

................................................................

$

269,805‌

$

298,712‌

$

319,453‌

Portfolio

turnover

rate

......................................................................

4%

3%

5%

(h)

(a)

Recommencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Annualized.

(g)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.37%

and

0.35%,

respectively.

(h)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

21

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

S&P

500

Index

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

Class

I,

Class

II

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

II

and

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

22

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Fair

Value

Hierarchy:

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

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

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

23

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

over-the-counter.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

0.07%

of

the

average

daily

value

of

the

Fund’s

net

assets.

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $21,865

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

(b)

Barclays

Capital,

Inc.

...................................................

$

340,558‌

$

(340,558‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

3,952,986‌

(3,949,124‌)

3,862‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

2,508,852‌

(2,508,852‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

172,336‌

(170,311‌)

2,025‌

JP

Morgan

Securities

LLC

................................................

5,553,147‌

(5,553,147‌)

—‌

National

Financial

Services

LLC

............................................

983,679‌

(983,679‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

309,637‌

(309,637‌)

—‌

$

13,821,195‌

$

(13,815,308‌)

$

5,887‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

December

31,

2020.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Distribution

Fees

Class

II

...............................................................................................................

0.15‌%

Class

III

...............................................................................................................

0.25‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

24

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services to

the

Fund.

The

ongoing

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution related

services

to

shareholders.

For

the year

ended

December

31,

2020,

the

following

table

shows

the

class

specific

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

year ended

December

31,

2020,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

director

s

 who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$8,779.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

–

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

as

follows:

Distribution

Fees

Class

II

.........................................................................................................

$

11,484‌

Class

III

.........................................................................................................

655,979‌

$

667,463‌

Class

I

..........................................................................................................

$

843,485‌

Class

II

.........................................................................................................

3,862‌

Class

III

.........................................................................................................

127,204‌

$

974,551‌

Class

I

................................................................................................................

0.05‌%

Class

II

...............................................................................................................

0.05‌

Class

III

...............................................................................................................

0.05‌

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

25

,

695‌

Class

II

.........................................................................................................

1

0

7‌

Class

III

.........................................................................................................

1

,

2

6

7‌

$

27

,

069‌

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/or

reimbursed

$186,146

which

is

included

in

transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $43,548

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program

. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

directors.

For

the

year ended

December

31,

2020,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $72,430,732

and

$273,063,782,

respectively.

Class

I

.............................................................................................................

0.15‌%

Class

II

............................................................................................................

0.30‌

Class

III

............................................................................................................

0.40‌

Purchases

...............................................................................................................

$

34,342,468‌

Sales

...................................................................................................................

19,629,760‌

Net

Realized

Gain

..........................................................................................................

4,600,583‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

26

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

(losses)

gains

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

classification

of

investments.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Manager

uses

a

“passive”

or

index

approach

to

try

to

achieve

the

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

The

Manager

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

The

Manager.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

33,656,902‌

$

41,329,910‌

Long-term

capital

gains

........................................................................................

124,035,189‌

107,293,931‌

$

157,692,091‌

$

148,623,841‌

Undistributed

ordinary

income

.............................................................................................

$

873,855‌

Undistributed

long-term

capital

gains

.........................................................................................

38,502,146‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

1,244,224,146‌

$

1,283,600,147‌

Tax

cost

...........................................................................................................

$

905,082,551‌

Gross

unrealized

appreciation

............................................................................................

$

1,289,510,950‌

Gross

unrealized

depreciation

............................................................................................

(45,298,037‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

1,244,212,913‌

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

28

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

December

31,

2020,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

437

Class

III

Shares

of

the

Fund.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

2,248,347‌

$

53,578,258‌

1,571,214‌

$

37,804,049‌

Shares

issued

in

reinvestment

of

distributions

........................

5,144,584‌

137,187,142‌

5,083,222‌

125,146,552‌

Shares

redeemed

.........................................

(7,827,472‌)

(192,065,813‌)

(7,000,707‌)

(166,873,004‌)

Net

decrease

..............................................

(434,541‌)

$

(1,300,413‌)

(346,271‌)

$

(3,922,403‌)

Class

II

Shares

sold

.............................................

106,158‌

$

2,515,464‌

120,266‌

$

2,879,041‌

Shares

issued

in

reinvestment

of

distributions

........................

25,041‌

661,108‌

23,010‌

560,971‌

Shares

redeemed

.........................................

(112,724‌)

(2,669,268‌)

(40,875‌)

(974,894‌)

Net

increase

...............................................

18,475‌

$

507,304‌

102,401‌

$

2,465,118‌

Class

III

Shares

sold

.............................................

1,099,343‌

$

24,867,644‌

623,581‌

$

14,636,589‌

Shares

issued

in

reinvestment

of

distributions

........................

752,853‌

19,842,938‌

939,775‌

22,915,074‌

Shares

redeemed

.........................................

(3,948,658‌)

(94,980,898‌)

(5,195,235‌)

(123,680,172‌)

Net

decrease

..............................................

(2,096,462‌)

$

(50,270,316‌)

(3,631,879‌)

$

(86,128,509‌)

Total

Net

Decrease

(2,512,527‌)

$

(51,063,425‌)

(3,875,749‌)

$

(87,585,794‌)

Report

of

Independent

Registered

Public

Accounting

Firm

29

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

S&P

500

Index

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

S&P

500

Index

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2020

BlackRock

Annual

Report

To

Shareholders

30

Portfolio

Abbreviations

MSCI

Morgan

Stanley

Capital

International

S&P

Standard

&

Poor's

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Small

Cap

Index

V.I.

Fund

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

2

BlackRock

Small

Cap

Index

V.I.

Fund

Investment

Objective

BlackRock

Small

Cap

Index

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

match

the

performance

of

the

Russell

2000

®

Index

(the

“Russell

2000”

or

the

“Underlying

Index”)

as

closely

as

possible

before

the

deduction

of

Fund

expenses.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund’s

Class

I

Shares

returned

19.84%.

The

Russell

2000

®

Index

returned

19.96%

for

the

same

period.

The

Russell

2000

®

Index

is

a

subset

of

the

Russell

3000

®

Index

representing

approximately

10%

of

the

total

market

capitalization

of

that

index.

It

includes

approximately

2000

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

Describe

the

market

environment.

Fears

of

the

coronavirus

outbreak

in

the

first

quarter

of

2020

and

its

economic

toll

continued

to

drive

unprecedented

levels

of

financial

market

volatility.

The

Chicago

Board

Options

Exchange

Volatility

Index,

which

measures

near-term

stock

market

volatility,

surged

to

its

highest

level

since

the

financial

crisis,

and

the

S&P

500

®

experienced

its

quickest

bear

market

contraction

on

record.

Economic

activity

fell

to

a

standstill

with

the

Purchasing

Managers

Index

(an

index

of

the

prevailing

direction

of

economic

trends

in

the

manufacturing

and

service

sectors)

across

the

globe

registering

its

lowest

levels

on

record

and

jobless

claims

surged.

In

late

March,

the

United

States

saw

a

record

number

of

initial

unemployment

claims

as

3.3

million

people

filed

for

unemployment

benefits

while

the

consensus

estimate

was

1.4

million.

On

the

policy

front,

global

governments

in

the

second

quarter

of

2020

unleashed

large

stimulus

packages

to

combat

the

shock

on

the

economy.

The

United

States

passed

several

fiscal

stimulus

measures,

including

a

$2

trillion

relief

bill

to

send

money

directly

to

Americans.

Separately,

monetary

policy

moved

toward

accommodation

as

the

Fed

cut

the

policy

rate

to

0%

and

pledged

to

buy

as

much

government-backed

debt

as

needed

to

bolster

the

markets

for

housing

and

Treasury

bonds.

Furthermore,

the

Fed

announced

it

would

buy

corporate

bonds,

including

the

riskiest

investment-grade

debt,

for

the

first

time

in

its

history.

U.S.

stocks

outperformed

other

regions

in

the

second

quarter,

with

a

sharper

recovery

from

the

troughs

of

late

March.

This

was

largely

supported

by

the

historic

policy

response.

The

United

States

was

able

to

deliver

coordinated

fiscal

and

monetary

support

sufficient

to

offset

the

estimated

initial

shock

from

the

coronavirus

pandemic

and

spillovers

to

the

full

economy.

Toward

the

end

of

the

second

quarter,

U.S.

government

measures

to

contain

the

coronavirus

was

gradually

lifted

in

many

states,

boosting

activity

and

employment.

In

the

third

quarter

of

2020,

U.S.

stocks

continued

their

recovery

over

July

and

August

and

maintained

recording

all-time

highs

until

early

September

when

valuation

concerns

created

market

volatility

and

led

to

a

market

sell

off.

COVID-19

continued

to

be

center

stage

over

the

third

quarter

but

the

ease

of

some

restrictions,

coupled

with

a

drop

in

the

number

of

new

cases

in

the

United

States

and

the

Fed’s

accommodative

policies,

supported

the

U.S.

market

recovery

over

the

third

quarter

despite

the

spikes

in

volatility

and

the

market

sell

off

that

dampened

the

recovery

momentum.

U.S.

markets

reacted

positively

to

the

U.S.

presidential

election

results

following

a

poor

start

to

the

fourth

quarter

of

2020.

The

victory

of

Joe

Biden

came

as

an

indicator

of

more

stable

internal

and

external

policies.

The

fear

of

rising

COVID-19

cases

in

the

United

States

was

offset

by

positive

vaccine

news

and

an

announcement

of

a

$900

billion

stimulus

in

late

December,

which

supported

the

market’s

positive

performance.

Sectors

that

were

severely

impacted

by

the

coronavirus

pandemic,

such

as

energy

and

financials,

recovered

following

the

positive

vaccine

news

in

November,

prompting

these

two

sectors

to

recoup

some

of

the

losses

incurred

earlier

in

2020.

Describe

recent

portfolio

activity.

During

the

12-month

period,

as

changes

were

made

to

the

composition

of

the

Russell

2000

®

Index,

the

Fund

purchased

and

sold

securities

to

maintain

its

objective

of

matching

the

risks

and

return

of

the

benchmark

index.

Describe

portfolio

positioning

at

period

end.

The

Fund

remains

positioned

to

match

the

risk

characteristics

of

its

benchmark

index,

irrespective

of

the

market’s

future

direction.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

3

Fund

Summary

BlackRock

Small

Cap

Index

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

will

invest

at

least

90%

of

its

assets

in

securities

or

other

financial

instruments

that

are

components

of

or

have

economic

characteristics

similar

to

the

securities

included

in

the

Russell

2000.

On

October

29,

2018,

the

Fund

acquired

all

of

the

assets

and

assumed

certain

stated

liabilities

of

the

Small

Cap

Equity

Index

Fund

(the

“Predecessor

Fund”),

a

series

of

State

Farm

Variable

Product

Trust,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization;

accordingly,

the

Fund

assumed

the

performance

and

financial

history

of

the

Predecessor

Fund

upon

completion

of

the

Reorganization.

(c)

An

unmanaged

index

that

is

a

subset

of

the

Russell

3000

®

Index

representing

approximately

10%

of

the

total

market

capitalization

of

that

index.

It

includes

approximately

2000

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

................................................................

37.82‌%

19.84‌%

13.07‌%

10.87‌%

Russell

2000

®

Index

.........................................................

37.85‌

19.96‌

13.26‌

11.20‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

a

portion

of

its

fee.

Without

such

waiver,

the

Fund's

performance

would

have

been

lower.

(b)

Average

annual

and

cumulative

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(c)

On

October

29,

2018,

the

Fund

acquired

all

of

the

assets

and

assumed

certain

stated

liabilities

of

the

Predecessor

Fund,

a

series

of

State

Farm

Variable

Product

Trust,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization;

accordingly,

the

Fund

assumed

the

performance

and

financial

history

of

the

Predecessor

F

und

upon

completion

of

the

Reorganization.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

Small

Cap

Index

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Health

Care

.....................................

21‌

%

Financials

.......................................

16‌

Industrials

.......................................

15‌

Information

Technology

..............................

14‌

Consumer

Discretionary

.............................

13‌

Real

Estate

......................................

6‌

Materials

.......................................

4‌

Consumer

Staples

.................................

3‌

Utilities

.........................................

3‌

Communication

Services

.............................

2‌

Energy

.........................................

2‌

Short-Term

Securities

...............................

9‌

Liabilities

in

Excess

of

Other

Assets

.....................

(8‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,378.20

$

1.32

$

1,000.00

$

1,024.03

$

1.12

0.22%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

98.7%

Aerospace

&

Defense

—

0.9%

AAR

Corp.

........................

4,185

$

151,581

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

.......

9,069

479,297

AeroVironment,

Inc.

(a)

.................

2,789

242,364

Astronics

Corp.

(a)

....................

3,269

43,249

Cubic

Corp.

(b)

......................

4,100

254,364

Ducommun,

Inc.

(a)

...................

1,464

78,617

Kaman

Corp.

......................

3,506

200,298

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

..

15,678

430,047

Maxar

Technologies,

Inc.

...............

7,865

303,510

Moog,

Inc.,

Class

A

..................

3,809

302,054

National

Presto

Industries,

Inc.

...........

689

60,928

PAE,

Inc.

(a)

........................

7,997

73,412

Park

Aerospace

Corp.

.................

2,399

32,171

Parsons

Corp.

(a)

.....................

2,994

109,011

Triumph

Group,

Inc.

..................

6,744

84,705

Vectrus,

Inc.

(a)

......................

1,529

76,022

2,921,630

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)

.......

7,575

237,401

Atlas

Air

Worldwide

Holdings,

Inc.

(a)

.......

3,330

181,618

Echo

Global

Logistics,

Inc.

(a)

............

3,520

94,406

Forward

Air

Corp.

...................

3,395

260,872

Hub

Group,

Inc.,

Class

A

(a)

..............

4,272

243,504

Radiant

Logistics,

Inc.

(a)

...............

5,513

31,975

1,049,776

Airlines

—

0.3%

Allegiant

Travel

Co.

..................

1,656

313,381

Hawaiian

Holdings,

Inc.

...............

5,828

103,156

Mesa

Air

Group,

Inc.

(a)

................

3,911

26,165

SkyWest,

Inc.

......................

6,303

254,074

Spirit

Airlines,

Inc.

(a)

..................

12,434

304,011

1,000,787

Auto

Components

—

1.4%

Adient

plc

(a)

........................

11,383

395,787

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

14,275

119,053

Cooper

Tire

&

Rubber

Co.

..............

6,545

265,072

Cooper-Standard

Holdings,

Inc.

(a)

.........

2,270

78,701

Dana,

Inc.

.........................

18,625

363,560

Dorman

Products,

Inc.

(a)

...............

3,369

292,497

Fox

Factory

Holding

Corp.

(a)

.............

5,271

557,197

Gentherm,

Inc.

(a)

....................

4,053

264,337

Goodyear

Tire

&

Rubber

Co.

(The)

........

29,946

326,711

LCI

Industries

......................

3,124

405,120

Modine

Manufacturing

Co.

(a)

............

6,092

76,516

Motorcar

Parts

of

America,

Inc.

(a)

.........

2,527

49,580

Patrick

Industries,

Inc.

................

2,922

199,719

Standard

Motor

Products,

Inc.

...........

2,664

107,785

Stoneridge,

Inc.

(a)

....................

3,476

105,079

Tenneco,

Inc.,

Class

A

(a)

...............

6,755

71,603

Visteon

Corp.

(a)

.....................

3,523

442,207

Workhorse

Group,

Inc.

(a)(b)

..............

12,261

242,523

XPEL,

Inc.

(a)

.......................

2,154

111,060

4,474,107

Automobiles

—

0.1%

Winnebago

Industries,

Inc.

.............

4,045

242,457

Banks

—

7.6%

1st

Constitution

Bancorp

...............

1,123

17,822

1st

Source

Corp.

....................

2,229

89,829

ACNB

Corp.

.......................

1,165

29,125

Allegiance

Bancshares,

Inc.

.............

2,392

81,639

Altabancorp

.......................

2,152

60,084

Security

Shares

Shares

Value

Banks

(continued)

Amalgamated

Bank,

Class

A

............

1,859

$

25,543

Amerant

Bancorp,

Inc.

(a)

...............

3,010

45,752

American

National

Bankshares,

Inc.

.......

1,431

37,507

Ameris

Bancorp

.....................

8,417

320,435

Ames

National

Corp.

(b)

................

1,235

29,665

Arrow

Financial

Corp.

.................

1,719

51,415

Atlantic

Capital

Bancshares,

Inc.

(a)

........

2,850

45,372

Atlantic

Union

Bankshares

Corp.

.........

9,956

327,951

Auburn

National

BanCorp,

Inc.

...........

297

12,382

Banc

of

California,

Inc.

................

6,043

88,893

BancFirst

Corp.

(b)

....................

2,187

128,377

Bancorp,

Inc.

(The)

(a)

.................

6,370

86,950

BancorpSouth

Bank

(b)

.................

12,696

348,378

Bank

First

Corp.

....................

821

53,217

Bank

of

Commerce

Holdings

............

2,460

24,354

Bank

of

Marin

Bancorp

................

1,806

62,018

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.....

6,624

206,404

Bank

of

Princeton

(The)

...............

734

17,183

Bank7

Corp.

.......................

476

6,759

BankFinancial

Corp.

..................

1,966

17,261

BankUnited,

Inc.

....................

11,894

413,673

Bankwell

Financial

Group,

Inc.

...........

917

17,927

Banner

Corp.

......................

4,489

209,143

Bar

Harbor

Bankshares

...............

2,025

45,745

BayCom

Corp.

(a)

....................

1,448

21,966

BCB

Bancorp,

Inc.

...................

1,943

21,509

Berkshire

Hills

Bancorp,

Inc.

............

5,472

93,681

Boston

Private

Financial

Holdings,

Inc.

.....

11,065

93,499

Bridge

Bancorp,

Inc.

..................

2,336

56,484

Brookline

Bancorp,

Inc.

................

10,494

126,348

Bryn

Mawr

Bank

Corp.

................

2,648

81,016

Business

First

Bancshares,

Inc.

..........

2,380

48,457

Byline

Bancorp,

Inc.

..................

3,297

50,939

C&F

Financial

Corp.

..................

476

17,664

Cadence

BanCorp

...................

15,404

252,934

California

Bancorp,

Inc.

(a)

..............

854

13,288

Cambridge

Bancorp

..................

824

57,474

Camden

National

Corp.

...............

2,044

73,134

Capital

Bancorp,

Inc.

(a)

................

1,075

14,975

Capital

City

Bank

Group,

Inc.

............

1,796

44,146

Capstar

Financial

Holdings,

Inc.

..........

1,928

28,438

Carter

Bankshares,

Inc.

...............

3,017

32,342

Cathay

General

Bancorp

...............

9,655

310,794

CB

Financial

Services,

Inc.

.............

531

10,625

CBTX,

Inc.

........................

2,475

63,137

Central

Pacific

Financial

Corp.

...........

3,650

69,386

Central

Valley

Community

Bancorp

........

1,626

24,211

Century

Bancorp,

Inc.,

Class

A

...........

369

28,546

Chemung

Financial

Corp.

..............

478

16,228

ChoiceOne

Financial

Services,

Inc.

........

866

26,681

CIT

Group,

Inc.

(b)

....................

12,727

456,899

Citizens

&

Northern

Corp.

..............

1,785

35,414

Citizens

Holding

Co.

..................

526

11,020

City

Holding

Co.

....................

1,997

138,891

Civista

Bancshares,

Inc.

...............

2,041

35,779

CNB

Financial

Corp.

..................

2,069

44,049

Coastal

Financial

Corp.

(a)

..............

1,119

23,499

Codorus

Valley

Bancorp,

Inc.

............

1,282

21,743

Colony

Bankcorp,

Inc.

................

918

13,449

Columbia

Banking

System,

Inc.

..........

9,241

331,752

Community

Bank

System,

Inc.

...........

6,757

421,029

Community

Bankers

Trust

Corp.

..........

2,934

19,804

Community

Financial

Corp.

(The)

.........

631

16,709

Community

Trust

Bancorp,

Inc.

..........

2,133

79,028

ConnectOne

Bancorp,

Inc.

.............

4,016

79,477

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Banks

(continued)

County

Bancorp,

Inc.

.................

532

$

11,747

CrossFirst

Bankshares,

Inc.

(a)(b)

..........

6,338

68,133

Customers

Bancorp,

Inc.

(a)

..............

3,896

70,829

CVB

Financial

Corp.

(b)

.................

16,784

327,288

Dime

Community

Bancshares,

Inc.

........

3,448

54,375

Eagle

Bancorp

Montana,

Inc.

............

568

12,053

Eagle

Bancorp,

Inc.

..................

4,196

173,295

Eastern

Bankshares,

Inc.

(a)

.............

20,803

339,297

Enterprise

Bancorp,

Inc.

...............

1,148

29,331

Enterprise

Financial

Services

Corp.

.......

2,848

99,538

Equity

Bancshares,

Inc.,

Class

A

(a)

........

2,044

44,130

Esquire

Financial

Holdings,

Inc.

(a)

.........

828

15,889

Evans

Bancorp,

Inc.

..................

678

18,672

Farmers

&

Merchants

Bancorp,

Inc.

.......

1,355

31,165

Farmers

National

Banc

Corp.

............

3,365

44,654

FB

Financial

Corp.

...................

3,956

137,392

Fidelity

D&D

Bancorp,

Inc.

(b)

............

528

33,982

Financial

Institutions,

Inc.

..............

1,844

41,490

First

Bancorp

......................

3,236

109,474

First

BanCorp

......................

27,587

254,352

First

Bancorp,

Inc.

(The)

...............

1,388

35,255

First

Bancshares,

Inc.

(The)

.............

2,726

84,179

First

Bank

.........................

2,179

20,439

First

Busey

Corp.

....................

6,743

145,312

First

Business

Financial

Services,

Inc.

......

1,115

20,527

First

Capital,

Inc.

....................

423

25,617

First

Choice

Bancorp

.................

1,540

28,475

First

Commonwealth

Financial

Corp.

.......

9,378

102,595

First

Community

Bankshares,

Inc.

........

2,334

50,368

First

Community

Corp.

................

721

12,250

First

Financial

Bancorp

................

12,566

220,282

First

Financial

Bankshares,

Inc.

..........

16,493

596,634

First

Financial

Corp.

..................

1,758

68,298

First

Foundation,

Inc.

.................

5,211

104,220

First

Guaranty

Bancshares,

Inc.

..........

738

13,114

First

Internet

Bancorp

.................

1,295

37,218

First

Interstate

BancSystem,

Inc.,

Class

A

...

4,965

202,423

First

Merchants

Corp.

.................

6,257

234,074

First

Mid

Bancshares,

Inc.

..............

1,948

65,570

First

Midwest

Bancorp,

Inc.

.............

14,651

233,244

First

Northwest

Bancorp

...............

1,103

17,207

First

of

Long

Island

Corp.

(The)

..........

3,134

55,942

First

Savings

Financial

Group,

Inc.

........

220

14,300

First

United

Corp.

...................

779

12,074

First

Western

Financial,

Inc.

(a)

...........

637

12,466

Flushing

Financial

Corp.

...............

3,220

53,581

FNCB

Bancorp,

Inc.

..................

2,251

14,406

Franklin

Financial

Services

Corp.

.........

541

14,623

Fulton

Financial

Corp.

.................

20,544

261,320

FVCBankcorp,

Inc.

(a)

..................

1,570

23,079

German

American

Bancorp,

Inc.

..........

3,281

108,568

Glacier

Bancorp,

Inc.

(b)

................

12,185

560,632

Great

Southern

Bancorp,

Inc.

............

1,527

74,670

Great

Western

Bancorp,

Inc.

............

6,565

137,208

Guaranty

Bancshares,

Inc.

.............

722

21,624

Hancock

Whitney

Corp.

...............

10,997

374,118

Hanmi

Financial

Corp.

................

4,133

46,868

HarborOne

Bancorp,

Inc.

(b)

.............

6,008

65,247

Hawthorn

Bancshares,

Inc.

(b)

............

750

16,425

HBT

Financial,

Inc.

...................

1,397

21,165

Heartland

Financial

USA,

Inc.

...........

4,338

175,125

Heritage

Commerce

Corp.

..............

8,009

71,040

Heritage

Financial

Corp.

...............

4,855

113,558

Hilltop

Holdings,

Inc.

..................

9,284

255,403

Home

BancShares,

Inc.

(b)

..............

19,747

384,672

Security

Shares

Shares

Value

Banks

(continued)

HomeTrust

Bancshares,

Inc.

............

2,143

$

41,381

Hope

Bancorp,

Inc.

..................

14,042

153,198

Horizon

Bancorp,

Inc.

.................

5,754

91,258

Howard

Bancorp,

Inc.

(a)

................

1,869

22,073

Independent

Bank

Corp.

...............

6,737

355,973

Independent

Bank

Group,

Inc.

...........

4,805

300,409

International

Bancshares

Corp.

..........

6,851

256,501

Investar

Holding

Corp.

................

1,325

21,915

Investors

Bancorp,

Inc.

(b)

...............

29,705

313,685

Lakeland

Bancorp,

Inc.

................

5,504

69,901

Lakeland

Financial

Corp.

...............

3,131

167,759

Landmark

Bancorp,

Inc.

...............

399

9,117

LCNB

Corp.

.......................

1,678

24,650

Level

One

Bancorp,

Inc.

...............

774

15,658

Limestone

Bancorp,

Inc.

(a)

..............

577

7,247

Live

Oak

Bancshares,

Inc.

..............

3,727

176,883

Macatawa

Bank

Corp.

................

3,277

27,428

Mackinac

Financial

Corp.

..............

1,132

14,444

MainStreet

Bancshares,

Inc.

(a)

...........

915

15,473

Mercantile

Bank

Corp.

................

2,155

58,551

Meridian

Corp.

.....................

551

11,461

Metrocity

Bankshares,

Inc.

.............

2,420

34,896

Metropolitan

Bank

Holding

Corp.

(a)

........

951

34,493

Mid

Penn

Bancorp,

Inc.

................

927

20,301

Middlefield

Banc

Corp.

(b)

...............

717

16,132

Midland

States

Bancorp,

Inc.

............

2,446

43,710

MidWestOne

Financial

Group,

Inc.

........

1,929

47,260

MVB

Financial

Corp.

.................

1,269

28,781

National

Bank

Holdings

Corp.,

Class

A

.....

3,858

126,388

National

Bankshares,

Inc.

..............

887

27,772

NBT

Bancorp,

Inc.

...................

5,401

173,372

Nicolet

Bankshares,

Inc.

(a)

..............

1,245

82,606

Northeast

Bank

.....................

860

19,367

Northrim

BanCorp,

Inc.

................

927

31,472

Norwood

Financial

Corp.

...............

821

21,486

Oak

Valley

Bancorp

..................

869

14,443

OceanFirst

Financial

Corp.

.............

7,830

145,873

OFG

Bancorp

......................

5,764

106,865

Ohio

Valley

Banc

Corp.

................

517

12,201

Old

National

Bancorp

.................

21,196

351,006

Old

Second

Bancorp,

Inc.

..............

3,856

38,946

Origin

Bancorp,

Inc.

..................

2,812

78,089

Orrstown

Financial

Services,

Inc.

.........

1,383

22,889

Pacific

Premier

Bancorp,

Inc.

............

10,284

322,198

Park

National

Corp.

..................

1,862

195,529

Parke

Bancorp,

Inc.

..................

1,531

23,884

Partners

Bancorp

(b)

..................

828

5,382

PCB

Bancorp

......................

1,660

16,783

Peapack-Gladstone

Financial

Corp.

.......

2,527

57,515

Penns

Woods

Bancorp,

Inc.

(b)

...........

859

22,343

Peoples

Bancorp

of

North

Carolina,

Inc.

....

599

13,789

Peoples

Bancorp,

Inc.

(b)

...............

2,566

69,513

Peoples

Financial

Services

Corp.

.........

912

33,525

Plumas

Bancorp

(b)

...................

557

13,089

Preferred

Bank

.....................

1,661

83,831

Premier

Financial

Bancorp,

Inc.

..........

1,798

23,895

Professional

Holding

Corp.,

Class

A

(a)

......

1,273

19,642

QCR

Holdings,

Inc.

..................

2,000

79,180

RBB

Bancorp

......................

2,205

33,913

Red

River

Bancshares,

Inc.

.............

654

32,406

Reliant

Bancorp,

Inc.

.................

2,049

38,152

Renasant

Corp.

.....................

6,498

218,853

Republic

Bancorp,

Inc.,

Class

A

..........

1,275

45,989

Republic

First

Bancorp,

Inc.

(a)

............

5,329

15,188

Richmond

Mutual

BanCorp,

Inc.

..........

1,765

24,110

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Banks

(continued)

S&T

Bancorp,

Inc.

(b)

..................

4,105

$

101,968

Salisbury

Bancorp,

Inc.

................

317

11,815

Sandy

Spring

Bancorp,

Inc.

(b)

............

6,122

197,067

SB

Financial

Group,

Inc.

...............

817

14,935

Seacoast

Banking

Corp.

of

Florida

(a)

.......

6,044

177,996

Select

Bancorp,

Inc.

(a)

.................

2,076

19,660

ServisFirst

Bancshares,

Inc.

............

6,342

255,519

Shore

Bancshares,

Inc.

................

1,707

24,922

Sierra

Bancorp

.....................

1,873

44,802

Silvergate

Capital

Corp.,

Class

A

(a)

........

2,032

150,998

Simmons

First

National

Corp.,

Class

A

.....

13,649

294,682

SmartFinancial,

Inc.

..................

1,683

30,530

South

Plains

Financial,

Inc.

.............

1,349

25,564

South

State

Corp.

(b)

..................

8,941

646,434

Southern

First

Bancshares,

Inc.

(a)

.........

986

34,855

Southern

National

Bancorp

of

Virginia,

Inc.

...

2,595

31,425

Southside

Bancshares,

Inc.

.............

3,995

123,965

Spirit

of

Texas

Bancshares,

Inc.

..........

1,910

32,088

Stock

Yards

Bancorp,

Inc.

..............

2,613

105,774

Summit

Financial

Group,

Inc.

............

1,524

33,650

Texas

Capital

Bancshares,

Inc.

(a)

.........

6,508

387,226

Tompkins

Financial

Corp.

..............

1,652

116,631

Towne

Bank

.......................

8,226

193,146

TriCo

Bancshares

...................

3,284

115,860

TriState

Capital

Holdings,

Inc.

(a)

..........

3,730

64,902

Triumph

Bancorp,

Inc.

(a)

...............

2,903

140,941

Trustmark

Corp.

....................

8,088

220,883

UMB

Financial

Corp.

.................

5,655

390,138

United

Bankshares,

Inc.

(b)

..............

15,649

507,028

United

Community

Banks,

Inc.

...........

9,902

281,613

United

Security

Bancshares

.............

2,059

14,516

Unity

Bancorp,

Inc.

...................

966

16,953

Univest

Financial

Corp.

................

3,985

82,011

Valley

National

Bancorp

...............

51,237

499,561

Veritex

Holdings,

Inc.

.................

6,047

155,166

Washington

Trust

Bancorp,

Inc.

..........

2,201

98,605

WesBanco,

Inc.

.....................

8,323

249,357

West

BanCorp,

Inc.

..................

2,109

40,704

Westamerica

BanCorp

................

3,375

186,604

24,572,264

Beverages

—

0.3%

Celsius

Holdings,

Inc.

(a)

................

4,589

230,873

Coca-Cola

Consolidated,

Inc.

............

602

160,294

MGP

Ingredients,

Inc.

.................

1,756

82,637

National

Beverage

Corp.

...............

1,498

127,180

NewAge,

Inc.

(a)

.....................

12,030

31,639

Primo

Water

Corp.

(b)

..................

20,276

317,928

950,551

Biotechnology

—

11.1%

(a)

89bio,

Inc.

........................

838

20,422

Abeona

Therapeutics,

Inc.

..............

8,145

12,788

ADMA

Biologics,

Inc.

(b)

................

8,758

17,078

Adverum

Biotechnologies,

Inc.

...........

11,198

121,386

Aeglea

BioTherapeutics,

Inc.

............

5,672

44,639

Affimed

NV

........................

10,323

60,080

Agenus,

Inc.

.......................

20,268

64,452

Akebia

Therapeutics,

Inc.

..............

17,574

49,207

Akero

Therapeutics,

Inc.

...............

1,744

44,995

Akouos,

Inc.

.......................

1,873

37,142

Albireo

Pharma,

Inc.

..................

2,142

80,346

Alector,

Inc.

.......................

6,245

94,487

Aligos

Therapeutics,

Inc.

...............

1,234

34,120

Allakos,

Inc.

.......................

3,357

469,980

Allogene

Therapeutics,

Inc.

.............

6,997

176,604

Security

Shares

Shares

Value

Biotechnology

(continued)

Allovir,

Inc.

........................

2,280

$

87,643

ALX

Oncology

Holdings,

Inc.

............

1,239

106,802

Amicus

Therapeutics,

Inc.

..............

32,977

761,439

AnaptysBio,

Inc.

....................

2,946

63,339

Anavex

Life

Sciences

Corp.

.............

7,223

39,004

Anika

Therapeutics,

Inc.

...............

1,903

86,130

Annexon,

Inc.

......................

1,907

47,732

Apellis

Pharmaceuticals,

Inc.

............

7,803

446,332

Applied

Genetic

Technologies

Corp.

.......

3,184

13,023

Applied

Molecular

Transport,

Inc.

(b)

........

1,608

49,478

Applied

Therapeutics,

Inc.

..............

1,799

39,596

Aprea

Therapeutics,

Inc.

...............

969

4,767

Aptinyx,

Inc.

.......................

3,192

11,044

Aravive,

Inc.

(b)

......................

1,621

9,142

Arcturus

Therapeutics

Holdings,

Inc.

.......

2,820

122,332

Arcus

Biosciences,

Inc.

................

5,441

141,248

Arcutis

Biotherapeutics,

Inc.

............

2,645

74,404

Ardelyx,

Inc.

.......................

9,806

63,445

Arena

Pharmaceuticals,

Inc.

............

7,509

576,916

Arrowhead

Pharmaceuticals,

Inc.

.........

12,862

986,901

Assembly

Biosciences,

Inc.

.............

4,131

24,993

Atara

Biotherapeutics,

Inc.

..............

9,775

191,883

Athenex,

Inc.

.......................

8,835

97,715

Athersys,

Inc.

(b)

.....................

23,206

40,610

Atreca,

Inc.,

Class

A

..................

3,565

57,575

AVEO

Pharmaceuticals,

Inc.

............

3,029

17,477

Avid

Bioservices,

Inc.

.................

7,570

87,358

Avidity

Biosciences,

Inc.

...............

2,163

55,200

Avrobio,

Inc.

(b)

......................

4,197

58,506

Axcella

Health,

Inc.

..................

1,539

7,987

Beam

Therapeutics,

Inc.

...............

5,119

417,915

Beyondspring,

Inc.

...................

1,753

21,387

BioCryst

Pharmaceuticals,

Inc.

(b)

..........

22,709

169,182

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

...

6,132

525,574

Bioxcel

Therapeutics,

Inc.

..............

1,631

75,352

Black

Diamond

Therapeutics,

Inc.

.........

2,325

74,516

Blueprint

Medicines

Corp.

..............

7,094

795,592

BrainStorm

Cell

Therapeutics,

Inc.

........

3,565

16,132

Bridgebio

Pharma,

Inc.

................

9,300

661,323

C4

Therapeutics,

Inc.

.................

1,318

43,665

Cabaletta

Bio,

Inc.

...................

1,654

20,642

Calithera

Biosciences,

Inc.

.............

8,808

43,247

Calyxt,

Inc.

........................

1,679

7,085

CareDx,

Inc.

.......................

6,227

451,146

CASI

Pharmaceuticals,

Inc.

.............

7,215

21,284

Catabasis

Pharmaceuticals,

Inc.

..........

2,397

5,130

Catalyst

Biosciences,

Inc.

..............

2,406

15,182

Catalyst

Pharmaceuticals,

Inc.

...........

12,807

42,775

Cellular

Biomedicine

Group,

Inc.

..........

1,644

30,217

CEL-SCI

Corp.

(b)

....................

4,295

50,080

Centogene

NV

.....................

1,223

13,184

Checkmate

Pharmaceuticals,

Inc.

(b)

........

650

9,483

Checkpoint

Therapeutics,

Inc.

...........

5,816

15,412

ChemoCentryx,

Inc.

..................

6,296

389,848

Chimerix,

Inc.

......................

6,499

31,390

Chinook

Therapeutics,

Inc.

.............

1,703

27,010

Cidara

Therapeutics,

Inc.

..............

4,335

8,670

Clovis

Oncology,

Inc.

.................

10,720

51,456

Codiak

Biosciences,

Inc.

...............

623

20,123

Cohbar,

Inc.

.......................

2,690

3,605

Coherus

Biosciences,

Inc.

..............

7,438

129,272

Concert

Pharmaceuticals,

Inc.

...........

3,852

48,689

Constellation

Pharmaceuticals,

Inc.

........

3,962

114,106

Contra

Aduro

Biotech

I

(c)

...............

1,704

5,111

ContraFect

Corp.

....................

3,191

16,115

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Biotechnology

(continued)

Corbus

Pharmaceuticals

Holdings,

Inc.

.....

8,897

$

11,121

Cortexyme,

Inc.

.....................

2,117

58,810

Crinetics

Pharmaceuticals,

Inc.

..........

3,606

50,881

Cue

Biopharma,

Inc.

..................

3,737

46,750

Cyclerion

Therapeutics,

Inc.

.............

3,184

9,743

Cytokinetics,

Inc.

....................

8,605

178,812

CytomX

Therapeutics,

Inc.

.............

6,184

40,505

Deciphera

Pharmaceuticals,

Inc.

.........

4,858

277,246

Denali

Therapeutics,

Inc.

(b)

.............

8,055

674,687

DermTech,

Inc.

.....................

1,066

34,581

Dicerna

Pharmaceuticals,

Inc.

...........

8,321

183,312

Dyadic

International,

Inc.

...............

2,603

14,004

Dynavax

Technologies

Corp.

(b)

...........

13,560

60,342

Dyne

Therapeutics,

Inc.

...............

1,717

36,057

Eagle

Pharmaceuticals,

Inc.

............

1,433

66,735

Editas

Medicine,

Inc.

.................

7,984

559,758

Eidos

Therapeutics,

Inc.

...............

1,434

188,686

Eiger

BioPharmaceuticals,

Inc.

...........

3,155

38,775

Emergent

BioSolutions,

Inc.

.............

5,797

519,411

Enanta

Pharmaceuticals,

Inc.

............

2,562

107,860

Enochian

Biosciences,

Inc.

.............

1,565

4,617

Epizyme,

Inc.

......................

11,442

124,260

Esperion

Therapeutics,

Inc.

.............

3,307

85,982

Evelo

Biosciences,

Inc.

................

2,513

30,382

Exicure,

Inc.

.......................

7,628

13,502

Fate

Therapeutics,

Inc.

................

9,193

835,919

Fennec

Pharmaceuticals,

Inc.

...........

2,850

21,232

FibroGen,

Inc.

......................

10,709

397,197

Five

Prime

Therapeutics,

Inc.

............

3,984

67,768

Flexion

Therapeutics,

Inc.

..............

5,606

64,693

Foghorn

Therapeutics,

Inc.

.............

870

17,635

Forma

Therapeutics

Holdings,

Inc.

........

2,085

72,766

Fortress

Biotech,

Inc.

.................

7,433

23,563

Frequency

Therapeutics,

Inc.

(b)

...........

3,242

114,313

G1

Therapeutics,

Inc.

.................

4,189

75,360

Galectin

Therapeutics,

Inc.

.............

5,213

11,677

Galera

Therapeutics,

Inc.

..............

1,042

10,660

Generation

Bio

Co.

..................

1,588

45,020

Genprex,

Inc.

......................

3,756

15,587

Geron

Corp.

(b)

......................

36,869

58,622

GlycoMimetics,

Inc.

(b)

.................

4,523

17,006

Gossamer

Bio,

Inc.

..................

7,287

70,465

Gritstone

Oncology,

Inc.

(b)

..............

3,986

15,705

Halozyme

Therapeutics,

Inc.

............

17,040

727,778

Harpoon

Therapeutics,

Inc.

.............

1,407

23,370

Heron

Therapeutics,

Inc.

(b)

..............

11,332

239,842

Homology

Medicines,

Inc.

..............

4,578

51,686

Hookipa

Pharma,

Inc.

(b)

................

1,622

17,988

iBio,

Inc.

..........................

19,971

20,970

Ideaya

Biosciences,

Inc.

...............

2,250

31,500

IGM

Biosciences,

Inc.

.................

957

84,494

Immunic,

Inc.

......................

512

7,828

ImmunoGen,

Inc.

....................

23,206

149,679

Immunovant,

Inc.

....................

4,804

221,897

Inhibrx,

Inc.

........................

1,016

33,498

Inovio

Pharmaceuticals,

Inc.

(b)

...........

20,326

179,885

Inozyme

Pharma,

Inc.

.................

1,035

21,362

Insmed,

Inc.

.......................

12,906

429,641

Intellia

Therapeutics,

Inc.

..............

6,468

351,859

Intercept

Pharmaceuticals,

Inc.

..........

3,319

81,979

Invitae

Corp.

.......................

14,807

619,081

Ironwood

Pharmaceuticals,

Inc.

..........

20,548

234,042

iTeos

Therapeutics,

Inc.

...............

1,377

46,570

IVERIC

bio,

Inc.

.....................

10,285

71,069

Jounce

Therapeutics,

Inc.

..............

2,248

15,736

Security

Shares

Shares

Value

Biotechnology

(continued)

Kadmon

Holdings,

Inc.

................

21,746

$

90,246

KalVista

Pharmaceuticals,

Inc.

...........

1,829

34,733

Karuna

Therapeutics,

Inc.

..............

1,995

202,672

Karyopharm

Therapeutics,

Inc.

...........

8,968

138,825

Keros

Therapeutics,

Inc.

...............

1,668

117,661

Kezar

Life

Sciences,

Inc.

...............

3,709

19,361

Kindred

Biosciences,

Inc.

(b)

.............

4,771

20,563

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

......

3,412

60,290

Kodiak

Sciences,

Inc.

.................

4,126

606,151

Kronos

Bio,

Inc.

.....................

1,825

54,513

Krystal

Biotech,

Inc.

..................

1,762

105,720

Kura

Oncology,

Inc.

..................

7,889

257,655

Kymera

Therapeutics,

Inc.

..............

1,281

79,422

La

Jolla

Pharmaceutical

Co.

(b)

...........

2,847

11,046

Lexicon

Pharmaceuticals,

Inc.

...........

5,737

19,621

Ligand

Pharmaceuticals,

Inc.

............

1,892

188,159

LogicBio

Therapeutics,

Inc.

.............

1,634

12,467

MacroGenics,

Inc.

...................

6,839

156,340

Madrigal

Pharmaceuticals,

Inc.

(b)

.........

1,108

123,176

Magenta

Therapeutics,

Inc.

.............

2,396

18,785

MannKind

Corp.

(b)

...................

28,912

90,495

Marker

Therapeutics,

Inc.

..............

3,653

5,297

MediciNova,

Inc.

(b)

...................

5,798

30,497

MEI

Pharma,

Inc.

....................

14,148

37,351

MeiraGTx

Holdings

plc

................

2,740

41,484

Mersana

Therapeutics,

Inc.

.............

6,896

183,503

Metacrine,

Inc.

.....................

965

7,585

Minerva

Neurosciences,

Inc.

............

4,064

9,510

Mirati

Therapeutics,

Inc.

...............

5,490

1,205,824

Mirum

Pharmaceuticals,

Inc.

............

738

12,885

Molecular

Templates,

Inc.

..............

3,266

30,668

Morphic

Holding,

Inc.

.................

1,848

62,000

Mustang

Bio,

Inc.

....................

3,972

15,034

Myriad

Genetics,

Inc.

.................

9,120

180,348

NantKwest,

Inc.

(b)

....................

3,876

51,667

Natera,

Inc.

........................

9,709

966,240

Neoleukin

Therapeutics,

Inc.

............

3,963

55,878

NeuBase

Therapeutics,

Inc.

.............

2,327

16,266

NeuroBo

Pharmaceuticals,

Inc.

..........

499

2,620

NextCure,

Inc.

......................

2,202

24,002

Nkarta,

Inc.

........................

2,097

128,903

Novavax,

Inc.

(b)

.....................

7,913

882,379

Nurix

Therapeutics,

Inc.

...............

1,438

47,281

Nymox

Pharmaceutical

Corp.

............

5,105

12,660

Oncocyte

Corp.

.....................

5,541

13,243

Oncorus,

Inc.

......................

805

26,026

Oncternal

Therapeutics,

Inc.,

CVR

(c)

.......

105

215

OPKO

Health,

Inc.

...................

51,210

202,279

Organogenesis

Holdings,

Inc.

...........

2,604

19,608

Orgenesis,

Inc.

.....................

2,226

10,017

ORIC

Pharmaceuticals,

Inc.

.............

2,813

95,220

Ovid

therapeutics,

Inc.

................

5,771

13,331

Oyster

Point

Pharma,

Inc.

..............

674

12,685

Pandion

Therapeutics,

Inc.

.............

924

13,721

Passage

Bio,

Inc.

....................

3,140

80,290

PhaseBio

Pharmaceuticals,

Inc.

..........

2,316

7,782

Pieris

Pharmaceuticals,

Inc.

.............

6,594

16,485

PMV

Pharmaceuticals,

Inc.

.............

1,720

105,797

Poseida

Therapeutics,

Inc.

.............

1,639

17,980

Praxis

Precision

Medicines,

Inc.

..........

1,396

76,808

Precigen,

Inc.

......................

7,971

81,304

Precision

BioSciences,

Inc.

.............

6,168

51,441

Prelude

Therapeutics,

Inc.

(b)

.............

1,169

83,642

Prevail

Therapeutics,

Inc.

..............

1,946

44,894

Protagonist

Therapeutics,

Inc.

...........

3,927

79,168

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Biotechnology

(continued)

Protara

Therapeutics,

Inc.

..............

261

$

6,319

Prothena

Corp.

plc

...................

3,738

44,893

PTC

Therapeutics,

Inc.

................

8,014

489,094

Puma

Biotechnology,

Inc.

(b)

.............

4,071

41,768

Radius

Health,

Inc.

...................

6,103

109,000

RAPT

Therapeutics,

Inc.

(b)

..............

1,480

29,230

REGENXBIO,

Inc.

...................

4,354

197,497

Relay

Therapeutics,

Inc.

...............

4,162

172,973

Replimune

Group,

Inc.

................

3,053

116,472

REVOLUTION

Medicines,

Inc.

...........

4,995

197,752

Rhythm

Pharmaceuticals,

Inc.

(b)

..........

4,278

127,185

Rigel

Pharmaceuticals,

Inc.

(b)

............

22,292

78,022

Rocket

Pharmaceuticals,

Inc.

............

4,323

237,073

Rubius

Therapeutics,

Inc.

..............

4,870

36,963

Sangamo

Therapeutics,

Inc.

............

14,835

231,500

Savara,

Inc.

.......................

6,299

7,244

Scholar

Rock

Holding

Corp.

.............

3,257

158,062

Selecta

Biosciences,

Inc.

..............

9,045

27,406

Seres

Therapeutics,

Inc.

...............

6,894

168,903

Shattuck

Labs,

Inc.

..................

1,644

86,162

Soleno

Therapeutics,

Inc.

..............

7,871

15,191

Solid

Biosciences,

Inc.

................

3,427

25,977

Sorrento

Therapeutics,

Inc.

.............

31,847

217,356

Spectrum

Pharmaceuticals,

Inc.

..........

18,396

62,730

Spero

Therapeutics,

Inc.

...............

2,541

49,270

SpringWorks

Therapeutics,

Inc.

..........

3,094

224,377

Spruce

Biosciences,

Inc.

...............

812

19,740

SQZ

Biotechnologies

Co.

..............

521

15,099

Stoke

Therapeutics,

Inc.

(b)

..............

1,683

104,228

Sutro

Biopharma,

Inc.

.................

3,339

72,490

Syndax

Pharmaceuticals,

Inc.

...........

3,618

80,464

Syros

Pharmaceuticals,

Inc.

............

5,543

60,142

Taysha

Gene

Therapies,

Inc.

............

989

26,248

TCR2

Therapeutics,

Inc.

...............

3,265

100,986

TG

Therapeutics,

Inc.

.................

14,774

768,543

Translate

Bio,

Inc.

...................

8,808

162,331

Travere

Therapeutics,

Inc.

..............

6,294

171,543

Turning

Point

Therapeutics,

Inc.

(b)

.........

4,793

584,027

Twist

Bioscience

Corp.

................

4,196

592,853

Tyme

Technologies,

Inc.

(b)

..............

8,098

9,880

Ultragenyx

Pharmaceutical,

Inc.

(b)

.........

8,018

1,109,932

UNITY

Biotechnology,

Inc.

..............

4,476

23,454

UroGen

Pharma

Ltd.

.................

2,634

47,465

Vanda

Pharmaceuticals,

Inc.

............

7,189

94,463

Vaxart,

Inc.

(b)

.......................

5,814

33,198

Vaxcyte,

Inc.

.......................

2,355

62,572

VBI

Vaccines,

Inc.

...................

23,351

64,215

Veracyte,

Inc.

......................

7,421

363,184

Verastem,

Inc.

......................

21,621

46,053

Vericel

Corp.

.......................

6,003

185,373

Viela

Bio,

Inc.

......................

2,690

96,759

Viking

Therapeutics,

Inc.

...............

9,074

51,087

Vir

Biotechnology,

Inc.

................

6,947

186,041

Voyager

Therapeutics,

Inc.

.............

3,525

25,204

vTv

Therapeutics,

Inc.,

Class

A

..........

1,176

2,187

X4

Pharmaceuticals,

Inc.

...............

2,090

13,439

XBiotech,

Inc.

......................

1,847

28,906

Xencor,

Inc.

.......................

7,213

314,703

XOMA

Corp.

.......................

779

34,377

Y-mAbs

Therapeutics,

Inc.

..............

3,860

191,109

Zentalis

Pharmaceuticals,

Inc.

...........

3,673

190,776

ZIOPHARM

Oncology,

Inc.

(b)

............

28,912

72,858

35,716,475

Security

Shares

Shares

Value

Building

Products

—

1.5%

AAON,

Inc.

(b)

.......................

5,307

$

353,605

Advanced

Drainage

Systems,

Inc.

(b)

.......

7,231

604,367

Alpha

Pro

Tech

Ltd.

(a)

.................

1,623

18,097

American

Woodmark

Corp.

(a)

............

2,077

194,927

Apogee

Enterprises,

Inc.

...............

3,287

104,132

Builders

FirstSource,

Inc.

(a)

.............

14,705

600,111

Caesarstone

Ltd.

....................

3,044

39,237

Cornerstone

Building

Brands,

Inc.

(a)(b)

......

6,120

56,794

CSW

Industrials,

Inc.

.................

1,773

198,416

Gibraltar

Industries,

Inc.

(a)

..............

4,189

301,357

Griffon

Corp.

.......................

5,478

111,642

Insteel

Industries,

Inc.

.................

2,420

53,893

JELD-WEN

Holding,

Inc.

(a)

..............

8,449

214,267

Masonite

International

Corp.

(a)

...........

3,148

309,574

PGT

Innovations,

Inc.

(a)

................

7,356

149,621

Quanex

Building

Products

Corp.

..........

4,145

91,895

Resideo

Technologies,

Inc.

(a)

............

18,263

388,271

Simpson

Manufacturing

Co.,

Inc.

.........

5,534

517,152

UFP

Industries,

Inc.

..................

7,536

418,625

4,725,983

Capital

Markets

—

1.6%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

............................

7,020

353,387

Assetmark

Financial

Holdings,

Inc.

(a)

.......

2,168

52,466

Associated

Capital

Group,

Inc.,

Class

A

.....

300

10,536

B.

Riley

Financial,

Inc.

................

2,441

107,941

BGC

Partners,

Inc.,

Class

A

.............

39,188

156,752

Blucora,

Inc.

(a)

......................

6,509

103,558

Brightsphere

Investment

Group,

Inc.

.......

7,683

148,128

Cohen

&

Steers,

Inc.

.................

3,170

235,531

Cowen,

Inc.,

Class

A

.................

3,279

85,221

Diamond

Hill

Investment

Group,

Inc.

.......

411

61,350

Donnelley

Financial

Solutions,

Inc.

(a)

.......

3,762

63,841

Federated

Hermes,

Inc.,

Class

B

.........

11,983

346,189

Focus

Financial

Partners,

Inc.,

Class

A

(a)

....

4,002

174,087

GAMCO

Investors,

Inc.,

Class

A

..........

630

11,176

Greenhill

&

Co.,

Inc.

..................

1,834

22,265

Hamilton

Lane,

Inc.,

Class

A

............

4,035

314,932

Houlihan

Lokey,

Inc.

..................

6,706

450,844

Moelis

&

Co.,

Class

A

.................

6,728

314,601

Oppenheimer

Holdings,

Inc.,

Class

A

.......

1,284

40,356

Piper

Sandler

Cos.

(b)

..................

2,285

230,556

PJT

Partners,

Inc.,

Class

A

.............

3,034

228,308

Pzena

Investment

Management,

Inc.,

Class

A

.

1,562

11,403

Safeguard

Scientifics,

Inc.

(a)

.............

2,757

17,590

Sculptor

Capital

Management,

Inc.,

Class

A

..

2,581

39,231

Siebert

Financial

Corp.

(a)

...............

1,073

4,507

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

........................

1,176

16,335

StepStone

Group,

Inc.,

Class

A

(a)(b)

........

2,372

94,406

Stifel

Financial

Corp.

(b)

................

12,809

646,342

StoneX

Group,

Inc.

(a)

.................

2,198

127,264

Value

Line,

Inc.

.....................

109

3,594

Virtus

Investment

Partners,

Inc.

..........

935

202,895

Waddell

&

Reed

Financial,

Inc.,

Class

A

.....

7,817

199,099

Westwood

Holdings

Group,

Inc.

..........

1,082

15,689

WisdomTree

Investments,

Inc.

...........

17,260

92,341

4,982,721

Chemicals

—

1.7%

Advanced

Emissions

Solutions,

Inc.

.......

2,446

13,453

AdvanSix,

Inc.

(a)

.....................

3,712

74,203

AgroFresh

Solutions,

Inc.

(a)

.............

3,650

8,285

American

Vanguard

Corp.

..............

3,869

60,047

Amyris,

Inc.

(a)

......................

13,415

82,838

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Chemicals

(continued)

Avient

Corp.

.......................

11,830

$

476,512

Balchem

Corp.

.....................

4,096

471,941

Chase

Corp.

.......................

988

99,798

Ferro

Corp.

(a)

.......................

10,879

159,160

FutureFuel

Corp.

....................

3,429

43,548

GCP

Applied

Technologies,

Inc.

(a)

.........

6,359

150,390

Hawkins,

Inc.

......................

1,286

67,271

HB

Fuller

Co.

......................

6,274

325,495

Ingevity

Corp.

(a)

.....................

5,375

407,049

Innospec,

Inc.

......................

3,142

285,074

Intrepid

Potash,

Inc.

(a)

.................

1,251

30,212

Koppers

Holdings,

Inc.

(a)

...............

2,429

75,688

Kraton

Corp.

(a)

......................

3,869

107,520

Kronos

Worldwide,

Inc.

................

2,839

42,329

Livent

Corp.

(a)

......................

18,874

355,586

Marrone

Bio

Innovations,

Inc.

(a)

..........

8,606

10,757

Minerals

Technologies,

Inc.

.............

4,304

267,364

Orion

Engineered

Carbons

SA

(b)

..........

7,749

132,818

PQ

Group

Holdings,

Inc.

...............

5,187

73,967

Quaker

Chemical

Corp.

(b)

..............

1,696

429,749

Rayonier

Advanced

Materials,

Inc.

(a)

.......

7,334

47,818

Sensient

Technologies

Corp.

............

5,489

404,924

Stepan

Co.

........................

2,726

325,266

Trecora

Resources

(a)

.................

3,003

20,991

Tredegar

Corp.

.....................

3,437

57,398

Trinseo

SA

........................

4,939

252,926

Tronox

Holdings

plc,

Class

A

............

11,482

167,867

5,528,244

Commercial

Services

&

Supplies

—

1.9%

ABM

Industries,

Inc.

(b)

.................

8,699

329,170

ACCO

Brands

Corp.

..................

11,547

97,572

Brady

Corp.,

Class

A

.................

6,120

323,259

BrightView

Holdings,

Inc.

(a)

.............

4,891

73,952

Brink's

Co.

(The)

(b)

...................

6,257

450,504

Casella

Waste

Systems,

Inc.,

Class

A

(a)

.....

5,952

368,727

CECO

Environmental

Corp.

(a)

............

4,493

31,271

Cimpress

plc

(a)

......................

2,300

201,802

CompX

International,

Inc.

..............

284

4,041

Covanta

Holding

Corp.

................

15,062

197,764

Deluxe

Corp.

.......................

5,460

159,432

Ennis,

Inc.

........................

3,378

60,297

Harsco

Corp.

(a)

.....................

10,069

181,041

Healthcare

Services

Group,

Inc.

(b)

.........

9,672

271,783

Heritage-Crystal

Clean,

Inc.

(a)

............

2,118

44,626

Herman

Miller,

Inc.

...................

7,484

252,959

HNI

Corp.

.........................

5,453

187,910

IBEX

Holdings

Ltd.

(a)

..................

759

14,193

Interface,

Inc.

......................

7,817

82,079

KAR

Auction

Services,

Inc.

.............

16,671

310,247

Kimball

International,

Inc.,

Class

B

........

4,802

57,384

Knoll,

Inc.

.........................

6,210

91,163

Matthews

International

Corp.,

Class

A

......

4,035

118,629

McGrath

RentCorp

(b)

..................

3,124

209,620

Montrose

Environmental

Group,

Inc.

(a)(b)

.....

1,409

43,623

NL

Industries,

Inc.

...................

1,105

5,282

PICO

Holdings,

Inc.

(a)

.................

2,314

21,636

Pitney

Bowes,

Inc.

...................

22,001

135,526

Quad/Graphics,

Inc.

..................

5,029

19,211

SP

Plus

Corp.

(a)

.....................

3,123

90,036

Steelcase,

Inc.,

Class

A

...............

11,236

152,248

Team,

Inc.

(a)

.......................

3,929

42,826

Tetra

Tech,

Inc.

.....................

6,893

798,072

UniFirst

Corp.

......................

1,867

395,225

US

Ecology,

Inc.

....................

4,164

151,278

Viad

Corp.

........................

2,488

89,991

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

VSE

Corp.

........................

1,237

$

47,612

6,111,991

Communications

Equipment

—

0.9%

Acacia

Communications,

Inc.

(a)

...........

5,023

366,478

ADTRAN,

Inc.

......................

5,749

84,913

Applied

Optoelectronics,

Inc.

(a)

...........

2,737

23,292

CalAmp

Corp.

(a)

.....................

4,560

45,235

Calix,

Inc.

(a)

........................

6,645

197,755

Cambium

Networks

Corp.

(a)

.............

866

21,719

Casa

Systems,

Inc.

(a)

.................

4,450

27,456

Clearfield,

Inc.

(a)

.....................

1,604

39,651

Comtech

Telecommunications

Corp.

.......

3,244

67,118

Digi

International,

Inc.

(a)

................

3,731

70,516

DZS,

Inc.

(a)

........................

1,635

25,293

Extreme

Networks,

Inc.

(a)

...............

16,157

111,322

Genasys,

Inc.

(a)

.....................

4,232

27,593

Harmonic,

Inc.

(a)

.....................

12,495

92,338

Infinera

Corp.

(a)

.....................

21,272

222,930

Inseego

Corp.

(a)(b)

....................

8,825

136,523

InterDigital,

Inc.

(b)

....................

3,948

239,565

KVH

Industries,

Inc.

(a)

.................

2,325

26,389

NETGEAR,

Inc.

(a)

....................

3,966

161,139

NetScout

Systems,

Inc.

(a)(b)

.............

8,933

244,943

PCTEL,

Inc.

(a)

......................

2,269

14,907

Plantronics,

Inc.

(b)

....................

4,553

123,068

Resonant,

Inc.

(a)

.....................

6,536

17,320

Ribbon

Communications,

Inc.

(a)

..........

9,108

59,748

Viavi

Solutions,

Inc.

(a)(b)

................

29,136

436,312

2,883,523

Construction

&

Engineering

—

1.4%

Aegion

Corp.

(a)

.....................

4,067

77,232

Ameresco,

Inc.,

Class

A

(a)

..............

3,220

168,213

API

Group

Corp.

(a)(b)(d)

.................

17,814

323,324

Arcosa,

Inc.

.......................

6,251

343,368

Argan,

Inc.

........................

1,840

81,862

Comfort

Systems

USA,

Inc.

.............

4,608

242,657

Concrete

Pumping

Holdings,

Inc.

(a)

........

3,764

14,416

Construction

Partners,

Inc.,

Class

A

(a)

......

3,367

98,013

Dycom

Industries,

Inc.

(a)

...............

3,986

301,023

EMCOR

Group,

Inc.

..................

6,892

630,342

Fluor

Corp.

(b)

.......................

18,191

290,510

Granite

Construction,

Inc.

(b)

.............

6,054

161,702

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.......

8,481

111,695

HC2

Holdings,

Inc.

(a)

..................

6,279

20,470

IES

Holdings,

Inc.

(a)

..................

1,029

47,375

MasTec,

Inc.

(a)(b)

.....................

7,324

499,350

MYR

Group,

Inc.

(a)

...................

2,001

120,260

Northwest

Pipe

Co.

(a)

.................

1,280

36,224

NV5

Global,

Inc.

(a)(b)

..................

1,429

112,577

Primoris

Services

Corp.

...............

6,119

168,946

Sterling

Construction

Co.,

Inc.

(a)

..........

3,755

69,881

Tutor

Perini

Corp.

(a)

..................

5,593

72,429

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

20,389

472,413

4,464,282

Construction

Materials

—

0.1%

Forterra,

Inc.

(a)

......................

3,594

61,799

Summit

Materials,

Inc.,

Class

A

(a)

.........

14,780

296,782

United

States

Lime

&

Minerals,

Inc.

........

275

31,350

US

Concrete,

Inc.

(a)

..................

1,968

78,661

468,592

Consumer

Finance

—

0.7%

Atlanticus

Holdings

Corp.

(a)

.............

496

12,216

Curo

Group

Holdings

Corp.

.............

2,633

37,731

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Encore

Capital

Group,

Inc.

(a)

............

4,019

$

156,540

Enova

International,

Inc.

(a)

..............

4,088

101,260

EZCORP,

Inc.,

Class

A

(a)

...............

6,650

31,853

FirstCash,

Inc.

......................

5,127

359,095

Green

Dot

Corp.,

Class

A

(a)

.............

6,626

369,731

LendingClub

Corp.

(a)

..................

9,410

99,370

Navient

Corp.

......................

22,391

219,880

Nelnet,

Inc.,

Class

A

..................

2,209

157,369

Oportun

Financial

Corp.

(a)

..............

2,532

49,045

PRA

Group,

Inc.

(a)

...................

5,863

232,526

PROG

Holdings,

Inc.

.................

8,548

460,481

Regional

Management

Corp.

............

1,205

35,981

World

Acceptance

Corp.

(a)

..............

600

61,332

2,384,410

Containers

&

Packaging

—

0.2%

Greif,

Inc.,

Class

A

...................

3,311

155,220

Greif,

Inc.,

Class

B

...................

766

37,059

Myers

Industries,

Inc.

.................

4,849

100,762

O-I

Glass,

Inc.

......................

20,306

241,641

Pactiv

Evergreen,

Inc.

(a)

...............

4,550

82,537

Ranpak

Holdings

Corp.

(a)

...............

3,525

47,376

UFP

Technologies,

Inc.

(a)

...............

876

40,822

705,417

Distributors

—

0.1%

Core-Mark

Holding

Co.,

Inc.

............

5,809

170,610

Funko,

Inc.,

Class

A

(a)

.................

3,501

36,340

Greenlane

Holdings,

Inc.,

Class

A

(a)

.......

1,731

6,855

Weyco

Group,

Inc.

...................

783

12,403

226,208

Diversified

Consumer

Services

—

0.6%

Adtalem

Global

Education,

Inc.

(a)

.........

6,608

224,342

American

Public

Education,

Inc.

(a)

.........

1,938

59,070

Aspen

Group,

Inc.

(a)

..................

2,388

26,578

Carriage

Services,

Inc.

................

2,185

68,434

Collectors

Universe,

Inc.

...............

1,120

84,448

Franchise

Group,

Inc.

.................

2,883

87,787

Houghton

Mifflin

Harcourt

Co.

(a)

..........

14,878

49,544

Laureate

Education,

Inc.,

Class

A

(a)

........

13,259

193,051

OneSpaWorld

Holdings

Ltd.

.............

6,105

61,905

Perdoceo

Education

Corp.

(a)

............

8,685

109,691

Regis

Corp.

(a)

......................

3,106

28,544

Strategic

Education,

Inc.

...............

3,123

297,716

Stride,

Inc.

(a)(b)

......................

5,129

108,889

Universal

Technical

Institute,

Inc.

(a)

........

3,615

23,353

Vivint

Smart

Home,

Inc.

(a)

..............

9,892

205,259

WW

International,

Inc.

(a)(b)

..............

6,052

147,669

1,776,280

Diversified

Financial

Services

—

0.2%

Alerus

Financial

Corp.

................

1,846

50,525

A-Mark

Precious

Metals,

Inc.

............

575

14,749

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

.....................

4,064

64,333

Cannae

Holdings,

Inc.

(a)

...............

10,979

486,040

GWG

Holdings,

Inc.

(a)

.................

366

2,558

Marlin

Business

Services

Corp.

..........

1,178

14,419

SWK

Holdings

Corp.

(a)

................

359

5,166

637,790

Diversified

Telecommunication

Services

—

0.7%

Alaska

Communications

Systems

Group,

Inc.

.

5,766

21,277

Anterix,

Inc.

(a)

......................

1,375

51,700

ATN

International,

Inc.

................

1,508

62,974

Bandwidth,

Inc.,

Class

A

(a)

..............

2,501

384,329

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Cincinnati

Bell,

Inc.

(a)

.................

6,625

$

101,230

Cogent

Communications

Holdings,

Inc.

.....

5,519

330,423

Consolidated

Communications

Holdings,

Inc.

(a)

9,837

48,103

IDT

Corp.,

Class

B

(a)

..................

2,243

27,723

Iridium

Communications,

Inc.

(a)

...........

15,193

597,465

Liberty

Latin

America

Ltd.,

Class

A

(a)

.......

6,060

67,448

Liberty

Latin

America

Ltd.,

Class

C

(a)

.......

19,550

216,809

Ooma,

Inc.

(a)

.......................

2,831

40,766

ORBCOMM,

Inc.

(a)

...................

8,969

66,550

Vonage

Holdings

Corp.

(a)

...............

29,879

384,692

2,401,489

Electric

Utilities

—

0.6%

ALLETE,

Inc.

......................

6,742

417,599

Genie

Energy

Ltd.,

Class

B

.............

1,936

13,959

MGE

Energy,

Inc.

(b)

..................

4,696

328,861

Otter

Tail

Corp.

.....................

4,881

207,979

PNM

Resources,

Inc.

.................

10,098

490,056

Portland

General

Electric

Co.

............

11,354

485,611

Spark

Energy,

Inc.,

Class

A

.............

1,964

18,795

1,962,860

Electrical

Equipment

—

1.7%

Allied

Motion

Technologies,

Inc.

..........

998

50,998

American

Superconductor

Corp.

(a)

........

3,553

83,211

Atkore

International

Group,

Inc.

(a)

.........

6,073

249,661

AZZ,

Inc.

.........................

3,266

154,939

Bloom

Energy

Corp.,

Class

A

(a)

...........

11,455

328,300

Encore

Wire

Corp.

...................

2,262

137,009

EnerSys

..........................

5,499

456,747

FuelCell

Energy,

Inc.

(a)

................

36,729

410,263

LSI

Industries,

Inc.

...................

3,336

28,556

Orion

Energy

Systems,

Inc.

(a)

............

3,152

31,110

Plug

Power,

Inc.

(a)

...................

48,088

1,630,664

Powell

Industries,

Inc.

.................

1,258

37,099

Preformed

Line

Products

Co.

............

421

28,813

Sunrun,

Inc.

(a)

......................

19,282

1,337,785

Thermon

Group

Holdings,

Inc.

(a)

..........

4,303

67,256

TPI

Composites,

Inc.

(a)

................

3,832

202,253

Ultralife

Corp.

(a)

.....................

837

5,416

Vicor

Corp.

(a)

.......................

2,521

232,487

5,472,567

Electronic

Equipment,

Instruments

&

Components

—

2.2%

Akoustis

Technologies,

Inc.

(a)(b)

...........

4,135

50,571

Arlo

Technologies,

Inc.

(a)

...............

9,839

76,646

Badger

Meter,

Inc.

...................

3,770

354,606

Bel

Fuse,

Inc.,

Class

B

................

1,475

22,169

Belden,

Inc.

.......................

5,760

241,344

Benchmark

Electronics,

Inc.

............

4,198

113,388

CTS

Corp.

........................

3,967

136,187

Daktronics,

Inc.

.....................

5,343

25,005

ePlus,

Inc.

(a)

.......................

1,777

156,287

Fabrinet

(a)

.........................

4,744

368,087

FARO

Technologies,

Inc.

(a)

..............

2,357

166,475

Fitbit,

Inc.,

Class

A

(a)

..................

31,057

211,188

II-VI,

Inc.

(a)

........................

13,158

999,482

Insight

Enterprises,

Inc.

(a)

..............

4,436

337,535

Intellicheck,

Inc.

(a)

....................

2,103

23,985

Iteris,

Inc.

(a)

........................

5,349

30,222

Itron,

Inc.

(a)

........................

5,168

495,611

Kimball

Electronics,

Inc.

(a)

..............

3,167

50,640

Knowles

Corp.

(a)

....................

11,388

209,881

Luna

Innovations,

Inc.

(a)

...............

3,683

36,388

Methode

Electronics,

Inc.

..............

4,656

178,232

MTS

Systems

Corp.

..................

2,417

140,573

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Napco

Security

Technologies,

Inc.

(a)

.......

1,561

$

40,929

nLight,

Inc.

(a)

.......................

4,646

151,692

Novanta,

Inc.

(a)

.....................

4,342

513,311

OSI

Systems,

Inc.

(a)(b)

.................

2,157

201,075

PAR

Technology

Corp.

(a)

...............

2,423

152,140

PC

Connection,

Inc.

(a)

.................

1,480

69,989

Plexus

Corp.

(a)

......................

3,681

287,891

Powerfleet,

Inc.

(a)

....................

3,425

25,448

Research

Frontiers,

Inc.

(a)

..............

3,381

9,501

Rogers

Corp.

(a)(b)

....................

2,413

374,715

Sanmina

Corp.

(a)

....................

7,980

254,482

ScanSource,

Inc.

(a)

...................

3,376

89,059

TTM

Technologies,

Inc.

(a)(b)

.............

12,652

174,534

Vishay

Intertechnology,

Inc.

(b)

............

17,094

354,017

Vishay

Precision

Group,

Inc.

(a)

...........

1,691

53,233

Wrap

Technologies,

Inc.

(a)

..............

1,625

7,849

7,184,367

Energy

Equipment

&

Services

—

0.7%

Archrock,

Inc.

......................

16,928

146,596

Aspen

Aerogels,

Inc.

(a)

................

2,540

42,393

Bristow

Group,

Inc.

(a)

.................

815

21,451

Cactus,

Inc.,

Class

A

.................

6,220

162,155

ChampionX

Corp.

(a)

..................

23,590

360,927

DMC

Global,

Inc.

(b)

...................

1,961

84,813

Dril-Quip,

Inc.

(a)

.....................

4,431

131,246

Exterran

Corp.

(a)

....................

3,860

17,061

Frank's

International

NV

(a)

..............

20,810

57,019

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

17,409

73,118

Liberty

Oilfield

Services,

Inc.,

Class

A

......

9,237

95,233

Matrix

Service

Co.

(a)

..................

3,515

38,735

Nabors

Industries

Ltd.

(b)

...............

955

55,610

National

Energy

Services

Reunited

Corp.

(a)

..

3,128

31,061

Newpark

Resources,

Inc.

(a)

.............

11,838

22,729

NexTier

Oilfield

Solutions,

Inc.

(a)

..........

19,669

67,661

Oceaneering

International,

Inc.

(a)

.........

12,044

95,750

Oil

States

International,

Inc.

(a)

............

8,444

42,389

Patterson-UTI

Energy,

Inc.

(b)

............

22,174

116,635

ProPetro

Holding

Corp.

(a)

...............

9,698

71,668

RPC,

Inc.

(a)

........................

6,238

19,650

Select

Energy

Services,

Inc.,

Class

A

(a)

.....

6,445

26,425

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

...

3,525

28,694

Tidewater,

Inc.

(a)

....................

5,115

44,194

Transocean

Ltd.

(a)

...................

73,033

168,706

US

Silica

Holdings,

Inc.

................

8,832

62,001

2,083,920

Entertainment

—

0.2%

AMC

Entertainment

Holdings,

Inc.,

Class

A

..

7,421

15,732

Cinemark

Holdings,

Inc.

(b)

..............

13,487

234,809

Eros

STX

Global

Corp.

(a)(b)

..............

19,194

34,933

Gaia,

Inc.

(a)

........................

1,503

14,850

Glu

Mobile,

Inc.

(a)

....................

18,961

170,839

IMAX

Corp.

(a)

......................

6,586

118,680

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)(b)

1,450

36,061

Liberty

Media

Corp-Liberty

Braves,

Class

C

(a)

.

4,654

115,792

LiveXLive

Media,

Inc.

(a)

................

4,318

14,163

Marcus

Corp.

(The)

(b)

.................

2,653

35,762

791,621

Equity

Real

Estate

Investment

Trusts

(REITs)

—

5.3%

Acadia

Realty

Trust

..................

11,041

156,672

Agree

Realty

Corp.

(b)

.................

6,982

464,862

Alexander

&

Baldwin,

Inc.

..............

8,817

151,476

Alexander's,

Inc.

....................

264

73,220

Alpine

Income

Property

Trust,

Inc.

........

890

13,341

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

American

Assets

Trust,

Inc.

.............

6,415

$

185,265

American

Finance

Trust,

Inc.

(b)

...........

14,113

104,860

Armada

Hoffler

Properties,

Inc.

..........

7,049

79,090

Bluerock

Residential

Growth

REIT,

Inc.

.....

3,167

40,126

Broadstone

Net

Lease,

Inc.,

Class

A

.......

4,261

83,430

BRT

Apartments

Corp.

................

967

14,698

CareTrust

REIT,

Inc.

..................

12,397

274,965

CatchMark

Timber

Trust,

Inc.,

Class

A

......

6,522

61,046

Centerspace

REIT

...................

1,631

115,214

Chatham

Lodging

Trust

................

5,808

62,726

CIM

Commercial

Trust

Corp.

............

1,473

20,976

City

Office

REIT,

Inc.

.................

5,891

57,555

Clipper

Realty,

Inc.

...................

2,104

14,833

Colony

Capital,

Inc.

(b)

.................

62,151

298,946

Columbia

Property

Trust,

Inc.

............

14,626

209,737

Community

Healthcare

Trust,

Inc.

.........

2,851

134,311

CoreCivic,

Inc.

(b)

....................

15,389

100,798

CorEnergy

Infrastructure

Trust,

Inc.

........

2,048

14,029

CorePoint

Lodging,

Inc.

...............

4,733

32,563

DiamondRock

Hospitality

Co.

(a)

..........

25,524

210,573

Diversified

Healthcare

Trust

.............

30,133

124,148

Easterly

Government

Properties,

Inc.

......

10,421

236,036

EastGroup

Properties,

Inc.

.............

5,039

695,684

Essential

Properties

Realty

Trust,

Inc.

......

13,043

276,512

Farmland

Partners,

Inc.

...............

3,525

30,667

Four

Corners

Property

Trust,

Inc.

.........

9,284

276,385

Franklin

Street

Properties

Corp.

..........

13,847

60,511

Front

Yard

Residential

Corp.

............

6,244

101,153

GEO

Group,

Inc.

(The)

(b)

...............

15,355

136,045

Getty

Realty

Corp.

...................

4,352

119,854

Gladstone

Commercial

Corp.

............

4,247

76,446

Gladstone

Land

Corp.

................

2,499

36,585

Global

Medical

REIT,

Inc.

..............

5,502

71,856

Global

Net

Lease,

Inc.

................

11,616

199,098

Healthcare

Realty

Trust,

Inc.

............

16,760

496,096

Hersha

Hospitality

Trust

(b)

..............

4,729

37,312

Independence

Realty

Trust,

Inc.

..........

12,201

163,859

Industrial

Logistics

Properties

Trust

........

8,422

196,148

Innovative

Industrial

Properties,

Inc.

(b)

......

2,771

507,453

iStar,

Inc.

(b)

........................

9,445

140,258

Kite

Realty

Group

Trust

................

10,753

160,865

Lexington

Realty

Trust

(b)

...............

35,513

377,148

LTC

Properties,

Inc.

..................

5,132

199,686

Macerich

Co.

(The)

(b)

.................

19,327

206,219

Mack-Cali

Realty

Corp.

................

11,232

139,951

Monmouth

Real

Estate

Investment

Corp.

....

12,215

211,564

National

Health

Investors,

Inc.

(b)

..........

5,591

386,729

National

Storage

Affiliates

Trust

..........

8,096

291,699

NETSTREIT

Corp.

...................

1,516

29,547

New

Senior

Investment

Group,

Inc.

........

10,217

52,924

NexPoint

Residential

Trust,

Inc.

..........

2,888

122,191

Office

Properties

Income

Trust

...........

6,125

139,165

One

Liberty

Properties,

Inc.

.............

1,954

39,217

Pebblebrook

Hotel

Trust

...............

16,821

316,235

Physicians

Realty

Trust

(b)

..............

27,014

480,849

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

...

16,236

263,510

Plymouth

Industrial

REIT,

Inc.

...........

2,417

36,255

PotlatchDeltic

Corp.

..................

8,254

412,865

Preferred

Apartment

Communities,

Inc.,

Class

A

6,414

47,464

PS

Business

Parks,

Inc.

...............

2,605

346,126

QTS

Realty

Trust,

Inc.,

Class

A

..........

8,119

502,404

Retail

Opportunity

Investments

Corp.

......

15,038

201,359

Retail

Properties

of

America,

Inc.,

Class

A

...

26,616

227,833

Retail

Value,

Inc.

....................

2,387

35,495

RLJ

Lodging

Trust

...................

20,530

290,499

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

RPT

Realty

........................

10,011

$

86,595

Ryman

Hospitality

Properties,

Inc.

(b)

.......

6,410

434,342

Sabra

Health

Care

REIT,

Inc.

............

26,644

462,806

Safehold,

Inc.

......................

2,314

167,742

Saul

Centers,

Inc.

...................

1,646

52,145

Seritage

Growth

Properties,

Class

A

(a)(b)

.....

4,305

63,197

Service

Properties

Trust

...............

21,219

243,806

SITE

Centers

Corp.

..................

19,976

202,157

STAG

Industrial,

Inc.

(b)

................

18,977

594,360

Summit

Hotel

Properties,

Inc.

............

13,781

124,167

Sunstone

Hotel

Investors,

Inc.

...........

27,814

315,133

Tanger

Factory

Outlet

Centers,

Inc.

(b)

.......

11,386

113,405

Terreno

Realty

Corp.

(b)

................

8,405

491,777

UMH

Properties,

Inc.

.................

4,828

71,503

Uniti

Group,

Inc.

(b)

...................

25,125

294,716

Universal

Health

Realty

Income

Trust

......

1,625

104,439

Urban

Edge

Properties

................

15,163

196,209

Urstadt

Biddle

Properties,

Inc.,

Class

A

.....

4,144

58,555

Washington

REIT

....................

10,614

229,581

Whitestone

REIT

....................

5,642

44,967

Xenia

Hotels

&

Resorts,

Inc.

............

13,964

212,253

17,039,072

Food

&

Staples

Retailing

—

0.8%

Andersons,

Inc.

(The)

.................

3,864

94,707

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

17,536

653,742

Chefs'

Warehouse,

Inc.

(The)

(a)

..........

3,860

99,163

HF

Foods

Group,

Inc.

(a)(b)

...............

4,816

36,216

Ingles

Markets,

Inc.,

Class

A

............

1,932

82,419

Natural

Grocers

by

Vitamin

Cottage,

Inc.

....

1,090

14,976

Performance

Food

Group

Co.

(a)

..........

16,726

796,325

PriceSmart,

Inc.

.....................

2,963

269,900

Rite

Aid

Corp.

(a)

.....................

6,866

108,689

SpartanNash

Co.

....................

4,412

76,813

United

Natural

Foods,

Inc.

(a)

.............

7,202

115,016

Village

Super

Market,

Inc.,

Class

A

........

1,150

25,369

Weis

Markets,

Inc.

...................

1,268

60,623

2,433,958

Food

Products

—

1.4%

Alico,

Inc.

.........................

686

21,280

B&G

Foods,

Inc.

(b)

...................

8,317

230,630

Bridgford

Foods

Corp.

(a)

...............

221

4,027

Calavo

Growers,

Inc.

.................

2,114

146,775

Cal-Maine

Foods,

Inc.

(a)

...............

4,495

168,742

Darling

Ingredients,

Inc.

(a)

..............

20,659

1,191,611

Farmer

Bros

Co.

(a)

...................

2,106

9,835

Fresh

Del

Monte

Produce,

Inc.

...........

3,827

92,116

Freshpet,

Inc.

(a)

.....................

4,984

707,678

Hostess

Brands,

Inc.

(a)

................

16,010

234,386

J&J

Snack

Foods

Corp.

(b)

..............

1,948

302,661

John

B

Sanfilippo

&

Son,

Inc.

............

1,182

93,213

Laird

Superfood,

Inc.

(a)(b)

...............

304

14,385

Lancaster

Colony

Corp.

...............

2,428

446,096

Landec

Corp.

(a)

.....................

3,600

39,060

Limoneira

Co.

......................

2,145

35,714

Mission

Produce,

Inc.

(a)

................

693

10,430

Sanderson

Farms,

Inc.

................

2,589

342,266

Seneca

Foods

Corp.,

Class

A

(a)

..........

860

34,314

Simply

Good

Foods

Co.

(The)

(a)

..........

11,066

347,030

Tootsie

Roll

Industries,

Inc.

.............

2,200

65,340

Vital

Farms,

Inc.

(a)(b)

..................

1,308

33,106

4,570,695

Security

Shares

Shares

Value

Gas

Utilities

—

0.9%

Brookfield

Infrastructure

Corp.,

Class

A

.....

4,092

$

295,852

Chesapeake

Utilities

Corp.

.............

2,129

230,379

New

Jersey

Resources

Corp.

(b)

..........

12,331

438,367

Northwest

Natural

Holding

Co.

(b)

..........

3,882

178,533

ONE

Gas,

Inc.

......................

6,704

514,666

RGC

Resources,

Inc.

.................

1,035

24,612

South

Jersey

Industries,

Inc.

(b)

...........

13,015

280,473

Southwest

Gas

Holdings,

Inc.

...........

7,089

430,657

Spire,

Inc.

(b)

........................

6,358

407,167

2,800,706

Health

Care

Equipment

&

Supplies

—

3.4%

Accelerate

Diagnostics,

Inc.

(a)

...........

4,149

31,449

Accuray,

Inc.

(a)

......................

11,846

49,398

Acutus

Medical,

Inc.

(a)(b)

................

1,274

36,704

Alphatec

Holdings,

Inc.

(a)

...............

6,862

99,636

AngioDynamics,

Inc.

(a)

................

4,838

74,167

Antares

Pharma,

Inc.

(a)

................

21,843

87,154

Apyx

Medical

Corp.

(a)

.................

4,436

31,939

Aspira

Women's

Health,

Inc.

(a)

...........

9,969

66,892

AtriCure,

Inc.

(a)

.....................

5,687

316,595

Atrion

Corp.

.......................

178

114,319

Avanos

Medical,

Inc.

(a)

................

6,164

282,804

AxoGen,

Inc.

(a)

......................

4,938

88,390

Axonics

Modulation

Technologies,

Inc.

(a)

....

3,925

195,936

Bellerophon

Therapeutics,

Inc.

(a)

..........

491

3,275

Beyond

Air,

Inc.

(a)

....................

1,627

8,574

BioLife

Solutions,

Inc.

(a)

................

1,762

70,286

BioSig

Technologies,

Inc.

(a)

.............

2,841

11,080

Cantel

Medical

Corp.

(b)

................

4,918

387,833

Cardiovascular

Systems,

Inc.

(a)

...........

5,000

218,800

Cerus

Corp.

(a)(b)

.....................

21,842

151,147

Chembio

Diagnostics,

Inc.

(a)

.............

2,402

11,410

Co-Diagnostics,

Inc.

(a)(b)

................

3,482

32,383

CONMED

Corp.

.....................

3,498

391,776

CryoLife,

Inc.

(a)

.....................

4,885

115,335

CryoPort,

Inc.

(a)

.....................

4,504

197,636

Cutera,

Inc.

(a)

......................

2,287

55,140

CytoSorbents

Corp.

(a)

.................

5,443

43,381

Eargo,

Inc.

(a)

.......................

976

43,744

Electromed,

Inc.

(a)

...................

911

8,937

FONAR

Corp.

(a)

.....................

794

13,784

GenMark

Diagnostics,

Inc.

(a)

............

9,119

133,137

Glaukos

Corp.

(a)

.....................

5,550

417,693

Heska

Corp.

(a)

......................

871

126,861

Inari

Medical,

Inc.

(a)

..................

998

87,115

Inogen,

Inc.

(a)

......................

2,478

110,717

Integer

Holdings

Corp.

(a)

...............

4,241

344,327

IntriCon

Corp.

(a)

.....................

1,189

21,521

Invacare

Corp.

.....................

4,375

39,156

iRadimed

Corp.

(a)

....................

729

16,621

iRhythm

Technologies,

Inc.

(a)(b)

...........

3,701

877,914

Lantheus

Holdings,

Inc.

(a)

..............

8,367

112,871

LeMaitre

Vascular,

Inc.

(b)

...............

2,226

90,153

LENSAR,

Inc.

(a)

.....................

1,152

8,352

LivaNova

plc

(a)

......................

6,321

418,513

Meridian

Bioscience,

Inc.

(a)(b)

............

5,242

97,973

Merit

Medical

Systems,

Inc.

(a)

............

6,881

381,964

Mesa

Laboratories,

Inc.

...............

611

175,137

Milestone

Scientific,

Inc.

(a)(b)

.............

4,912

10,413

Misonix,

Inc.

(a)

......................

1,303

16,288

Natus

Medical,

Inc.

(a)

.................

4,511

90,400

Nemaura

Medical,

Inc.

(a)

...............

943

3,555

Neogen

Corp.

(a)

.....................

6,719

532,817

Nevro

Corp.

(a)

......................

4,366

755,755

NuVasive,

Inc.

(a)

.....................

6,653

374,763

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

OraSure

Technologies,

Inc.

(a)

............

9,179

$

97,160

Orthofix

Medical,

Inc.

(a)(b)

...............

2,521

108,353

OrthoPediatrics

Corp.

(a)

................

1,757

72,476

Outset

Medical,

Inc.

(a)

.................

1,190

67,640

PAVmed,

Inc.

(a)

.....................

4,473

9,483

Pulmonx

Corp.

(a)

....................

1,423

98,215

Pulse

Biosciences,

Inc.

(a)

...............

1,861

44,403

Quotient

Ltd.

(a)

......................

9,414

49,047

Repro-Med

Systems,

Inc.

(a)

.............

3,224

19,408

Retractable

Technologies,

Inc.

(a)(b)

.........

1,830

19,654

Rockwell

Medical,

Inc.

(a)

...............

9,266

9,359

SeaSpine

Holdings

Corp.

(a)

.............

3,501

61,092

Shockwave

Medical,

Inc.

(a)

..............

3,607

374,118

SI-BONE,

Inc.

(a)

.....................

3,402

101,720

Sientra,

Inc.

(a)(b)

.....................

6,453

25,102

Silk

Road

Medical,

Inc.

(a)

...............

3,510

221,060

Soliton,

Inc.

(a)

......................

773

5,937

STAAR

Surgical

Co.

(a)

.................

5,826

461,536

Stereotaxis,

Inc.

(a)

...................

5,928

30,174

Surgalign

Holdings,

Inc.

(a)

..............

7,485

16,392

Surmodics,

Inc.

(a)

....................

1,793

78,031

Tactile

Systems

Technology,

Inc.

(a)

........

2,456

110,373

Tela

Bio,

Inc.

(a)

......................

710

10,678

TransMedics

Group,

Inc.

(a)(b)

.............

3,184

63,362

Utah

Medical

Products,

Inc.

.............

456

38,441

Vapotherm,

Inc.

(a)

....................

2,586

69,460

Varex

Imaging

Corp.

(a)

................

5,069

84,551

Venus

Concept,

Inc.

(a)

.................

2,262

3,913

ViewRay,

Inc.

(a)(b)

....................

15,213

58,114

VolitionRX

Ltd.

(a)(b)

...................

2,925

11,378

Zynex,

Inc.

(a)

.......................

2,221

29,895

10,934,445

Health

Care

Providers

&

Services

—

2.7%

1Life

Healthcare,

Inc.

(a)

................

10,201

445,274

AdaptHealth

Corp.

(a)

..................

3,230

121,319

Addus

HomeCare

Corp.

(a)(b)

.............

1,865

218,373

American

Renal

Associates

Holdings,

Inc.

(a)

..

1,987

22,751

AMN

Healthcare

Services,

Inc.

(a)

..........

5,922

404,176

Apollo

Medical

Holdings,

Inc.

(a)

...........

2,476

45,236

Avalon

GloboCare

Corp.

(a)(b)

.............

2,720

3,046

BioTelemetry,

Inc.

(a)

..................

4,284

308,791

Brookdale

Senior

Living,

Inc.

(a)(b)

..........

21,800

96,574

Castle

Biosciences,

Inc.

(a)

..............

1,376

92,398

Community

Health

Systems,

Inc.

(a)

........

10,534

78,268

CorVel

Corp.

(a)

......................

1,059

112,254

Covetrus,

Inc.

(a)

.....................

14,782

424,835

Cross

Country

Healthcare,

Inc.

(a)

.........

4,593

40,740

Ensign

Group,

Inc.

(The)

...............

6,647

484,699

Enzo

Biochem,

Inc.

(a)

.................

6,578

16,577

Exagen,

Inc.

(a)

......................

611

8,065

Five

Star

Senior

Living,

Inc.

(a)

............

2,338

16,132

Fulgent

Genetics,

Inc.

(a)

...............

1,733

90,289

Hanger,

Inc.

(a)

......................

4,879

107,289

HealthEquity,

Inc.

(a)(b)

.................

9,633

671,516

InfuSystem

Holdings,

Inc.

(a)

.............

1,823

34,236

Joint

Corp.

(The)

(a)

...................

1,756

46,113

LHC

Group,

Inc.

(a)

...................

3,887

829,175

Magellan

Health,

Inc.

(a)(b)

...............

3,046

252,331

MEDNAX,

Inc.

(a)

.....................

9,417

231,093

National

HealthCare

Corp.

..............

1,683

111,768

National

Research

Corp.

...............

1,752

74,898

Ontrak,

Inc.

(a)

......................

1,057

65,312

Option

Care

Health,

Inc.

(a)

..............

5,601

87,600

Owens

&

Minor,

Inc.

..................

9,266

250,645

Patterson

Cos.,

Inc.

(b)

.................

10,931

323,885

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Pennant

Group,

Inc.

(The)

(a)

.............

3,302

$

191,714

PetIQ,

Inc.

(a)

.......................

2,779

106,853

Progyny,

Inc.

(a)

......................

3,507

148,662

Providence

Service

Corp.

(The)

(a)

.........

1,537

213,074

R1

RCM,

Inc.

(a)

.....................

13,877

333,326

RadNet,

Inc.

(a)

......................

5,814

113,780

Select

Medical

Holdings

Corp.

(a)

..........

14,045

388,485

Sharps

Compliance

Corp.

(a)(b)

............

1,721

16,263

Surgery

Partners,

Inc.

(a)

...............

2,777

80,561

Tenet

Healthcare

Corp.

(a)

...............

13,272

529,951

Tivity

Health,

Inc.

(a)

...................

5,505

107,843

Triple-S

Management

Corp.,

Class

B

(a)

.....

3,082

65,801

US

Physical

Therapy,

Inc.

(b)

.............

1,636

196,729

Viemed

Healthcare,

Inc.

(a)

..............

4,574

35,494

8,644,194

Health

Care

Technology

—

1.2%

Accolade,

Inc.

(a)

.....................

1,687

73,385

Allscripts

Healthcare

Solutions,

Inc.

(a)

......

19,935

287,861

Computer

Programs

&

Systems,

Inc.

.......

1,726

46,326

Evolent

Health,

Inc.,

Class

A

(a)

...........

9,579

153,551

Health

Catalyst,

Inc.

(a)

.................

4,348

189,268

HealthStream,

Inc.

(a)

..................

3,440

75,130

HMS

Holdings

Corp.

(a)

................

11,408

419,244

iCAD,

Inc.

(a)

........................

2,620

34,584

Inovalon

Holdings,

Inc.,

Class

A

(a)

.........

9,593

174,305

Inspire

Medical

Systems,

Inc.

(a)

..........

3,353

630,666

NantHealth,

Inc.

(a)(b)

..................

3,558

11,492

NextGen

Healthcare,

Inc.

(a)

.............

6,989

127,479

Omnicell,

Inc.

(a)

.....................

5,434

652,189

OptimizeRx

Corp.

(a)

..................

2,011

62,663

Phreesia,

Inc.

(a)(b)

....................

4,271

231,744

Schrodinger,

Inc.

(a)

...................

3,789

300,013

Simulations

Plus,

Inc.

.................

1,835

131,973

Tabula

Rasa

HealthCare,

Inc.

(a)

..........

2,751

117,853

Vocera

Communications,

Inc.

(a)

..........

4,007

166,411

3,886,137

Hotels,

Restaurants

&

Leisure

—

3.7%

Accel

Entertainment,

Inc.

(a)

.............

5,693

57,499

Bally's

Corp.

.......................

2,257

113,369

Biglari

Holdings,

Inc.,

Class

A

(a)

..........

8

4,680

Biglari

Holdings,

Inc.,

Class

B

(a)

..........

133

14,790

BJ's

Restaurants,

Inc.

.................

2,850

109,696

Bloomin'

Brands,

Inc.

.................

11,366

220,728

Bluegreen

Vacations

Corp.

.............

972

7,718

Bluegreen

Vacations

Holding

Corp.

........

1,743

23,583

Boyd

Gaming

Corp.

(a)

.................

10,502

450,746

Brinker

International,

Inc.

(b)

.............

5,763

326,013

Caesars

Entertainment,

Inc.

(a)

...........

23,064

1,712,963

Carrols

Restaurant

Group,

Inc.

(a)

..........

4,613

28,970

Century

Casinos,

Inc.

(a)

................

3,588

22,927

Cheesecake

Factory,

Inc.

(The)

..........

5,567

206,313

Churchill

Downs,

Inc.

(b)

................

4,866

947,848

Chuy's

Holdings,

Inc.

(a)

................

2,559

67,788

Cracker

Barrel

Old

Country

Store,

Inc.

......

2,993

394,837

Dave

&

Buster's

Entertainment,

Inc.

.......

5,710

171,414

Del

Taco

Restaurants,

Inc.

(a)

............

3,868

35,044

Denny's

Corp.

(a)

.....................

8,150

119,642

Dine

Brands

Global,

Inc.

...............

2,003

116,174

El

Pollo

Loco

Holdings,

Inc.

(a)

............

2,146

38,843

Everi

Holdings,

Inc.

(a)

.................

10,229

141,262

Fiesta

Restaurant

Group,

Inc.

(a)

..........

2,626

29,936

GAN

Ltd.

(a)

........................

2,997

60,779

Golden

Entertainment,

Inc.

(a)

............

2,413

47,995

Hilton

Grand

Vacations,

Inc.

(a)(b)

..........

10,983

344,317

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

International

Game

Technology

plc

........

12,798

$

216,798

Jack

in

the

Box,

Inc.

..................

2,943

273,110

Kura

Sushi

USA,

Inc.,

Class

A

(a)

..........

452

8,814

Lindblad

Expeditions

Holdings,

Inc.

(a)

.......

3,437

58,841

Marriott

Vacations

Worldwide

Corp.

........

5,155

707,369

Monarch

Casino

&

Resort,

Inc.

(a)

..........

1,689

103,401

Nathan's

Famous,

Inc.

................

366

20,210

Noodles

&

Co.

(a)

.....................

4,265

33,693

Papa

John's

International,

Inc.

(b)

..........

4,254

360,952

Penn

National

Gaming,

Inc.

(a)

............

19,969

1,724,723

PlayAGS,

Inc.

(a)

.....................

3,591

25,855

RCI

Hospitality

Holdings,

Inc.

............

961

37,902

Red

Robin

Gourmet

Burgers,

Inc.

(a)

........

1,725

33,172

Red

Rock

Resorts,

Inc.,

Class

A

..........

8,515

213,216

Ruth's

Hospitality

Group,

Inc.

............

4,161

73,775

Scientific

Games

Corp.,

Class

A

(a)(b)

........

7,394

306,777

SeaWorld

Entertainment,

Inc.

(a)(b)

.........

6,498

205,272

Shake

Shack,

Inc.,

Class

A

(a)(b)

...........

4,454

377,610

Target

Hospitality

Corp.

(a)

..............

4,408

6,965

Texas

Roadhouse,

Inc.

................

8,390

655,762

Wingstop,

Inc.

......................

3,774

500,244

11,760,335

Household

Durables

—

2.0%

Beazer

Homes

USA,

Inc.

(a)

.............

3,883

58,827

Casper

Sleep,

Inc.

(a)

..................

3,180

19,557

Cavco

Industries,

Inc.

(a)

................

1,203

211,066

Century

Communities,

Inc.

(a)(b)

...........

3,716

162,686

Ethan

Allen

Interiors,

Inc.

..............

3,176

64,187

GoPro,

Inc.,

Class

A

(a)(b)

................

15,442

127,860

Green

Brick

Partners,

Inc.

(a)

.............

2,967

68,122

Hamilton

Beach

Brands

Holding

Co.,

Class

A

.

1,018

17,825

Helen

of

Troy

Ltd.

(a)

..................

3,243

720,562

Hooker

Furniture

Corp.

................

1,326

42,764

Installed

Building

Products,

Inc.

(a)

.........

2,946

300,286

iRobot

Corp.

(a)

......................

3,547

284,789

KB

Home

.........................

11,455

383,972

La-Z-Boy,

Inc.

......................

5,219

207,925

Legacy

Housing

Corp.

(a)

...............

963

14,551

LGI

Homes,

Inc.

(a)

...................

2,904

307,388

Lifetime

Brands,

Inc.

..................

1,738

26,418

Lovesac

Co.

(The)

(a)

..................

1,244

53,604

M/I

Homes,

Inc.

(a)

....................

3,580

158,558

MDC

Holdings,

Inc.

..................

6,591

320,323

Meritage

Homes

Corp.

(a)

...............

4,685

388,012

Purple

Innovation,

Inc.

(a)

...............

2,115

69,668

Skyline

Champion

Corp.

(a)(b)

.............

6,819

210,980

Sonos,

Inc.

(a)

.......................

10,292

240,730

Taylor

Morrison

Home

Corp.

(a)(b)

..........

16,342

419,172

TopBuild

Corp.

(a)

....................

4,235

779,579

TRI

Pointe

Group,

Inc.

(a)

...............

14,977

258,353

Tupperware

Brands

Corp.

(a)

.............

6,280

203,409

Turtle

Beach

Corp.

(a)

..................

1,864

40,169

Universal

Electronics,

Inc.

(a)

.............

1,789

93,851

VOXX

International

Corp.

(a)

.............

2,582

32,946

6,288,139

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)

.............

1,288

49,729

Central

Garden

&

Pet

Co.,

Class

A

(a)

.......

5,172

187,899

Oil-Dri

Corp.

of

America

...............

656

22,357

WD-40

Co.

(b)

.......................

1,743

463,080

723,065

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.6%

Atlantic

Power

Corp.

(a)

................

12,184

$

25,586

Brookfield

Renewable

Corp.

............

13,200

769,135

Clearway

Energy,

Inc.

.................

4,626

136,698

Clearway

Energy,

Inc.,

Class

C

..........

10,477

334,531

Ormat

Technologies,

Inc.

...............

5,088

459,345

Sunnova

Energy

International,

Inc.

(a)

.......

6,885

310,720

2,036,015

Industrial

Conglomerates

—

0.0%

Raven

Industries,

Inc.

.................

4,505

149,070

Insurance

—

2.1%

Ambac

Financial

Group,

Inc.

(a)

...........

6,015

92,511

American

Equity

Investment

Life

Holding

Co.

.

11,761

325,309

AMERISAFE,

Inc.

...................

2,237

128,471

Argo

Group

International

Holdings

Ltd.

.....

4,273

186,730

BRP

Group,

Inc.,

Class

A

(a)

.............

5,512

165,195

Citizens,

Inc.

(a)(b)

.....................

6,570

37,646

CNO

Financial

Group,

Inc.

..............

17,231

383,045

Crawford

&

Co.,

Class

A

...............

2,073

15,319

Donegal

Group,

Inc.,

Class

A

............

1,325

18,643

eHealth,

Inc.

(a)

......................

3,309

233,648

Employers

Holdings,

Inc.

...............

3,664

117,944

Enstar

Group

Ltd.

(a)

..................

1,548

317,170

FBL

Financial

Group,

Inc.,

Class

A

........

1,230

64,587

FedNat

Holding

Co.

..................

1,616

9,567

Genworth

Financial,

Inc.,

Class

A

(a)

........

65,483

247,526

Goosehead

Insurance,

Inc.,

Class

A

.......

1,719

214,462

Greenlight

Capital

Re

Ltd.,

Class

A

(a)

.......

3,963

28,970

HCI

Group,

Inc.

.....................

784

41,003

Heritage

Insurance

Holdings,

Inc.

.........

3,616

36,630

Horace

Mann

Educators

Corp.

...........

4,848

203,810

Independence

Holding

Co.

.............

675

27,675

Investors

Title

Co.

...................

172

26,316

James

River

Group

Holdings

Ltd.

.........

3,864

189,916

Kinsale

Capital

Group,

Inc.

.............

2,714

543,153

MBIA,

Inc.

(a)

.......................

6,510

42,836

National

General

Holdings

Corp.

.........

8,842

302,220

National

Western

Life

Group,

Inc.,

Class

A

...

345

71,222

NI

Holdings,

Inc.

(a)

...................

1,375

22,577

Palomar

Holdings,

Inc.

(a)

...............

2,641

234,626

ProAssurance

Corp.

..................

7,051

125,437

ProSight

Global,

Inc.

(a)

................

1,224

15,704

Protective

Insurance

Corp.,

Class

B

.......

1,163

15,945

RLI

Corp.

(b)

........................

5,059

526,895

Safety

Insurance

Group,

Inc.

............

1,849

144,037

Selective

Insurance

Group,

Inc.

(b)

.........

7,529

504,292

Selectquote,

Inc.

(a)

...................

4,081

84,681

State

Auto

Financial

Corp.

..............

2,372

42,079

Stewart

Information

Services

Corp.

........

3,405

164,666

Third

Point

Reinsurance

Ltd.

(a)

...........

10,623

101,131

Tiptree,

Inc.

.......................

3,208

16,104

Trean

Insurance

Group,

Inc.

(a)

...........

1,415

18,536

Trupanion,

Inc.

(a)

....................

3,874

463,757

United

Fire

Group,

Inc.

................

2,867

71,962

United

Insurance

Holdings

Corp.

.........

2,729

15,610

Universal

Insurance

Holdings,

Inc.

........

3,335

50,392

Vericity,

Inc.

(a)

......................

223

2,232

Watford

Holdings

Ltd.

(a)

................

2,332

80,687

6,772,874

Interactive

Media

&

Services

—

0.4%

(a)

Cargurus,

Inc.

......................

11,174

354,551

Cars.com,

Inc.

......................

8,957

101,214

DHI

Group,

Inc.

.....................

6,873

15,258

Eventbrite,

Inc.,

Class

A

...............

7,953

143,949

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

EverQuote,

Inc.,

Class

A

...............

1,901

$

71,002

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

...

9,645

41,859

MediaAlpha,

Inc.,

Class

A

..............

1,280

50,010

QuinStreet,

Inc.

.....................

5,922

126,968

TrueCar,

Inc.

.......................

14,047

58,998

Yelp,

Inc.

.........................

9,191

300,270

1,264,079

Internet

&

Direct

Marketing

Retail

—

0.8%

1-800-Flowers.com,

Inc.,

Class

A

(a)

........

3,415

88,790

CarParts.com,

Inc.

(a)

..................

4,331

53,661

Duluth

Holdings,

Inc.,

Class

B

(a)

..........

1,209

12,767

Groupon,

Inc.

(a)

.....................

3,062

116,341

Lands'

End,

Inc.

(a)

...................

1,299

28,019

Liquidity

Services,

Inc.

(a)

...............

3,724

59,249

Magnite,

Inc.

(a)

......................

13,965

428,865

Overstock.com,

Inc.

(a)

.................

5,543

265,898

PetMed

Express,

Inc.

(b)

................

2,650

84,959

Quotient

Technology,

Inc.

(a)

.............

11,693

110,148

RealReal,

Inc.

(The)

(a)

.................

8,008

156,476

Shutterstock,

Inc.

....................

2,830

202,911

Stamps.com,

Inc.

(a)

...................

2,198

431,226

Stitch

Fix,

Inc.,

Class

A

(a)

...............

7,735

454,199

Waitr

Holdings,

Inc.

(a)

.................

9,891

27,497

2,521,006

IT

Services

—

1.9%

Brightcove,

Inc.

(a)

....................

5,103

93,895

Cardtronics

plc,

Class

A

(a)

..............

4,494

158,638

Cass

Information

Systems,

Inc.

..........

1,904

74,085

Conduent,

Inc.

(a)

....................

21,388

102,662

CSG

Systems

International,

Inc.

..........

4,186

188,663

Endurance

International

Group

Holdings,

Inc.

(a)

7,921

74,853

EVERTEC,

Inc.

.....................

7,797

306,578

Evo

Payments,

Inc.,

Class

A

(a)(b)

..........

5,223

141,073

ExlService

Holdings,

Inc.

(a)

.............

4,164

354,481

GreenSky,

Inc.,

Class

A

(a)

..............

8,321

38,526

Grid

Dynamics

Holdings,

Inc.

(a)

...........

2,741

34,537

GTT

Communications,

Inc.

(a)(b)

...........

4,219

15,062

Hackett

Group,

Inc.

(The)

..............

3,361

48,365

I3

Verticals,

Inc.,

Class

A

(a)

..............

2,288

75,962

Information

Services

Group,

Inc.

(a)

........

5,071

16,633

International

Money

Express,

Inc.

(a)

........

3,565

55,329

KBR,

Inc.

.........................

17,919

554,235

Limelight

Networks,

Inc.

(a)

..............

15,715

62,703

LiveRamp

Holdings,

Inc.

(a)

..............

8,195

599,792

ManTech

International

Corp.,

Class

A

......

3,535

314,403

MAXIMUS,

Inc.

.....................

7,735

566,125

MoneyGram

International,

Inc.

(a)

..........

8,436

46,103

NIC,

Inc.

..........................

8,483

219,116

Paysign,

Inc.

(a)

......................

4,001

18,565

Perficient,

Inc.

(a)(b)

....................

4,216

200,892

Perspecta,

Inc.

.....................

17,980

432,958

PFSweb,

Inc.

(a)

.....................

1,827

12,296

Priority

Technology

Holdings,

Inc.

(a)

........

801

5,639

Rackspace

Technology,

Inc.

(a)

...........

4,393

83,730

Repay

Holdings

Corp.

(a)

...............

7,713

210,179

ServiceSource

International,

Inc.

(a)

........

10,912

19,205

StarTek,

Inc.

(a)

......................

2,147

16,145

Sykes

Enterprises,

Inc.

(a)

...............

4,955

186,655

TTEC

Holdings,

Inc.

..................

2,305

168,104

Tucows,

Inc.,

Class

A

(a)(b)

...............

1,263

93,323

Unisys

Corp.

(a)

......................

7,794

153,386

Verra

Mobility

Corp.

(a)

.................

17,231

231,240

Security

Shares

Shares

Value

IT

Services

(continued)

Virtusa

Corp.

(a)

.....................

3,724

$

190,408

6,164,544

Leisure

Products

—

0.7%

Acushnet

Holdings

Corp.

...............

4,388

177,890

American

Outdoor

Brands,

Inc.

(a)

.........

1,842

31,369

Callaway

Golf

Co.

...................

11,817

283,726

Clarus

Corp.

.......................

2,888

44,475

Escalade,

Inc.

......................

1,239

26,230

Johnson

Outdoors,

Inc.,

Class

A

..........

710

79,967

Malibu

Boats,

Inc.,

Class

A

(a)

............

2,617

163,405

Marine

Products

Corp.

................

1,102

16,023

MasterCraft

Boat

Holdings,

Inc.

(a)

.........

2,572

63,889

Nautilus,

Inc.

(a)

......................

3,988

72,342

Smith

&

Wesson

Brands,

Inc.

............

6,914

122,724

Sturm

Ruger

&

Co.,

Inc.

...............

2,154

140,161

Vista

Outdoor,

Inc.

(a)

..................

7,482

177,772

YETI

Holdings,

Inc.

(a)

.................

10,281

703,940

2,103,913

Life

Sciences

Tools

&

Services

—

0.9%

Champions

Oncology,

Inc.

(a)

.............

870

9,387

ChromaDex

Corp.

(a)

..................

5,926

28,445

Codexis,

Inc.

(a)

......................

7,145

155,975

Fluidigm

Corp.

(a)

....................

9,326

55,956

Harvard

Bioscience,

Inc.

(a)

..............

4,783

20,519

Luminex

Corp.

......................

5,718

132,200

Medpace

Holdings,

Inc.

(a)

..............

3,551

494,299

NanoString

Technologies,

Inc.

(a)

..........

5,648

377,738

NeoGenomics,

Inc.

(a)

.................

13,465

724,956

Pacific

Biosciences

of

California,

Inc.

(a)(b)

....

22,693

588,657

Personalis,

Inc.

(a)

....................

3,046

111,514

Quanterix

Corp.

(a)

....................

2,777

129,131

2,828,777

Machinery

—

3.6%

Alamo

Group,

Inc.

...................

1,258

173,541

Albany

International

Corp.,

Class

A

........

3,826

280,905

Altra

Industrial

Motion

Corp.

............

8,361

463,450

Astec

Industries,

Inc.

.................

2,908

168,315

Barnes

Group,

Inc.

...................

5,979

303,076

Blue

Bird

Corp.

(a)

....................

2,100

38,346

Chart

Industries,

Inc.

(a)

................

4,605

542,423

CIRCOR

International,

Inc.

(a)

............

2,468

94,870

Columbus

McKinnon

Corp.

.............

3,045

117,050

Douglas

Dynamics,

Inc.

...............

2,891

123,648

Eastern

Co.

(The)

...................

730

17,593

Energy

Recovery,

Inc.

(a)

...............

5,077

69,250

Enerpac

Tool

Group

Corp.

..............

7,073

159,921

EnPro

Industries,

Inc.

.................

2,717

205,188

ESCO

Technologies,

Inc.

..............

3,286

339,181

Evoqua

Water

Technologies

Corp.

(a)

.......

11,514

310,648

ExOne

Co.

(The)

(a)

...................

1,467

13,922

Federal

Signal

Corp.

(b)

................

7,763

257,499

Franklin

Electric

Co.,

Inc.

..............

5,839

404,117

Gencor

Industries,

Inc.

(a)

...............

1,255

15,437

Gorman-Rupp

Co.

(The)

(b)

..............

2,343

76,030

Graham

Corp.

......................

1,423

21,601

Greenbrier

Cos.,

Inc.

(The)

.............

4,203

152,905

Helios

Technologies,

Inc.

(b)

.............

3,962

211,135

Hillenbrand,

Inc.

....................

9,611

382,518

Hurco

Cos.,

Inc.

.....................

896

26,880

Hyster-Yale

Materials

Handling,

Inc.

(b)

......

1,108

65,981

John

Bean

Technologies

Corp.

...........

3,981

453,316

Kadant,

Inc.

(b)

......................

1,474

207,805

Kennametal,

Inc.

(b)

...................

10,488

380,085

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Machinery

(continued)

L

B

Foster

Co.,

Class

A

(a)

...............

1,509

$

22,710

Lindsay

Corp.

......................

1,374

176,504

Luxfer

Holdings

plc

..................

3,830

62,889

Lydall,

Inc.

(a)

.......................

2,247

67,477

Manitowoc

Co.,

Inc.

(The)

(a)

.............

4,691

62,437

Mayville

Engineering

Co.,

Inc.

(a)

..........

877

11,769

Meritor,

Inc.

(a)(b)

.....................

8,984

250,743

Miller

Industries,

Inc.

.................

1,464

55,661

Mueller

Industries,

Inc.

................

6,283

220,596

Mueller

Water

Products,

Inc.,

Class

A

......

20,600

255,028

Navistar

International

Corp.

(a)

............

6,484

285,037

NN,

Inc.

(a)

.........................

4,836

31,773

Omega

Flex,

Inc.

(b)

...................

393

57,378

Park-Ohio

Holdings

Corp.

..............

985

30,437

Proto

Labs,

Inc.

(a)(b)

...................

3,421

524,781

RBC

Bearings,

Inc.

(a)

.................

3,181

569,526

REV

Group,

Inc.

....................

3,966

34,940

Rexnord

Corp.

(b)

....................

15,318

604,908

Shyft

Group,

Inc.

(The)

................

4,530

128,561

SPX

Corp.

(a)

.......................

5,546

302,479

SPX

FLOW,

Inc.

(a)

...................

5,330

308,927

Standex

International

Corp.

(b)

............

1,599

123,954

Tennant

Co.

.......................

2,322

162,935

Terex

Corp.

........................

8,556

298,519

TriMas

Corp.

(a)

......................

4,908

155,436

Wabash

National

Corp.

(b)

...............

6,760

116,475

Watts

Water

Technologies,

Inc.,

Class

A

.....

3,457

420,717

Welbilt,

Inc.

(a)(b)

.....................

16,709

220,559

11,639,792

Marine

—

0.2%

Costamare,

Inc.

.....................

7,116

58,921

Eagle

Bulk

Shipping,

Inc.

(a)

.............

942

17,898

Genco

Shipping

&

Trading

Ltd.

...........

2,370

17,443

Matson,

Inc.

.......................

5,560

316,753

Pangaea

Logistics

Solutions

Ltd.

(a)

........

967

2,679

Safe

Bulkers,

Inc.

(a)

..................

7,634

9,924

Scorpio

Bulkers,

Inc.

.................

772

13,070

SEACOR

Holdings,

Inc.

(a)

..............

2,354

97,573

534,261

Media

—

0.8%

AMC

Networks,

Inc.,

Class

A

(a)

...........

3,512

125,624

Boston

Omaha

Corp.,

Class

A

(a)

..........

1,497

41,392

Cardlytics,

Inc.

(a)

....................

3,332

475,710

comScore,

Inc.

(a)

....................

8,078

20,114

Daily

Journal

Corp.

(a)

.................

153

61,812

Emerald

Holding,

Inc.

.................

4,059

22,000

Entercom

Communications

Corp.,

Class

A

...

17,245

42,595

Entravision

Communications

Corp.,

Class

A

..

8,032

22,088

EW

Scripps

Co.

(The),

Class

A

...........

7,028

107,458

Fluent,

Inc.

(a)

.......................

6,226

33,060

Gannett

Co.,

Inc.

(a)

...................

15,730

52,853

Gray

Television,

Inc.

(a)

.................

11,152

199,509

Hemisphere

Media

Group,

Inc.

(a)

..........

2,141

22,181

iHeartMedia,

Inc.,

Class

A

(a)

.............

8,083

104,917

Loral

Space

&

Communications,

Inc.

.......

1,829

38,391

Meredith

Corp.

.....................

4,943

94,905

MSG

Networks,

Inc.,

Class

A

(a)

...........

3,343

49,276

National

CineMedia,

Inc.

...............

6,954

25,869

Saga

Communications,

Inc.,

Class

A

.......

482

11,578

Scholastic

Corp.

....................

3,598

89,950

Sinclair

Broadcast

Group,

Inc.,

Class

A

(b)

....

5,664

180,398

TechTarget,

Inc.

(a)

....................

3,072

181,586

TEGNA,

Inc.

(b)

......................

28,420

396,459

Tribune

Publishing

Co.

................

1,716

23,509

Security

Shares

Shares

Value

Media

(continued)

WideOpenWest,

Inc.

(a)

................

7,019

$

74,893

2,498,127

Metals

&

Mining

—

1.7%

Alcoa

Corp.

(a)

......................

23,808

548,774

Allegheny

Technologies,

Inc.

(a)

...........

16,307

273,468

Arconic

Corp.

(a)(b)

....................

12,651

377,000

Caledonia

Mining

Corp.

plc

.............

1,367

21,708

Carpenter

Technology

Corp.

............

6,022

175,361

Century

Aluminum

Co.

(a)

...............

6,962

76,791

Cleveland-Cliffs,

Inc.

(b)

................

50,403

733,868

Coeur

Mining,

Inc.

(a)

..................

31,480

325,818

Commercial

Metals

Co.

................

15,360

315,494

Compass

Minerals

International,

Inc.

.......

4,462

275,395

Fortitude

Gold

Corp.

(a)

.................

2,411

2,532

Gatos

Silver,

Inc.

(a)

...................

2,854

37,188

Gold

Resource

Corp.

.................

8,439

24,557

Haynes

International,

Inc.

..............

1,648

39,288

Hecla

Mining

Co.

....................

66,139

428,581

Kaiser

Aluminum

Corp.

................

2,000

197,800

Materion

Corp.

.....................

2,597

165,481

Novagold

Resources,

Inc.

(a)

.............

30,065

290,729

Olympic

Steel,

Inc.

...................

1,268

16,902

Ryerson

Holding

Corp.

(a)

...............

2,354

32,109

Schnitzer

Steel

Industries,

Inc.,

Class

A

.....

3,224

102,878

SunCoke

Energy,

Inc.

.................

10,873

47,298

TimkenSteel

Corp.

(a)

..................

5,979

27,922

United

States

Steel

Corp.

..............

28,307

474,708

Warrior

Met

Coal,

Inc.

.................

6,536

139,347

Worthington

Industries,

Inc.

.............

4,745

243,608

5,394,605

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

Anworth

Mortgage

Asset

Corp.

...........

14,265

38,658

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

17,031

190,236

Arbor

Realty

Trust,

Inc.

(b)

...............

14,660

207,879

Ares

Commercial

Real

Estate

Corp.

.......

3,589

42,745

Arlington

Asset

Investment

Corp.,

Class

A

(a)

..

2,565

9,696

ARMOUR

Residential

REIT,

Inc.

..........

8,636

93,182

Blackstone

Mortgage

Trust,

Inc.,

Class

A

(b)

...

17,800

490,034

Broadmark

Realty

Capital,

Inc.

...........

16,482

168,116

Capstead

Mortgage

Corp.

..............

12,646

73,473

Cherry

Hill

Mortgage

Investment

Corp.

.....

2,234

20,419

Chimera

Investment

Corp.

..............

23,095

236,724

Colony

Credit

Real

Estate,

Inc.

...........

11,363

85,222

Dynex

Capital,

Inc.

(b)

..................

2,862

50,944

Ellington

Financial,

Inc.

................

5,586

82,896

Ellington

Residential

Mortgage

REIT

.......

1,164

15,179

Granite

Point

Mortgage

Trust,

Inc.

........

7,463

74,555

Great

Ajax

Corp.

....................

2,702

28,263

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

9,352

593,197

Invesco

Mortgage

Capital,

Inc.

...........

23,810

80,478

KKR

Real

Estate

Finance

Trust,

Inc.

.......

3,798

68,060

Ladder

Capital

Corp.

.................

13,296

130,035

MFA

Financial,

Inc.

...................

58,521

227,647

New

York

Mortgage

Trust,

Inc.

(b)

..........

48,721

179,780

Orchid

Island

Capital,

Inc.

(b)

.............

9,097

47,486

PennyMac

Mortgage

Investment

Trust

......

12,841

225,873

Ready

Capital

Corp.

..................

5,310

66,110

Redwood

Trust,

Inc.

..................

14,649

128,618

TPG

RE

Finance

Trust,

Inc.

.............

7,288

77,399

Two

Harbors

Investment

Corp.

...........

35,021

223,084

Western

Asset

Mortgage

Capital

Corp.

(b)

....

7,668

24,998

3,980,986

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Multiline

Retail

—

0.2%

Big

Lots,

Inc.

(b)

......................

5,101

$

218,986

Dillard's,

Inc.,

Class

A

(b)

................

918

57,880

Macy's,

Inc.

.......................

39,567

445,129

721,995

Multi-Utilities

—

0.4%

Avista

Corp.

.......................

8,653

347,332

Black

Hills

Corp.

....................

7,849

482,321

NorthWestern

Corp.

..................

6,501

379,073

Unitil

Corp.

........................

1,933

85,574

1,294,300

Oil,

Gas

&

Consumable

Fuels

—

1.4%

Adams

Resources

&

Energy,

Inc.

.........

243

5,856

Antero

Resources

Corp.

(a)

..............

30,249

164,857

Arch

Resources,

Inc.

.................

2,007

87,846

Ardmore

Shipping

Corp.

...............

4,444

14,532

Berry

Corp.

........................

9,503

34,971

Bonanza

Creek

Energy,

Inc.

(a)

...........

2,503

48,383

Brigham

Minerals,

Inc.,

Class

A

..........

4,915

54,016

Clean

Energy

Fuels

Corp.

(a)(b)

............

15,886

124,864

CNX

Resources

Corp.

(a)

...............

28,894

312,055

Comstock

Resources,

Inc.

(a)

.............

2,578

11,266

CONSOL

Energy,

Inc.

(a)

...............

3,650

26,317

Contango

Oil

&

Gas

Co.

(a)(b)

.............

11,723

26,846

CVR

Energy,

Inc.

....................

3,889

57,946

Delek

US

Holdings,

Inc.

...............

8,130

130,649

DHT

Holdings,

Inc.

...................

14,560

76,149

Diamond

S

Shipping,

Inc.,

Class

S

(a)

.......

3,463

23,064

Dorian

LPG

Ltd.

(a)

...................

4,501

54,867

Earthstone

Energy,

Inc.,

Class

A

(a)

........

2,843

15,153

Energy

Fuels,

Inc.

(a)

..................

15,380

65,519

Evolution

Petroleum

Corp.

..............

4,274

12,181

Falcon

Minerals

Corp.

.................

5,944

18,724

Frontline

Ltd.

(b)

.....................

15,809

98,332

Golar

LNG

Ltd.

(a)(b)

...................

11,685

112,643

Goodrich

Petroleum

Corp.

(a)

.............

1,356

13,682

Green

Plains,

Inc.

(a)

..................

4,336

57,105

International

Seaways,

Inc.

.............

3,260

53,236

Kosmos

Energy

Ltd.

(b)

.................

48,871

114,847

Magnolia

Oil

&

Gas

Corp.,

Class

A

(a)

.......

15,378

108,569

Matador

Resources

Co.

(a)

..............

14,220

171,493

NACCO

Industries,

Inc.,

Class

A

..........

496

13,045

NextDecade

Corp.

(a)

..................

2,703

5,649

Nordic

American

Tankers

Ltd.

...........

18,951

55,905

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)

.

9,123

19,523

Ovintiv,

Inc.

........................

33,765

484,865

Par

Pacific

Holdings,

Inc.

(a)

.............

5,308

74,206

PBF

Energy,

Inc.,

Class

A

(b)

.............

12,096

85,882

PDC

Energy,

Inc.

(a)(b)

..................

12,534

257,323

Peabody

Energy

Corp.

(a)

...............

9,289

22,386

Penn

Virginia

Corp.

(a)

.................

1,845

18,727

PrimeEnergy

Resources

Corp.

(a)

..........

68

2,936

Range

Resources

Corp.

(a)

..............

27,620

185,054

Renewable

Energy

Group,

Inc.

(a)

.........

4,955

350,913

REX

American

Resources

Corp.

(a)

........

756

55,543

Scorpio

Tankers,

Inc.

.................

6,814

76,249

SFL

Corp.

Ltd.

......................

12,515

78,594

SM

Energy

Co.

.....................

15,199

93,018

Southwestern

Energy

Co.

(a)

.............

82,487

245,811

Talos

Energy,

Inc.

(a)

..................

1,656

13,645

Tellurian,

Inc.

(a)(b)

....................

20,145

25,786

Uranium

Energy

Corp.

(a)

...............

24,505

43,129

W&T

Offshore,

Inc.

(a)(b)

................

12,348

26,795

Whiting

Petroleum

Corp.

(a)

..............

164

4,100

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

World

Fuel

Services

Corp.

..............

8,015

$

249,747

4,584,799

Paper

&

Forest

Products

—

0.5%

Boise

Cascade

Co.

..................

5,065

242,107

Clearwater

Paper

Corp.

(a)

..............

2,145

80,974

Domtar

Corp.

(b)

.....................

6,878

217,688

Glatfelter

Corp.

.....................

5,929

97,117

Louisiana-Pacific

Corp.

................

14,046

522,090

Neenah,

Inc.

.......................

2,097

116,006

Schweitzer-Mauduit

International,

Inc.

......

3,976

159,875

Verso

Corp.,

Class

A

.................

3,988

47,936

1,483,793

Personal

Products

—

0.4%

BellRing

Brands,

Inc.,

Class

A

(a)

..........

5,294

128,697

Edgewell

Personal

Care

Co.

............

7,035

243,270

elf

Beauty,

Inc.

(a)(b)

...................

5,796

146,001

Inter

Parfums,

Inc.

...................

2,282

138,038

Lifevantage

Corp.

(a)

..................

1,846

17,205

Medifast,

Inc.

......................

1,440

282,730

Nature's

Sunshine

Products,

Inc.

(a)

........

1,254

18,747

Revlon,

Inc.,

Class

A

(a)(b)

...............

1,015

12,058

USANA

Health

Sciences,

Inc.

(a)

..........

1,476

113,800

Veru,

Inc.

(a)

........................

6,201

53,639

1,154,185

Pharmaceuticals

—

1.6%

AcelRx

Pharmaceuticals,

Inc.

(a)

..........

10,527

13,053

Aerie

Pharmaceuticals,

Inc.

(a)

............

5,017

67,780

Agile

Therapeutics,

Inc.

(a)

..............

8,972

25,750

Amneal

Pharmaceuticals,

Inc.

(a)

..........

13,652

62,390

Amphastar

Pharmaceuticals,

Inc.

(a)

........

4,678

94,075

ANI

Pharmaceuticals,

Inc.

(a)

.............

1,233

35,806

Aquestive

Therapeutics,

Inc.

(a)

...........

2,541

13,594

Arvinas,

Inc.

(a)

......................

3,926

333,435

Atea

Pharmaceuticals,

Inc.

(a)

............

1,806

75,455

Athira

Pharma,

Inc.

(a)

.................

1,568

53,704

Avenue

Therapeutics,

Inc.

(a)

.............

806

4,796

Axsome

Therapeutics,

Inc.

(a)

............

3,522

286,937

Aytu

BioScience,

Inc.

(a)

................

303

1,810

BioDelivery

Sciences

International,

Inc.

(a)

....

11,503

48,313

Cara

Therapeutics,

Inc.

(a)

..............

5,596

84,667

Cassava

Sciences,

Inc.

(a)

..............

3,124

21,306

Cerecor,

Inc.

(a)

......................

4,088

10,792

Chiasma,

Inc.

(a)

.....................

6,442

28,023

Collegium

Pharmaceutical,

Inc.

(a)(b)

........

4,589

91,918

Corcept

Therapeutics,

Inc.

(a)

............

12,482

326,529

CorMedix,

Inc.

(a)

.....................

3,633

26,993

Cymabay

Therapeutics,

Inc.

(a)

...........

9,305

53,411

Durect

Corp.

(a)

......................

26,082

53,990

Eloxx

Pharmaceuticals,

Inc.

(a)

............

3,641

14,491

Endo

International

plc

(a)(b)

..............

28,273

203,000

Eton

Pharmaceuticals,

Inc.

(a)

............

1,911

15,536

Evofem

Biosciences,

Inc.

(a)(b)

............

9,550

23,015

Evolus,

Inc.

(a)

......................

2,879

9,673

Fulcrum

Therapeutics,

Inc.

(a)

............

1,735

20,317

Graybug

Vision,

Inc.

(a)

.................

754

21,881

Harmony

Biosciences

Holdings,

Inc.

(a)

......

681

24,618

Harrow

Health,

Inc.

(a)

.................

2,973

20,395

IMARA,

Inc.

(a)

......................

667

14,707

Innoviva,

Inc.

(a)

.....................

8,462

104,844

Intersect

ENT,

Inc.

(a)

..................

4,035

92,401

Intra-Cellular

Therapies,

Inc.

(a)

...........

8,495

270,141

Kala

Pharmaceuticals,

Inc.

(a)

............

5,270

35,731

Kaleido

Biosciences,

Inc.

(a)(b)

............

1,552

14,123

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Lannett

Co.,

Inc.

(a)

...................

4,271

$

27,847

Liquidia

Technologies,

Inc.

(a)

............

2,719

8,021

Lyra

Therapeutics,

Inc.

(a)

...............

594

6,772

Marinus

Pharmaceuticals,

Inc.

(a)

..........

2,893

35,295

NGM

Biopharmaceuticals,

Inc.

(a)

..........

3,250

98,459

Ocular

Therapeutix,

Inc.

(a)

..............

8,761

181,353

Odonate

Therapeutics,

Inc.

(a)

............

1,770

33,984

Omeros

Corp.

(a)(b)

....................

7,665

109,495

Optinose,

Inc.

(a)

.....................

4,175

17,284

Osmotica

Pharmaceuticals

plc

(a)

..........

1,621

6,678

Pacira

BioSciences,

Inc.

(a)

..............

5,445

325,829

Paratek

Pharmaceuticals,

Inc.

(a)

..........

5,304

33,203

Phathom

Pharmaceuticals,

Inc.

(a)(b)

........

1,432

47,571

Phibro

Animal

Health

Corp.,

Class

A

.......

2,748

53,366

Pliant

Therapeutics,

Inc.

(a)

..............

1,297

29,468

Prestige

Consumer

Healthcare,

Inc.

(a)

......

6,434

224,354

Provention

Bio,

Inc.

(a)

.................

5,713

96,778

Recro

Pharma,

Inc.

(a)

.................

2,701

7,698

Relmada

Therapeutics,

Inc.

(a)

............

1,894

60,741

Revance

Therapeutics,

Inc.

(a)

............

8,178

231,764

Satsuma

Pharmaceuticals,

Inc.

(a)

.........

1,227

5,656

scPharmaceuticals,

Inc.

(a)

..............

616

3,259

SIGA

Technologies,

Inc.

(a)

..............

7,071

51,406

Strongbridge

Biopharma

plc

(a)

...........

4,835

11,749

Supernus

Pharmaceuticals,

Inc.

(a)

.........

6,253

157,325

Tarsus

Pharmaceuticals,

Inc.

(a)

...........

752

31,080

TherapeuticsMD,

Inc.

(a)

................

31,896

38,594

Theravance

Biopharma,

Inc.

(a)

...........

5,779

102,693

Tricida,

Inc.

(a)

.......................

3,799

26,783

Verrica

Pharmaceuticals,

Inc.

(a)(b)

.........

1,714

19,728

VYNE

Therapeutics,

Inc.

(a)

..............

19,170

30,289

WaVe

Life

Sciences

Ltd.

(a)

..............

4,322

34,014

Xeris

Pharmaceuticals,

Inc.

(a)

............

5,231

25,737

Zogenix,

Inc.

(a)

......................

7,167

143,268

5,016,941

Professional

Services

—

1.2%

Acacia

Research

Corp.

(a)

...............

5,266

20,748

Akerna

Corp.

(a)

.....................

1,218

3,946

ASGN,

Inc.

(a)(b)

......................

6,471

540,523

Barrett

Business

Services,

Inc.

...........

1,047

71,416

BG

Staffing,

Inc.

....................

1,420

19,156

CBIZ,

Inc.

(a)

........................

6,494

172,805

CRA

International,

Inc.

................

1,043

53,120

Exponent,

Inc.

......................

6,571

591,587

Forrester

Research,

Inc.

(a)

..............

1,475

61,803

Franklin

Covey

Co.

(a)(b)

................

1,676

37,325

GP

Strategies

Corp.

(a)

.................

1,846

21,894

Heidrick

&

Struggles

International,

Inc.

.....

2,596

76,270

Huron

Consulting

Group,

Inc.

(a)

...........

2,848

167,890

ICF

International,

Inc.

.................

2,336

173,635

Insperity,

Inc.

.......................

4,566

371,764

Kelly

Services,

Inc.,

Class

A

.............

4,184

86,065

Kforce,

Inc.

(b)

.......................

2,465

103,752

Korn

Ferry

........................

6,622

288,057

Mastech

Digital,

Inc.

(a)

.................

525

8,348

Mistras

Group,

Inc.

(a)

.................

2,325

18,042

Red

Violet,

Inc.

(a)

....................

813

21,227

Resources

Connection,

Inc.

.............

4,164

52,341

TriNet

Group,

Inc.

(a)

..................

5,225

421,135

TrueBlue,

Inc.

(a)

.....................

4,215

78,778

Upwork,

Inc.

(a)

......................

11,993

413,998

Willdan

Group,

Inc.

(a)(b)

................

1,339

55,836

3,931,461

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.8%

Altisource

Portfolio

Solutions

SA

(a)

........

708

$

9,119

American

Realty

Investors,

Inc.

(a)

.........

393

4,284

CTO

Realty

Growth,

Inc.

...............

836

35,246

Cushman

&

Wakefield

plc

(a)

.............

14,253

211,372

eXp

World

Holdings,

Inc.

(a)

..............

3,180

200,722

Fathom

Holdings,

Inc.

(a)(b)

..............

624

22,489

Forestar

Group,

Inc.

(a)

.................

2,201

44,416

FRP

Holdings,

Inc.

(a)

..................

908

41,359

Indus

Realty

Trust,

Inc.

(a)

...............

413

25,812

Kennedy-Wilson

Holdings,

Inc.

(b)

..........

15,717

281,177

Marcus

&

Millichap,

Inc.

(a)

..............

3,098

115,338

Maui

Land

&

Pineapple

Co.,

Inc.

(a)

........

1,072

12,360

Newmark

Group,

Inc.,

Class

A

...........

18,271

133,196

Rafael

Holdings,

Inc.,

Class

B

(a)(b)

.........

909

21,198

RE/MAX

Holdings,

Inc.,

Class

A

..........

2,229

80,980

Realogy

Holdings

Corp.

(a)

..............

15,051

197,469

Redfin

Corp.

(a)(b)

.....................

12,788

877,640

RMR

Group,

Inc.

(The),

Class

A

..........

1,887

72,876

St.

Joe

Co.

(The)

....................

4,319

183,342

Stratus

Properties,

Inc.

(a)

...............

832

21,216

Tejon

Ranch

Co.

(a)

...................

2,793

40,359

Transcontinental

Realty

Investors,

Inc.

(a)

....

162

3,906

2,635,876

Road

&

Rail

—

0.5%

ArcBest

Corp.

......................

3,177

135,562

Avis

Budget

Group,

Inc.

(a)

..............

6,735

251,215

Covenant

Logistics

Group,

Inc.,

Class

A

(a)

...

1,391

20,601

Daseke,

Inc.

(a)

......................

5,427

31,531

Heartland

Express,

Inc.

................

6,002

108,636

Marten

Transport

Ltd.

.................

7,509

129,380

PAM

Transportation

Services,

Inc.

(a)

.......

250

12,250

Saia,

Inc.

(a)

........................

3,377

610,562

Universal

Logistics

Holdings,

Inc.

.........

1,108

22,814

US

Xpress

Enterprises,

Inc.,

Class

A

(a)

......

2,996

20,493

Werner

Enterprises,

Inc.

...............

7,712

302,465

1,645,509

Semiconductors

&

Semiconductor

Equipment

—

2.9%

Advanced

Energy

Industries,

Inc.

(a)(b)

.......

4,824

467,783

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

2,706

63,970

Ambarella,

Inc.

(a)

....................

4,284

393,357

Amkor

Technology,

Inc.

................

13,002

196,070

Atomera,

Inc.

(a)

.....................

1,931

31,070

Axcelis

Technologies,

Inc.

(a)

.............

4,410

128,419

AXT,

Inc.

(a)

........................

5,162

49,400

Brooks

Automation,

Inc.

...............

9,284

629,919

CEVA,

Inc.

(a)

.......................

2,732

124,306

CMC

Materials,

Inc.

..................

3,689

558,146

Cohu,

Inc.

.........................

5,217

199,185

CyberOptics

Corp.

(a)

..................

942

21,374

Diodes,

Inc.

(a)

......................

5,509

388,385

DSP

Group,

Inc.

(a)

...................

2,886

47,879

FormFactor,

Inc.

(a)

...................

9,983

429,469

GSI

Technology,

Inc.

(a)

................

2,022

14,963

Ichor

Holdings

Ltd.

(a)

..................

2,949

88,898

Impinj,

Inc.

(a)

.......................

2,324

97,306

Lattice

Semiconductor

Corp.

(a)

...........

17,489

801,346

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

6,063

333,708

Maxeon

Solar

Technologies

Ltd.

(a)

.........

1,292

36,654

MaxLinear,

Inc.

(a)

....................

8,726

333,246

NeoPhotonics

Corp.

(a)

.................

6,505

59,130

NVE

Corp.

........................

672

37,753

Onto

Innovation,

Inc.

(a)

................

6,098

289,960

PDF

Solutions,

Inc.

(a)

.................

3,884

83,894

Photronics,

Inc.

(a)

....................

8,314

92,784

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Pixelworks,

Inc.

(a)

....................

4,865

$

13,719

Power

Integrations,

Inc.

...............

7,541

617,306

Rambus,

Inc.

(a)

.....................

14,577

254,514

Semtech

Corp.

(a)

....................

8,248

594,598

Silicon

Laboratories,

Inc.

(a)

..............

5,517

702,535

SiTime

Corp.

(a)

......................

1,186

132,749

SMART

Global

Holdings,

Inc.

(a)

...........

1,895

71,309

SunPower

Corp.

(a)

...................

9,657

247,606

Synaptics,

Inc.

(a)

....................

4,423

426,377

Ultra

Clean

Holdings,

Inc.

(a)

.............

5,051

157,339

Veeco

Instruments,

Inc.

(a)

..............

5,845

101,469

9,317,895

Software

—

5.8%

8x8,

Inc.

(a)

.........................

13,673

471,308

A10

Networks,

Inc.

(a)

..................

8,303

81,868

ACI

Worldwide,

Inc.

(a)

.................

14,806

568,995

Agilysys,

Inc.

(a)

.....................

2,488

95,489

Alarm.com

Holdings,

Inc.

(a)

.............

6,071

628,045

Altair

Engineering,

Inc.,

Class

A

(a)

.........

5,444

316,732

American

Software,

Inc.,

Class

A

.........

4,029

69,178

Appfolio,

Inc.,

Class

A

(a)(b)

..............

2,101

378,264

Appian

Corp.

(a)

.....................

4,570

740,751

Asure

Software,

Inc.

(a)

.................

1,314

9,329

Avaya

Holdings

Corp.

(a)

................

10,661

204,158

Benefitfocus,

Inc.

(a)

...................

4,013

58,108

Blackbaud,

Inc.

.....................

6,405

368,672

Blackline,

Inc.

(a)

.....................

6,549

873,506

Bottomline

Technologies

DE,

Inc.

(a)

........

5,700

300,618

Box,

Inc.,

Class

A

(a)

..................

18,060

325,983

Cerence,

Inc.

(a)

.....................

4,678

470,045

ChannelAdvisor

Corp.

(a)

...............

3,719

59,430

Cloudera,

Inc.

(a)

.....................

26,443

367,822

CommVault

Systems,

Inc.

(a)

.............

5,426

300,438

Cornerstone

OnDemand,

Inc.

(a)

..........

7,866

346,419

Digimarc

Corp.

(a)

....................

1,475

69,679

Digital

Turbine,

Inc.

(a)

.................

10,732

607,002

Domo,

Inc.,

Class

B

(a)

.................

3,264

208,145

Ebix,

Inc.

(b)

........................

3,345

127,010

eGain

Corp.

(a)

......................

2,825

33,363

Envestnet,

Inc.

(a)

....................

6,769

557,021

GTY

Technology

Holdings,

Inc.

(a)

.........

5,830

30,199

Intelligent

Systems

Corp.

(a)

.............

978

39,228

j2

Global,

Inc.

(a)

.....................

5,506

537,881

LivePerson,

Inc.

(a)

...................

7,948

494,604

MicroStrategy,

Inc.,

Class

A

(a)

............

939

364,848

Mimecast

Ltd.

(a)

.....................

7,418

421,639

Mitek

Systems,

Inc.

(a)

.................

5,041

89,629

Model

N,

Inc.

(a)

.....................

4,394

156,778

OneSpan,

Inc.

(a)

.....................

4,500

93,060

Park

City

Group,

Inc.

(a)

................

1,277

6,117

Ping

Identity

Holding

Corp.

(a)

............

4,740

135,754

Progress

Software

Corp.

...............

5,806

262,373

PROS

Holdings,

Inc.

(a)(b)

...............

5,082

258,013

Q2

Holdings,

Inc.

(a)

...................

6,469

818,523

QAD,

Inc.,

Class

A

...................

1,558

98,434

Qualys,

Inc.

(a)

......................

4,337

528,550

Rapid7,

Inc.

(a)

......................

6,550

590,548

Rimini

Street,

Inc.

(a)

..................

2,641

11,700

Sailpoint

Technologies

Holdings,

Inc.

(a)

.....

11,282

600,654

Sapiens

International

Corp.

NV

..........

3,411

104,411

SeaChange

International,

Inc.

(a)

..........

3,077

4,308

SecureWorks

Corp.,

Class

A

(a)

...........

1,136

16,154

ShotSpotter,

Inc.

(a)

...................

1,098

41,395

Smith

Micro

Software,

Inc.

(a)

.............

4,237

22,965

Sprout

Social,

Inc.,

Class

A

(a)

............

3,557

161,523

Security

Shares

Shares

Value

Software

(continued)

SPS

Commerce,

Inc.

(a)

................

4,554

$

494,519

Sumo

Logic,

Inc.

(a)

...................

1,780

50,872

SVMK,

Inc.

(a)

.......................

15,737

402,080

Synchronoss

Technologies,

Inc.

(a)

.........

5,752

27,034

Telenav,

Inc.

(a)

......................

4,426

20,802

Tenable

Holdings,

Inc.

(a)

...............

9,116

476,402

Upland

Software,

Inc.

(a)

................

3,346

153,548

Varonis

Systems,

Inc.

(a)

................

4,004

655,094

Verint

Systems,

Inc.

(a)

.................

8,328

559,475

Veritone,

Inc.

(a)

.....................

3,160

89,902

VirnetX

Holding

Corp.

(b)

................

8,291

41,787

Workiva,

Inc.

(a)

......................

5,047

462,406

Xperi

Holding

Corp.

..................

13,275

277,448

Yext,

Inc.

(a)(b)

.......................

13,171

207,048

Zix

Corp.

(a)

........................

7,316

63,137

Zuora,

Inc.,

Class

A

(a)

.................

13,284

185,046

18,693,266

Specialty

Retail

—

2.6%

Aaron's

Co.,

Inc.

(The)

(a)

...............

4,371

82,874

Abercrombie

&

Fitch

Co.,

Class

A

.........

7,849

159,806

Academy

Sports

&

Outdoors,

Inc.

(a)

........

1,991

41,273

American

Eagle

Outfitters,

Inc.

...........

19,585

393,071

America's

Car-Mart,

Inc.

(a)

..............

830

91,167

Asbury

Automotive

Group,

Inc.

(a)

..........

2,439

355,460

At

Home

Group,

Inc.

(a)(b)

...............

6,936

107,231

Bed

Bath

&

Beyond,

Inc.

...............

16,209

287,872

Boot

Barn

Holdings,

Inc.

(a)(b)

.............

3,624

157,137

Buckle,

Inc.

(The)

...................

3,695

107,894

Caleres,

Inc.

.......................

4,728

73,993

Camping

World

Holdings,

Inc.,

Class

A

.....

4,266

111,129

Cato

Corp.

(The),

Class

A

..............

2,996

28,732

Chico's

FAS,

Inc.

....................

18,259

29,032

Children's

Place,

Inc.

(The)

(a)(b)

...........

1,746

87,475

Citi

Trends,

Inc.

.....................

1,278

63,491

Conn's,

Inc.

(a)

......................

2,008

23,473

Container

Store

Group,

Inc.

(The)

(a)

........

2,426

23,144

Designer

Brands,

Inc.,

Class

A

...........

7,913

60,534

Envela

Corp.

(a)

......................

1,027

5,340

Express,

Inc.

(a)(b)

....................

8,759

7,971

GameStop

Corp.,

Class

A

(a)

.............

6,859

129,224

Genesco,

Inc.

(a)

.....................

1,747

52,567

Group

1

Automotive,

Inc.

...............

2,252

295,327

GrowGeneration

Corp.

(a)

...............

4,669

187,787

Guess?,

Inc.

.......................

4,816

108,938

Haverty

Furniture

Cos.,

Inc.

.............

2,098

58,052

Hibbett

Sports,

Inc.

(a)

.................

2,052

94,761

Lithia

Motors,

Inc.,

Class

A

.............

3,308

968,152

Lumber

Liquidators

Holdings,

Inc.

(a)(b)

......

3,716

114,230

MarineMax,

Inc.

(a)

....................

2,523

88,381

Michaels

Cos.,

Inc.

(The)

(a)

.............

9,674

125,859

Monro,

Inc.

(b)

.......................

4,060

216,398

Murphy

USA,

Inc.

...................

3,430

448,884

National

Vision

Holdings,

Inc.

(a)

..........

10,255

464,449

ODP

Corp.

(The)

....................

6,535

191,475

OneWater

Marine,

Inc.,

Class

A

(a)

.........

1,029

29,934

Rent-A-Center,

Inc.

..................

6,015

230,314

RH

(a)

............................

2,023

905,333

Sally

Beauty

Holdings,

Inc.

(a)

............

14,598

190,358

Shoe

Carnival,

Inc.

...................

1,138

44,587

Signet

Jewelers

Ltd.

(b)

.................

6,784

185,000

Sleep

Number

Corp.

(a)

................

3,508

287,165

Sonic

Automotive,

Inc.,

Class

A

(b)

.........

2,877

110,966

Sportsman's

Warehouse

Holdings,

Inc.

(a)

....

5,364

94,138

Tilly's,

Inc.,

Class

A

..................

2,334

19,045

Urban

Outfitters,

Inc.

(a)(b)

...............

8,973

229,709

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Winmark

Corp.

.....................

395

$

73,391

Zumiez,

Inc.

(a)

......................

2,658

97,761

8,340,284

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

(a)

3D

Systems

Corp.

...................

15,733

164,882

Avid

Technology,

Inc.

.................

4,169

66,162

Corsair

Gaming,

Inc.

.................

1,909

69,144

Diebold

Nixdorf,

Inc.

(b)

.................

8,779

93,584

Eastman

Kodak

Co.

..................

2,191

17,835

Immersion

Corp.

....................

2,073

23,404

Intevac,

Inc.

.......................

2,670

19,251

Quantum

Corp.

.....................

3,907

23,911

Super

Micro

Computer,

Inc.

.............

5,729

181,380

659,553

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Crocs,

Inc.

(a)

.......................

8,537

534,928

Deckers

Outdoor

Corp.

(a)

...............

3,596

1,031,261

Fossil

Group,

Inc.

(a)

..................

6,532

56,632

G-III

Apparel

Group

Ltd.

(a)

..............

5,543

131,591

Kontoor

Brands,

Inc.

..................

6,679

270,900

Lakeland

Industries,

Inc.

(a)

..............

1,003

27,332

Movado

Group,

Inc.

(a)

.................

2,288

38,027

Oxford

Industries,

Inc.

(b)

...............

2,147

140,650

Rocky

Brands,

Inc.

...................

943

26,470

Steven

Madden

Ltd.

..................

10,561

373,014

Superior

Group

of

Cos.,

Inc.

............

1,519

35,302

Unifi,

Inc.

(a)

........................

1,745

30,956

Vera

Bradley,

Inc.

(a)

..................

3,000

23,880

Wolverine

World

Wide,

Inc.

(b)

............

10,271

320,969

3,041,912

Thrifts

&

Mortgage

Finance

—

1.7%

Axos

Financial,

Inc.

(a)

.................

7,375

276,784

Bogota

Financial

Corp.

(a)

...............

813

7,244

Bridgewater

Bancshares,

Inc.

(a)

..........

3,082

38,494

Capitol

Federal

Financial,

Inc.

(b)

..........

15,957

199,462

Columbia

Financial,

Inc.

(a)(b)

.............

5,524

85,953

ESSA

Bancorp,

Inc.

..................

1,222

18,330

Essent

Group

Ltd.

...................

14,034

606,269

Federal

Agricultural

Mortgage

Corp.,

Class

C

.

1,229

91,253

Flagstar

Bancorp,

Inc.

................

6,213

253,242

FS

Bancorp,

Inc.

....................

493

27,016

Greene

County

Bancorp,

Inc.

............

388

9,890

Hingham

Institution

For

Savings

(The)

......

187

40,392

Home

Bancorp,

Inc.

..................

1,018

28,494

HomeStreet,

Inc.

....................

2,561

86,434

Kearny

Financial

Corp.

................

10,162

107,311

Luther

Burbank

Corp.

.................

2,629

25,764

Merchants

Bancorp

..................

1,064

29,398

Meridian

Bancorp,

Inc.

................

6,383

95,171

Meta

Financial

Group,

Inc.

..............

4,135

151,176

MMA

Capital

Holdings,

Inc.

(a)

............

637

15,670

Mr

Cooper

Group,

Inc.

(a)

...............

9,637

299,036

NMI

Holdings,

Inc.,

Class

A

(a)

............

10,641

241,019

Northfield

Bancorp,

Inc.

...............

5,768

71,119

Northwest

Bancshares,

Inc.

.............

15,009

191,215

Oconee

Federal

Financial

Corp.

..........

98

2,479

OP

Bancorp

.......................

1,864

14,353

PCSB

Financial

Corp.

.................

2,088

33,283

PDL

Community

Bancorp

(a)

.............

1,335

14,031

PennyMac

Financial

Services,

Inc.

........

5,385

353,364

Pioneer

Bancorp,

Inc.

(a)

................

1,483

15,675

Premier

Financial

Corp.

...............

4,636

106,628

Provident

Bancorp,

Inc.

................

1,329

15,948

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

(continued)

Provident

Financial

Holdings,

Inc.

.........

732

$

11,500

Provident

Financial

Services,

Inc.

.........

9,159

164,496

Prudential

Bancorp,

Inc.

...............

1,270

17,590

Radian

Group,

Inc.

...................

24,722

500,621

Riverview

Bancorp,

Inc.

...............

3,056

16,075

Security

National

Financial

Corp.,

Class

A

(a)

..

841

7,022

Southern

Missouri

Bancorp,

Inc.

..........

1,047

31,871

Standard

AVB

Financial

Corp.

...........

404

13,166

Sterling

Bancorp,

Inc.

.................

2,419

10,982

Territorial

Bancorp,

Inc.

................

1,110

26,673

Timberland

Bancorp,

Inc.

..............

982

23,823

TrustCo

Bank

Corp.

..................

12,433

82,928

Walker

&

Dunlop,

Inc.

.................

3,598

331,088

Washington

Federal,

Inc.

...............

9,696

249,575

Waterstone

Financial,

Inc.

..............

3,092

58,191

Western

New

England

Bancorp,

Inc.

.......

2,982

20,546

WSFS

Financial

Corp.

................

6,123

274,800

5,392,844

Tobacco

—

0.1%

Turning

Point

Brands,

Inc.

(b)

.............

1,518

67,642

Universal

Corp.

.....................

3,151

153,170

Vector

Group

Ltd.

...................

18,190

211,914

432,726

Trading

Companies

&

Distributors

—

1.5%

Alta

Equipment

Group,

Inc.

(a)

............

2,288

22,605

Applied

Industrial

Technologies,

Inc.

.......

4,993

389,404

Beacon

Roofing

Supply,

Inc.

(a)

...........

7,039

282,897

BMC

Stock

Holdings,

Inc.

(a)

.............

8,554

459,179

CAI

International,

Inc.

.................

2,260

70,602

DXP

Enterprises,

Inc.

(a)

................

2,306

51,262

EVI

Industries,

Inc.

(a)(b)

................

654

19,568

Foundation

Building

Materials,

Inc.

(a)

.......

2,718

52,213

GATX

Corp.

(b)

......................

4,504

374,643

General

Finance

Corp.

(a)

...............

1,474

12,544

GMS,

Inc.

(a)

........................

5,276

160,813

H&E

Equipment

Services,

Inc.

(b)

..........

4,209

125,470

Herc

Holdings,

Inc.

(a)

.................

3,151

209,258

Lawson

Products,

Inc.

(a)

...............

584

29,731

MRC

Global,

Inc.

(a)

...................

8,734

57,906

Nesco

Holdings,

Inc.

(a)

................

1,542

11,365

NOW,

Inc.

(a)

.......................

13,557

97,339

Rush

Enterprises,

Inc.,

Class

A

..........

5,346

221,432

Rush

Enterprises,

Inc.,

Class

B

..........

853

32,320

SiteOne

Landscape

Supply,

Inc.

(a)(b)

........

5,640

894,673

Systemax,

Inc.

.....................

1,489

53,440

Textainer

Group

Holdings

Ltd.

(a)

..........

6,218

119,261

Titan

Machinery,

Inc.

(a)

................

2,475

48,386

Transcat,

Inc.

(a)

.....................

853

29,582

Triton

International

Ltd.

................

7,656

371,393

Veritiv

Corp.

(a)

......................

1,816

37,755

WESCO

International,

Inc.

(a)

............

6,233

489,291

Willis

Lease

Finance

Corp.

(a)

............

394

12,001

4,736,333

Water

Utilities

—

0.4%

American

States

Water

Co.

.............

4,683

372,345

Artesian

Resources

Corp.,

Class

A

........

1,099

40,751

Cadiz,

Inc.

(a)

.......................

2,492

26,540

California

Water

Service

Group

..........

6,367

344,009

Consolidated

Water

Co.

Ltd.

............

1,787

21,533

Global

Water

Resources,

Inc.

............

1,617

23,301

Middlesex

Water

Co.

.................

2,167

157,042

Pure

Cycle

Corp.

(a)(b)

..................

2,648

29,737

SJW

Group

........................

3,382

234,576

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Water

Utilities

(continued)

York

Water

Co.

(The)

.................

1,710

$

79,686

1,329,520

Wireless

Telecommunication

Services

—

0.1%

Boingo

Wireless,

Inc.

(a)

................

5,878

74,768

Gogo,

Inc.

(a)

.......................

7,126

68,623

Shenandoah

Telecommunications

Co.

......

6,261

270,788

Spok

Holdings,

Inc.

..................

2,466

27,447

441,626

Total

Common

Stocks

—

98.7%

(Cost:

$221,386,455)

..............................

317,543,925

Investment

Companies

—

0.0%

Ferroglobe

Representation

&

Warranty

Insurance

Trust

-

Beneficial

Interest

Units

(c)

10,979

—

Total

Investment

Companies

—

0.0%

(Cost:

$—)

.....................................

—

Total

Long-Term

Investments

—

98.7%

(Cost:

$221,386,455)

..............................

317,543,925

Security

Shares

Shares

Value

Short-Term

Securities

—

9.4%

(e)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

*

....................

3,838,753

$

3,838,753

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

...........

2,909

2,909

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(f)*

........................

26,259,674

26,267,552

Total

Short-Term

Securities

—

9.4%

(Cost:

$30,109,256)

...............................

30,109,214

Total

Investments

—

108.1%

(Cost:

$251,495,711

)

..............................

347,653,139

Liabilities

in

Excess

of

Other

Assets

—

(8.1)%

.............

(25,910,000)

Net

Assets

—

100.0%

...............................

$

321,743,139

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

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.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

3,005,083

$

833,670

$

—

$

—

$

—

$

3,838,753

3,838,753

$

10,130

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

.........

41,598,888

—

(15,311,496)

(19,573)

(267)

26,267,552

26,259,674

271,746

(b)

—

$

(19,573)

$

(267)

$

30,106,305

$

281,876

$

—

(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.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

24

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

Russell

2000

E-Mini

Index

....................................................

47

03/19/21

$

4,641

$

124,496

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

124,496

$

—

$

—

$

—

$

124,496

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

841,468

$

—

$

—

$

—

$

841,468

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

101,463

—

—

—

101,463

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

3,168,795

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

25

Schedule

of

Investments

(continued)

December

31,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

2,921,630

$

—

$

—

$

2,921,630

Air

Freight

&

Logistics

....................................

1,049,776

—

—

1,049,776

Airlines

..............................................

1,000,787

—

—

1,000,787

Auto

Components

......................................

4,474,107

—

—

4,474,107

Automobiles

..........................................

242,457

—

—

242,457

Banks

...............................................

24,572,264

—

—

24,572,264

Beverages

...........................................

950,551

—

—

950,551

Biotechnology

.........................................

35,711,149

—

5,326

35,716,475

Building

Products

.......................................

4,725,983

—

—

4,725,983

Capital

Markets

........................................

4,982,721

—

—

4,982,721

Chemicals

............................................

5,528,244

—

—

5,528,244

Commercial

Services

&

Supplies

.............................

6,111,991

—

—

6,111,991

Communications

Equipment

................................

2,883,523

—

—

2,883,523

Construction

&

Engineering

................................

4,464,282

—

—

4,464,282

Construction

Materials

....................................

468,592

—

—

468,592

Consumer

Finance

......................................

2,384,410

—

—

2,384,410

Containers

&

Packaging

..................................

705,417

—

—

705,417

Distributors

...........................................

226,208

—

—

226,208

Diversified

Consumer

Services

..............................

1,776,280

—

—

1,776,280

Diversified

Financial

Services

...............................

637,790

—

—

637,790

Diversified

Telecommunication

Services

........................

2,401,489

—

—

2,401,489

Electric

Utilities

........................................

1,962,860

—

—

1,962,860

Electrical

Equipment

.....................................

5,472,567

—

—

5,472,567

Electronic

Equipment,

Instruments

&

Components

.................

7,184,367

—

—

7,184,367

Energy

Equipment

&

Services

..............................

2,083,920

—

—

2,083,920

Entertainment

.........................................

791,621

—

—

791,621

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

17,039,072

—

—

17,039,072

Food

&

Staples

Retailing

..................................

2,433,958

—

—

2,433,958

Food

Products

.........................................

4,570,695

—

—

4,570,695

Gas

Utilities

...........................................

2,800,706

—

—

2,800,706

Health

Care

Equipment

&

Supplies

...........................

10,934,445

—

—

10,934,445

Health

Care

Providers

&

Services

............................

8,644,194

—

—

8,644,194

Health

Care

Technology

..................................

3,886,137

—

—

3,886,137

Hotels,

Restaurants

&

Leisure

..............................

11,760,335

—

—

11,760,335

Household

Durables

.....................................

6,288,139

—

—

6,288,139

Household

Products

.....................................

723,065

—

—

723,065

Independent

Power

and

Renewable

Electricity

Producers

............

2,036,015

—

—

2,036,015

Industrial

Conglomerates

..................................

149,070

—

—

149,070

Insurance

............................................

6,772,874

—

—

6,772,874

Interactive

Media

&

Services

...............................

1,264,079

—

—

1,264,079

Internet

&

Direct

Marketing

Retail

............................

2,521,006

—

—

2,521,006

IT

Services

...........................................

6,164,544

—

—

6,164,544

Leisure

Products

.......................................

2,103,913

—

—

2,103,913

Life

Sciences

Tools

&

Services

..............................

2,828,777

—

—

2,828,777

Machinery

............................................

11,639,792

—

—

11,639,792

Marine

..............................................

534,261

—

—

534,261

Media

...............................................

2,498,127

—

—

2,498,127

Metals

&

Mining

........................................

5,392,073

2,532

—

5,394,605

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

3,980,986

—

—

3,980,986

Multiline

Retail

.........................................

721,995

—

—

721,995

Multi-Utilities

..........................................

1,294,300

—

—

1,294,300

Oil,

Gas

&

Consumable

Fuels

...............................

4,584,799

—

—

4,584,799

Paper

&

Forest

Products

..................................

1,483,793

—

—

1,483,793

Personal

Products

......................................

1,154,185

—

—

1,154,185

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

26

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Pharmaceuticals

.......................................

$

5,016,941

$

—

$

—

$

5,016,941

Professional

Services

....................................

3,931,461

—

—

3,931,461

Real

Estate

Management

&

Development

.......................

2,635,876

—

—

2,635,876

Road

&

Rail

...........................................

1,645,509

—

—

1,645,509

Semiconductors

&

Semiconductor

Equipment

....................

9,317,895

—

—

9,317,895

Software

.............................................

18,693,266

—

—

18,693,266

Specialty

Retail

........................................

8,340,284

—

—

8,340,284

Technology

Hardware,

Storage

&

Peripherals

....................

659,553

—

—

659,553

Textiles,

Apparel

&

Luxury

Goods

............................

3,041,912

—

—

3,041,912

Thrifts

&

Mortgage

Finance

................................

5,392,844

—

—

5,392,844

Tobacco

.............................................

432,726

—

—

432,726

Trading

Companies

&

Distributors

............................

4,736,333

—

—

4,736,333

Water

Utilities

.........................................

1,329,520

—

—

1,329,520

Wireless

Telecommunication

Services

.........................

441,626

—

—

441,626

Short-Term

Securities

.......................................

3,841,662

—

—

3,841,662

Subtotal

....................................................

$

321,377,729

$

2,532

$

5,326

$

321,385,587

Investments

valued

at

NAV

(a)

......................................

26,267,552

$

—

Total

Investments

..............................................

$

347,653,139

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

124,496

$

—

$

—

$

124,496

(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.

Statement

of

Assets

and

Liabilities

December

31,

2020

27

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$25,566,448)

(cost

—

$221,389,364)

..........................................

$

317,546,834‌

Investments

at

value

—

affiliated

(cost

—

$30,106,347)

................................................................................

30,106,305‌

Cash

.................................................................................................................

170‌

Cash

pledged

for

futures

contracts

..............................................................................................

267,000‌

Receivables:

–‌

Investments

sold

........................................................................................................

38,664‌

Securities

lending

income

—

affiliated

..........................................................................................

15,419‌

Capital

shares

sold

.......................................................................................................

77,277‌

Dividends

—

affiliated

.....................................................................................................

99‌

Dividends

—

unaffiliated

...................................................................................................

277,615‌

Prepaid

expenses

.........................................................................................................

2,399‌

Total

assets

.............................................................................................................

348,331,782‌

LIABILITIES

Collateral

on

securities

loaned

at

value

...........................................................................................

26,285,427‌

Payables:

–‌

Investments

purchased

....................................................................................................

2,909‌

Accounting

services

fees

...................................................................................................

19,434‌

Capital

shares

redeemed

...................................................................................................

67,988‌

Custodian

fees

..........................................................................................................

17,098‌

Investment

advisory

fees

..................................................................................................

21,144‌

Directors'

and

Officer's

fees

.................................................................................................

2,234‌

Other

affiliate

fees

.......................................................................................................

2,190‌

Printing

and

postage

fees

..................................................................................................

65,236‌

Professional

fees

........................................................................................................

41,600‌

Transfer

agent

fees

......................................................................................................

33,678‌

Variation

margin

on

futures

contracts

...........................................................................................

3,936‌

Other

accrued

expenses

...................................................................................................

25,769‌

Total

liabilities

............................................................................................................

26,588,643‌

NET

ASSETS

............................................................................................................

$

321,743,139‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

222,974,502‌

Accumulated

earnings

......................................................................................................

98,768,637‌

NET

ASSETS

............................................................................................................

$

321,743,139‌

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

To

Shareholders

28

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

321,743,139‌

Shares

outstanding

.................................................................................................

24,712,365‌

Net

asset

value

....................................................................................................

$

13.02‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2020

29

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

10,130‌

Dividends

—

unaffiliated

...................................................................................................

3,264,291‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

271,746‌

Foreign

taxes

withheld

....................................................................................................

(5,347‌)

Total

investment

income

.....................................................................................................

3,540,820‌

EXPENSES

Printing

and

postage

.....................................................................................................

210,737‌

Investment

advisory

......................................................................................................

203,138‌

Transfer

agent

..........................................................................................................

142,173‌

Professional

...........................................................................................................

74,434‌

Accounting

services

......................................................................................................

60,327‌

Custodian

.............................................................................................................

21,366‌

Directors

and

Officer

.....................................................................................................

11,588‌

Miscellaneous

..........................................................................................................

17,895‌

Total

expenses

...........................................................................................................

741,658‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(57,683‌)

Transfer

agent

fees

reimbursed

..............................................................................................

(125,340‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

558,635‌

Net

investment

income

......................................................................................................

2,982,185‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

49,258,398‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(19,573‌)

Investments

—

unaffiliated

...............................................................................................

10,493,754‌

Futures

contracts

......................................................................................................

841,468‌

A

11,315,649‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

(267‌)

Investments

—

unaffiliated

...............................................................................................

37,841,553‌

Futures

contracts

......................................................................................................

101,463‌

A

37,942,749‌

Net

realized

and

unrealized

gain

...............................................................................................

49,258,398‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

52,240,583‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

To

Shareholders

30

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

2,982,185‌

$

3,699,259‌

Net

realized

gain

..................................................................................

11,315,649‌

13,674,355‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

37,942,749‌

42,575,588‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

52,240,583‌

59,949,202‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(13,197,729‌)

(16,463,952‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(2,266,429‌)

(818,241‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

36,776,425‌

42,667,009‌

Beginning

of

year

....................................................................................

284,966,714‌

242,299,705‌

End

of

year

........................................................................................

$

321,743,139‌

$

284,966,714‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

31

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

(a)

Class

I

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

..............................

$

11.34‌

$

9.60‌

$

14.57‌

$

13.63‌

$

11.78‌

Net

investment

income

(b)

.....................................

0.12‌

0.15‌

0.18‌

0.16‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

...........................

2.11‌

2.29‌

(1.86‌)

1.83‌

2.33‌

Net

increase

(decrease)

from

investment

operations

....................

2.23‌

2.44‌

(1.68‌)

1.99‌

2.48‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(0.16‌)

(0.15‌)

(0.19‌)

(0.16‌)

(0.16‌)

From

net

realized

gain

.......................................

(0.39‌)

(0.55‌)

(3.10‌)

(0.89‌)

(0.47‌)

Total

distributions

...........................................

(0.55‌)

(0.70‌)

(3.29‌)

(1.05‌)

(0.63‌)

Net

asset

value,

end

of

year

...................................

$

13.02‌

$

11.34‌

$

9.60‌

$

14.57‌

$

13.63‌

Total

Return

(d)

19.84%

25.40%

(11.25)%

—

—

Based

on

net

asset

value

......................................

19.84%

25.40%

(11.25)%

14.55%

20.96%

Ratios

to

Average

Net

Assets

Total

expenses

.............................................

0.29%

0.27%

0.30%

(e)

0.23%

0.31%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.22%

0.22%

0.23%

(e)

0.22%

0.30%

Net

investment

income

.......................................

1.17%

1.37%

1.17%

1.11%

1.23%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

321,743‌

$

284,967‌

$

242,300‌

$

340,353‌

$

315,275‌

Portfolio

turnover

rate

........................................

16%

13%

17%

12%

15%

(a)

On

October

29,

2018,

the

Fund

acquired

all

of

the

assets

and

assumed

certain

stated

liabilities

of

the

Small

Cap

Equity

Index

Fund

(the

"Predecessor

Fund"),

a

series

of

State

Farm

Variable

Product

Trust,

through

a

tax-free

reorganization

(the

"Reorganization").

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.27%

and

0.23%,

respectively.

Notes

to

Financial

Statements

2020

BlackRock

Annual

Report

To

Shareholders

32

ORGANIZATION 

BlackRock

Variable

Series

Funds,

Inc. (the

"Company")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company. 

The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of

15 separate

funds. 

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Small

Cap

Index

V.I.

Fund (the

"Fund"). The

Fund

is

classified

as

diversified.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2020

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

record

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

the

Fund

are

charged

to

the

Fund.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the New

York

Stock

Exchange ("NYSE").

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

Notes

to

Financial

Statements

(continued)

33

Notes

to

Financial

Statements

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

a

market

closure,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

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

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

Private

Companies

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

34

that

may

not

have

a

secondary

market

and/or

may

have

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.

As

of

December

31,

2020,

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.

SECURITIES

AND

OTHER

INVESTMENTS 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks

in the

Fund’s

Schedule

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Barclays

Capital,

Inc.

...................................................

$

1,176,238‌

$

(1,176,238‌)

$

—‌

BofA

Securities,

Inc.

....................................................

36,982‌

(36,982‌)

—‌

Citigroup

Global

Markets,

Inc.

.............................................

8,163,948‌

(8,163,948‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

3,723,403‌

(3,723,403‌)

—‌

Jefferies

LLC

.........................................................

212,435‌

(212,435‌)

—‌

JP

Morgan

Securities

LLC

................................................

4,190,993‌

(4,190,993‌)

—‌

National

Financial

Services

LLC

............................................

3,743,414‌

(3,743,414‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

3,606,269‌

(3,606,269‌)

—‌

TD

Prime

Services

LLC

.................................................

712,766‌

(712,766‌)

—‌

$

25,566,448‌

$

(25,566,448‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

35

Notes

to

Financial

Statements

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

0.08%

of

the

average

daily

value

of

the

Fund's

net

assets.

For

the year

ended

December

31,

2020,

the

Fund

reimbursed

the

Manager $2,836

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

.

For

the

year

ended

December

31,

2020

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Expense

Limitations,

Waivers

,

Reimbursements

and

Recoupments

:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

April

30,

2021

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

directors who

are

not

"interested

persons"

of

the

Company

,

as

defined

in

the

1940

Act

("Independent

Directors"),

or

by

a

vote

of

a

majority

of

the

outst

anding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

Prior

to May

1,

2020,

this

waiver

was

voluntary. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

the

amount

waived

was

$1,862.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

year

ended

December

31,

2020,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitation

as

a

percentage

of

average

daily

net

assets

is

0.22%.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2020,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$55,821

and

$115,116,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed,

respectively,

in

the

Statement

of

Operations.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

at

0.05%

of

average

daily

net

assets.

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

April

30,

2021,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2020,

class

specific

expense

reimbursements

were

$10,224.

With

respect

to

the

contractual

expense

limitation,

if

during

the

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

the

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

the

Fund’s

investment

adviser

or

administrator.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

36

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

October

26,

2025,

the

repayment

arrangement

between

the

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

the

Fund's

contractual

caps

on

net

expenses will

be terminated.

As

of December

31,

2020,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

are

as

follows:  

The

following

fund

level

and

class

specific

waivers

and/or

reimbursements

previously

recorded

by

the

Fund,

which

were

subject

to

recoupment

by

the

Manager,

expired

on

December

31,

2020:  

Securities

Lending:

Th

e

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the year

ended December

31,

2020,

the

Fund

paid

BIM $77,212

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

F

und

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“

Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interf

und

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2020,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

directors.

For

the

year ended

December

31,

2020,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

affiliated

funds

in

c

ompliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

Expiring

December

31,

2021

2022

Fund

Level

........................................................................................

$

94,540‌

$

55,821‌

Class

I

...........................................................................................

59,192‌

125,340‌

Fund

Level

...............................................................................................................

$

23,988‌

Class

I

..................................................................................................................

23,136‌

Purchases

...............................................................................................................

$

4,222,039‌

Sales

...................................................................................................................

15,548,298‌

Net

Realized

Gain

..........................................................................................................

8,584,472‌

Notes

to

Financial

Statements

(continued)

37

Notes

to

Financial

Statements

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2020,

purchases

and

sales

of

investments,

excluding

short-term

securities, were $39,832,953

and

$51,691,730,

respectively.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

2020,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

investments

in

passive

foreign

investment

companies,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

classification

of

investments.

As

of

December

31,

2020, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2021

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2020,

the

Fund

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

12/31/20

12/31/19

Ordinary

income

............................................................................................

$

4,536,019‌

$

4,509,217‌

Long-term

capital

gains

........................................................................................

8,661,710‌

11,954,735‌

$

13,197,729‌

$

16,463,952‌

Undistributed

ordinary

income

.............................................................................................

$

782,883‌

Undistributed

long-term

capital

gains

.........................................................................................

2,518,168‌

Net

unrealized

gains

(losses)

(a)

............................................................................................

95,467,586‌

$

98,768,637‌

Tax

cost

...........................................................................................................

$

252,200,068‌

Gross

unrealized

appreciation

............................................................................................

$

129,446,656‌

Gross

unrealized

depreciation

............................................................................................

(33,993,585‌)

Net

unrealized

appreciation

(depreciation)

....................................................................................

$

95,453,071‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

To

Shareholders

38

The

Manager uses

a

“passive”

or

index

approach

to

try

to

achieve

the

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns. The

Manager does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

the

Manager.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”)

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

Notes

to

Financial

Statements

(continued)

39

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

As

of

December

31,

2020,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

710

Class

I

Shares

of the

Fund.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

329,949‌

$

3,206,206‌

212,162‌

$

2,346,973‌

Shares

issued

in

reinvestment

of

distributions

........................

1,040,479‌

13,197,337‌

1,462,487‌

16,461,340‌

Shares

redeemed

.........................................

(1,786,888‌)

(18,669,972‌)

(1,776,621‌)

(19,626,554‌)

Net

decrease

..............................................

(416,460‌)

$

(2,266,429‌)

(101,972‌)

$

(818,241‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

To

Shareholders

40

To

the

Shareholders

of

BlackRock

Small

Cap

Index

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Small

Cap

Index

V.I.

Fund

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2020,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2020,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

each

of

the

two

years

in

the

period

ended

December

31,

2017

of

the

Fund

were

audited

by

other

auditors

whose

report

dated

February

23,

2018,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

41

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

Statement

Regarding

Liquidity

Risk

Management

Program

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Variable

Series

Funds,

Inc.

(“Variable

Series

Funds”)

and

BlackRock

Variable

Series

Funds

II,

Inc.

(“Variable

Series

Funds

II”

and

together

with

Variable

Series

Funds,

the

"Companies"

and

each,

a

"Company")

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund,

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund,

BlackRock

Basic

Value

V.I.

Fund,

BlackRock

Capital

Appreciation

V.I.

Fund,

BlackRock

Equity

Dividend

V.I.

Fund,

BlackRock

Global

Allocation

V.I.

Fund,

BlackRock

High

Yield

V.I.

Fund,

BlackRock

International

V.I.

Fund,

BlackRock

International

Index

V.I.

Fund,

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund,

BlackRock

S&P

500

Index

V.I.

Fund,

BlackRock

Small

Cap

Index

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund

(the

"Funds"),

each

a

series

of

the

Variable

Series

Funds

or

Variable

Series

Funds

II,

as

applicable,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Directors

(the

“Board”)

of

Variable

Series

Funds,

on

behalf

of

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund,

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund,

BlackRock

Basic

Value

V.I.

Fund,

BlackRock

Capital

Appreciation

V.I.

Fund,

BlackRock

Equity

Dividend

V.I.

Fund,

BlackRock

Global

Allocation

V.I.

Fund,

BlackRock

International

Index

V.I.

Fund,

BlackRock

International

V.I.

Fund,

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund,

BlackRock

S&P

500

Index

V.I.

Fund

and

BlackRock

Small

Cap

Index

V.I.

Fund,

met

on

November

10-11,

2020

and

the

Board

of

Variable

Series

Funds

II,

on

behalf

of

BlackRock

High

Yield

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund,

met

on

November

18-19,

2020

(the

“Meeting”)

to

review

the

Program.

The

Boards

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

Funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meetings,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Boards

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

operation

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

impact

of

the

coronavirus

outbreak

on

the

Funds

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

Funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

Fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

Fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

Fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

Fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

Fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

Funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period.

The

Report

provided

to

the

Boards

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Director

and

Officer

Information

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Variable

Series

Funds,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Mark

Stalnecker

1951

Chair

of

the

Board

and

Director

(Since

2019)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

33

RICs

consisting

of

159

Portfolios

None

Bruce

R.

Bond

1946

Director

(Since

2007)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

of

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

to

2005;

Board

Member

of

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

to

2007.

33

RICs

consisting

of

159

Portfolios

None

Susan

J.

Carter

1956

Director

(Since

2019)

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

since

1997;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019.

33

RICs

consisting

of

159

Portfolios

None

Collette

Chilton

1958

Director

(Since

2019)

Chief

Investment

Officer,

Williams

College

since

2006;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006.

33

RICs

consisting

of

159

Portfolios

None

Neil

A.

Cotty

1954

Director

(Since

2019)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

33

RICs

consisting

of

159

Portfolios

None

Lena

G.

Goldberg

1949

Director

(Since

2016)

Senior

Lecturer,

Harvard

Business

School,

since

2008;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

FMR

LLC/

Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

33

RICs

consisting

of

159

Portfolios

None

Henry

R.

Keizer

1956

Director

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

to

2016;

Director,

American

Institute

of

Certified

Public

Accountants

from

2009

to

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

to

2005

and

2010

to

2012;

Director,

KPMG

International

in

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

to

2012

and

U.S.

Vice

Chairman

of

Audit

thereof

from

2005

to

2010;

Global

Head

of

Audit,

KPMGI

(consortium

of

KPMG

firms)

from

2006

to

2010;

Director,

YMCA

of

Greater

New

York

from

2006

to

2010.

33

RICs

consisting

of

159

Portfolios

Hertz

Global

Holdings

(car

rental);

Montpelier

Re

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

until

2015;

WABCO

(commercial

vehicle

safety

systems);

Sealed

Air

Corp.

(packaging)

Cynthia

A.

Montgomery

1952

Director

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

33

RICs

consisting

of

159

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Donald

C.

Opatrny

1952

Director

(Since

2015)

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

since

2004;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

to

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2018;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

of

Investment

Committee

since

2020.

33

RICs

consisting

of

159

Portfolios

None

Joseph

P.

Platt

1947

Director

(Since

2019)

General

Partner,

Thorn

Partners,

LP

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

33

RICs

consisting

of

159

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

Kenneth

L.

Urish

1951

Director

(Since

2019)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

founding

in

2001;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-Tel

from

2006

to

2007.

33

RICs

consisting

of

159

Portfolios

None

Claire

A.

Walton

1957

Director

(Since

2019)

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.

33

RICs

consisting

of

159

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

Interested

Directors

(a)(d)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

"interested

persons,"

as

defined

in

the

1940

Act,

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

In

addition,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Director

joined

the

Board,

certain

Independent

Directors

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Bruce

R.

Bond,

2005;

Susan

J.

Carter,

2016;

Collette

Chilton,

2015;

Neil

A.

Cotty,

2016;

Cynthia

A.

Montgomery,

1994;

Joseph

P.

Platt,

1999;

Mark

Stalnecker,

2015;

Kenneth

L.

Urish,

1999;

Claire

A.

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

117

RICs

consisting

of

267

Portfolios

None

John

M.

Perlowski

(e)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

118

RICs

consisting

of

268

Portfolios

None

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company’s

Directors

and

Officers

is

available

in

the

Company’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Neal

J.

Andrews

1966

Chief

Financial

Officer

(Since

2007)

Chief

Financial

Officer

of

the

iShares

®

exchange

traded

funds

from

2019

to

2020;

Managing

Director

of

BlackRock,

Inc.

since

2006.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Neal

J.

Andrews

retired

as

the

Chief

Financial

Officer

effective

December

31,

2020,

and

Trent

Walker

was

elected

as

the

Chief

Financial

Officer

effective

January

1,

2021.

Director

and

Officer

Information

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Variable

Series

Funds

II,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Richard

E.

Cavanagh

1946

Co-Chair

of

the

Board

and

Director

(Since

2019)

Director,

The

Guardian

Life

Insurance

Company

of

America

since

1998;

Board

Chair,

Volunteers

of

America

(a

not-for-profit

organization)

from

2015

to

2018

(board

member

since

2009);

Director,

Arch

Chemicals

(chemical

and

allied

products)

from

1999

to

2011;

Trustee,

Educational

Testing

Service

from

1997

to

2009

and

Chairman

thereof

from

2005

to

2009;

Senior

Advisor,

The

Fremont

Group

since

2008

and

Director

thereof

since

1996;

Faculty

Member/Adjunct

Lecturer,

Harvard

University

since

2007

and

Executive

Dean

from

1987

to

1995;

President

and

Chief

Executive

Officer,

The

Conference

Board,

Inc.

(global

business

research

organization)

from

1995

to

2007.

84

RICs

consisting

of

108

Portfolios

None

Karen

P.

Robards

1950

Co-Chair

of

the

Board

and

Director

(Since

2019)

Principal

of

Robards

&

Company,

LLC

(consulting

and

private

investing)

since

1987;

Co-founder

and

Director

of

the

Cooke

Center

for

Learning

and

Development

(a

not-for-profit

organization)

since

1987;

Director

of

Enable

Injections,

LLC

(medical

devices)

since

2019;

Investment

Banker

at

Morgan

Stanley

from

1976

to

1987.

84

RICs

consisting

of

108

Portfolios

Greenhill

&

Co.,

Inc.;

AtriCure,

Inc.

(medical

devices)

from

2000

until

2017

Michael

J.

Castellano

1946

Director

(Since

2019)

Chief

Financial

Officer

of

Lazard

Group

LLC

from

2001

to

2011;

Chief

Financial

Officer

of

Lazard

Ltd

from

2004

to

2011;

Director,

Support

Our

Aging

Religious

(non-profit)

from

2009

to

June

2015

and

from

2017

to

September

2020;

Director,

National

Advisory

Board

of

Church

Management

at

Villanova

University

since

2010;

Trustee,

Domestic

Church

Media

Foundation

since

2012;

Director,

CircleBlack

Inc.

(financial

technology

company)

from

2015

to

July

2020.

84

RICs

consisting

of

108

Portfolios

None

Cynthia

L.

Egan

1955

Director

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

84

RICs

consisting

of

108

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair)

(insurance);

Huntsman

Corporation

(chemical

products);

Envestnet

(investment

platform)

from

2013

until

2016

Frank

J.

Fabozzi

(d)

1948

Director

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

since

2011;

Visiting

Professor,

Princeton

University

for

the

2013

to

2014

academic

year

and

Spring

2017

semester;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Board

Member,

BlackRock

Equity-Liquidity

Funds

from

2014

to

2016;

affiliated

professor

Karlsruhe

Institute

of

Technology

from

2008

to

2011;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year.

85

RICs

consisting

of

109

Portfolios

None

R.

Glenn

Hubbard

1958

Director

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

84

RICs

consisting

of

108

Portfolios

ADP

(data

and

information

services);

Metropolitan

Life

Insurance

Company

(insurance);

KKR

Financial

Corporation

(finance)

from

2004

until

2014

W.

Carl

Kester

(d)

1951

Director

(Since

2019)

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

since

2008;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

85

RICs

consisting

of

109

Portfolios

None

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Interested

Directors

(a)(e)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Directors

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Richard

E.

Cavanagh,

1994;

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

W.

Carl

Kester,

1995;

and

Karen

P.

Robards,

1998.

Certain

other

Independent

Directors

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Michael

J.

Castellano,

2011;

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Dr.

Kester,

Ms.

Lynch

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Catherine

A.

Lynch

(d)

1961

Director

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

85

RICs

consisting

of

109

Portfolios

None

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

117

RICs

consisting

of

267

Portfolios

None

John

M.

Perlowski

(d)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

118

RICs

consisting

of

268

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company’s

Directors

and

Officers

is

available

in

the

Company’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Neal

J.

Andrews

1966

Chief

Financial

Officer

(Since

2007)

Chief

Financial

Officer

of

the

iShares

®

exchange

traded

funds

from

2019

to

2020;

Managing

Director

of

BlackRock,

Inc.

since

2006.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Neal

J.

Andrews

retired

as

the

Chief

Financial

Officer

effective

December

31,

2020,

and

Trent

Walker

was

elected

as

the

Chief

Financial

Officer

effective

January

1,

2021.

Additional

Information

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Funds

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

the

third

quarter

of

2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

so

that

a

failure

to

comply

with

the

limits

would

result

in

a

statutory

violation

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

(except

BlackRock

Government

Money

Market

V.I.

Fund)

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

The

BlackRock

Government

Money

Market

V.I.

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Fund’s

reports

on

Form

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

The

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7762

;

(2)

at

blackrock.com/prospectus/insurance

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds’

portfolios

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com/prospectus/insurance

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Additional

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

(a)

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

Asset

Management

North

Asia

Limited

(b)

Hong

Kong

BlackRock

(Singapore)

Limited

(c)

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

(d)

New

York,

NY

10179

Brown

Brothers

Harriman

&

Co.

(e)

Boston,

MA

02109

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

(f)

New

York,

NY

10019

Willkie

Farr

&

Gallagher

LLP

(g)

New

York,

NY

10019

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

High

Yield

V.I.

Fund,

BlackRock

International

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund.

(b)

For

BlackRock

Managed

Volatility

V.I.

Fund.

(c)

For

BlackRock

Managed

Volatility

V.I.

Fund

and

BlackRock

Total

Return

V.I.

Fund.

(d)

For

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund,

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund,

BlackRock

Basic

Value

V.I.

Fund,

BlackRock

Capital

Appreciation

V.I.

Fund,

BlackRock

Equity

Dividend

V.I.

Fund,

BlackRock

Government

Money

Market

V.I.

Fund,

BlackRock

High

Yield

V.I.

Fund,

BlackRock

International

Index

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund,

BlackRock

S&P

500

Index

V.I.

Fund,

BlackRock

Small

Cap

Index

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund.

(e)

For

BlackRock

Global

Allocation

V.I.

Fund,

BlackRock

International

V.I.

Fund

and

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund.

(f)

For

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund,

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund,

BlackRock

Basic

Value

V.I.

Fund,

BlackRock

Capital

Appreciation

V.I.

Fund,

BlackRock

Equity

Dividend

V.I.

Fund,

BlackRock

Global

Allocation

V.I.

Fund,

BlackRock

Government

Money

Market

V.I.

Fund,

BlackRock

International

V.I.

Fund,

BlackRock

International

Index

V.I.

Fund,

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund,

BlackRock

S&P

500

Index

V.I.

Fund

and

BlackRock

Small

Cap

Index

V.I.

Fund.

(g)

For

BlackRock

High

Yield

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund.

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

only

for

distribution

to

shareholders

of

the

Funds

of

BlackRock

Variable

Series

Funds,

Inc.

and

BlackRock

Variable

Series

Funds

II,

Inc.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

return

and

principal

value

of

non-money

market

fund

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

You

could

lose

money

by

investing

in

the

Funds.

Although

BlackRock

Government

Money

Market

V.I.

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

BlackRock

Government

Money

Market

V.I.

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

BlackRock

Government

Money

Market

V.I.

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund

at

any

time.

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance

information,

call

(800)

626-1960.

BlackRock

Government

Money

Market

V.I.

Fund’s

current

7-day

yield

more

closely

reflects

the

current

earnings

of

the

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

VS-12/20-AR

Item 2 –           Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 –           Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock 60/40 Target Allocation ETF V.I. Fund	$20,400	$20,400	$0	$750	$13,500	$13,900	$0	$0
BlackRock Advantage Large Cap Core V.I. Fund	$30,294	$30,294	$0	$0	$12,700	$13,100	$0	$0
BlackRock Advantage Large Cap Value V.I. Fund	$22,032	$22,032	$0	$0	$12,700	$13,100	$0	$0
BlackRock Advantage U.S. Total Market V.I. Fund	$27,234	$27,234	$0	$0	$12,700	$13,100	$0	$0
BlackRock Basic Value V.I. Fund	$30,600	$37,536	$0	$0	$12,700	$13,100	$0	$0
BlackRock Capital Appreciation V.I. Fund	$24,684	$24,684	$0	$0	$12,700	$13,100	$0	$0
BlackRock Equity Dividend V.I. Fund	$19,584	$19,584	$0	$0	$8,000	$8,200	$0	$0
BlackRock Global Allocation V.I.  Fund	$51,306	$51,306	$0	$0	$20,000	$20,000	$0	$0
BlackRock Government Money Market V.I. Fund	$26,520	$26,520	$0	$750	$9,500	$9,800	$0	$0
BlackRock International Index V.I. Fund	$33,660	$33,660	$0	$9,500	$13,700	$14,100	$0	$0
BlackRock International V.I. Fund	$30,090	$30,090	$0	$0	$13,700	$14,100	$0	$0
BlackRock Large Cap Focus Growth V.I. Fund	$22,032	$22,032	$0	$0	$12,700	$13,100	$0	$0
BlackRock Managed Volatility V.I. Fund	$34,680	$34,680	$0	$0	$20,000	$20,000	$0	$0
BlackRock S&P 500 Index V.I. Fund	$30,294	$30,294	$0	$750	$12,700	$13,100	$0	$0
BlackRock Small Cap Index V.I. Fund	$30,600	$30,600	$0	$10,500	$12,700	$13,100	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$1,984,000	$2,050,500

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Non-audit fees of $1,984,000 and $2,050,500 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock 60/40 Target Allocation ETF V.I. Fund	$13,500	$14,650
BlackRock Advantage Large Cap Core V.I. Fund	$12,700	$13,100
BlackRock Advantage Large Cap Value V.I. Fund	$12,700	$13,100
BlackRock Advantage U.S. Total Market V.I. Fund	$12,700	$13,100
BlackRock Basic Value V.I. Fund	$12,700	$13,100
BlackRock Capital Appreciation V.I. Fund	$12,700	$13,100
BlackRock Equity Dividend V.I. Fund	$8,000	$8,200
BlackRock Global Allocation V.I. Fund	$20,000	$20,000
BlackRock Government Money Market V.I. Fund	$9,500	$10,550
BlackRock International Index V.I. Fund	$13,700	$23,600
BlackRock International V.I. Fund	$13,700	$14,100
BlackRock Large Cap Focus Growth V.I. Fund	$12,700	$13,100
BlackRock Managed Volatility V.I. Fund	$20,000	$20,000
BlackRock S&P 500 Index V.I. Fund	$12,700	$13,850
BlackRock Small Cap Index V.I. Fund	$12,700	$23,600

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$1,984,000	$2,050,500

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 –           Investments

 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Variable Series Funds, Inc.  

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds, Inc.  

Date: February 26, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds, Inc.  

Date: February 26, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds, Inc.  

Date: February 26, 2021