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 SMID Cap V.I. Fund (Formerly 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

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: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Variable

Series

Funds

II,

Inc.

Dear

Shareholder,

The

12-month

reporting

period

as

of

June

30,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States,

along

with

most

of

the

world,

began

the

reporting

period

emerging

from

a

severe

recession,

prompted

by

pandemic-related

restrictions

that

disrupted

many

aspects

of

daily

life.

However,

easing

restrictions

and

robust

government

intervention

led

to

a

strong

rebound,

and

the

economy

grew

at

a

significant

pace

for

the

reporting

period,

recovering

much

of

the

output

lost

at

the

beginning

of

the

pandemic.

Equity

prices

rose

with

the

broader

economy,

as

investors

became

increasingly

optimistic

about

the

economic

outlook.

Stocks

rose

through

the

summer

of

2020,

fed

by

strong

fiscal

and

monetary

support

and

positive

economic

indicators.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

$1.9

trillion

of

fiscal

stimulus

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

substantial

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

Late

in

the

period

the

Fed

elaborated

on

their

expected

timeline,

raising

the

likelihood

of

slower

bond

purchasing

and

the

possibility

of

higher

rates

in

2023.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

While

we

expect

inflation

to

increase

somewhat

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

healthcare,

are

particularly

attractive

in

the

long-term.

U.S.

small-caps

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart.

We

are

underweight

long-term

on

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

Chinese

government

bonds

offer

potential

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

June

30,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.25%

40.79%

U.S.

small

cap

equities

(Russell

2000

®

Index)

17.54

62.03

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

8.83

32.35

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

7.45

40.90

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.09

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.10)

(5.89)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.60)

(0.33)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

1.24

4.20

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

3.61

15.34

This

Page

is

not

Part

of

Your

Fund

Report

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

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

contributor

to

the

Fund’s

performance

relative

to

the

benchmark

was

an

overweight

to

equities.

Within

the

equity

allocation,

contributions

were

led

by

exposure

to

value

stocks,

U.S.

small

caps

and

U.S.

large

caps.

Within

the

fixed

income

allocation,

a

preference

for

credit

exposure

over

interest

rate

exposure

proved

additive

as

risk

sentiment

remained

firm

and

rates

moved

higher.

In

broad

terms,

the

biggest

constraint

on

relative

performance

was

positioning

within

equities

that

was

negatively

impacted

as

the

market

rotated

out

of

reflation

stories

after

the

Fed’s

more

hawkish

mid-June

2021

meeting.

The

Fund's

positions

in

developed

market

growth,

momentum

and

financial

stocks

all

weighed

on

relative

performance.

Describe

recent

portfolio

activity.

In

the

first

quarter

of

2021,

the

Fund

maintained

an

overweight

to

equities

based

on

confidence

in

the

longer-term

sustainability

of

a

cyclical-led

rally

in

stocks.

However,

the

Fund

tactically

reduced

overall

equity

exposure

in

response

to

various

short-term

COVID-19-related

uncertainties.

Within

the

fixed

income

allocation,

the

Fund

added

exposure

to

so-called

“fallen

angels”

(formerly

investment

grade

corporate

bonds

that

had

been

downgraded

to

high

yield

status)

as

a

potentially

higher-quality

exposure

to

riskier

credit.

Over

the

second

quarter

of

2021,

the

Fund

added

exposure

to

real

assets

and

stocks

with

the

potential

to

benefit

from

a

reflationary

environment,

targeting

direct

exposure

to

energy

and

industrial

metal

prices,

funded

from

sales

of

longer-dated

investment

grade

credit

within

fixed

income.

The

Fund

remained

overweight

in

stocks

and

underweight

in

duration

(and

corresponding

interest

rate

sensitivity)

in

anticipation

of

a

sustained

economic

recovery.

Describe

portfolio

positioning

at

period

end.

At

period

end,

the

Fund

was

overweight

in

equities

while

underweighting

fixed

income

and

other

duration-sensitive

assets,

which

would

be

most

vulnerable

to

any

downdraft

induced

by

a

spike

in

inflation

expectations.

Within

equities,

the

Fund

had

tactical

exposure

to

energy

stocks

and

cyclical

companies

with

operating

leverage.

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

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

53‌

%

Fixed

Income

Funds

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

30‌ 

Short-Term

Securities

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

17‌

–‌

Fund

Summary

as

of

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

Since

Inception

(b)

Class

I

(c)

(d)

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

7.36‌%

24.03‌%

10.79‌%

7.64‌%

Class

III

(c)

(d)

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

7.25‌

23.77‌

10.52‌

7.38‌

60%

MSCI

All

Country

World

Index

/

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(e)

......

6.57‌

22.19‌

10.13‌

7.63‌

MSCI

All

Country

World

Index

(f)

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

12.30‌

39.26‌

14.61‌

10.12‌

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(g)

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

(1.60‌)

(0.33‌)

3.03‌

3.37‌

(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.

(d)

The

Fund

invests

in

a

portfolio

of

underlying

exchange-traded

funds

that

seek

to

track

equity

and

fixed

income

indices.

(e)

A

customized

weighted

index

comprised

of

60%

MSCI

All

Country

World

Index

and

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

(f)

MSCI

All

Country

World

Index

comprises

large

and

mid-capitalization

developed

and

emerging

market

equities.

(g)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00

$

1,073.60

$

0.98

$

1,000.00

$

1,023.85

$

0.95

0.19%

Class

III

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

1,000.00

1,072.50

2.26

1,000.00

1,022.61

2.21

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

365.

(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

181/365

(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

(unaudited)

June

30,

2021

Security

Shares

Value

Affiliated

Investment

Companies

—

119.8%

(a)

Equity

Funds

—

64.5%

iShares

Core

S&P

500

ETF

(b)

...........

108,751

$

46,754,230

iShares

Core

S&P

Small-Cap

ETF

(b)

.......

115,153

13,009,986

iShares

ESG

Aware

MSCI

EM

ETF

(b)

......

433,291

19,563,089

iShares

ESG

Aware

MSCI

USA

ETF

(b)

.....

457,798

45,079,369

iShares

Global

Financials

ETF

..........

139,760

10,846,774

iShares

Global

Tech

ETF

(b)

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

11,240

3,793,725

iShares

MSCI

EAFE

Growth

ETF

........

155,565

16,689,013

iShares

MSCI

EAFE

Value

ETF

(b)

.........

544,987

28,208,527

iShares

MSCI

USA

Momentum

Factor

ETF

..

40,282

6,986,107

iShares

MSCI

USA

Value

Factor

ETF

(b)

.....

123,809

13,007,374

iShares

U.S.

Energy

ETF

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

233,970

6,806,187

210,744,381

Security

Shares

Value

Fixed

Income

Funds

—

35.4%

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(b)

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

464,485

$

25,458,423

iShares

Commodities

Select

Strategy

ETF

(b)

.

295,083

10,180,363

iShares

Core

Total

USD

Bond

Market

ETF

(b)

.

662,327

35,427,871

iShares

Fallen

Angels

USD

Bond

ETF

.....

207,989

6,231,350

iShares

U.S.

Treasury

Bond

ETF

(b)

........

1,456,675

38,747,555

116,045,562

Short-Term

Securities

—

19.9%

(c)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

1,625,419

1,625,419

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(d)

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

63,330,517

63,349,516

64,974,935

Total

Affiliated

Investment

Companies

—

119.8%

(Cost:

$350,090,705)

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

391,764,878

Liabilities

in

Excess

of

Other

Assets

—

(19.8)

%

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

(64,687,264)

Net

Assets

—

100.0%

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

$

327,077,614

(a)

Affiliate

of

the

Fund.

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,321,139

$

304,280

$

—

$

—

$

—

$

1,625,419

1,625,419

$

148

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

49,449,031

13,911,435

—

(10,950)

—

63,349,516

63,330,517

114,813

(b)

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

(c)

.....

9,800,045

99,755

(9,908,160)

501,990

(493,630)

—

—

—

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

..

14,418,735

13,545,034

(2,437,458)

28,298

(96,186)

25,458,423

464,485

139,624

—

iShares

20+

Year

Treasury

Bond

ETF

(c)

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

2,286,927

24,915

(2,216,568)

56,171

(151,445)

—

—

—

—

iShares

Commodities

Select

Strategy

ETF

...........

—

9,676,680

—

—

503,683

10,180,363

295,083

—

—

iShares

Core

MSCI

EAFE

ETF

(c)

5,848,261

50,215

(6,094,333)

1,013,397

(817,540)

—

—

—

—

iShares

Core

S&P

500

ETF

....

50,318,026

6,849,967

(16,191,999)

5,136,672

641,564

46,754,230

108,751

264,637

—

iShares

Core

S&P

Small-Cap

ETF

6,303,329

5,238,144

(425,990)

142,265

1,752,238

13,009,986

115,153

56,710

—

iShares

Core

Total

USD

Bond

Market

ETF

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

—

35,755,277

(89,853)

(2,288)

(235,265)

35,427,871

662,327

210,455

—

iShares

ESG

Aware

MSCI

EM

ETF

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

19,215,379

3,409,805

(4,516,935)

1,618,693

(163,853)

19,563,089

433,291

96,752

—

iShares

ESG

Aware

MSCI

USA

ETF

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

40,110,713

6,259,122

(6,763,561)

2,028,716

3,444,379

45,079,369

457,798

229,469

—

iShares

Fallen

Angels

USD

Bond

ETF

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

—

6,105,586

(11,603)

(201)

137,568

6,231,350

207,989

67,073

—

iShares

Global

Financials

ETF

..

—

11,171,562

—

—

(324,788)

10,846,774

139,760

38,720

—

iShares

Global

Tech

ETF

.....

8,532,222

1,182,064

(6,664,450)

3,041,722

(2,297,833)

3,793,725

11,240

13,675

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(c)

.....

30,519,133

2,396,195

(31,596,758)

(193,379)

(1,125,191)

—

—

134,712

—

iShares

MBS

ETF

(c)

.........

9,770,623

486,726

(10,160,898)

(108,057)

11,606

—

—

24,633

—

iShares

MSCI

EAFE

Growth

ETF

19,127,491

2,837,376

(6,173,860)

1,664,724

(766,718)

16,689,013

155,565

135,870

—

iShares

MSCI

EAFE

Value

ETF

.

—

27,623,058

(110,151)

1,389

694,231

28,208,527

544,987

462,133

—

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

6

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

iShares

MSCI

USA

Min

Vol

Factor

ETF

(c)

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

$

5,126,841

$

387,608

$

(5,685,122)

$

533,571

$

(362,898)

—

—

$

11,819

$

—

iShares

MSCI

USA

Momentum

Factor

ETF

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

—

8,992,962

(2,198,498)

(80,192)

271,835

6,986,107

40,282

8,507

—

iShares

MSCI

USA

Value

Factor

ETF

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

10,529,842

1,826,030

(1,503,933)

452,658

1,702,777

13,007,374

123,809

112,593

—

iShares

U.S.

Energy

ETF

.....

—

6,058,525

—

—

747,662

6,806,187

233,970

70,413

—

iShares

U.S.

Medical

Devices

ETF

(c)

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

8,060,417

585,567

(8,926,141)

2,128,662

(1,848,505)

—

—

282

—

iShares

U.S.

Treasury

Bond

ETF

22,361,262

17,161,942

(123,819)

(26)

(651,804)

38,747,555

1,456,675

129,765

—

$

17,953,835

$

571,887

$

391,764,878

$

2,322,803

$

—

—

$

—

(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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Affiliated

Investment

Companies

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

$

326,789,943

$

—

$

—

$

326,789,943

Short-Term

Securities

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

1,625,419

—

—

1,625,419

$

328,415,362

$

—

$

—

$

328,415,362

Investments

valued

at

NAV

(a)

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

63,349,516

$

—

$

391,764,878

$

—

(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

(unaudited)

June

30,

2021

7

Financial

Statements

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

ASSETS

Investments,

at

value

—

affiliated

(a),

(b)

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

$

391,764,878‌

Receivables:

–‌

Securities

lending

income

—

affiliated

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

15,068‌

Capital

shares

sold

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

24,476‌

Dividends

—

affiliated

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

9‌

Prepaid

expenses

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

1,092‌

Total

assets

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

391,805,523‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

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

63,378,831‌

Payables:

–‌

Investments

purchased

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

969,827‌

Capital

shares

redeemed

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

83,877‌

Distribution

fees

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

6,281‌

Investment

advisory

fees

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

13,754‌

Directors'

and

Officer's

fees

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

1,030‌

Other

affiliate

fees

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

840‌

Transfer

agent

fees

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

134,248‌

Other

accrued

expenses

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

139,221‌

Total

liabilities

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

64,727,909‌

NET

ASSETS

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

$

327,077,614‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

265,103,782‌

Accumulated

earnings

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

61,973,832‌

NET

ASSETS

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

$

327,077,614‌

(a)

  Investments,

at

cost

—

affiliated

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

$

350,090,705‌

(b)

 Securities

loaned,

at

value

-

affiliated

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

$

61,806,851‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-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

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

$

294,568,380‌

Shares

outstanding

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

19,995,464‌

Net

asset

value

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

$

14.73‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Class

III

Net

assets

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

$

32,509,234‌

Shares

outstanding

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

2,220,857‌

Net

asset

value

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

$

14.64‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

2,207,990‌

Securities

lending

income

—

affiliated

—

net

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

114,813‌

Total

investment

income

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

2,322,803‌

EXPENSES

Transfer

agent

—

class

specific

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

298,222‌

Investment

advisory

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

217,695‌

Professional

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

56,642‌

Printing

and

postage

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

47,522‌

Distribution

—

class

specific

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

31,574‌

Accounting

services

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

29,264‌

Custodian

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

7,936‌

Directors

and

Officer

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

4,039‌

Transfer

agent

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

2,375‌

Miscellaneous

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

3,219‌

Total

expenses

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

698,488‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(92,980‌)

Transfer

agent

fees

reimbursed

—

class

specific

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

(298,055‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

307,453‌

Net

investment

income

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

2,015,350‌

REALIZED

AND

UNREALIZED

GAIN

$

18,525,722‌

Net

realized

gain

from

investments

-

affiliated

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

17,953,835‌

Net

change

in

unrealized

appreciation

on

investments

-

affiliated

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

571,887‌

Net

realized

and

unrealized

gain

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

18,525,722‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

20,541,072‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

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

$

2,015,350‌

$

3,736,649‌

Net

realized

gain

(loss)

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

17,953,835‌

357,792‌

Net

change

in

unrealized

appreciation

(depreciation)

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

571,887‌

28,912,372‌

Net

increase

in

net

assets

resulting

from

operations

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

20,541,072‌

33,006,813‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

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

—‌

(3,984,736‌)

  Class

III

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

—‌

(303,130‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

—‌

(4,287,866‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

42,617,383‌

50,754,571‌

NET

ASSETS

Total

increase

in

net

assets

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

63,158,455‌

79,473,518‌

Beginning

of

period

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

263,919,159‌

184,445,641‌

End

of

period

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

$

327,077,614‌

$

263,919,159‌

(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

(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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

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

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

(a)

2018

(a)

2017

(a)

2016

(a)

Net

asset

value,

beginning

of

period

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

$

13.72‌

$

12.17‌

$

10.32‌

$

11.13‌

$

9.85‌

$

9.45‌

Net

investment

income

(loss)

(b)

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

0.10‌

0.22‌

0.28‌

0.33‌

0.23‌

0.22‌

Net

realized

and

unrealized

gain

(loss)

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

0.91‌

1.57‌

1.93‌

(0.88‌)

1.26‌

0.39‌

Net

increase

(decrease)

from

investment

operations

......

1.01‌

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)

—‌

—‌

R

eturn

of

capital

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

—‌

—‌

—‌

—‌

(0.01‌)

(0.01‌)

Total

distributions

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

—‌

(0.24‌)

(0.36‌)

(0.26‌)

(0.21‌)

(0.21‌)

Net

asset

value,

end

of

period

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

$

14.73‌

$

13.72‌

$

12.17‌

$

10.32‌

$

11.13‌

$

9.85‌

Total

Return

(d)

7.36%

14.67%

21.41%

(4.94)%

15.11%

—

Based

on

net

asset

value

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

7.36%

(e)

14.67%

21.41%

(4.94)%

15.11%

6.49%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

0.46%

(g)

0.53%

0.57%

1.00%

(h)

0.94%

0.83%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.19%

(g)

0.19%

0.19%

0.37%

(h)

0.53%

0.53%

Net

investment

income

(loss)

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

1.40%

(g)

1.78%

2.45%

3.01%

2.14%

2.27%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

294,568‌

$

243,296‌

$

173,351‌

$

117,502‌

$

25,332‌

$

18,135‌

Portfolio

turnover

rate

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

42%

89%

61%

54%

48%

54%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.18%

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)

2021

BlackRock

Semi-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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

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

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

(a)

2018

(a)

2017

(a)

2016

(a)

Net

asset

value,

beginning

of

period

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

$

13.65‌

$

12.12‌

$

10.28‌

$

11.09‌

$

9.83‌

$

9.44‌

Net

investment

income

(loss)

(b)

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

0.09‌

0.19‌

0.28‌

0.20‌

0.21‌

0.21‌

Net

realized

and

unrealized

gain

(loss)

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

0.90‌

1.55‌

1.90‌

(0.77‌)

1.24‌

0.37‌

Net

increase

(decrease)

from

investment

operations

......

0.99‌

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)

—‌

—‌

R

eturn

of

capital

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

—‌

—‌

—‌

—‌

(0.01‌)

(0.01‌)

Total

distributions

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

—‌

(0.21‌)

(0.34‌)

(0.24‌)

(0.19‌)

(0.19‌)

Net

asset

value,

end

of

period

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

$

14.64‌

$

13.65‌

$

12.12‌

$

10.28‌

$

11.09‌

$

9.83‌

Total

Return

(d)

7.25%

14.35%

21.22%

(5.18)%

14.72%

—

Based

on

net

asset

value

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

7.25%

(e)

14.35%

21.22%

(5.18)%

14.72%

6.16%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

0.71%

(g)

0.77%

0.86%

1.38%

(h)

1.25%

1.02%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.44%

(g)

0.44%

0.44%

0.72%

(h)

0.78%

0.78%

Net

investment

income

(loss)

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

1.24%

(g)

1.56%

2.38%

1.83%

1.97%

2.08%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

32,509‌

$

20,623‌

$

11,094‌

$

4,181‌

$

3,615‌

$

1,804‌

Portfolio

turnover

rate

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

42%

89%

61%

54%

48%

54%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.18%

0.18%

0.14%

0.20%

0.21%

0.23%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

13

Notes

to

Financial

Statements

1.

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

”).

There

were

no

assets

in

the

Subsidiary

during

the

period.

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. 

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

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.  

3.

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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

(unaudited)

(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.

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $887

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$31,574.

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

Barclays

Capital,

Inc.

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

$

1,552,376‌

$

(1,552,376‌)

$

—‌

BNP

Paribas

Securities

Corp.

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

2,374,608‌

(2,374,608‌)

—‌

BofA

Securities,

Inc.

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

9,805,176‌

(9,805,176‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

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

2,892,288‌

(2,892,288‌)

—‌

Deutsche

Bank

Securities,

Inc.

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

404,670‌

(404,670‌)

—‌

Jefferies

LLC

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

2,536,528‌

(2,536,528‌)

—‌

JP

Morgan

Securities

LLC

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

42,241,205‌

(42,241,205‌)

—‌

$

61,806,851‌

$

(61,806,851‌)

$

—‌

(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

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

$

272,387‌

Class

III

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

25,835‌

$

298,222‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-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

June

30,

2023.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30

,

2021,

the

amount

waived

was

$2

76

.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$92,704,

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

six

months ended

June

30,

2021,

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 was

terminated.

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

April

30,

2021:  

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,

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.

Class

I

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

0.19‌%

Class

III

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

0.44‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

Class

I

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

$

272,234‌

Class

III

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

25,821‌

$

298,055‌

Fund

Level

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

$

589,034‌

Class

I

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

863,946‌

Class

III

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

60,194‌

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $24,856

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

period

ended

June

30,

2021,

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

six

months ended

June

30

,

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

wit

h

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

6.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $167,724,115

and

$121,800,090,

respectively.

7.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

Purchases

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

$

1,058,782‌

Sales

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

5,541,624‌

Net

Realized

Gain

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

1,585,861‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

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

$

350,254,971‌

$

42,442,010‌

$

(932,103‌)

$

41,509,907‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

8.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

9.

 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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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

(unaudited)

(continued)

19

Notes

to

Financial

Statements

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

11.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

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

2,931,004‌

$

41,839,081‌

4,557,687‌

$

56,617,179‌

Shares

issued

in

reinvestment

of

distributions

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

—‌

—‌

293,922‌

3,984,736‌

Shares

redeemed

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

(662,323‌)

(9,351,213‌)

(1,368,407‌)

(17,001,339‌)

Net

increase

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

2,268,681‌

$

32,487,868‌

3,483,202‌

$

43,600,576‌

Class

III

Shares

sold

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

773,371‌

$

11,018,705‌

891,129‌

$

10,555,456‌

Shares

issued

in

reinvestment

of

distributions

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

—‌

—‌

22,500‌

303,130‌

Shares

redeemed

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

(62,887‌)

(889,190‌)

(318,862‌)

(3,704,591‌)

Net

increase

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

710,484‌

$

10,129,515‌

594,767‌

$

7,153,995‌

Total

Net

Increase

2,979,165‌

$

42,617,383‌

4,077,969‌

$

50,754,571‌

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

Portfolio

Abbreviations

EAFE

Europe,

Australasia

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

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Index.

What

factors

influenced

performance?

The

Fund

performed

well

against

the

changeable

market

backdrop.

U.S.

stocks

advanced

amid

accelerated

vaccine

distribution

alongside

strong

fiscal

policy

support

following

the

results

of

the

Georgia

senate

election

races.

With

the

removal

of

mobility

restrictions,

economic

activity

levels

experienced

a

sharp

rise

with

consumer

price

inflation

hitting

a

multi-year

high

in

the

second

half

of

the

period.

The

resulting

rise

in

rates

with

the

10-year

U.S.

Treasury

touching

pre-COVID-19

levels

in

the

first

quarter

of

2021

was

driven

by

a

greater

pricing

in

of

inflationary

pressures.

This

drove

a

reflationary

preference

within

equities

that

led

to

outperformance

across

value

stocks,

led

by

energy

and

financials,

at

the

expense

of

growth

and

momentum

throughout

the

first

five

months

of

2021.

As

markets

sought

to

evaluate

whether

inflation

increases

were

transitory,

the

Fed

took

a

surprisingly

hawkish

tone

in

June.

This

prompted

a

sharp

reversal

that

restored

2020

trends

with

large-cap

secular

growth

stocks

the

dominant

market

theme

and

small

caps

lagging.

The

style

shift

was

further

supported

by

concerns

about

the

spread

of

the

Delta

COVID

strain

alongside

declining

bond

yields,

which

pointed

to

a

mid-cycle

economy.

While

the

growth

outlook

remained

strong,

investors

balanced

this

against

virus

developments

as

well

as

inflation

trends

with

the

potential

to

result

in

a

more

rapid

withdrawal

of

the

Fed’s

monetary

support.

Despite

the

rotation

in

June

2021,

strong

early

gains

across

fundamental

insights

led

to

overall

outperformance

for

the

period.

Valuation-related

measures

drove

gains

in

the

first

half

of

the

period

amid

market

style

preferences

driven

by

the

reflationary

theme.

Valuation

measures

performed

well

overall,

with

both

traditional

insights

as

well

as

more

nuanced

measures

such

as

comparing

valuations

across

research

expenditures

benefiting

from

the

reflationary

tone.

Additionally,

fundamental

quality

measures,

specifically

those

looking

at

balance

sheet

strength,

were

additive.

While

strong

contributors

throughout

most

of

the

period,

June

proved

challenging

to

valuation-based

measures

given

the

shift

toward

secular

growth.

Nontraditional

fundamental

measures,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors

also

provided

performance

gains.

Environmental

transition

measures

that

look

toward

investor

positioning

into

ESG-related

holdings

performed

well

as

these

measures

captured

the

broader

sustainability

trend

across

the

market.

Insights

identifying

patents

filed

for

green

technology

development

also

performed

well

given

the

rotation

to

growth

and

technology

names

in

June

2021.

Sentiment

measures

outperformed

as

they

correctly

positioned

the

Fund

around

the

reopening

and

reflationary

themes.

An

insight

designed

to

capture

sentiment

across

market

participants,

such

as

bond

investors,

performed

well

as

interest

rates

became

more

volatile

in

response

to

shifting

inflation

expectations.

Other

sentiment

measures

that

evaluate

hiring

trends,

text

analyses

and

news

stories

all

performed

well.

These

faster-moving

insights

motivated

an

overweight

position

to

machinery

and

energy

names,

providing

gains

as

commodities

rallied.

Despite

generally

strong

relative

performance

in

the

period,

select

measures

were

challenged

to

keep

pace.

The

Fund

struggled

in

June

2021

after

the

surprise

Fed

pivot

to

a

hawkish

stance.

As

the

market

shifted

back

to

2020

themes,

risk

mitigation

ESG

insights,

such

as

those

that

evaluate

company

controversies,

detracted.

Another

measure

that

penalizes

companies

that

pay

lower

taxes

versus

peers,

typically

growth-oriented

technology

stocks,

while

favoring

those

with

higher

relative

tax

levels,

typically

more

blue

chip-type

stocks,

also

lagged.

Elsewhere,

a

dynamic

insight

that

seeks

to

combine

signals

and

data

sources

in

an

optimal

way

was

a

leading

detractor

as

it

motivated

an

underweight

to

oil

names,

which

rallied

along

with

the

price

of

oil.

Finally,

insights

that

seek

to

identify

lower

risk

securities

declined

as

the

market

continued

its

overall

upward

trajectory.

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.

The

Fund

built

upon

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

around

retail

names.

Additionally,

given

the

dynamism

of

the

current

environment,

the

Fund

has

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends,

such

as

sentiment

around

vaccine

distribution

and

the

impact

on

economic

reopening.

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

industrials

and

information

technology

and

slight

underweights

in

real

estate

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

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

15.96‌%

42.07‌%

18.55‌%

13.56‌%

Class

II

(b)

(c)

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

15.83‌

41.79‌

18.35‌

13.37‌

Class

III

(b)

(c)

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

15.79‌

41.64‌

18.22‌

13.25‌

Russell

1000

®

Index

(d)

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

14.95‌

43.07‌

17.99‌

14.90‌

(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)

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”.

(d)

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.

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.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

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

29‌

%

Health

Care

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

12‌

Consumer

Discretionary

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

12‌

Financials

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

11‌

Industrials

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

10‌

Communication

Services

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

10‌

Consumer

Staples

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

5‌

Energy

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

3‌

Utilities

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

3‌

Real

Estate

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

2‌

Materials

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

2‌

Short-Term

Securities

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

4‌

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00

$

1,159.60

$

2.95

$

1,000.00

$

1,022.07

$

2.76

0.55%

Class

II

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

1,000.00

1,158.30

3.85

1,000.00

1,021.22

3.61

0.72

Class

III

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

1,000.00

1,157.90

4.44

1,000.00

1,020.68

4.16

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

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.2%

Aerospace

&

Defense

—

0.6%

Lockheed

Martin

Corp.

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

7,947

$

3,006,748

Mercury

Systems,

Inc.

(a)

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

5,722

379,254

3,386,002

Air

Freight

&

Logistics

—

1.5%

CH

Robinson

Worldwide,

Inc.

..........

19,866

1,860,848

Expeditors

International

of

Washington,

Inc.

(b)

46,549

5,893,104

7,753,952

Airlines

—

0.1%

(a)

Delta

Air

Lines,

Inc.

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

5,885

254,585

Southwest

Airlines

Co.

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

5,517

292,898

547,483

Auto

Components

—

1.1%

BorgWarner,

Inc.

(b)

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

121,663

5,905,522

Automobiles

—

1.2%

Tesla,

Inc.

(a)

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

9,388

6,381,024

Banks

—

2.1%

Bank

of

Hawaii

Corp.

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

3,640

306,561

Citigroup,

Inc.

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

16,468

1,165,111

JPMorgan

Chase

&

Co.

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

22,944

3,568,710

Pinnacle

Financial

Partners,

Inc.

(b)

.......

7,742

683,541

Signature

Bank

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

6,260

1,537,769

Truist

Financial

Corp.

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

34,381

1,908,146

Wells

Fargo

&

Co.

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

33,587

1,521,155

Wintrust

Financial

Corp.

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

3,775

285,503

10,976,496

Beverages

—

0.9%

Molson

Coors

Beverage

Co.,

Class

B

(a)

....

8,897

477,680

PepsiCo,

Inc.

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

30,407

4,505,405

4,983,085

Biotechnology

—

2.4%

AbbVie,

Inc.

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

11,683

1,315,973

Alexion

Pharmaceuticals,

Inc.

(a)

.........

384

70,545

Amgen,

Inc.

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

7,127

1,737,206

BioMarin

Pharmaceutical,

Inc.

(a)

.........

6,766

564,555

Gilead

Sciences,

Inc.

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

103,064

7,096,987

Vertex

Pharmaceuticals,

Inc.

(a)

..........

10,260

2,068,724

12,853,990

Building

Products

—

1.6%

Allegion

plc

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

9,776

1,361,797

Carrier

Global

Corp.

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

33,188

1,612,937

Lennox

International,

Inc.

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

1,425

499,890

Owens

Corning

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

1,725

168,877

Trane

Technologies

plc

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

26,991

4,970,123

8,613,624

Capital

Markets

—

3.0%

Ameriprise

Financial,

Inc.

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

249

61,971

Bank

of

New

York

Mellon

Corp.

(The)

.....

15,265

782,026

Charles

Schwab

Corp.

(The)

...........

41,897

3,050,521

CME

Group,

Inc.

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

7,305

1,553,627

Invesco

Ltd.

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

21,847

583,970

Moody's

Corp.

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

5,751

2,083,990

Morgan

Stanley

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

81,021

7,428,816

Stifel

Financial

Corp.

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

2,856

185,240

15,730,161

Security

Shares

Shares

Value

Chemicals

—

1.3%

Ecolab,

Inc.

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

12,074

$

2,486,882

PPG

Industries,

Inc.

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

26,980

4,580,394

7,067,276

Commercial

Services

&

Supplies

—

0.8%

(a)

Copart

,

Inc.

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

17,975

2,369,644

IAA,

Inc.

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

32,436

1,769,060

4,138,704

Construction

&

Engineering

—

0.4%

EMCOR

Group,

Inc.

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

16,045

1,976,583

Quanta

Services,

Inc.

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

1,752

158,679

2,135,262

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

1,007

175,289

Consumer

Finance

—

1.7%

Ally

Financial,

Inc.

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

88,874

4,429,480

American

Express

Co.

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

26,942

4,451,627

8,881,107

Containers

&

Packaging

—

0.4%

Crown

Holdings,

Inc.

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

21,347

2,181,877

Distributors

—

0.3%

Genuine

Parts

Co.

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

14,603

1,846,841

Diversified

Consumer

Services

—

0.6%

(a)

Bright

Horizons

Family

Solutions,

Inc.

.....

8,425

1,239,402

Terminix

Global

Holdings,

Inc.

..........

37,061

1,768,180

3,007,582

Diversified

Financial

Services

—

1.1%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

5,002

1,390,156

Voya

Financial,

Inc.

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

75,412

4,637,838

6,027,994

Diversified

Telecommunication

Services

—

0.1%

AT&T,

Inc.

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

24,811

714,061

Electric

Utilities

—

1.5%

Eversource

Energy

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

33,616

2,697,348

NextEra

Energy,

Inc.

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

17,486

1,281,374

OGE

Energy

Corp.

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

83,705

2,816,673

Pinnacle

West

Capital

Corp.

...........

893

73,199

Portland

General

Electric

Co.

...........

1,236

56,955

Southern

Co.

(The)

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

1,645

99,539

Xcel

Energy,

Inc.

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

11,315

745,432

7,770,520

Electrical

Equipment

—

0.0%

Rockwell

Automation,

Inc.

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

276

78,942

Electronic

Equipment,

Instruments

&

Components

—

0.5%

Flex

Ltd.

(a)

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

138,736

2,479,212

Energy

Equipment

&

Services

—

0.7%

ChampionX

Corp.

(a)

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

9,405

241,238

Schlumberger

NV

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

103,610

3,316,556

3,557,794

Entertainment

—

2.0%

(a)

Live

Nation

Entertainment,

Inc.

..........

13,787

1,207,603

Roku,

Inc.

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

3,298

1,514,607

Spotify

Technology

SA

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

8,751

2,411,688

Walt

Disney

Co.

(The)

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

23,246

4,085,949

Zynga,

Inc.,

Class

A

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

133,665

1,420,859

10,640,706

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.9%

Brixmor

Property

Group,

Inc.

...........

17,160

$

392,792

Equinix

,

Inc.

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

5,138

4,123,759

Equity

Residential

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

703

54,131

Prologis,

Inc.

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

48,023

5,740,189

10,310,871

Food

&

Staples

Retailing

—

1.5%

Costco

Wholesale

Corp.

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

20,108

7,956,132

Food

Products

—

1.4%

Bunge

Ltd.

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

5,817

454,599

Conagra

Brands,

Inc.

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

40,182

1,461,821

Hershey

Co.

(The)

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

15,872

2,764,585

Kellogg

Co.

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

13,753

884,731

McCormick

&

Co.,

Inc.

(Non-Voting)

......

20,192

1,783,357

7,349,093

Gas

Utilities

—

0.4%

Atmos

Energy

Corp.

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

13,008

1,250,199

UGI

Corp.

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

12,895

597,167

1,847,366

Health

Care

Equipment

&

Supplies

—

3.6%

Align

Technology,

Inc.

(a)

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

5,008

3,059,888

Danaher

Corp.

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

10,368

2,782,356

DexCom

,

Inc.

(a)

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

12,640

5,397,280

Envista

Holdings

Corp.

(a)

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

11,598

501,150

Hill-Rom

Holdings,

Inc.

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

5,862

665,865

IDEXX

Laboratories,

Inc.

(a)

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

10,210

6,448,125

18,854,664

Health

Care

Providers

&

Services

—

2.0%

AmerisourceBergen

Corp.

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

14,565

1,667,547

Anthem,

Inc.

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

6,599

2,519,498

Cigna

Corp.

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

1,564

370,778

Henry

Schein,

Inc.

(a)

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

5,388

399,736

McKesson

Corp.

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

15,864

3,033,831

UnitedHealth

Group,

Inc.

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

5,941

2,379,014

10,370,404

Health

Care

Technology

—

0.2%

Cerner

Corp.

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

9,446

738,299

Teladoc

Health,

Inc.

(a)

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

903

150,160

888,459

Hotels,

Restaurants

&

Leisure

—

2.4%

Aramark

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

15,281

569,217

Chipotle

Mexican

Grill,

Inc.

(a)

...........

930

1,441,816

Choice

Hotels

International,

Inc.

.........

2

238

International

Game

Technology

plc

(a)

......

37,729

903,987

Marriott

Vacations

Worldwide

Corp.

(a)

.....

1,360

216,648

McDonald's

Corp.

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

4,085

943,594

MGM

Resorts

International

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

7,074

301,706

Rush

Street

Interactive,

Inc.

(a)

..........

8,413

103,144

Shake

Shack,

Inc.,

Class

A

(a)

...........

16,544

1,770,539

Six

Flags

Entertainment

Corp.

(a)

.........

46,051

1,993,087

Vail

Resorts,

Inc.

(a)

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

501

158,577

Wendy's

Co.

(The)

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

12,422

290,923

Wyndham

Hotels

&

Resorts,

Inc.

........

17,253

1,247,219

Wynn

Resorts

Ltd.

(a)

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

20,420

2,497,366

12,438,061

Household

Durables

—

0.1%

iRobot

Corp.

(a)

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

4,831

451,167

Security

Shares

Shares

Value

Household

Products

—

1.0%

Colgate-Palmolive

Co.

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

63,631

$

5,176,382

Procter

&

Gamble

Co.

(The)

...........

1,868

252,049

5,428,431

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Brookfield

Renewable

Corp.

...........

8,341

349,821

Sunnova

Energy

International,

Inc.

(a)

......

21,212

798,844

1,148,665

Industrial

Conglomerates

—

1.2%

Honeywell

International,

Inc.

...........

22,341

4,900,498

Roper

Technologies,

Inc.

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

2,944

1,384,269

6,284,767

Insurance

—

2.8%

Athene

Holding

Ltd.,

Class

A

(a)

..........

1,470

99,225

Marsh

&

McLennan

Cos.,

Inc.

..........

23,434

3,296,695

MetLife,

Inc.

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

106,100

6,350,085

Progressive

Corp.

(The)

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

21,930

2,153,745

Travelers

Cos.,

Inc.

(The)

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

16,208

2,426,500

Trupanion

,

Inc.

(a)

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

2,121

244,127

Willis

Towers

Watson

plc

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

1,679

386,204

14,956,581

Interactive

Media

&

Services

—

6.4%

(a)

Alphabet,

Inc.,

Class

A

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

6,267

15,302,698

Alphabet,

Inc.,

Class

C

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

3,614

9,057,840

Facebook,

Inc.,

Class

A

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

22,883

7,956,648

Twitter,

Inc.

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

23,861

1,641,876

33,959,062

Internet

&

Direct

Marketing

Retail

—

2.9%

Amazon.com,

Inc.

(a)

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

4,275

14,706,684

eBay,

Inc.

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

1,105

77,582

Etsy,

Inc.

(a)

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

399

82,130

MercadoLibre

,

Inc.

(a)

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

141

219,649

15,086,045

IT

Services

—

5.7%

Accenture

plc,

Class

A

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

20,864

6,150,498

Automatic

Data

Processing,

Inc.

.........

14,270

2,834,307

Fidelity

National

Information

Services,

Inc.

..

12,210

1,729,791

Fiserv,

Inc.

(a)

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

13,539

1,447,184

Mastercard

,

Inc.,

Class

A

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

12,288

4,486,226

PayPal

Holdings,

Inc.

(a)

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

22,354

6,515,744

Twilio

,

Inc.,

Class

A

(a)

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

1,512

595,970

Visa,

Inc.,

Class

A

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

26,444

6,183,136

29,942,856

Life

Sciences

Tools

&

Services

—

0.8%

Agilent

Technologies,

Inc.

(b)

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

19,694

2,910,970

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

114

73,449

Bruker

Corp.

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

14,000

1,063,720

PPD,

Inc.

(a)

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

3,055

140,805

4,188,944

Machinery

—

2.3%

Caterpillar,

Inc.

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

4,251

925,145

Deere

&

Co.

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

13,264

4,678,346

Oshkosh

Corp.

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

12,997

1,619,946

Otis

Worldwide

Corp.

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

40,325

3,297,375

Xylem,

Inc.

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

13,940

1,672,242

12,193,054

Media

—

1.2%

Cardlytics,

Inc.

(a)

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

755

95,832

Comcast

Corp.,

Class

A

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

39,902

2,275,212

Discovery,

Inc.,

Class

A

(a)

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

45,504

1,396,063

Discovery,

Inc.,

Class

C

(a)

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

4,432

128,439

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Media

(continued)

Fox

Corp.,

Class

A

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

3,526

$

130,920

Sirius

XM

Holdings,

Inc.

(b)

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

297,312

1,944,421

TEGNA,

Inc.

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

11,457

214,933

6,185,820

Metals

&

Mining

—

0.3%

Reliance

Steel

&

Aluminum

Co.

.........

11,796

1,780,016

Multiline

Retail

—

1.2%

Target

Corp.

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

27,102

6,551,638

Multi-Utilities

—

1.1%

Consolidated

Edison,

Inc.

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

67,439

4,836,725

DTE

Energy

Co.

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

9,047

1,172,491

6,009,216

Oil,

Gas

&

Consumable

Fuels

—

2.7%

Antero

Midstream

Corp.

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

25,285

262,711

Chesapeake

Energy

Corp.

(b)

...........

11,168

579,843

Chevron

Corp.

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

23,872

2,500,353

Continental

Resources,

Inc.

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

2,733

103,936

Devon

Energy

Corp.

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

2,353

68,684

EOG

Resources,

Inc.

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

17,446

1,455,694

EQT

Corp.

(a)

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

5,807

129,264

Hess

Corp.

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

27,871

2,433,696

Kinder

Morgan,

Inc.

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

83,938

1,530,190

Phillips

66

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

53,847

4,621,149

Valero

Energy

Corp.

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

8,899

694,834

14,380,354

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

3,375

1,073,520

Herbalife

Nutrition

Ltd.

(a)

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

19,212

1,013,049

2,086,569

Pharmaceuticals

—

3.1%

Bristol-Myers

Squibb

Co.

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

60,425

4,037,599

Johnson

&

Johnson

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

68,583

11,298,363

Perrigo

Co.

plc

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

1,522

69,784

Pfizer,

Inc.

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

30,720

1,202,995

16,608,741

Professional

Services

—

0.2%

IHS

Markit

Ltd.

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

4,750

535,135

Robert

Half

International,

Inc.

...........

6,808

605,708

1,140,843

Real

Estate

Management

&

Development

—

0.5%

CBRE

Group,

Inc.,

Class

A

(a)

...........

29,432

2,523,205

Road

&

Rail

—

0.9%

Landstar

System,

Inc.

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

3,961

625,917

Ryder

System,

Inc.

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

42,139

3,132,192

Schneider

National,

Inc.,

Class

B

........

43,499

946,973

4,705,082

Semiconductors

&

Semiconductor

Equipment

—

4.5%

Advanced

Micro

Devices,

Inc.

(a)

.........

20,351

1,911,569

Applied

Materials,

Inc.

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

20,639

2,938,993

Intel

Corp.

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

116,408

6,535,145

Lam

Research

Corp.

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

798

519,259

NVIDIA

Corp.

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

4,151

3,321,215

QUALCOMM,

Inc.

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

55,445

7,924,754

Silicon

Laboratories,

Inc.

(a)

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

2,551

390,941

Xilinx,

Inc.

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

3,187

460,968

24,002,844

Security

Shares

Shares

Value

Software

—

10.6%

Adobe,

Inc.

(a)

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

16,166

$

9,467,456

Alteryx

,

Inc.,

Class

A

(a)

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

6,885

592,248

Appian

Corp.

(a)

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

886

122,046

Cadence

Design

Systems,

Inc.

(a)

........

7,719

1,056,114

HubSpot

,

Inc.

(a)

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

3,516

2,048,844

Intuit,

Inc.

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

15,505

7,600,086

LivePerson

,

Inc.

(a)

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

525

33,201

Microsoft

Corp.

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

74,564

20,199,388

PagerDuty

,

Inc.

(a)

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

7,630

324,885

PTC,

Inc.

(a)

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

10,733

1,516,144

salesforce.com,

Inc.

(a)

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

1,919

468,754

ServiceNow

,

Inc.

(a)

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

4,121

2,264,696

Splunk

,

Inc.

(a)

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

20,990

3,034,734

UiPath

,

Inc.,

Class

A

(a)(b)

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

6,443

437,673

VMware,

Inc.,

Class

A

(a)

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

17,498

2,799,155

Workday,

Inc.,

Class

A

(a)

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

15,753

3,760,871

Zendesk

,

Inc.

(a)

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

2,578

372,108

56,098,403

Specialty

Retail

—

1.3%

Home

Depot,

Inc.

(The)

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

12,034

3,837,522

Lithia

Motors,

Inc.,

Class

A

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

1,312

450,856

Lowe's

Cos.,

Inc.

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

10,263

1,990,714

TJX

Cos.,

Inc.

(The)

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

7,086

477,738

6,756,830

Technology

Hardware,

Storage

&

Peripherals

—

7.1%

Apple,

Inc.

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

204,142

27,959,288

Dell

Technologies,

Inc.,

Class

C

(a)

........

35,561

3,544,365

Hewlett

Packard

Enterprise

Co.

.........

333,304

4,859,572

HP,

Inc.

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

27,973

844,505

NetApp,

Inc.

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

3,195

261,415

37,469,145

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Levi

Strauss

&

Co.,

Class

A

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

22,630

627,304

NIKE,

Inc.,

Class

B

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

11,611

1,793,783

Ralph

Lauren

Corp.

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

1,961

231,025

2,652,112

Thrifts

&

Mortgage

Finance

—

0.3%

Essent

Group

Ltd.

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

1,969

88,507

New

York

Community

Bancorp,

Inc.

......

151,673

1,671,436

Radian

Group,

Inc.

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

3,255

72,424

1,832,367

Trading

Companies

&

Distributors

—

0.4%

SiteOne

Landscape

Supply,

Inc.

(a)

........

6,500

1,100,190

WW

Grainger,

Inc.

(b)

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

2,078

910,164

2,010,354

Wireless

Telecommunication

Services

—

0.2%

United

States

Cellular

Corp.

(a)

..........

22,547

818,682

Total

Common

Stocks

—

99.2%

(Cost:

$425,007,791)

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

525,101,349

Total

Long-Term

Investments

—

99.2%

(Cost:

$425,007,791)

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

525,101,349

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

3.7%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

4,375,155

$

4,375,155

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

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

15,283,355

15,287,940

Total

Short-Term

Securities

—

3.7%

Security

Shares

Shares

Value

Short-Term

Securities

(continued)

(Cost:

$19,663,095)

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

$

19,663,095

Total

Investments

—

102.9%

(Cost:

$444,670,886

)

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

544,764,444

Liabilities

in

Excess

of

Other

Assets

—

(2.9)%

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

(15,354,829)

Net

Assets

—

100.0%

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

$

529,409,615

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

13,565,086

$

—

$

(9,189,931)

$

—

$

—

$

4,375,155

4,375,155

$

1,118

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

7,671,732

7,615,721

—

487

—

15,287,940

15,283,355

44,969

(b)

—

$

487

$

—

$

19,663,095

$

46,087

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Schedule

of

Investments

9

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

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

25

09/17/21

$

5,361

$

51,635

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)

.....

$

—

$

—

$

51,635

$

—

$

—

$

—

$

51,635

(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

six

months

ended

June

30,

2021,

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

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

$

—

$

—

$

2,254,383

$

—

$

—

$

—

$

2,254,383

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

(338,234)

—

—

—

(338,234)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

10,714,360

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

10

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

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

$

525,101,349

$

—

$

—

$

525,101,349

Short-Term

Securities

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

4,375,155

—

—

4,375,155

$

529,476,504

$

—

$

—

$

529,476,504

Investments

valued

at

NAV

(a)

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

15,287,940

$

—

$

544,764,444

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

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

$

51,635

$

—

$

—

$

51,635

(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

(unaudited)

June

30,

2021

11

Financial

Statements

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

525,101,349‌

Investments,

at

value

—

affiliated

(c)

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

19,663,095‌

Cash

pledged

for

futures

contracts

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

267,000‌

Receivables:

–‌

Investments

sold

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

5,150,793‌

Securities

lending

income

—

affiliated

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

13,734‌

Capital

shares

sold

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

855‌

Dividends

—

affiliated

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

19‌

Dividends

—

unaffiliated

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

195,123‌

Variation

margin

on

futures

contracts

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

7,656‌

Prepaid

expenses

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

3,368‌

Total

assets

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

550,402,992‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

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

15,298,504‌

Payables:

–‌

Investments

purchased

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

4,440,645‌

Capital

shares

redeemed

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

527,320‌

Distribution

fees

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

68,769‌

Investment

advisory

fees

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

197,303‌

Directors'

and

Officer's

fees

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

1,296‌

Other

affiliate

fees

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

2,133‌

Transfer

agent

fees

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

284,873‌

Other

accrued

expenses

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

172,534‌

Total

liabilities

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

20,993,377‌

NET

ASSETS

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

$

529,409,615‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

355,054,005‌

Accumulated

earnings

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

174,355,610‌

NET

ASSETS

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

$

529,409,615‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

425,007,791‌

(b)

  Securities

loaned,

at

value

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

$

14,990,162‌

(c)

  Investments,

at

cost

—

affiliated

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

$

19,663,095‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

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

$

194,792,311‌

Shares

outstanding

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

5,620,848‌

Net

asset

value

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

$

34.66‌

Shares

authorized

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

200

million

Par

value

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

$

0.10‌

Class

II

Net

assets

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

$

4,692,146‌

Shares

outstanding

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

135,269‌

Net

asset

value

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

$

34.69‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Class

III

Net

assets

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

$

329,925,158‌

Shares

outstanding

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

9,633,545‌

Net

asset

value

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

$

34.25‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Month

Ended

June

30,

2021

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

1,118‌

Dividends

—

unaffiliated

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

3,242,539‌

Securities

lending

income

—

affiliated

—

net

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

44,969‌

Foreign

taxes

withheld

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

(380‌)

Total

investment

income

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

3,288,246‌

EXPENSES

Investment

advisory

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

1,165,044‌

Transfer

agent

—

class

specific

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

512,624‌

Distribution

—

class

specific

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

401,696‌

Accounting

services

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

33,116‌

Professional

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

31,638‌

Custodian

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

18,918‌

Directors

and

Officer

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

4,421‌

Transfer

agent

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

2,354‌

Miscellaneous

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

15,421‌

Total

expenses

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

2,185,232‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(2,717‌)

Transfer

agent

fees

reimbursed

—

class

specific

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

(336,981‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

1,845,534‌

Net

investment

income

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

1,442,712‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

73,921,233‌

Net

realized

gain

from:

$

–‌

Investments

—

affiliated

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

487‌

Investments

—

unaffiliated

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

58,683,551‌

Futures

contracts

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

2,254,383‌

A

60,938,421‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

13,321,046‌

Futures

contracts

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

(338,234‌)

A

12,982,812‌

Net

realized

and

unrealized

gain

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

73,921,233‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

75,363,945‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

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

$

1,442,712‌

$

4,202,293‌

Net

realized

gain

(loss)

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

60,938,421‌

47,047,340‌

Net

change

in

unrealized

appreciation

(depreciation)

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

12,982,812‌

32,233,421‌

Net

increase

in

net

assets

resulting

from

operations

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

75,363,945‌

83,483,054‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

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

—‌

(16,255,252‌)

  Class

II

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

—‌

(342,878‌)

  Class

III

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

—‌

(28,131,287‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

—‌

(44,729,417‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(38,486,747‌)

(30,480,772‌)

NET

ASSETS

Total

increase

in

net

assets

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

36,877,198‌

8,272,865‌

Beginning

of

period

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

492,532,417‌

484,259,552‌

End

of

period

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

$

529,409,615‌

$

492,532,417‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

15

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

29.89‌

$

27.48‌

$

22.80‌

$

28.45‌

$

31.91‌

$

31.40‌

Net

investment

income

(loss)

(a)

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

0.12‌

0.31‌

0.38‌

0.42‌

(b)

0.44‌

0.39‌

Net

realized

and

unrealized

gain

(loss)

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

4.65‌

5.04‌

6.20‌

(1.90‌)

6.64‌

2.91‌

Net

increase

(decrease)

from

investment

operations

......

4.77‌

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

period

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

$

34.66‌

$

29.89‌

$

27.48‌

$

22.80‌

$

28.45‌

$

31.91‌

Total

Return

(d)

15.96%

19.80%

28.92%

(5.22)%

22.33%

—

Based

on

net

asset

value

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

15.96%

(e)

19.80%

28.92%

(5.22)%

22.33%

10.55%

Ratios

to

Average

Net

Assets

Total

expenses

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

0.70%

(f)

0.71%

0.72%

0.74%

0.73%

0.72%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.55%

(f)

0.56%

0.57%

0.58%

0.58%

0.58%

Net

investment

income

(loss)

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

0.74%

(f)

1.12%

1.43%

1.45%

(b)

1.27%

1.26%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

194,792‌

$

177,977‌

$

169,743‌

$

152,717‌

$

185,938‌

$

175,947‌

Portfolio

turnover

rate

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

56%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Class

II

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

29.95‌

$

27.51‌

$

22.83‌

$

28.47‌

$

31.93‌

$

31.42‌

Net

investment

income

(loss)

(a)

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

0.09‌

0.26‌

0.34‌

0.37‌

(b)

0.38‌

0.34‌

Net

realized

and

unrealized

gain

(loss)

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

4.65‌

5.06‌

6.19‌

(1.89‌)

6.64‌

2.90‌

Net

increase

(decrease)

from

investment

operations

......

4.74‌

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

period

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

$

34.69‌

$

29.95‌

$

27.51‌

$

22.83‌

$

28.47‌

$

31.93‌

Total

Return

(d)

15.83%

19.66%

28.67%

(5.37)%

22.12%

—

Based

on

net

asset

value

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

15.83%

(e)

19.66%

28.67%

(5.37)%

22.12%

10.37%

Ratios

to

Average

Net

Assets

Total

expenses

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

0.85%

(f)

0.86%

0.87%

0.89%

0.88%

0.88%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.72%

(f)

0.73%

0.74%

0.75%

0.75%

0.75%

Net

investment

income

(loss)

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

0.57%

(f)

0.96%

1.26%

1.28%

(b)

1.08%

1.09%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

4,692‌

$

3,771‌

$

4,986‌

$

4,390‌

$

4,862‌

$

5,170‌

Portfolio

turnover

rate

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

56

%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

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

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

29.58‌

$

27.22‌

$

22.60‌

$

28.23‌

$

31.74‌

$

31.25‌

Net

investment

income

(loss)

(a)

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

0.07‌

0.23‌

0.30‌

0.34‌

(b)

0.34‌

0.31‌

Net

realized

and

unrealized

gain

(loss)

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

4.60‌

4.99‌

6.14‌

(1.89‌)

6.59‌

2.88‌

Net

increase

(decrease)

from

investment

operations

......

4.67‌

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

period

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

$

34.25‌

$

29.58‌

$

27.22‌

$

22.60‌

$

28.23‌

$

31.74‌

Total

Return

(d)

15.79%

19.50%

28.56%

(5.51)%

21.97%

—

Based

on

net

asset

value

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

15.79%

(e)

19.50%

28.56%

(5.51)%

21.97%

10.26%

Ratios

to

Average

Net

Assets

Total

expenses

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

0.95%

(f)

0.96%

0.97%

0.99%

0.99%

0.97%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.83%

(f)

0.84%

0.85%

0.86%

0.86%

0.86%

Net

investment

income

(loss)

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

0.46%

(f)

0.83%

1.15%

1.17%

(b)

0.98%

0.98%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

329,925‌

$

310,785‌

$

309,530‌

$

278,913‌

$

341,630‌

$

328,040‌

Portfolio

turnover

rate

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

56%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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.

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.  

3.

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

(unaudited)

(continued)

19

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.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade 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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

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.

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.

5.

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.

6.

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.

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.

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

$

428,649‌

$

(428,649‌)

$

—‌

Citigroup

Global

Markets,

Inc.

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

175,200‌

(175,200‌)

—‌

Deutsche

Bank

Securities,

Inc.

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

433,258‌

(433,258‌)

—‌

JP

Morgan

Securities

LLC

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

12,058,267‌

(12,058,267‌)

—‌

Morgan

Stanley

&

Co.

LLC

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

1,894,788‌

(1,894,788‌)

—‌

$

14,990,162‌

$

(14,990,162‌)

$

—‌

(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

(unaudited)

(continued)

21

Notes

to

Financial

Statements

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $2,095

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 six

months

ended

June

30,

2021,

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

June

30,

2023.

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

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

 This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30

,

2021,

the

amount

waived

was

$2,

717

.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

by

the

Manager

pursuant

to

this

arrangement.

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

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

$

3,263‌

Class

III

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

398,433‌

$

401,696‌

Class

I

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

$

187,021‌

Class

II

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

4,325‌

Class

III

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

321,278‌

$

512,624‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

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

this

contractual

expense

limitation

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $13,079

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. 

Class

I

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

0.05‌%

Class

II

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

0.07‌

Class

III

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

0.08‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

Class

I

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

$

140,613‌

Class

II

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

2,800‌

Class

III

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

193,568‌

$

336,981‌

Class

I

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

1.25‌%

Class

II

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

1.40‌

Class

III

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

1.50‌

Notes

to

Financial

Statements

(unaudited)

(continued)

23

Notes

to

Financial

Statements

During the

period

ended

June

30,

2021,

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. 

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $276,854,277

and

$301,499,860,

respectively.

8.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

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

$

446,944,042‌

$

101,661,178‌

$

(3,789,141‌)

$

97,872,037‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

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

56,077‌

$

1,790,713‌

102,372‌

$

2,817,017‌

Shares

issued

in

reinvestment

of

distributions

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

—‌

—‌

554,725‌

16,255,252‌

Shares

redeemed

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

(388,707‌)

(12,503,270‌)

(881,202‌)

(24,241,525‌)

Net

decrease

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

(332,630‌)

$

(10,712,557‌)

(224,105‌)

$

(5,169,256‌)

Class

II

Shares

sold

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

24,930‌

$

768,987‌

69,765‌

$

1,797,582‌

Shares

issued

in

reinvestment

of

distributions

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

—‌

—‌

11,701‌

342,878‌

Shares

redeemed

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

(15,574‌)

(496,243‌)

(136,779‌)

(3,630,527‌)

Net

increase

(decrease)

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

9,356‌

$

272,744‌

(55,313‌)

$

(1,490,067‌)

Class

III

Shares

sold

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

168,167‌

$

5,479,670‌

376,993‌

$

9,513,924‌

Shares

issued

in

reinvestment

of

distributions

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

—‌

—‌

970,829‌

28,131,287‌

Shares

redeemed

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

(1,039,902‌)

(33,526,604‌)

(2,212,014‌)

(61,466,660‌)

Net

decrease

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

(871,735‌)

$

(28,046,934‌)

(864,192‌)

$

(23,821,449‌)

Total

Net

Decrease

(1,195,009‌)

$

(38,486,747‌)

(1,143,611‌)

$

(30,480,772‌)

Glossary

of

Terms

Used

in

this

Report

25

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abb

reviations

S&P

Standard

&

Poor's

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Value

Index.

What

factors

influenced

performance?

The

Fund

performed

well

against

the

changeable

market

backdrop.

U.S.

stocks

advanced

amid

accelerated

vaccine

distribution

alongside

strong

fiscal

policy

support

following

the

results

of

the

Georgia

senate

election

races.

With

the

removal

of

mobility

restrictions,

economic

activity

levels

experienced

a

sharp

rise

with

consumer

price

inflation

hitting

a

multi-year

high

in

the

second

half

of

the

period.

The

resulting

rise

in

rates

with

the

10-year

U.S.

Treasury

touching

pre-COVID-19

levels

in

the

first

quarter

of

2021

was

driven

by

a

greater

pricing

in

of

inflationary

pressures.

This

drove

a

reflationary

preference

within

equities

that

led

to

outperformance

across

value

stocks,

led

by

energy

and

financials,

at

the

expense

of

growth

and

momentum

throughout

the

first

five

months

of

2021.

As

markets

sought

to

evaluate

whether

inflation

increases

were

transitory,

the

Fed

took

a

surprisingly

hawkish

tone

in

June

2021.

This

prompted

a

sharp

reversal

that

restored

2020

trends

with

large-cap

secular

growth

stocks

the

dominant

market

theme

and

small

caps

lagging.

The

style

shift

was

further

supported

by

concerns

about

the

spread

of

the

Delta

COVID

strain

alongside

declining

bond

yields,

which

pointed

to

a

mid-cycle

economy.

While

the

growth

outlook

remained

strong,

investors

balanced

this

against

virus

developments

as

well

as

inflation

trends

with

the

potential

to

result

in

a

more

rapid

withdrawal

of

the

Fed’s

monetary

support.

Despite

the

rotation

in

June

2021,

strong

early

gains

across

fundamental

insights

led

to

overall

outperformance

by

the

Fund

for

the

period.

Traditional

valuation-related

measures

drove

gains

in

the

first

half

of

the

period

amid

market

style

preferences

driven

by

the

reflationary

theme.

Additionally,

fundamental

quality

measures,

specifically

those

looking

at

balance

sheet

strength,

were

additive.

While

strong

contributors

throughout

most

of

the

period,

June

proved

challenging

to

valuation-based

measures

given

the

shift

toward

secular

growth.

Nontraditional

fundamental

measures,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors

also

provided

performance

gains.

Environmental

transition

measures

that

look

toward

investor

positioning

into

ESG-related

holdings

performed

well

as

these

measures

captured

the

broader

sustainability

trend

across

the

market.

Insights

identifying

patents

filed

for

green

technology

development

also

performed

well

given

the

rotation

to

growth

and

technology

names

in

June.

Sentiment

measures

outperformed

as

they

correctly

positioned

the

Fund

around

the

reopening

and

reflationary

themes.

An

insight

designed

to

capture

sentiment

across

market

participants,

such

as

bond

investors,

performed

well

as

interest

rates

became

more

volatile

in

response

to

shifting

inflation

expectations.

Other

sentiment

measures

that

evaluate

hiring

trends

and

news

sentiment

as

well

as

fast-moving

flow-based

measures

performed

well.

These

insights

motivated

an

overweight

position

to

machinery

and

energy

names,

providing

gains

as

commodities

rallied.

Despite

generally

strong

relative

performance

in

the

period,

select

measures

were

challenged

to

keep

pace.

The

Fund

struggled

in

June

2021

after

the

surprise

Fed

pivot

to

a

hawkish

stance.

As

the

market

shifted

back

to

2020

themes,

risk

mitigation

ESG

insights,

such

as

those

that

evaluate

company

controversies,

detracted.

Another

measure

that

penalizes

companies

that

pay

lower

taxes

versus

peers,

typically

growth-oriented

technology

stocks

while

favoring

those

with

higher

relative

tax

levels,

and

typically

more

blue

chip-type

stocks,

also

lagged.

Elsewhere,

a

macro

insight

designed

to

take

the

opposite

view

of

generic

style

factor

peers

also

struggled

given

the

insight's

negative

stance

on

value,

as

the

style

rallied.

Finally,

insights

that

seek

to

identify

lower

risk

securities

weighed

on

performance

as

the

market

continued

its

overall

upward

trajectory.

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.

The

Fund

built

upon

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

around

retail

names.

Additionally,

given

the

dynamism

of

the

current

environment,

the

Fund

has

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends,

such

as

sentiment

around

vaccine

distribution

and

the

impact

on

economic

reopening.

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

industrials

and

utilities

and

slight

underweights

in

real

estate

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(

c

)

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

17.30‌%

42.56‌%

13.29‌%

10.93‌%

Class

II

(b)(

c

)

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

17.27‌

42.50‌

13.11‌

10.73‌

Class

III

(b)(

c

)

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

17.16‌

42.23‌

12.98‌

10.58‌

Russell

1000

®

Value

Index

(d)

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

17.05‌

43.68‌

11.87‌

11.61‌

(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.

(c)

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”.

(d)

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.

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.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Financials

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

20‌

%

Health

Care

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

16‌

Industrials

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

13‌

Information

Technology

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

11‌

Communication

Services

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

8‌

Consumer

Staples

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

7‌

Consumer

Discretionary

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

6‌

Energy

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

6‌

Utilities

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

6‌

Real

Estate

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

4‌

Materials

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

3‌

Short-Term

Securities

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

3‌

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00

$

1,173.00

$

3.23

$

1,000.00

$

1,021.82

$

3.01

0.60%

Class

II

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

1,000.00

1,172.70

4.04

1,000.00

1,021.08

3.76

0.75

Class

III

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

1,000.00

1,171.60

4.58

1,000.00

1,020.58

4.26

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

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.6%

Aerospace

&

Defense

—

1.4%

Curtiss-Wright

Corp.

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

1,382

$

164,126

HEICO

Corp.

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

270

37,643

Lockheed

Martin

Corp.

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

2,534

958,739

Mercury

Systems,

Inc.

(a)

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

1,041

68,998

Northrop

Grumman

Corp.

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

473

171,902

1,401,408

Air

Freight

&

Logistics

—

1.3%

CH

Robinson

Worldwide,

Inc.

..........

3,754

351,637

Expeditors

International

of

Washington,

Inc.

(b)

7,818

989,759

1,341,396

Airlines

—

0.3%

(a)

Copa

Holdings

SA,

Class

A

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

161

12,128

Delta

Air

Lines,

Inc.

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

3,604

155,909

Southwest

Airlines

Co.

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

2,756

146,316

314,353

Auto

Components

—

1.2%

BorgWarner,

Inc.

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

23,875

1,158,893

Banks

—

6.4%

Bank

of

America

Corp.

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

12,662

522,054

Bank

of

Hawaii

Corp.

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

1,099

92,558

Citigroup,

Inc.

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

17,586

1,244,209

First

Republic

Bank

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

894

167,330

JPMorgan

Chase

&

Co.

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

12,955

2,015,021

Pinnacle

Financial

Partners,

Inc.

.........

4,073

359,605

Regions

Financial

Corp.

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

5,077

102,454

Signature

Bank

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

1,280

314,432

Truist

Financial

Corp.

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

9,292

515,706

Umpqua

Holdings

Corp.

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

3,113

57,435

Wells

Fargo

&

Co.

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

18,258

826,905

Wintrust

Financial

Corp.

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

2,107

159,352

6,377,061

Beverages

—

1.3%

Coca-Cola

Co.

(The)

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

5,179

280,236

Molson

Coors

Beverage

Co.,

Class

B

(a)

....

3,798

203,915

PepsiCo,

Inc.

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

5,637

835,234

1,319,385

Biotechnology

—

2.4%

Alexion

Pharmaceuticals,

Inc.

(a)

.........

139

25,536

BioMarin

Pharmaceutical,

Inc.

(a)

.........

1,616

134,839

Gilead

Sciences,

Inc.

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

22,929

1,578,891

Regeneron

Pharmaceuticals,

Inc.

(a)

.......

167

93,276

Vertex

Pharmaceuticals,

Inc.

(a)

..........

1,985

400,236

Verve

Therapeutics,

Inc.

(a)

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

2,778

167,374

2,400,152

Building

Products

—

1.9%

Allegion

plc

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

1,650

229,845

Carrier

Global

Corp.

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

9,978

484,931

Lennox

International,

Inc.

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

367

128,744

Owens

Corning

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

886

86,739

Trane

Technologies

plc

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

5,385

991,594

1,921,853

Capital

Markets

—

4.2%

Ameriprise

Financial,

Inc.

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

930

231,458

Bank

of

New

York

Mellon

Corp.

(The)

.....

10,478

536,788

Charles

Schwab

Corp.

(The)

...........

10,114

736,400

CME

Group,

Inc.

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

2,409

512,346

Invesco

Ltd.

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

4,383

117,158

Morgan

Stanley

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

19,605

1,797,582

State

Street

Corp.

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

1,341

110,338

Security

Shares

Shares

Value

Capital

Markets

(continued)

Stifel

Financial

Corp.

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

1,379

$

89,442

4,131,512

Chemicals

—

1.8%

Ecolab,

Inc.

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

2,935

604,522

FMC

Corp.

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

1,096

118,587

Linde

plc

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

889

257,010

PPG

Industries,

Inc.

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

4,681

794,693

Valvoline,

Inc.

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

526

17,074

1,791,886

Commercial

Services

&

Supplies

—

0.6%

Cintas

Corp.

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

145

55,390

IAA,

Inc.

(a)

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

10,255

559,308

614,698

Communications

Equipment

—

0.3%

Cisco

Systems,

Inc.

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

5,578

295,634

Construction

&

Engineering

—

0.3%

EMCOR

Group,

Inc.

(b)

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

1,966

242,191

Quanta

Services,

Inc.

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

752

68,109

Valmont

Industries,

Inc.

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

84

19,828

330,128

Construction

Materials

—

0.3%

Martin

Marietta

Materials,

Inc.

..........

203

71,417

Vulcan

Materials

Co.

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

1,182

205,751

277,168

Consumer

Finance

—

2.4%

Ally

Financial,

Inc.

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

23,328

1,162,667

American

Express

Co.

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

7,225

1,193,787

Santander

Consumer

USA

Holdings,

Inc.

...

952

34,577

2,391,031

Containers

&

Packaging

—

0.4%

Amcor

plc

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

3,169

36,317

AptarGroup,

Inc.

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

1,024

144,220

Crown

Holdings,

Inc.

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

1,766

180,503

361,040

Distributors

—

0.6%

Genuine

Parts

Co.

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

5,042

637,662

Diversified

Consumer

Services

—

0.6%

(a)

Bright

Horizons

Family

Solutions,

Inc.

.....

467

68,700

Terminix

Global

Holdings,

Inc.

..........

10,174

485,402

554,102

Diversified

Financial

Services

—

2.6%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

5,565

1,546,625

Voya

Financial,

Inc.

(b)

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

16,521

1,016,041

2,562,666

Diversified

Telecommunication

Services

—

1.3%

AT&T,

Inc.

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

34,763

1,000,479

Verizon

Communications,

Inc.

..........

5,894

330,241

1,330,720

Electric

Utilities

—

2.9%

Alliant

Energy

Corp.

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

2,105

117,375

Eversource

Energy

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

9,032

724,728

NextEra

Energy,

Inc.

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

7,893

578,399

OGE

Energy

Corp.

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

22,925

771,426

Pinnacle

West

Capital

Corp.

...........

4,087

335,011

Xcel

Energy,

Inc.

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

4,837

318,662

2,845,601

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Electrical

Equipment

—

0.1%

Emerson

Electric

Co.

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

446

$

42,923

Rockwell

Automation,

Inc.

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

253

72,363

115,286

Electronic

Equipment,

Instruments

&

Components

—

0.4%

Flex

Ltd.

(a)

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

24,859

444,230

Energy

Equipment

&

Services

—

0.8%

ChampionX

Corp.

(a)

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

4,799

123,094

Schlumberger

NV

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

20,337

650,988

774,082

Entertainment

—

1.5%

(a)

Live

Nation

Entertainment,

Inc.

..........

2,019

176,844

Spotify

Technology

SA

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

387

106,654

Walt

Disney

Co.

(The)

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

6,295

1,106,472

Zynga,

Inc.,

Class

A

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

10,776

114,549

1,504,519

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.6%

Brixmor

Property

Group,

Inc.

...........

10,349

236,889

Equinix

,

Inc.

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

620

497,612

Equity

Residential

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

3,575

275,275

Prologis,

Inc.

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

13,036

1,558,193

2,567,969

Food

&

Staples

Retailing

—

1.5%

Costco

Wholesale

Corp.

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

2,913

1,152,587

Performance

Food

Group

Co.

(a)

.........

975

47,278

Walmart,

Inc.

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

1,956

275,835

1,475,700

Food

Products

—

2.2%

Bunge

Ltd.

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

2,821

220,461

Conagra

Brands,

Inc.

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

19,218

699,151

Hershey

Co.

(The)

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

4,347

757,161

Kellogg

Co.

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

3,392

218,207

McCormick

&

Co.,

Inc.

(Non-Voting)

......

3,243

286,422

2,181,402

Gas

Utilities

—

0.7%

Atmos

Energy

Corp.

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

4,398

422,692

UGI

Corp.

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

4,842

224,233

646,925

Health

Care

Equipment

&

Supplies

—

4.4%

Align

Technology,

Inc.

(a)

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

708

432,588

Danaher

Corp.

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

5,197

1,394,667

DexCom

,

Inc.

(a)

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

1,560

666,120

Envista

Holdings

Corp.

(a)

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

4,063

175,562

Hill-Rom

Holdings,

Inc.

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

2,938

333,728

Hologic

,

Inc.

(a)

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

2,914

194,422

IDEXX

Laboratories,

Inc.

(a)

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

1,768

1,116,580

Tandem

Diabetes

Care,

Inc.

(a)

..........

177

17,240

4,330,907

Health

Care

Providers

&

Services

—

3.3%

AmerisourceBergen

Corp.

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

2,971

340,150

Anthem,

Inc.

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

1,289

492,140

Centene

Corp.

(a)

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

2,017

147,100

Cigna

Corp.

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

1,916

454,226

CVS

Health

Corp.

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

1,631

136,091

Humana,

Inc.

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

726

321,415

McKesson

Corp.

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

3,284

628,032

Privia

Health

Group,

Inc.

(a)

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

2,633

116,826

UnitedHealth

Group,

Inc.

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

1,577

631,494

3,267,474

Security

Shares

Shares

Value

Health

Care

Technology

—

0.5%

Cerner

Corp.

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

3,913

$

305,840

Doximity

,

Inc.,

Class

A

(a)

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

1,332

77,522

Teladoc

Health,

Inc.

(a)

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

974

161,967

545,329

Hotels,

Restaurants

&

Leisure

—

2.5%

Aramark

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

6,081

226,517

International

Game

Technology

plc

(a)

......

8,795

210,728

Marriott

Vacations

Worldwide

Corp.

(a)

.....

331

52,728

McDonald's

Corp.

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

2,764

638,457

Shake

Shack,

Inc.,

Class

A

(a)

...........

1,912

204,622

Six

Flags

Entertainment

Corp.

(a)

.........

8,912

385,712

Vail

Resorts,

Inc.

(a)

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

150

47,478

Wyndham

Hotels

&

Resorts,

Inc.

(b)

.......

3,221

232,846

Wynn

Resorts

Ltd.

(a)(b)

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

4,307

526,746

2,525,834

Household

Durables

—

0.0%

iRobot

Corp.

(a)

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

487

45,481

Household

Products

—

1.6%

Colgate-Palmolive

Co.

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

13,031

1,060,072

Procter

&

Gamble

Co.

(The)

...........

3,944

532,164

1,592,236

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Brookfield

Renewable

Corp.

...........

2,642

110,805

Industrial

Conglomerates

—

2.0%

Honeywell

International,

Inc.

...........

7,668

1,681,976

Roper

Technologies,

Inc.

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

688

323,497

2,005,473

Insurance

—

3.9%

American

International

Group,

Inc.

.......

1,628

77,493

Athene

Holding

Ltd.,

Class

A

(a)

..........

567

38,273

First

American

Financial

Corp.

..........

686

42,772

Hanover

Insurance

Group,

Inc.

(The)

.....

466

63,208

Marsh

&

McLennan

Cos.,

Inc.

..........

3,586

504,478

MetLife,

Inc.

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

21,954

1,313,947

Progressive

Corp.

(The)

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

5,454

535,637

Travelers

Cos.,

Inc.

(The)

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

7,431

1,112,495

Willis

Towers

Watson

plc

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

649

149,283

3,837,586

Interactive

Media

&

Services

—

2.4%

(a)

Alphabet,

Inc.,

Class

A

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

648

1,582,280

Alphabet,

Inc.,

Class

C

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

193

483,719

Twitter,

Inc.

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

4,212

289,828

2,355,827

IT

Services

—

3.2%

Accenture

plc,

Class

A

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

2,232

657,971

Automatic

Data

Processing,

Inc.

.........

2,366

469,935

Fidelity

National

Information

Services,

Inc.

..

9,804

1,388,933

Fiserv,

Inc.

(a)

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

3,890

415,802

Paymentus

Holdings,

Inc.,

Class

A

(a)

......

3,485

123,717

Visa,

Inc.,

Class

A

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

568

132,810

3,189,168

Life

Sciences

Tools

&

Services

—

0.6%

Agilent

Technologies,

Inc.

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

1,846

272,857

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

44

28,349

Bruker

Corp.

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

1,701

129,242

PPD,

Inc.

(a)

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

3,849

177,400

607,848

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Machinery

—

3.1%

Caterpillar,

Inc.

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

3,363

$

731,890

Deere

&

Co.

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

398

140,379

Flowserve

Corp.

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

320

12,902

Oshkosh

Corp.

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

3,431

427,640

Otis

Worldwide

Corp.

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

12,415

1,015,174

Xylem,

Inc.

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

5,909

708,844

3,036,829

Media

—

1.9%

Comcast

Corp.,

Class

A

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

20,228

1,153,401

Discovery,

Inc.,

Class

A

(a)

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

9,128

280,047

Discovery,

Inc.,

Class

C

(a)

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

1,567

45,412

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

373

17,374

Nexstar

Media

Group,

Inc.,

Class

A

.......

213

31,498

Sirius

XM

Holdings,

Inc.

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

39,005

255,093

TEGNA,

Inc.

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

3,582

67,198

ViacomCBS

,

Inc.,

Class

A

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

785

38,033

1,888,056

Metals

&

Mining

—

0.8%

Newmont

Corp.

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

962

60,972

Reliance

Steel

&

Aluminum

Co.

.........

4,635

699,421

760,393

Multiline

Retail

—

1.2%

Target

Corp.

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

5,006

1,210,150

Multi-Utilities

—

2.1%

Ameren

Corp.

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

6,177

494,407

CMS

Energy

Corp.

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

3,667

216,646

Consolidated

Edison,

Inc.

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

15,923

1,141,998

DTE

Energy

Co.

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

1,876

243,130

2,096,181

Oil,

Gas

&

Consumable

Fuels

—

5.2%

Antero

Midstream

Corp.

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

7,515

78,081

Chesapeake

Energy

Corp.

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

2,567

133,279

Chevron

Corp.

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

15,330

1,605,664

Continental

Resources,

Inc.

(b)

...........

2,798

106,408

Devon

Energy

Corp.

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

3,648

106,485

EOG

Resources,

Inc.

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

6,676

557,045

EQT

Corp.

(a)

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

1,736

38,643

Exxon

Mobil

Corp.

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

3,673

231,693

Hess

Corp.

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

4,354

380,191

Kinder

Morgan,

Inc.

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

36,438

664,265

Phillips

66

(b)

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

11,087

951,486

Valero

Energy

Corp.

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

3,768

294,206

5,147,446

Personal

Products

—

0.2%

Herbalife

Nutrition

Ltd.

(a)

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

2,844

149,964

Pharmaceuticals

—

5.1%

Bristol-Myers

Squibb

Co.

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

12,709

849,215

Johnson

&

Johnson

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

19,596

3,228,245

Perrigo

Co.

plc

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

5,106

234,110

Pfizer,

Inc.

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

20,048

785,080

5,096,650

Professional

Services

—

0.1%

IHS

Markit

Ltd.

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

903

101,732

Robert

Half

International,

Inc.

...........

361

32,118

133,850

Real

Estate

Management

&

Development

—

1.0%

CBRE

Group,

Inc.,

Class

A

(a)

...........

11,721

1,004,841

Security

Shares

Shares

Value

Road

&

Rail

—

1.3%

Landstar

System,

Inc.

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

868

$

137,161

Ryder

System,

Inc.

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

10,756

799,494

Schneider

National,

Inc.,

Class

B

........

17,525

381,519

1,318,174

Semiconductors

&

Semiconductor

Equipment

—

2.6%

Intel

Corp.

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

32,192

1,807,259

QUALCOMM,

Inc.

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

5,125

732,516

2,539,775

Software

—

2.8%

Adobe,

Inc.

(a)

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

1,180

691,055

Alkami

Technology,

Inc.

(a)

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

486

17,336

Alteryx

,

Inc.,

Class

A

(a)

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

883

75,956

Intuit,

Inc.

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

2,282

1,118,568

Monday.com

Ltd.

(a)

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

118

26,384

Procore

Technologies,

Inc.

(a)

...........

767

72,827

PTC,

Inc.

(a)

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

188

26,557

salesforce.com,

Inc.

(a)

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

176

42,991

SentinelOne

,

Inc.,

Class

A

(a)

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

2,735

116,237

UiPath

,

Inc.,

Class

A

(a)(b)

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

1,227

83,350

VMware,

Inc.,

Class

A

(a)

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

1,364

218,199

Workday,

Inc.,

Class

A

(a)

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

1,356

323,731

2,813,191

Specialty

Retail

—

0.1%

Home

Depot,

Inc.

(The)

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

272

86,738

Technology

Hardware,

Storage

&

Peripherals

—

1.8%

Dell

Technologies,

Inc.,

Class

C

(a)

........

4,531

451,605

Hewlett

Packard

Enterprise

Co.

.........

62,413

909,981

HP,

Inc.

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

13,814

417,045

1,778,631

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Ralph

Lauren

Corp.

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

1,619

190,734

Under

Armour

,

Inc.,

Class

C

(a)

..........

971

18,032

208,766

Thrifts

&

Mortgage

Finance

—

0.6%

New

York

Community

Bancorp,

Inc.

......

52,528

578,859

Trading

Companies

&

Distributors

—

0.3%

SiteOne

Landscape

Supply,

Inc.

(a)

........

770

130,330

WW

Grainger,

Inc.

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

467

204,546

334,876

Wireless

Telecommunication

Services

—

0.4%

United

States

Cellular

Corp.

(a)

..........

11,892

431,799

Total

Common

Stocks

—

99.6%

(Cost:

$87,614,200)

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

99,097,599

Total

Long-Term

Investments

—

99.6%

(Cost:

$87,614,200)

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

99,097,599

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

3.3%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

1,026,527

$

1,026,527

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

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

2,267,408

2,268,088

Total

Short-Term

Securities

—

3.3%

(Cost:

$3,294,615)

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

3,294,615

Total

Investments

—

102.9%

(Cost:

$90,908,815

)

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

102,392,214

Liabilities

in

Excess

of

Other

Assets

—

(2.9)%

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

(2,841,953)

Net

Assets

—

100.0%

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

$

99,550,261

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

2,174,299

$

—

$

(1,147,772)

$

—

$

—

$

1,026,527

1,026,527

$

223

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

2,433,943

—

(165,834)

(21)

—

2,268,088

2,267,408

5,443

(b)

—

$

(21)

$

—

$

3,294,615

$

5,666

$

—

—

—

(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

9

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

i

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

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

3

09/17/21

$

643

$

4,973

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)

.....

$

—

$

—

$

4,973

$

—

$

—

$

—

$

4,973

(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

six

months

ended

June

30,

2021,

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

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

$

—

$

—

$

410,572

$

—

$

—

$

—

$

410,572

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

(57,726)

—

—

—

(57,726)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

1,809,420

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

10

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

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

$

99,097,599

$

—

$

—

$

99,097,599

Short-Term

Securities

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

1,026,527

—

—

1,026,527

$

100,124,126

$

—

$

—

$

100,124,126

Investments

valued

at

NAV

(a)

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

2,268,088

$

—

$

102,392,214

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

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

$

4,973

$

—

$

—

$

4,973

(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

(unaudited)

June

30,

2021

11

Financial

Statements

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

99,097,599‌

Investments,

at

value

—

affiliated

(c)

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

3,294,615‌

Cash

pledged

for

futures

contracts

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

45,000‌

Receivables:

–‌

Investments

sold

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

1,845,778‌

Securities

lending

income

—

affiliated

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

2,225‌

Capital

shares

sold

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

24,504‌

Dividends

—

affiliated

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

4‌

Dividends

—

unaffiliated

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

51,797‌

Variation

margin

on

futures

contracts

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

1,556‌

Prepaid

expenses

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

657‌

Total

assets

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

104,363,735‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

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

2,274,298‌

Payables:

–‌

Investments

purchased

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

2,118,775‌

Capital

shares

redeemed

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

220,933‌

Distribution

fees

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

1,926‌

Investment

advisory

fees

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

36,364‌

Directors'

and

Officer's

fees

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

844‌

Other

affiliate

fees

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

422‌

Other

accrued

expenses

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

159,912‌

Total

liabilities

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

4,813,474‌

NET

ASSETS

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

$

99,550,261‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

76,604,925‌

Accumulated

earnings

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

22,945,336‌

NET

ASSETS

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

$

99,550,261‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

87,614,200‌

(b)

  Securities

loaned,

at

value

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

$

2,238,393‌

(c)

  Investments,

at

cost

—

affiliated

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

$

3,294,615‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

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

$

89,825,333‌

Shares

outstanding

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

7,704,758‌

Net

asset

value

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

$

11.66‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Class

II

Net

assets

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

$

788,429‌

Shares

outstanding

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

67,125‌

Net

asset

value

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

$

11.75‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Class

III

Net

assets

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

$

8,936,499‌

Shares

outstanding

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

784,127‌

Net

asset

value

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

$

11.40‌

Shares

authorized

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

100

million

Par

value

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

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

223‌

Dividends

—

unaffiliated

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

892,160‌

Securities

lending

income

—

affiliated

—

net

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

5,443‌

Foreign

taxes

withheld

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

(120‌)

Total

investment

income

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

897,706‌

EXPENSES

Investment

advisory

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

361,123‌

Transfer

agent

—

class

specific

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

93,919‌

Accounting

services

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

23,594‌

Professional

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

22,160‌

Distribution

—

class

specific

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

11,037‌

Custodian

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

10,159‌

Directors

and

Officer

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

3,947‌

Transfer

agent

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

2,354‌

Miscellaneous

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

7,530‌

Total

expenses

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

535,823‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(141,904‌)

Transfer

age

nt

fees

reimbursed

—

class

specific

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

(93,909‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

300,010‌

Net

investment

income

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

597,696‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

14,634,294‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

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

(21‌)

Investments

—

unaffiliated

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

11,366,593‌

Futures

contracts

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

410,572‌

A

11,777,144‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

2,914,876‌

Futures

contracts

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

(57,726‌)

A

2,857,150‌

Net

realized

and

unrealized

gain

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

14,634,294‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

15,231,990‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

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

$

597,696‌

$

1,495,219‌

Net

realized

gain

(loss)

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

11,777,144‌

(890,828‌)

Net

change

in

unrealized

appreciation

(depreciation)

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

2,857,150‌

1,516,984‌

Net

increase

in

net

assets

resulting

from

operations

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

15,231,990‌

2,121,375‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

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

—‌

(2,153,705‌)

  Class

II

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

—‌

(16,443‌)

  Class

III

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

—‌

(152,464‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

—‌

(2,322,612‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(4,114,771‌)

(5,810,577‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

11,117,219‌

(6,011,814‌)

Beginning

of

period

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

88,433,042‌

94,444,856‌

End

of

period

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

$

99,550,261‌

$

88,433,042‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

15

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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

9.94‌

$

9.86‌

$

8.40‌

$

10.63‌

$

12.06‌

$

11.49‌

Net

investment

income

(loss)

(a)

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

0.07‌

0.16‌

0.20‌

0.20‌

(b)

0.20‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

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

1.65‌

0.18‌

1.88‌

(1.08‌)

1.86‌

1.41‌

Net

increase

(decrease)

from

investment

operations

......

1.72‌

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

period

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

$

11.66‌

$

9.94‌

$

9.86‌

$

8.40‌

$

10.63‌

$

12.06‌

Total

Return

(d)

17.30%

3.66%

24.89%

(8.20)%

—

—

Based

on

net

asset

value

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

17.30%

(e)

3.66%

24.89%

(8.20)%

17.22%

13.60%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

1.09%

(g)

1.11%

1.13%

1.17%

1.17%

1.09%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.60%

(g)

0.60%

0.60%

0.61%

0.71%

0.82%

Net

investment

income

(loss)

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

1.26%

(g)

1.85%

2.12%

1.90%

(b)

1.57%

1.29%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

89,825‌

$

81,864‌

$

87,984‌

$

78,685‌

$

99,213‌

$

92,795‌

Portfolio

turnover

rate

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

67%

139%

144%

164%

168%

47%

Six

Months

Ended

06/30/21

(unaudited)

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)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

(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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

II

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

10.02‌

$

9.93‌

$

8.44‌

$

10.67‌

$

12.09‌

$

11.52‌

Net

investment

income

(loss)

(a)

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

0.06‌

0.16‌

0.19‌

0.19‌

(b)

0.18‌

0.13‌

Net

realized

and

unrealized

gain

(loss)

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

1.67‌

0.17‌

1.89‌

(1.09‌)

1.86‌

1.40‌

Net

increase

(decrease)

from

investment

operations

......

1.73‌

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

period

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

$

11.75‌

$

10.02‌

$

9.93‌

$

8.44‌

$

10.67‌

$

12.09‌

Total

Return

(d)

17.27%

3.53%

24.69%

(8.37)%

17.06%

—

Based

on

net

asset

value

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

17.27%

(e)

3.53%

24.69%

(8.37)%

17.06%

13.35%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.21%

(g)

1.22%

1.27%

1.32%

1.32%

1.27%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.75%

(g)

0.75%

0.75%

0.76%

0.88%

1.03%

Net

investment

income

(loss)

.....................

1.11%

(g)

1.77%

1.95%

1.74%

(b)

1.38%

1.10%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

788‌

$

697‌

$

1,484‌

$

4,813‌

$

7,063‌

$

6,060‌

Portfolio

turnover

rate

..........................

67%

139%

144%

164%

168%

47%

Six

Months

Ended

06/30/21

(unaudited)

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)

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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

9.73‌

$

9.66‌

$

8.24‌

$

10.46‌

$

11.92‌

$

11.37‌

Net

investment

income

(loss)

(a)

...................

0.05‌

0.14‌

0.18‌

0.18‌

(b)

0.16‌

0.11‌

Net

realized

and

unrealized

gain

(loss)

.............

1.62‌

0.17‌

1.84‌

(1.07‌)

1.83‌

1.38‌

Net

increase

(decrease)

from

investment

operations

......

1.67‌

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

period

....................

$

11.40‌

$

9.73‌

$

9.66‌

$

8.24‌

$

10.46‌

$

11.92‌

Total

Return

(d)

17.16%

3.42%

24.60%

(8.46)%

16.86%

—

Based

on

net

asset

value

........................

17.16%

(e)

3.42%

24.60%

(8.46)%

16.86%

13.17%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.34%

(g)

1.36%

1.38%

1.42%

1.43%

1.35%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.85%

(g)

0.85%

0.85%

0.86%

0.99%

1.18%

Net

investment

income

(loss)

.....................

1.00%

(g)

1.60%

1.88%

1.70%

(b)

1.26%

0.92%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

8,936‌

$

5,872‌

$

4,976‌

$

3,876‌

$

3,019‌

$

1,930‌

Portfolio

turnover

rate

..........................

67%

139%

144%

164%

168%

47%

Six

Months

Ended

06/30/21

(unaudited)

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

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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.

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.  

3.

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

th

e

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

(unaudited)

(continued)

19

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.  

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

or

trade 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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

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.

5.

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.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

Th

e

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.

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.

...................................................

$

100,939‌

$

(100,939‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

22,704‌

(22,529‌)

175‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

230,461‌

(230,461‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

82,467‌

(82,467‌)

—‌

JP

Morgan

Securities

LLC

................................................

1,005,833‌

(1,005,833‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

795,989‌

(795,989‌)

—‌

$

2,238,393‌

$

(2,238,218‌)

$

175‌

(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

June

30,

2021.

Additional

collateral

is

delivered

to

the

Funds

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

21

Notes

to

Financial

Statements

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $405

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 six

months

ended

June

30,

2021,

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

t

he

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

six

months

ended

June

30,

2021,

the

amount

waived

and/or

reimbursed

was

$24,076. 

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

June

30,

2023.

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

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$528.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

by

the

Manager

pursuant

to

this

arrangement.

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

.........................................................................................................

$

569‌

Class

III

.........................................................................................................

10,468‌

$

11,037‌

Class

I

..........................................................................................................

$

84,857‌

Class

II

.........................................................................................................

634‌

Class

III

.........................................................................................................

8,428‌

$

93,919‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$117,300

and

$4,789,

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, 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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $1,520

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

fr

om

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

................................................................................................................

0.00‌%

Class

II

...............................................................................................................

0.05‌

Class

III

...............................................................................................................

0.11‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

Class

I

..........................................................................................................

$

84,857‌

Class

II

.........................................................................................................

444‌

Class

III

.........................................................................................................

3

,

8

19‌

$

89,120‌

Class

I

.............................................................................................................

0.60‌%

Class

II

............................................................................................................

0.75‌

Class

III

............................................................................................................

0.85‌

Notes

to

Financial

Statements

(unaudited)

(continued)

23

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

period

ended

June

30,

2021,

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. 

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $63,076,328

and

$64,372,387,

respectively.

8.

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

June

30,

2021,

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.

As

of

December

31,

2020, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$321,924. 

As

of

June

30,

2021, 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: 

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

............................

$

91,731,797‌

$

11,568,476‌

$

(903,086‌)

$

10,665,390‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

109,510‌

$

1,207,446‌

362,405‌

$

3,256,367‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

233,134‌

2,153,705‌

Shares

redeemed

.........................................

(639,734‌)

(7,064,515‌)

(1,284,699‌)

(11,309,362‌)

Net

decrease

..............................................

(530,224‌)

$

(5,857,069‌)

(689,160‌)

$

(5,899,290‌)

Class

II

Shares

sold

.............................................

—‌

$

—‌

53,715‌

$

390,836‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

1,773‌

16,443‌

Shares

redeemed

.........................................

(2,402‌)

(27,805‌)

(135,381‌)

(1,054,862‌)

Net

decrease

..............................................

(2,402‌)

$

(27,805‌)

(79,893‌)

$

(647,583‌)

Class

III

Shares

sold

.............................................

527,123‌

$

5,700,227‌

356,326‌

$

3,073,696‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

16,951‌

152,464‌

Shares

redeemed

.........................................

(346,434‌)

(3,930,124‌)

(284,996‌)

(2,489,864‌)

Net

increase

...............................................

180,689‌

$

1,770,103‌

88,281‌

$

736,296‌

Total

Net

Decrease

(351,937‌)

$

(4,114,771‌)

(680,772‌)

$

(5,810,577‌)

Glossary

of

Terms

Used

in

this

Report

25

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

S&P

Standard

&

Poor's

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

2

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Investment

Objective

BlackRock

Advantage

SMID

Cap

V.I.

Fund’s

(formerly

known

as

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund)

(the

“Fund”)

investment

objective

is

to

seek

long-term

growth

of

capital.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2021,

the

Fund

underperformed

its

former

benchmark,

the

Russell

3000

®

Index

as

well

as

its

new

benchmark,

the

Russell

2500

TM

Index.

What

factors

influenced

performance?

Apart

from

the

benchmark

change,

the

Fund

performed

well

against

the

changeable

market

backdrop.

U.S.

stocks

advanced

amid

accelerated

vaccine

distribution

alongside

strong

fiscal

policy

support

following

the

results

of

the

Georgia

senate

election

races.

With

the

removal

of

mobility

restrictions,

economic

activity

levels

experienced

a

sharp

rise

with

consumer

price

inflation

hitting

a

multi-year

high

in

the

second

half

of

the

period.

The

resulting

rise

in

rates

with

the

10-year

U.S.

Treasury

touching

pre-COVID-19

levels

in

the

first

quarter

of

2021

was

driven

by

a

greater

pricing

in

of

inflationary

pressures.

This

drove

a

reflationary

preference

within

equities

that

led

to

outperformance

across

value

stocks,

led

by

energy

and

financials,

at

the

expense

of

growth

and

momentum

throughout

the

first

five

months

of

2021.

As

markets

sought

to

evaluate

whether

inflation

increases

were

transitory,

the

Fed

took

a

surprisingly

hawkish

tone

in

June

2021.

This

prompted

a

sharp

reversal

that

restored

2020

trends

with

large-cap

secular

growth

stocks

the

dominant

market

theme

and

small

caps

lagging.

The

style

shift

was

further

supported

by

concerns

about

the

spread

of

the

Delta

COVID

strain

alongside

declining

bond

yields,

which

pointed

to

a

mid-cycle

economy.

While

the

growth

outlook

remained

strong,

investors

balanced

this

against

virus

developments

as

well

as

inflation

trends

with

the

potential

to

result

in

a

more

rapid

withdrawal

of

the

Fed’s

monetary

support.

Across

the

stock

selection

model,

insights

across

sentiment

and

fundamentals

both

provided

relative

performance

gains

during

the

period.

Sentiment

measures

outperformed

as

they

correctly

positioned

the

Fund

around

the

reopening

and

reflationary

themes.

Specifically,

insights

that

capture

company

linkages

and

hiring

activity

performed

well

across

software

names

that

benefited

from

the

reflationary

environment.

There

was

also

continued

performance

strength

from

text-based

analyses

that

look

to

identify

sentiment

across

company

management

teams.

Elsewhere,

non-traditional

fundamental

quality

measures

were

also

additive.

Notably,

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors

proved

additive

led

by

environmental

transition

insights.

Specifically,

an

insight

that

looks

toward

investor

positioning

into

ESG-related

holdings

performed

well

as

these

measures

benefited

from

the

broader

sustainability

market

trend.

Surprisingly,

stability

measures

with

a

preference

for

lower

risk

stocks

were

top

contributors

against

the

sharp

market

inflection

points.

The

primary

driver

of

relative

losses

was

the

benchmark

change

in

February

2021

from

the

Russell

3000

®

Index

to

the

Russell

2500

TM

Index.

The

former

benchmark

was

tilted

toward

large-cap

stocks,

whereas

the

new

benchmark

is

more

lower

market

cap-focused.

This

presented

a

headwind

to

relative

performance

as

lower-cap

securities

soundly

outperformed

their

larger-cap

counterparts

for

much

of

the

period

due

to

expectations

for

a

strong

economic

recovery.

This

impact

on

benchmark-relative

performance

should

normalize

over

time.

Elsewhere,

a

macro

insight

designed

to

take

the

opposite

view

of

generic

style

factor

peers

was

a

top

detractor

given

the

insight's

negative

view

on

value

as

the

style

rallied.

Other

quality-related

measures

with

a

growth

orientation,

such

as

those

with

a

preference

for

founder-led

ownership

structures,

were

caught

wrong-footed

as

valuation

measures

led

markets

higher

for

the

majority

of

the

period.

The

Fund

struggled

in

June

2021

after

the

surprise

Fed

pivot

to

a

hawkish

stance.

As

the

market

shifted

back

to

2020

themes,

risk

mitigation

ESG

insights,

such

as

those

that

evaluate

company

controversies,

detracted.

Another

measure

that

penalizes

companies

that

pay

lower

taxes

versus

peers,

typically

growth-oriented

technology

stocks

favoring

those

with

higher

relative

tax

levels,

and

typically

more

blue

chip-type

stocks,

also

lagged.

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.

The

Fund

built

upon

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

around

retail

names.

Additionally,

given

the

dynamism

of

the

current

environment,

the

Fund

has

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends,

such

as

sentiment

around

vaccine

distribution

and

the

impact

on

economic

reopening.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

Russell

2500

TM

Index,

the

Fund

was

positioned

essentially

neutrally

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

industrials

and

consumer

discretionary

and

slight

underweights

in

real

estate

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c)

................................................................

11.68‌%

37.43‌%

16.87‌%

12.59‌%

Class

II

(b)(c)

................................................................

11.60‌

37.23‌

16.70‌

12.42‌

Class

III

(b)(c)

...............................................................

11.60‌

37.15‌

16.60‌

12.35‌

Russell

3000

®

Index

(d)

........................................................

15.11‌

44.16‌

17.89‌

14.70‌

Russell

2500

™

Index

(e)

.......................................................

16.97‌

57.79‌

16.35‌

12.86‌

(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)

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.

small

and

medium

capitalization

companies,

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

The

Fund

primarily

intends

to

invest

in

equity

securities

or

other

financial

instruments

that

are

components

of,

or

have

characteristics

similar

to,

the

securities

included

in

the

Russell

2500™

Index.

The

Fund’s

total

returns

for

the

period

between

June

12,

2017

and

February

8,

2021

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund”.

The

Fund’s

total

returns

for

the

period

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”.

(d)

An

index

that

measures

the

performance

of

the

3,000

largest

U.S.

companies

representing

98%

of

the

investable

U.S.

equity

market.

(e)

An

index

that

measures

the

performance

of

the

small

to

mid-cap

segment

of

the

U.S.

equity

universe,

commonly

referred

to

as

“

smid

”

cap.

The

Russell

2500™

Index

is

a

subset

of

the

Russell

3000

®

Index.

It

includes

approximately

2500

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

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.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Industrials

.......................................

17‌

%

Information

Technology

..............................

16‌ 

Health

Care

.....................................

15‌ 

Consumer

Discretionary

.............................

14‌

Financials

.......................................

13‌

Real

Estate

......................................

7‌

Materials

.......................................

5‌

Energy

.........................................

4‌

Communication

Services

.............................

3‌

Utilities

.........................................

3‌

Consumer

Staples

.................................

2‌

Short-Term

Securities

...............................

6‌

Liabilities

in

Excess

of

Other

Assets

.....................

(5‌)

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

...................................

$

1,000.00

$

1,116.80

$

2.89

$

1,000.00

$

1,022.07

$

2.76

0.55%

Class

I

I

..................................

1,000.00

1,116.00

3.67

1,000.00

1,021.32

3.51

0.70

Class

I

II

..................................

1,000.00

1,116.00

4.20

1,000.00

1,020.83

4.01

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

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.2%

Aerospace

&

Defense

—

1.2%

Aerojet

Rocketdyne

Holdings,

Inc.

.......

2,147

$

103,679

Astronics

Corp.

(a)

...................

7,550

132,200

Axon

Enterprise,

Inc.

(a)

...............

8,466

1,496,789

Mercury

Systems,

Inc.

(a)(b)

.............

10,335

685,004

2,417,672

Air

Freight

&

Logistics

—

0.1%

(a)

Echo

Global

Logistics,

Inc.

............

785

24,131

Hub

Group,

Inc.,

Class

A

..............

2,782

183,556

207,687

Airlines

—

0.8%

(a)(b)

JetBlue

Airways

Corp.

................

34,834

584,514

Spirit

Airlines,

Inc.

..................

29,145

887,174

1,471,688

Auto

Components

—

1.8%

BorgWarner,

Inc.

...................

50,927

2,471,998

Cooper-Standard

Holdings,

Inc.

(a)

........

4,907

142,303

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

30,610

524,961

LCI

Industries

.....................

2,458

323,030

3,462,292

Banks

—

5.2%

Amerant

Bancorp,

Inc.

(a)

..............

3,686

78,807

Bank

of

Hawaii

Corp.

(b)

...............

25,305

2,131,187

Bank

OZK

(b)

......................

6,359

268,096

BankFinancial

Corp.

.................

3,322

38,004

Capital

City

Bank

Group,

Inc.

...........

738

19,033

CIT

Group,

Inc.

....................

468

24,144

Citizens

&

Northern

Corp.

.............

1,214

29,743

Commerce

Bancshares,

Inc.

...........

745

55,547

First

Busey

Corp.

...................

3,865

95,311

First

Business

Financial

Services,

Inc.

.....

899

24,336

First

Hawaiian,

Inc.

.................

23,655

670,383

First

Interstate

BancSystem

,

Inc.,

Class

A

..

23,574

986,100

First

Northwest

Bancorp

..............

1,086

19,059

First

Western

Financial,

Inc.

(a)

..........

124

3,210

FNCB

Bancorp,

Inc.

.................

2,151

15,638

Heartland

Financial

USA,

Inc.

..........

8,290

389,547

Heritage

Commerce

Corp.

.............

18,469

205,560

HomeTrust

Bancshares,

Inc.

...........

1,946

54,293

Independent

Bank

Corp.

..............

6,552

142,244

Investar

Holding

Corp.

(b)

..............

760

17,396

Lakeland

Bancorp,

Inc.

...............

5,315

92,906

Level

One

Bancorp,

Inc.

(b)

.............

4,233

115,561

Macatawa

Bank

Corp.

...............

4,839

42,341

Mercantile

Bank

Corp.

...............

2,127

64,235

Mid

Penn

Bancorp,

Inc.

...............

810

22,235

Midland

States

Bancorp,

Inc.

...........

6,219

163,373

Oak

Valley

Bancorp

.................

545

9,903

OceanFirst

Financial

Corp.

............

7,627

158,947

Peapack

-Gladstone

Financial

Corp.

......

1,944

60,400

Pinnacle

Financial

Partners,

Inc.

.........

1,361

120,163

Popular,

Inc.

......................

1,022

76,701

Republic

Bancorp,

Inc.,

Class

A

.........

840

38,749

Republic

First

Bancorp,

Inc.

(a)

...........

24,005

95,780

Signature

Bank

....................

538

132,160

SVB

Financial

Group

(a)

...............

69

38,394

TriState

Capital

Holdings,

Inc.

(a)

.........

5,134

104,682

Umpqua

Holdings

Corp.

..............

56,576

1,043,827

United

Security

Bancshares

............

2,649

21,642

Webster

Financial

Corp.

..............

7,735

412,585

Wintrust

Financial

Corp.

..............

21,458

1,622,869

Security

Shares

Shares

Value

Banks

(continued)

Zions

Bancorp

NA

..................

10,484

$

554,184

10,259,275

Beverages

—

0.1%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)

.....

77

78,602

Brown-Forman

Corp.,

Class

B

..........

1,286

96,373

Primo

Water

Corp.

..................

2,798

46,810

221,785

Biotechnology

—

4.5%

(a)

Adamas

Pharmaceuticals,

Inc.

..........

4,923

25,993

Affimed

NV

.......................

7,998

67,983

Agenus,

Inc.

......................

20,850

114,467

Akebia

Therapeutics,

Inc.

.............

41,342

156,686

Alector

,

Inc.

......................

2,766

57,616

Amicus

Therapeutics,

Inc.

.............

3,993

38,493

Applied

Therapeutics,

Inc.

.............

1,845

38,339

Arcutis

Biotherapeutics

,

Inc.

...........

2,264

61,785

Atara

Biotherapeutics

,

Inc.

.............

9,516

147,974

Atossa

Therapeutics,

Inc.

.............

3,325

21,014

Beyondspring

,

Inc.

..................

6,816

71,159

BioCryst

Pharmaceuticals,

Inc.

..........

5,322

84,141

Biogen,

Inc.

......................

757

262,126

Black

Diamond

Therapeutics,

Inc.

........

4,310

52,539

Bridgebio

Pharma,

Inc.

...............

781

47,610

C4

Therapeutics,

Inc.

................

628

23,764

Cabaletta

Bio,

Inc.

..................

1,797

15,454

Dynavax

Technologies

Corp.

...........

3,202

31,540

Enochian

Biosciences,

Inc.

(b)

...........

6,756

33,577

Exelixis

,

Inc.

......................

26,229

477,892

Foghorn

Therapeutics,

Inc.

............

3,141

33,514

Frequency

Therapeutics,

Inc.

...........

5,874

58,505

G1

Therapeutics,

Inc.

................

2,165

47,500

Galera

Therapeutics,

Inc.

.............

2,597

25,529

Gossamer

Bio,

Inc.

.................

275

2,233

Heron

Therapeutics,

Inc.

..............

1,088

16,886

Humanigen

,

Inc.

...................

2,789

48,473

Impel

Neuropharma

,

Inc.

..............

2,621

23,196

Infinity

Pharmaceuticals,

Inc.

...........

4,864

14,543

Inovio

Pharmaceuticals,

Inc.

...........

4,773

44,246

Inozyme

Pharma,

Inc.

................

2,036

34,693

Invitae

Corp.

(b)

.....................

4,333

146,152

Ionis

Pharmaceuticals,

Inc.

............

5,029

200,607

Karyopharm

Therapeutics,

Inc.

..........

45,079

465,215

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

.....

1,832

25,520

MacroGenics

,

Inc.

..................

5,330

143,164

Metacrine

,

Inc.

....................

4,751

18,054

Mirum

Pharmaceuticals,

Inc.

...........

4,121

71,252

Moderna

,

Inc.

.....................

558

131,119

Natera

,

Inc.

.......................

8,982

1,019,726

NextCure

,

Inc.

.....................

10,095

81,063

Novavax

,

Inc.

.....................

1,439

305,514

Ocugen

,

Inc.

(b)

.....................

11,081

88,980

Oncorus

,

Inc.

.....................

1,319

18,202

OPKO

Health,

Inc.

..................

9,224

37,357

Organogenesis

Holdings,

Inc.

..........

2,845

47,284

Oyster

Point

Pharma,

Inc.

.............

1,802

30,976

Passage

Bio,

Inc.

...................

5,948

78,752

PhaseBio

Pharmaceuticals,

Inc.

.........

7,022

26,122

PMV

Pharmaceuticals,

Inc.

............

1,694

57,867

Poseida

Therapeutics,

Inc.

............

11,293

113,156

PTC

Therapeutics,

Inc.

(b)

..............

2,138

90,373

Puma

Biotechnology,

Inc.

.............

2,139

19,636

Sage

Therapeutics,

Inc.

..............

3,566

202,584

Sarepta

Therapeutics,

Inc.

.............

5,920

460,221

Solid

Biosciences,

Inc.

...............

5,787

21,180

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

SMID

Cap

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Biotechnology

(continued)

Sorrento

Therapeutics,

Inc.

............

11,700

$

113,373

Spectrum

Pharmaceuticals,

Inc.

.........

11,613

43,549

Spruce

Biosciences,

Inc.

..............

420

4,708

SQZ

Biotechnologies

Co.

.............

601

8,684

Sutro

Biopharma,

Inc.

................

4,787

88,990

Taysha

Gene

Therapies,

Inc.

...........

1,709

36,231

Ultragenyx

Pharmaceutical,

Inc.

.........

5,663

539,967

United

Therapeutics

Corp.

.............

3,393

608,738

UroGen

Pharma

Ltd.

................

1,267

19,347

Veracyte

,

Inc.

.....................

7,399

295,812

Vertex

Pharmaceuticals,

Inc.

...........

2,279

459,515

Verve

Therapeutics,

Inc.

..............

5,355

322,639

Vincerx

Pharma,

Inc.

................

5,103

66,288

Vir

Biotechnology,

Inc.

...............

1,613

76,263

X4

Pharmaceuticals,

Inc.

..............

5,346

34,749

8,798,399

Building

Products

—

3.1%

AO

Smith

Corp.

....................

338

24,356

Builders

FirstSource

,

Inc.

(a)

............

17,373

741,132

Lennox

International,

Inc.

.............

4,517

1,584,564

Owens

Corning

....................

23,864

2,336,286

Trex

Co.,

Inc.

(a)

....................

12,715

1,299,600

5,985,938

Capital

Markets

—

1.9%

AssetMark

Financial

Holdings,

Inc.

(a)

......

2,920

73,175

Donnelley

Financial

Solutions,

Inc.

(a)

......

3,521

116,193

Houlihan

Lokey

,

Inc.

.................

350

28,627

Invesco

Ltd.

......................

24,472

654,137

Jefferies

Financial

Group,

Inc.

..........

21,646

740,293

Morningstar,

Inc.

...................

682

175,349

Stifel

Financial

Corp.

................

24,954

1,618,516

Virtus

Investment

Partners,

Inc.

.........

826

229,438

3,635,728

Chemicals

—

2.0%

Amyris

,

Inc.

(a)

.....................

3,799

62,190

Avient

Corp.

......................

8,927

438,851

Axalta

Coating

Systems

Ltd.

(a)

..........

32,894

1,002,938

Hawkins,

Inc.

.....................

1,726

56,526

HB

Fuller

Co.

.....................

18,493

1,176,340

Trinseo

SA

.......................

5,265

315,058

Valvoline,

Inc.

.....................

27,559

894,565

3,946,468

Commercial

Services

&

Supplies

—

1.2%

ABM

Industries,

Inc.

.................

17,683

784,241

Brink's

Co.

(The)

...................

886

68,080

Cimpress

plc

(a)

.....................

1,283

139,090

Herman

Miller,

Inc.

..................

3,391

159,852

IAA,

Inc.

(a)

........................

11,660

635,936

Kimball

International,

Inc.,

Class

B

.......

5,685

74,758

Matthews

International

Corp.,

Class

A

.....

2,405

86,484

Quad/Graphics,

Inc.

(a)

................

4,652

19,306

Steelcase,

Inc.,

Class

A

..............

5,890

88,998

Tetra

Tech,

Inc.

....................

1,976

241,151

2,297,896

Communications

Equipment

—

0.1%

(a)

Applied

Optoelectronics,

Inc.

(b)

..........

3,265

27,654

Calix,

Inc.

........................

4,926

233,985

261,639

Construction

&

Engineering

—

1.5%

EMCOR

Group,

Inc.

.................

12,814

1,578,557

MasTec

,

Inc.

(a)

.....................

2,355

249,865

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Primoris

Services

Corp.

..............

9,483

$

279,085

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

29,771

829,718

2,937,225

Construction

Materials

—

0.0%

US

Concrete,

Inc.

(a)

.................

472

34,834

Consumer

Finance

—

1.3%

Ally

Financial,

Inc.

..................

42,148

2,100,656

OneMain

Holdings,

Inc.

...............

6,779

406,130

PROG

Holdings,

Inc.

................

2,100

101,073

2,607,859

Containers

&

Packaging

—

1.2%

Sealed

Air

Corp.

(b)

..................

41,092

2,434,701

Diversified

Consumer

Services

—

1.4%

(a)

2U,

Inc.

.........................

8,417

350,736

Chegg

,

Inc.

.......................

11,936

992,001

Terminix

Global

Holdings,

Inc.

..........

28,698

1,369,182

Universal

Technical

Institute,

Inc.

........

2,839

18,425

2,730,344

Diversified

Financial

Services

—

1.2%

Voya

Financial,

Inc.

(b)

................

38,536

2,369,964

Diversified

Telecommunication

Services

—

0.0%

Radius

Global

Infrastructure,

Inc.

(a)

.......

2,988

43,326

Electric

Utilities

—

0.7%

Alliant

Energy

Corp.

.................

4,732

263,856

Eversource

Energy

.................

2,769

222,185

OGE

Energy

Corp.

..................

11,998

403,733

Pinnacle

West

Capital

Corp.

...........

4,192

343,618

Portland

General

Electric

Co.

...........

3,212

148,009

1,381,401

Electrical

Equipment

—

0.8%

Bloom

Energy

Corp.,

Class

A

(a)

..........

5,474

147,087

Generac

Holdings,

Inc.

(a)

..............

1,067

442,965

nVent

Electric

plc

...................

1,029

32,146

Plug

Power,

Inc.

(a)

..................

7,296

249,450

Sunrun

,

Inc.

(a)

.....................

8,617

480,656

TPI

Composites,

Inc.

(a)

...............

2,369

114,707

1,467,011

Electronic

Equipment,

Instruments

&

Components

—

1.8%

Avnet,

Inc.

.......................

33,225

1,331,658

Benchmark

Electronics,

Inc.

(b)

..........

5,285

150,411

ePlus

,

Inc.

(a)

......................

1,159

100,474

FARO

Technologies,

Inc.

(a)

.............

2,346

182,448

Jabil,

Inc.

........................

17,791

1,034,013

Littelfuse

,

Inc.

.....................

139

35,416

National

Instruments

Corp.

............

9,246

390,921

OSI

Systems,

Inc.

(a)

.................

499

50,718

PAR

Technology

Corp.

(a)(b)

.............

1,239

86,656

ScanSource

,

Inc.

(a)

..................

5,348

150,439

3,513,154

Energy

Equipment

&

Services

—

1.1%

ChampionX

Corp.

(a)

.................

5,635

144,538

Newpark

Resources,

Inc.

(a)

............

25,629

88,676

NOV,

Inc.

(a)

.......................

14,256

218,402

Oceaneering

International,

Inc.

(a)

........

21,757

338,757

Patterson-UTI

Energy,

Inc.

............

19,466

193,492

ProPetro

Holding

Corp.

(a)

..............

12,853

117,734

Schlumberger

NV

..................

24,823

794,584

Seadrill

Ltd.

(a)

.....................

29

8

TechnipFMC

plc

(a)

..................

11,107

100,518

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

US

Silica

Holdings,

Inc.

(a)

.............

12,793

$

147,887

2,144,596

Entertainment

—

1.1%

(a)

AMC

Entertainment

Holdings,

Inc.,

Class

A

.

2,741

155,360

Cinemark

Holdings,

Inc.

..............

50,314

1,104,392

Gaia,

Inc.

........................

1,999

21,969

IMAX

Corp.

.......................

4,721

101,501

Playtika

Holding

Corp.

...............

2,315

55,190

Zynga,

Inc.,

Class

A

.................

61,135

649,865

2,088,277

Equity

Real

Estate

Investment

Trusts

(REITs)

—

6.5%

Alexander

&

Baldwin,

Inc.

.............

18,935

346,889

Alpine

Income

Property

Trust,

Inc.

.......

4,383

83,365

Ashford

Hospitality

Trust,

Inc

.

(a

)

.........

39,897

181,930

Boston

Properties,

Inc.

(b)

..............

6,052

693,499

Braemar

Hotels

&

Resorts,

Inc.

(a)

........

79,698

494,925

Brixmor

Property

Group,

Inc.

...........

9,003

206,079

Camden

Property

Trust

...............

2,676

355,025

Clipper

Realty,

Inc.

..................

3,898

28,650

CorEnergy

Infrastructure

Trust,

Inc.

(b)

.....

8,485

56,171

CorePoint

Lodging,

Inc.

(a)

.............

18,095

193,616

CubeSmart

.......................

377

17,463

DigitalBridge

Group,

Inc.,

Class

A

(a)(b)

......

14,639

115,648

Douglas

Emmett,

Inc.

................

1,314

44,177

Equity

Residential

..................

4,506

346,962

First

Industrial

Realty

Trust,

Inc.

.........

35,112

1,833,900

Kilroy

Realty

Corp.

..................

31,958

2,225,555

Life

Storage,

Inc.

...................

12,356

1,326,417

Macerich

Co.

(The)

.................

24,133

440,427

Outfront

Media,

Inc.

(a)

................

10,426

250,537

Park

Hotels

&

Resorts,

Inc.

(a)

...........

3,417

70,424

Postal

Realty

Trust,

Inc.,

Class

A

........

2,717

49,558

QTS

Realty

Trust,

Inc.,

Class

A

.........

1,904

147,179

Retail

Value,

Inc.

...................

28,223

613,850

RPT

Realty

.......................

2,994

38,862

Seritage

Growth

Properties,

Class

A

(a)

.....

7,553

138,975

Simon

Property

Group,

Inc.

............

4,171

544,232

Terreno

Realty

Corp.

................

655

42,261

VICI

Properties,

Inc.

.................

37,891

1,175,379

Welltower

,

Inc.

.....................

6,965

578,791

12,640,746

Food

&

Staples

Retailing

—

0.5%

Andersons,

Inc.

(The)

................

363

11,082

Casey's

General

Stores,

Inc.

...........

622

121,066

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

1,422

45,262

Performance

Food

Group

Co.

(a)

.........

12,859

623,533

PriceSmart

,

Inc.

....................

679

61,796

Rite

Aid

Corp.

(a)

....................

3,749

61,109

Sysco

Corp.

......................

770

59,868

983,716

Food

Products

—

1.1%

Beyond

Meat,

Inc.

(a)(b)

................

3,330

524,441

Bunge

Ltd.

.......................

9,805

766,261

Darling

Ingredients,

Inc.

(a)

.............

1,670

112,725

Freshpet

,

Inc.

(a)

....................

1,398

227,818

Ingredion,

Inc.

.....................

1,026

92,853

Kellogg

Co.

.......................

1,275

82,021

McCormick

&

Co.,

Inc.

(Non-Voting)

......

665

58,733

Mission

Produce,

Inc.

(a)

...............

1,952

40,426

Seneca

Foods

Corp.,

Class

A

(a)

.........

1,030

52,612

Vital

Farms,

Inc.

(a)

..................

12,849

256,466

2,214,356

Security

Shares

Shares

Value

Gas

Utilities

—

1.8%

Brookfield

Infrastructure

Corp.,

Class

A

....

3,656

$

275,662

New

Jersey

Resources

Corp.

...........

913

36,127

Southwest

Gas

Holdings,

Inc.

..........

20,910

1,384,033

UGI

Corp.

........................

39,708

1,838,878

3,534,700

Health

Care

Equipment

&

Supplies

—

3.5%

Accuray

,

Inc.

(a)

.....................

14,628

66,119

Alphatec

Holdings,

Inc.

(a)

..............

8,349

127,907

Dentsply

Sirona,

Inc.

................

491

31,061

Envista

Holdings

Corp.

(a)

..............

12,541

541,897

Globus

Medical,

Inc.,

Class

A

(a)

.........

8,509

659,703

Haemonetics

Corp.

(a)

................

9,580

638,411

Heska

Corp.

(a)

.....................

1,285

295,203

Hill-Rom

Holdings,

Inc.

(b)

..............

13,001

1,476,784

Natus

Medical,

Inc.

(a)

................

4,214

109,480

Nevro

Corp.

(a)

.....................

4,645

770,094

OraSure

Technologies,

Inc.

(a)

...........

2,560

25,958

Penumbra,

Inc.

(a)

...................

1,475

404,238

SeaSpine

Holdings

Corp.

(a)

............

999

20,489

Shockwave

Medical,

Inc.

(a)

.............

285

54,073

Sientra

,

Inc.

(a)

.....................

7,409

58,976

STERIS

plc

.......................

326

67,254

Tandem

Diabetes

Care,

Inc.

(a)

..........

15,656

1,524,894

6,872,541

Health

Care

Providers

&

Services

—

1.0%

1Life

Healthcare,

Inc.

(a)

...............

11,445

378,372

AMN

Healthcare

Services,

Inc.

(a)

.........

1,018

98,725

Cardinal

Health,

Inc.

.................

6,486

370,286

Guardant

Health,

Inc.

(a)

...............

1,435

178,213

Henry

Schein,

Inc.

(a)

.................

326

24,186

LHC

Group,

Inc.

(a)

..................

1,042

208,671

Molina

Healthcare,

Inc.

(a)

..............

707

178,913

Patterson

Cos.,

Inc.

.................

11,085

336,873

PetIQ

,

Inc.

(a)

......................

144

5,558

Privia

Health

Group,

Inc.

(a)(b)

............

5,246

232,765

Progyny

,

Inc.

(a)

.....................

582

34,338

2,046,900

Health

Care

Technology

—

0.4%

(a)

Allscripts

Healthcare

Solutions,

Inc.

......

11,969

221,546

Doximity

,

Inc.,

Class

A

...............

2,594

150,971

Inovalon

Holdings,

Inc.,

Class

A

.........

5,070

172,786

Omnicell

,

Inc.

.....................

1,375

208,244

Phreesia

,

Inc.

.....................

607

37,209

Vocera

Communications,

Inc.

...........

1,525

60,771

851,527

Hotels,

Restaurants

&

Leisure

—

3.3%

Accel

Entertainment,

Inc.

(a)

............

5,592

66,377

Dine

Brands

Global,

Inc.

(a)

.............

4,427

395,110

International

Game

Technology

plc

(a)

......

60,710

1,454,612

Penn

National

Gaming,

Inc.

(a)

...........

3,390

259,301

PlayAGS

,

Inc.

(a)

....................

3,494

34,591

Rush

Street

Interactive,

Inc.

(a)

..........

5,412

66,351

SeaWorld

Entertainment,

Inc.

(a)

.........

9,977

498,251

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

11,612

1,242,716

Six

Flags

Entertainment

Corp.

(a)

.........

24,741

1,070,790

Wingstop

,

Inc.

.....................

3,726

587,329

Wyndham

Hotels

&

Resorts,

Inc.

........

10,878

786,371

6,461,799

Household

Durables

—

1.8%

Casper

Sleep,

Inc.

(a)

.................

9,466

78,000

Green

Brick

Partners,

Inc.

(a)

............

13,495

306,876

iRobot

Corp.

(a)

.....................

10,858

1,014,029

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

SMID

Cap

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Household

Durables

(continued)

KB

Home

........................

22,889

$

932,040

MDC

Holdings,

Inc.

.................

1,376

69,626

Tempur

Sealy

International,

Inc.

.........

29,787

1,167,352

3,567,923

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.,

Class

A

(a)

......

8,272

399,538

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Brookfield

Renewable

Corp.

...........

9,435

395,704

Clearway

Energy,

Inc.

................

2,394

60,377

Sunnova

Energy

International,

Inc.

(a)

......

11,082

417,348

873,429

Insurance

—

2.2%

Athene

Holding

Ltd.,

Class

A

(a)

..........

3,317

223,898

Crawford

&

Co.,

Class

A

..............

1,185

10,748

Erie

Indemnity

Co.,

Class

A

............

587

113,496

First

American

Financial

Corp.

..........

14,757

920,099

Hanover

Insurance

Group,

Inc.

(The)

.....

16,809

2,279,973

Investors

Title

Co.

..................

60

10,478

Trupanion

,

Inc.

(a)(b)

..................

6,504

748,610

4,307,302

Interactive

Media

&

Services

—

1.1%

(a)

Bumble,

Inc.,

Class

A

................

2,133

122,861

fuboTV

,

Inc.

......................

880

28,257

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

..

8,032

32,690

TripAdvisor,

Inc.

....................

32,643

1,315,513

Zillow

Group,

Inc.,

Class

A

.............

1,531

187,593

Zillow

Group,

Inc.,

Class

C

............

3,874

473,480

2,160,394

Internet

&

Direct

Marketing

Retail

—

0.7%

(a)

1-800-Flowers.com,

Inc.,

Class

A

........

12,189

388,463

Lands'

End,

Inc.

....................

3,618

148,519

Overstock.com,

Inc.

.................

4,959

457,220

RealReal

,

Inc.

(The)

.................

4,201

83,012

Stamps.com,

Inc.

...................

530

106,154

Stitch

Fix,

Inc.,

Class

A

...............

1,590

95,877

1,279,245

IT

Services

—

2.2%

Concentrix

Corp.

(a)

..................

4,182

672,466

Conduent

,

Inc.

(a)

...................

72,149

541,117

CSG

Systems

International,

Inc.

.........

762

35,951

Fastly

,

Inc.,

Class

A

(a)

................

1,028

61,269

Genpact

Ltd.

......................

39,535

1,796,075

International

Money

Express,

Inc.

(a)

.......

2,091

31,051

Maximus,

Inc.

.....................

3,481

306,224

MongoDB,

Inc.

(a)

...................

338

122,194

Paymentus

Holdings,

Inc.,

Class

A

(a)

......

6,515

231,282

StoneCo

Ltd.,

Class

A

(a)

..............

5,598

375,402

Wix.com

Ltd.

(a)(b)

...................

362

105,081

4,278,112

Leisure

Products

—

0.8%

Brunswick

Corp.

...................

13,563

1,351,146

Malibu

Boats,

Inc.,

Class

A

(a)

...........

3,338

244,776

1,595,922

Life

Sciences

Tools

&

Services

—

3.6%

Adaptive

Biotechnologies

Corp.

(a)

........

4,558

186,240

Bruker

Corp.

......................

31,111

2,363,814

Medpace

Holdings,

Inc.

(a)

.............

1,517

267,948

Mettler

-Toledo

International,

Inc.

(a)

.......

58

80,350

NanoString

Technologies,

Inc.

(a)

.........

1,280

82,931

NeoGenomics

,

Inc.

(a)(b)

...............

19,979

902,451

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Personalis

,

Inc.

(a)

...................

831

$

21,024

PPD,

Inc.

(a)

.......................

14,231

655,907

Repligen

Corp.

(a)

...................

8,919

1,780,411

Syneos

Health,

Inc.

(a)

................

6,720

601,373

Waters

Corp.

(a)

....................

530

183,173

7,125,622

Machinery

—

3.7%

AGCO

Corp.

......................

10,921

1,423,880

Altra

Industrial

Motion

Corp.

...........

283

18,401

Donaldson

Co.,

Inc.

.................

5,029

319,492

Graco

,

Inc.

.......................

11,373

860,936

Hurco

Cos.,

Inc.

....................

1,060

37,100

John

Bean

Technologies

Corp.

..........

1,752

249,870

Manitowoc

Co.,

Inc.

(The)

(a)

............

5,406

132,447

Oshkosh

Corp.

....................

10,250

1,277,560

Snap-on,

Inc.

.....................

4,029

900,199

Timken

Co.

(The)

(b)

..................

24,969

2,012,252

7,232,137

Media

—

0.7%

Cardlytics,

Inc.

(a)

...................

5,613

712,458

comScore,

Inc.

(a)

...................

4,191

20,955

Discovery,

Inc.,

Class

A

(a)

.............

829

25,434

Discovery,

Inc.,

Class

C

(a)

.............

1,230

35,645

Entravision

Communications

Corp.,

Class

A

.

5,506

36,780

Hemisphere

Media

Group,

Inc.

(a)

.........

2,086

24,615

iHeartMedia

,

Inc.,

Class

A

(a)

............

16,538

445,368

Magnite

,

Inc.

(a)

.....................

799

27,038

Meredith

Corp.

(a)

...................

2,744

119,200

1,447,493

Metals

&

Mining

—

2.0%

Materion

Corp.

....................

1,634

123,122

Reliance

Steel

&

Aluminum

Co.

.........

16,143

2,435,979

Ryerson

Holding

Corp.

(a)

..............

5,213

76,110

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

13,137

644,370

Steel

Dynamics,

Inc.

.................

6,217

370,533

Worthington

Industries,

Inc.

............

4,029

246,494

3,896,608

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

Arbor

Realty

Trust,

Inc.

...............

4,756

84,752

Blackstone

Mortgage

Trust,

Inc.,

Class

A

(b)

..

3,955

126,125

Ellington

Financial,

Inc.

(b)

..............

25,025

479,229

690,106

Multiline

Retail

—

0.4%

Franchise

Group,

Inc.

................

1,671

58,936

Kohl's

Corp.

......................

7,298

402,193

Nordstrom,

Inc.

(a)

...................

7,382

269,960

731,089

Oil,

Gas

&

Consumable

Fuels

—

2.8%

Antero

Resources

Corp.

(a)

.............

1,368

20,561

Ardmore

Shipping

Corp.

(a)

.............

10,694

45,129

Berry

Corp.

.......................

3,354

22,539

Brigham

Minerals,

Inc.,

Class

A

.........

14,242

303,212

Clean

Energy

Fuels

Corp.

(a)

............

13,937

141,461

Continental

Resources,

Inc.

(b)

...........

9,751

370,831

Delek

US

Holdings,

Inc.

..............

12,002

259,483

Devon

Energy

Corp.

.................

15,361

448,388

EOG

Resources,

Inc.

................

8,355

697,141

EQT

Corp.

(a)

......................

5,717

127,260

Extraction

Oil

&

Gas,

Inc.

(a)

............

2,134

117,178

Falcon

Minerals

Corp.

(b)

..............

21,878

111,140

Navigator

Holdings

Ltd.

(a)

.............

3,208

35,128

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Northern

Oil

and

Gas,

Inc.

.............

1,603

$

33,294

PBF

Energy,

Inc.,

Class

A

(a)

............

22,888

350,186

Penn

Virginia

Corp.

(a)

................

3,912

92,362

Phillips

66

........................

17,120

1,469,238

Scorpio

Tankers,

Inc.

................

7,015

154,681

SM

Energy

Co.

....................

3,034

74,727

Valero

Energy

Corp.

.................

6,345

495,418

Vertex

Energy,

Inc.

(a)

.................

10,068

133,200

5,502,557

Personal

Products

—

0.3%

Herbalife

Nutrition

Ltd.

(a)

..............

8,775

462,705

Nature's

Sunshine

Products,

Inc.

........

1,667

28,956

491,661

Pharmaceuticals

—

1.5%

Aclaris

Therapeutics,

Inc.

(a)

............

906

15,909

Nektar

Therapeutics

(a)

................

30,705

526,898

Perrigo

Co.

plc

....................

34,925

1,601,311

Revance

Therapeutics,

Inc.

(a)

...........

344

10,196

Theravance

Biopharma,

Inc.

(a)

..........

2,668

38,739

Zoetis,

Inc.

.......................

4,236

789,421

Zogenix

,

Inc.

(a)

.....................

1,506

26,024

3,008,498

Professional

Services

—

1.4%

Franklin

Covey

Co.

(a)

................

3,047

98,571

Insperity

,

Inc.

......................

11,600

1,048,292

Kelly

Services,

Inc.,

Class

A

(a)(b)

.........

6,455

154,726

Kforce

,

Inc.

.......................

4,452

280,164

Mistras

Group,

Inc.

(a)

................

8,655

85,079

Robert

Half

International,

Inc.

...........

8,496

755,889

TriNet

Group,

Inc.

(a)

.................

3,983

288,688

2,711,409

Real

Estate

Management

&

Development

—

0.6%

Altisource

Portfolio

Solutions

SA

(a)

.......

3,023

26,874

CBRE

Group,

Inc.,

Class

A

(a)

...........

1,853

158,858

Kennedy-Wilson

Holdings,

Inc.

..........

7,372

146,482

Marcus

&

Millichap,

Inc.

(a)

.............

4,948

192,329

Newmark

Group,

Inc.,

Class

A

..........

23,318

280,049

RE/MAX

Holdings,

Inc.,

Class

A

.........

544

18,132

Realogy

Holdings

Corp.

(a)(b)

............

21,456

390,928

1,213,652

Road

&

Rail

—

1.7%

Covenant

Logistics

Group,

Inc.,

Class

A

(a)

..

3,357

69,423

Landstar

System,

Inc.

................

5,117

808,588

Ryder

System,

Inc.

..................

13,010

967,033

Schneider

National,

Inc.,

Class

B

........

57,473

1,251,187

Werner

Enterprises,

Inc.

..............

4,765

212,138

3,308,369

Semiconductors

&

Semiconductor

Equipment

—

3.8%

Ambarella

,

Inc.

(a)

...................

822

87,650

Cirrus

Logic,

Inc.

(a)

..................

3,134

266,766

CMC

Materials,

Inc.

.................

1,191

179,531

Cree,

Inc.

(a)

.......................

921

90,194

Enphase

Energy,

Inc.

(a)

...............

2,550

468,256

First

Solar,

Inc.

(a)

...................

531

48,061

Ichor

Holdings

Ltd.

(a)

.................

11,244

604,927

Lattice

Semiconductor

Corp.

(a)

..........

12,516

703,149

Monolithic

Power

Systems,

Inc.

.........

2,362

882,089

Power

Integrations,

Inc.

..............

3,686

302,473

Silicon

Laboratories,

Inc.

(a)

.............

15,421

2,363,268

Synaptics

,

Inc.

(a)

...................

505

78,568

Ultra

Clean

Holdings,

Inc.

(a)

............

4,355

233,951

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Universal

Display

Corp.

..............

4,912

$

1,092,085

7,400,968

Software

—

8.1%

(a)

ACI

Worldwide,

Inc.

.................

3,366

125,013

Alkami

Technology,

Inc.

...............

931

33,209

Alteryx

,

Inc.,

Class

A

.................

2,304

198,190

Appian

Corp.

......................

1,901

261,863

Blackline,

Inc.

.....................

961

106,930

Box,

Inc.,

Class

A

...................

16,949

433,047

Cloudflare

,

Inc.,

Class

A

..............

3,334

352,871

Elastic

NV

.......................

2,354

343,119

Everbridge

,

Inc.

(b)

...................

7,465

1,015,837

Guidewire

Software,

Inc.

..............

615

69,323

HubSpot

,

Inc.

.....................

3,571

2,080,893

LivePerson

,

Inc.

....................

15,935

1,007,729

Manhattan

Associates,

Inc.

............

2,951

427,423

Medallia

,

Inc.

(b)

....................

14,472

488,430

Model

N,

Inc.

.....................

536

18,369

Monday.com

Ltd.

...................

235

52,544

New

Relic,

Inc.

....................

456

30,538

Olo

,

Inc.,

Class

A

...................

1,374

51,374

PagerDuty

,

Inc.

....................

15,685

667,867

Procore

Technologies,

Inc.

............

1,435

136,253

PROS

Holdings,

Inc.

................

1,386

63,160

PTC,

Inc.

........................

11,763

1,661,641

Rapid7,

Inc.

(b)

.....................

5,927

560,872

SentinelOne

,

Inc.,

Class

A

.............

5,378

228,565

ServiceNow

,

Inc.

...................

1,478

812,235

Smartsheet

,

Inc.,

Class

A

.............

2,255

163,082

Sprout

Social,

Inc.,

Class

A

............

1,264

113,027

Tenable

Holdings,

Inc.

...............

2,387

98,702

Varonis

Systems,

Inc.

................

19,096

1,100,312

Yext

,

Inc.

........................

5,218

74,565

Zendesk

,

Inc.

.....................

15,882

2,292,408

Zscaler

,

Inc.

......................

3,702

799,854

15,869,245

Specialty

Retail

—

1.7%

American

Eagle

Outfitters,

Inc.

..........

30,810

1,156,299

Camping

World

Holdings,

Inc.,

Class

A

....

1,838

75,340

Designer

Brands,

Inc.,

Class

A

(a)

.........

6,996

115,784

Dick's

Sporting

Goods,

Inc.

............

603

60,414

Express,

Inc.

(a)

.....................

3,347

21,722

Group

1

Automotive,

Inc.

..............

448

69,185

Hibbett,

Inc.

(a)

.....................

292

26,172

Lithia

Motors,

Inc.,

Class

A

............

1,533

526,800

MarineMax

,

Inc.

(a)

...................

13,664

665,983

National

Vision

Holdings,

Inc.

(a)

.........

2,490

127,314

Rent-A-Center,

Inc.

.................

1,771

93,987

Shift

Technologies,

Inc.,

Class

A

(a)

........

6,030

51,737

Signet

Jewelers

Ltd.

(a)

................

2,673

215,952

Sonic

Automotive,

Inc.,

Class

A

.........

1,183

52,927

Urban

Outfitters,

Inc.

(a)

...............

1,263

52,061

3,311,677

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

(a)

3D

Systems

Corp.

..................

1,393

55,678

Corsair

Gaming,

Inc.

................

2,085

69,410

Pure

Storage,

Inc.,

Class

A

............

14,609

285,314

410,402

Textiles,

Apparel

&

Luxury

Goods

—

1.8%

Crocs,

Inc.

(a)

......................

8,392

977,836

Deckers

Outdoor

Corp.

(a)

..............

3,480

1,336,563

Rocky

Brands,

Inc.

..................

1,403

78,007

Skechers

USA,

Inc.,

Class

A

(a)

..........

19,467

970,041

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

SMID

Cap

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Tapestry,

Inc.

(a)

....................

1,840

$

80,003

Unifi,

Inc.

(a)

.......................

1,651

40,218

3,482,668

Thrifts

&

Mortgage

Finance

—

1.3%

Essent

Group

Ltd.

..................

3,220

144,739

Federal

Agricultural

Mortgage

Corp.,

Class

C

3,159

312,425

Flagstar

Bancorp,

Inc.

...............

1,427

60,319

Merchants

Bancorp

.................

578

22,681

New

York

Community

Bancorp,

Inc.

......

75,917

836,605

Southern

Missouri

Bancorp,

Inc.

.........

489

21,986

TFS

Financial

Corp.

.................

21,090

428,127

Walker

&

Dunlop,

Inc.

................

3,206

334,642

Washington

Federal,

Inc.

..............

10,913

346,815

Western

New

England

Bancorp,

Inc.

(b)

.....

8,847

72,103

2,580,442

Trading

Companies

&

Distributors

—

1.4%

Applied

Industrial

Technologies,

Inc.

......

232

21,126

MRC

Global,

Inc.

(a)

..................

6,677

62,764

SiteOne

Landscape

Supply,

Inc.

(a)

........

12,839

2,173,129

Triton

International

Ltd.

...............

6,510

340,733

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Veritiv

Corp.

(a)

.....................

1,133

$

69,589

2,667,341

Wireless

Telecommunication

Services

—

0.1%

United

States

Cellular

Corp.

(a)

..........

4,438

161,144

Total

Common

Stocks

—

99.2%

(Cost:

$185,848,537)

.............................

194,030,397

Total

Long-Term

Investments

—

99.2%

(Cost:

$185,848,537)

.............................

194,030,397

Short-Term

Securities

—

5.9%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

...................

2,095,217

2,095,217

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

.......................

9,438,705

9,441,537

Total

Short-Term

Securities

—

5.9%

(Cost:

$11,536,754)

..............................

11,536,754

Total

Investments

—

105.1%

(Cost:

$197,385,291

)

.............................

205,567,151

Liabilities

in

Excess

of

Other

Assets

—

(5.1)%

............

(9,968,011)

Net

Assets

—

100.0%

..............................

$

195,599,140

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

5,156,187

$

—

$

(3,060,970)

$

—

$

—

$

2,095,217

2,095,217

$

421

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

1,482,546

7,960,369

—

(1,378)

—

9,441,537

9,438,705

8,802

(b)

—

$

(1,378)

$

—

$

11,536,754

$

9,223

$

—

—

—

(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

SMID

Cap

V.I.

Fund

Schedule

of

Investments

11

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

......................................................

8

09/17/21

$

1,715

$

18,710

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)

.....

$

—

$

—

$

18,710

$

—

$

—

$

—

$

18,710

(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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

789,170

$

—

$

—

$

—

$

789,170

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(123,887)

—

—

—

(123,887)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

3,833,270

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

SMID

Cap

V.I.

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

P

eriod

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

194,030,397

$

—

$

—

$

194,030,397

Short-Term

Securities

.......................................

2,095,217

—

—

2,095,217

$

196,125,614

$

—

$

—

$

196,125,614

Investments

valued

at

NAV

(a)

......................................

9,441,537

$

—

$

205,567,151

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

18,710

$

—

$

—

$

18,710

(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

(unaudited)

June

30,

2021

13

Financial

Statements

BlackRock

Advantage

SMID

Cap

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

194,030,397‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

11,536,754‌

Cash

.............................................................................................................

101,033‌

Cash

pledged

for

futures

contracts

..........................................................................................

100,000‌

Foreign

currency,

at

value

(d)

..............................................................................................

787‌

Receivables:

–‌

Investments

sold

....................................................................................................

1,911,719‌

Securities

lending

income

—

affiliated

......................................................................................

1,022‌

Capital

shares

sold

...................................................................................................

83‌

Dividends

—

affiliated

.................................................................................................

7‌

Dividends

—

unaffiliated

...............................................................................................

112,073‌

Variation

margin

on

futures

contracts

.......................................................................................

3,227‌

Prepaid

expenses

.....................................................................................................

1,714‌

Total

assets

.........................................................................................................

207,798,816‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

9,444,068‌

Payables:

–‌

Investments

purchased

................................................................................................

2,461,417‌

Capital

shares

redeemed

...............................................................................................

30,613‌

Distribution

fees

.....................................................................................................

1,806‌

Investment

advisory

fees

..............................................................................................

63,529‌

Directors'

and

Officer's

fees

.............................................................................................

982‌

Other

affiliate

fees

...................................................................................................

717‌

Other

accrued

expenses

...............................................................................................

196,544‌

Total

liabilities

........................................................................................................

12,199,676‌

NET

ASSETS

........................................................................................................

$

195,599,140‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

137,115,544‌

Accumulated

earnings

..................................................................................................

58,483,596‌

NET

ASSETS

........................................................................................................

$

195,599,140‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

185,848,537‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

9,259,394‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

11,536,754‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

785‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Advantage

SMID

Cap

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

185,576,987‌

Shares

outstanding

.................................................................................................

6,044,613‌

Net

asset

value

....................................................................................................

$

30.70‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

3,159,029‌

Shares

outstanding

.................................................................................................

103,286‌

Net

asset

value

....................................................................................................

$

30.59‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

6,863,124‌

Shares

outstanding

.................................................................................................

3

51,481‌

Net

asset

value

....................................................................................................

$

19.53‌

Shares

authorized

..................................................................................................

10

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

SMID

Cap

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

421‌

Dividends

—

unaffiliated

...............................................................................................

1,215,850‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

8,802‌

Foreign

taxes

withheld

................................................................................................

(1,134‌)

Total

investment

income

.................................................................................................

1,223,939‌

EXPENSES

Investment

advisory

..................................................................................................

717,467‌

Transfer

agent

—

class

specific

..........................................................................................

187,803‌

Professional

.......................................................................................................

54,489‌

Accounting

services

..................................................................................................

28,272‌

Custodian

.........................................................................................................

21,768‌

Distribution

—

class

specific

............................................................................................

10,663‌

Directors

and

Officer

.................................................................................................

3,964‌

Transfer

agent

......................................................................................................

2,354‌

Miscellaneous

......................................................................................................

12,659‌

Total

expenses

.......................................................................................................

1,039,439‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(314,772‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(187,714‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

536,953‌

Net

investment

income

..................................................................................................

686,986‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

20,478,141‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

(1,378‌)

Investments

—

unaffiliated

...........................................................................................

45,353,605‌

Futures

contracts

..................................................................................................

789,170‌

A

46,141,397‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(25,539,390‌)

Foreign

currency

translations

..........................................................................................

21‌

Futures

contracts

..................................................................................................

(123,887‌)

A

(25,663,256‌)

Net

realized

and

unrealized

gain

...........................................................................................

20,478,141‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

21,165,127‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

686,986‌

$

1,846,661‌

Net

realized

gain

(loss)

..............................................................................

46,141,397‌

13,314,605‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(25,663,256‌)

15,997,899‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

21,165,127‌

31,159,165‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Class

I

.........................................................................................

—‌

(12,317,097‌)

Class

II

........................................................................................

—‌

(215,249‌)

Class

III

........................................................................................

—‌

(670,030‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(13,202,376‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(12,289,989‌)

(8,531,951‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

8,875,138‌

9,424,838‌

Beginning

of

period

..................................................................................

186,724,002‌

177,299,164‌

End

of

period

......................................................................................

$

195,599,140‌

$

186,724,002‌

(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

SMID

Cap

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

27.49‌

$

24.65‌

$

21.11‌

$

25.63‌

$

27.93‌

$

23.24‌

Net

investment

income

(loss)

(a)

...................

0.11‌

0.28‌

0.35‌

0.34‌

0.26‌

(b)

0.07‌

Net

realized

and

unrealized

gain

(loss)

.............

3.10‌

4.57‌

5.74‌

(2.00‌)

3.60‌

5.43‌

Net

increase

(decrease)

from

investment

operations

......

3.21‌

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

period

....................

$

30.70‌

$

27.49‌

$

24.65‌

$

21.11‌

$

25.63‌

$

27.93‌

Total

Return

(d)

11.68%

19.96%

28.98%

(6.39)%

—

—

Based

on

net

asset

value

........................

11.68%

(e)

19.96%

28.98%

(6.39)%

14.05%

23.65%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.07%

(f)

1.06%

1.02%

1.03%

1.05%

1.01%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.55%

(f)

0.55%

0.55%

0.55%

0.71%

0.92%

Net

investment

income

(loss)

.....................

0.73%

(f)

1.12%

1.45%

1.31%

0.91%

(b)

0.28%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

185,577‌

$

177,134‌

$

168,415‌

$

218,976‌

$

261,872‌

$

250,567‌

Portfolio

turnover

rate

..........................

151%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

See

notes

to

financial

statements.

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Class

II

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

27.41‌

$

24.58‌

$

21.06‌

$

25.57‌

$

27.88‌

$

23.21‌

Net

investment

income

(loss)

(a)

...................

0.08‌

0.24‌

0.32‌

0.30‌

0.20‌

(b)

0.03‌

Net

realized

and

unrealized

gain

(loss)

.............

3.10‌

4.56‌

5.71‌

(1.99‌)

3.60‌

5.41‌

Net

increase

(decrease)

from

investment

operations

......

3.18‌

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

period

....................

$

30.59‌

$

27.41‌

$

24.58‌

$

21.06‌

$

25.57‌

$

27.88‌

Total

Return

(d)

11.60%

19.82%

28.77%

(6.53)%

13.85%

—

Based

on

net

asset

value

........................

11.60%

(e)

19.82%

28.77%

(6.53)%

13.85%

23.40%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.23%

(f)

1.19%

1.21%

1.22%

1.22%

1.20%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.70%

(f)

0.70%

0.70%

0.70%

0.88%

1.09%

Net

investment

income

(loss)

.....................

0.58%

(f)

0.97%

1.29%

1.16%

0.72%

(b)

0.10%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

3,159‌

$

3,036‌

$

3,055‌

$

2,742‌

$

3,131‌

$

3,351‌

Portfolio

turnover

rate

..........................

151%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

17.50‌

$

16.33‌

$

14.66‌

$

18.74‌

$

21.89‌

$

18.36‌

Net

investment

income

(loss)

(a)

...................

0.04‌

0.14‌

0.20‌

0.20‌

0.14‌

(b)

0.01‌

Net

realized

and

unrealized

gain

(loss)

.............

1.99‌

3.00‌

3.97‌

(1.46‌)

2.82‌

4.29‌

Net

increase

(decrease)

from

investment

operations

......

2.03‌

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

period

....................

$

19.53‌

$

17.50‌

$

16.33‌

$

14.66‌

$

18.74‌

$

21.89‌

Total

Return

(d)

11.60%

19.65%

28.65%

(6.65)%

13.83%

—

Based

on

net

asset

value

........................

11.60%

(e)

19.65%

28.65%

(6.65)%

13.83%

23.41%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.33%

(f)

1.29%

1.31%

1.32%

1.32%

1.29%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.80%

(f)

0.80%

0.80%

0.80%

0.95%

1.11%

Net

investment

income

(loss)

.....................

0.48%

(f)

0.87%

1.19%

1.06%

0.65%

(b)

0.08%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

6,863‌

$

6,553‌

$

5,829‌

$

5,073‌

$

5,324‌

$

6,184‌

Portfolio

turnover

rate

..........................

151

%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

1.

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

SMID

Cap

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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.

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

(unaudited)

(continued)

21

Notes

to

Financial

Statements

3.

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

or

trade 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

June

30,

2021,

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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

Barclays

Capital,

Inc.

...................................................

$

531,813‌

$

(531,813‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

1,685,030‌

(1,685,030‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

573,172‌

(573,172‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

1,534,279‌

(1,534,279‌)

—‌

JP

Morgan

Securities

LLC

................................................

3,602,179‌

(3,602,179‌)

—‌

National

Financial

Services

LLC

............................................

120,908‌

(120,908‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

1,212,013‌

(1,212,013‌)

—‌

$

9,259,394‌

$

(9,259,394‌)

$

—‌

(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

(unaudited)

(continued)

23

Notes

to

Financial

Statements

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.

6.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $810

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 six

months

ended

June

30,

2021,

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

six

months

ended

June

30,

2021,

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

six

months ended

June

30,

2021,

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

June

30,

2023

.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$1,014.

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

.........................................................................................................

$

2,325‌

Class

III

.........................................................................................................

8,338‌

$

10,663‌

Class

I

..........................................................................................................

$

177,938‌

Class

II

.........................................................................................................

3,119‌

Class

III

.........................................................................................................

6,746‌

$

187,803‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-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

June

30,

2023.

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$313,758

and

$65,231,

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,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $2,174

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. 

Class

I

................................................................................................................

0.07‌%

Class

II

...............................................................................................................

0.09‌

Class

III

...............................................................................................................

0.01‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Class

I

..........................................................................................................

$

1

14

,

350‌

Class

II

.........................................................................................................

1

,

723‌

Class

III

.........................................................................................................

6,

410‌

$

1

22

,

483‌

Class

I

.............................................................................................................

0.55‌%

Class

II

............................................................................................................

0.70‌

Class

III

............................................................................................................

0.80‌

Notes

to

Financial

Statements

(unaudited)

(continued)

25

Notes

to

Financial

Statements

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

period

ended

June

30,

2021,

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. 

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $283,861,197

and

$290,878,828,

respectively.

8.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Advantage

SMID

Cap

V.I.

Fund

................................

$

198,092,814‌

$

15,063,243‌

$

(7,570,196‌)

$

7,493,047‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

29,903‌

$

881,671‌

63,469‌

$

1,572,468‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

459,212‌

12,317,097‌

Shares

redeemed

.........................................

(429,076‌)

(12,534,446‌)

(911,272‌)

(22,466,104‌)

Net

decrease

..............................................

(399,173‌)

$

(11,652,775‌)

(388,591‌)

$

(8,576,539‌)

Class

II

Shares

sold

.............................................

130‌

$

3,739‌

135‌

$

2,693‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

8,054‌

215,249‌

Shares

redeemed

.........................................

(7,633‌)

(221,583‌)

(21,668‌)

(541,795‌)

Net

decrease

..............................................

(7,503‌)

$

(217,844‌)

(13,479‌)

$

(323,853‌)

Class

III

Shares

sold

.............................................

45,536‌

$

833,106‌

56,878‌

$

972,213‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

38,976‌

670,030‌

Shares

redeemed

.........................................

(68,428‌)

(1,252,476‌)

(78,333‌)

(1,273,802‌)

Net

increase

(decrease)

.......................................

(22,892‌)

$

(419,370‌)

17,521‌

$

368,441‌

Total

Net

Decrease

(429,568‌)

$

(12,289,989‌)

(384,550‌)

$

(8,531,951‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

27

Notes

to

Financial

Statements

12.

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.

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

Portfolio

Abbreviations

S&P

Standard

&

Poor's

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Basic

Value

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Value

Index.

What

factors

influenced

performance?

The

largest

contributor

to

the

Fund's

relative

performance

was

a

combination

of

stock

selection

and

an

overweight

allocation

to

financials.

In

particular,

stock

selection

and

overweight

positions

in

consumer

finance

companies

proved

beneficial,

as

did

stock

selection

and

overweight

positions

to

the

banks

and

insurance

industries.

In

communication

services,

an

underweight

allocation

to

entertainment

companies

and

stock

selection

in

the

wireless

telecommunications

services

and

media

industries

also

boosted

relative

returns.

Other

modest

contributors

during

the

period

included

stock

selection

in

materials

and

an

overweight

allocation

to

the

energy

sector.

The

largest

detractor

from

the

Fund's

relative

performance

was

a

combination

of

stock

selection

and

allocation

decisions

in

the

information

technology

("IT")

sector.

Notably,

stock

selection

and

an

overweight

allocation

to

IT

services

and

software

companies

weighed

on

relative

returns.

In

the

consumer

discretionary

sector,

stock

selection

decisions

in

the

multiline

retail,

specialty

retail,

and

internet

&

direct

marketing

retail

industries

hurt

relative

performance.

Other

detractors

included

stock

selection

and

an

underweight

allocation

to

the

real

estate

sector

and

stock

selection

among

companies

in

the

industrials

sector.

Describe

recent

portfolio

activity.

During

the

period,

a

combination

of

portfolio

trading

activity

and

market

price

changes

resulted

in

the

Fund

increasing

its

exposure

to

the

consumer

discretionary,

industrials

and

real

estate

sectors.

The

Fund

reduced

its

allocations

to

the

health

care,

communication

services

and

consumer

staples

sectors.

Describe

portfolio

positioning

at

period

end.

The

Fund's

largest

absolute

allocations

were

to

the

financials,

health

care

and

consumer

discretionary

sectors.

Relative

to

the

Russell

1000

®

Value

Index,

the

Fund

ended

the

period

with

the

most

significant

overweight

exposures

to

the

consumer

discretionary,

financials

and

communication

services

sectors.

The

Fund

maintained

its

most

significant

underweight

sector

exposures

to

real

estate,

industrials

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.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Financials

.......................................

23‌

%

Health

Care

.....................................

16‌

Consumer

Discretionary

.............................

12‌

Information

Technology

..............................

10‌

Industrials

.......................................

9‌

Communication

Services

.............................

9‌

Consumer

Staples

.................................

6‌

Energy

.........................................

6‌

Utilities

.........................................

4‌

Materials

.......................................

3‌

Real

Estate

......................................

1‌

Short-Term

Securities

...............................

12‌

Liabilities

in

Excess

of

Other

Assets

.....................

(11‌)

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Basic

Value

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

................................................................

17.75‌%

45.11‌%

11.07‌%

10.42‌%

Class

II

(b)

(c)

................................................................

17.68‌

44.81‌

10.88‌

10.23‌

Class

III

(b)

(c)

...............................................................

17.61‌

44.65‌

10.77‌

10.11‌

Russell

1000

®

Value

Index

(d)

....................................................

17.05‌

43.68‌

11.87‌

11.61‌

(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

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.

(d)

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.

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,177.50

$

3.94

$

1,000.00

$

1,021.17

$

3.66

0.73%

Class

II

..................................

1,000.00

1,176.80

4.86

1,000.00

1,020.33

4.51

0.90

Class

III

..................................

1,000.00

1,176.10

5.45

1,000.00

1,019.79

5.06

1.01

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(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

181/365

(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

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.1%

Aerospace

&

Defense

—

6.0%

Airbus

SE

(a)

.......................

48,210

$

6,211,996

BAE

Systems

plc,

ADR

(b)

..............

263,209

7,704,127

Huntington

Ingalls

Industries,

Inc.

(b)

.......

19,070

4,019,003

Raytheon

Technologies

Corp.

..........

31,640

2,699,208

20,634,334

Auto

Components

—

0.8%

Lear

Corp.

.......................

16,240

2,846,547

Automobiles

—

2.6%

General

Motors

Co.

(a)

................

149,111

8,822,898

Banks

—

10.1%

Citigroup,

Inc.

.....................

195,624

13,840,398

First

Citizens

BancShares

,

Inc.,

Class

A

(b)

..

7,550

6,287,187

Wells

Fargo

&

Co.

..................

326,488

14,786,642

34,914,227

Capital

Markets

—

3.8%

Apollo

Global

Management,

Inc.

(b)

........

80,450

5,003,990

Morgan

Stanley

....................

86,537

7,934,578

12,938,568

Chemicals

—

1.9%

Axalta

Coating

Systems

Ltd.

(a)

..........

216,730

6,608,098

Communications

Equipment

—

2.9%

Cisco

Systems,

Inc.

.................

191,672

10,158,616

Consumer

Finance

—

3.0%

Capital

One

Financial

Corp.

............

66,247

10,247,748

Diversified

Financial

Services

—

1.8%

Equitable

Holdings,

Inc.

..............

199,110

6,062,900

Electric

Utilities

—

2.8%

American

Electric

Power

Co.,

Inc.

........

33,440

2,828,690

Edison

International

.................

30,584

1,768,367

Exelon

Corp.

......................

72,200

3,199,182

PG&E

Corp.

(a)

.....................

173,930

1,768,868

9,565,107

Entertainment

—

0.5%

CD

Projekt

SA,

ADR

(b)

................

142,130

1,731,143

Food

Products

—

2.0%

Danone

SA

.......................

96,050

6,757,593

Health

Care

Equipment

&

Supplies

—

3.3%

Dentsply

Sirona,

Inc.

................

29,570

1,870,598

Medtronic

plc

.....................

22,552

2,799,380

Zimmer

Biomet

Holdings,

Inc.

..........

42,190

6,784,996

11,454,974

Health

Care

Providers

&

Services

—

7.7%

Anthem,

Inc.

......................

19,290

7,364,922

Cigna

Corp.

......................

26,923

6,382,636

CVS

Health

Corp.

..................

70,420

5,875,845

Laboratory

Corp.

of

America

Holdings

(a)

....

24,623

6,792,254

26,415,657

Industrial

Conglomerates

—

1.5%

General

Electric

Co.

.................

373,067

5,021,482

Insurance

—

3.8%

American

International

Group,

Inc.

.......

199,380

9,490,488

Fidelity

National

Financial,

Inc.

..........

84,090

3,654,551

13,145,039

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

2.4%

Alphabet,

Inc.,

Class

A

(a)

..............

3,417

$

8,343,596

Internet

&

Direct

Marketing

Retail

—

0.9%

Alibaba

Group

Holding

Ltd.,

ADR

(a)

.......

14,000

3,174,920

IT

Services

—

3.2%

Cognizant

Technology

Solutions

Corp.,

Class

A

41,166

2,851,157

Fiserv,

Inc.

(a)

......................

23,540

2,516,191

FleetCor

Technologies,

Inc.

(a)

...........

22,200

5,684,532

11,051,880

Machinery

—

1.1%

Komatsu

Ltd.

.....................

148,000

3,666,487

Media

—

3.3%

Comcast

Corp.,

Class

A

..............

138,608

7,903,428

Fox

Corp.,

Class

A

..................

90,187

3,348,643

11,252,071

Metals

&

Mining

—

1.2%

Steel

Dynamics,

Inc.

.................

70,774

4,218,130

Multiline

Retail

—

1.8%

Dollar

Tree,

Inc.

(a)

...................

62,027

6,171,686

Multi-Utilities

—

1.5%

NiSource,

Inc.

.....................

106,770

2,615,865

Public

Service

Enterprise

Group,

Inc.

.....

42,280

2,525,807

5,141,672

Oil,

Gas

&

Consumable

Fuels

—

5.6%

BP

plc,

ADR

......................

198,531

5,245,189

ConocoPhillips

....................

108,581

6,612,583

Marathon

Petroleum

Corp.

............

87,331

5,276,539

Woodside

Petroleum

Ltd.

.............

129,830

2,161,889

19,296,200

Personal

Products

—

2.0%

Unilever

plc,

ADR

(b)

.................

119,029

6,963,197

Pharmaceuticals

—

4.8%

Bayer

AG

(Registered)

...............

94,350

5,736,030

Sanofi,

ADR

(b)

.....................

161,830

8,521,968

Viatris

,

Inc.

.......................

153,352

2,191,400

16,449,398

Professional

Services

—

1.0%

CACI

International,

Inc.,

Class

A

(a)

.......

13,890

3,543,617

Real

Estate

Management

&

Development

—

1.4%

Howard

Hughes

Corp.

(The)

(a)

..........

50,330

4,905,162

Software

—

3.7%

CDK

Global,

Inc.

...................

47,530

2,361,766

Open

Text

Corp.

...................

65,570

3,330,956

SS&C

Technologies

Holdings,

Inc.

.......

99,310

7,156,278

12,849,000

Specialty

Retail

—

1.3%

Ross

Stores,

Inc.

...................

35,550

4,408,200

Textiles,

Apparel

&

Luxury

Goods

—

4.4%

Gildan

Activewear

,

Inc.

(b)

..............

217,046

8,013,338

Ralph

Lauren

Corp.

.................

59,805

7,045,627

15,058,965

Tobacco

—

2.0%

British

American

Tobacco

plc,

ADR

(b)

......

178,930

7,033,738

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Basic

Value

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

3.0%

Rogers

Communications,

Inc.,

Class

B

....

134,380

$

7,143,951

Telephone

&

Data

Systems,

Inc.

.........

133,846

3,032,951

10,176,902

Total

Common

Stocks

—

99.1%

(Cost:

$286,184,399)

.............................

341,029,752

Total

Long-Term

Investments

—

99.1%

(Cost:

$286,184,399)

.............................

341,029,752

Security

Shares

Shares

Value

Short-Term

Securities

—

12.2%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

...................

3,410,564

$

3,410,564

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

.......................

38,624,920

38,636,507

Total

Short-Term

Securities

—

12.2%

(Cost:

$42,047,071)

..............................

42,047,071

Total

Investments

—

111.3%

(Cost:

$328,231,470

)

.............................

383,076,823

Liabilities

in

Excess

of

Other

Assets

—

(11.3)%

...........

(38,845,405)

Net

Assets

—

100.0%

..............................

$

344,231,418

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,793,464

$

1,617,100

$

—

$

—

$

—

$

3,410,564

3,410,564

$

239

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

23,859,305

14,776,175

—

1,027

—

38,636,507

38,624,920

20,127

(b)

—

$

1,027

$

—

$

42,047,071

$

20,366

$

—

—

—

(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

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

14,422,338

$

6,211,996

$

—

$

20,634,334

Auto

Components

......................................

2,846,547

—

—

2,846,547

Automobiles

..........................................

8,822,898

—

—

8,822,898

Banks

...............................................

34,914,227

—

—

34,914,227

Capital

Markets

........................................

12,938,568

—

—

12,938,568

Chemicals

............................................

6,608,098

—

—

6,608,098

Communications

Equipment

................................

10,158,616

—

—

10,158,616

Consumer

Finance

......................................

10,247,748

—

—

10,247,748

Diversified

Financial

Services

...............................

6,062,900

—

—

6,062,900

Electric

Utilities

........................................

9,565,107

—

—

9,565,107

Entertainment

.........................................

1,731,143

—

—

1,731,143

Food

Products

.........................................

—

6,757,593

—

6,757,593

Health

Care

Equipment

&

Supplies

...........................

11,454,974

—

—

11,454,974

Health

Care

Providers

&

Services

............................

26,415,657

—

—

26,415,657

Industrial

Conglomerates

..................................

5,021,482

—

—

5,021,482

Insurance

............................................

13,145,039

—

—

13,145,039

Interactive

Media

&

Services

...............................

8,343,596

—

—

8,343,596

Internet

&

Direct

Marketing

Retail

............................

3,174,920

—

—

3,174,920

IT

Services

...........................................

11,051,880

—

—

11,051,880

Machinery

............................................

—

3,666,487

—

3,666,487

Media

...............................................

11,252,071

—

—

11,252,071

Metals

&

Mining

........................................

4,218,130

—

—

4,218,130

Multiline

Retail

.........................................

6,171,686

—

—

6,171,686

Multi-Utilities

..........................................

5,141,672

—

—

5,141,672

Oil,

Gas

&

Consumable

Fuels

...............................

17,134,311

2,161,889

—

19,296,200

Personal

Products

......................................

6,963,197

—

—

6,963,197

Pharmaceuticals

.......................................

10,713,368

5,736,030

—

16,449,398

Professional

Services

....................................

3,543,617

—

—

3,543,617

Real

Estate

Management

&

Development

.......................

4,905,162

—

—

4,905,162

Software

.............................................

12,849,000

—

—

12,849,000

Specialty

Retail

........................................

4,408,200

—

—

4,408,200

Textiles,

Apparel

&

Luxury

Goods

............................

15,058,965

—

—

15,058,965

Tobacco

.............................................

7,033,738

—

—

7,033,738

Wireless

Telecommunication

Services

.........................

10,176,902

—

—

10,176,902

Short-Term

Securities

.......................................

3,410,564

—

—

3,410,564

$

319,906,321

$

24,533,995

$

—

$

344,440,316

Investments

valued

at

NAV

(a)

......................................

38,636,507

$

—

$

383,076,823

$

—

(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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Basic

Value

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

341,029,752‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

42,047,071‌

Receivables:

–‌

Securities

lending

income

—

affiliated

......................................................................................

3,221‌

Capital

shares

sold

...................................................................................................

156,913‌

Dividends

—

affiliated

.................................................................................................

18‌

Dividends

—

unaffiliated

...............................................................................................

292,492‌

Prepaid

expenses

.....................................................................................................

2,746‌

Total

assets

.........................................................................................................

383,532,213‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

38,654,510‌

Payables:

–‌

Accounting

services

fees

...............................................................................................

35,389‌

Capital

shares

redeemed

...............................................................................................

116,751‌

Distribution

fees

.....................................................................................................

9,371‌

Investment

advisory

fees

..............................................................................................

172,833‌

Directors'

and

Officer's

fees

.............................................................................................

957‌

Other

affiliate

fees

...................................................................................................

1,671‌

Printing

and

postage

fees

..............................................................................................

58,811‌

Professional

fees

....................................................................................................

53,649‌

Transfer

agent

fees

..................................................................................................

190,042‌

Other

accrued

expenses

...............................................................................................

6,811‌

Total

liabilities

........................................................................................................

39,300,795‌

NET

ASSETS

........................................................................................................

$

344,231,418‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

253,787,825‌

Accumulated

earnings

..................................................................................................

90,443,593‌

NET

ASSETS

........................................................................................................

$

344,231,418‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

286,184,399‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

37,529,207‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

42,047,071‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

299,815,461‌

Shares

outstanding

.................................................................................................

18,752,755‌

Net

asset

value

....................................................................................................

$

15.99‌

Shares

authorized

..................................................................................................

300

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

4,080,292‌

Shares

outstanding

.................................................................................................

256,449‌

Net

asset

value

....................................................................................................

$

15.91‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

40,335,665‌

Shares

outstanding

.................................................................................................

2,548,284‌

Net

asset

value

....................................................................................................

$

15.83‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

239‌

Dividends

—

unaffiliated

...............................................................................................

3,670,189‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

20,127‌

Foreign

taxes

withheld

................................................................................................

(145,251‌)

Total

investment

income

.................................................................................................

3,545,304‌

EXPENSES

Investment

advisory

..................................................................................................

1,000,121‌

Transfer

agent

—

class

specific

..........................................................................................

319,120‌

Distribution

—

class

specific

............................................................................................

49,873‌

Professional

.......................................................................................................

41,517‌

Accounting

services

..................................................................................................

31,642‌

Custodian

.........................................................................................................

7,539‌

Directors

and

Officer

.................................................................................................

4,643‌

Transfer

agent

......................................................................................................

2,480‌

Miscellaneous

......................................................................................................

26,219‌

Total

expenses

.......................................................................................................

1,483,154‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(592‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(212,952‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

1,269,610‌

Net

investment

income

..................................................................................................

2,275,694‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

51,293,334‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

1,027‌

Investments

—

unaffiliated

...........................................................................................

30,234,284‌

Foreign

currency

transactions

.........................................................................................

(17,159‌)

A

30,218,152‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

21,076,395‌

Foreign

currency

translations

..........................................................................................

(1,213‌)

A

21,075,182‌

Net

realized

and

unrealized

gain

...........................................................................................

51,293,334‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

53,569,028‌

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Basic

Value

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

2,275,694‌

$

6,108,184‌

Net

realized

gain

(loss)

..............................................................................

30,218,152‌

7,807,614‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

21,075,182‌

(10,055,534‌)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

53,569,028‌

3,860,264‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(11,883,865‌)

  Class

II

.......................................................................................

—‌

(160,504‌)

  Class

III

.......................................................................................

—‌

(1,704,850‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(13,749,219‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(16,730,562‌)

(38,857,318‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

36,838,466‌

(48,746,273‌)

Beginning

of

period

..................................................................................

307,392,952‌

356,139,225‌

End

of

period

......................................................................................

$

344,231,418‌

$

307,392,952‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Basic

Value

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.58‌

$

13.75‌

$

12.39‌

$

15.60‌

$

15.21‌

$

13.36‌

Net

investment

income

(loss)

(a)

...................

0.11‌

0.26‌

0.31‌

0.28‌

0.22‌

0.23‌

Net

realized

and

unrealized

gain

(loss)

.............

2.30‌

0.18‌

2.63‌

(1.51‌)

1.03‌

2.19‌

Net

increase

(decrease)

from

investment

operations

......

2.41‌

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

period

....................

$

15.99‌

$

13.58‌

$

13.75‌

$

12.39‌

$

15.60‌

$

15.21‌

Total

Return

(c)

17.75%

3.43%

23.91%

(7.85)%

8.24%

—

Based

on

net

asset

value

........................

17.75%

(d)

3.43%

23.91%

(7.85)%

8.24%

18.19%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

0.86%

(f)

0.87%

0.84%

0.85%

0.85%

0.84%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.73%

(f)

0.73%

0.73%

0.72%

0.73%

0.73%

Net

investment

income

(loss)

.....................

1.40%

(f)

2.14%

2.20%

1.80%

1.47%

1.63%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

299,815‌

$

270,007‌

$

288,543‌

$

326,873‌

$

397,180‌

$

409,216‌

Portfolio

turnover

rate

..........................

37%

89%

45%

32%

41%

45%

Six

Months

Ended

06/30/21

(unaudited)

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Basic

Value

V.I.

Fund

Class

II

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.52‌

$

13.70‌

$

12.35‌

$

15.56‌

$

15.16‌

$

13.33‌

Net

investment

income

(loss)

(a)

...................

0.09‌

0.24‌

0.27‌

0.26‌

0.20‌

0.20‌

Net

realized

and

unrealized

gain

(loss)

.............

2.30‌

0.17‌

2.64‌

(1.52‌)

1.03‌

2.18‌

Net

increase

(decrease)

from

investment

operations

......

2.39‌

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

period

....................

$

15.91‌

$

13.52‌

$

13.70‌

$

12.35‌

$

15.56‌

$

15.16‌

Total

Return

(c)

17.68%

3.21%

23.71%

(8.06)%

8.15%

—

Based

on

net

asset

value

........................

17.68%

(d)

3.21%

23.71%

(8.06)%

8.15%

17.88%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

1.02%

(f)

1.02%

1.02%

1.02%

1.02%

1.02%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.90%

(f)

0.90%

0.90%

0.89%

0.90%

0.90%

Net

investment

income

(loss)

.....................

1.23%

(f)

1.97%

1.97%

1.63%

1.29%

1.47%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

4,080‌

$

3,802‌

$

4,218‌

$

3,829‌

$

4,928‌

$

5,280‌

Portfolio

turnover

rate

..........................

37%

89%

45%

32%

41%

45%

Six

Months

Ended

06/30/21

(unaudited)

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)

2021

BlackRock

Semi-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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Basic

Value

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.46‌

$

13.62‌

$

12.29‌

$

15.48‌

$

15.08‌

$

13.28‌

Net

investment

income

(loss)

(a)

...................

0.08‌

0.23‌

0.26‌

0.24‌

0.18‌

0.18‌

Net

realized

and

unrealized

gain

(loss)

.............

2.29‌

0.16‌

2.61‌

(1.50‌)

1.02‌

2.17‌

Net

increase

(decrease)

from

investment

operations

......

2.37‌

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

period

....................

$

15.83‌

$

13.46‌

$

13.62‌

$

12.29‌

$

15.48‌

$

15.08‌

Total

Return

(c)

17.61%

3.13%

23.53%

(8.11)%

8.01%

—

Based

on

net

asset

value

........................

17.61%

(d)

3.13%

23.53%

(8.11)%

8.01%

17.72%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

1.11%

(f)

1.12%

1.13%

1.15%

1.16%

1.04%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.01%

(f)

1.01%

1.01%

1.00%

1.01%

1.00%

Net

investment

income

(loss)

.....................

1.12%

(f)

1.94%

1.86%

1.52%

1.16%

1.25%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

40,336‌

$

33,584‌

$

63,378‌

$

57,661‌

$

78,896‌

$

114,160‌

Portfolio

turnover

rate

..........................

37

%

89%

45%

32%

41%

45%

Six

Months

Ended

06/30/21

(unaudited)

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

(unaudited)

15

Notes

to

Financial

Statements

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.  

3.

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

(unaudited)

(continued)

2021

BlackRock

Semi-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.

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

June

30,

2021,

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.

4.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $1,476

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

Barclays

Capital,

Inc.

...................................................

$

1,293,188‌

$

(1,293,188‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

9,669,801‌

(9,669,801‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

22,421‌

(22,421‌)

—‌

JP

Morgan

Securities

LLC

................................................

13,502,171‌

(13,502,171‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

9,710,666‌

(9,710,666‌)

—‌

TD

Prime

Services

LLC

.................................................

3,330,960‌

(3,330,960‌)

—‌

$

37,529,207‌

$

(37,529,207‌)

$

—‌

(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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

For

the six

months

ended

June

30,

2021,

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

June

30,

2023

.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$592

.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

and/

or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Distribution

Fees

Class

II

.........................................................................................................

$

2,977‌

Class

III

.........................................................................................................

46,896‌

$

49,873‌

Class

I

..........................................................................................................

$

278,781‌

Class

II

.........................................................................................................

3,985‌

Class

III

.........................................................................................................

36,354‌

$

319,120‌

Class

I

................................................................................................................

0.06‌%

Class

II

...............................................................................................................

0.08‌

Class

III

...............................................................................................................

0.09‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Basic

Value

V.I.

Fund

Class

I

..........................................................................................................

$

191,098‌

Class

II

.........................................................................................................

2,396‌

Class

III

.........................................................................................................

19,458‌

$

212,952‌

Class

I

.............................................................................................................

1.25‌%

Class

II

............................................................................................................

1.40‌

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(unaudited)

(continued)

19

Notes

to

Financial

Statements

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,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $4,110

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

period

ended

June

30,

2021,

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. 

6.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $121,310,957

and

$135,845,992,

respectively.

7.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Basic

Value

V.I.

Fund

.......................................

$

331,933,345‌

$

55,605,880‌

$

(4,462,402‌)

$

51,143,478‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

8.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

9.

 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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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

(unaudited)

(continued)

21

Notes

to

Financial

Statements

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

11.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

271,556‌

$

4,147,213‌

607,803‌

$

6,867,874‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

915,518‌

11,883,865‌

Shares

redeemed

.........................................

(1,406,070‌)

(21,396,116‌)

(2,624,627‌)

(31,840,843‌)

Net

decrease

..............................................

(1,134,514‌)

$

(17,248,903‌)

(1,101,306‌)

$

(13,089,104‌)

Class

II

Shares

sold

.............................................

—‌

$

—‌

9,798‌

$

110,603‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

12,438‌

160,504‌

Shares

redeemed

.........................................

(24,699‌)

(361,943‌)

(49,037‌)

(612,213‌)

Net

decrease

..............................................

(24,699‌)

$

(361,943‌)

(26,801‌)

$

(341,106‌)

Class

III

Shares

sold

.............................................

223,261‌

$

3,446,681‌

570,905‌

$

6,185,743‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

135,831‌

1,704,850‌

Shares

redeemed

.........................................

(170,045‌)

(2,566,397‌)

(2,864,953‌)

(33,317,701‌)

Net

increase

(decrease)

.......................................

53,216‌

$

880,284‌

(2,158,217‌)

$

(25,427,108‌)

Total

Net

Decrease

(1,105,997‌)

$

(16,730,562‌)

(3,286,324‌)

$

(38,857,318‌)

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Capital

Appreciation

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Growth

Index,

and

underperformed

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

Fund's

stock

selection

decisions

within

the

information

technology

("IT")

sector

and

its

positioning

among

consumer

staples

were

the

largest

contributors

to

relative

performance

during

the

period.

Within

IT,

an

underweight

allocation

to

the

technology

hardware,

storage

&

peripherals

industry,

most

notably

its

underweight

position

in

Apple,

Inc.,

drove

relative

performance.

Avoiding

more

defensive

consumer

staples

sub-sectors,

such

as

beverages,

proved

advantageous,

as

these

areas

typically

lag

in

a

rising

market

environment.

The

Fund's

cash

position

contributed

to

relative

returns

as

well.

Conversely,

the

Fund's

stock

selection

in

industrials

and

communication

services,

as

well

as

a

mix

of

positioning

and

stock

selection

in

real

estate,

were

the

largest

detractors

from

relative

performance.

Within

industrials,

overweight

exposure

to

the

professional

services

industry

generally

and

an

overweight

position

in

CoStar

Group,

Inc.

in

particular

detracted

the

most.

In

communication

services,

selection

in

the

interactive

media

&

services

industry,

specifically

an

off-benchmark

position

in

Tencent

Holdings

Ltd.,

weighed

on

relative

performance.

Lastly,

within

real

estate,

positioning

in

real

estate

investment

trusts,

particularly

an

overweight

position

in

SBA

Communications

Corp.,

slightly

detracted

from

results.

Describe

recent

portfolio

activity.

During

the

period,

the

most

notable

increase

in

the

Fund’s

sector

weightings

was

to

communication

services,

especially

within

the

interactive

media

&

services

industry.

Exposure

to

industrials

also

rose.

Conversely,

the

Fund's

exposure

to

IT

decreased

the

most

due

to

a

reduced

allocation

to

the

software

industry.

Exposure

to

the

health

care

sector

decreased

as

well.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

Russell

1000

®

Growth

Index,

the

Fund

ended

the

period

with

its

largest

overweight

positions

in

the

communication

services

sector,

followed

by

financials

and

materials.

The

Fund’s

largest

underweight

position

was

in

consumer

staples,

followed

by

real

estate

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Capital

Appreciation

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c)

................................................................

13.62‌%

42.04‌%

24.87‌%

16.45‌%

Class

III

(b)(c)

...............................................................

13.53‌

41.61‌

24.56‌

16.15‌

Russell

1000

®

Growth

Index

(d)

..................................................

12.99‌

42.50‌

23.66‌

17.87‌

S&P

500

®

Index

(e

)

...........................................................

15.25‌

40.79‌

17.65‌

14.84‌

(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.

(c)

The

Fund

invests

primarily

in

a

diversified

portfolio

consisting

primarily

of

common

stock

of

U.S.

com

panies

that

the

investment

adviser

believes

have

exhibited

above-average

growth

rates

in

earnings

over

the

long-term.

(d)

An

index

that

measures

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

®

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

(e)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

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.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

44‌

%

Consumer

Discretionary

.............................

19‌

Communication

Services

.............................

18‌

Health

Care

.....................................

7‌

Industrials

.......................................

7‌

Financials

.......................................

4‌

Materials

.......................................

2‌

Short-Term

Securities

...............................

3‌

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,136.20

$

4.29

$

1,000.00

$

1,020.78

$

4.06

0.81%

Class

III

..................................

1,000.00

1,135.30

5.66

1,000.00

1,019.49

5.36

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

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Capital

Appreciation

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

100.3%

Aerospace

&

Defense

—

1.2%

TransDigm

Group,

Inc.

(a)

...............

4,738

$

3,066,860

Capital

Markets

—

4.3%

Morgan

Stanley

.....................

36,174

3,316,794

S&P

Global,

Inc.

(b)

...................

18,121

7,437,764

10,754,558

Chemicals

—

1.3%

Sherwin-Williams

Co.

(The)

.............

11,944

3,254,143

Containers

&

Packaging

—

0.5%

Ball

Corp.

.........................

16,308

1,321,274

Entertainment

—

4.0%

(a)

Netflix,

Inc.

........................

10,302

5,441,619

Sea

Ltd.,

ADR

......................

16,055

4,408,703

9,850,322

Health

Care

Equipment

&

Supplies

—

2.2%

Danaher

Corp.

.....................

14,370

3,856,333

Intuitive

Surgical,

Inc.

(a)

................

1,860

1,710,531

5,566,864

Health

Care

Providers

&

Services

—

1.5%

UnitedHealth

Group,

Inc.

...............

9,492

3,800,976

Hotels,

Restaurants

&

Leisure

—

0.6%

Domino's

Pizza,

Inc.

..................

3,263

1,522,157

Industrial

Conglomerates

—

1.7%

Roper

Technologies,

Inc.

...............

8,763

4,120,363

Interactive

Media

&

Services

—

11.9%

Alphabet,

Inc.,

Class

A

(a)

...............

4,543

11,093,052

Facebook,

Inc.,

Class

A

(a)

..............

26,198

9,109,307

Match

Group,

Inc.

(a)

..................

5,490

885,263

Snap,

Inc.,

Class

A

(a)

.................

84,367

5,748,767

Tencent

Holdings

Ltd.

.................

37,200

2,800,881

29,637,270

Internet

&

Direct

Marketing

Retail

—

12.2%

(a)

Amazon.com,

Inc.

...................

6,397

22,006,704

Etsy,

Inc.

.........................

14,774

3,041,080

MercadoLibre

,

Inc.

...................

3,372

5,252,868

30,300,652

IT

Services

—

12.6%

Fidelity

National

Information

Services,

Inc.

...

9,553

1,353,374

Mastercard

,

Inc.,

Class

A

...............

24,332

8,883,370

PayPal

Holdings,

Inc.

(a)

................

15,568

4,537,761

Shopify,

Inc.,

Class

A

(a)

................

2,075

3,031,533

Visa,

Inc.,

Class

A

...................

43,412

10,150,594

Wix.com

Ltd.

(a)(b)

....................

11,558

3,355,056

31,311,688

Life

Sciences

Tools

&

Services

—

1.0%

Lonza

Group

AG

(Registered)

...........

3,385

2,399,819

Machinery

—

0.7%

Fortive

Corp.

.......................

26,140

1,823,004

Metals

&

Mining

—

0.6%

Freeport-McMoRan,

Inc.

...............

40,737

1,511,750

Multiline

Retail

—

1.0%

Dollar

Tree,

Inc.

(a)

....................

23,780

2,366,110

Pharmaceuticals

—

2.7%

AstraZeneca

plc,

ADR

(b)

...............

27,460

1,644,854

Eli

Lilly

&

Co.

......................

5,337

1,224,948

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.

........................

20,620

$

3,842,743

6,712,545

Professional

Services

—

2.3%

CoStar

Group,

Inc.

(a)

..................

31,710

2,626,222

TransUnion

........................

29,275

3,214,688

5,840,910

Road

&

Rail

—

0.7%

Union

Pacific

Corp.

..................

8,045

1,769,337

Semiconductors

&

Semiconductor

Equipment

—

9.2%

Analog

Devices,

Inc.

(b)

................

34,106

5,871,689

ASML

Holding

NV

(Registered),

NYRS

.....

11,230

7,758,133

Marvell

Technology,

Inc.

...............

90,311

5,267,841

NVIDIA

Corp.

......................

4,901

3,921,290

22,818,953

Software

—

19.2%

Adobe,

Inc.

(a)

.......................

10,358

6,066,059

Autodesk,

Inc.

(a)

.....................

11,234

3,279,204

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

.......

5,019

1,261,325

Intuit,

Inc.

.........................

14,558

7,135,895

Microsoft

Corp.

.....................

74,679

20,230,541

RingCentral,

Inc.,

Class

A

(a)

.............

8,390

2,437,966

ServiceNow

,

Inc.

(a)(b)

..................

13,265

7,289,781

47,700,771

Specialty

Retail

—

1.4%

Lowe's

Cos.,

Inc.

....................

10,072

1,953,666

TJX

Cos.,

Inc.

(The)

..................

24,416

1,646,126

3,599,792

Technology

Hardware,

Storage

&

Peripherals

—

3.2%

Apple,

Inc.

........................

57,915

7,932,038

Textiles,

Apparel

&

Luxury

Goods

—

3.6%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

3,020

2,375,704

NIKE,

Inc.,

Class

B

..................

41,947

6,480,392

8,856,096

Wireless

Telecommunication

Services

—

0.7%

T-Mobile

US,

Inc.

(a)

...................

12,213

1,768,809

Total

Common

Stocks

—

100.3%

(Cost:

$142,139,331)

..............................

249,607,061

Preferred

Stocks

—

0.7%

Media

—

0.7%

Bytedance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$1,100,015)

(c)(d)

................

10,039

1,702,966

Total

Preferred

Stocks

—

0.7%

(Cost:

$1,100,015)

...............................

1,702,966

Total

Long-Term

Investments

—

101.0%

(Cost:

$143,239,346)

..............................

251,310,027

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Capital

Appreciation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

2.9%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

264,768

$

264,768

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(g)

........................

6,993,913

6,996,011

Security

Shares

Shares

Value

Total

Short-Term

Securities

—

2.9%

(Cost:

$7,260,779)

...............................

$

7,260,779

Total

Investments

—

103.9%

(Cost:

$150,500,125

)

..............................

258,570,806

Liabilities

in

Excess

of

Other

Assets

—

(3.9)%

.............

(9,802,852)

Net

Assets

—

100.0%

...............................

$

248,767,954

(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

$1,702,966,

representing

0.68%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,100,015.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,393,435

$

—

$

(1,128,667)

$

—

$

—

$

264,768

264,768

$

80

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

9,399,514

—

(2,403,378)

(125)

—

6,996,011

6,993,913

12,066

(b)

—

$

(125)

$

—

$

7,260,779

$

12,146

$

—

—

—

(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

Capital

Appreciation

V.I.

Fund

Schedule

of

Investments

7

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

3,066,860

$

—

$

—

$

3,066,860

Capital

Markets

........................................

10,754,558

—

—

10,754,558

Chemicals

............................................

3,254,143

—

—

3,254,143

Containers

&

Packaging

..................................

1,321,274

—

—

1,321,274

Entertainment

.........................................

9,850,322

—

—

9,850,322

Health

Care

Equipment

&

Supplies

...........................

5,566,864

—

—

5,566,864

Health

Care

Providers

&

Services

............................

3,800,976

—

—

3,800,976

Hotels,

Restaurants

&

Leisure

..............................

1,522,157

—

—

1,522,157

Industrial

Conglomerates

..................................

4,120,363

—

—

4,120,363

Interactive

Media

&

Services

...............................

26,836,389

2,800,881

—

29,637,270

Internet

&

Direct

Marketing

Retail

............................

30,300,652

—

—

30,300,652

IT

Services

...........................................

31,311,688

—

—

31,311,688

Life

Sciences

Tools

&

Services

..............................

—

2,399,819

—

2,399,819

Machinery

............................................

1,823,004

—

—

1,823,004

Metals

&

Mining

........................................

1,511,750

—

—

1,511,750

Multiline

Retail

.........................................

2,366,110

—

—

2,366,110

Pharmaceuticals

.......................................

6,712,545

—

—

6,712,545

Professional

Services

....................................

5,840,910

—

—

5,840,910

Road

&

Rail

...........................................

1,769,337

—

—

1,769,337

Semiconductors

&

Semiconductor

Equipment

....................

22,818,953

—

—

22,818,953

Software

.............................................

47,700,771

—

—

47,700,771

Specialty

Retail

........................................

3,599,792

—

—

3,599,792

Technology

Hardware,

Storage

&

Peripherals

....................

7,932,038

—

—

7,932,038

Textiles,

Apparel

&

Luxury

Goods

............................

6,480,392

2,375,704

—

8,856,096

Wireless

Telecommunication

Services

.........................

1,768,809

—

—

1,768,809

Preferred

Stocks

.........................................

—

—

1,702,966

1,702,966

Short-Term

Securities

.......................................

264,768

—

—

264,768

$

242,295,425

$

7,576,404

$

1,702,966

$

251,574,795

Investments

valued

at

NAV

(a)

......................................

6,996,011

$

—

$

258,570,806

$

—

(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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Capital

Appreciation

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

251,310,027‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

7,260,779‌

Receivables:

–‌

Investments

sold

....................................................................................................

5,666‌

Securities

lending

income

—

affiliated

......................................................................................

1,100‌

Capital

shares

sold

...................................................................................................

25,623‌

Dividends

—

affiliated

.................................................................................................

6‌

Dividends

—

unaffiliated

...............................................................................................

17,455‌

Prepaid

e

xpenses

.....................................................................................................

1,933‌

Total

a

ssets

.........................................................................................................

258,622,589‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

6,993,489‌

Payables:

–‌

Capital

shares

redeemed

...............................................................................................

2,430,961‌

Distribution

fees

.....................................................................................................

20,181‌

Investment

advisory

fees

..............................................................................................

130,417‌

Directors'

and

Officer's

fees

.............................................................................................

800‌

Other

affiliate

fees

...................................................................................................

801‌

Other

accrued

expenses

...............................................................................................

277,986‌

Total

li

abilities

........................................................................................................

9,854,635‌

NET

ASSETS

........................................................................................................

$

248,767,954‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

106,316,428‌

Accumulated

earnings

..................................................................................................

142,451,526‌

NET

ASSETS

........................................................................................................

$

248,767,954‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

143,239,346‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

6,823,994‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

7,260,779‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

168,513,387‌

Shares

outstanding

.................................................................................................

14,331,251‌

Net

asset

value

....................................................................................................

$

11.76‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

80,254,567‌

Shares

outstanding

.................................................................................................

7,036,076‌

Net

asset

value

....................................................................................................

$

11.41‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

80‌

Dividends

—

unaffiliated

...............................................................................................

561,525‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

12,066‌

Foreign

taxes

withheld

................................................................................................

(5,209‌)

Total

investment

income

.................................................................................................

568,462‌

EXPENSES

Investment

advisory

..................................................................................................

762,651‌

Transfer

agent

—

class

specific

..........................................................................................

236,435‌

Distribution

—

class

specific

............................................................................................

92,787‌

Professional

.......................................................................................................

41,702‌

Accounting

services

..................................................................................................

28,880‌

Custodian

.........................................................................................................

9,117‌

Directors

and

Officer

.................................................................................................

4,579‌

Transfer

agent

......................................................................................................

2,676‌

Miscellaneous

......................................................................................................

14,712‌

Total

expenses

.......................................................................................................

1,193,539‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(175‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(150,389‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

1,042,975‌

Net

investment

loss

....................................................................................................

(474,513‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

31,152,774‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

(125‌)

Investments

—

unaffiliated

...........................................................................................

28,913,637‌

Foreign

currency

transactions

.........................................................................................

719‌

A

28,914,231‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

2,238,646‌

Foreign

currency

translations

..........................................................................................

(103‌)

A

2,238,543‌

Net

realized

and

unrealized

gain

...........................................................................................

31,152,774‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

30,678,261‌

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

(

474,513‌

)

$

(

861,471‌

)

Net

realized

gain

(loss)

..............................................................................

28,914,231‌

24,847,122‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

2,238,543‌

49,690,707‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

30,678,261‌

73,676,358‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Class

I

........................................................................................

—‌

(

14,109,501‌

)

Class

III

.......................................................................................

—‌

(

6,593,327‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(

20,702,828‌

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(

17,870,860‌

)

(

16,985,856‌

)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

12,807,401‌

35,987,674‌

Beginning

of

period

..................................................................................

235,960,553‌

199,972,879‌

End

of

period

......................................................................................

$

248,767,954‌

$

235,960,553‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

10.35‌

$

7.99‌

$

7.25‌

$

10.26‌

$

8.63‌

$

8.86‌

Net

investment

income

(loss)

(a)

...................

(0.02‌)

(0.03‌)

(0.02‌)

0.00‌

(b)(c)

(0.00‌)

(d)(e)

(0.00‌)

(d)(f)

Net

realized

and

unrealized

gain

(loss)

.............

1.43‌

3.36‌

2.31‌

0.23‌

2.86‌

0.01‌

Net

increase

from

investment

operations

..............

1.41‌

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

period

....................

$

11.76‌

$

10.35‌

$

7.99‌

$

7.25‌

$

10.26‌

$

8.63‌

Total

Return

(h)

13.62%

41.91%

31.99%

2.39%

33.22%

—

Based

on

net

asset

value

........................

13.62%

(

i

)

41.91%

31.99%

2.39%

33.22%

0.10%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.94%

(j)

0.95%

0.93%

0.94%

(k)

0.92%

0.92%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.81%

(j)

0.82%

0.80%

0.80%

(k)

0.79%

0.80%

Net

investment

income

(loss)

.....................

(0.32)%

(j)

(0.33)%

(0.20)%

0.01%

(c)(k)

(0.00)%

(e)(l)

(0.06)%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

168,513‌

$

162,334‌

$

135,871‌

$

119,220‌

$

142,246‌

$

124,752‌

Portfolio

turnover

rate

..........................

21%

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)

Aggregate

total

return.

(j)

Annualized.

(k)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

(l)

Amount

is

greater

than

(0.005)%.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

10.05‌

$

7.80‌

$

7.13‌

$

10.17‌

$

8.56‌

$

8.81‌

Net

investment

income

(loss)

(a)

...................

(0.03‌)

(0.05‌)

(0.04‌)

(0.03‌)

(b)

(0.03‌)

(c)

(0.03‌)

(d)

Net

realized

and

unrealized

gain

(loss)

.............

1.39‌

3.27‌

2.26‌

0.23‌

2.84‌

0.02‌

Net

increase

(decrease)

from

investment

operations

......

1.36‌

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

period

....................

$

11.41‌

$

10.05‌

$

7.80‌

$

7.13‌

$

10.17‌

$

8.56‌

Total

Return

(f)

13.53%

41.52%

31.55%

2.13%

32.94%

—

Based

on

net

asset

value

........................

13.53%

(g)

41.52%

31.55%

2.13%

32.94%

(0.13)%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

1.18%

(h)

1.19%

1.17%

1.19%

(

i

)

1.17%

1.18%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.07%

(h)

1.08%

1.05%

1.06%

(

i

)

1.05%

1.06%

Net

investment

income

(loss)

.....................

(0.58)%

(h)

(0.59)%

(0.47)%

(0.28)%

(b)(

i

)

(0.27)%

(c)

(0.32)%

(d)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

80,255‌

$

73,627‌

$

64,102‌

$

145,559‌

$

259,969‌

$

231,136‌

Portfolio

turnover

rate

..........................

21%

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)

Aggregate

total

return.

(h)

Annualized.

(i)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

Notes

to

Financial

Statements

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction's

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.  

3.

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

Notes

to

Financial

Statements

(continued)

15

Notes

to

Financial

Statements

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.

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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation 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

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)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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

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.

.............................................

$

3,808,102‌

$

(3,808,102‌)

$

—‌

JP

Morgan

Securities

LLC

................................................

1,996,429‌

(1,996,429‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

1,019,463‌

(1,019,463‌)

—‌

$

6,823,994‌

$

(6,823,994‌)

$

—‌

(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)

17

Notes

to

Financial

Statements

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.

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $1,030

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by

Class

III

were

$92,787.

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

June

30,

20

23

.

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.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$1

75.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

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

..........................................................................................................

$

162,553‌

Class

III

.........................................................................................................

73,882‌

$

236,435‌

Class

I

................................................................................................................

0.07‌%

Class

III

...............................................................................................................

0.08‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

June

30,

2023,

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.

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

six

months ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $3,154

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

period

ended

June

30,

2021,

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. 

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Capital

Appreciation

V.I.

Fund

Class

I

..........................................................................................................

$

106,259‌

Class

III

.........................................................................................................

44,130‌

$

150,389‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

6.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

including

paydowns/payups

and

excluding

short-term

investments, were $50,447,089

and

$65,762,064,

respectively.

7.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

8.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

9.

 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. 

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Capital

Appreciation

V.I.

Fund

.................................

$

150,564,368‌

$

108,909,691‌

$

(903,253‌)

$

108,006,438‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

11.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

203,461‌

$

2,184,761‌

385,157‌

$

3,361,946‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

1,379,522‌

14,109,501‌

Shares

redeemed

.........................................

(1,562,875‌)

(16,998,585‌)

(3,070,891‌)

(27,319,577‌)

Net

decrease

..............................................

(1,359,414‌)

$

(14,813,824‌)

(1,306,212‌)

$

(9,848,130‌)

Class

III

Shares

sold

.............................................

363,221‌

$

3,805,074‌

531,980‌

$

4,605,235‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

663,660‌

6,593,327‌

Shares

redeemed

.........................................

(654,021‌)

(6,862,110‌)

(2,081,845‌)

(18,336,288‌)

Net

decrease

..............................................

(290,800‌)

$

(3,057,036‌)

(886,205‌)

$

(7,137,726‌)

Total

Net

Decrease

(1,650,214‌)

$

(17,870,860‌)

(2,192,417‌)

$

(16,985,856‌)

Glossary

of

Terms

Used

in

this

Report

21

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

NYRS

New

York

Registered

Shares

S&P

Standard

&

Poor's

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Equity

Dividend

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

underperformed

its

benchmark,

the

Russell

1000

®

Value

Index,

and

outperformed

the

broad-market

S&P

500

®

Index.

The

following

discussion

of

relative

performance

pertains

to

the

Russell

1000

®

Value

Index.

What

factors

influenced

performance?

The

largest

detractor

from

the

Fund's

relative

performance

was

a

combination

of

stock

selection

and

allocation

decisions

in

the

health

care

sector.

Notably,

stock

selection

and

an

overweight

allocation

to

the

health

care

equipment

&

supplies

industry

weighed

on

relative

returns.

Within

the

industrials

sector,

an

underweight

allocation

to

building

products

companies

and

investment

decisions

in

the

professional

services,

electrical

equipment,

and

aerospace

&

defense

industries

all

detracted

from

performance.

Other

notable

detractors

included

stock

selection

and

an

overweight

position

in

the

information

technology

("IT")

and

consumer

staples

sectors.

The

largest

contributor

to

the

Fund's

relative

performance

was

a

combination

of

stock

selection

and

an

overweight

allocation

to

financials.

In

particular,

stock

selection

and

overweight

allocations

to

the

capital

markets

and

banks

industries

proved

beneficial,

as

did

stock

selection

in

insurance.

In

energy,

stock

selection

and

an

overweight

allocation

to

the

oil

&

gas

refining

&

marketing

sub-industry

boosted

relative

returns,

as

did

an

overweight

position

in

companies

engaged

in

the

oil

&

gas

storage

&

transportation

and

exploration

&

production

businesses.

Other

modest

contributors

during

the

period

included

underweight

allocations

to

the

utilities

and

communication

services

sectors.

The

Fund

held

a

slightly

elevated

cash

position

averaging

5.9%

for

the

period.

The

cash

position

detracted

from

relative

returns

amid

rising

U.S.

stock

prices.

Describe

recent

portfolio

activity.

During

the

period,

a

combination

of

portfolio

trading

activity

and

market

price

changes

resulted

in

the

Fund

increasing

its

exposure

to

the

consumer

discretionary,

industrials

and

health

care

sectors.

The

Fund

reduced

its

allocations

to

the

IT,

consumer

staples

and

communication

services

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

financials,

energy,

and

consumer

discretionary

sectors.

The

Fund

maintained

its

most

significant

underweight

sector

exposures

to

real

estate,

industrials

and

communication

services.

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.

Performance

Summary

for

the

Period

Ended

June

30,

2021

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

................................................................

16.50‌%

40.33‌%

13.19‌%

11.28‌%

Class

III

(b)

(c)

...............................................................

16.39‌

39.87‌

12.93‌

11.01‌

(d

)

Russell

1000

®

Value

Index

(e)

....................................................

17.05‌

43.68‌

11.87‌

11.61‌

S&P

500

®

Index

(f)

...........................................................

15.25‌

40.79‌

17.65‌

14.84‌

(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

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.

(d)

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.

(e)

An

index

that

measures

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

®

companies

with

lower

price-to-book

ratios

and

lower

expected

growth

values.

(f)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Equity

Dividend

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Financials

.......................................

26‌

%

Health

Care

.....................................

17‌

Information

Technology

..............................

10‌

Industrials

.......................................

8‌

Energy

.........................................

7‌

Consumer

Discretionary

.............................

7‌

Consumer

Staples

.................................

7‌

Communication

Services

.............................

6‌

Utilities

.........................................

4‌

Materials

.......................................

2‌

Short-Term

Securities

...............................

8‌

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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.

at

Actual

Hypothetical

(a)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,165.00

$

3.49

$

1,000.00

$

1,021.57

$

3.26

0.65%

Class

III

..................................

1,000.00

1,163.90

4.83

1,000.00

1,020.33

4.51

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

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Equity

Dividend

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

93.9%

Aerospace

&

Defense

—

3.1%

BAE

Systems

plc

....................

1,015,393

$

7,337,252

Huntington

Ingalls

Industries,

Inc.

.........

9,654

2,034,580

Raytheon

Technologies

Corp.

...........

24,335

2,076,019

11,447,851

Auto

Components

—

0.7%

Lear

Corp.

........................

13,612

2,385,911

Automobiles

—

2.1%

General

Motors

Co.

(a)

.................

129,449

7,659,497

Banks

—

11.1%

Bank

of

America

Corp.

................

226,289

9,329,895

Citigroup,

Inc.

......................

176,460

12,484,545

First

Citizens

BancShares

,

Inc.,

Class

A

.....

1,125

936,833

JPMorgan

Chase

&

Co.

...............

30,648

4,766,990

Wells

Fargo

&

Co.

...................

289,218

13,098,683

40,616,946

Beverages

—

1.9%

Coca-Cola

Co.

(The)

.................

61,155

3,309,097

Constellation

Brands,

Inc.,

Class

A

........

16,075

3,759,782

7,068,879

Capital

Markets

—

5.9%

Apollo

Global

Management,

Inc.

..........

38,268

2,380,269

Blackstone

Group,

Inc.

(The),

Class

A

......

5,976

580,509

Charles

Schwab

Corp.

(The)

............

71,749

5,224,045

Intercontinental

Exchange,

Inc.

..........

9,412

1,117,204

Morgan

Stanley

.....................

87,752

8,045,981

Raymond

James

Financial,

Inc.

..........

34,539

4,486,616

21,834,624

Chemicals

—

1.4%

Corteva

,

Inc.

.......................

37,063

1,643,744

DuPont

de

Nemours,

Inc.

..............

13,908

1,076,618

PPG

Industries,

Inc.

..................

15,056

2,556,057

5,276,419

Communications

Equipment

—

3.2%

Cisco

Systems,

Inc.

..................

181,363

9,612,239

Motorola

Solutions,

Inc.

...............

9,476

2,054,871

11,667,110

Consumer

Finance

—

1.4%

American

Express

Co.

................

14,192

2,344,944

Capital

One

Financial

Corp.

.............

17,993

2,783,337

5,128,281

Containers

&

Packaging

—

0.5%

Sealed

Air

Corp.

....................

31,806

1,884,506

Diversified

Financial

Services

—

1.0%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

.......

2,637

732,875

Equitable

Holdings,

Inc.

...............

93,430

2,844,944

3,577,819

Diversified

Telecommunication

Services

—

2.1%

Verizon

Communications,

Inc.

...........

136,851

7,667,762

Electric

Utilities

—

1.7%

American

Electric

Power

Co.,

Inc.

.........

12,986

1,098,486

Edison

International

..................

46,136

2,667,583

Exelon

Corp.

.......................

35,447

1,570,657

Southern

Co.

(The)

..................

17,143

1,037,323

6,374,049

Security

Shares

Shares

Value

Food

Products

—

1.1%

Danone

SA

........................

55,990

$

3,939,174

Health

Care

Equipment

&

Supplies

—

4.9%

Alcon,

Inc.

........................

30,815

2,161,288

Koninklijke

Philips

NV

.................

100,413

4,983,917

Medtronic

plc

......................

52,217

6,481,696

Zimmer

Biomet

Holdings,

Inc.

...........

28,274

4,547,025

18,173,926

Health

Care

Providers

&

Services

—

6.6%

Anthem,

Inc.

.......................

22,142

8,453,816

Cigna

Corp.

.......................

14,182

3,362,127

CVS

Health

Corp.

...................

53,184

4,437,673

Humana,

Inc.

......................

6,660

2,948,515

McKesson

Corp.

....................

9,550

1,826,342

UnitedHealth

Group,

Inc.

...............

7,960

3,187,502

24,215,975

Household

Durables

—

1.1%

Newell

Brands,

Inc.

..................

81,820

2,247,595

Panasonic

Corp.

....................

163,800

1,886,079

4,133,674

Industrial

Conglomerates

—

2.8%

General

Electric

Co.

..................

452,059

6,084,714

Siemens

AG

(Registered)

..............

26,767

4,250,032

10,334,746

Insurance

—

6.5%

Allstate

Corp.

(The)

..................

18,565

2,421,619

American

International

Group,

Inc.

........

203,767

9,699,309

Arthur

J

Gallagher

&

Co.

...............

28,151

3,943,392

Fidelity

National

Financial,

Inc.

...........

70,900

3,081,314

First

American

Financial

Corp.

...........

8,810

549,303

MetLife,

Inc.

.......................

72,420

4,334,337

24,029,274

IT

Services

—

3.4%

Cognizant

Technology

Solutions

Corp.,

Class

A

66,855

4,630,377

Fidelity

National

Information

Services,

Inc.

...

27,750

3,931,343

Visa,

Inc.,

Class

A

...................

16,606

3,882,815

12,444,535

Machinery

—

0.5%

Komatsu

Ltd.

......................

67,300

1,667,261

Media

—

3.4%

Comcast

Corp.,

Class

A

...............

131,974

7,525,158

Fox

Corp.,

Class

A

...................

128,140

4,757,838

Fox

Corp.,

Class

B

...................

1,069

37,629

12,320,625

Multiline

Retail

—

0.8%

Dollar

General

Corp.

.................

13,813

2,988,995

Multi-Utilities

—

2.5%

Ameren

Corp.

......................

24,994

2,000,520

CenterPoint

Energy,

Inc.

...............

37,240

913,125

NiSource,

Inc.

......................

79,915

1,957,917

Public

Service

Enterprise

Group,

Inc.

......

73,815

4,409,708

9,281,270

Oil,

Gas

&

Consumable

Fuels

—

7.0%

BP

plc

...........................

1,486,286

6,517,952

ConocoPhillips

.....................

89,168

5,430,331

Enterprise

Products

Partners

LP

(b)

........

292,111

7,048,638

Equinor

ASA

.......................

99,956

2,115,920

Marathon

Petroleum

Corp.

.............

74,764

4,517,241

25,630,082

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Equity

Dividend

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Personal

Products

—

2.0%

Unilever

plc,

ADR

(b)

..................

125,391

$

7,335,374

Pharmaceuticals

—

5.6%

AstraZeneca

plc

....................

61,294

7,364,120

Bayer

AG

(Registered)

................

92,669

5,633,834

Sanofi

...........................

70,690

7,426,875

20,424,829

Professional

Services

—

0.5%

Leidos

Holdings,

Inc.

.................

19,592

1,980,751

Road

&

Rail

—

0.9%

Union

Pacific

Corp.

..................

14,313

3,147,858

Software

—

3.3%

CDK

Global,

Inc.

....................

38,325

1,904,369

Microsoft

Corp.

.....................

13,133

3,557,730

Open

Text

Corp.

....................

40,661

2,065,579

SS&C

Technologies

Holdings,

Inc.

........

62,697

4,517,946

12,045,624

Specialty

Retail

—

2.3%

Lowe's

Cos.,

Inc.

....................

13,025

2,526,459

Ross

Stores,

Inc.

....................

47,704

5,915,296

8,441,755

Technology

Hardware,

Storage

&

Peripherals

—

0.7%

Samsung

Electronics

Co.

Ltd.,

GDR

(c)

......

1,404

2,504,044

Tobacco

—

1.5%

Altria

Group,

Inc.

....................

47,514

2,265,467

British

American

Tobacco

plc

............

84,405

3,277,074

5,542,541

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.4%

Rogers

Communications,

Inc.,

Class

B

.....

30,087

$

1,599,494

Total

Common

Stocks

—

93.9%

(Cost:

$270,364,736)

..............................

344,771,461

Preferred

Stocks

—

0.3%

Household

Products

—

0.3%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

8,883

938,169

Total

Preferred

Stocks

—

0.3%

(Cost:

$825,580)

.................................

938,169

Total

Long-Term

Investments

—

94.2%

(Cost:

$271,190,316)

..............................

345,709,630

Short-Term

Securities

—

7.7%

(d)(e)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

21,022,981

21,022,981

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(f)

........................

7,417,681

7,419,906

Total

Short-Term

Securities

—

7.7%

(Cost:

$28,442,887)

...............................

28,442,887

Total

Investments

—

101.9%

(Cost:

$299,633,203

)

..............................

374,152,517

Liabilities

in

Excess

of

Other

Assets

—

(1.9)%

.............

(6,895,990)

Net

Assets

—

100.0%

...............................

$

367,256,527

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

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.

(d)

Affiliate

of

the

Fund.

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

19,884,502

$

1,138,479

$

—

$

—

$

—

$

21,022,981

21,022,981

$

1,803

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,489,725

2,930,887

—

(706)

—

7,419,906

7,417,681

5,035

(b)

—

$

(706)

$

—

$

28,442,887

$

6,838

$

—

—

—

(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

Equity

Dividend

V.I.

Fund

Schedule

of

Investments

7

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

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.

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

4,110,599

$

7,337,252

$

—

$

11,447,851

Auto

Components

......................................

2,385,911

—

—

2,385,911

Automobiles

..........................................

7,659,497

—

—

7,659,497

Banks

...............................................

40,616,946

—

—

40,616,946

Beverages

...........................................

7,068,879

—

—

7,068,879

Capital

Markets

........................................

21,834,624

—

—

21,834,624

Chemicals

............................................

5,276,419

—

—

5,276,419

Communications

Equipment

................................

11,667,110

—

—

11,667,110

Consumer

Finance

......................................

5,128,281

—

—

5,128,281

Containers

&

Packaging

..................................

1,884,506

—

—

1,884,506

Diversified

Financial

Services

...............................

3,577,819

—

—

3,577,819

Diversified

Telecommunication

Services

........................

7,667,762

—

—

7,667,762

Electric

Utilities

........................................

6,374,049

—

—

6,374,049

Food

Products

.........................................

—

3,939,174

—

3,939,174

Health

Care

Equipment

&

Supplies

...........................

11,028,721

7,145,205

—

18,173,926

Health

Care

Providers

&

Services

............................

24,215,975

—

—

24,215,975

Household

Durables

.....................................

2,247,595

1,886,079

—

4,133,674

Industrial

Conglomerates

..................................

6,084,714

4,250,032

—

10,334,746

Insurance

............................................

24,029,274

—

—

24,029,274

IT

Services

...........................................

12,444,535

—

—

12,444,535

Machinery

............................................

—

1,667,261

—

1,667,261

Media

...............................................

12,320,625

—

—

12,320,625

Multiline

Retail

.........................................

2,988,995

—

—

2,988,995

Multi-Utilities

..........................................

9,281,270

—

—

9,281,270

Oil,

Gas

&

Consumable

Fuels

...............................

16,996,210

8,633,872

—

25,630,082

Personal

Products

......................................

7,335,374

—

—

7,335,374

Pharmaceuticals

.......................................

—

20,424,829

—

20,424,829

Professional

Services

....................................

1,980,751

—

—

1,980,751

Road

&

Rail

...........................................

3,147,858

—

—

3,147,858

Software

.............................................

12,045,624

—

—

12,045,624

Specialty

Retail

........................................

8,441,755

—

—

8,441,755

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,504,044

—

2,504,044

Tobacco

.............................................

2,265,467

3,277,074

—

5,542,541

Wireless

Telecommunication

Services

.........................

1,599,494

—

—

1,599,494

Preferred

Stocks

.........................................

—

938,169

—

938,169

Short-Term

Securities

.......................................

21,022,981

—

—

21,022,981

$

304,729,620

$

62,002,991

$

—

$

366,732,611

Investments

valued

at

NAV

(a)

......................................

7,419,906

$

—

$

374,152,517

$

—

(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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

See

notes

to

financial

statements.

BlackRock

Equity

Dividend

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

345,709,630‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

28,442,887‌

Foreign

currency,

at

value

(d)

..............................................................................................

792‌

Receivables:

–‌

Investments

sold

....................................................................................................

1,629,989‌

Securities

lending

income

—

affiliated

......................................................................................

660‌

Capital

shares

sold

...................................................................................................

172,815‌

Dividends

—

affiliated

.................................................................................................

90‌

Dividends

—

unaffiliated

...............................................................................................

268,171‌

Prepaid

expenses

.....................................................................................................

2,352‌

Total

assets

.........................................................................................................

376,227,386‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

7,425,209‌

Payables:

–‌

Investments

purchased

................................................................................................

961,763‌

Capital

shares

redeemed

...............................................................................................

56,530‌

Distribution

fees

.....................................................................................................

67,391‌

Investment

advisory

fees

..............................................................................................

183,078‌

Directors'

and

Officer's

fees

.............................................................................................

1,094‌

Other

affiliate

fees

...................................................................................................

1,421‌

Transfer

agent

fees

..................................................................................................

176,148‌

Other

accrued

expenses

...............................................................................................

98,225‌

Total

liabilities

........................................................................................................

8,970,859‌

NET

ASSETS

........................................................................................................

$

367,256,527‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

265,141,499‌

Accumulated

earnings

..................................................................................................

102,115,028‌

NET

ASSETS

........................................................................................................

$

367,256,527‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

271,190,316‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

7,195,090‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

28,442,887‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

802‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

9

Financial

Statements

BlackRock

Equity

Dividend

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

35,764,923‌

Shares

outstanding

.................................................................................................

2,640,664‌

Net

asset

value

....................................................................................................

$

13.54‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

331,491,604‌

Shares

outstanding

.................................................................................................

24,547,739‌

Net

asset

value

....................................................................................................

$

13.50‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

See

notes

to

financial

statements.

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Equity

Dividend

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

...................................................................................................

$

1,803‌

Dividends

—

unaffiliated

.................................................................................................

4,510,023‌

Securities

lending

income

—

affiliated

—

net

...................................................................................

5,035‌

Foreign

taxes

withheld

..................................................................................................

(184,056‌)

Total

investment

income

...................................................................................................

4,332,805‌

EXPENSES

Investment

advisory

....................................................................................................

1,067,451‌

Distribution

—

class

specific

..............................................................................................

402,124‌

Transfer

agent

—

class

specific

............................................................................................

355,701‌

Professional

.........................................................................................................

31,769‌

Accounting

services

....................................................................................................

31,607‌

Custodian

...........................................................................................................

11,873‌

Directors

and

Officer

...................................................................................................

4,299‌

Transfer

agent

........................................................................................................

2,870‌

Miscellaneous

........................................................................................................

18

,

824‌

Total

expenses

.........................................................................................................

1,926,518‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................................................................

(4,445‌)

Transfer

agent

fees

reimbursed

—

class

specific

.................................................................................

(355,701‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................................

1,566,372‌

Net

investment

income

....................................................................................................

2,766,433‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

51,022,485‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

...............................................................................................

(706‌)

Investments

—

unaffiliated

.............................................................................................

27,156,960‌

Foreign

currency

transactions

...........................................................................................

13,779‌

A

27,170,033‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................................................

23,856,949‌

Foreign

currency

translations

............................................................................................

(4,497‌)

A

23,852,452‌

Net

realized

and

unrealized

gain

.............................................................................................

51,022,485‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................................................................

$

53,788,918‌

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Equity

Dividend

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

2,766,433‌

$

5,663,568‌

Net

realized

gain

(loss)

..............................................................................

27,170,033‌

10,960,947‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

23,852,452‌

(3,642,656‌)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

53,788,918‌

12,981,859‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(174,692‌)

(1,683,804‌)

  Class

III

.......................................................................................

(1,425,326‌)

(15,790,208‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(1,600,018‌)

(17,474,012‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(26,515,584‌)

5,829,771‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

25,673,316‌

1,337,618‌

Beginning

of

period

..................................................................................

341,583,211‌

340,245,593‌

End

of

period

......................................................................................

$

367,256,527‌

$

341,583,211‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Equity

Dividend

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

11.68‌

$

11.90‌

$

10.17‌

$

12.14‌

$

11.15‌

$

10.04‌

Net

investment

income

(loss)

(a)

...................

0.11‌

0.22‌

0.25‌

0.24‌

0.22‌

0.21‌

Net

realized

and

unrealized

gain

(loss)

.............

1.82‌

0.20‌

2.53‌

(1.09‌)

1.62‌

1.42‌

Net

increase

(decrease)

from

investment

operations

......

1.93‌

0.42‌

2.78‌

(0.85‌)

1.84‌

1.63‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.07‌)

(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

.............................

(0.07‌)

(0.64‌)

(1.05‌)

(1.12‌)

(0.85‌)

(0.52‌)

Net

asset

value,

end

of

period

....................

$

13.54‌

$

11.68‌

$

11.90‌

$

10.17‌

$

12.14‌

$

11.15‌

Total

Return

(c)

16.50%

3.91%

27.71%

(7.16)%

16.74%

—

Based

on

net

asset

value

........................

16.50%

(d)

3.91%

27.71%

(7.16)%

16.74%

16.40%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

0.85%

(f)

0.85%

0.86%

0.87%

0.89%

0.89%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.65%

(f)

0.65%

0.65%

0.66%

0.68%

0.70%

Net

investment

income

(loss)

.....................

1.78%

(f)

2.08%

2.17%

2.00%

1.82%

1.98%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

35,765‌

$

31,361‌

$

33,881‌

$

30,655‌

$

37,525‌

$

35,256‌

Portfolio

turnover

rate

..........................

23%

51%

45%

37%

37%

23%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

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)

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Equity

Dividend

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

11.65‌

$

11.88‌

$

10.15‌

$

12.12‌

$

11.13‌

$

10.03‌

Net

investment

income

(loss)

(a)

...................

0.10‌

0.19‌

0.22‌

0.21‌

0.19‌

0.18‌

Net

realized

and

unrealized

gain

(loss)

.............

1.81‌

0.19‌

2.53‌

(1.09‌)

1.62‌

1.42‌

Net

increase

(decrease)

from

investment

operations

......

1.91‌

0.38‌

2.75‌

(0.88‌)

1.81‌

1.60‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.06‌)

(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

.............................

(0.06‌)

(0.61‌)

(1.02‌)

(1.09‌)

(0.82‌)

(0.50‌)

Net

asset

value,

end

of

period

....................

$

13.50‌

$

11.65‌

$

11.88‌

$

10.15‌

$

12.12‌

$

11.13‌

Total

Return

(c)

16.39%

3.57%

27.46%

(7.42)%

16.49%

—

Based

on

net

asset

value

........................

16.39%

(d)

3.57%

27.46%

(7.42)%

16.49%

16.06%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

1.11%

(f)

1.11%

1.12%

1.12%

1.16%

1.13%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.90%

(f)

0.90%

0.90%

0.91%

0.93%

0.95%

Net

investment

income

(loss)

.....................

1.53%

(f)

1.83%

1.91%

1.75%

1.57%

1.73%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

331,492‌

$

310,222‌

$

306,365‌

$

250,255‌

$

287,615‌

$

223,338‌

Portfolio

turnover

rate

..........................

23%

51%

45%

37%

37%

23%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

0.01%

0.01%

0.01%

0.01%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.  

3.

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

(unaudited)

(continued)

15

Notes

to

Financial

Statements

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

June

30,

2021,

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.

4.

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $1,538

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by

Class

III

were

$402,124.

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.

...................................................

$

21,717‌

$

(21,717‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

6,817,415‌

(6,817,415‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

196,700‌

(196,700‌)

—‌

JP

Morgan

Securities

LLC

................................................

159,258‌

(159,258‌)

—‌

$

7,195,090‌

$

(7,195,090‌)

$

—‌

(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

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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

six

months

ended

June

30,

2021,

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

six

months ended

June

30,

2021,

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

June

30,

2023

.

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

s

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$4,445.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

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

June

30,

2023,

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

reimbursed

are

included

in

transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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,

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.  

Class

I

..........................................................................................................

$

33,563‌

Class

III

.........................................................................................................

322,138‌

$

355,701‌

Fund

Name/Share

Class 

Transfer

Agent

Fees

Reimbursed

BlackRock

Equity

Dividend

V.I.

Fund

Class

I

..........................................................................................................

$

33,563‌

Class

III

.........................................................................................................

322,138‌

$

355,701‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $966

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

period

ended

June

30,

2021,

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. 

6.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $75,929,052

and

$102,923,830,

respectively.

7.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

8.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Equity

Dividend

V.I.

Fund

....................................

$

303,046,707‌

$

72,758,573‌

$

(1,652,763‌)

$

71,105,810‌

Notes

to

Financial

Statements

(unaudited)

(continued)

19

Notes

to

Financial

Statements

9.

 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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

11.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

137,932‌

$

1,828,757‌

231,232‌

$

2,425,012‌

Shares

issued

in

reinvestment

of

distributions

........................

13,254‌

174,692‌

153,325‌

1,683,804‌

Shares

redeemed

.........................................

(196,114‌)

(2,551,446‌)

(545,626‌)

(5,790,101‌)

Net

decrease

..............................................

(44,928‌)

$

(547,997‌)

(161,069‌)

$

(1,681,285‌)

Class

III

Shares

sold

.............................................

1,401,539‌

$

18,231,633‌

4,391,414‌

$

44,431,982‌

Shares

issued

in

reinvestment

of

distributions

........................

108,390‌

1,425,326‌

1,434,535‌

15,790,208‌

Shares

redeemed

.........................................

(3,588,826‌)

(45,624,546‌)

(4,997,363‌)

(52,711,134‌)

Net

increase

(decrease)

.......................................

(2,078,897‌)

$

(25,967,587‌)

828,586‌

$

7,511,056‌

Total

Net

Increase

(Decrease)

(2,123,825‌)

$

(26,515,584‌)

667,517‌

$

5,829,771‌

Glossary

of

Terms

Used

in

this

Report

21

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Global

Allocation

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

reference

benchmark,

which

is

comprised

of

the

S&P

500

®

Index

(36%),

FTSE

World

(ex-US)

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

underperformed

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?

The

Fund’s

broad

overweight

to

equities

contributed

to

performance.

From

a

sector

perspective,

stock

selection

within

financials

and

materials

was

additive.

Stock

selection

within

health

care

contributed

to

performance

as

well,

although

this

was

partially

offset

by

an

overweight

to

the

sector.

Within

fixed

income,

a

broad

underweight

to

developed

market

government

bonds

as

compared

to

the

Reference

Benchmark

positively

impacted

returns.

Finally,

exposure

to

corporate

credit,

most

notably

U.S.

high

yield,

was

additive.

Within

equities,

security

selection

within

consumer

discretionary

detracted

from

performance.

Tactical

hedges

on

U.S.

equity

positioning

to

manage

the

Fund’s

overall

beta

(market

sensitivity)

weighed

on

performance.

Within

fixed

income,

positioning

within

U.S.

Treasuries,

most

notably

exposure

to

longer

maturities,

negatively

impacted

performance.

Exposure

to

cash

and

cash

equivalents

and

gold-related

securities

also

weighed

on

returns.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund’s

overall

equity

allocation

increased

from

68%

to

72%

of

net

assets.

Within

equities,

the

Fund

increased

exposure

to

Europe

and

decreased

exposure

to

Japan.

Exposure

to

the

United

States

remained

essentially

unchanged.

From

a

sector

perspective,

the

Fund

increased

exposure

to

financials,

energy,

industrials

and

consumer

discretionary,

and

decreased

exposure

to

information

technology,

health

care

and

consumer

staples.

The

Fund’s

allocation

to

fixed

income

decreased

from

24%

to

19%

of

net

assets.

Within

fixed

income,

the

Fund

decreased

exposure

to

developed

market

government

bonds

and

corporate

credit,

and

increased

exposure

to

securitized

debt

and

floating

rate

loan

interests

(“bank

loans”).

From

the

standpoint

of

duration

and

corresponding

interest

rate

sensitivity,

the

Fund’s

total

portfolio

duration

was

tactically

managed

over

the

period

and

ended

the

period

at

-0.1

years,

down

from

1.9

years

at

the

beginning

of

the

period.

The

Fund’s

allocation

to

commodity-related

securities

decreased

slightly

from

1%

to

less

than

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

7%

to

9%

of

net

assets.

During

the

six-month

period,

cash

helped

mitigate

portfolio

volatility

and

served

as

a

source

of

funds

for

new

investments

and

redemptions.

The

Fund

uses

derivatives,

which

may

include

options,

futures,

swaps

and

forward

contracts

both

to

seek

to

enhance

returns

of

the

Fund

and

to

hedge

(or

protect)

against

adverse

movements

in

currency

exchange

rates,

interest

rates

and

movements

in

the

securities

markets.

During

the

period,

the

Fund’s

use

of

derivatives,

in

aggregate,

detracted

from

the

Fund’s

performance.

Describe

portfolio

positioning

at

period

end.

Relative

to

its

Reference

Benchmark,

the

Fund

was

overweight

in

equities,

underweight

in

fixed

income,

and

had

exposure

to

commodities

and

cash

equivalents.

Within

equities,

the

Fund's

largest

overweight

positions

were

to

consumer

discretionary,

industrials,

materials

and

health

care,

and

largest

underweights

were

to

consumer

staples

and

real

estate.

The

Fund

was

overweight

in

Europe,

the

United

States

and

China,

and

underweight

in

Japan

and

Australia.

Within

fixed

income,

the

Fund

was

significantly

underweight

in

developed

market

government

bonds,

and

overweight

in

corporate

credit,

securitized

debt

and

bank

loans.

The

total

portfolio

duration

of

-0.1

was

below

the

benchmark’s

duration

of

2.7

(total

portfolio

duration

assumes

equity

duration

of

0).

From

a

currency

perspective,

the

Fund

was

overweight

in

the

U.S.

dollar

and

underweight

in

the

euro.

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Global

Allocation

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c)

................................................................

6.62‌%

28.42‌%

10.79‌%

7.18‌%

Class

II

(b)(c)

................................................................

6.54‌

28.18‌

10.62‌

7.02‌

Class

III

(b)(c)

...............................................................

6.51‌

28.12‌

10.54‌

6.92‌

FTSE

World

Index

(d)

........................................

13.12‌

40.28‌

15.28‌

10.72‌

Reference

Benchmark

(

e

)

......................................................

6.37‌

22.60‌

9.92‌

7.68‌

U.S.

Stocks:

S&P

500

®

Index

(

f

)

..................................................

15.25‌

40.79‌

17.65‌

14.84‌

Non-U.S.

Stocks:

FTSE

World

(ex-U.S.)

Index

(

g

)

.....................................

10.37‌

37.45‌

11.47‌

6.08‌

U.S.

Bonds:

ICE

BofA

Current

5-year

U.S.

Treasury

Index

(

h

)

.............................

(1.69‌)

(1.73‌)

1.90‌

2.37‌

Non

U.S.

Bonds:

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(

i

)

...................

(6.00‌)

3.06‌

1.28‌

0.79‌

(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)

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.

(d)

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.

(e)

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.

(f)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

(g)

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.

(h)

An

unmanaged

index

designed

to

track

the

total

return

of

the

current

coupon

five-year

U.S.

Treasury

bond.

(

i

)

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.

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

...........................

62‌

%

1‌

%

63‌

%

China

.................................

6‌

—‌

(b)

6‌

Germany

..............................

5‌

—‌

(b)

5‌

France

................................

4‌ 

—‌

(b)

4‌ 

United

Kingdom

..........................

4‌

—‌

(b)

4‌

Netherlands

............................

2‌ 

—‌

(b)

2‌ 

Japan

................................

2‌ 

—‌

(b)

2‌ 

Italy

..................................

2‌

—‌

(b)

2‌

Other

(c)

................................

12‌

—‌

12‌

Total

.................................

99‌%

1‌%

100‌%

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

(c)

Includes

holdings

within

countries

that

are

1%

or

less

of

long-term

investments.

Please

refer

to

the

Consolidated

Schedule

of

Investments

for

such

countries.

Disclosure

of

Expenses

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(c)

Class

I

..................

$

1,000.00

$

1,066.20

$

3.74

$

3.69

$

1,000.00

$

1,021.17

$

3.66

$

1,021.22

$

3.61

Class

II

.................

1,000.00

1,065.40

4.51

4.46

1,000.00

1,020.43

4.41

1,020.48

4.36

Class

III

.................

1,000.00

1,065.10

5.02

4.97

1,000.00

1,019.93

4.91

1,019.98

4.86

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class

(0.73%

for

Class

I,

0.88%

for

Class

II

and

0.98%

for

Class

III),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

2.4%

Cayman

Islands

—

0.8%

(a)

AGL

CLO

12

Ltd.,

Series

2021-12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.16%),

1.29%,

07/20/34

(b)

.....

USD

921

$

921,042

AGL

CLO

5

Ltd.

(b)

:

Series

2020-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

1.55%,

07/20/34

...............

411

410,951

Series

2020-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.85%,

07/20/34

...............

574

573,568

AGL

CLO

7

Ltd.

(b)

:

Series

2020-7A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

07/15/31

...............

530

530,279

Series

2020-7A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

0.00%,

07/15/34

...............

530

530,000

AIMCO

CLO,

Series

2018-AA,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.59%,

04/17/31

(b)

...........

256

254,667

Allegro

CLO

VIII

Ltd.,

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.28%,

07/15/31

(b)

.....

250

250,056

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

10/15/29

(b)

...........

252

251,971

ALM

XVIII

Ltd.,

Series

2016-18A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

01/15/28

(b)

.....

259

259,246

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.63%,

04/25/31

(b)

.....

125

125,614

Anchorage

Capital

CLO

17

Ltd.,

Series

2021-17A,

Class

A1,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/15/34

(b)

608

607,595

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.20%,

04/20/31

(b)

....

620

620,045

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2021-FL2,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.20%,

05/15/36

(b)

.....

1,870

1,873,347

Ares

LIX

CLO

Ltd.,

Series

2021-59A,

Class

A,

(LIBOR

USD

3

Month

+

1.03%),

1.21%,

04/25/34

(b)

.....

250

249,698

Ares

LV

CLO

Ltd.

(b)

:

Series

2020-55A,

Class

B,

(LIBOR

USD

3

Month

+

2.50%),

2.68%,

04/15/31

...............

950

950,679

Series

2020-55A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

0.00%,

07/15/34

...............

790

790,000

Assurant

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.29%,

10/20/29

(b)

.....

258

257,272

Atrium

XII,

Series

12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.35%),

1.53%,

04/22/27

(b)

...........

287

286,562

Bain

Capital

Credit

CLO

Ltd.,

Series

2020-2A,

Class

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.69%,

07/21/31

(b)

575

575,496

Battalion

CLO

X

Ltd.

(b)

:

Series

2016-10A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.17%),

1.35%,

01/25/35

..........

732

731,449

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2016-10A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.55%),

1.73%,

01/25/35

..........

USD

485

$

481,146

Battalion

CLO

XI

Ltd.,

Series

2017-11A,

Class

BR,

(LIBOR

USD

3

Month

+

1.72%),

1.90%,

04/24/34

(b)

.....

288

287,393

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.45%),

1.63%,

07/15/29

(b)

...........

610

609,764

Benefit

Street

Partners

CLO

III

Ltd.,

Series

2013-IIIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

07/20/29

(b)

...........

283

282,501

BlueMountain

CLO

Ltd.

(b)

:

Series

2013-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

10/22/30

...............

250

250,115

Series

2014-2A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.75%),

1.94%,

10/20/30

...............

256

256,146

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.68%,

07/15/31

(b)

502

502,510

BlueMountain

Fuji

US

CLO

III

Ltd.,

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.15%),

1.33%,

01/15/30

(b)

................

250

249,150

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.93%,

01/15/34

(b)

.....

250

249,998

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.97%),

1.16%,

04/17/31

(b)

...........

249

248,596

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A1B,

(LIBOR

USD

3

Month

+

1.35%),

1.54%,

04/20/29

(b)

.....

313

312,699

Cedar

Funding

II

CLO

Ltd.,

Series

2013-1A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.08%),

1.26%,

04/20/34

(b)

250

248,797

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.05%),

1.24%,

04/20/34

(b)

600

598,913

Cedar

Funding

XI

CLO

Ltd.

(b)

:

Series

2019-11A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.05%),

1.18%,

05/29/32

..........

250

249,388

Series

2019-11A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

1.48%,

05/29/32

..........

250

249,942

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.73%,

04/15/30

(b)

....

401

395,791

CIFC

Funding

2015-III

Ltd.,

Series

2015-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.15%),

1.34%,

04/19/29

(b)

288

283,875

CIFC

Funding

2021-IV

Ltd.,

Series

2021-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

1.00%,

07/15/33

(b)

603

602,832

CIFC

Funding

Ltd.

(b)

:

Series

2013-3RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.98%),

1.16%,

04/24/31

...............

250

249,995

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

07/20/30

...............

USD

276

$

275,913

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.00%),

1.19%,

04/18/31

...............

432

432,543

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.48%,

07/15/32

...............

875

875,375

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.59%,

04/17/30

(b)

.....

402

401,143

Crown

Point

CLO

10

Ltd.,

Series

2021-

10A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/20/34

(b)(c)

...

608

608,000

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.79%,

07/18/30

(b)

250

248,881

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

1.26%,

05/20/34

(b)

.....

308

308,023

Dryden

Senior

Loan

Fund,

Series

2021-87A,

Class

A1,

(LIBOR

USD

3

Month

+

1.10%),

1.24%,

05/20/34

(b)

160

160,000

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

04/20/34

(b)

.....

475

475,001

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.55%,

10/15/32

(b)

.....

250

250,237

Elmwood

CLO

IV

Ltd.,

Series

2020-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

1.42%,

04/15/33

(b)(c)

....

300

301,440

Elmwood

CLO

V

Ltd.

(b)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

1.93%,

07/24/31

...............

1,000

1,000,561

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.38%,

07/24/31

...............

250

250,128

Flatiron

CLO

18

Ltd.,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

0.95%),

1.14%,

04/17/31

(b)

.....

250

248,734

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.32%),

1.48%,

11/16/32

(b)

......

250

250,247

Flatiron

CLO

21

Ltd.,

Series

2021-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.11%),

1.26%,

07/19/34

(b)(c)

....

1,000

1,000,000

Fs

Rialto,

Series

2021-FL2,

Class

A,

(LIBOR

USD

1

Month

+

1.22%),

1.29%,

04/16/28

(b)

...........

390

390,299

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.97%),

1.06%,

10/15/30

(b)

.....

275

274,325

Galaxy

XXII

CLO

Ltd.,

Series

2016-

22A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.20%),

1.32%,

04/16/34

(b)

(c)

......................

334

335,807

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

B1,

(LIBOR

USD

3

Month

+

1.90%),

2.09%,

01/20/33

(b)

...........

326

326,145

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

GoldenTree

Loan

Opportunities

XI

Ltd.,

Series

2015-11A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.07%),

1.26%,

01/18/31

(b)

...........

USD

250

$

250,038

Gracie

Point

International

Funding

(b)

:

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

1.51%,

11/01/23

...............

410

410,000

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

2.40%),

2.51%,

11/01/23

...............

550

550,000

Gulf

Stream

Meridian

1

Ltd.,

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.55%,

04/15/33

(b)

1,742

1,745,637

Gulf

Stream

Meridian

4

Ltd.,

Series

2021-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.20%),

1.31%,

07/15/34

(b)

1,513

1,507,322

HPS

Loan

Management

10-2016

Ltd.,

Series

10A-16,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.14%),

1.27%,

04/20/34

(b)(c)

...............

607

607,051

Jamestown

CLO

XII

Ltd.,

Series

2019-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

2.15%),

2.34%,

04/20/32

(b)

....

258

259,093

KVK

CLO

Ltd.,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

0.93%),

1.09%,

05/20/29

(b)

...........

149

148,562

LoanCore

Issuer

Ltd.,

Series

2021-

CRE5,

Class

A,

(LIBOR

USD

1

Month

+

1.30%),

1.37%,

07/15/36

(b)

1,490

1,493,802

Loanpal

Solar

Loan

Ltd.,

Series

2020-

2GF,

Class

A,

2.75%,

07/20/47

..

1,529

1,587,562

Logan

CLO

I

Ltd.,

Series

2021-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

1.31%,

07/20/34

(b)

.....

611

611,195

Madison

Park

Funding

XI

Ltd.,

Series

2013-11A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.90%),

1.07%,

07/23/29

(b)

................

826

824,976

Madison

Park

Funding

XII

Ltd.,

Series

2014-12A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

07/20/26

(b)

................

69

68,555

Madison

Park

Funding

XIII

Ltd.,

Series

2014-13A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

04/19/30

(b)

................

250

248,254

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

1.74%,

04/25/29

(b)(c)

...............

288

288,518

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.38%,

07/29/30

(b)

................

259

258,677

Madison

Park

Funding

XXXVI

Ltd.,

Series

2019-36A,

Class

B1,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

01/15/33

(b)

................

518

518,256

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.25%,

07/17/34

(b)(c)

...............

429

429,000

Mariner

CLO

LLC,

Series

2016-3A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.99%),

1.16%,

07/23/29

(b)

.....

250

250,215

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Neuberger

Berman

CLO

XVI-S

Ltd.,

Series

2017-16SA,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.24%,

04/15/34

(b)(c)

..........

USD

860

$

860,774

Neuberger

Berman

CLO

XXII

Ltd.,

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

10/17/30

(b)

................

250

250,007

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.,

Series

2021-42A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.24%,

07/16/35

(b)

...........

415

415,333

Ocean

Trails

CLO

VI

(b)

:

Series

2016-6A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.45%),

1.63%,

07/15/28

...............

200

199,627

Series

2016-6A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.25%),

2.43%,

07/15/28

...............

250

250,091

OCP

CLO

Ltd.

(b)

:

Series

2014-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

1.58%,

04/26/31

...............

300

297,030

Series

2017-13A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

07/15/30

..........

401

400,891

Series

2020-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.50%),

2.69%,

07/20/31

...............

175

175,122

Octagon

Investment

Partners

18-R

Ltd.,

Series

2018-18A,

Class

A1A,

(LIBOR

USD

3

Month

+

0.96%),

1.14%,

04/16/31

(b)

...........

289

288,083

Octagon

Investment

Partners

46

Ltd.

(b)

:

Series

2020-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

07/15/33

...............

1,000

1,000,322

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.38%,

07/15/33

...............

300

300,104

Octagon

Investment

Partners

48

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.55%),

2.74%,

10/20/31

(b)

................

250

250,453

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

1.54%,

07/19/30

(b)

................

263

262,911

OHA

Credit

Funding

3

Ltd.

(b)

:

Series

2019-3A,

Class

AR,

(LIBOR

USD

3

Month

+

1.14%),

1.29%,

07/02/35

...............

287

287,321

Series

2019-3A,

Class

B1,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

07/20/32

...............

322

322,288

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.80%,

07/02/35

...............

308

307,657

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

10/19/32

(b)

150

150,053

Palmer

Square

CLO

Ltd.

(b)

:

Series

2015-1A,

Class

A1A4,

(LIBOR

USD

3

Month

+

1.13%),

1.25%,

05/21/34

..........

1,974

1,973,803

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2018-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.06%,

08/15/26

...............

USD

312

$

312,406

Palmer

Square

Loan

Funding

Ltd.

(b)

:

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.45%),

1.61%,

11/15/26

...............

250

250,020

Series

2018-5A,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

1.59%,

01/20/27

...............

436

435,927

Series

2019-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.79%,

04/20/27

...............

583

582,578

Series

2020-3A,

Class

A2,

(LIBOR

USD

3

Month

+

2.40%),

2.59%,

07/20/28

...............

475

475,275

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

1.95%,

08/23/31

(b)

...........

269

268,688

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.36%,

07/24/31

(b)

.....

278

277,961

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/20/34

(b)

.....

250

250,000

Recette

CLO

Ltd.,

Series

2015-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.40%),

1.59%,

04/20/34

(b)

.....

250

246,490

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.54%,

01/15/34

(b)

250

248,149

Rockford

Tower

CLO

Ltd.

(b)

:

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

04/20/34

..........

250

250,004

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.26%,

05/20/31

...............

250

250,115

Series

2021-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.17%),

1.25%,

07/20/34

(c)

..............

831

831,000

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.22%,

04/20/31

(b)

.....

247

247,358

RR

11

Ltd.,

Series

2020-11A,

Class

A2,

(LIBOR

USD

3

Month

+

2.10%),

2.28%,

10/15/31

(b)

...........

300

300,448

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

1.27%,

01/15/30

(b)

.....

257

256,456

Signal

Peak

CLO

8

Ltd.

(b)

:

Series

2020-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.27%),

1.46%,

04/20/33

...............

250

250,375

Series

2020-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

04/20/33

...............

250

247,779

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-

19A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/20/34

(b)

....

608

607,595

Sixth

Street

CLO

XVI

Ltd.,

Series

2020-

16A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

10/20/32

(b)

....

290

289,947

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

1.53%,

01/25/32

(b)

USD

400

$

401,186

TCW

CLO

AMR

Ltd.,

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.68%),

1.83%,

02/15/29

(b)

.....

289

288,253

TICP

CLO

IX

Ltd.,

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

1.79%,

01/20/31

(b)

.....

250

250,118

TICP

CLO

VI

Ltd.

(b)

:

Series

2016-6A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.12%),

1.30%,

01/15/34

...............

250

249,577

Series

2016-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.68%,

01/15/34

...............

250

246,410

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

01/15/31

(b)

.....

380

379,260

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.52%,

01/20/33

(b)

.....

870

871,272

Trestles

CLO

Ltd.,

Series

2017-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

0.99%),

1.92%,

04/25/32

(b)

.....

300

299,991

Trinitas

CLO

XI

Ltd.,

Series

2019-11A,

Class

C,

(LIBOR

USD

3

Month

+

3.15%),

3.33%,

07/15/32

(b)

.....

373

373,718

Trinitas

CLO

XIV

Ltd.

(b)

:

Series

2020-14A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.18%,

01/25/34

...............

452

452,634

Series

2020-14A,

Class

C,

(LIBOR

USD

3

Month

+

3.00%),

3.18%,

01/25/34

...............

343

344,781

Voya

CLO

Ltd.

(b)

:

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

0.97%),

1.14%,

07/23/27

...............

208

208,422

Series

2017-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.04%),

1.23%,

04/20/34

(c)

..............

300

300,000

Whitebox

CLO

II

Ltd.

(b)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

1.93%,

10/24/31

...............

450

451,211

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.43%,

10/24/31

...............

300

301,140

York

CLO-1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

10/22/29

(b)

.....

256

256,313

York

CLO-3

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.94%,

10/20/29

(b)

...........

725

725,864

York

CLO-6

Ltd.,

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.35%),

1.53%,

07/22/32

(b)

...........

1,094

1,094,078

60,493,272

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.0%

(b)

Aqueduct

European

CLO

4

DAC,

Series

2019-4A,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

(a)

...........

EUR

250

$

296,694

Aqueduct

European

CLO

DAC,

Series

2019-4X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

207

245,663

Cairn

CLO

XII

DAC,

Series

2020-12A,

Class

B,

(EURIBOR

3

Month

+

2.30%),

2.30%,

04/15/33

(a)(c)

....

260

309,571

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

207

245,016

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

.......

231

271,713

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(EURIBOR

3

Month

+

0.92%),

0.92%,

11/14/32

.......

135

160,327

Invesco

Euro

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

08/15/32

.......

207

245,874

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

306,064

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

01/20/32

............

160

187,718

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

.......

268

317,998

Rockford

Tower

Europe

CLO

DAC,

Series

2018-1X,

Class

B,

(EURIBOR

3

Month

+

1.85%),

1.85%,

12/20/31

207

245,158

Sound

Point

Euro

CLO

II

Funding

DAC,

Series

2X,

Class

A,

(EURIBOR

3

Month

+

1.11%),

1.11%,

10/26/32

.

260

308,364

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.90%),

1.90%,

07/15/32

.......

109

129,190

3,269,350

Netherlands

—

0.0%

(b)

Avoca

CLO

XVII

DAC,

Series

17A,

Class

B1R,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/32

(a)

.....

250

297,131

Avoca

CLO

XVII

Designated

Activity

Co.,

Series

17X,

Class

AR,

(EURIBOR

3

Month

+

0.96%),

0.96%,

10/15/32

............

142

168,688

465,819

United

States

—

1.6%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(LIBOR

USD

3

Month

+

0.30%),

0.45%,

05/25/36

(b)

.....

USD

966

953,160

ACRES

Commercial

Realty

Ltd.,

Series

2021-FL1,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

1.27%,

06/15/36

(a)

(b)

......................

2,790

2,791,753

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

240

253,854

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Battalion

CLO

18

Ltd.

(a)(b)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

10/15/32

...............

USD

449

$

450,281

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.48%,

10/15/32

...............

449

450,360

Battalion

CLO

XX

Ltd.,

Series

2021-

20A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

07/15/34

(a)(b)

...

612

611,585

BHG

Securitization

Trust

(a)

:

Series

2021-A,

Class

A,

1.42%,

11/17/33

...............

1,543

1,542,826

Series

2021-A,

Class

B,

2.79%,

11/17/33

...............

170

170,998

Series

2021-A,

Class

C,

3.69%,

11/17/33

...............

100

101,079

Brex

Commercial

Charge

Card

Master

Trust,

Series

2021-1,

Class

A,

2.09%,

07/15/24

(a)

...........

1,850

1,861,793

College

Avenue

Student

Loans

LLC,

Series

2021-B,  3.78%,

06/25/52

.

100

99,954

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

5,180

5,177,588

Lendmark

Funding

Trust

(a)

:

Series

2021-1A,

Class

B,

2.47%,

11/20/31

...............

960

969,506

Series

2021-1A,

Class

C,

3.41%,

11/20/31

...............

740

748,967

Series

2021-1A,

Class

D,

5.05%,

11/20/31

...............

640

652,050

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(a)

................

2,050

2,085,096

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL6,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.20%,

07/16/36

(a)(b)

..........

970

971,345

Mosaic

Solar

Loans

LLC

(a)

:

Series

2017-2A,

Class

A,

3.82%,

06/22/43

...............

466

494,264

Series

2021-2A,

Class

A,

1.64%,

04/22/47

...............

3,180

3,160,895

Series

2021-2A,

Class

B,

2.09%,

04/22/47

...............

1,270

1,260,693

Navient

Private

Education

Refi

Loan

Trust

(a)

:

Series

2019-A,

Class

A2A,

3.42%,

01/15/43

...............

499

511,171

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

0.10%,

04/15/60

(b)

6,450

6,378,949

Series

2021-DA,

Class

B,

2.61%,

04/15/60

(c)

..............

960

960,000

Series

2021-DA,

Class

C,

3.48%,

04/15/60

(c)

..............

2,477

2,477,000

Series

2021-DA,

Class

D,

4.00%,

04/15/60

(c)

..............

790

767,905

Nelnet

Student

Loan

Trust

(a)

:

Series

2021-A,

Class

A1,

(LIBOR

USD

1

Month

+

0.80%),

0.90%,

04/20/62

(b)

..............

10,080

10,095,904

Series

2021-A,

Class

A2,

(LIBOR

USD

1

Month

+

1.03%),

1.13%,

04/20/62

(b)

..............

4,220

4,229,398

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-A,

Class

B2,

2.85%,

04/20/62

...............

USD

8,090

$

8,249,597

Series

2021-A,

Class

C,

3.75%,

04/20/62

...............

4,690

4,726,494

Series

2021-A,

Class

D,

4.93%,

04/20/62

...............

2,000

2,014,335

Series

2021-BA,

Class

AFX,

1.42%,

04/20/62

...............

7,490

7,489,193

Series

2021-BA,

Class

B,

2.68%,

04/20/62

...............

7,560

7,555,748

Series

2021-BA,

Class

C,

3.57%,

04/20/62

...............

2,110

2,114,398

Series

2021-BA,

Class

D,

4.75%,

04/20/62

...............

620

619,815

OneMain

Financial

Issuance

Trust

(a)

:

Series

2021-1A,

Class

C,

2.22%,

06/16/36

...............

180

180,344

Series

2021-1A,

Class

D,

2.47%,

06/16/36

...............

390

392,646

Oportun

Issuance

Trust

(a)

:

Series

2021-B,

Class

A,

1.47%,

05/08/31

...............

2,350

2,355,865

Series

2021-B,

Class

B,

1.96%,

05/08/31

...............

440

441,374

Series

2021-B,

Class

C,

3.65%,

05/08/31

...............

210

210,522

Series

2021-B,

Class

D,

5.41%,

05/08/31

...............

500

501,118

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)(c)

...............

5,330

5,409,950

Progress

Residential,

Series

2021-

SFR3,

Class

F,

3.44%,

05/17/26

(a)

900

909,503

RR

LLC,

Series

2017-1A,

Class

A1AB,

(LIBOR

USD

3

Month

+

1.15%),

1.23%,

07/15/35

(a)(b)(c)

.........

414

414,000

SLM

Private

Credit

Student

Loan

Trust

(b)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.45%,

06/15/39

...............

5,234

5,093,763

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.41%,

06/15/39

...............

2,318

2,251,475

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.36%,

12/16/41

...............

2,082

2,030,057

SMB

Private

Education

Loan

Trust

(a)

:

Series

2019-A,

Class

A2A,

3.44%,

07/15/36

...............

1,754

1,838,517

Series

2020-B,

Class

B,

2.76%,

07/15/53

...............

1,330

1,339,397

Series

2021-A,

Class

C,

2.99%,

01/15/53

...............

4,810

4,849,144

Series

2021-A,

Class

D1,

3.86%,

01/15/53

...............

2,580

2,567,287

Series

2021-A,

Class

D2,

3.86%,

01/15/53

...............

1,410

1,408,645

Series

2021-C,

Class

A2,

(LIBOR

USD

1

Month

+

0.80%),

0.89%,

01/15/53

(b)

..............

4,750

4,749,998

Series

2021-C,

Class

B,

2.30%,

01/15/53

...............

500

498,435

Series

2021-C,

Class

C,

3.00%,

01/15/53

(c)

..............

410

410,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-C,

Class

D,

3.93%,

01/15/53

(c)

..............

USD

190

$

190,000

SoFi

Professional

Loan

Program

LLC,

Series

2019-A,

Class

A2FX,

3.69%,

06/15/48

(a)(c)

...............

1,036

1,073,116

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

A2FX,

3.34%,

08/25/47

(a)

................

388

397,501

Upstart

Pass-Through

Trust

(a)

:

Series

2021-ST4,

Class

A,

2.00%,

07/20/27

...............

600

599,770

Series

2021-ST5,

Class

A,

2.00%,

07/20/27

...............

300

299,741

123,410,122

Total

Asset-Backed

Securities

—

2.4%

(Cost:

$186,074,695)

.............................

187,638,563

Shares

Shares

Common

Stocks

—

72.0%

Argentina

—

0.4%

MercadoLibre,

Inc.

(d)(e)

...........

20,816

32,426,957

Australia

—

0.3%

Australia

&

New

Zealand

Banking

Group

Ltd.

................

8,097

170,911

BHP

Group

Ltd.

...............

4,567

166,149

BHP

Group

plc

...............

223,223

6,605,386

Commonwealth

Bank

of

Australia

...

1,925

144,149

CSL

Ltd.

....................

1,651

353,097

Fortescue

Metals

Group

Ltd.

......

24,234

423,342

Goodman

Group

..............

8,673

137,256

Quintis

HoldCo

Pty.

Ltd.,

(Acquired

10/22/18,

cost

$5,761,227)

(c)(d)(f)(g)

.

9,827,224

9,580,905

Ramsay

Health

Care

Ltd.

........

1,878

88,605

Rio

Tinto

plc

.................

80,641

6,659,941

Telstra

Corp.

Ltd.

..............

76,249

215,052

Woodside

Petroleum

Ltd.

........

9,621

160,206

24,704,999

Belgium

—

0.0%

Anheuser-Busch

InBev

SA/NV

.....

2,083

150,161

KBC

Group

NV

...............

1,288

98,341

248,502

Brazil

—

0.2%

Ambev

SA

..................

43,837

150,360

B3

SA

-

Brasil

Bolsa

Balcao

.......

257,086

865,775

Banco

do

Brasil

SA

............

63,113

407,573

Cia

Siderurgica

Nacional

SA

......

5,801

51,038

Engie

Brasil

Energia

SA

.........

44,036

346,530

Magazine

Luiza

SA

(d)

...........

356,943

1,517,822

Petroleo

Brasileiro

SA,

ADR

(e)

.....

34,098

417,018

Seguridade

Participacoes

SA

......

52,736

245,878

Vale

SA

....................

8,832

200,725

Vale

SA,

ADR

(e)

...............

300,675

6,858,397

WEG

SA

...................

16,796

113,599

11,174,715

Canada

—

1.0%

Alimentation

Couche-Tard,

Inc.,

Class

B

......................

3,169

116,447

Bank

of

Nova

Scotia

(The)

........

2,111

137,293

Barrick

Gold

Corp.

.............

5,569

115,190

Security

Shares

Shares

Value

Canada

(continued)

Brookfield

Asset

Management

Reinsurance

Partners

Ltd.,

Class

A

(d)

117

$

6,182

Brookfield

Asset

Management,

Inc.,

Class

A

..................

15,423

786,827

Canadian

National

Railway

Co.

....

3,732

393,763

Canadian

Natural

Resources

Ltd.

...

3,756

136,351

CGI,

Inc.,

Class

A

(d)

............

1,669

151,322

Enbridge,

Inc.

................

1,607,134

64,344,999

George

Weston

Ltd.

............

1,629

155,265

Loblaw

Cos.

Ltd.

..............

3,748

230,667

Magna

International,

Inc.

.........

966

89,438

Manulife

Financial

Corp.

.........

13,670

269,077

Nutrien

Ltd.

..................

6,816

412,996

Restaurant

Brands

International,

Inc.

1,543

99,419

Shopify,

Inc.,

Class

A

(d)

..........

5,080

7,422,139

Sun

Life

Financial,

Inc.

..........

4,255

219,409

TC

Energy

Corp.

..............

18,644

922,574

Thomson

Reuters

Corp.

.........

2,685

266,702

Toronto-Dominion

Bank

(The)

.....

2,719

190,545

76,466,605

Cayman

Islands

—

0.1%

Hedosophia

European

Growth

(d)

....

257,659

3,049,081

Chile

—

0.0%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(e)

................

4,180

197,839

China

—

3.0%

AAC

Technologies

Holdings,

Inc.

...

197,500

1,477,588

Agricultural

Bank

of

China

Ltd.,

Class

H

1,386,000

480,949

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

......................

272,622

2,985,587

Alibaba

Group

Holding

Ltd.

(d)

......

394,600

11,188,425

Alibaba

Group

Holding

Ltd.,

ADR

(d)

..

75,207

17,055,443

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

90,650

1,457,247

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

16,500

87,461

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

5,300

73,379

ANTA

Sports

Products

Ltd.

.......

333,000

7,815,752

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

(d)

..............

39,787

2,288,595

Autobio

Diagnostics

Co.

Ltd.,

Class

A

83,610

979,163

Autohome,

Inc.,

ADR

...........

9,636

616,319

Baidu,

Inc.,

ADR,

Class

A

(d)

.......

2,376

484,466

Bank

of

China

Ltd.,

Class

H

.......

675,000

242,367

Brilliance

China

Automotive

Holdings

Ltd.

.....................

84,000

52,332

BYD

Co.

Ltd.,

Class

A

...........

221,800

8,574,457

China

CITIC

Bank

Corp.

Ltd.,

Class

H

156,000

73,860

China

Construction

Bank

Corp.,

Class

H

......................

855,000

670,922

China

Feihe

Ltd.

(a)

.............

78,000

168,170

China

Galaxy

Securities

Co.

Ltd.,

Class

H

......................

142,500

84,905

China

Hongqiao

Group

Ltd.

.......

200,000

270,820

China

Life

Insurance

Co.

Ltd.,

Class

H

84,000

166,540

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................

184,000

1,567,348

China

National

Building

Material

Co.

Ltd.,

Class

H

...............

826,000

969,919

China

Petroleum

&

Chemical

Corp.,

Class

H

..................

1,158,000

588,565

China

Resources

Cement

Holdings

Ltd.

258,000

245,135

China

Resources

Power

Holdings

Co.

Ltd.

.....................

134,000

183,056

China

Tower

Corp.

Ltd.,

Class

H

(a)

...

558,000

76,839

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

China

(continued)

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(d)

...........

227,800

$

18,773,831

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(d)

.................

22,000

55,283

Country

Garden

Services

Holdings

Co.

Ltd.

.....................

321

3,464

Dali

Foods

Group

Co.

Ltd.

(a)

.......

179,500

107,039

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

......................

226,000

202,865

ENN

Energy

Holdings

Ltd.

........

78,600

1,493,852

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

...............

76,800

1,529,355

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(a)

.

152,000

2,270,005

Glodon

Co.

Ltd.,

Class

A

.........

150,990

1,588,527

GoerTek,

Inc.,

Class

A

..........

41,500

273,895

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

...............

92,200

742,139

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

..................

146,000

131,043

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

............

1,452,000

2,509,980

Haidilao

International

Holding

Ltd.

(a)

.

222,000

1,168,981

Haitong

Securities

Co.

Ltd.,

Class

H

.

98,800

86,516

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

..................

181,600

1,305,181

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(a)

..............

49,400

1,157,787

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)

....................

1,316,000

5,750,446

Hengan

International

Group

Co.

Ltd.

.

29,500

197,399

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

............

10,300

179,282

Huaneng

Power

International,

Inc.,

Class

H

..................

294,000

114,993

Huazhu

Group

Ltd.,

ADR

(d)

.......

19,276

1,017,966

Hundsun

Technologies,

Inc.,

Class

A

(d)

104,524

1,504,346

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

...............

1,805,000

1,057,764

Intco

Medical

Technology

Co.

Ltd.,

Class

A

..................

6,300

121,558

Jafron

Biomedical

Co.

Ltd.,

Class

A

..

1,500

20,006

JD

Health

International,

Inc.

(a)(d)

....

808,800

11,552,102

JD.com,

Inc.,

ADR

(d)

............

6,185

493,625

Kingdee

International

Software

Group

Co.

Ltd.

(d)

.................

1,407,000

4,765,315

Lenovo

Group

Ltd.

.............

162,000

186,041

Li

Auto,

Inc.,

ADR

(d)(e)

...........

294,615

10,293,848

Luzhou

Laojiao

Co.

Ltd.,

Class

A

...

1,300

47,330

Meituan

Dianping,

Class

B

(d)

......

34,100

1,406,665

Ming

Yuan

Cloud

Group

Holdings

Ltd.

(d)

295,000

1,460,089

NetEase,

Inc.,

ADR

............

28,967

3,338,447

NIO,

Inc.,

ADR

(d)

..............

9,213

490,132

NXP

Semiconductors

NV

........

140,087

28,818,698

PetroChina

Co.

Ltd.,

Class

H

......

664,000

325,167

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(a)

5,300

141,118

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..................

366,000

320,150

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

...............

127,600

1,267,075

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

...............

50,000

488,770

Prosus

NV

(d)

.................

2,370

232,183

Shanghai

International

Airport

Co.

Ltd.,

Class

A

..................

392,390

2,917,489

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

...............

173,250

1,984,816

Security

Shares

Shares

Value

China

(continued)

Sun

Art

Retail

Group

Ltd.

(d)

.......

227,000

$

169,035

TAL

Education

Group,

ADR

(d)

......

102,882

2,595,713

Tencent

Holdings

Ltd.

...........

409,900

30,862,400

Tingyi

Cayman

Islands

Holding

Corp.

206,000

411,264

Topsports

International

Holdings

Ltd.

(a)

47,000

76,854

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(a)(d)

....................

352,500

2,936,633

Venustech

Group,

Inc.,

Class

A

....

299,496

1,342,565

Vipshop

Holdings

Ltd.,

ADR

(d)

......

23,709

476,077

Want

Want

China

Holdings

Ltd.

....

1,744,000

1,234,861

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

...

150,486

2,651,124

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

..................

63,500

235,845

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

76,542

1,849,992

Wuxi

Biologics

Cayman,

Inc.

(a)(d)

....

327,965

6,005,135

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

......................

156,934

1,360,347

Yihai

International

Holding

Ltd.

(d)

....

299,000

2,008,098

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

..................

170,014

873,302

Yum

China

Holdings,

Inc.

........

46,324

3,068,965

ZTO

Express

Cayman,

Inc.,

ADR

...

3,331

101,096

233,077,478

Denmark

—

0.3%

AP

Moller

-

Maersk

A/S,

Class

A

....

299

831,699

AP

Moller

-

Maersk

A/S,

Class

B

....

357

1,027,771

Carlsberg

A/S,

Class

B

..........

898

167,581

DSV

Panalpina

A/S

............

42,029

9,811,165

Genmab

A/S

(d)

................

8,916

3,653,267

Orsted

A/S

(a)

.................

557

78,181

Pandora

A/S

.................

36,148

4,876,871

20,446,535

Finland

—

0.2%

Neste

OYJ

..................

252,671

15,499,355

France

—

3.5%

Alstom

SA

..................

792,371

40,035,137

Arkema

SA

..................

173,465

21,801,799

AXA

SA

....................

15,972

405,567

BNP

Paribas

SA

..............

154,155

9,674,713

Cie

de

Saint-Gobain

............

227,543

15,016,892

Cie

Generale

des

Etablissements

Michelin

SCA

..............

2,833

452,134

Credit

Agricole

SA

.............

14,095

197,606

Danone

SA

..................

430,909

30,316,581

Electricite

de

France

SA

.........

6,554

89,568

EssilorLuxottica

SA

............

120,621

22,282,704

Faurecia

SE

.................

27

1,319

Kering

SA

...................

7,510

6,580,395

LVMH

Moet

Hennessy

Louis

Vuitton

SE

36,187

28,466,757

Orange

SA

..................

30,469

347,736

Pernod

Ricard

SA

.............

4,060

902,385

Safran

SA

...................

334,259

46,389,444

Sanofi

.....................

414,084

43,504,741

Sartorius

Stedim

Biotech

.........

338

159,972

Societe

Generale

SA

...........

192,989

5,708,888

TOTAL

SE

..................

4,869

220,574

Worldline

SA

(a)(d)

..............

950

89,019

272,643,931

Germany

—

3.7%

adidas

AG

..................

106,020

39,562,198

Allianz

SE

(Registered)

..........

206,555

51,547,237

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Germany

(continued)

Auto1

Group

SE

(a)(d)

............

257,524

$

11,313,554

BASF

SE

...................

3,503

276,526

Bayerische

Motoren

Werke

AG

....

1,561

165,490

Continental

AG

...............

2,509

369,127

Daimler

AG

(Registered)

.........

451,431

40,339,259

Deutsche

Bank

AG

(Registered)

(d)

...

9,736

126,935

Deutsche

Boerse

AG

...........

4,818

840,964

Deutsche

Post

AG

(Registered)

....

4,037

274,939

Deutsche

Telekom

AG

(Registered)

.

1,834,153

38,792,348

Evonik

Industries

AG

...........

2,955

99,209

Fresenius

Medical

Care

AG

&

Co.

KGaA

...................

5,028

417,808

Fresenius

SE

&

Co.

KGaA

........

5,587

291,585

Infineon

Technologies

AG

........

213,116

8,572,219

Puma

SE

...................

156,971

18,734,639

SAP

SE

....................

881

123,745

Siemens

AG

.................

335,589

53,284,414

Vantage

Towers

AG

(d)

...........

715,393

23,039,210

288,171,406

Hong

Kong

—

0.5%

AIA

Group

Ltd.

...............

2,631,400

32,644,040

CLP

Holdings

Ltd.

.............

140,000

1,383,599

Hang

Lung

Properties

Ltd.

........

906,000

2,197,311

Hysan

Development

Co.

Ltd.

......

227,000

904,866

Jardine

Matheson

Holdings

Ltd.

....

33,300

2,128,520

Nine

Dragons

Paper

Holdings

Ltd.

..

141,000

180,799

39,439,135

India

—

0.3%

HCL

Technologies

Ltd.

..........

62,174

823,675

Housing

Development

Finance

Corp.

Ltd.

.....................

1,055

35,209

Indian

Oil

Corp.

Ltd.

............

189,429

275,409

InterGlobe

Aviation

Ltd.

(a)(d)

.......

43,485

1,005,466

Petronet

LNG

Ltd.

.............

193,251

587,460

Reliance

Industries

Ltd.

.........

557,698

15,107,079

Tata

Consultancy

Services

Ltd.

....

4,454

200,722

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$2,928,536)

(c)(d)(g)

............

1,951

7,482,347

25,517,367

Indonesia

—

0.0%

Bank

Central

Asia

Tbk.

PT

........

953,100

1,982,166

Ireland

—

0.0%

Flutter

Entertainment

plc

(d)

........

5,681

1,033,933

Israel

—

0.0%

(d)

ION

Acquisition

Corp.

2

Ltd.

.......

130,872

1,320,499

SimilarWeb

Ltd.

(e)

..............

63,066

1,242,400

2,562,899

Italy

—

1.7%

Assicurazioni

Generali

SpA

.......

327,117

6,567,431

Atlantia

SpA

(d)

................

70,520

1,280,503

Banca

Mediolanum

SpA

.........

139,181

1,355,513

Buzzi

Unicem

SpA

.............

48,293

1,282,971

Enel

SpA

...................

6,212,012

57,727,457

Eni

SpA

....................

15,046

183,434

Ferrari

NV

..................

43,812

9,044,827

FinecoBank

Banca

Fineco

SpA

(d)

...

79,727

1,391,342

Intesa

Sanpaolo

SpA

...........

17,353,294

48,005,095

Nexi

SpA

(a)(d)

.................

71,575

1,572,879

Poste

Italiane

SpA

(a)(e)

...........

98,982

1,310,082

Prysmian

SpA

................

41,069

1,473,805

Security

Shares

Shares

Value

Italy

(continued)

Snam

SpA

..................

231,533

$

1,339,362

132,534,701

Japan

—

1.7%

Aisin

Seiki

Co.

Ltd.

.............

11,100

475,940

Asahi

Kasei

Corp.

.............

13,800

151,678

Astellas

Pharma,

Inc.

...........

28,265

492,565

Daifuku

Co.

Ltd.

...............

32,000

2,903,301

Dai-ichi

Life

Holdings,

Inc.

........

4,900

90,156

Daiichi

Sankyo

Co.

Ltd.

..........

7,400

159,641

Daikin

Industries

Ltd.

...........

1,800

335,430

Disco

Corp.

..................

14,900

4,530,333

ENEOS

Holdings,

Inc.

..........

50,900

213,312

FANUC

Corp.

................

26,900

6,450,561

Fast

Retailing

Co.

Ltd.

..........

200

150,338

GMO

Payment

Gateway,

Inc.

......

20,800

2,701,374

Honda

Motor

Co.

Ltd.

...........

7,200

231,575

Hoya

Corp.

..................

208,274

27,548,477

ITOCHU

Corp.

...............

3,400

98,106

Japan

Post

Bank

Co.

Ltd.

........

23,800

200,167

Kao

Corp.

...................

18,800

1,159,209

KDDI

Corp.

..................

3,700

115,276

Keyence

Corp.

...............

20,200

10,173,193

Kirin

Holdings

Co.

Ltd.

..........

36,200

706,473

Komatsu

Ltd.

................

4,400

109,004

Kose

Corp.

..................

59,300

9,315,860

Kubota

Corp.

................

5,900

119,355

Maeda

Road

Construction

Co.

Ltd.

..

23,400

460,507

Marubeni

Corp.

...............

13,600

118,435

Mitsubishi

Corp.

...............

3,400

92,875

Mitsubishi

Estate

Co.

Ltd.

........

163,700

2,645,978

Mitsubishi

UFJ

Financial

Group,

Inc.

.

21,600

116,343

Mizuho

Financial

Group,

Inc.

......

37,600

538,902

NEC

Corp.

..................

19,500

1,003,360

Nexon

Co.

Ltd.

...............

9,600

213,643

Nidec

Corp.

.................

1,400

160,986

Nintendo

Co.

Ltd.

..............

800

462,938

Nippon

Telegraph

&

Telephone

Corp.

151,420

3,958,905

Nissan

Motor

Co.

Ltd.

(d)

..........

35,300

175,854

Nomura

Holdings,

Inc.

..........

124,100

631,605

Obic

Co.

Ltd.

.................

500

92,990

Ono

Pharmaceutical

Co.

Ltd.

......

21,500

479,454

Oracle

Corp.

Japan

............

6,600

504,298

Oriental

Land

Co.

Ltd.

..........

41,500

5,912,323

Otsuka

Holdings

Co.

Ltd.

........

1,800

74,740

Panasonic

Corp.

..............

26,400

303,983

Recruit

Holdings

Co.

Ltd.

........

199,500

9,783,240

SG

Holdings

Co.

Ltd.

...........

2,200

57,770

Shin-Etsu

Chemical

Co.

Ltd.

......

159,434

26,667,041

SoftBank

Corp.

...............

13,500

176,512

Sony

Corp.

..................

72,300

7,010,733

Sumitomo

Mitsui

Financial

Group,

Inc.

13,100

451,583

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.

4,800

153,121

Suzuki

Motor

Corp.

............

5,400

228,850

Takeda

Pharmaceutical

Co.

Ltd.

....

9,000

302,045

Tokio

Marine

Holdings,

Inc.

.......

2,500

115,151

Tokyo

Electron

Ltd.

............

500

216,192

Toshiba

Corp.

................

2,600

112,323

Toyota

Motor

Corp.

............

2,500

218,535

Z

Holdings

Corp.

..............

342,800

1,715,530

133,588,069

Luxembourg

—

0.1%

ArcelorMittal

SA

...............

141,838

4,366,775

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Macau

—

0.0%

SJM

Holdings

Ltd.

(d)

............

836,000

$

912,555

Mexico

—

0.0%

Grupo

Bimbo

SAB

de

CV

........

105,815

233,033

Netherlands

—

1.9%

Adyen

NV

(a)(d)

................

9,133

22,397,140

Akzo

Nobel

NV

...............

194,945

24,138,262

ASML

Holding

NV

.............

60,239

41,584,138

Heineken

Holding

NV

...........

4,626

466,804

ING

Groep

NV

................

3,943,564

52,348,255

Koninklijke

Ahold

Delhaize

NV

.....

23,403

696,931

Koninklijke

Philips

NV

...........

4,760

236,259

Royal

Dutch

Shell

plc,

Class

A

.....

19,565

392,237

Royal

Dutch

Shell

plc,

Class

B

.....

12,184

236,525

142,496,551

New

Zealand

—

0.0%

Xero

Ltd.

(d)

..................

1,248

128,369

Norway

—

0.0%

LINK

Mobility

Group

Holding

ASA

(d)

..

219,589

801,830

Telenor

ASA

.................

24,568

414,341

1,216,171

Poland

—

0.1%

InPost

SA

(d)

..................

185,883

3,730,673

KGHM

Polska

Miedz

SA

.........

1,891

93,043

Polski

Koncern

Naftowy

ORLEN

SA

.

10,851

218,772

4,042,488

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

75,890

1,383,993

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

................

2,041

89,024

Singapore

—

0.1%

DBS

Group

Holdings

Ltd.

........

109,600

2,438,305

United

Overseas

Bank

Ltd.

.......

124,800

2,403,323

4,841,628

South

Africa

—

0.1%

Anglo

American

Platinum

Ltd.

.....

1,287

148,640

Anglo

American

plc

............

143,992

5,730,043

Impala

Platinum

Holdings

Ltd.

.....

18,011

296,236

Kumba

Iron

Ore

Ltd.

(e)

...........

7,466

333,631

MTN

Group

Ltd.

(d)

.............

18,396

132,904

Thungela

Resources

Ltd.

(d)(e)

......

540

1,486

6,642,940

South

Korea

—

0.7%

Amorepacific

Corp.

............

45,317

10,138,721

Hana

Financial

Group,

Inc.

.......

6,187

253,552

Kakao

Corp.

.................

109,478

15,857,073

KB

Financial

Group,

Inc.

.........

5,706

283,189

LG

Chem

Ltd.

................

17,773

13,420,216

LG

Electronics,

Inc.

............

649

93,965

Lotte

Chemical

Corp.

...........

455

106,035

NCSoft

Corp.

................

4,056

2,951,237

POSCO

....................

5,691

1,758,802

Samsung

Biologics

Co.

Ltd.

(a)(d)

....

424

315,920

Samsung

Electronics

Co.

Ltd.

.....

7,390

529,022

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

.....................

1,096

214,664

Samsung

SDI

Co.

Ltd.

..........

15,438

9,558,253

SK

Hynix,

Inc.

................

1,057

119,302

Security

Shares

Shares

Value

South

Korea

(continued)

SK,

Inc.

....................

1,542

$

386,497

55,986,448

Spain

—

0.4%

Cellnex

Telecom

SA

(a)

...........

504,436

32,173,576

Endesa

SA

..................

14,096

342,192

Iberdrola

SA

.................

21,012

256,234

32,772,002

Sweden

—

1.2%

Atlas

Copco

AB,

Class

A

.........

53,924

3,311,386

Atlas

Copco

AB,

Class

B

.........

2,203

116,024

Epiroc

AB,

Class

A

.............

116,142

2,643,817

EQT

AB

....................

3,197

116,134

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(d)

13,216

313,872

Hexagon

AB,

Class

B

...........

553,192

8,196,299

Sandvik

AB

..................

866,793

22,163,599

Svenska

Handelsbanken

AB,

Class

A

16,605

187,436

Swedbank

AB,

Class

A

..........

158,552

2,951,751

Telefonaktiebolaget

LM

Ericsson,

Class

B

......................

79,858

1,004,127

Volvo

AB,

Class

B

.............

2,209,494

53,247,536

94,251,981

Switzerland

—

0.5%

ABB

Ltd.

(Registered)

...........

181,820

6,177,271

Alcon,

Inc.

..................

8,124

569,798

Alcon,

Inc.

..................

44,812

3,148,491

Cie

Financiere

Richemont

SA

(Registered)

...............

32,164

3,899,197

Kuehne

+

Nagel

International

AG

(Registered)

...............

2,109

721,825

Lonza

Group

AG

(Registered)

.....

6,048

4,287,770

Nestle

SA

(Registered)

..........

50,160

6,252,298

Novartis

AG

(Registered)

........

6,161

562,047

Partners

Group

Holding

AG

.......

120

181,914

Roche

Holding

AG

.............

348

131,140

Sika

AG

(Registered)

...........

27,859

9,127,666

Straumann

Holding

AG

(Registered)

.

3,664

5,844,241

UBS

Group

AG

(Registered)

......

11,078

169,684

Zurich

Insurance

Group

AG

.......

797

320,127

41,393,469

Taiwan

—

1.1%

ASE

Technology

Holding

Co.

Ltd.

...

31,000

124,379

Asustek

Computer,

Inc.

(d)

.........

4,000

53,336

Cathay

Financial

Holding

Co.

Ltd.

...

795,000

1,537,087

China

Steel

Corp.

.............

73,000

103,671

Chunghwa

Telecom

Co.

Ltd.

......

394,000

1,607,784

Formosa

Chemicals

&

Fibre

Corp.

..

344,000

1,045,639

Formosa

Plastics

Corp.

..........

308,000

1,138,183

Fubon

Financial

Holding

Co.

Ltd.

...

832,000

2,205,693

Hon

Hai

Precision

Industry

Co.

Ltd.

..

449,960

1,806,593

MediaTek,

Inc.

................

15,000

517,294

Nan

Ya

Plastics

Corp.

...........

417,000

1,244,008

Nanya

Technology

Corp.

.........

54,000

154,323

Novatek

Microelectronics

Corp.

....

24,000

428,954

Sea

Ltd.,

ADR

(d)

...............

14,104

3,872,958

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

3,135,000

67,521,732

Uni-President

Enterprises

Corp.

....

594,000

1,559,812

United

Microelectronics

Corp.

.....

86,000

163,082

Yageo

Corp.

(d)

................

133,000

2,677,614

87,762,142

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Thailand

—

0.0%

Intouch

Holdings

PCL,

Class

F

.....

797,000

$

1,617,166

Thai

Beverage

PCL

............

992,400

499,069

2,116,235

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(c)(d)

.............

365,939

5

United

Kingdom

—

2.9%

Alphawave

IP

Group

plc

(d)

........

745,739

3,713,691

AstraZeneca

plc

..............

380,017

45,656,848

Auto

Trader

Group

plc

(a)(d)

........

356,969

3,126,337

Barclays

plc

.................

93,198

221,166

Berkeley

Group

Holdings

plc

......

73,378

4,665,721

BP

plc

.....................

37,032

162,400

BP

plc,

ADR

(e)

................

375,450

9,919,389

British

American

Tobacco

plc

......

5,404

209,814

Compass

Group

plc

(d)

...........

921,753

19,419,414

Diageo

plc

..................

28,979

1,388,921

Experian

plc

.................

3,329

128,530

Genius

Sports

Ltd.

(d)(e)

...........

125,772

2,360,740

GlaxoSmithKline

plc

............

39,530

777,124

Legal

&

General

Group

plc

.......

161,748

577,050

Linde

plc

...................

1,685

487,134

Lloyds

Banking

Group

plc

........

54,861,669

35,487,641

London

Stock

Exchange

Group

plc

..

1,082

119,572

National

Grid

plc

..............

19,106

243,022

Natwest

Group

plc

.............

73,348

206,422

Reckitt

Benckiser

Group

plc

.......

2,028

179,174

RELX

plc

...................

11,524

305,579

Spirax-Sarco

Engineering

plc

......

17,200

3,239,566

THG

Holdings

Ltd.

(d)

............

3,998,357

33,738,656

Unilever

plc

..................

544,635

31,879,964

Unilever

plc

..................

200,830

11,735,218

Vodafone

Group

plc

............

8,144,491

13,650,411

223,599,504

United

States

—

46.0%

10X

Future

Technologies

Holding

Ltd.,

(Acquired

05/13/21,

cost

$7,969,637)

(c)(d)(g)

............

210,424

7,844,594

3M

Co.

.....................

703

139,637

Abbott

Laboratories

............

455,063

52,755,454

AbbVie,

Inc.

.................

418,551

47,145,585

Accenture

plc,

Class

A

..........

1,958

577,199

Activision

Blizzard,

Inc.

..........

1,275

121,686

Adobe,

Inc.

(d)

.................

1,850

1,083,434

Advance

Auto

Parts,

Inc.

.........

36,156

7,417,042

Advanced

Micro

Devices,

Inc.

(d)

....

3,624

340,402

Agilent

Technologies,

Inc.

........

3,372

498,415

Air

Products

&

Chemicals,

Inc.

.....

130,423

37,520,089

Airbnb,

Inc.,

Class

A

(d)

...........

44,949

6,883,490

Alaska

Air

Group,

Inc.

(d)

..........

27,478

1,657,198

Albemarle

Corp.

..............

85,329

14,374,523

Align

Technology,

Inc.

(d)

..........

647

395,317

Alkami

Technology,

Inc.

(d)

........

941

33,566

Alnylam

Pharmaceuticals,

Inc.

(d)

....

24,637

4,176,464

Alphabet,

Inc.,

Class

A

(d)

.........

1,193

2,913,056

Alphabet,

Inc.,

Class

C

(d)

.........

52,785

132,296,101

Altair

Engineering,

Inc.,

Class

A

(d)(e)

..

91,007

6,276,753

Amazon.com,

Inc.

(d)

............

29,450

101,312,712

American

Electric

Power

Co.,

Inc.

...

2,240

189,482

American

Tower

Corp.

..........

197,350

53,312,129

American

Water

Works

Co.,

Inc.

....

27,859

4,293,908

Ameriprise

Financial,

Inc.

........

397

98,805

AmerisourceBergen

Corp.

........

1,349

154,447

Amgen,

Inc.

.................

20,134

4,907,663

Security

Shares

Shares

Value

United

States

(continued)

Anthem,

Inc.

.................

74,409

$

28,409,356

Aon

plc,

Class

A

..............

2,216

529,092

Apellis

Pharmaceuticals,

Inc.

(d)

.....

35,442

2,239,934

Apple,

Inc.

(h)

.................

942,841

129,131,503

Applied

Materials,

Inc.

..........

225,160

32,062,784

Aptiv

plc

(d)

...................

152,926

24,059,848

Aramark

....................

19,937

742,653

Astra

Space,

Inc.,

(Acquired

06/30/21

cost

$2,495,210)

(d)(g)

..........

249,521

2,495,210

Atlassian

Corp.

plc,

Class

A

(d)

......

19,188

4,928,630

Autodesk,

Inc.

(d)

...............

83,416

24,349,130

AutoZone,

Inc.

(d)

..............

152

226,817

Bank

of

America

Corp.

..........

2,153,293

88,780,270

Bank

of

New

York

Mellon

Corp.

(The)

16,228

831,360

Baxter

International,

Inc.

.........

67,916

5,467,238

Becton

Dickinson

and

Co.

........

2,868

697,469

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.

26,998

7,503,284

Biogen,

Inc.

(d)

................

551

190,795

Booking

Holdings,

Inc.

(d)

.........

96

210,057

Boston

Scientific

Corp.

(d)

.........

1,287,517

55,054,227

Bright

Horizons

Family

Solutions,

Inc.

(d)

8,517

1,252,936

Bristol-Myers

Squibb

Co.

.........

517,844

34,602,336

Broadcom,

Inc.

...............

679

323,774

Brown-Forman

Corp.,

Class

B

.....

12,442

932,404

C3.ai,

Inc.,

Class

A

(d)

...........

95,489

5,970,927

Cadence

Design

Systems,

Inc.

(d)

...

24,435

3,343,197

California

Resources

Corp.

(d)(e)

.....

131,224

3,955,091

Capital

One

Financial

Corp.

.......

362,843

56,128,184

Capri

Holdings

Ltd.

(d)

...........

155,855

8,913,347

Carrier

Global

Corp.

............

90,339

4,390,475

Cerner

Corp.

.................

9,532

745,021

CH

Robinson

Worldwide,

Inc.

.....

37,363

3,499,792

Charles

Schwab

Corp.

(The)

......

643,211

46,832,193

Charter

Communications,

Inc.,

Class

A

(d)

.....................

50,425

36,379,116

Chubb

Ltd.

..................

90,396

14,367,540

Cigna

Corp.

.................

5,941

1,408,433

Citigroup,

Inc.

................

26,724

1,890,723

Clorox

Co.

(The)

..............

1,456

261,949

CME

Group,

Inc.

..............

851

180,991

Cognizant

Technology

Solutions

Corp.,

Class

A

..................

8,277

573,265

Coinbase

Global,

Inc.,

Class

A

(d)(e)

...

35,516

8,996,203

Colgate-Palmolive

Co.

..........

37,001

3,010,031

Comcast

Corp.,

Class

A

.........

1,088,740

62,079,955

ConocoPhillips

...............

881,056

53,656,310

Consolidated

Edison,

Inc.

........

2,840

203,685

Constellation

Brands,

Inc.,

Class

A

..

4,418

1,033,326

Corteva,

Inc.

.................

20,721

918,976

Costco

Wholesale

Corp.

.........

94,955

37,570,845

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.

55,626

13,979,370

Crown

Castle

International

Corp.

...

3,198

623,930

Crown

PropTech

Acquisitions

(d)

.....

162,972

1,618,312

Crown

PropTech

Acquisitions

(c)

.....

62,472

34,360

Cummins,

Inc.

................

1,310

319,391

Danaher

Corp.

...............

676

181,411

Danimer

Scientific,

Inc.

(d)

.........

41,152

1,030,858

Datadog,

Inc.,

Class

A

(d)

.........

21,820

2,271,026

Davidson

Kempner

Mercant

Co-

Invest

Fund

LP,

(Acquired

04/1/21,

cost

$8,829,800)

(c)(d)(g)(i)

...........

8,829,800

8,829,800

Deere

&

Co.

.................

27,245

9,609,584

Dell

Technologies,

Inc.,

Class

C

(d)

...

214,206

21,349,912

Delta

Air

Lines,

Inc.

(d)

...........

31,808

1,376,014

Devon

Energy

Corp.

............

91,274

2,664,288

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

DexCom,

Inc.

(d)

...............

667

$

284,809

Diamondback

Energy,

Inc.

(e)

.......

9,090

853,460

Diversey

Holdings

Ltd.

(d)(e)

........

975,074

17,463,575

DocuSign,

Inc.

(d)

..............

1,824

509,936

Dollar

Tree,

Inc.

(d)

..............

3,560

354,220

Dominion

Energy,

Inc.

...........

1,737

127,791

Dow,

Inc.

...................

5,188

328,297

DR

Horton,

Inc.

...............

324,799

29,352,086

Dynatrace,

Inc.

(d)

..............

78,901

4,609,396

Eaton

Corp.

plc

...............

4,658

690,222

Ecolab,

Inc.

.................

3,464

713,480

Edison

International

............

4,435

256,432

Edwards

Lifesciences

Corp.

(d)

.....

169,120

17,515,758

Electronic

Arts,

Inc.

............

6,589

947,696

Eli

Lilly

&

Co.

................

391

89,742

Emerson

Electric

Co.

...........

9,075

873,378

EOG

Resources,

Inc.

...........

1,225

102,214

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$8,212,150)

(c)(d)(g)

.........

14,282

12,766,682

EQT

Corp.

(d)(e)

................

1,600,421

35,625,371

Equinix,

Inc.

.................

122

97,917

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,439

3,002,357

Eversource

Energy

............

2,312

185,515

Expedia

Group,

Inc.

(d)

...........

18,590

3,043,369

Exxon

Mobil

Corp.

.............

24,491

1,544,892

Facebook,

Inc.,

Class

A

(d)

........

104,458

36,321,091

FedEx

Corp.

.................

9,043

2,697,798

Ferguson

plc

.................

35,442

4,930,949

Fidelity

National

Information

Services,

Inc.

.....................

876

124,103

Fifth

Wall

Acquisition

Corp.

I,

Class

A

(d)

(e)

......................

282,014

3,471,592

Fiserv,

Inc.

(d)

.................

4,516

482,715

Ford

Motor

Co.

(d)

..............

20,665

307,082

Fortinet,

Inc.

(d)

................

31,200

7,431,528

Fortive

Corp.

.................

599,529

41,811,152

Fortune

Brands

Home

&

Security,

Inc.

38,480

3,832,993

Freeport-McMoRan,

Inc.

(h)

........

1,164,452

43,212,814

Frontier

Communications

Parent,

Inc.

(d)

141,081

3,724,538

Gilead

Sciences,

Inc.

...........

6,001

413,229

Global

Payments,

Inc.

..........

237,084

44,462,733

Green

Plains,

Inc.

(d)

............

82,608

2,777,281

HCA

Healthcare,

Inc.

...........

5,301

1,095,929

Healthcare

Merger

Corp.,

(Acquired

10/30/20,

cost

$3,117,860)

(d)(g)

...

311,786

1,774,062

Highland

Transcend

Partners

I

Corp.

(d)

272,414

2,729,588

Hilton

Worldwide

Holdings,

Inc.

(d)

...

93,802

11,314,397

Home

Depot,

Inc.

(The)

.........

128,582

41,003,514

Honeywell

International,

Inc.

......

1,293

283,620

HP,

Inc.

....................

32,130

970,005

Humana,

Inc.

................

2,476

1,096,175

IDEXX

Laboratories,

Inc.

(d)

........

767

484,399

iHeartMedia,

Inc.,

Class

A

(d)

.......

3,240

87,253

Illinois

Tool

Works,

Inc.

..........

4,634

1,035,977

Illumina,

Inc.

(d)

................

4,108

1,943,947

Insulet

Corp.

(d)

................

4,592

1,260,550

Intel

Corp.

..................

22,212

1,246,982

International

Flavors

&

Fragrances,

Inc.

179,348

26,794,591

International

Paper

Co.

..........

10,249

628,366

Intuit,

Inc.

...................

949

465,171

Intuitive

Surgical,

Inc.

(d)(e)

.........

20,082

18,468,211

IQVIA

Holdings,

Inc.

(d)

...........

2,372

574,783

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(c)(d)(g)

........

301,223

3

Johnson

&

Johnson

............

472,750

77,880,835

Security

Shares

Shares

Value

United

States

(continued)

Johnson

Controls

International

plc

..

37,929

$

2,603,067

JPMorgan

Chase

&

Co.

.........

361,241

56,187,425

Khosla

Ventures

Acquisition

Co.

(d)

...

264,466

2,615,569

KLA

Corp.

...................

1,433

464,593

Kroger

Co.

(The)

..............

10,148

388,770

L

Brands,

Inc.

................

54,662

3,938,944

L3Harris

Technologies,

Inc.

.......

138,782

29,997,729

Lam

Research

Corp.

...........

1,072

697,550

Las

Vegas

Sands

Corp.

(d)

........

198,797

10,474,614

Latch,

Inc.,

(Acquired

06/4/21,

cost

$2,178,410)

(d)(g)

.............

217,841

2,647,665

Liberty

Media

Acquisition

Corp.

(d)

...

528,463

5,596,423

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(d)

.................

267,645

12,466,904

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C

(d)

.................

336,863

15,627,075

Lions

Gate

Entertainment

Corp.,

Class

A

(d)

.....................

41,126

851,308

Lockheed

Martin

Corp.

..........

485

183,500

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$936,169)

(c)(g)

..............

73,943

861,436

Lowe's

Cos.,

Inc.

..............

179,832

34,882,013

Lululemon

Athletica,

Inc.

(d)

........

1,880

686,144

LyondellBasell

Industries

NV,

Class

A

793

81,576

ManpowerGroup,

Inc.

...........

21,170

2,517,325

Marathon

Petroleum

Corp.

.......

1,863

112,562

Marqeta,

Inc.,

Class

A

(d)

.........

114,277

3,207,755

Marriott

International,

Inc.,

Class

A

(d)

.

619

84,506

Marsh

&

McLennan

Cos.,

Inc.

.....

264,278

37,178,629

Masco

Corp.

.................

97,437

5,740,014

Masimo

Corp.

(d)

...............

17,834

4,323,853

Mastercard,

Inc.,

Class

A

.........

210,617

76,894,161

McDonald's

Corp.

.............

160,189

37,002,057

McKesson

Corp.

..............

1,079

206,348

Medallia,

Inc.

(d)

...............

294,868

9,951,795

Medtronic

plc

................

7,264

901,680

Merck

&

Co.,

Inc.

..............

4,174

324,612

Micron

Technology,

Inc.

(d)

........

358,824

30,492,864

Microsoft

Corp.

(h)

..............

673,848

182,545,423

Monster

Beverage

Corp.

(d)

........

56,890

5,196,902

Morgan

Stanley

...............

383,034

35,120,387

Netflix,

Inc.

(d)

.................

2,159

1,140,405

Nevro

Corp.

(d)

................

6,996

1,159,867

New

Relic,

Inc.

(d)

..............

42,339

2,835,443

Newmont

Corp.

...............

2,327

147,485

NextEra

Energy,

Inc.

...........

782,519

57,342,992

NIKE,

Inc.,

Class

B

............

20,980

3,241,200

Northern

Genesis

Acquisition

Corp.

II

(d)

123,150

1,289,996

Northern

Trust

Corp.

............

6,180

714,532

Northrop

Grumman

Corp.

........

1,465

532,425

NVIDIA

Corp.

................

49,172

39,342,517

Okta,

Inc.

(d)(e)

.................

24,592

6,017,171

Opendoor

Technologies,

Inc.

(d)(e)

....

248,045

4,397,838

Oracle

Corp.

.................

4,885

380,248

O'Reilly

Automotive,

Inc.

(d)

........

5,810

3,289,680

Organon

&

Co.

(d)

..............

1,938

58,644

Otis

Worldwide

Corp.

...........

11,671

954,338

Ovintiv,

Inc.

..................

25,402

799,401

Palo

Alto

Networks,

Inc.

(d)

........

19,568

7,260,706

Parker-Hannifin

Corp.

...........

37,931

11,648,989

PayPal

Holdings,

Inc.

(d)

..........

132,352

38,577,961

Peloton

Interactive,

Inc.,

Class

A

(d)(e)

.

189,730

23,530,315

Penn

National

Gaming,

Inc.

(d)

......

43,074

3,294,730

PepsiCo,

Inc.

................

32,614

4,832,416

Pfizer,

Inc.

..................

14,618

572,441

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

Philip

Morris

International,

Inc.

.....

1,565

$

155,107

Pinterest,

Inc.,

Class

A

(d)

.........

3,179

250,982

Playstudios

Inc.,

(Acquired

06/17/21,

cost

$3,467,480)

(d)(g)

..........

346,748

2,496,399

Playtika

Holding

Corp.

(d)(e)

........

607,290

14,477,794

PNC

Financial

Services

Group,

Inc.

(The)

....................

1,302

248,370

PPG

Industries,

Inc.

............

177,807

30,186,294

Procter

&

Gamble

Co.

(The)

......

2,350

317,086

Progressive

Corp.

(The)

.........

1,769

173,734

Prologis,

Inc.

.................

7,043

841,850

Proofpoint,

Inc.

(d)

..............

13,919

2,418,565

Proterra,

Inc.,

(Acquired

06/14/21,

cost

$1,907,830)

(d)(g)

.............

190,783

3,169,995

PTC,

Inc.

(d)

..................

210,609

29,750,627

PubMatic,

Inc.,

Class

A

(d)(e)

........

58,006

2,266,294

PVH

Corp.

(d)

.................

60,897

6,551,908

QUALCOMM,

Inc.

.............

31,729

4,535,026

Quest

Diagnostics,

Inc.

(e)

.........

29,758

3,927,163

Ralph

Lauren

Corp.

............

10,265

1,209,320

Raytheon

Technologies

Corp.

.....

2,214

188,876

Regeneron

Pharmaceuticals,

Inc.

(d)

..

397

221,740

Reinvent

Technology

Partners

Z

(d)

...

181,035

1,861,040

ResMed,

Inc.

................

479

118,083

RingCentral,

Inc.,

Class

A

(d)

.......

8,906

2,587,906

Robert

Half

International,

Inc.

......

28,097

2,499,790

Rockwell

Automation,

Inc.

........

1,011

289,166

Ross

Stores,

Inc.

..............

4,061

503,564

Rotor

Acquisition

Corp.

(d)

.........

58,607

616,546

Rotor

Acquisition

Corp.

(c)

.........

31,440

160,658

salesforce.com,

Inc.

(d)

...........

230,679

56,347,959

SBA

Communications

Corp.

......

1,839

586,089

Schlumberger

Ltd.

.............

9,493

303,871

Schneider

Electric

SE

...........

7,275

1,146,864

Seagen,

Inc.

(d)

................

15,876

2,506,503

Sempra

Energy

...............

296,301

39,253,957

Sensata

Technologies

Holding

plc

(d)

.

23,053

1,336,382

ServiceNow,

Inc.

(d)

.............

65,399

35,940,020

Sherwin-Williams

Co.

(The)

.......

1,396

380,340

Snap,

Inc.,

Class

A

(d)

...........

2,930

199,650

Snorkel

AI,

Inc.,

Series

B

(Acquired

06/30/21,

cost

$301,445)

(c)(d)(g)

...

20,070

328,546

Sofi

Technologies,

Inc.,

(Acquired

05/26/21,

cost

$632,000)

(d)(g)

....

63,200

1,193,034

Sonos,

Inc.

(d)

.................

294,985

10,392,322

Southern

Co.

(The)

............

4,330

262,008

Southwest

Airlines

Co.

(d)

.........

141,638

7,519,561

Splunk,

Inc.

(d)

................

28,846

4,170,555

Square,

Inc.,

Class

A

(d)

..........

711

173,342

Stanley

Black

&

Decker,

Inc.

......

1,474

302,155

Starbucks

Corp.

...............

1,811

202,488

Starwood

Property

Trust,

Inc.

......

145,435

3,806,034

State

Street

Corp.

.............

3,785

311,430

Stellantis

NV

.................

4,387

86,307

Stryker

Corp.

................

13,224

3,434,670

Sun

Country

Airlines

Holdings,

Inc.,

(Acquired

03/17/21,

cost

$7,291,099)

(d)(g)

.............

323,187

11,961,151

Sysco

Corp.

.................

3,205

249,189

Taboola.com

Ltd.,

(Acquired

06/30/21,

cost

$2,801,000)

(d)(g)

..........

280,100

2,801,000

Target

Corp.

.................

1,033

249,717

TE

Connectivity

Ltd.

............

100,145

13,540,605

Thermo

Fisher

Scientific,

Inc.

......

78,683

39,693,213

TJX

Cos.,

Inc.

(The)

............

469,972

31,685,512

Security

Shares

Shares

Value

United

States

(continued)

T-Mobile

US,

Inc.

(d)

.............

1,283

$

185,817

Toll

Brothers,

Inc.

..............

115,964

6,703,879

Trane

Technologies

plc

..........

36,305

6,685,203

TransDigm

Group,

Inc.

(d)

.........

12,545

8,120,253

Truist

Financial

Corp.

...........

4,496

249,528

Twilio,

Inc.,

Class

A

(d)

...........

17,711

6,980,968

Uber

Technologies,

Inc.

(d)

........

16,056

804,727

Ulta

Beauty,

Inc.

(d)(e)

............

6,294

2,176,276

Union

Pacific

Corp.

............

101,563

22,336,751

United

Parcel

Service,

Inc.,

Class

B

.

259,373

53,941,803

United

Rentals,

Inc.

(d)

...........

7,551

2,408,845

United

States

Steel

Corp.

........

125,518

3,012,432

UnitedHealth

Group,

Inc.

.........

191,446

76,662,636

US

Bancorp

.................

103,976

5,923,513

Uwm

Holdings

Corp.,

(Acquired

01/20/21,

cost

$

7,692,606)

(d)(g)

...

214,182

1,809,838

Vail

Resorts,

Inc.

(d)

.............

1,972

624,177

Valero

Energy

Corp.

............

378,949

29,588,338

VeriSign,

Inc.

(d)

...............

20,937

4,767,146

Verisk

Analytics,

Inc.

............

2,287

399,585

Verizon

Communications,

Inc.

.....

20,539

1,150,800

Vertex

Pharmaceuticals,

Inc.

(d)

.....

1,092

220,180

Vertiv

Holdings

Co.,

(Acquired

02/04/20,

cost

$17,149,150)

(d)(g)

..

1,714,915

46,817,180

VF

Corp.

...................

14,649

1,201,804

Visa,

Inc.,

Class

A

.............

2,342

547,606

VMware,

Inc.,

Class

A

(d)(e)

........

213,243

34,112,483

Vulcan

Materials

Co.

...........

199,818

34,782,319

Walmart,

Inc.

.................

153,974

21,713,414

Walt

Disney

Co.

(The)

(d)

.........

346,038

60,823,099

WEC

Energy

Group,

Inc.

.........

2,162

192,310

Wells

Fargo

&

Co.

.............

94,681

4,288,103

Western

Digital

Corp.

(d)

..........

47,213

3,360,149

Weyerhaeuser

Co.

.............

115,609

3,979,262

Willis

Towers

Watson

plc

.........

791

181,946

Workday,

Inc.,

Class

A

(d)

.........

17,755

4,238,829

Wynn

Resorts

Ltd.

(d)(e)

...........

99,318

12,146,591

Xilinx,

Inc.

...................

23,390

3,383,130

Zimmer

Biomet

Holdings,

Inc.

.....

19,482

3,133,095

Zoetis,

Inc.

..................

26,281

4,897,727

Zoom

Video

Communications,

Inc.,

Class

A

(d)

.................

2,037

788,380

Zscaler,

Inc.

(d)

................

33,955

7,336,318

3,563,896,355

Total

Common

Stocks

—

72.0%

(Cost:

$4,249,862,330)

...........................

5,582,897,341

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

5.4%

Argentina

—

0.0%

Genneia

SA,

8.75%

,

01/20/22

(a)

....

USD

884

855,712

Australia

—

0.5%

(a)

National

Australia

Bank

Ltd.,

2.99%

,

05/21/31

.................

1,176

1,193,986

Quintis

Australia

Pty.

Ltd.

(c)(f)(j)

:

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

...............

19,206

18,817,529

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

18,591

18,591,047

38,602,562

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Bahrain

—

0.0%

BBK

BSC,

5.50%

,

07/09/24

.......

USD

585

$

614,177

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%

,

11/07/24

............

562

625,857

1,240,034

Brazil

—

0.2%

Atento

Luxco

1

SA,

8.00%

,

02/10/26

(a)

185

200,933

Azul

Investments

LLP:

5.88%,

10/26/24

............

200

193,625

7.25%,

06/15/26

(a)

...........

620

607,600

Embraer

Netherlands

Finance

BV,

6.95%

,

01/17/28

(a)

...........

624

712,140

Gol

Finance

SA,

8.00%

,

06/30/26

(a)

..

1,014

1,029,400

Klabin

Austria

GmbH,

3.20%

,

01/12/31

(a)

................

835

821,264

Oi

SA,

10.00%

,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(j)

........

706

724,074

Petrobras

Global

Finance

BV:

5.30%,

01/27/25

............

799

897,027

6.00%,

01/27/28

............

457

524,265

5.60%,

01/03/31

............

861

961,091

Rumo

Luxembourg

SARL,

5.88%

,

01/18/25

(a)

................

1,396

1,463,881

Simpar

Europe

SA,

5.20%

,

01/26/31

(a)

866

885,485

Suzano

Austria

GmbH:

3.75%,

01/15/31

............

768

802,560

3.13%,

01/15/32

............

490

485,296

Vale

Overseas

Ltd.:

6.25%,

08/10/26

............

649

778,313

3.75%,

07/08/30

............

838

891,213

XP,

Inc.,

3.25%

,

07/01/26

(a)

.......

246

243,540

12,221,707

Canada

—

0.0%

(a)

Bombardier,

Inc.,

7.13%

,

06/15/26

..

599

627,153

Brookfield

Residential

Properties,

Inc.:

6.25%,

09/15/27

............

101

106,681

5.00%,

06/15/29

............

556

560,170

Mattamy

Group

Corp.,

4.63%

,

03/01/30

1,288

1,315,692

2,609,696

Chile

—

0.1%

Kenbourne

Invest

SA

(a)

:

6.88%,

11/26/24

............

1,497

1,587,569

4.70%,

01/22/28

............

260

261,625

Sable

International

Finance

Ltd.,

5.75%

,

09/07/27

............

947

996,433

VTR

Comunicaciones

SpA,

4.38%

,

04/15/29

(a)

................

615

614,170

3,459,797

China

—

0.0%

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(d)(k)(l)(m)

.............

4,800

4,800

Colombia

—

0.1%

Avianca

Holdings

SA,

(LIBOR

USD

3

Month

+

12.00%),

12.15%

,

(12.15%

Cash

or

12.00%

PIK),

11/10/21

(b)(j)

241

237,222

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)

(b)(n)

.....................

420

438,900

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

Banco

GNB

Sudameris

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%),

7.50%

,

04/16/31

(a)(b)

..........

USD

340

$

343,953

Geopark

Ltd.,

5.50%

,

01/17/27

(a)

...

455

460,631

Grupo

Aval

Ltd.,

4.38%

,

02/04/30

(a)

..

834

824,367

Millicom

International

Cellular

SA:

5.13%,

01/15/28

............

565

591,799

4.50%,

04/27/31

(a)

...........

660

686,524

3,583,396

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%

,

03/30/29

(a)

........

1,018

1,065,910

Germany

—

0.2%

Adler

Pelzer

Holding

GmbH,

4.13%

,

04/01/24

(a)

................

EUR

6,063

6,671,148

Deutsche

Bank

AG,

(SOFR

+

2.76%),

3.73%

,

01/14/32

(b)

...........

USD

889

904,675

Douglas

GmbH,

6.00%

,

04/08/26

(a)

..

EUR

4,751

5,626,456

Kirk

Beauty

SUN

GmbH,

8.25%

,

10/01/26

(a)(b)

...............

2,371

2,789,685

15,991,964

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%

,

12/15/24

(a)

.

4,298

4,902,641

Guatemala

—

0.0%

Banco

Industrial

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%),

4.88%

,

01/29/31

(a)(b)

...............

USD

519

540,506

Central

American

Bottling

Corp.,

5.75%

,

01/31/27

............

945

983,273

Energuate

Trust,

5.88%

,

05/03/27

(a)

.

709

737,936

Investment

Energy

Resources

Ltd.,

6.25%

,

04/26/29

(a)

...........

252

272,475

2,534,190

India

—

0.1%

Continuum

Energy

Levanter

Pte.

Ltd.,

4.50%

,

02/09/27

(a)

...........

500

511,969

India

Green

Energy

Holdings,

5.38%

,

04/29/24

(a)

................

653

683,813

Muthoot

Finance

Ltd.,

6.13%

,

10/31/22

(a)

................

997

1,032,394

REI

Agro

Ltd.

(d)(k)(l)

:

5.50%,

11/13/14

(a)

...........

5,549

53,348

5.50%,

11/13/14

(c)

...........

2,291

—

Vedanta

Resources

Finance

II

plc,

8.95%

,

03/11/25

(a)

...........

693

679,140

2,960,664

Indonesia

—

0.0%

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

(a)

...........

710

780,467

Israel

—

0.0%

(a)

Bank

Leumi

Le-Israel

BM,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%),

3.27%

,

01/29/31

(b)

................

735

754,000

Energean

Israel

Finance

Ltd.,

4.88%

,

03/30/26

.................

469

481,199

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Israel

(continued)

Leviathan

Bond

Ltd.,

5.75%

,

06/30/23

USD

781

$

814,524

2,049,723

Italy

—

0.2%

Forno

d'Asolo

SpA,

(EURIBOR

3

Month

+

5.50%),

5.50%

,

04/30/27

(a)(b)

...

EUR

7,161

8,008,858

KME

SE,

6.75%

,

02/01/23

........

3,434

3,766,476

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

2,934

3,539,873

15,315,207

Japan

—

0.0%

Nissan

Motor

Co.

Ltd.,

3.52%

,

09/17/25

(a)

................

USD

526

561,676

Kuwait

—

0.0%

(a)

Equate

Petrochemical

BV,

2.63%

,

04/28/28

.................

413

417,001

NBK

Tier

1

Financing

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.62%

(b)(n)

.

978

981,973

1,398,974

Luxembourg

—

0.3%

Garfunkelux

Holdco

3

SA

(a)

:

6.75%,

11/01/25

............

EUR

1,473

1,819,108

7.75%,

11/01/25

............

GBP

2,503

3,604,359

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

EUR

3,427

3,976,751

Intelsat

Jackson

Holdings

SA,

8.00%

,

02/15/24

(a)(o)

...............

USD

7,812

8,067,999

Picard

Bondco

SA,

5.38%

,

07/01/27

.

EUR

2,380

2,822,085

20,290,302

Macau

—

0.0%

MGM

China

Holdings

Ltd.

(a)

:

5.38%,

05/15/24

............

USD

200

205,225

5.88%,

05/15/26

............

200

209,538

414,763

Mexico

—

0.2%

Alfa

SAB

de

CV,

6.88%

,

03/25/44

(a)

..

720

948,060

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

(a)(b)(n)

................

1,043

1,121,225

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%

,

01/18/33

(b)

................

889

925,116

Cemex

SAB

de

CV:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%

(a)(b)(n)

........

765

788,180

5.45%,

11/19/29

............

420

461,685

3.88%,

07/11/31

(a)

...........

335

338,852

Controladora

Mabe

SA

de

CV,

5.60%

,

10/23/28

(a)

................

823

958,949

Cydsa

SAB

de

CV,

6.25%

,

10/04/27

(a)

709

747,250

FEL

Energy

VI

SARL,

5.75%

,

12/01/40

665

704,616

Grupo

Axo

SAPI

de

CV,

5.75%

,

06/08/26

(a)

................

890

886,885

Grupo

Bimbo

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%),

5.95%

(a)(b)

(n)

......................

818

859,677

Mexico

City

Airport

Trust,

5.50%

,

07/31/47

.................

696

702,090

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

Operadora

de

Servicios

Mega

SA

de

CV

SOFOM

ER,

8.25%

,

02/11/25

(a)

USD

986

$

983,412

Orbia

Advance

Corp.

SAB

de

CV,

1.88%

,

05/11/26

(a)

...........

610

612,859

Trust

Fibra

Uno,

5.25%

,

01/30/26

(a)

..

695

778,400

11,817,256

Morocco

—

0.0%

Vivo

Energy

Investments

BV,

5.13%

,

09/24/27

(a)

................

600

639,300

Netherlands

—

0.0%

VEON

Holdings

BV,

4.00%

,

04/09/25

(a)

593

624,132

Oman

—

0.0%

(a)

OQ

SAOC,

5.13%

,

05/06/28

......

591

594,989

Oryx

Funding

Ltd.,

5.80%

,

02/03/31

.

400

421,500

1,016,489

Panama

—

0.0%

Banistmo

SA,

3.65%

,

09/19/22

.....

492

501,010

Paraguay

—

0.0%

Bioceanico

Sovereign

Certificate

Ltd.,

0.00%

,

06/05/34

(m)

...........

233

175,922

Peru

—

0.0%

Inkia

Energy

Ltd.,

5.88%

,

11/09/27

..

1,219

1,255,418

InRetail

Consumer,

3.25%

,

03/22/28

(a)

320

314,784

Intercorp

Peru

Ltd.,

3.88%

,

08/15/29

(a)

648

624,024

2,194,226

Saudi

Arabia

—

0.0%

Arabian

Centres

Sukuk

II

Ltd.,

5.63%

,

10/07/26

(a)

................

910

964,316

Singapore

—

0.0%

Puma

International

Financing

SA

(a)

:

5.13%,

10/06/24

............

917

922,731

5.00%,

01/24/26

............

269

270,732

1,193,463

South

Africa

—

0.0%

Liquid

Telecommunications

Financing

plc,

5.50%

,

09/04/26

(a)

........

590

601,616

Sasol

Financing

USA

LLC:

4.38%,

09/18/26

............

410

422,812

6.50%,

09/27/28

............

513

577,125

5.50%,

03/18/31

............

670

705,175

2,306,728

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(b)(n)

.................

600

648,000

Switzerland

—

0.1%

(a)

Credit

Suisse

Group

AG,

(SOFR

+

1.73%),

3.09%

,

05/14/32

(b)

.....

1,060

1,092,067

Credit

Suisse

Group

Guernsey

VII

Ltd.,

Series

AR,

3.00%

,

11/12/21

(k)

....

CHF

1,600

1,934,180

3,026,247

Tanzania,

United

Republic

of

—

0.0%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

.................

USD

295

305,472

HTA

Group

Ltd.,

7.00%

,

12/18/25

(a)

..

941

998,813

1,304,285

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Turkey

—

0.0%

(a)

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

3.38%

,

06/29/28

.........

USD

281

$

281,351

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(c)(d)(f)(k)(l)

.............

21,400

1,658,500

1,939,851

Ukraine

—

0.0%

MHP

SE,

7.75%

,

05/10/24

(a)

......

700

760,375

United

Arab

Emirates

—

0.0%

DAE

Funding

LLC,

3.38%

,

03/20/28

(a)

1,044

1,068,795

DP

World

plc,

6.85%

,

07/02/37

.....

360

485,843

MAF

Sukuk

Ltd.,

4.64%

,

05/14/29

...

920

1,033,160

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

................

156

160,631

2,748,429

United

Kingdom

—

0.3%

Algeco

Global

Finance

plc,

6.50%

,

02/15/23

.................

EUR

8,613

10,422,106

British

Airways

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.25%

,

11/15/32

(a)

................

USD

282

302,966

Deuce

Finco

plc,

5.50%

,

06/15/27

(a)

.

GBP

4,115

5,692,280

Inspired

Entertainment

Financing

plc,

7.88%

,

06/01/26

(a)

...........

2,115

2,998,821

19,416,173

United

States

—

3.0%

Acadia

Healthcare

Co.,

Inc.

(a)

:

5.50%,

07/01/28

............

USD

238

254,065

5.00%,

04/15/29

............

200

208,584

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

761

807,611

Air

Lease

Corp.,

3.13%

,

12/01/30

...

1,421

1,443,602

Albertsons

Cos.,

Inc.,

3.50%

,

03/15/29

(a)

................

3,960

3,915,450

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(a)

5,715

6,172,200

AMC

Networks,

Inc.:

5.00%,

04/01/24

............

64

64,814

4.75%,

08/01/25

............

148

151,952

AMN

Healthcare,

Inc.,

4.00%

,

04/15/29

(a)

................

254

255,795

Aramark

Services,

Inc.,

5.00%

,

02/01/28

(a)

................

164

171,741

Avantor

Funding,

Inc.,

4.63%

,

07/15/28

(a)

................

628

663,024

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

1,691

1,809,877

Bank

of

America

Corp.,

(SOFR

+

1.32%),

2.69%

,

04/22/32

(b)

.....

1,363

1,402,247

Bausch

Health

Cos.,

Inc.,

4.88%

,

06/01/28

(a)

................

977

999,959

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

................

300

325,104

Boyd

Gaming

Corp.,

8.63%

,

06/01/25

(a)

426

469,610

Bristow

Group,

Inc.,

6.88%

,

03/01/28

(a)

1,265

1,290,300

Broadcom,

Inc.,

1.95%

,

02/15/28

(a)

..

370

369,842

Buckeye

Partners

LP:

4.35%,

10/15/24

............

352

368,280

4.13%,

03/01/25

(a)

...........

1,739

1,802,039

Carnival

Corp.,

11.50%

,

04/01/23

(a)

..

1,240

1,395,496

Carrier

Global

Corp.,

3.58%

,

04/05/50

1,307

1,386,029

Cedar

Fair

LP:

5.38%,

04/15/27

............

83

85,490

5.25%,

07/15/29

............

81

83,430

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Centene

Corp.:

4.25%,

12/15/27

............

USD

405

$

426,769

2.45%,

07/15/28

............

2,566

2,600,641

Centennial

Resource

Production

LLC,

5.38%

,

01/15/26

(a)

...........

172

168,560

CenturyLink,

Inc.,

4.00%

,

02/15/27

(a)

.

140

142,800

Charter

Communications

Operating

LLC:

2.80%,

04/01/31

............

4,544

4,645,384

3.90%,

06/01/52

............

1,576

1,604,693

Cheniere

Energy

Partners

LP,

5.63%

,

10/01/26

.................

181

187,788

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

(a)

................

654

689,970

Chesapeake

Energy

Corp.

(a)

:

5.50%,

02/01/26

............

1,431

1,509,705

5.88%,

02/01/29

............

261

282,521

Churchill

Downs,

Inc.,

5.50%

,

04/01/27

(a)

................

99

103,164

Citigroup,

Inc.

(b)

:

(SOFR

+

3.91%),

4.41%,

03/31/31

2,115

2,469,617

(SOFR

+

1.17%),

2.56%,

05/01/32

1,010

1,028,131

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(a)

87

91,133

Colt

Merger

Sub,

Inc.

(a)

:

5.75%,

07/01/25

............

783

825,086

6.25%,

07/01/25

............

3,869

4,101,140

8.13%,

07/01/27

............

2,403

2,672,617

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

................

986

1,006,953

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

163

168,705

CSC

Holdings

LLC

(a)

:

4.13%,

12/01/30

............

2,726

2,708,963

4.63%,

12/01/30

............

4,803

4,712,271

3.38%,

02/15/31

............

979

925,067

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(a)

................

83

87,150

DaVita,

Inc.

(a)

:

4.63%,

06/01/30

............

2,450

2,519,139

3.75%,

02/15/31

............

4,386

4,210,560

Elanco

Animal

Health,

Inc.,

4.91%

,

08/27/21

(o)

................

80

80,310

Emergent

BioSolutions,

Inc.,

3.88%

,

08/15/28

(a)

................

115

112,645

Endeavor

Energy

Resources

LP

(a)

:

5.50%,

01/30/26

............

80

83,100

5.75%,

01/30/28

............

142

151,408

Equinix,

Inc.,

2.50%

,

05/15/31

.....

613

623,438

Forestar

Group,

Inc.

(a)

:

3.85%,

05/15/26

............

527

531,769

5.00%,

03/01/28

............

3,602

3,728,070

Fresh

Market,

Inc.

(The),

9.75%

,

05/01/23

(a)

................

969

993,564

Frontier

Communications

Corp.

(a)

:

5.88%,

10/15/27

............

620

664,175

5.00%,

05/01/28

............

1,504

1,554,880

6.75%,

05/01/29

............

2,378

2,528,456

Frontier

Communications

Holdings

LLC,

5.88%

,

11/01/29

.........

326

331,595

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

.................

1,680

1,815,089

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

................

239

260,510

GCI

LLC,

4.75%

,

10/15/28

(a)

......

413

422,705

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

General

Motors

Financial

Co.,

Inc.,

2.70%

,

08/20/27

............

USD

2,559

$

2,659,118

Genesis

Energy

LP,

8.00%

,

01/15/27

347

364,567

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.28%),

2.62%

,

04/22/32

(b)

2,893

2,955,394

Great

Western

Petroleum

LLC,

12.00%

,

09/01/25

(a)

................

401

398,995

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%

,

02/15/32

(a)

...........

4,153

4,101,087

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

.................

98

102,165

Hologic,

Inc.,

3.25%

,

02/15/29

(a)

....

2,469

2,447,396

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(c)

................

6,434

6,305,320

Howard

Hughes

Corp.

(The)

(a)

:

5.38%,

08/01/28

............

1,984

2,106,274

4.13%,

02/01/29

............

1,047

1,047,021

4.38%,

02/01/31

............

1,151

1,146,833

iHeartCommunications,

Inc.:

6.38%,

05/01/26

............

121

129,087

5.25%,

08/15/27

(a)

...........

109

113,949

International

Game

Technology

plc,

6.50%

,

02/15/25

(a)

...........

227

254,524

IQVIA,

Inc.,

5.00%

,

05/15/27

(a)

.....

211

221,023

Iron

Mountain,

Inc.

(a)

:

5.25%,

07/15/30

............

1,637

1,732,895

4.50%,

02/15/31

............

3,004

3,041,550

Israel

Amplify

Program

Corp.,

0.00%

(c)(d)

117

508

Jaguar

Holding

Co.

II/PPD

Development

LP,

5.00%

,

06/15/28

(a)

207

224,371

JBS

Investments

II

GmbH,

7.00%

,

01/15/26

(a)

................

200

212,000

JBS

USA

LUX

SA

(a)

:

6.75%,

02/15/28

............

158

172,812

6.50%,

04/15/29

............

246

276,445

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%

,

08/01/28

(a)

................

306

339,660

JPMorgan

Chase

&

Co.,

(SOFR

+

1.58%),

3.33%

,

04/22/52

(b)

.....

1,914

2,043,793

Lamb

Weston

Holdings,

Inc.,

4.88%

,

11/01/26

(a)

................

136

140,590

Legends

Hospitality

Holding

Co.

LLC,

5.00%

,

02/01/26

(a)

...........

128

133,440

Level

3

Financing,

Inc.

(a)

:

4.25%,

07/01/28

............

5,169

5,245,294

3.63%,

01/15/29

............

2,702

2,607,430

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(k)

...............

1,137

917,542

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

522

548,752

Lumen

Technologies,

Inc.,

5.38%

,

06/15/29

(a)

................

1,531

1,553,023

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(a)

...........

2,069

2,200,278

6.50%,

09/15/26

............

128

132,960

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

................

72

76,297

Meritor,

Inc.,

4.50%

,

12/15/28

(a)

....

22

22,302

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

............

178

192,765

3.88%,

02/15/29

(a)

...........

968

983,072

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

................

1,342

1,343,677

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Molina

Healthcare,

Inc.,

3.88%

,

11/15/30

(a)

................

USD

370

$

385,262

Morgan

Stanley,

(SOFR

+

1.49%),

3.22%

,

04/22/42

(b)

...........

640

678,429

MPT

Operating

Partnership

LP,

5.00%

,

10/15/27

.................

230

243,821

Nationstar

Mortgage

Holdings,

Inc.

(a)

:

5.50%,

08/15/28

............

607

611,935

5.13%,

12/15/30

............

341

339,295

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

................

768

813,850

Nexstar

Broadcasting,

Inc.,

4.75%

,

11/01/28

(a)

................

932

957,630

NRG

Energy,

Inc.:

5.75%,

01/15/28

............

136

144,840

5.25%,

06/15/29

(a)

...........

106

112,758

NuStar

Logistics

LP,

5.75%

,

10/01/25

2,477

2,693,737

ONEOK

Partners

LP,

4.90%

,

03/15/25

2,931

3,279,327

Oracle

Corp.,

3.95%

,

03/25/51

.....

1,629

1,778,035

Outfront

Media

Capital

LLC,

5.00%

,

08/15/27

(a)

................

94

97,327

Pacific

Gas

&

Electric

Co.,

4.50%

,

07/01/40

.................

853

853,199

Park

Intermediate

Holdings

LLC

(a)

:

5.88%,

10/01/28

............

296

315,205

4.88%,

05/15/29

............

1,876

1,940,628

Parsley

Energy

LLC,

5.63%

,

10/15/27

(a)

115

124,200

Party

City

Holdings,

Inc.,

8.75%

,

02/15/26

(a)

................

525

560,437

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

346

371,604

PG&E

Corp.:

5.00%,

07/01/28

............

2,378

2,404,443

5.25%,

07/01/30

............

313

315,974

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(a)

................

141

150,165

Pitney

Bowes,

Inc.

(a)

:

6.88%,

03/15/27

............

1,634

1,725,912

7.25%,

03/15/29

............

1,615

1,715,938

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

................

605

604,583

Quicken

Loans

LLC

(a)

:

3.63%,

03/01/29

............

3,277

3,236,037

3.88%,

03/01/31

............

2,344

2,361,557

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(a)

140

147,000

Radiate

Holdco

LLC,

4.50%

,

09/15/26

(a)

723

748,305

Rattler

Midstream

LP,

5.63%

,

07/15/25

(a)

................

550

578,187

Renewable

Energy

Group,

Inc.,

5.88%

,

06/01/28

(a)

................

286

299,942

Sabre

GLBL,

Inc.,

9.25%

,

04/15/25

(a)

.

620

737,075

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%

,

08/01/25

(a)

...........

333

357,142

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

................

5,559

5,920,446

Service

Properties

Trust:

5.00%,

08/15/22

............

3,578

3,615,569

4.50%,

06/15/23

............

2,615

2,680,375

7.50%,

09/15/25

............

333

377,022

Sirius

XM

Radio,

Inc.

(a)

:

5.00%,

08/01/27

............

248

259,842

5.50%,

07/01/29

............

208

226,658

4.13%,

07/01/30

............

1,956

1,973,369

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Six

Flags

Entertainment

Corp.,

4.88%

,

07/31/24

(a)

................

USD

161

$

162,610

SM

Energy

Co.:

1.50%,

07/01/21

(k)

...........

1,814

1,814,000

10.00%,

01/15/25

(a)

..........

1,694

1,911,408

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

................

303

309,817

Standard

Industries,

Inc.,

5.00%

,

02/15/27

(a)

................

77

79,743

Summit

Materials

LLC,

5.25%

,

01/15/29

(a)

................

163

173,176

Sunoco

LP:

6.00%,

04/15/27

............

98

102,484

4.50%,

05/15/29

(a)

...........

355

361,212

Talen

Energy

Supply

LLC,

7.63%

,

06/01/28

(a)

................

2,464

2,305,589

Targa

Resources

Partners

LP:

5.88%,

04/15/26

............

165

173,301

5.38%,

02/01/27

............

83

86,424

6.50%,

07/15/27

............

134

145,219

6.88%,

01/15/29

............

135

152,095

4.00%,

01/15/32

(a)

...........

3,056

3,143,554

TEGNA,

Inc.,

4.75%

,

03/15/26

(a)

....

586

624,090

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

82

87,346

Tenet

Healthcare

Corp.

(a)

:

4.63%,

09/01/24

............

97

99,557

4.88%,

01/01/26

............

335

347,462

6.25%,

02/01/27

............

250

260,938

4.63%,

06/15/28

............

226

232,599

4.25%,

06/01/29

............

9,579

9,698,737

TransDigm,

Inc.,

6.25%

,

03/15/26

(a)

..

10,442

11,016,310

Union

Pacific

Corp.,

3.55%

,

05/20/61

1,277

1,370,003

United

Airlines

Pass-Through

Trust:

Series

2020-1,

Class

B,

4.88%,

01/15/26

...............

160

169,801

Series

2020-1,

Class

A,

5.88%,

10/15/27

...............

5,937

6,587,970

United

Rentals

North

America,

Inc.:

5.50%,

05/15/27

............

169

179,140

4.88%,

01/15/28

............

268

284,214

United

Shore

Financial

Services

LLC,

5.50%

,

11/15/25

(a)

...........

3,049

3,157,331

UnitedHealth

Group,

Inc.,

3.25%

,

05/15/51

.................

631

673,130

US

Concrete,

Inc.,

5.13%

,

03/01/29

(a)

208

227,240

Verizon

Communications,

Inc.:

3.55%,

03/22/51

............

1,007

1,075,846

3.70%,

03/22/61

............

928

993,942

VICI

Properties

LP

(a)

:

3.50%,

02/15/25

............

1,105

1,126,813

3.75%,

02/15/27

............

1,060

1,078,147

4.13%,

08/15/30

............

1,465

1,504,291

Vistra

Operations

Co.

LLC

(a)

:

5.63%,

02/15/27

............

3,196

3,315,850

5.00%,

07/31/27

............

214

219,699

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

................

904

935,640

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

................

84

88,385

Wyndham

Destinations,

Inc.,

6.63%

,

07/31/26

(a)

................

581

658,273

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%

,

08/15/28

(a)

...........

250

259,553

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

................

USD

712

$

751,601

XHR

LP

(a)

:

6.38%,

08/15/25

............

2,380

2,531,725

4.88%,

06/01/29

............

283

292,197

235,666,513

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.,

6.88%

,

10/15/27

(a)

................

1,302

1,412,279

Total

Corporate

Bonds

—

5.4%

(Cost:

$445,709,680)

.............................

419,199,179

Floating

Rate

Loan

Interests

—

2.8%

Canada

—

0.2%

(b)

Bausch

Health

Cos.,

Inc.,

Term

Loan,

06/02/25

(p)

................

3,540

3,523,998

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 12/22/25

......

EUR

8,190

9,730,412

Raptor

Acquisition

Corp.,

Term

Loan

B,

11/01/26

(p)

................

USD

517

517,646

13,772,056

France

—

0.1%

Babilou

Family,

Facility

Term

Loan,

(EURIBOR

3

Month

+

4.25%),

4.25%

,

 11/17/27

(b)

...........

EUR

9,198

10,913,400

Jersey,

Channel

Islands

—

0.0%

Vita

Global

Finco

Ltd.,

Term

Loan,

01/01/28

(b)(c)(p)

..............

2,895

3,347,078

Luxembourg

—

0.2%

(b)

CatLuxe

SARL,

Facility

Term

Loan

B1,

10/02/24

(p)

................

2,290

1,912,192

CatLuxe

SARL,

Facility

Term

Loan

B3,

10/02/24

(p)

................

5,783

4,827,499

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

............

USD

4,749

4,762,817

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Term

Loan,

(LIBOR

USD

3

Month

+

9.39%),

0.00%

-

10.00%

,

 01/01/28

(c)

..........

4,198

4,156,020

15,658,528

Netherlands

—

0.3%

(b)

Cypher

Bidco

BV,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

0.00%

-

10.00%

,

 01/01/28

(c)

.....

EUR

6,673

7,318,753

Ziggo

BV,

Facility

Term

Loan

H,

01/31/29

(p)

................

11,807

13,879,024

21,197,777

United

States

—

2.0%

ACProducts

Holdings,

Inc.,

Term

Loan,

05/17/28

(b)(p)

...............

USD

2,340

2,326,204

Adient

US

LLC,

Term

Loan

B1,

04/10/28

(b)(p)

...............

489

489,123

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 02/02/26

(b)

.....

3,203

3,200,179

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 06/09/28

(b)

.....

USD

701

$

701,294

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

09/19/24

(b)(p)

...........

489

487,993

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.41%

,

 02/11/26

(b)

...........

763

764,683

Avantor

Funding,

Inc.,

Term

Loan

B4,

11/08/27

(b)(p)

...............

533

533,084

Avaya,

Inc.,

Term

Loan

B1,

12/15/27

(b)(p)

1,187

1,189,932

Avaya,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.07%

,

 12/15/27

(b)

...........

909

910,622

BCA

Central

Ltd.,

Facility

Term

Loan

A,

(EUR002M

+

0.00%),

5.50%

,

 04/29/23

(b)(c)

..........

EUR

7,314

8,758,754

Cablevision

Lightpath

LLC,

Term

Loan,

11/30/27

(b)(p)

...............

USD

708

707,959

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

07/21/25

(b)(p)

.........

1,314

1,317,327

City

Brewing

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 04/05/28

(b)(c)

..........

1,217

1,221,722

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 05/14/28

(b)(c)

..........

295

294,230

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

05/17/28

(b)(p)

...........

684

685,319

DT

Midstream,

Inc.,

Term

Loan,

06/12/28

(b)(p)

...............

2,030

2,032,127

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

02/06/26

(b)(p)

...........

1,177

1,171,228

Ecl

Entertainment

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

7.50%),

8.25%

,

 05/01/28

(b)(c)

..........

2,165

2,208,300

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

03/03/28

(b)(p)

.........

804

805,618

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

(b)

716

710,807

Frontier

Communications

Holdings,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/01/28

(b)

1,839

1,838,788

Galaxy

Universal

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

10.00%

,

 01/01/28

(b)(c)

...

2,995

2,976,742

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 07/02/25

(b)

2,216

2,209,689

Herschend

Entertainment

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(b)(c)

....

3,339

3,356,090

Hertz

Corp.,

The,

Term

Loan

B,

06/30/28

(b)(p)

...............

1,787

1,784,422

Hertz

Corp.,

The,

Term

Loan

C,

06/30/28

(b)(p)

...............

337

336,295

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan,

05/19/28

(b)(p)

.......

3,284

3,284,674

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

06/22/26

(b)(p)

.........

5,703

5,652,141

Informatica

LLC,

Term

Loan,

02/25/27

(b)

(p)

......................

2,987

2,965,806

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(b)(p)

...............

3,085

3,083,351

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ITT

Holdings

LLC,

Term

Loan,

07/30/28

(b)(c)(p)

..............

USD

949

$

946,628

J&J

Ventures

Gaming

LLC,

Term

Loan,

04/26/28

(b)(c)(p)

..............

2,023

2,028,488

Jo-Ann

Stores

LLC,

Term

Loan,

06/30/28

(b)(c)(p)

..............

1,030

1,027,425

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(b)(p)

...........

898

890,741

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(b)(p)

....

154

153,194

LBM

Acquisition

LLC,

Delayed

Draw

Term

Loan,

12/17/27

(b)(p)

.......

1,350

1,338,188

LBM

Acquisition

LLC,

Term

Loan

B2,

12/17/27

(b)(p)

...............

2,700

2,676,375

Leslie's

Poolmart,

Inc.,Term

Loan,

03/09/28

(b)(p)

...............

2,283

2,273,040

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

08/31/27

(b)(p)

...............

2,742

2,737,243

Luxembourg

Life

Fund

-

Long

Term

Growth

Fund,

Term

Loan,

0.00%

-

10.00%

,

 01/01/38

(b)(c)

.........

5,581

5,553,095

McAfee

LLC,

Term

Loan

B,

09/30/24

(b)(p)

804

804,062

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

06/02/28

(b)(p)

....

693

692,715

MetroNet

Systems

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

06/02/28

(b)(p)

...............

77

76,968

Michaels

Co.

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 04/15/28

(b)

...........

834

836,870

Opendoor,

Term

Loan,

0.00%

-

10.00%

,

 01/23/26

(c)(q)

.........

7,954

7,953,600

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

6

Month

+

3.00%),

3.50%

,

 06/02/28

(b)

...........

1,711

1,711,818

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

12/28/27

(b)(p)

...........

1,725

1,714,876

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

(b)

...........

1,756

1,760,006

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(b)(c)

..........

578

589,560

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/23/25

(b)

...........

1,812

1,786,129

Playtika

Holding

Corp.,

Term

Loan

B1,

03/13/28

(b)(p)

...............

4,605

4,581,172

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 03/10/28

(b)

3,787

3,773,484

Proofpoint,

Inc.,

Term

Loan,

06/09/28

(b)

(p)

......................

722

717,435

Realpage,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

(b)

...........

1,909

1,902,181

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/27/28

(b)

.....

2,981

2,971,280

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.50%

,

 04/27/29

(b)

.....

1,430

1,402,587

Redstone

HoldCo

2

LP,

Delayed

Draw

1st

Lien

Term

Loan,

04/27/28

(b)(p)

.

1,167

1,162,907

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Redstone

HoldCo

2

LP,

Delayed

Draw

2nd

Lien

Term

Loan,

04/27/29

(b)(p)

.

USD

820

$

804,281

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/16/27

(b)(p)

.........

3,293

3,298,992

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/06/25

(b)

...........

536

530,296

Shearer's

Foods

LLC,

Term

Loan,

09/23/27

(b)(p)

...............

1,108

1,108,627

Sheraton

Austin,

Term

Loan,

01/01/28

(b)

(p)

......................

4,499

4,498,866

Signal

Parent,

Inc.,

Term

Loan

B,

04/03/28

(b)(c)(p)

..............

1,740

1,707,403

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

06/08/28

(b)(p)

....

509

511,324

SRS

Distribution,

Inc.,

Term

Loan,

06/02/28

(b)(p)

...............

2,676

2,672,538

Surf

Holdings

SARL,

1st

Lien

Term

Loan,

03/05/27

(b)(p)

...........

2,419

2,401,493

The

Enterprise

Development

Authority,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/28/28

(b)(c)

...

3,978

3,988,354

The

Vinoy

St.

Petersburg,

Term

Loan,

01/01/38

(b)(p)

...............

6,300

6,268,500

Tory

Burch

LLC,

Term

Loan

B,

04/16/28

(b)(p)

...............

964

960,292

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(b)(p)

.......

1,700

1,697,180

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 05/04/26

(b)

...........

1,287

1,288,100

Univision

Communications,

Inc.,

Term

Loan

B,

05/05/28

(b)(p)

..........

1,580

1,572,764

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 02/28/27

(b)

...........

1,393

1,387,259

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 04/29/23

(b)

...........

635

633,797

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

(b)

...........

4,936

4,942,169

WIN

Waste

Innovations

Holdings

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 03/24/28

(b)

.....

592

590,303

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(b)

.....

535

534,204

153,463,312

Total

Floating

Rate

Loan

Interests

—

2.8%

(Cost:

$215,545,930)

.............................

218,352,151

Foreign

Agency

Obligations

—

0.1%

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

4.25%

,

07/17/42

............

992

1,120,216

Colombia

—

0.0%

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(a)

...........

1,062

1,048,592

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

.................

USD

971

$

1,038,849

Mexico

—

0.1%

Petroleos

Mexicanos:

6.50%,

03/13/27

............

3,216

3,418,608

6.35%,

02/12/48

............

387

327,866

3,746,474

Morocco

—

0.0%

OCP

SA,

3.75%

,

06/23/31

(a)

.......

545

551,131

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

2.25%

,

11/24/30

(a)

................

1,219

1,195,900

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$8,493,824)

..............................

8,701,162

Foreign

Government

Obligations

—

4.4%

Argentina

—

0.1%

Argentine

Republic:

1.00%,

07/09/29

............

1,126

426,312

0.12%,

07/09/30

(o)

...........

10,702

3,836,694

0.12%,

07/09/35

(o)

...........

13,212

4,181,461

0.12%,

01/09/38

(o)

...........

4,484

1,683,590

10,128,057

Bahrain

—

0.0%

Kingdom

of

Bahrain:

6.75%,

09/20/29

............

1,624

1,780,614

5.25%,

01/25/33

(a)

...........

420

408,975

2,189,589

Brazil

—

0.2%

Federative

Republic

of

Brazil,

10.00%

,

01/01/27

.................

BRL

62

13,129,056

China

—

2.6%

People's

Republic

of

China:

3.29%,

05/23/29

............

CNY

418,280

65,501,631

2.68%,

05/21/30

............

471,250

70,035,566

3.27%,

11/19/30

............

433,890

67,863,272

203,400,469

Colombia

—

0.0%

Republic

of

Colombia:

4.50%,

01/28/26

............

USD

746

814,212

3.88%,

04/25/27

............

568

603,429

4.13%,

05/15/51

............

285

270,002

1,687,643

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond:

5.95%,

01/25/27

............

1,522

1,712,250

4.50%,

01/30/30

(a)

...........

1,436

1,465,438

4.88%,

09/23/32

(a)

...........

850

875,500

6.40%,

06/05/49

............

643

692,149

4,745,337

Egypt

—

0.1%

Arab

Republic

of

Egypt:

5.75%,

05/29/24

(a)

...........

979

1,041,901

5.88%,

06/11/25

............

1,317

1,406,144

7.60%,

03/01/29

............

1,744

1,914,367

8.50%,

01/31/47

(a)

...........

1,382

1,439,267

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Egypt

(continued)

7.50%,

02/16/61

(a)

...........

USD

610

$

568,634

6,370,313

Ghana

—

0.0%

Republic

of

Ghana

(a)

:

7.75%,

04/07/29

............

634

647,274

8.63%,

04/07/34

............

945

973,055

1,620,329

Greece

—

0.2%

Hellenic

Republic,

2.00%

,

04/22/27

(a)

EUR

12,617

16,509,749

Indonesia

—

0.0%

Republic

of

Indonesia,

4.10%

,

04/24/28

USD

2,011

2,271,550

Japan

—

0.4%

Japan

Government

Bond,

0.40%

,

09/20/49

.................

JPY

3,535,600

29,675,235

Mexico

—

0.5%

United

Mexican

States:

5.75%,

03/05/26

............

MXN

1,889

9,227,402

3.75%,

01/11/28

............

USD

918

1,002,513

2.66%,

05/24/31

............

3,353

3,273,995

7.75%,

05/29/31

............

MXN

4,203

22,263,479

35,767,389

Morocco

—

0.0%

Kingdom

of

Morocco

(a)

:

3.00%,

12/15/32

............

USD

580

559,700

4.00%,

12/15/50

............

534

494,617

1,054,317

Oman

—

0.0%

Oman

Government

Bond:

6.50%,

03/08/47

............

632

616,516

6.75%,

01/17/48

............

612

608,290

1,224,806

Panama

—

0.1%

Republic

of

Panama:

3.16%,

01/23/30

............

2,136

2,238,528

4.50%,

04/16/50

............

791

896,203

3,134,731

Paraguay

—

0.0%

Republic

of

Paraguay,

4.95%

,

04/28/31

(a)

................

702

806,335

Peru

—

0.0%

Peru

Government

Bond,

1.86%

,

12/01/32

.................

1,270

1,182,132

Republic

of

Peru,

2.78%

,

01/23/31

..

456

463,923

1,646,055

Qatar

—

0.0%

State

of

Qatar

(a)

:

4.00%,

03/14/29

............

218

250,918

4.40%,

04/16/50

............

315

383,513

634,431

Romania

—

0.0%

Romania

Government

Bond

(a)

:

3.00%,

02/14/31

............

430

445,937

6.13%,

01/22/44

............

464

634,172

1,080,109

Russia

—

0.0%

Russian

Federation:

4.75%,

05/27/26

............

400

454,950

Security

Par

(000)

Par

(000)

Value

Russia

(continued)

4.25%,

06/23/27

............

USD

1,800

$

2,008,238

2,463,188

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia:

4.50%,

04/17/30

............

692

815,176

4.63%,

10/04/47

............

246

294,278

1,109,454

Ukraine

—

0.1%

Ukraine

Government

Bond:

7.75%,

09/01/23

............

327

352,342

8.99%,

02/01/24

............

954

1,057,986

7.75%,

09/01/25

............

451

493,845

7.25%,

03/15/33

(a)

...........

1,131

1,176,099

3,080,272

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.10%

,

06/18/50

.................

415

543,472

Total

Foreign

Government

Obligations

—

4.4%

(Cost:

$346,212,391)

.............................

344,271,886

Shares

Shares

Investment

Companies

—

1.6%

Consumer

Discretionary

Select

Sector

SPDR

Fund

...............

38,033

6,790,792

Energy

Select

Sector

SPDR

Fund

(e)

.

27,244

1,467,634

Financial

Select

Sector

SPDR

Fund

.

71,435

2,620,950

Health

Care

Select

Sector

SPDR

Fund

(e)

...................

59,953

7,551,081

Industrial

Select

Sector

SPDR

Fund

(e)

143,687

14,713,549

Invesco

Senior

Loan

ETF

(e)

.......

332,379

7,362,195

iShares

China

Large-Cap

ETF

(e)(f)

...

137,150

6,354,160

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(e)(f)

...............

25,446

2,240,266

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(e)(f)

.......

14,187

1,906,165

iShares

Latin

America

40

ETF

(e)(f)

...

111,907

3,527,309

iShares

MSCI

Brazil

ETF

(e)(f)

.......

158,502

6,425,671

iShares

MSCI

Emerging

Markets

ETF

(f)

16,353

901,868

iShares

MSCI

Japan

ETF

(e)(f)

......

65,522

4,425,356

iShares

Nasdaq

Biotechnology

ETF

(e)(f)

5,951

973,881

iShares

S&P

500

Value

ETF

(e)(f)

....

69,142

10,208,125

KraneShares

Bosera

MSCI

China

A

ETF

(e)

...................

50,931

2,436,539

KraneShares

CSI

China

Internet

ETF

(e)

42,044

2,933,830

SPDR

Blackstone

Senior

Loan

ETF

(e)

160,000

7,406,400

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

(e)

...............

48,027

5,281,049

SPDR

EURO

STOXX

50

ETF

(e)

....

25,110

1,175,901

SPDR

Gold

Shares

(h)(i)

..........

84,856

14,054,699

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

(e)

............

58,667

5,672,512

United

States

Oil

Fund

LP

(i)

.......

30,095

1,501,139

Utilities

Select

Sector

SPDR

Fund

(e)

.

38,948

2,462,682

VanEck

Vectors

Semiconductor

ETF

.

8,454

2,216,977

Total

Investment

Companies

—

1.6%

(Cost:

$112,445,189)

.............................

122,610,730

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

—

0.0%

Ohio

-

0.0%

Buckeye

Tobacco

Settlement

Financing

Authority,

Series

2020B-2,

RB,

5.00%, 06/01/55

............

USD

2,225

$

2,602,449

Total

Municipal

Bonds

—

0.0%

(Cost:

$2,528,255)

..............................

2,602,449

Non-Agency

Mortgage-Backed

Securities

—

2.4%

Collateralized

Mortgage

Obligations

—

0.3%

United

States

—

0.3%

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes

(a)(b)

:

Series

2020-DNA6,

Class

B1,

(SOFR30A

+

3.00%),

3.02%,

12/25/50

...............

743

748,933

Series

2021-DNA3,

Class

B1,

(SOFR30A

+

3.50%),

3.52%,

10/25/33

...............

1,836

1,905,639

Series

2021-HQA1,

Class

B1,

(SOFR30A

+

3.00%),

3.02%,

08/25/33

...............

1,359

1,359,058

Series

2021-HQA1,

Class

B2,

(SOFR30A

+

5.00%),

5.02%,

08/25/33

...............

814

822,232

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes

(a)(b)

:

Series

2021-DNA2,

Class

B1,

(SOFR30A

+

3.40%),

3.42%,

08/25/33

...............

798

821,769

Series

2021-DNA2,

Class

B2,

(SOFR30A

+

6.00%),

6.02%,

08/25/33

...............

721

808,954

Texas

Capital

Bank

NA, 

(LIBOR

USD

3

Month

+

4.50%),

4.65%,

09/30/24

(a)

(b)

......................

3,692

3,692,465

TVC

DSCR_21-1, 

0.00%,

02/25/51

(c)

.

4,023

4,022,688

TVC

Holding,

0.00%,

02/01/51

(c)

....

1,006

1,279,717

Western

Alliance

Cln,

(LIBOR

USD

3

Month

+

5.50%),

5.65%,

12/28/24

(b)

11,150

11,150,000

26,611,455

Commercial

Mortgage-Backed

Securities

—

2.0%

United

States

—

2.0%

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.28%,

08/10/35

(a)(b)

...............

1,520

1,608,881

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(LIBOR

USD

1

Month

+

3.10%),

3.17%,

04/15/34

(a)

(b)

......................

1,755

1,755,527

AOA

Mortgage

Trust,

Series

2015-

1177,

Class

C,

3.11%,

12/13/29

(a)(b)

1,022

1,021,545

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

(a)

...........

550

457,609

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

D,

3.72%,

04/14/33

(a)(b)

....

255

268,222

BANK:

Series

2017-BNK8,

Class

B,

4.06%,

11/15/50

(b)

..............

542

594,549

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

..........

USD

700

$

777,483

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-3A,

Class

M6,

(LIBOR

USD

1

Month

+

1.05%),

1.14%,

11/25/35

...............

144

136,494

Series

2006-3A,

Class

M1,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

10/25/36

...............

190

179,782

BBCMS

Mortgage

Trust

(a)(b)

:

Series

2017-DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.50%),

2.57%,

08/15/36

...............

559

557,587

Series

2018-TALL,

Class

C,

(LIBOR

USD

1

Month

+

1.12%),

1.19%,

03/15/37

...............

1,701

1,662,568

Beast

Mortgage

Trust

(a)(b)

:

Series

2021-SSCP,

Class

B,

(LIBOR

USD

1

Month

+

1.10%),

1.17%,

04/15/36

...............

1,549

1,551,476

Series

2021-SSCP,

Class

C,

(LIBOR

USD

1

Month

+

1.35%),

1.42%,

04/15/36

...............

1,930

1,933,084

Series

2021-SSCP,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

1.67%,

04/15/36

...............

1,773

1,775,832

Series

2021-SSCP,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.17%,

04/15/36

...............

1,535

1,537,450

Series

2021-SSCP,

Class

F,

(LIBOR

USD

1

Month

+

2.90%),

2.97%,

04/15/36

...............

1,467

1,470,659

Series

2021-SSCP,

Class

G,

(LIBOR

USD

1

Month

+

3.80%),

3.87%,

04/15/36

...............

1,661

1,665,148

Series

2021-SSCP,

Class

H,

(LIBOR

USD

1

Month

+

4.90%),

4.98%,

04/15/36

...............

1,177

1,179,940

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

A5,

2.58%,

04/15/54

.................

1,670

1,746,699

BHMS

(a)(b)

:

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.32%,

07/15/35

...............

2,215

2,216,837

Series

2018-ATLS,

Class

C,

(LIBOR

USD

1

Month

+

1.90%),

1.97%,

07/15/35

...............

840

840,063

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(a)

.

1,287

1,344,814

BX

Commercial

Mortgage

Trust

(a)

:

Series

2018-BIOA,

Class

B,

(LIBOR

USD

1

Month

+

0.87%),

0.94%,

03/15/37

(b)

..............

215

215,275

Series

2018-BIOA,

Class

D,

(LIBOR

USD

1

Month

+

1.32%),

1.39%,

03/15/37

(b)

..............

940

941,119

Series

2018-BIOA,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

2.02%,

03/15/37

(b)

..............

2,950

2,953,785

Series

2018-BIOA,

Class

F,

(LIBOR

USD

1

Month

+

2.47%),

2.54%,

03/15/37

(b)

..............

2,663

2,662,439

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.12%,

11/15/35

(b)

..............

1,325

1,325,218

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2019-XL,

Class

A,

(LIBOR

USD

1

Month

+

0.92%),

0.99%,

10/15/36

(b)

..............

USD

766

$

766,855

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.37%,

10/15/36

(b)

..............

3,010

3,010,956

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.72%,

10/15/36

(b)

..............

4,788

4,792,846

Series

2020-BXLP,

Class

D,

(LIBOR

USD

1

Month

+

1.25%),

1.32%,

12/15/36

(b)

..............

714

713,905

Series

2020-BXLP,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

2.07%,

12/15/36

(b)

..............

756

756,430

Series

2020-BXLP,

Class

G,

(LIBOR

USD

1

Month

+

2.50%),

2.57%,

12/15/36

(b)

..............

1,012

1,010,928

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

...............

500

524,676

Series

2020-VKNG,

Class

G,

(LIBOR

USD

1

Month

+

3.25%),

3.32%,

10/15/37

(b)

.........

470

471,495

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

0.98%,

02/15/33

(b)(c)

.............

7,459

7,459,000

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

2.22%,

02/15/33

(b)(c)

.............

4,374

4,374,000

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

4.32%,

02/15/33

(b)(c)

.............

2,888

2,888,000

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.88%,

05/15/38

(b)

..............

4,160

4,160,000

BX

Trust

(a)(b)

:

Series

2019-OC11,

Class

D,

4.08%,

12/09/41

...............

2,801

2,996,845

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

3,926

4,105,978

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.32%,

01/15/34

..........

1,060

1,059,683

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

01/15/34

...............

1,650

1,660,263

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.90%,

06/15/38

..........

5,600

5,610,647

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

2.22%,

12/15/37

(a)(b)

...............

719

720,155

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

303

327,043

CFCRE

Commercial

Mortgage

Trust

(a)

:

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

...............

350

363,537

Series

2018-TAN,

Class

E,

6.66%,

02/15/33

(b)

..............

396

408,800

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

D,

5.26%,

03/10/47

(a)(b)

.............

405

433,226

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

1,940

2,085,786

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

...............

USD

699

$

814,560

Commercial

Mortgage

Trust:

Series

2014-CR17,

Class

C,

4.95%,

05/10/47

(b)

..............

650

689,453

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

..........

1,389

1,478,375

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.42%,

12/15/31

(a)

(b)

......................

562

555,954

Credit

Suisse

Mortgage

Capital

Certificates

(a)

:

Series

2019-ICE4,

Class

A,

(LIBOR

USD

1

Month

+

0.98%),

1.05%,

05/15/36

(b)

..............

366

366,978

Series

2019-ICE4,

Class

B,

(LIBOR

USD

1

Month

+

1.23%),

1.30%,

05/15/36

(b)

..............

585

585,733

Series

2019-ICE4,

Class

C,

(LIBOR

USD

1

Month

+

1.43%),

1.50%,

05/15/36

(b)

..............

606

608,065

Series

2019-ICE4,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

1.67%,

05/15/36

(b)

..............

2,018

2,021,164

Series

2019-ICE4,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

2.22%,

05/15/36

(b)

..............

1,792

1,795,374

Series

2019-ICE4,

Class

F,

(LIBOR

USD

1

Month

+

2.65%),

2.72%,

05/15/36

(b)

..............

2,679

2,684,103

Series

2020-NET,

Class

A,

2.26%,

08/15/37

...............

1,412

1,457,702

CSAIL

Commercial

Mortgage

Trust:

Series

2016-C5,

Class

C,

4.78%,

11/15/48

(b)

..............

419

452,130

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

...............

4,122

4,276,748

DBGS

Mortgage

Trust

(a)(b)

:

Series

2018-BIOD,

Class

B,

(LIBOR

USD

1

Month

+

0.89%),

0.96%,

05/15/35

...............

155

155,360

Series

2018-BIOD,

Class

D,

(LIBOR

USD

1

Month

+

1.30%),

1.37%,

05/15/35

...............

628

628,426

DBWF

Mortgage

Trust

(a)(b)

:

Series

2018-GLKS,

Class

B,

(LIBOR

USD

1

Month

+

1.35%),

1.44%,

12/19/30

...............

723

723,481

Series

2018-GLKS,

Class

C,

(LIBOR

USD

1

Month

+

1.75%),

1.84%,

12/19/30

...............

575

574,815

Extended

Stay

America

Trust

(a)(b)

:

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.33%,

07/15/38

...............

4,370

4,391,003

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.93%,

07/15/38

...............

2,830

2,846,084

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(LIBOR

USD

1

Month

+

2.35%),

2.42%,

02/15/38

(a)(b)

...............

270

270,170

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-ROSS,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

1.22%,

05/15/26

(a)(b)

..........

USD

490

$

490,167

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

1,547

1,610,678

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

3.08%,

08/10/38

(a)(b)

...............

315

318,444

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp.

(a)(b)

:

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.45%),

2.52%,

04/15/38

...............

2,540

2,545,532

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.95%),

3.02%,

04/15/38

...............

2,670

2,676,660

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

1,512

1,727,299

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

:

Series

2018-WPT,

Class

DFL,

(LIBOR

USD

1

Month

+

2.25%),

2.33%,

07/05/33

(b)

.........

438

438,916

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

..........

756

795,594

Series

2019-MFP,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

07/15/36

(b)

..............

2,095

2,071,098

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.42%,

03/15/38

(a)(b)

....

5,071

5,086,754

MHC

Commercial

Mortgage

Trust

(a)(b)

:

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.17%,

04/15/38

...............

5,320

5,326,657

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.67%,

04/15/38

...............

4,090

4,096,395

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C24,

Class

C,

(LIBOR

USD

1

Month

+

0.00%),

4.49%,

05/15/48

(b)

..............

227

239,627

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

...............

1,184

1,316,933

Morgan

Stanley

Capital

I

Trust:

Series

2018-MP,

Class

A,

4.42%,

07/11/40

(a)(b)

.............

709

800,888

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

...............

997

1,052,278

TPGI

Trust,

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.10%,

06/15/26

(a)(b)

..........

1,181

1,181,421

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

412

438,318

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.21%,

08/10/49

(a)(b)

..........

597

611,731

VMC

Finance

LLC,

Series

2021-FL4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.18%,

06/16/36

(a)(b)

....

2,014

2,016,656

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

VNDO

Trust,

Series

2016-350P,

Class

D,

4.03%,

01/10/35

(a)(b)

........

USD

750

$

770,162

Wells

Fargo

Commercial

Mortgage

Trust

(b)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

1,140

1,234,009

Series

2017-C38,

Class

C,

3.90%,

07/15/50

...............

442

472,676

Series

2017-C41,

Class

B,

4.19%,

11/15/50

...............

1,065

1,147,634

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)

..............

759

844,382

151,767,726

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(b)

Benchmark

Mortgage

Trust:

Series

2021-B23,

Class

XA,

1.39%,

02/15/54

...............

18,312

1,738,629

Series

2021-B25,

Class

XA,

1.23%,

04/15/54

...............

9,665

838,065

GS

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.85%,

12/12/53

(a)

................

1,496

192,200

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2020-C58,

Class

XA,

2.01%,

07/15/53

...............

10,774

1,482,384

Series

2021-C59,

Class

XA,

1.69%,

04/15/54

...............

8,352

978,373

5,229,651

Total

Non-Agency

Mortgage-Backed

Securities

—

2.4%

(Cost:

$181,632,593)

.............................

183,608,832

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

-

0.1%

Capital

Markets

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(c)(r)

..............

7,220

8,612,885

Total

Other

Interests

-

0.1%

(Cost:

$7,284,549)

................................

8,612,885

Par

(000)

Pa

r

(

000)

Preferred

Securities

—

3.3%

Capital

Trusts

—

0.1%

United

States

—

0.1%

(b)

American

Express

Co.,

Series

C

,

(LIBOR

USD

3

Month

+

3.29%),

3.40%

(n)

..................

2,720

2,723,400

Morgan

Stanley,

Series

H

,

(LIBOR

USD

3

Month

+

3.61%),

3.79%

(n)

.....

2,972

2,983,145

Prudential

Financial,

Inc.:

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

..........

1,491

1,600,071

(LIBOR

USD

3

Month

+

4.18%),

5.87%, 09/15/42

..........

2,264

2,393,309

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.50%

(n)

...........

USD

1,158

$

1,146,420

10,846,345

Total

Capital

Trusts

—

0.1%  

(Cost:

$10,599,929)

..............................

10,846,345

Shares

Shares

Preferred

Stocks

—

3.1%

Brazil

—

0.1%

Itau

Unibanco

Holding

SA

(Preference)

285,195

1,709,863

Neon

Payments

Ltd.

(c)

...........

10,380

3,876,203

5,586,066

China

—

0.2%

ByteDance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$11,713,918)

(c)(g)

..

106,904

18,134,662

Germany

—

0.4%

Porsche

Automobil

Holding

SE

(Preference)

...............

36,318

3,898,766

Sartorius

AG

(Preference)

........

229

119,196

Volkswagen

AG

(Preference)

......

70,624

17,707,661

Volocopter

Gmbh,

(Acquired

03/03/21,

cost

$7,545,514)

(c)(g)

..........

1,420

7,509,424

29,235,047

India

—

0.1%

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$4,447,111)

(c)(g)

.............

1,380

5,292,420

Jersey

—

0.1%

Loadsmart,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$3,701,680)

(c)(g)

...

432,945

4,511,287

United

Kingdom

—

0.4%

(g)

Arrival

Ltd.,

Series

A

(Acquired

10/8/20,

cost

$10,849,984)

...........

1,510,583

23,125,092

Exscientia

Ltd.,

C-1

(Acquired

02/24/21,

cost

$3,432,127)

(c)

...........

1,960

6,864,253

Exscientia

Ltd.,

C-1

(Acquired

04/29/21,

cost

$1,716,063)

(c)(d)

..........

490

1,716,063

31,705,408

United

States

—

1.8%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(a)(k)

.............

12,010

15,133,561

Aptiv

plc,

Series

A,

5.50%

(k)

.......

40,585

7,257,410

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(e)

..................

151,936

8,130,095

Boston

Scientific

Corp.,

Series

A,

5.50%

(e)

..................

26,805

3,110,988

Cruise,

Series

G

(Acquired

03/25/21,

cost

$3,295,779)

(c)(g)

..........

125,077

3,313,290

Databricks,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$3,896,150)

(c)(g)

...

90,717

16,090,474

Databricks,

Inc.,

Series

G

(Acquired

02/01/21,

cost

$4,396,950)

(c)(g)

...

24,790

4,397,002

Deep

Instinct

Ltd.,

Series

D-2

(Acquired

03/19/21,

cost

$3,888,688)

(c)(g)

...

639,810

4,028,967

DoubleVerify

Holdings,

Inc.,

Series

A

(Acquired

11/18/20,

cost

$2,404,126)

(g)

..............

139,683

5,733,467

EPAM

Systems,

Inc.

(d)

...........

4,222

2,157,273

Security

Shares

Shares

Value

United

States

(continued)

Exo

Imaging,

Inc.,

Series

C

(Acquired

06/24/21,

cost

$2,729,072)

(c)(d)(g)

..

465,871

$

2,729,072

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$3,117,865)

(c)(g)

.............

94,319

4,026,478

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$5,939,231)

(c)(g)

...

1,929,993

7,102,374

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$3,180,966)

(c)(g)

...

1,184,166

4,322,206

Jumpcloud,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$4,033,036)

(c)(g)

...

2,211,458

3,980,625

Live

Nation

Entertainment,

Inc.

(d)

...

48,262

4,227,269

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$10,936,522)

(c)(g)

............

863,811

10,063,398

MongoDB,

Inc.

(d)

..............

12,718

4,597,811

Mount

Sinai

Genomics,

Inc.,

Sema

4

Series

C

(Acquired

07/17/20,

cost

$3,686,955)

(c)(g)

.............

6,008

8,440,039

Mythic

AL,

Inc.,

Series

C

(Acquired

01/26/21,

cost

$2,117,646)

(c)(g)

...

308,241

2,207,006

PsiQuantum

Corp.,

(Acquired

05/21/21,

cost

$1,743,151)

(c)(d)(g)

.........

66,466

1,743,151

Relativity

Space,

Inc.,

(Acquired

05/27/21,

cost

$3,000,761),

Series

E

(c)(d)(g)

...................

131,410

3,000,090

SambaNova

Systems,

Inc.,

(Acquired

04/9/21,

cost

$2,289,175),

Series

D

(c)(d)(g)

...................

24,092

2,289,248

SambaNova

Systems,

Inc.,

Series

C

(Acquired

02/19/20,

cost

$4,030,858)

(c)(g)

.............

75,709

7,193,869

Snorkel

AI,

Inc.,

Series

C

(Acquired

06/30/21,

cost

$1,079,673)

(c)(d)(g)

..

71,884

1,079,698

Wells

Fargo

&

Co.,

Series

L,

7.50%

(e)(k)

(n)

......................

1,758

2,683,077

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$3,083,013)

(c)(g)

.............

195,578

3,659,264

142,697,202

Total

Preferred

Stocks

—

3.1%  

(Cost:

$174,961,739)

.............................

237,162,092

Trust

Preferreds

—

0.1%

United

States

—

0.1%

(b)(e)

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

6.56%, 10/30/40

189,312

5,281,805

GMAC

Capital

Trust

I,

Series

2

,

(LIBOR

USD

3

Month

+

5.79%),

5.94%, 02/15/40

............

112,317

2,842,743

8,124,548

Total

Trust

Preferreds

—

0.1%  

(Cost:

$7,782,616)

..............................

8,124,548

Total

Preferred

Securities

—

3.3%

(Cost:

$193,344,284)

.............................

256,132,985

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.82%, 09/25/30

(b)

...........

USD

757

$

891,659

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

2,840

259,602

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

:

Series

K105,

Class

X1,

1.64%

,

 03/25/53

........

11,888

1,361,191

Series

K109,

Class

X1,

1.70%

,

 04/25/30

........

5,124

612,325

Series

K110,

Class

X1,

1.81%

,

 04/25/30

........

4,476

571,729

Series

K116,

Class

X1,

1.53%

,

 07/25/30

........

2,572

283,300

Series

K120,

Class

X1,

1.13%

,

 10/25/30

........

16,759

1,383,130

Series

KW09,

Class

X1,

0.94%

,

 05/25/29

........

19,598

1,030,052

5,501,329

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%  

(Cost:

$6,362,126)

..............................

6,392,988

U.S.

Treasury

Obligations

—

0.3%

U.S.

Treasury

Notes,

2.00%, 11/15/21

(i)

20,000

20,143,750

Total

U.S.

Treasury

Obligations

—

0.3%

(Cost:

$20,140,053)

..............................

20,143,750

Shares

Shares

Warrants

—

0.0%

Brazil

—

0.0%

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

1

share

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

1.00)

(c)(d)

..........

3,459

62,020

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(Issued/

exercisable

06/15/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

(d)

..........

85,886

100,821

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

exercisable

11/27/20,

1

share

for

1

warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(d)

..........

1,586

1,063

Security

Shares

Shares

Value

United

States

—

0.0%

(d)

Cano

Health,

Inc.

(Issued/exercisable

06/03/21,

1

share

for

1

warrant,

Expires

07/06/25,

Strike

Price

USD

11.50)

...................

88,134

$

325,082

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.

(Issued/

exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

............

48,920

199,589

Crown

PropTech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

1.00)

(c)

...........

90,780

52,652

Israel

Amplify

Program

Corp.

(Issued/

exercisable

05/14/21,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

1.00)

(c)

...........

134,819

203,577

Latch,

Inc.

(Issued/exercisable

06/04/21,

1

share

for

1

warrant,

Expires

12/31/26,

Strike

Price

USD

11.50)

...................

37,211

130,238

Lightning

eMotors,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

1.00)

............

98,870

332,248

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

01/31/26,

Strike

Price

USD

11.50)

(c)

...........

33,370

36,373

Tortoise

Acquisition

Corp.

II

(Issued/

exercisable

10/22/20,

1

share

for

1

warrant,

Expires

06/14/27,

Strike

Price

USD

11.50)

............

50,390

109,346

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

21,860

72,357

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)

(g)

......................

195,578

567,176

2,028,638

Total

Warrants

—

0.0%

............................

2,192,542

Total

Long-Term

Investments

—

94.9%

(Cost:

$5,976,965,308)

...........................

7,363,357,443

Par

(000)

Pa

r

(

000)

Short-Term

Securities

—

5.8%

Foreign

Government

Obligations

—

0.7%

(s)

Brazil

-

0.7%

Federative

Republic

of

Brazil

Treasury

Bills,

8.62%

,

07/01/24

.........

BRL

342

54,372,250

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$50,576,462)

..............................

54,372,250

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Money

Market

Funds

—

4.8%

(f)(t)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

198,066,389

$

198,066,389

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(u)

.............

173,245,307

173,297,281

Total

Money

Market

Funds

—

4.8%

(Cost:

$371,363,670)

.............................

371,363,670

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.3%

Australia

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.44)%, 07/01/21

...........

AUD

506

378,402

Canada

—

0.0%

Royal

Bank

of

Canada,

0.01%, 07/02/21

............

CAD

3,469

2,799,802

Europe

—

0.1%

BNP

Paribas,

(0.78)%, 07/01/21

....

EUR

3,803

4,513,727

Hong

Kong

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.00%, 07/02/21

............

HKD

12,351

1,590,543

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.31)%, 07/01/21

...........

JPY

49,818

446,715

New

Zealand

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.60)%, 07/01/21

...........

NZD

—

(v)

4

Norway

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(1.08)%, 07/01/21

...........

NOK

37

4,275

Singapore

—

0.0%

Hong

Kong

&

Shanghai

Bank,

0.00%, 07/01/21

............

SGD

109

81,260

South

Africa

—

0.0%

Brown

Brothers

Harriman

&

Co.,

3.65%, 07/01/21

............

ZAR

—

(v)

18

United

Kingdom

—

0.1%

Citibank

NA,

0.01%, 07/01/21

.....

GBP

2,195

3,025,174

United

States

—

0.1%

Skandinaviska

Enskilda

Banken

AB,

0.08%, 07/01/21

............

USD

6,858

6,858,382

Total

Time

Deposits

—

0.3%

(Cost:

$19,698,302)

..............................

19,698,302

Total

Short-Term

Securities

—

5.8%

(Cost:

$441,638,434)

.............................

445,434,222

Total

Options

Purchased

—

0.4%

(Cost:

$39,048,048

)

..............................

32,995,589

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

101.1%

(Cost:

$6,457,651,790)

...........................

7,841,787,254

Total

Options

Written

—

(0.3)%

(Premiums

Received

—

$25,879,353)

.................

(17,730,041)

Security

Shares

Shares

Value

Investments

Sold

Short

—

(0.5)%

Common

Stocks

—

(0.5)%

United

States

—

(0.5)%

Appian

Corp.

(d)

...............

56,114

$

(7,729,703)

DoorDash,

Inc.,

Class

A

(d)

........

29,049

(5,180,308)

Hershey

Co.

(The)

.............

14,342

(2,498,090)

JM

Smucker

Co.

(The)

..........

15,304

(1,982,939)

Nordstrom,

Inc.

(d)

..............

22,836

(835,113)

Snowflake,

Inc.,

Class

A

(d)

........

20,817

(5,033,551)

Tesla,

Inc.

(d)

..................

7,477

(5,082,117)

Walgreens

Boots

Alliance,

Inc.

.....

221,181

(11,636,332)

(39,978,153)

Total

Common

Stocks

—

(0.5)%

(Proceeds:

$36,783,363)

..........................

(39,978,153)

Total

Investments

Sold

Short

—

(0.5)%

(Proceeds:

$36,783,363

)

..........................

(39,978,153)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

100.3%

(Cost:

$6,394,989,074)

...........................

7,784,079,060

Liabilities

in

Excess

of

Other

Assets

—

(0.3)%

............

(25,267,537)

Net

Assets

—

100.0%

..............................

$

7,758,811,523

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(a)

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.

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Affiliate

of

the

Fund.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$287,979,942,

representing

3.71%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$195,927,623.

(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)

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.

(j)

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.

(k)

Convertible

security.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

Zero-coupon

bond.

(n)

Perpetual

security

with

no

stated

maturity

date.

(o)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(p)

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.

(q)

Fixed

rate.

(r)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(s)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(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)

Rounds

to

less

than

1,000.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Par/Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

29,360,501

$

168,705,888

$

—

$

—

$

—

$

198,066,389

198,066,389

$

4,640

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

352,621,386

—

(179,320,973)

(3,132)

—

173,297,281

173,245,307

945,390

(b)

—

Bio

City

Development

Co.

BV,

8.00%, 07/06/21

.........

2,193,500

—

—

—

(535,000)

1,658,500

21,400,000

832,354

—

iShares

China

Large-Cap

ETF

..

11,083,538

—

(4,679,612)

159,767

(209,533)

6,354,160

137,150

24,045

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

103,651,290

—

(100,429,281)

2,441,203

(3,422,946)

2,240,266

25,446

1,185,922

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

46,918,617

14,754,824

(58,154,954)

(643,712)

(968,610)

1,906,165

14,187

194,832

—

iShares

Latin

America

40

ETF

..

5,690,965

—

(2,286,373)

236,384

(113,667)

3,527,309

111,907

49,101

—

iShares

MSCI

Brazil

ETF

.....

4,298,303

4,334,188

(2,276,013)

315,677

(246,484)

6,425,671

158,502

115,199

—

iShares

MSCI

Emerging

Markets

ETF

..................

1,464,018

—

(637,411)

102,627

(27,366)

901,868

16,353

4,572

—

iShares

MSCI

Japan

ETF

.....

—

4,446,938

—

—

(21,582)

4,425,356

65,522

—

—

iShares

Nasdaq

Biotechnology

ETF

..................

1,569,891

—

(664,241)

163,048

(94,817)

973,881

5,951

1,519

—

iShares

Russell

2000

ETF

(c)

....

107,492,052

6,309,939

(121,996,977)

18,173,874

(9,978,888)

—

—

103,273

—

iShares

S&P

500

Value

ETF

...

10,275,781

—

(1,639,907)

274,035

1,298,216

10,208,125

69,142

97,849

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.........

18,089,674

741,480

—

—

(13,625)

18,817,529

19,205,915

1,098,799

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/28

.........

18,591,047

—

(83,465)

—

83,465

18,591,047

18,591,047

1

—

Quintis

HoldCo

Pty.

Ltd.,

(Acquired

10/22/18,

cost

$5,761,227)

..

6,288,328

—

—

—

3,292,577

9,580,905

9,827,224

—

—

$

21,219,771

$

(10,958,260)

$

456,974,452

$

4,657,496

$

—

—

—

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

33

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

...............................................................

893

09/08/21

$

160,324

$

1,101,972

Euro-Bund

..............................................................

226

09/08/21

46,256

32,225

Euro-

Buxl

...............................................................

45

09/08/21

10,845

177,256

Japan

10

Year

Bond

........................................................

62

09/13/21

84,655

(10,187)

Australia

10

Year

Bond

......................................................

1,090

09/15/21

115,414

(417,033)

DAX

Index

..............................................................

68

09/17/21

31,301

(471,437)

EURO

STOXX

50

Index

.....................................................

983

09/17/21

47,271

(974,095)

FTSE/MIB

Index

..........................................................

89

09/17/21

13,194

(276,313)

MSCI

Emerging

Markets

E-Mini

Index

............................................

146

09/17/21

9,963

(47,749)

Russell

2000

E-Mini

Index

....................................................

741

09/17/21

85,504

(849,257)

U.S.

Treasury

10

Year

Note

...................................................

824

09/21/21

109,116

233,636

U.S.

Treasury

Long

Bond

....................................................

205

09/21/21

32,915

729,659

U.S.

Treasury

Ultra

Bond

....................................................

150

09/21/21

28,875

322,754

U.S.

Treasury

5

Year

Note

....................................................

4,080

09/30/21

503,402

(486,133)

(934,702)

Short

Contracts

SPI

200

Index

............................................................

20

09/16/21

2,708

21,507

FTSE

100

Index

..........................................................

42

09/17/21

4,056

67,867

NASDAQ

100

E-Mini

Index

...................................................

1,105

09/17/21

321,533

(11,781,307)

S&P

500

E-Mini

Index

......................................................

2,845

09/17/21

610,053

(7,176,747)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

3,357

09/21/21

493,689

(6,030,954)

Long

Gilt

...............................................................

356

09/28/21

63,083

(399,726)

U.S.

Treasury

2

Year

Note

....................................................

3,918

09/30/21

863,215

615,970

(24,683,390)

$

(25,618,092)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

4,673,497

JPY

515,271,972

Bank

of

America

NA

07/08/21

$

35,169

PLN

68,779,000

EUR

14,914,832

Morgan

Stanley

&

Co.

International

plc

07/09/21

350,933

USD

4,696,967

JPY

517,855,615

Bank

of

America

NA

07/09/21

35,347

BRL

10,517,235

USD

2,093,528

Citibank

NA

07/13/21

18,363

CHF

41,141,000

USD

44,405,228

Morgan

Stanley

&

Co.

International

plc

07/14/21

74,232

USD

3,150,903

CHF

2,895,908

JPMorgan

Chase

Bank

NA

07/14/21

20,001

USD

22,620,451

CHF

20,247,000

UBS

AG

07/14/21

730,474

USD

6,093,290

JPY

671,779,231

BNP

Paribas

SA

07/14/21

45,818

BRL

15,510,172

USD

3,086,509

Citibank

NA

07/15/21

27,318

EUR

2,587,662

JPY

339,158,466

Bank

of

America

NA

07/15/21

15,988

USD

4,636,694

JPY

511,186,183

Bank

of

America

NA

07/15/21

34,868

USD

31,247,192

EUR

25,553,650

Morgan

Stanley

&

Co.

International

plc

07/21/21

934,619

USD

3,962,141

JPY

436,797,068

Bank

of

America

NA

07/21/21

29,776

NOK

25,630,051

USD

2,965,088

JPMorgan

Chase

Bank

NA

07/22/21

11,948

USD

4,403,119

GBP

3,176,712

JPMorgan

Chase

Bank

NA

07/22/21

8,498

USD

22,186,219

NOK

184,921,000

JPMorgan

Chase

Bank

NA

07/22/21

706,882

INR

676,660,000

USD

8,924,558

Citibank

NA

07/23/21

153,384

USD

1,831,453

EUR

1,539,670

Bank

of

America

NA

07/23/21

4,968

USD

4,403,123

GBP

3,176,712

JPMorgan

Chase

Bank

NA

07/23/21

8,489

USD

1,261,892

INR

93,785,076

HSBC

Bank

plc

07/23/21

3,689

GBP

14,859,000

USD

20,486,857

Goldman

Sachs

International

07/29/21

69,336

MXN

396,856,000

USD

19,646,231

Goldman

Sachs

International

07/29/21

194,453

USD

2,854,556

GBP

2,059,457

JPMorgan

Chase

Bank

NA

07/29/21

5,468

USD

17,715,110

GBP

12,800,000

Morgan

Stanley

&

Co.

International

plc

07/29/21

7,373

USD

7,128,277

JPY

785,797,827

Bank

of

America

NA

07/29/21

53,455

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

4,337,348

JPY

568,586,124

JPMorgan

Chase

Bank

NA

07/30/21

$

26,858

USD

3,667,857

EUR

3,083,087

Bank

of

America

NA

07/30/21

9,899

USD

6,542,801

JPY

721,251,392

Bank

of

America

NA

07/30/21

49,057

HKD

38,747,155

USD

4,990,538

UBS

AG

08/05/21

240

USD

3,599,594

GBP

2,596,948

JPMorgan

Chase

Bank

NA

08/05/21

6,877

USD

3,315,200

JPY

365,430,819

Bank

of

America

NA

08/05/21

24,897

USD

2,444,494

EUR

2,054,464

Bank

of

America

NA

08/06/21

6,605

USD

3,572,383

JPY

393,770,777

JPMorgan

Chase

Bank

NA

08/06/21

26,880

HKD

38,705,020

USD

4,985,175

UBS

AG

08/12/21

254

USD

7,389,742

EUR

6,209,958

Bank

of

America

NA

08/12/21

19,925

USD

19,478,322

EUR

16,302,000

JPMorgan

Chase

Bank

NA

08/12/21

131,532

USD

4,422,919

JPY

487,499,166

JPMorgan

Chase

Bank

NA

08/12/21

33,266

USD

5,817,054

EUR

4,888,259

Bank

of

America

NA

08/13/21

15,678

USD

3,902,642

JPY

430,137,754

Bank

of

America

NA

08/19/21

29,268

USD

6,191,728

EUR

5,202,409

Bank

of

America

NA

08/20/21

16,645

USD

38,623,218

EUR

32,333,011

BNP

Paribas

SA

08/20/21

245,033

SEK

29,768,924

USD

3,461,345

JPMorgan

Chase

Bank

NA

08/26/21

18,894

USD

2,436,989

JPY

268,578,110

JPMorgan

Chase

Bank

NA

08/26/21

18,311

USD

25,992,981

SEK

214,783,000

Morgan

Stanley

&

Co.

International

plc

08/26/21

883,028

BRL

12,708,095

USD

2,512,509

Citibank

NA

09/09/21

20,469

USD

17,153,828

CNY

110,158,107

HSBC

Bank

plc

09/09/21

208,156

USD

5,329,940

JPY

587,341,906

JPMorgan

Chase

Bank

NA

09/09/21

39,948

BRL

22,717,156

USD

4,434,000

Goldman

Sachs

International

09/10/21

93,375

USD

752,311

EUR

616,000

UBS

AG

09/16/21

20,714

USD

5,422,508

INR

399,394,826

BNP

Paribas

SA

09/17/21

102,293

JPY

1,260,298,825

EUR

9,506,000

Citibank

NA

09/24/21

60,868

USD

38,459,625

CNY

250,037,558

HSBC

Bank

plc

09/24/21

38,797

USD

6,662,592

EUR

5,606,864

UBS

AG

09/24/21

2,366

USD

19,166,141

CNY

124,636,842

Deutsche

Bank

AG

09/30/21

22,902

5,753,884

CNY

31,954,784

USD

4,946,713

Citibank

NA

07/08/21

(8,599)

JPY

3,715,591,000

USD

33,727,953

BNP

Paribas

SA

07/08/21

(281,287)

JPY

2,100,000

USD

19,063

JPMorgan

Chase

Bank

NA

07/08/21

(159)

USD

166,027

CNY

1,100,000

BNP

Paribas

SA

07/08/21

(3,961)

USD

34,639,627

CNY

229,454,000

HSBC

Bank

plc

07/08/21

(818,917)

EUR

2,067,196

PLN

9,408,469

HSBC

Bank

plc

07/09/21

(16,039)

JPY

3,736,332,000

USD

33,807,009

Bank

of

America

NA

07/09/21

(173,388)

USD

13,221,000

BRL

75,881,930

Citibank

NA

07/13/21

(2,016,308)

JPY

2,683,966,445

USD

24,456,590

BNP

Paribas

SA

07/14/21

(295,062)

JPY

2,162,925,555

USD

19,699,134

Citibank

NA

07/14/21

(228,106)

JPY

2,436,846,300

EUR

18,670,000

HSBC

Bank

plc

07/15/21

(207,036)

JPY

3,688,212,000

USD

33,606,780

HSBC

Bank

plc

07/15/21

(404,570)

USD

19,787,110

BRL

111,906,000

BNP

Paribas

SA

07/15/21

(2,679,175)

EUR

25,553,650

USD

30,656,415

JPMorgan

Chase

Bank

NA

07/21/21

(343,842)

JPY

3,151,494,000

USD

28,877,341

UBS

AG

07/21/21

(505,301)

AUD

12,606,000

USD

9,782,668

Morgan

Stanley

&

Co.

International

plc

07/22/21

(327,779)

GBP

30,000

USD

41,822

Barclays

Bank

plc

07/22/21

(320)

GBP

22,890,000

USD

31,913,252

HSBC

Bank

plc

07/22/21

(247,534)

USD

1,309,654

AUD

1,747,192

JPMorgan

Chase

Bank

NA

07/22/21

(794)

EUR

11,108,732

USD

13,448,357

Morgan

Stanley

&

Co.

International

plc

07/23/21

(270,255)

GBP

42,000

USD

58,550

Barclays

Bank

plc

07/23/21

(448)

GBP

22,878,000

USD

31,893,895

HSBC

Bank

plc

07/23/21

(244,678)

JPY

2,518,043,000

USD

23,113,798

Bank

of

America

NA

07/29/21

(442,948)

JPY

3,151,494,000

USD

28,885,607

Morgan

Stanley

&

Co.

International

plc

07/29/21

(511,569)

USD

2,668,650

MXN

55,004,242

Morgan

Stanley

&

Co.

International

plc

07/29/21

(81,269)

EUR

22,244,497

USD

26,997,817

HSBC

Bank

plc

07/30/21

(605,620)

JPY

4,121,944,287

EUR

31,294,000

Goldman

Sachs

International

07/30/21

(17,388)

JPY

2,516,689,000

USD

23,125,105

Bank

of

America

NA

07/30/21

(466,247)

JPY

2,687,145,000

USD

24,882,716

JPMorgan

Chase

Bank

NA

07/30/21

(689,167)

CNY

22,747,448

USD

3,514,900

BNP

Paribas

SA

08/05/21

(6,819)

GBP

113,513

USD

157,754

Citibank

NA

08/05/21

(716)

GBP

18,623,487

USD

25,880,741

Morgan

Stanley

&

Co.

International

plc

08/05/21

(116,301)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

35

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

JPY

2,636,586,000

USD

24,237,114

JPMorgan

Chase

Bank

NA

08/05/21

$

(497,552)

USD

25,149,867

CNY

164,123,000

BNP

Paribas

SA

08/05/21

(160,961)

USD

35,837,602

HKD

278,327,000

Bank

of

America

NA

08/05/21

(11,952)

USD

158,890

HKD

1,234,000

UBS

AG

08/05/21

(54)

CNY

13,812,044

USD

2,134,046

BNP

Paribas

SA

08/06/21

(4,123)

EUR

14,822,974

USD

17,815,783

JPMorgan

Chase

Bank

NA

08/06/21

(226,397)

JPY

2,807,099,000

USD

25,715,480

JPMorgan

Chase

Bank

NA

08/06/21

(440,425)

JPY

33,960,000

USD

311,113

UBS

AG

08/06/21

(5,338)

USD

14,609,621

CNY

95,341,000

HSBC

Bank

plc

08/06/21

(92,691)

USD

660,856

CNY

4,313,000

UBS

AG

08/06/21

(4,242)

IDR

87,304,292,380

USD

6,059,627

Goldman

Sachs

International

08/11/21

(93,776)

IDR

43,000,621,620

USD

2,982,426

HSBC

Bank

plc

08/11/21

(44,022)

EUR

44,804,893

USD

54,485,577

Citibank

NA

08/12/21

(1,312,294)

JPY

3,517,310,000

USD

32,418,208

JPMorgan

Chase

Bank

NA

08/12/21

(746,833)

USD

35,855,055

HKD

278,469,000

BNP

Paribas

SA

08/12/21

(13,350)

USD

101,462

HKD

788,000

UBS

AG

08/12/21

(37)

EUR

35,268,823

USD

42,875,038

Citibank

NA

08/13/21

(1,018,070)

AUD

28,579,046

USD

22,185,713

BNP

Paribas

SA

08/19/21

(748,056)

JPY

3,070,939,000

USD

28,140,539

Deutsche

Bank

AG

08/19/21

(486,853)

JPY

32,508,000

USD

297,877

JPMorgan

Chase

Bank

NA

08/19/21

(5,144)

KRW

20,340,892,778

USD

18,055,115

Citibank

NA

08/19/21

(58,042)

USD

2,970,875

AUD

3,961,056

JPMorgan

Chase

Bank

NA

08/19/21

(384)

USD

2,486,526

KRW

2,819,247,739

Citibank

NA

08/19/21

(7,868)

AUD

24,483,665

USD

18,890,328

JPMorgan

Chase

Bank

NA

08/20/21

(524,625)

EUR

37,535,421

USD

45,863,089

Barclays

Bank

plc

08/20/21

(1,309,821)

USD

2,545,361

AUD

3,393,436

JPMorgan

Chase

Bank

NA

08/20/21

(125)

KRW

20,018,861,000

USD

17,750,364

JPMorgan

Chase

Bank

NA

08/24/21

(38,797)

USD

2,447,160

KRW

2,774,614,135

Citibank

NA

08/24/21

(7,663)

KRW

20,176,550,000

USD

17,958,656

Morgan

Stanley

&

Co.

International

plc

08/25/21

(107,675)

AUD

5,143,137

USD

3,990,810

JPMorgan

Chase

Bank

NA

08/26/21

(132,754)

JPY

1,937,793,000

USD

17,685,876

Deutsche

Bank

AG

08/26/21

(235,099)

USD

534,393

AUD

712,839

JPMorgan

Chase

Bank

NA

08/26/21

(334)

AUD

17,260,940

USD

13,355,135

JPMorgan

Chase

Bank

NA

08/27/21

(407,025)

USD

1,793,487

AUD

2,392,366

JPMorgan

Chase

Bank

NA

08/27/21

(1,121)

AUD

19,203,147

USD

14,732,977

JPMorgan

Chase

Bank

NA

09/02/21

(327,621)

USD

1,996,488

AUD

2,661,556

Bank

of

America

NA

09/02/21

(94)

CNY

15,267,914

USD

2,353,220

Citibank

NA

09/09/21

(4,550)

JPY

4,237,676,092

USD

38,738,875

JPMorgan

Chase

Bank

NA

09/09/21

(571,546)

USD

17,930,771

BRL

91,689,000

Citibank

NA

09/09/21

(344,681)

USD

4,434,000

BRL

22,533,588

Citibank

NA

09/10/21

(56,792)

USD

622,346

BRL

3,148,598

UBS

AG

09/10/21

(5,148)

EUR

616,000

USD

747,045

BNP

Paribas

SA

09/16/21

(15,448)

INR

55,356,123

USD

739,857

Deutsche

Bank

AG

09/17/21

(2,475)

CAD

17,400,000

USD

14,140,922

Deutsche

Bank

AG

09/23/21

(104,589)

USD

26,785,048

CNY

174,571,553

JPMorgan

Chase

Bank

NA

09/23/21

(41,638)

USD

5,936,233

CNY

38,696,590

UBS

AG

09/23/21

(10,333)

GBP

11,594,437

EUR

13,534,000

BNP

Paribas

SA

09/24/21

(34,918)

(22,274,938)

$

(16,521,054)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

Bank

of

America

NA

07/22/21

CNH

6.56

CNH

6.56

USD

394

$

53,255

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

36

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

USD

Currency

...............

One-Touch

Bank

of

America

NA

07/22/21

CNH

6.38

CNH

6.38

USD

787

$

54,533

$

107,788

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

......................

1,831

07/02/21

USD

427.00

USD

78,378

$

416,553

Alphabet,

Inc.

..............................

32

07/16/21

USD

2,600.00

USD

8,020

29,600

Amazon.com,

Inc.

...........................

22

07/16/21

USD

3,750.00

USD

7,568

7,095

Apple,

Inc.

................................

583

07/16/21

USD

140.00

USD

7,985

51,596

Applied

Materials,

Inc.

........................

579

07/16/21

USD

140.00

USD

8,245

295,290

BP

plc

...................................

2,588

07/16/21

USD

29.00

USD

6,837

21,998

Crowdstrike

Holdings,

Inc.

......................

190

07/16/21

USD

220.00

USD

4,775

613,225

DR

Horton,

Inc.

.............................

761

07/16/21

USD

95.00

USD

6,877

42,616

Freeport-McMoRan,

Inc.

.......................

300

07/16/21

USD

38.00

USD

1,113

27,600

FTSE

MIB

Index

............................

125

07/16/21

EUR

26,000.00

EUR

6,276

12,599

iShares

MSCI

Emerging

Markets

ETF

..............

4,702

07/16/21

USD

57.00

USD

25,932

47,020

Johnson

Controls

International

plc

................

1,102

07/16/21

USD

67.50

USD

7,563

203,870

Lions

Gate

Entertainment

Corp.

..................

145

07/16/21

USD

21.00

USD

300

8,700

Mastercard

,

Inc.

............................

203

07/16/21

USD

390.00

USD

7,411

9,541

Microsoft

Corp.

.............................

314

07/16/21

USD

265.00

USD

8,506

235,500

PulteGroup,

Inc.

............................

452

07/16/21

USD

60.00

USD

2,467

6,780

Ralph

Lauren

Corp.

..........................

333

07/16/21

USD

145.00

USD

3,923

4,995

RingCentral,

Inc.

............................

60

07/16/21

USD

340.00

USD

1,743

4,200

Sabre

Corp.

...............................

135

07/16/21

USD

20.00

USD

168

405

Sandvik

AB

................................

916

07/16/21

SEK

237.83

SEK

20,245

2,378

SPDR

S&P

500

ETF

Trust

......................

3,445

07/16/21

USD

427.00

USD

147,467

1,572,643

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

249

07/16/21

USD

102.00

USD

2,408

35,856

Twilio

,

Inc.

................................

53

07/16/21

USD

390.00

USD

2,089

84,138

VanEck

Vectors

Semiconductor

ETF

...............

1,105

07/16/21

USD

260.00

USD

28,978

635,375

SPDR

S&P

500

ETF

Trust

......................

4,322

07/30/21

USD

436.00

USD

185,008

814,697

Amazon.com,

Inc.

...........................

24

08/20/21

USD

3,600.00

USD

8,256

172,800

Comcast

Corp.

.............................

413

08/20/21

USD

57.50

USD

2,355

67,526

CommScope

Holding

Co.,

Inc.

...................

121

08/20/21

USD

25.00

USD

258

5,143

ConocoPhillips

.............................

1,282

08/20/21

USD

65.00

USD

7,807

188,454

Daimler

AG

................................

757

08/20/21

EUR

85.00

EUR

5,705

40,393

Energy

Select

Sector

SPDR

Fund

................

5,193

08/20/21

USD

60.00

USD

27,975

301,194

Facebook,

Inc.

.............................

478

08/20/21

USD

345.00

USD

16,621

852,035

Freeport-McMoRan,

Inc.

.......................

600

08/20/21

USD

41.00

USD

2,227

71,100

Global

Payments,

Inc.

........................

369

08/20/21

USD

210.00

USD

6,920

54,428

L

Brands,

Inc.

..............................

1,088

08/20/21

USD

80.00

USD

7,840

256,768

Las

Vegas

Sands

Corp.

.......................

199

08/20/21

USD

65.00

USD

1,049

9,453

Mastercard

,

Inc.

............................

191

08/20/21

USD

375.00

USD

6,973

162,350

Mastercard

,

Inc.

............................

426

08/20/21

USD

410.00

USD

15,553

59,427

salesforce.com,

Inc.

..........................

205

08/20/21

USD

250.00

USD

5,008

137,863

SPDR

S&P

500

ETF

Trust

......................

1,298

08/20/21

USD

440.00

USD

55,562

312,818

Trane

Technologies

plc

........................

77

08/20/21

USD

190.00

USD

1,418

30,800

Wells

Fargo

&

Co.

...........................

1,794

08/20/21

USD

45.00

USD

8,125

391,092

Western

Digital

Corp.

.........................

242

08/20/21

USD

95.00

USD

1,722

14,157

Western

Digital

Corp.

.........................

492

08/20/21

USD

85.00

USD

3,502

60,762

Zscaler

,

Inc.

...............................

212

08/20/21

USD

220.00

USD

4,580

217,830

Advance

Auto

Parts,

Inc.

.......................

151

09/17/21

USD

210.00

USD

3,098

123,065

Carrier

Global

Corp.

..........................

966

09/17/21

USD

47.00

USD

4,695

318,780

Deere

&

Co.

...............................

52

09/17/21

USD

380.00

USD

1,834

38,740

FedEx

Corp.

...............................

169

09/17/21

USD

310.00

USD

5,042

155,058

Freeport-McMoRan,

Inc.

.......................

638

09/17/21

USD

40.00

USD

2,368

126,962

Illinois

Tool

Works,

Inc.

........................

305

09/17/21

USD

250.00

USD

6,819

26,688

Lions

Gate

Entertainment

Corp.

..................

252

09/17/21

USD

25.00

USD

522

15,750

SPDR

S&P

500

ETF

Trust

......................

6,126

09/17/21

USD

450.00

USD

262,230

1,209,885

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

37

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

S&P

500

ETF

Trust

......................

6,908

09/17/21

USD

440.00

USD

295,704

$

3,315,840

Vinci

SA

..................................

526

09/17/21

EUR

100.00

EUR

4,733

49,273

Wells

Fargo

&

Co.

...........................

1,767

09/17/21

USD

45.00

USD

8,003

472,673

Nucor

Corp.

...............................

396

10/15/21

USD

110.00

USD

3,799

128,700

TE

Connectivity

Ltd.

..........................

183

10/15/21

USD

145.00

USD

2,474

50,325

Parker-Hannifin

Corp.

.........................

226

11/19/21

USD

340.00

USD

6,941

190,970

Diamondback

Energy,

Inc.

......................

392

12/17/21

USD

90.00

USD

3,680

556,640

Diamondback

Energy,

Inc.

......................

655

12/17/21

USD

115.00

USD

6,150

383,175

SPDR

S&P

500

ETF

Trust

......................

373

12/17/21

USD

360.00

USD

15,967

2,734,650

Caesars

Entertainment,

Inc.

....................

263

01/21/22

USD

100.00

USD

2,729

428,033

Devon

Energy

Corp.

..........................

1,134

01/21/22

USD

35.00

USD

3,310

233,037

Devon

Energy

Corp.

..........................

1,399

01/21/22

USD

28.00

USD

4,084

626,053

19,774,960

Put

SPDR

S&P

500

ETF

Trust

......................

134

07/02/21

USD

420.00

USD

5,736

1,273

SPDR

S&P

500

ETF

Trust

......................

2,001

07/02/21

USD

410.00

USD

85,655

7,004

Invesco

QQQ

Trust

1

.........................

1,325

07/16/21

USD

320.00

USD

46,962

49,025

Invesco

QQQ

Trust

1

.........................

1,638

07/16/21

USD

325.00

USD

58,056

74,529

iShares

Russell

2000

ETF

......................

93

07/16/21

USD

218.00

USD

2,133

6,789

Pitney

Bowes,

Inc.

...........................

136

07/16/21

USD

7.00

USD

119

1,360

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

......

173

07/16/21

USD

108.00

USD

1,902

2,163

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

6,642

09/17/21

USD

84.00

USD

58,476

252,396

PG&E

Corp.

...............................

152

09/17/21

USD

8.00

USD

155

2,128

90-day

Eurodollar

December

2021

Futures

..........

563

12/10/21

USD

99.38

USD

140,750

119,638

Uber

Technologies,

Inc.

.......................

107

12/17/21

USD

25.00

USD

536

1,659

517,964

$

20,292,924

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

adidas

AG

.............

Barclays

Bank

plc

12,016

07/16/21

EUR

305.00

EUR

3,772

$

167,582

EURO

STOXX

50

Index

....

Credit

Suisse

International

5,271

07/16/21

EUR

4,175.00

EUR

21,423

41,876

NXP

Semiconductors

NV

...

UBS

AG

39,441

07/16/21

USD

210.00

USD

8,114

110,632

Safran

SA

..............

Barclays

Bank

plc

30,351

07/16/21

EUR

125.00

EUR

3,549

19,062

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/28/21

MXN

21.50

USD

46,960

32,121

DR

Horton,

Inc.

..........

Citibank

NA

79,373

08/20/21

USD

90.00

USD

7,173

369,084

EURO

STOXX

50

Index

....

Goldman

Sachs

International

3,166

08/20/21

EUR

4,250.00

EUR

12,868

46,175

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

7,217

08/20/21

EUR

675.00

EUR

4,773

105,205

Autodesk,

Inc.

...........

Nomura

International

plc

40,592

09/17/21

USD

295.00

USD

11,849

464,255

EURO

STOXX

50

Index

....

Credit

Suisse

International

5,272

09/17/21

EUR

4,250.00

EUR

21,427

170,660

United

Rentals,

Inc.

.......

Credit

Suisse

International

12,835

09/17/21

USD

360.00

USD

4,094

95,621

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

09/29/21

MXN

20.75

USD

46,960

555,759

EURO

STOXX

50

Index

....

Credit

Suisse

International

5,271

11/19/21

EUR

4,300.00

EUR

21,423

278,754

Amazon.com,

Inc.

........

Citibank

NA

2,862

06/17/22

USD

4,150.00

USD

9,846

444,397

2,901,183

Put

SPDR

Gold

Shares

(a)

......

Citibank

NA

48,700

07/16/21

USD

164.00

USD

8,066

61,603

SPDR

Gold

Shares

(a)

......

Citibank

NA

59,300

07/16/21

USD

166.00

USD

9,822

122,746

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/27/21

RUB

72.25

USD

17,826

94,725

EUR

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/30/21

USD

1.19

EUR

95,129

659,727

EUR

Currency

...........

BNP

Paribas

SA

—

08/02/21

USD

1.19

EUR

65,006

642,290

iShares

National

Muni

Bond

ETF

...............

Credit

Suisse

International

993

08/20/21

USD

113.00

USD

116

–

iShares

National

Muni

Bond

ETF

...............

Credit

Suisse

International

997

08/20/21

USD

114.00

USD

117

1

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

38

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

08/25/21

MXN

19.75

USD

32,963

$

292,375

USD

Currency

...........

Bank

of

America

NA

—

08/26/21

RUB

72.50

USD

30,698

296,377

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

08/26/21

ZAR

13.75

USD

24,259

116,042

2,285,886

$

5,187,069

(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

Call

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

4,567.73

and

10

year

swap

>=

1.7

.......

Goldman

Sachs

International

1,106

10/15/21

USD

10,104

$

285,247

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

%

Quarterly

CDX.NA.IG.36.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/21/21

USD

65.00

USD

30,502

$

2,467

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

07/21/21

USD

108.00

USD

3,562

2,804

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

07/21/21

USD

108.50

USD

1,955

2,169

$

7,440

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

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

10-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.07%

Annual

Goldman

Sachs

International

12/24/21

0.07

%

EUR

29,481

$

256,558

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.60%

Semi-Annual

Goldman

Sachs

International

04/20/22

1.60

USD

29,189

1,076,544

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.30%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/21/22

1.30

USD

30,938

361,159

1-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.80

USD

391,953

944,655

2,638,916

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

39

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

Put

5-Year

Interest

Rate

Swap

(a)

.

1.37%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

07/08/21

1.37

%

USD

97,008

$

40

30-Year

Interest

Rate

Swap

(a)

0.48%

Annual

6

month

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.48

EUR

28,337

1,214,826

30-Year

Interest

Rate

Swap

(a)

0.49%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

11/24/21

0.49

EUR

27,640

1,175,353

30-Year

Interest

Rate

Swap

(a)

0.52%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

12/09/21

0.52

EUR

26,037

1,046,304

10-Year

Interest

Rate

Swap

(a)

1.79%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

12/29/21

1.79

USD

36,852

361,986

1-Year

Interest

Rate

Swap

(a)

.

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/05/22

0.50

USD

420,846

677,696

4,476,205

$

7,115,121

(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

USD

Currency

.......

One-Touch

Bank

of

America

NA

—

07/22/21

CNH

6.45

CNH

6.45

USD

394

$

(178,757)

EURO

STOXX

50

Index

.

Down

and

In

Credit

Suisse

International

4,858

12/17/21

EUR

3,500.00

EUR

3,100.00

EUR

5

(331,418)

$

(510,175)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Alphabet,

Inc.

...............................

32

07/16/21

USD

2,800.00

USD

8,020

$

(15,920)

Amazon.com,

Inc.

............................

22

07/16/21

USD

4,100.00

USD

7,568

(1,705)

Apple,

Inc.

.................................

583

07/16/21

USD

155.00

USD

7,985

(2,915)

Applied

Materials,

Inc.

.........................

579

07/16/21

USD

155.00

USD

8,245

(35,609)

Crowdstrike

Holdings,

Inc.

.......................

190

07/16/21

USD

250.00

USD

4,775

(169,575)

Freeport-McMoRan,

Inc.

........................

300

07/16/21

USD

41.00

USD

1,113

(7,950)

iShares

MSCI

Emerging

Markets

ETF

...............

4,702

07/16/21

USD

61.00

USD

25,932

(14,106)

Mastercard

,

Inc.

.............................

203

07/16/21

USD

440.00

USD

7,411

(1,827)

Microsoft

Corp.

..............................

314

07/16/21

USD

290.00

USD

8,506

(5,181)

NVIDIA

Corp.

...............................

71

07/16/21

USD

660.00

USD

5,681

(1,009,975)

RingCentral,

Inc.

.............................

60

07/16/21

USD

390.00

USD

1,743

(6,000)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

249

07/16/21

USD

110.00

USD

2,408

(9,089)

Twilio

,

Inc.

.................................

53

07/16/21

USD

450.00

USD

2,089

(8,295)

UWM

Holdings

Corp.

..........................

356

07/16/21

USD

12.00

USD

301

(2,670)

UWM

Holdings

Corp.

..........................

572

07/16/21

USD

11.00

USD

483

(4,290)

Amazon.com,

Inc.

............................

48

08/20/21

USD

3,900.00

USD

16,513

(91,560)

Capital

One

Financial

Corp.

......................

389

08/20/21

USD

160.00

USD

6,017

(183,803)

ConocoPhillips

..............................

1,282

08/20/21

USD

75.00

USD

7,807

(35,255)

Energy

Select

Sector

SPDR

Fund

.................

7,790

08/20/21

USD

65.00

USD

41,965

(186,960)

Facebook,

Inc.

..............................

478

08/20/21

USD

365.00

USD

16,621

(439,760)

Freeport-McMoRan,

Inc.

........................

600

08/20/21

USD

46.00

USD

2,227

(27,000)

Global

Payments,

Inc.

.........................

369

08/20/21

USD

230.00

USD

6,920

(35,055)

Mastercard

,

Inc.

.............................

382

08/20/21

USD

400.00

USD

13,946

(91,680)

Mastercard

,

Inc.

.............................

426

08/20/21

USD

450.00

USD

15,553

(11,289)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

40

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

UWM

Holdings

Corp.

..........................

196

08/20/21

USD

12.50

USD

166

$

(3,430)

Western

Digital

Corp.

..........................

364

08/20/21

USD

100.00

USD

2,591

(16,744)

Zscaler

,

Inc.

................................

212

08/20/21

USD

250.00

USD

4,580

(50,138)

SPDR

S&P

500

ETF

Trust

.......................

6,126

09/17/21

USD

454.00

USD

262,230

(830,073)

Wells

Fargo

&

Co.

............................

1,767

09/17/21

USD

52.50

USD

8,003

(96,302)

Diamondback

Energy,

Inc.

.......................

392

12/17/21

USD

130.00

USD

3,680

(135,240)

Diamondback

Energy,

Inc.

.......................

655

12/17/21

USD

135.00

USD

6,150

(188,313)

SPDR

S&P

500

ETF

Trust

.......................

649

12/17/21

USD

455.00

USD

27,781

(350,136)

Caesars

Entertainment,

Inc.

.....................

263

01/21/22

USD

130.00

USD

2,729

(153,198)

Devon

Energy

Corp.

...........................

1,134

01/21/22

USD

40.00

USD

3,310

(135,513)

Devon

Energy

Corp.

...........................

1,399

01/21/22

USD

38.00

USD

4,084

(208,451)

(4,565,007)

Put

SPDR

S&P

500

ETF

Trust

.......................

2,135

07/02/21

USD

390.00

USD

91,391

(3,203)

Alphabet,

Inc.

...............................

32

07/16/21

USD

2,100.00

USD

8,020

(3,360)

Amazon.com,

Inc.

............................

22

07/16/21

USD

3,000.00

USD

7,568

(7,425)

Apple,

Inc.

.................................

583

07/16/21

USD

115.00

USD

7,985

(5,539)

Applied

Materials,

Inc.

.........................

1,159

07/16/21

USD

115.00

USD

16,504

(15,067)

Autodesk,

Inc.

...............................

270

07/16/21

USD

240.00

USD

7,881

(7,290)

Crowdstrike

Holdings,

Inc.

.......................

190

07/16/21

USD

170.00

USD

4,775

(2,280)

DR

Horton,

Inc.

..............................

761

07/16/21

USD

80.00

USD

6,877

(6,469)

Invesco

QQQ

Trust

1

..........................

1,638

07/16/21

USD

295.00

USD

58,056

(21,294)

iShares

Russell

2000

ETF

.......................

93

07/16/21

USD

200.00

USD

2,133

(1,488)

Johnson

Controls

International

plc

.................

1,589

07/16/21

USD

60.00

USD

10,905

(7,945)

Mastercard

,

Inc.

.............................

203

07/16/21

USD

345.00

USD

7,411

(24,766)

Mastercard

,

Inc.

.............................

206

07/16/21

USD

330.00

USD

7,521

(9,579)

Microsoft

Corp.

..............................

314

07/16/21

USD

215.00

USD

8,506

(3,140)

PulteGroup,

Inc.

.............................

452

07/16/21

USD

50.00

USD

2,467

(9,040)

Ralph

Lauren

Corp.

...........................

333

07/16/21

USD

115.00

USD

3,923

(60,773)

RingCentral,

Inc.

.............................

60

07/16/21

USD

260.00

USD

1,743

(8,850)

salesforce.com,

Inc.

...........................

357

07/16/21

USD

185.00

USD

8,720

(2,142)

Sandvik

AB

.................................

916

07/16/21

SEK

208.10

SEK

20,245

(17,837)

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.......

173

07/16/21

USD

105.00

USD

1,902

(1,730)

Twilio

,

Inc.

.................................

53

07/16/21

USD

300.00

USD

2,089

(2,412)

MercadoLibre

,

Inc.

............................

53

07/30/21

USD

1,300.00

USD

8,256

(43,725)

Amazon.com,

Inc.

............................

23

08/20/21

USD

2,800.00

USD

7,912

(26,565)

Comcast

Corp.

..............................

413

08/20/21

USD

52.50

USD

2,355

(30,149)

Daimler

AG

.................................

757

08/20/21

EUR

70.00

EUR

5,705

(83,029)

Facebook,

Inc.

..............................

266

08/20/21

USD

305.00

USD

9,249

(91,105)

Global

Payments,

Inc.

.........................

369

08/20/21

USD

185.00

USD

6,920

(232,470)

Global

Payments,

Inc.

.........................

384

08/20/21

USD

170.00

USD

7,202

(80,640)

Las

Vegas

Sands

Corp.

........................

398

08/20/21

USD

50.00

USD

2,097

(75,819)

Mastercard

,

Inc.

.............................

191

08/20/21

USD

330.00

USD

6,973

(58,733)

Mastercard

,

Inc.

.............................

304

08/20/21

USD

340.00

USD

11,099

(142,120)

salesforce.com,

Inc.

...........................

205

08/20/21

USD

220.00

USD

5,008

(38,540)

ServiceNow

,

Inc.

.............................

162

08/20/21

USD

410.00

USD

8,903

(20,655)

Trane

Technologies

plc

.........................

77

08/20/21

USD

170.00

USD

1,418

(12,513)

Wells

Fargo

&

Co.

............................

1,794

08/20/21

USD

40.00

USD

8,125

(89,700)

Zscaler

,

Inc.

................................

212

08/20/21

USD

190.00

USD

4,580

(59,148)

Advance

Auto

Parts,

Inc.

........................

151

09/17/21

USD

180.00

USD

3,098

(47,565)

Alphabet,

Inc.

...............................

34

09/17/21

USD

2,100.00

USD

8,521

(61,030)

Amazon.com,

Inc.

............................

22

09/17/21

USD

3,000.00

USD

7,568

(79,640)

Carrier

Global

Corp.

...........................

885

09/17/21

USD

43.00

USD

4,301

(53,100)

Deere

&

Co.

................................

52

09/17/21

USD

320.00

USD

1,834

(33,930)

EQT

Corp.

.................................

2,442

09/17/21

USD

17.00

USD

5,436

(85,470)

FedEx

Corp.

................................

169

09/17/21

USD

270.00

USD

5,042

(78,163)

Freeport-McMoRan,

Inc.

........................

638

09/17/21

USD

32.00

USD

2,368

(68,904)

Illinois

Tool

Works,

Inc.

.........................

305

09/17/21

USD

200.00

USD

6,819

(61,763)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.........

6,642

09/17/21

USD

81.00

USD

58,476

(159,408)

Microsoft

Corp.

..............................

296

09/17/21

USD

225.00

USD

8,019

(40,404)

Vinci

SA

...................................

526

09/17/21

EUR

85.00

EUR

4,733

(139,710)

Wells

Fargo

&

Co.

............................

1,767

09/17/21

USD

40.00

USD

8,003

(142,244)

Nucor

Corp.

................................

396

10/15/21

USD

92.50

USD

3,799

(245,520)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

41

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

TE

Connectivity

Ltd.

...........................

183

10/15/21

USD

125.00

USD

2,474

$

(61,763)

Parker-Hannifin

Corp.

..........................

226

11/19/21

USD

250.00

USD

6,941

(115,260)

(2,780,414)

$

(7,345,421)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Disco

Corp.

...............

Goldman

Sachs

International

1,809

07/08/21

JPY

35,593.19

JPY

61,416

$

(1,923)

FANUC

Corp.

..............

Goldman

Sachs

International

3,359

07/08/21

JPY

28,144.32

JPY

90,004

(1,960)

Keyence

Corp.

.............

Morgan

Stanley

&

Co.

International

plc

1,378

07/08/21

JPY

58,916.55

JPY

77,264

(1,121)

Kose

Corp.

................

Morgan

Stanley

&

Co.

International

plc

5,255

07/08/21

JPY

18,949.54

JPY

91,857

(229)

Sony

Group

Corp.

...........

Morgan

Stanley

&

Co.

International

plc

8,959

07/08/21

JPY

11,765.40

JPY

96,892

(2,536)

adidas

AG

................

Barclays

Bank

plc

12,016

07/16/21

EUR

330.00

EUR

3,772

(21,644)

NXP

Semiconductors

NV

......

UBS

AG

39,441

07/16/21

USD

230.00

USD

8,114

(9,855)

Safran

SA

.................

Barclays

Bank

plc

30,351

07/16/21

EUR

140.00

EUR

3,549

(2,159)

SPDR

Gold

Shares

(a)

.........

Citibank

NA

24,350

07/16/21

USD

192.00

USD

4,033

(365)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

07/28/21

MXN

20.75

USD

46,960

(127,063)

Disco

Corp.

...............

JPMorgan

Chase

Bank

NA

1,828

08/13/21

JPY

38,689.39

JPY

62,061

(3,314)

FANUC

Corp.

..............

Goldman

Sachs

International

3,297

08/13/21

JPY

29,683.18

JPY

88,343

(5,058)

Hoya

Corp.

................

JPMorgan

Chase

Bank

NA

25,989

08/13/21

JPY

16,625.69

JPY

382,818

(11,880)

Keyence

Corp.

.............

JPMorgan

Chase

Bank

NA

1,407

08/13/21

JPY

63,543.85

JPY

78,890

(1,889)

Kose

Corp.

................

Morgan

Stanley

&

Co.

International

plc

5,244

08/13/21

JPY

19,925.43

JPY

91,665

(2,652)

Recruit

Holdings

Co.

Ltd.

......

Goldman

Sachs

International

16,884

08/13/21

JPY

6,191.74

JPY

92,355

(4,890)

Shin-Etsu

Chemical

Co.

Ltd.

....

JPMorgan

Chase

Bank

NA

19,816

08/13/21

JPY

20,481.09

JPY

368,181

(15,948)

Sony

Group

Corp.

...........

Goldman

Sachs

International

8,875

08/13/21

JPY

11,899.94

JPY

95,983

(5,312)

DR

Horton,

Inc.

.............

Citibank

NA

79,373

08/20/21

USD

97.50

USD

7,173

(146,840)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

7,217

08/20/21

EUR

715.00

EUR

4,773

(38,136)

NXP

Semiconductors

NV

......

Nomura

International

plc

350

08/20/21

USD

225.00

USD

7,200

(116,201)

Autodesk,

Inc.

..............

Nomura

International

plc

58,500

09/17/21

USD

325.00

USD

17,076

(270,216)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

09/29/21

MXN

21.50

USD

46,960

(269,691)

(1,060,882)

Put

adidas

AG

................

Barclays

Bank

plc

12,016

07/16/21

EUR

270.00

EUR

3,772

(4,987)

NXP

Semiconductors

NV

......

UBS

AG

39,441

07/16/21

USD

170.00

USD

8,114

(157)

Safran

SA

.................

Barclays

Bank

plc

30,351

07/16/21

EUR

110.00

EUR

3,549

(31,358)

SPDR

Gold

Shares

(a)

.........

Citibank

NA

132,351

07/16/21

USD

157.00

USD

21,921

(38,179)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/27/21

RUB

70.00

USD

17,826

(17,274)

EUR

Currency

..............

BNP

Paribas

SA

—

07/30/21

USD

1.17

EUR

95,129

(138,743)

EUR

Currency

..............

BNP

Paribas

SA

—

08/02/21

USD

1.15

EUR

97,509

(48,286)

DR

Horton,

Inc.

.............

Citibank

NA

79,373

08/20/21

USD

82.50

USD

7,173

(127,791)

Edwards

Lifesciences

Corp.

....

Citibank

NA

44,283

08/20/21

USD

87.50

USD

4,586

(19,794)

EURO

STOXX

50

Index

.......

Goldman

Sachs

International

3,166

08/20/21

EUR

3,725.00

EUR

12,868

(88,596)

Intuitive

Surgical,

Inc.

.........

Citibank

NA

5,098

08/20/21

USD

760.00

USD

4,688

(3,543)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

7,217

08/20/21

EUR

605.00

EUR

4,773

(62,446)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/25/21

MXN

19.25

USD

49,444

(119,837)

USD

Currency

..............

Bank

of

America

NA

—

08/26/21

RUB

70.00

USD

46,047

(75,510)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/26/21

ZAR

13.25

USD

36,388

(37,114)

Autodesk,

Inc.

..............

Nomura

International

plc

40,592

09/17/21

USD

250.00

USD

11,849

(131,610)

United

Rentals,

Inc.

..........

Credit

Suisse

International

12,835

09/17/21

USD

280.00

USD

4,094

(98,158)

Amazon.com,

Inc.

...........

Citibank

NA

1,432

06/17/22

USD

2,800.00

USD

4,926

(180,790)

(1,224,173)

$

(2,285,055)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

42

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(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

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.IG.36.V1

Quarterly

1.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/21/21

NR

USD

80.00

USD

30,502

$

(1,593)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

0.02%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

08/24/21

0.02

%

EUR

29,481

$

(73,081)

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

16,314

(1,936)

1-Year

Interest

Rate

Swap

(a)

.

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.40

USD

391,953

(293,458)

1-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.60

USD

391,953

(555,930)

(924,405)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.15%

Semi-Annual

Goldman

Sachs

International

07/08/21

2.15

USD

20,332

—

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.53%

Semi-Annual

Goldman

Sachs

International

07/08/21

2.53

USD

15,521

—

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.73%

Semi-Annual

Goldman

Sachs

International

07/26/21

1.73

USD

51,380

(37,096)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.72%

Semi-Annual

Goldman

Sachs

International

08/24/21

1.72

USD

36,852

(107,932)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Goldman

Sachs

International

08/31/21

1.75

USD

56,616

(169,847)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.19%

Semi-Annual

Goldman

Sachs

International

08/31/21

2.19

USD

28,308

(103,808)

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

32,628

(542,261)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.78%

Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.78

EUR

28,337

(340,634)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.79%

Annual

Goldman

Sachs

International

11/24/21

0.79

EUR

27,640

(340,649)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.85%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.85

USD

51,380

(345,685)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.32%

Semi-Annual

Goldman

Sachs

International

12/03/21

2.32

USD

15,898

(145,072)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.82%

Annual

Goldman

Sachs

International

12/09/21

0.82

EUR

26,037

(318,984)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.76%

Semi-Annual

Goldman

Sachs

International

01/26/22

1.76

USD

111,493

(1,374,882)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.60%

Semi-Annual

Goldman

Sachs

International

04/20/22

2.60

USD

29,189

(305,029)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.30%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/21/22

2.30

USD

30,938

(185,026)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.04

USD

121,539

(1,592,024)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

43

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Interest

Rate

Swaptions

Written

(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)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/30/26

3.04

%

USD

55,886

$

(754,463)

(6,663,392)

$

(7,587,797)

(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

$

(6,134,788)

$

(4,618,292)

$

(1,516,496)

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

18,506

(1,856,535)

141,859

(1,998,394)

CDX.NA.IG.36.V1

...................

1.00

Quarterly

06/20/26

USD

40,941

(1,054,577)

(827,184)

(227,393)

$

(9,045,900)

$

(5,303,617)

$

(3,742,283)

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.V2

.

5.00

%

Quarterly

12/20/25

BBB-

EUR

23,929

$

3,669,552

$

1,888,234

$

1,781,318

ITRAXX.EUR.

CROSSOVER.35.V1

.

5.00

Quarterly

06/20/26

BB-

EUR

15,506

2,312,363

2,281,318

31,045

$

5,981,915

$

4,169,552

$

1,812,363

(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

206,915

$

1,198,090

$

—

$

1,198,090

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

309,250

(2,876,412)

(9,517)

(2,866,895)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

174,093

(1,889,280)

(13,500)

(1,875,780)

28

day

MXIBTIIE

Monthly

4.42%

Monthly

N/A

02/28/23

MXN

277,141

(342,912)

—

(342,912)

28

day

MXIBTIIE

Monthly

4.50%

Monthly

N/A

03/03/23

MXN

277,054

(326,975)

—

(326,975)

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

196,638

(380,819)

—

(380,819)

28

day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

196,638

(338,955)

—

(338,955)

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/24

USD

248,690

309,960

—

309,960

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

61,771

255,188

—

255,188

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/28/24

USD

56,316

(6,500)

—

(6,500)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

124,109

(4,747,626)

1,214

(4,748,840)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

47,190

869,147

—

869,147

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

N/A

10/29/25

USD

136,775

(2,807,102)

—

(2,807,102)

3

month

LIBOR

Quarterly

0.46%

Semi-Annual

N/A

11/23/25

USD

37,887

(671,613)

—

(671,613)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

44

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

N/A

02/10/26

USD

95,698

$

(2,154,331)

$

—

$

(2,154,331)

0.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/19/26

USD

46,406

378,751

—

378,751

0.70%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/26

USD

12,682

94,002

—

94,002

3

month

LIBOR

Quarterly

0.83%

Semi-Annual

N/A

03/08/26

USD

152,601

(199,517)

—

(199,517)

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

N/A

04/08/26

USD

222,921

(525,947)

—

(525,947)

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

N/A

04/08/26

USD

91,791

(125,831)

—

(125,831)

0.62%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/08/26

USD

91,791

1,260,023

—

1,260,023

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/08/26

USD

222,921

3,280,412

—

3,280,412

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/26/26

USD

214,430

3,246,417

—

3,246,417

0.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

108,280

466,701

—

466,701

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

324,839

4,768,157

—

4,768,157

3

month

LIBOR

Quarterly

0.98%

Semi-Annual

N/A

06/28/26

USD

33,790

16,899

—

16,899

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

15,068

916,217

—

916,217

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

35,177

(873,837)

(28,638)

(845,199)

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

16,269

(1,062,071)

—

(1,062,071)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

5,989

(378,201)

—

(378,201)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

9,114

(592,960)

—

(592,960)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

9,114

551,791

—

551,791

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

7,292

(454,025)

—

(454,025)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

7,292

406,777

—

406,777

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/23/30

USD

25,003

1,368,670

—

1,368,670

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/31

USD

15,984

318,375

—

318,375

1.20%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/31

USD

9,412

167,672

—

167,672

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

N/A

04/07/31

USD

69,777

(119,971)

—

(119,971)

3

month

LIBOR

Quarterly

1.42%

Semi-Annual

N/A

04/08/31

USD

40,156

5,928

—

5,928

1.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/31

USD

26,608

(321,570)

—

(321,570)

1.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/31

USD

4,718

(43,541)

—

(43,541)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

40,718

(355,606)

—

(355,606)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

40,111

(352,609)

—

(352,609)

2.16%

Semi-Annual

3

month

LIBOR

Quarterly

06/18/26

(a)

06/18/31

USD

40,710

(322,804)

—

(322,804)

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

07/02/26

(a)

07/02/31

USD

16,766

—

—

—

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

07/02/26

(a)

07/02/31

USD

39,120

—

—

—

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

11,154

2,371,074

—

2,371,074

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

7,327

1,579,582

—

1,579,582

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

15,811

(2,680,923)

—

(2,680,923)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

3,724

(626,909)

—

(626,909)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

N/A

10/21/50

USD

10,990

(1,891,434)

—

(1,891,434)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/23/50

USD

23,435

2,901,561

—

2,901,561

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

N/A

10/28/50

USD

8,912

(1,751,440)

—

(1,751,440)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/28/50

USD

9,223

1,366,816

—

1,366,816

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/29/50

USD

27,021

5,243,855

—

5,243,855

1.30%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/19/50

USD

20,309

2,387,953

—

2,387,953

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/27/50

USD

9,223

1,265,223

—

1,265,223

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/11/50

USD

6,719

552,256

—

552,256

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

N/A

12/22/50

USD

36,086

(5,158,109)

—

(5,158,109)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/30/50

USD

9,223

1,164,985

—

1,164,985

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/07/51

USD

21,904

1,705,046

—

1,705,046

1.52%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/08/51

USD

7,491

445,187

—

445,187

1.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/25/51

USD

15,926

545,627

—

545,627

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/28/51

USD

28,612

2,004,509

—

2,004,509

1.58%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/01/51

USD

16,319

764,489

—

764,489

1.66%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/51

USD

9,099

237,580

—

237,580

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/51

USD

9,412

199,920

—

199,920

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

N/A

02/10/51

USD

26,100

(3,395,353)

—

(3,395,353)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/10/51

USD

17,400

3,759,283

—

3,759,283

1.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/51

USD

3,671

(128,697)

—

(128,697)

2.01%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/51

USD

13,763

(748,830)

—

(748,830)

1.97%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/51

USD

2,265

(102,779)

—

(102,779)

2.04%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/07/51

USD

4,280

(257,009)

—

(257,009)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

45

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

Quarterly

1.83%

Semi-Annual

N/A

06/22/51

USD

9,332

$

78,502

$

—

$

78,502

$

9,440,127

$

(50,441)

$

9,490,568

(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

$

(136,274)

$

327,869

$

(464,143)

$

–

$

–

$

–

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

$

76,312

$

(96,668)

$

172,980

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

8.65%

At

Termination

Goldman

Sachs

International

01/04/27

BRL

3,043

$

13,573

$

—

$

13,573

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)

Financial

Select

Sector

SPDR

Fund

................

USD

(80,785)

JPMorgan

Chase

Bank

NA

09/16/21

USD

81

$

18,255

$

—

$

18,255

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

13,803,474

Goldman

Sachs

International

09/20/21

USD

13,803

(41,767)

(4,900)

(36,867)

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

9,202,316

Morgan

Stanley

&

Co.

International

plc

09/20/21

USD

9,202

(25,340)

(3,267)

(22,073)

S&P

500

Annual

Dividend

Index

Futures

December

2021

...

USD

2,403,225

BNP

Paribas

SA

12/17/21

USD

2,403

556,875

—

556,875

GSCBBL8X

Index

.........

USD

1,721,219

Goldman

Sachs

International

02/22/22

USD

1,721

297,316

—

297,316

$

805,339

$

(8,167)

$

813,506

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

46

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(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

$(51,933)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(115,487)

of

net

dividends

and

financing

fees.

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

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

$

4,124,422

$

(547,323)

(c)

$

3,629,032

0.3

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(15,379,396)

24,636

(e)

(15,239,273)

0.2

$

(522,687)

$

(11,610,241)

(b)

(d)

Range:

18-328

basis

points

5-150

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

June

30,

2021,

expiration

dates

01/25/21-05/31/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Italy

Leonardo

SpA

...........

1,814,227

$

14,679,590

404.5

%

Total

Reference

Entity

—

Long

............

14,679,590

Reference

Entity

—

Short

Brazil

Banco

BTG

Pactual

SA

.....

(5,892)

(144,273)

(4.0)

Canada

Power

Corp.

of

Canada

.....

(6,290)

(198,808)

(5.5)

China

BeiGene

Ltd.,

ADR

........

(577)

(198,021)

(5.5)

Bilibili

,

Inc.,

ADR

..........

(3,684)

(448,858)

(12.4)

China

Conch

Venture

Holdings

Ltd.

................

(130,500)

(549,086)

(15.1)

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

......

(182,000)

(313,351)

(8.6)

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(135,000)

(79,996)

(2.2)

China

Resources

Gas

Group

Ltd.

................

(28,000)

(167,921)

(4.6)

China

Vanke

Co.

Ltd.,

Class

H

(74,200)

(231,913)

(6.4)

Gaotu

Techedu

,

Inc.,

ADR

...

(6,793)

(100,333)

(2.8)

Kingsoft

Cloud

Holdings

Ltd.,

ADR

................

(3,860)

(130,970)

(3.6)

Longfor

Group

Holdings

Ltd.

..

(68,000)

(378,771)

(10.4)

Microport

Scientific

Corp.

....

(61,000)

(547,462)

(15.1)

Shares

Value

%

of

Basket

Value

China

(continued)

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(63,500)

$

(512,533)

(14.1)

%

Sunny

Optical

Technology

Group

Co.

Ltd.

..............

(7,800)

(246,344)

(6.8)

TravelSky

Technology

Ltd.,

Class

H

..................

(37,000)

(79,720)

(2.2)

Zijin

Mining

Group

Co.

Ltd.,

Class

H

..............

(42,000)

(56,359)

(1.6)

(4,041,638)

Denmark

Vestas

Wind

Systems

A/S

...

(13,948)

(544,976)

(15.0)

Finland

Sampo

OYJ,

Class

A

.......

(17,127)

(787,577)

(21.7)

France

Air

Liquide

SA

...........

(996)

(174,649)

(4.8)

Airbus

SE

..............

(1,448)

(186,579)

(5.1)

(361,228)

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(3,525)

(362,237)

(10.0)

Hyundai

Motor

Co.

........

(736)

(156,607)

(4.3)

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(1,897)

(225,629)

(6.2)

(744,473)

Spain

Ferrovial

SA

.............

(2,907)

(85,432)

(2.4)

Grifols

SA

..............

(2,174)

(58,952)

(1.6)

(144,384)

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

47

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Shares

Value

%

of

Basket

Value

Sweden

Evolution

AB

............

(477)

$

(75,453)

(2.1)

%

Skandinaviska

Enskilda

Banken

AB,

Class

A

...........

(22,198)

(286,934)

(7.9)

(362,387)

Taiwan

E.Sun

Financial

Holding

Co.

Ltd.

(88,000)

(83,065)

(2.3)

United

Kingdom

BT

Group

plc

............

(68,523)

(184,145)

(5.1)

HSBC

Holdings

plc

........

(47,322)

(273,119)

(7.5)

Prudential

plc

............

(6,579)

(125,171)

(3.5)

SSE

plc

................

(14,917)

(309,808)

(8.5)

Tesco

plc

...............

(128,068)

(395,626)

(10.9)

(1,287,869)

United

States

Amphenol

Corp.,

Class

A

....

(5,015)

(343,076)

(9.5)

Archer-Daniels-Midland

Co.

..

(6,009)

(364,145)

(10.0)

Boeing

Co.

(The)

.........

(2,527)

(605,368)

(16.7)

Digital

Realty

Trust,

Inc.

.....

(1,121)

(168,666)

(4.6)

Liberty

Broadband

Corp.,

Class

A

..................

(2,917)

(490,552)

(13.5)

Moderna

,

Inc.

............

(1,602)

(376,438)

(10.4)

Oracle

Corp.

............

(21)

(1,635)

(0.0)

(2,349,880)

Total

Reference

Entity

—

Short

............

(11,050,558)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

3,629,032

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

June

30,

2021,

expiration

date

02/08/23:

Reference

Entity

—

Short

Australia

Afterpay

Ltd.

............

(2,118)

(187,994)

1.2

Macquarie

Group

Ltd.

......

(3,020)

(353,827)

2.3

Transurban

Group

.........

(3,204)

(34,171)

0.2

Westpac

Banking

Corp.

.....

(8,950)

(173,199)

1.2

(749,191)

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(146,036)

(453,628)

3.0

Lojas

Americanas

SA

(Preference)

..........

(61,992)

(268,593)

1.8

Raia

Drogasil

SA

.........

(71,227)

(355,147)

2.3

(1,077,368)

Canada

Canadian

Pacific

Railway

Ltd.

.

(1,974)

(151,792)

1.0

Fairfax

Financial

Holdings

Ltd.

(312)

(136,821)

0.9

Shaw

Communications,

Inc.,

Class

B

..............

(16,749)

(485,202)

3.2

(773,815)

China

CanSino

Biologics,

Inc.,

Class

H

(1,000)

(53,114)

0.3

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(394,000)

(244,532)

1.6

Country

Garden

Holdings

Co.

Ltd.

................

(208,000)

(232,808)

1.5

Country

Garden

Services

Holdings

Co.

Ltd.

.......

(11,000)

(118,690)

0.8

Shares

Value

%

of

Basket

Value

China

(continued)

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

..........

(22,800)

$

(160,511)

1.0

%

GDS

Holdings

Ltd.,

ADR

....

(4,047)

(317,649)

2.1

Geely

Automobile

Holdings

Ltd.

(115,000)

(361,187)

2.4

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(94,500)

(304,530)

2.0

Innovent

Biologics,

Inc.

.....

(20,000)

(233,297)

1.5

iQIYI

,

Inc.,

ADR

..........

(48,802)

(760,335)

5.0

Kunlun

Energy

Co.

Ltd.

.....

(110,000)

(101,265)

0.7

Ping

An

Healthcare

and

Technology

Co.

Ltd.

.....

(18,400)

(229,221)

1.5

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

..............

(131,250)

(232,030)

1.5

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

..............

(12,000)

(27,991)

0.2

Shenzhou

International

Group

Holdings

Ltd.

..........

(6,400)

(161,618)

1.1

Tencent

Music

Entertainment

Group,

ADR

...........

(7,646)

(118,360)

0.8

Trip.com

Group

Ltd.,

ADR

...

(3,931)

(139,393)

0.9

Zai

Lab

Ltd.,

ADR

.........

(504)

(89,203)

0.6

(3,885,734)

Germany

Hannover

Rueck

SE

.......

(815)

(136,438)

0.9

Hong

Kong

Link

REIT

..............

(17,161)

(166,038)

1.1

Japan

Central

Japan

Railway

Co.

...

(3,500)

(531,827)

3.5

Eisai

Co.

Ltd.

............

(500)

(49,139)

0.3

Mitsui

Fudosan

Co.

Ltd.

.....

(15,800)

(365,354)

2.4

Nippon

Paint

Holdings

Co.

Ltd.

(5,400)

(73,052)

0.5

Secom

Co.

Ltd.

...........

(2,800)

(213,418)

1.4

Seven

&

i

Holdings

Co.

Ltd.

..

(2,900)

(138,912)

0.9

Shimano,

Inc.

............

(1,500)

(356,886)

2.3

Sumitomo

Realty

&

Development

Co.

Ltd.

..............

(5,500)

(196,706)

1.3

Sysmex

Corp.

...........

(700)

(83,044)

0.6

(2,008,338)

Mexico

Wal-Mart

de

Mexico

SAB

de

CV

(57,535)

(187,925)

1.2

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(3,291)

(387,939)

2.5

South

Korea

POSCO

Chemical

Co.

Ltd.

...

(4,083)

(521,341)

3.4

Samsung

C&T

Corp.

.......

(687)

(83,201)

0.6

Samsung

Life

Insurance

Co.

Ltd.

(698)

(49,528)

0.3

(654,070)

Spain

Aena

SME

SA

...........

(2,827)

(463,858)

3.0

Switzerland

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(57)

(567,074)

3.7

Credit

Suisse

Group

AG

(Registered)

...........

(159,334)

(1,667,896)

11.0

Schindler

Holding

AG

......

(1,264)

(386,829)

2.5

(2,621,799)

United

Kingdom

Aviva

plc

...............

(72,472)

(406,855)

2.7

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

48

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Shares

Value

%

of

Basket

Value

United

States

Allstate

Corp.

(The)

........

(3,236)

$

(422,104)

2.8

%

Hershey

Co.

(The)

........

(773)

(134,641)

0.9

Kraft

Heinz

Co.

(The)

.......

(2,038)

(83,110)

0.5

Mondelez

International,

Inc.,

Class

A

..............

(1,926)

(120,259)

0.8

Paychex,

Inc.

............

(1,843)

(197,754)

1.3

Shares

Value

%

of

Basket

Value

United

States

(continued)

Roper

Technologies,

Inc.

....

(1,334)

$

(627,247)

4.1

%

Xcel

Energy,

Inc.

..........

(2,046)

(134,790)

0.9

(1,719,905)

Total

Reference

Entity

—

Short

............

(15,239,273)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(15,239,273)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.02

%

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.53

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.44

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.15

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.52)

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)

...........................................

$

4,312,625

$

(5,497,131)

$

50,264,988

$

(42,704,340)

$

—

OTC

Swaps

.....................................................

327,869

(104,835)

1,083,635

(1,070,406)

—

Options

Written

...................................................

N/A

N/A

10,599,739

(2,450,427)

(17,730,041)

(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.

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

49

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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)

.....

$

—

$

—

$

89,374

$

—

$

3,213,472

$

—

$

3,302,846

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

5,753,884

—

—

5,753,884

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

7,440

22,670,939

2,797,204

7,234,759

285,247

32,995,589

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

1,812,363

—

—

48,452,625

—

50,264,988

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

500,849

897,082

—

13,573

—

1,411,504

$

—

$

2,320,652

$

23,657,395

$

8,551,088

$

58,914,429

$

285,247

$

93,728,811

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

21,576,905

—

7,344,033

—

28,920,938

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

22,274,938

—

—

22,274,938

Options

written

(b)

Options

written

at

value

.....................

—

1,593

9,128,376

1,012,275

7,587,797

—

17,730,041

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

3,742,283

—

—

38,962,057

—

42,704,340

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

560,811

547,323

—

67,107

—

1,175,241

$

—

$

4,304,687

$

31,252,604

$

23,287,213

$

53,960,994

$

—

$

112,805,498

(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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

(127,100,169)

$

—

$

(36,314,975)

$

—

$

(163,415,144)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(14,979,673)

—

—

(14,979,673)

Options

purchased

(a)

....................

—

(110,643)

(50,327,817)

(5,453,192)

(17,862,438)

—

(73,754,090)

Options

written

........................

—

23,944

55,411,221

1,976,075

7,780,616

—

65,191,856

Swaps

..............................

—

(1,092,362)

5,285,019

—

18,030

—

4,210,687

$

—

$

(1,179,061)

$

(116,731,746)

$

(18,456,790)

$

(46,378,767)

$

—

$

(182,746,364)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(2,153,331)

—

(3,944,896)

—

(6,098,227)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(28,830,837)

—

—

(28,830,837)

Options

purchased

(b)

....................

—

(45,431)

(14,578,677)

80,562

3,383,648

137,995

(11,021,903)

Options

written

........................

—

19,759

4,601,171

129,078

2,291,887

—

7,041,895

Swaps

..............................

—

(1,801,540)

(2,592,416)

—

19,610,620

—

15,216,664

$

—

$

(1,827,212)

$

(14,723,253)

$

(28,621,197)

$

21,341,259

$

137,995

$

(23,692,408)

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

50

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

762,250,869

Average

notional

value

of

contracts

—

short

.................................................................................

2,662,532,077

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

767,866,791

Average

amounts

sold

—

in

USD

........................................................................................

1,049,263,702

Options:

Average

value

of

option

contracts

purchased

................................................................................

32,673,505

Average

value

of

option

contracts

written

...................................................................................

15,361,548

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

1,521,995,702

Average

notional

value

of

swaption

contracts

written

...........................................................................

1,797,944,234

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

365,305,157

Average

notional

value

—

sell

protection

...................................................................................

41,850,915

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

2,092,724,918

Average

notional

value

—

receives

fixed

rate

................................................................................

1,123,032,374

Total

return

swaps:

Average

notional

value

...............................................................................................

22,566,784

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

3,327,901

$

3,673,518

Forward

foreign

currency

exchange

contracts

.................................................................

5,753,884

22,274,938

Options

(a)(b)

........................................................................................

32,995,589

17,730,041

Swaps

—

Centrally

cleared

.............................................................................

—

1,066,341

Swaps

—

OTC

(c)

....................................................................................

1,411,504

1,175,241

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statement

of

Assets

and

Liabilities

....................................

$

43,488,878

$

45,920,079

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(23,620,825)

(12,085,280)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

19,868,053

$

33,834,799

(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.

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

51

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

785,710

$

(785,710)

$

—

$

—

$

—

Barclays

Bank

plc

................................

792,698

(792,698)

—

—

—

BNP

Paribas

SA

.................................

1,592,309

(1,592,309)

—

—

—

Citibank

NA

....................................

1,093,883

(1,093,883)

—

—

—

Citibank

NA

(e)

...................................

184,349

(38,544)

—

(170,000)

(24,195)

Credit

Suisse

International

..........................

586,912

(429,576)

—

(157,336)

—

Deutsche

Bank

AG

...............................

22,902

(22,902)

—

—

—

Goldman

Sachs

International

........................

4,916,260

(3,582,735)

—

(750,000)

583,525

HSBC

Bank

plc

..................................

250,642

(250,642)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

2,537,309

(2,537,309)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

5,776,144

(4,297,984)

—

(561,000)

917,160

Nomura

International

plc

...........................

464,255

(464,255)

—

—

—

UBS

AG

......................................

864,680

(540,465)

—

—

324,215

$

19,868,053

$

(16,429,012)

$

—

$

(1,638,336)

$

1,800,705

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

..............................

$

1,348,896

$

(785,710)

$

—

$

(563,186)

$

—

Barclays

Bank

plc

................................

3,624,154

(792,698)

—

(1,981,000)

850,456

BNP

Paribas

SA

.................................

4,430,189

(1,592,309)

—

(1,850,000)

987,880

Citibank

NA

....................................

6,089,770

(1,093,883)

—

(3,310,000)

1,685,887

Citibank

NA

(e)

...................................

38,544

(38,544)

—

—

—

Credit

Suisse

International

..........................

429,576

(429,576)

—

—

—

Deutsche

Bank

AG

...............................

829,016

(22,902)

—

—

806,114

Goldman

Sachs

International

........................

3,582,735

(3,582,735)

—

—

—

HSBC

Bank

plc

..................................

2,681,107

(250,642)

—

—

2,430,465

JPMorgan

Chase

Bank

NA

..........................

5,424,336

(2,537,309)

—

—

2,887,027

Morgan

Stanley

&

Co.

International

plc

..................

4,297,984

(4,297,984)

—

—

—

Nomura

International

plc

...........................

518,027

(464,255)

—

—

53,772

UBS

AG

......................................

540,465

(540,465)

—

—

—

$

33,834,799

$

(16,429,012)

$

—

$

(7,704,186)

$

9,701,601

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

52

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

........................................

$

—

$

54,931,682

$

5,561,590

$

60,493,272

Ireland

..............................................

—

2,959,779

309,571

3,269,350

Netherlands

...........................................

—

465,819

—

465,819

United

States

..........................................

—

111,708,151

11,701,971

123,410,122

Common

Stocks:

Argentina

............................................

32,426,957

—

—

32,426,957

Australia

.............................................

—

15,124,094

9,580,905

24,704,999

Belgium

.............................................

—

248,502

—

248,502

Brazil

...............................................

11,174,715

—

—

11,174,715

Canada

.............................................

76,466,605

—

—

76,466,605

Cayman

Islands

........................................

3,049,081

—

—

3,049,081

Chile

...............................................

197,839

—

—

197,839

China

...............................................

69,079,392

163,998,086

—

233,077,478

Denmark

.............................................

—

20,446,535

—

20,446,535

Finland

..............................................

—

15,499,355

—

15,499,355

France

..............................................

—

272,643,931

—

272,643,931

Germany

............................................

34,352,764

253,818,642

—

288,171,406

Hong

Kong

...........................................

904,866

38,534,269

—

39,439,135

India

...............................................

—

18,035,020

7,482,347

25,517,367

Indonesia

............................................

—

1,982,166

—

1,982,166

Ireland

..............................................

—

1,033,933

—

1,033,933

Israel

...............................................

2,562,899

—

—

2,562,899

Italy

................................................

—

132,534,701

—

132,534,701

Japan

...............................................

—

133,588,069

—

133,588,069

Luxembourg

..........................................

—

4,366,775

—

4,366,775

Macau

..............................................

—

912,555

—

912,555

Mexico

..............................................

233,033

—

—

233,033

Netherlands

...........................................

—

142,496,551

—

142,496,551

New

Zealand

..........................................

—

128,369

—

128,369

Norway

..............................................

801,830

414,341

—

1,216,171

Poland

..............................................

3,730,673

311,815

—

4,042,488

Portugal

.............................................

1,383,993

—

—

1,383,993

Saudi

Arabia

..........................................

—

89,024

—

89,024

Singapore

............................................

—

4,841,628

—

4,841,628

South

Africa

...........................................

1,486

6,641,454

—

6,642,940

South

Korea

..........................................

—

55,986,448

—

55,986,448

Spain

...............................................

—

32,772,002

—

32,772,002

Sweden

.............................................

8,196,299

86,055,682

—

94,251,981

Switzerland

...........................................

3,148,491

38,244,978

—

41,393,469

Taiwan

..............................................

3,872,958

83,889,184

—

87,762,142

Thailand

.............................................

1,617,166

499,069

—

2,116,235

United

Arab

Emirates

....................................

—

—

5

5

United

Kingdom

........................................

82,099,574

141,499,930

—

223,599,504

United

States

..........................................

3,461,701,773

71,368,503

30,826,079

3,563,896,355

Corporate

Bonds

Argentina

............................................

—

855,712

—

855,712

Australia

.............................................

—

1,193,986

37,408,576

38,602,562

Bahrain

.............................................

—

1,240,034

—

1,240,034

Brazil

...............................................

—

12,221,707

—

12,221,707

Canada

.............................................

—

2,609,696

—

2,609,696

Chile

...............................................

—

3,459,797

—

3,459,797

China

...............................................

—

4,800

—

4,800

Colombia

............................................

—

3,583,396

—

3,583,396

Dominican

Republic

.....................................

—

1,065,910

—

1,065,910

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedules

of

Investments

53

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Germany

............................................

$

—

$

15,991,964

$

—

$

15,991,964

Greece

..............................................

—

4,902,641

—

4,902,641

Guatemala

...........................................

—

2,534,190

—

2,534,190

India

...............................................

—

2,960,664

—

2,960,664

Indonesia

............................................

—

780,467

—

780,467

Israel

...............................................

—

2,049,723

—

2,049,723

Italy

................................................

—

15,315,207

—

15,315,207

Japan

...............................................

—

561,676

—

561,676

Kuwait

..............................................

—

1,398,974

—

1,398,974

Luxembourg

..........................................

—

20,290,302

—

20,290,302

Macau

..............................................

—

414,763

—

414,763

Mexico

..............................................

—

11,817,256

—

11,817,256

Morocco

.............................................

—

639,300

—

639,300

Netherlands

...........................................

—

624,132

—

624,132

Oman

...............................................

—

1,016,489

—

1,016,489

Panama

.............................................

—

501,010

—

501,010

Paraguay

............................................

—

175,922

—

175,922

Peru

................................................

—

2,194,226

—

2,194,226

Saudi

Arabia

..........................................

—

964,316

—

964,316

Singapore

............................................

—

1,193,463

—

1,193,463

South

Africa

...........................................

—

2,306,728

—

2,306,728

Spain

...............................................

—

648,000

—

648,000

Switzerland

...........................................

—

3,026,247

—

3,026,247

Tanzania,

United

Republic

of

...............................

—

1,304,285

—

1,304,285

Turkey

..............................................

—

281,351

1,658,500

1,939,851

Ukraine

.............................................

—

760,375

—

760,375

United

Arab

Emirates

....................................

—

2,748,429

—

2,748,429

United

Kingdom

........................................

—

19,416,173

—

19,416,173

United

States

..........................................

—

229,360,685

6,305,828

235,666,513

Zambia

..............................................

—

1,412,279

—

1,412,279

Floating

Rate

Loan

Interests:

Canada

.............................................

—

13,772,056

—

13,772,056

France

..............................................

—

10,913,400

—

10,913,400

Jersey,

Channel

Islands

...................................

—

—

3,347,078

3,347,078

Luxembourg

..........................................

—

11,502,508

4,156,020

15,658,528

Netherlands

...........................................

—

13,879,024

7,318,753

21,197,777

United

States

..........................................

—

110,852,921

42,610,391

153,463,312

Foreign

Agency

Obligations

.................................

—

8,701,162

—

8,701,162

Foreign

Government

Obligations

..............................

—

344,271,886

—

344,271,886

Investment

Companies

....................................

122,610,730

—

—

122,610,730

Municipal

Bonds

.........................................

—

2,602,449

—

2,602,449

Non-Agency

Mortgage-Backed

Securities:

United

States

..........................................

—

163,585,427

20,023,405

183,608,832

Other

Interests

..........................................

—

—

8,612,885

8,612,885

Preferred

Securities:

Brazil

...............................................

1,709,863

—

3,876,203

5,586,066

China

...............................................

—

—

18,134,662

18,134,662

Germany

............................................

—

21,725,623

7,509,424

29,235,047

India

...............................................

—

—

5,292,420

5,292,420

Jersey

..............................................

—

—

4,511,287

4,511,287

United

Kingdom

........................................

—

23,125,092

8,580,316

31,705,408

United

States

..........................................

55,422,032

16,579,812

89,666,251

161,668,095

U.S.

Government

Sponsored

Agency

Securities

....................

—

6,392,988

—

6,392,988

U.S.

Treasury

Obligations

...................................

—

20,143,750

—

20,143,750

Warrants

..............................................

938,496

332,248

921,798

2,192,542

Short-Term

Securities:

Foreign

Government

Obligations

..............................

—

54,372,250

—

54,372,250

Money

Market

Funds

......................................

198,066,389

—

—

198,066,389

Time

Deposits

..........................................

—

19,698,302

—

19,698,302

Options

Purchased:

Credit

contracts

..........................................

—

7,440

—

7,440

Equity

contracts

..........................................

20,173,286

2,497,653

—

22,670,939

Foreign

currency

exchange

contracts

...........................

—

2,797,204

—

2,797,204

Interest

rate

contracts

......................................

119,638

7,115,121

—

7,234,759

Other

contracts

..........................................

—

285,247

—

285,247

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

103

—

103

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

V.I.

Fund

54

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Liabilities:

Investments

Sold

Short

....................................

$

(39,978,153)

$

—

$

—

$

(39,978,153)

$

4,156,064,675

$

3,137,050,983

$

335,396,265

$

7,628,511,923

Investments

valued

at

NAV

(b)

......................................

173,297,281

$

—

$

7,801,809,204

$

—

Derivative

Financial

Instruments

(c)

Assets:

Credit

contracts

...........................................

$

—

$

1,985,343

$

—

$

1,985,343

Equity

contracts

...........................................

89,374

897,082

—

986,456

Foreign

currency

exchange

contracts

............................

—

5,753,884

—

5,753,884

Interest

rate

contracts

.......................................

3,213,472

48,466,198

—

51,679,670

Liabilities:

Credit

contracts

...........................................

—

(4,208,019)

—

(4,208,019)

Equity

contracts

...........................................

(28,922,326)

(2,330,278)

—

(31,252,604)

Foreign

currency

exchange

contracts

............................

—

(23,287,213)

—

(23,287,213)

Interest

rate

contracts

.......................................

(7,344,033)

(46,608,794)

—

(53,952,827)

$

(32,963,513)

$

(19,331,797)

$

—

$

(52,295,310)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

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.

(c)

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

period

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

Non-Agency

Mortgage-

Backed

Securities

Options

Purchased

Other

Interests

Preferred

Securities

Warrants

Total

Investments:

Assets:

Opening

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

Transfers

into

level

3

...........

—

—

—

3,915,716

—

—

—

—

—

3,915,716

Transfers

out

of

level

3

..........

—

—

—

(3,194,811)

—

—

—

(2,405,341)

—

(5,600,152)

Accrued

discounts/premiums

.......

(258)

—

(15,573)

122,251

(1,721)

—

—

—

—

104,699

Net

realized

gain

(loss)

..........

(4,861)

—

—

467,960

—

—

—

2,834,732

—

3,297,831

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

............

67,011

11,477,584

(530,262)

5,114,619

9,581

—

1,328,336

5,963,926

177,995

23,608,790

Purchases

...................

16,106,576

20,064,389

7,044,517

38,588,722

20,015,545

—

7,284,549

51,780,277

373,117

161,257,692

Sales

......................

(296,874)

—

—

(30,116,322)

—

(88,105)

—

(29,657,934)

—

(60,159,235)

Closing

balance,

as

of

June

30,

2021

.

$

17,573,132

$

47,889,336

$

45,372,904

$

57,432,242

$

20,023,405

$

—

$

8,612,885

$

137,570,563

$

921,798

$

335,396,265

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

a

t

June

30,

2021

(b)

...........

$

67,011

$

11,477,584

$

(530,262)

$

5,476,248

$

9,581

$

—

$

1,328,336

$

31,918,979

$

216,822

$

49,964,299

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statement

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Allocation

V.I.

Fund

Consolidated

Schedule

of

Investments

55

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

$63,927,076.

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

...........................

$

47,889,328

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

10.60x

–

26.25x

12.22x

Volatility

44%

–

65%

48%

Time

to

Exit

1.2

–

2.6

1.5

EBITDA

22.72x

—

Recent

Transactions

—

—

Corporate

Bonds

...........................

45,372,904

Income

Discount

Rate

16%

–

34%

17%

Market

Recent

Transactions

—

—

Floating

Rate

Loan

Interests

....................

31,305,288

Income

Discount

Rate

6%

–

11%

9%

Market

Recent

Transactions

—

—

Other

Interests

............................

8,612,885

Market

Discount

Rate

5%

—

Preferred

Stocks

(b)(c)

.........................

137,570,563

Income

Discount

Rate

27%

—

Market

Revenue

Multiple

2.75x

–

46.84x

17.81x

Time

to

Exit

0.3

–

4.0

2.1

Volatility

40%

–

79%

56%

Recent

Transactions

—

—

Warrants

................................

718,221

Market

Revenue

Multiple

9.75x

-

12.50x

10.02x

Time

to

Exit

0.3

–

1.9

1.7

Volatility

34%

-

71%

53%

$

271,469,189

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

June

30,

2021,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$31,918,994

changed

to

Current

Value.

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.

(c)

For

the

period

end

June

30,

2021,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$7,193,689

changed

to

Transaction

Price

approach.

The

investments

were

previously

valued

utilizing

Current

Value

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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

56

BlackRock

Global

Allocation

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

7,384,812,802‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

456,974,452‌

Cash

.............................................................................................................

52,969,469‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

............................................................................................

9,611,000‌

Futures

contracts

....................................................................................................

65,504,000‌

Centrally

cleared

swaps

................................................................................................

44,975,000‌

Receivables:

–‌

Investments

sold

....................................................................................................

59,328,912‌

Securities

lending

income

—

affiliated

......................................................................................

95,273‌

Capital

shares

sold

...................................................................................................

1,225,160‌

Dividends

—

affiliated

.................................................................................................

1,254‌

Dividends

—

unaffiliated

...............................................................................................

5,591,250‌

Interest

—

unaffiliated

.................................................................................................

11,903,259‌

Variation

margin

on

futures

contracts

.......................................................................................

3,327,901‌

Swap

premiums

paid

...................................................................................................

327,869‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

5,753,884‌

OTC

swaps

........................................................................................................

1,083,635‌

Unfunded

floating

rate

loan

interests

.......................................................................................

103‌

Prepaid

expenses

.....................................................................................................

74,156‌

Total

assets

.........................................................................................................

8,103,559,379‌

LIABILITIES

Investments

sold

short,

at

value

(d)

..........................................................................................

39,978,153‌

Foreign

bank

overdraft

(e)

.................................................................................................

1,530,826‌

Cash

received

as

collateral

for

OTC

derivatives

.................................................................................

2,651,000‌

Collateral

on

securities

loaned,

at

value

.......................................................................................

173,331,181‌

Options

written,

at

value

(f)

................................................................................................

17,730,041‌

Payables:

–‌

Investments

purchased

................................................................................................

65,472,776‌

Swaps  

..........................................................................................................

370,578‌

Capital

shares

redeemed

...............................................................................................

2,076,328‌

Deferred

foreign

capital

gain

tax

..........................................................................................

957,665‌

Distribution

fees

.....................................................................................................

1,431,577‌

Investment

advisory

fees

..............................................................................................

4,450,950‌

Directors'

and

Officer's

fees

.............................................................................................

33,470‌

Other

affiliate

fees

...................................................................................................

36,329‌

Transfer

agent

fees

..................................................................................................

4,692,348‌

Variation

margin

on

futures

contracts

.......................................................................................

3,673,518‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

1,066,341‌

Other

accrued

expenses

...............................................................................................

1,814,596‌

Swap

premiums

received

................................................................................................

104,835‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

22,274,938‌

OTC

swaps

........................................................................................................

1,070,406‌

Total

liabilities

........................................................................................................

344,747,856‌

NET

ASSETS

........................................................................................................

$

7,758,811,523‌

See

notes

to

consolidated

financial

statements.

Consolidated

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

57

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

5,506,375,039‌

Accumulated

earnings

..................................................................................................

2,252,436,484‌

NET

ASSETS

........................................................................................................

$

7,758,811,523‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

5,987,354,445‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

169,948,448‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

470,297,345‌

(d)

  Proceeds

received

from

investments

sold

short

,

at

value

—

unaffiliated

................................................................

$

36,783,363‌

(e)

  Foreign

bank

overdraft,

at

cost

...........................................................................................

$

1,626,552‌

(f)

  Premiums

received

...................................................................................................

$

25,879,353‌

Consolidated

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

58

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

1,611,152,557‌

Shares

outstanding

.................................................................................................

77,522,534‌

Net

asset

value

....................................................................................................

$

20.78‌

Shares

authorized

..................................................................................................

400

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

262,174,764‌

Shares

outstanding

.................................................................................................

12,675,533‌

Net

asset

value

....................................................................................................

$

20.68‌

Shares

authorized

..................................................................................................

200

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

5,885,484,202‌

Shares

outstanding

.................................................................................................

339,307,383‌

Net

asset

value

....................................................................................................

$

17.35‌

Shares

authorized

..................................................................................................

1.5

billion

Par

value

........................................................................................................

$

0.10‌

Consolidated

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

59

Consolidated

Financial

Statements

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

1,780,952‌

Dividends

—

unaffiliated

...............................................................................................

58,554,488‌

Interest

—

affiliated

..................................................................................................

1,931,154‌

Interest

—

unaffiliated

................................................................................................

30,357,113‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

945,390‌

Foreign

taxes

withheld

................................................................................................

(4,240,074‌)

Total

investment

income

.................................................................................................

89,329,023‌

EXPENSES

Investment

advisory

..................................................................................................

27,563,781‌

Distribution

—

class

specific

............................................................................................

8,823,861‌

Transfer

agent

—

class

specific

..........................................................................................

8,152,867‌

Custodian

.........................................................................................................

423,470‌

Accounting

services

..................................................................................................

286,455‌

Professional

.......................................................................................................

47,808‌

Directors

and

Officer

.................................................................................................

40,718‌

Transfer

agent

......................................................................................................

14,713‌

Miscellaneous

......................................................................................................

348,796‌

Total

expenses

excluding

dividend

expense

....................................................................................

45,702,469‌

Dividends

expense

—

unaffiliated

...........................................................................................

341,436‌

Total

expenses

.......................................................................................................

46,043,905‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(503,552‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(5,114,805‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

40,425,548‌

Net

investment

income

..................................................................................................

48,903,475‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

491,261,599‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

21,219,771‌

Investments

—

unaffiliated

(a)

..........................................................................................

959,862,310‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(14,979,673‌)

Foreign

currency

transactions

.........................................................................................

(1,354,869‌)

Futures

contracts

..................................................................................................

(163,415,144‌)

Options

written

...................................................................................................

65,191,856‌

Short

sales

—

unaffiliated

............................................................................................

4,785,331‌

Swaps

.........................................................................................................

4,210,687‌

Unfunded

floating

rate

loan

interests

.....................................................................................

321‌

A

875,520,590‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

(10,958,260‌)

Investments

—

unaffiliated

(b)

..........................................................................................

(354,695,049‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(28,830,837‌)

Foreign

currency

translations

..........................................................................................

(977,664‌)

Futures

contracts

..................................................................................................

(6,098,227‌)

Options

written

...................................................................................................

7,041,895‌

Short

sales

—

unaffiliated

............................................................................................

(4,957,616‌)

Swaps

.........................................................................................................

15,216,664‌

Unfunded

floating

rate

loan

interests

.....................................................................................

103‌

A

(384,258,991‌)

Net

realized

and

unrealized

gain

...........................................................................................

491,261,599‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

540,165,074‌

(a)

  Net

of

foreign

capital

gain

tax

of

..........................................................................................

$

(742,610

)

(b)

  Net

of

reduction

in

foreign

capital

gain

tax

of

..................................................................................

$

319,392

Consolidated

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

60

See

notes

to

consolidated

financial

statements.

BlackRock

Global

Allocation

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

48,903,475‌

$

58,009,733‌

Net

realized

gain

(loss)

..............................................................................

875,520,590‌

451,111,801‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(384,258,991‌)

990,961,578‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

540,165,074‌

1,500,083,112‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(79,993,028‌)

  Class

II

.......................................................................................

—‌

(13,937,498‌)

  Class

III

.......................................................................................

—‌

(471,472,143‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(565,402,669‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(1,359,710,382‌)

(476,189,342‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(819,545,308‌)

458,491,101‌

Beginning

of

period

..................................................................................

8,578,356,831‌

8,119,865,730‌

End

of

period

......................................................................................

$

7,758,811,523‌

$

8,578,356,831‌

(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)

61

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Global

Allocation

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

19.49‌

$

17.11‌

$

15.19‌

$

17.26‌

$

15.51‌

$

15.09‌

Net

investment

income

(loss)

(a)

...................

0.14‌

0.17‌

0.26‌

0.26‌

0.22‌

0.22‌

Net

realized

and

unrealized

gain

(loss)

.............

1.15‌

3.41‌

2.45‌

(1.52‌)

1.92‌

0.40‌

Net

increase

(decrease)

from

investment

operations

......

1.29‌

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

period

....................

$

20.78‌

$

19.49‌

$

17.11‌

$

15.19‌

$

17.26‌

$

15.51‌

Total

Return

(c)

6.62%

21.08%

17.92%

(7.34)%

13.86%

—

Based

on

net

asset

value

........................

6.62%

(d)

21.08%

17.92%

(7.34)%

13.86%

4.11%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

0.82%

(f)

0.84%

0.74%

0.75%

0.72%

0.74%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.73%

(f)

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

.................

0.72%

(f)

0.73%

0.73%

0.73%

0.70%

0.73%

Net

investment

income

(loss)

.....................

1.35%

(f)

0.95%

1.60%

1.53%

1.32%

1.47%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,611,153‌

$

1,368,516‌

$

1,192,769‌

$

2,091,197‌

$

2,306,034‌

$

2,107,145‌

Portfolio

turnover

rate

..........................

61%

161%

198%

144%

118%

135%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.02%

—%

0.01%

0.01%

—%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

62

(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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Global

Allocation

V.I.

Fund

Class

II

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

19.41‌

$

17.05‌

$

15.14‌

$

17.21‌

$

15.46‌

$

15.04‌

Net

investment

income

(loss)

(a)

...................

0.12‌

0.14‌

0.23‌

0.23‌

0.19‌

0.20‌

Net

realized

and

unrealized

gain

(loss)

.............

1.15‌

3.39‌

2.44‌

(1.52‌)

1.93‌

0.40‌

Net

increase

(decrease)

from

investment

operations

......

1.27‌

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

period

....................

$

20.68‌

$

19.41‌

$

17.05‌

$

15.14‌

$

17.21‌

$

15.46‌

Total

Return

(c)

6.54%

20.88%

17.76%

(7.52)%

13.74%

—

Based

on

net

asset

value

........................

6.54%

(d)

20.88%

17.76%

(7.52)%

13.74%

3.96%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

1.02%

(f)

1.02%

1.02%

1.04%

1.00%

1.02%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.88%

(f)

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

.................

0.87%

(f)

0.88%

0.88%

0.88%

0.85%

0.88%

Net

investment

income

(loss)

.....................

1.19%

(f)

0.80%

1.41%

1.34%

1.17%

1.33%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

262,175‌

$

243,361‌

$

224,159‌

$

213,919‌

$

258,564‌

$

229,492‌

Portfolio

turnover

rate

..........................

61%

161%

198%

144%

118%

135%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.02%

—%

0.01%

0.01%

—%

See

notes

to

consolidated

financial

statements.

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

63

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Global

Allocation

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

16.29‌

$

14.47‌

$

12.95‌

$

14.84‌

$

13.37‌

$

13.04‌

Net

investment

income

(loss)

(a)

...................

0.09‌

0.10‌

0.19‌

0.19‌

0.17‌

0.16‌

Net

realized

and

unrealized

gain

(loss)

.............

0.97‌

2.88‌

2.08‌

(1.31‌)

1.66‌

0.34‌

Net

increase

(decrease)

from

investment

operations

......

1.06‌

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

period

....................

$

17.35‌

$

16.29‌

$

14.47‌

$

12.95‌

$

14.84‌

$

13.37‌

Total

Return

(c)

6.51%

20.79%

17.67%

(7.58)%

13.71%

—

Based

on

net

asset

value

........................

6.51%

(d)

20.79%

17.67%

(7.58)%

13.71%

3.81%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

1.11%

(f)

1.11%

1.14%

1.14%

1.13%

1.12%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.98%

(f)

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

.................

0.97%

(f)

0.98%

0.98%

0.98%

0.98%

0.98%

Net

investment

income

(loss)

.....................

1.08%

(f)

0.70%

1.32%

1.28%

1.15%

1.22%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

5,885,484‌

$

6,966,480‌

$

6,702,938‌

$

6,669,996‌

$

8,233,615‌

$

8,139,218‌

Portfolio

turnover

rate

..........................

61%

161%

198%

144%

118%

135%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.02%

—%

0.01%

0.01%

—%

See

notes

to

consolidated

financial

statements.

Notes

to

Consolidated

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

64

1.

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

$44,268,168

,

which

is

0.6%

 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. 

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

and

payment-in-kind

interest,

are

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

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

June

30,

2021

,

if

any,

are

disclosed

in

the

Consolidated Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Consolidated

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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.  

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Consolidated

Financial

Statements

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.  

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.

3.

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 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

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

or

trade 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.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

66

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.

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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation 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

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

June

30,

2021,

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

(unaudited)

(continued)

67

Notes

to

Consolidated

Financial

Statements

4.

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

is

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

pass-through

securities

(the

“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. 

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

pass-through

securities

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

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. 

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

68

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:

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities:

The

Fund

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them,

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement,

the

Fund

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

the

Fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund's

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

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

June

30,

2021

,

the Fund

had

outstanding

commitments

of

$65,666,000.

These

commitments

are

not

included

in

the

net

assets

of

the Fund

as

of

June

30,

2021

.

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

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.......................

$

45,096‌

$

44,645‌

$

44,748‌

$

103‌

Sheraton

Austin,

Term

Loan

...........................................

1,541,134‌

1,541,134‌

1,541,134‌

–‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Consolidated

Financial

Statements

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.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Consolidated

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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

(b)

Barclays

Capital,

Inc.

...................................................

$

12,940,237‌

$

(12,940,237‌)

$

—‌

BofA

Securities,

Inc.

....................................................

6,925,290‌

(6,925,290‌)

—‌

Citigroup

Global

Markets,

Inc.

.............................................

39,901,278‌

(39,901,278‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

4,303,591‌

(4,303,591‌)

—‌

Deutsche

Bank

Securities,

Inc.

.............................................

694,992‌

(694,992‌)

—‌

Goldman

Sachs

&

Co.

..................................................

30,007,105‌

(30,007,105‌)

—‌

JP

Morgan

Securities

LLC

................................................

52,521,525‌

(52,521,525‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

16,795,349‌

(16,795,349‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

3,324,229‌

(3,324,229‌)

—‌

TD

Prime

Services

LLC

.................................................

2,534,852‌

(2,532,923‌)

1,929‌

$

169,948,448‌

$

(169,946,519‌)

$

1,929‌

(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.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

June

30,

2021.

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.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

70

5.

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

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

may purchase

and

write

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

may purchase

and

write

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.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Consolidated

Financial

Statements

Foreign

currency

options

-

The

Fund

may

purchase

and

write

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

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

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

72

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).

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

may enter

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, the

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.

6.

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:

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

(unaudited)

(continued)

73

Notes

to

Consolidated

Financial

Statements

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.

The

Manager

entered

into

a

sub-advisory

agreement,

effective

May

27,

2021,

with

BlackRock

(Singapore)

Limited

(“BRS”),

(the

"Sub-Adviser"),

an

affiliate

of

the

Manager.

The

Manager

pays

BRS

for

services

it

provides

for

that

portion

of

the

Fund

for

which

BRS

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.

For

the six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $38,855

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Consolidated

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 six

months

ended

June

30,

2021,

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

six

months

ended

June

30,

2021

,

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

six

months

ended

June

30,

2021,

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

June

30,

202

3

.

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.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$

12,344

.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

the

Manager

waived

$491,208

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:  

Distribution

Fees

Class

II

...............................................................................................................

0.15‌%

Class

III

...............................................................................................................

0.25‌

Distribution

Fees

Class

II

.........................................................................................................

$

189,248‌

Class

III

.........................................................................................................

8,634,613‌

$

8,823,861‌

Class

I

..........................................................................................................

$

1,166,474‌

Class

II

.........................................................................................................

252,354‌

Class

III

.........................................................................................................

6,734,039‌

$

8,152,867‌

Class

I

................................................................................................................

0.07‌%

Class

II

...............................................................................................................

0.07‌

Class

III

...............................................................................................................

0.07‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

74

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

class

specific

expense

reimbursements

were

as

follows: 

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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,

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $206,355

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

period

ended

June

30,

2021,

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. 

Transfer

Agent

Fees

Reimbursed

Class

I

..........................................................................................................

$

637,018‌

Class

II

.........................................................................................................

163,945‌

Class

III

.........................................................................................................

4,313,842‌

$

5,114,805‌

Class

I

.............................................................................................................

1.25‌%

Class

II

............................................................................................................

1.40‌

Class

III

............................................................................................................

1.50‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

75

Notes

to

Consolidated

Financial

Statements

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

six

months ended

June

30,

2021,

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:

7.

PURCHASES

AND

SALES 

For

the

six

months ended

June

30,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

investments,

were

as

follows:

8.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

9.

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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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.

Purchases

...............................................................................................................

$

10,208,942‌

Sales

...................................................................................................................

227,782‌

Net

Realized

Loss

..........................................................................................................

(4,804‌)

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

BlackRock

Global

Allocation

V.I.

Fund

......................................

$

164,538,721‌

$

459,006,486‌

$

4,871,339,737‌

$

6,181,368,581‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Global

Allocation

V.I.

Fund

...................................

$

6,500,196,831‌

$

1,525,585,727‌

$

(213,606,051‌)

$

1,311,979,676‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

76

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

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 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.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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

Consolidated

Financial

Statements

(unaudited)

(continued)

77

Notes

to

Consolidated

Financial

Statements

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

10,571,569‌

$

212,072,349‌

4,760,199‌

$

83,520,363‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

4,011,126‌

76,848,043‌

Shares

redeemed

.........................................

(3,269,223‌)

(65,903,409‌)

(8,261,008‌)

(143,407,126‌)

Net

increase

...............................................

7,302,346‌

$

146,168,940‌

510,317‌

$

16,961,280‌

Class

II

Shares

sold

.............................................

614,237‌

$

12,302,745‌

736,262‌

$

13,118,809‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

730,862‌

13,937,498‌

Shares

redeemed

.........................................

(476,673‌)

(9,596,581‌)

(2,077,689‌)

(34,169,681‌)

Net

increase

(decrease)

.......................................

137,564‌

$

2,706,164‌

(610,565‌)

$

(7,113,374‌)

Class

III

Shares

sold

.............................................

4,891,454‌

$

82,417,636‌

5,868,298‌

$

87,028,784‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

29,443,468‌

471,472,143‌

Shares

redeemed

.........................................

(93,335,318‌)

(1,591,003,122‌)

(70,805,119‌)

(1,044,538,175‌)

Net

decrease

..............................................

(88,443,864‌)

$

(1,508,585,486‌)

(35,493,353‌)

$

(486,037,248‌)

Total

Net

Decrease

(81,003,954‌)

$

(1,359,710,382‌)

(35,593,601‌)

$

(476,189,342‌)

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

78

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

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

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Government

Money

Market

V.I.

Fund

Money

Market

Overview

For

the

6-Month

Period

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

2

2021

began

with

the

transition

to

the

Biden-Harris

administration,

passage

of

the

$1.9

trillion

American

Rescue

Plan

Act

of

2021,

and

an

acceleration

of

COVID-19

vaccination

programs.

As

the

year

progressed

and

vaccination

efforts

ramped

up,

COVID-19

cases

in

the

U.S.

plummeted

and

the

country

started

to

reopen.

U.S.

macroeconomic

data

continued

to

improve

throughout

the

period

as

evidenced

by

the

unemployment

rate

dropping

from

6.7%

at

the

beginning

of

the

year

to

5.9%

as

of

June

30,

2021.

As

expected,

the

Federal

Open

Market

Committee

(the

“FOMC”)

left

the

range

for

the

Federal

Funds

target

rate

unchanged

at

0.00%

—

0.25%,

and

made

no

change

to

its

forward

guidance

about

interest

rates

or

the

Fed’s

asset

purchase

program

during

the

six-month

period.

A

statement

released

in

conjunction

with

the

June

16,

2021

meeting

noted

that

“progress

on

vaccinations

will

likely

reduce

the

effects

of

the

public

health

crisis

on

the

economy.”

The

Fed’s

updated

Summary

of

Economic

Projections

(“SEP”)

reflected

a

sharply

higher

outlook

for

inflation

in

2021

relative

to

its

March

forecasts.

While

the

FOMC

statement

noted

the

recent

rise

in

inflation

“largely

(reflects)

transitory

factors,”

the

SEP

showed

core

inflation

is

projected

to

exceed

2.0%

throughout

the

2023

forecast

horizon.

The

so-called

“dot

plot”

interest

rate

forecast

for

the

median

Federal

Funds

rate

penciled

in

two

0.25%

interest

rate

hikes

in

2023.

This

is

up

from

the

March

2021

FOMC

meeting

that

forecasted

no

change,

raising

the

median

Federal

Funds

projection

from

0.10%

to

0.60%.

Importantly,

the

Fed

made

upward

“technical”

adjustments

of

0.05%

to

the

interest

rate

paid

on

required

and

excess

reserves

and

the

offering

rate

on

overnight

reverse

repurchase

agreement

(“RRP”)

operations,

bringing

these

“administered

rates”

to

0.15%

and

0.05%,

respectively.

Fed

Chair

Jerome

Powell

noted

in

the

press

conference

following

the

meeting

that

these

adjustments

were

made

“in

order

to

keep

the

federal

funds

rate

well

within

the

target

range

and

to

support

smooth

functioning

in

money

markets.”

Daily

RRP

volume

surged

following

the

adjustment

in

the

program’s

offering

rate,

reaching

a

record

$992

billion

as

of

June

30,

2021.

It

is

expected

RRP

utilization

to

remain

elevated

given

abundant

liquidity

in

the

financial

system

and

insufficient

supply

at

the

front

end

of

the

market.

Rates

on

U.S.

Treasury

bills

(“T-bills”)

also

moved

up

following

the

June

FOMC

meeting

but

were

generally

below

0.05%

for

tenors

out

to

six-months.

This

move

is

likely

attributed

to

the

acute

supply-demand

imbalance

in

the

money

markets

and

the

large

number

of

market

participants

who

lack

access

to

the

Fed’s

RPP

program.

Industry-wide

money

market

mutual

funds

(“MMFs”)

experienced

inflows

of

nearly

$230

billion

during

the

six-month

period.

Of

this,

assets

of

prime

and

municipal

MMFs

fell

$60

billion

and

$12

billion,

respectively,

while

government

MMFs

experienced

$298

billion

of

inflows.

For

the

first

time,

government

MMF

assets

exceeded

the

$4

trillion

mark

in

May

2021.

Net

new

U.S.

T-bill

supply

contracted

$689

billion

during

the

period,

further

accelerating

the

supply-and-demand

imbalance

in

the

money

market

space.

T-bill

tenors

between

one-month

and

one-year

were

trading

with

yields

of

0.00%

—

0.04%

prior

to

the

Fed’s

technical

adjustments

on

June

16,

2021

and

ended

the

period

at

0.04%

—

0.07%.

The

secured

overnight

financing

rate

—

a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities

—

which

had

been

pegged

at

0.01%

since

March

2021,

also

received

a

boost

in

June

and

ended

the

period

at

0.055%.

The

three-month

London

Interbank

Offered

Rate

fell

to

a

record

low

of

0.12%

as

of

June

14,

2021

but

reversed

course

around

the

time

of

the

FOMC

meeting

and

closed

out

the

second

quarter

of

2021

at

0.15%.

The

near-term

outlook

for

U.S.

money

markets

remains

challenging

as

the

impending

U.S.

debt

ceiling

suspension

expiration

on

July

31

will

result

in

almost

$300

billion

in

cash

being

pushed

into

the

system.

It

is

our

expectation

for

the

U.S.

Treasury

to

enact

“extraordinary

accounting

measures”

over

the

next

90

days,

which

would

result

in

further

cuts

to

T-bill

supply,

ranging

from

$200

-

$350

billion.

Despite

front-end

rates

receiving

a

lift

following

the

June

16,

2021

FOMC

meeting,

there

are

still

too

many

factors

at

play

that

will

keep

a

lid

on

rates.

Such

factors

include,

but

aren’t

limited

to,

the

abundance

of

liquidity

in

the

front-end

and

elevated

reserves

in

the

system,

the

Treasury

General

Account

balance

drawdown,

a

shrinking

supply

of

T-bills

and

solid

demand

for

government

securities.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Summary

as

of

June

30,

2021

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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

..............................

46‌

%

Repurchase

Agreements

...............................

28‌

U.S.

Government

Sponsored

Agency

Obligations

..............

26‌

Liabilities

in

Excess

of

Other

Assets

.......................

—‌

(a)

(a)

Represents

less

than

1%

of

the

Fund's

net

assets.

Actual

Hypothetical

(a)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00‌

$

1,000.00‌

$

0.40‌

$

1,000.00‌

$

1,024.40‌

$

0.40‌

0.08‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Government

Money

Market

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

26.2%

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.15%

,

 07/01/21

..................

USD

3,010

$

3,010,000

0.03%

,

 07/21/21

..................

505

504,961

0.04%

,

 08/31/21

..................

680

679,896

0.05%

,

 09/22/21

..................

1,620

1,619,664

0.06%

,

 11/16/21

..................

1,660

1,659,491

0.06%

,

 11/17/21

..................

1,940

1,939,326

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(LIBOR

USD

1

Month

+

0.16%),

0.25%

,

 07/01/21

................

645

645,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.27%

,

 07/08/21

.....

455

455,000

(LIBOR

USD

1

Month

+

0.11%),

0.19%

,

 07/09/21

................

260

260,000

(LIBOR

USD

1

Month

+

0.13%),

0.21%

,

 10/08/21

................

300

300,000

(LIBOR

USD

1

Month

+

0.11%),

0.18%

,

 11/12/21

................

225

225,000

(SOFR

+

0.19%),

0.24%

,

 11/18/21

......

375

375,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.20%

,

 12/13/21

.....

535

534,759

(SOFR

+

0.18%),

0.23%

,

 01/14/22

......

870

870,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.17%

,

 05/02/22

.....

270

269,986

(SOFR

+

0.05%),

0.10%

,

 05/05/22

......

3,000

2,999,884

(SOFR

+

0.19%),

0.24%

,

 07/14/22

......

590

590,000

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.18%),

0.28%

,

 07/20/22

................

2,030

2,029,789

(SOFR

+

0.10%),

0.15%

,

 09/02/22

......

320

320,000

(SOFR

+

0.05%),

0.10%

,

 09/08/22

......

1,335

1,335,241

(SOFR

+

0.06%),

0.11%

,

 10/21/22

......

1,915

1,915,000

(SOFR

+

0.08%),

0.12%

,

 11/03/22

......

1,040

1,040,000

(SOFR

+

0.03%),

0.07%

,

 01/12/23

......

2,285

2,284,823

(SOFR

+

0.06%),

0.11%

,

 01/20/23

......

505

505,000

Federal

Home

Loan

Bank:

0.04%

,

 10/15/21

..................

495

494,999

0.05%

,

 12/23/21

..................

645

644,989

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.03%

,

 07/09/21

..................

275

275,000

0.03%

,

 07/14/21

..................

420

420,000

0.03%

,

 07/28/21

..................

330

329,998

0.04%

,

 08/04/21

..................

375

374,997

0.04%

,

 08/06/21

..................

520

519,992

0.04%

,

 08/11/21

..................

930

929,984

0.04%

,

 08/12/21

..................

390

389,993

0.05%

,

 09/17/21

..................

3,785

3,784,606

0.05%

,

 09/23/21

..................

1,325

1,324,861

0.05%

,

 09/29/21

..................

6,380

6,379,282

0.06%

,

 11/05/21

..................

780

779,862

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.12%

,

 07/08/21

......

650

650,000

(SOFR

+

0.09%),

0.14%

,

 09/10/21

......

1,580

1,580,000

(SOFR

+

0.12%),

0.17%

,

 10/13/21

......

4,000

4,000,000

(SOFR

+

0.12%),

0.17%

,

 02/28/22

......

1,265

1,265,000

(SOFR

+

0.01%),

0.06%

,

 03/28/22

......

175

175,000

(SOFR

+

0.01%),

0.06%

,

 03/30/22

......

280

280,000

(SOFR

+

0.02%),

0.07%

,

 04/12/22

......

350

350,000

(SOFR

+

0.07%),

0.11%

,

 04/28/22

......

345

345,000

(SOFR

+

0.02%),

0.07%

,

 12/16/22

......

5,800

5,800,000

(SOFR

+

0.06%),

0.11%

,

 12/16/22

......

2,425

2,425,000

(SOFR

+

0.06%),

0.11%

,

 02/03/23

......

1,300

1,300,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

Federal

Home

Loan

Mortgage

Corp.,

1.13%, 08/12/21

.................

USD

330

$

330,375

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

(SOFR

+

0.18%),

0.23%

,

 12/13/21

......

1,390

1,390,000

(SOFR

+

0.07%),

0.11%

,

 11/10/22

......

755

755,000

Federal

National

Mortgage

Association,

1.38%, 10/07/21

.................

465

466,539

Federal

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

(SOFR

+

0.36%),

0.41%

,

 01/20/22

......

2,600

2,600,000

(SOFR

+

0.35%),

0.40%

,

 04/07/22

......

985

985,000

(SOFR

+

0.39%),

0.44%

,

 04/15/22

......

1,470

1,470,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

26.2%

(Cost:

$69,183,297)

...............................

69,183,297

U.S.

Treasury

Obligations

—

46.0%

U.S.

Treasury

Bills

(a)

:

0.01%, 07/01/21

..................

940

940,000

0.03%, 07/06/21

..................

5,821

5,820,500

0.03%, 07/08/21

..................

8,080

8,079,969

0.04%, 07/13/21

..................

18,730

18,729,834

0.04%, 07/15/21

..................

10,000

9,999,981

0.04%, 07/22/21

..................

2,527

2,526,885

0.04%, 07/27/21

..................

4,080

4,079,912

0.04%, 08/05/21

..................

8,000

7,999,689

0.04%, 08/10/21

..................

815

814,979

0.05%, 08/12/21

..................

810

809,868

0.04%, 08/24/21

..................

6,000

5,999,550

0.05%, 09/14/21

..................

665

664,972

0.05%, 09/30/21

..................

5,000

4,999,368

0.05%, 10/05/21

..................

4,775

4,774,618

0.05%, 10/12/21

..................

4,741

4,740,493

0.06%, 10/19/21

..................

560

559,940

0.05%, 11/02/21

..................

913

913,149

0.05%, 11/04/21

..................

1,637

1,636,326

0.05%, 11/12/21

..................

455

454,915

0.05%, 12/02/21

..................

2,195

2,194,459

0.05%, 12/09/21

..................

4,479

4,478,099

0.05%, 12/16/21

..................

5,186

5,185,132

0.05%, 12/23/21

..................

7,000

6,998,299

0.06%, 12/30/21

..................

4,615

4,612,434

0.05%, 01/27/22

..................

3,763

3,760,924

U.S.

Treasury

Notes:

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.27%, 07/31/21

(b)

....

1,000

1,000,000

2.75%, 09/15/21

..................

5,000

5,027,411

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.35%, 10/31/21

(b)

....

590

590,117

2.50%, 02/15/22

..................

60

60,905

1.75%, 02/28/22

..................

60

60,660

0.38%, 03/31/22

..................

60

60,126

1.75%, 05/15/22

..................

300

304,388

2.13%, 05/15/22

..................

470

478,410

1.75%, 06/15/22

..................

100

101,605

0.13%, 06/30/22

..................

210

210,113

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.05%),

0.10%, 01/31/23

(b)

....

1,853

1,853,417

Total

U.S.

Treasury

Obligations

—

46.0%

(Cost:

$121,521,447)

..............................

121,521,447

BlackRock

Government

Money

Market

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Total

Repurchase

Agreements

—

28.2%

(Cost:

$74,500,000

)

...............................

$

74,500,000

Total

Investments

—

100.4%

(Cost:

$265,204,744

)

(c)

.............................

265,204,744

Liabilities

in

Excess

of

Other

Assets

—

(0.4)%

.............

(935,882)

Net

Assets

—

100.0%

...............................

$

264,268,862

(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.

.....

0.05

%

06/30/21

07/01/21

$

12,000

$

12,000

$

12,000,016

U.S.

Government

Sponsored

Agency

Obligation,

1.81%,

due

06/01/51

.........

$

3,240,600

$

12,240,000

$

–

$

–

BNP

Paribas

SA

......

0.05

06/30/21

07/01/21

14,000

14,000

14,000,019

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.50%,

due

07/15/23

to

11/15/46

.

981,570,304

14,280,083

$

–

$

–

JP

Morgan

Securities

LLC

0.05

06/30/21

07/01/21

12,000

12,000

12,000,017

U.S.

Treasury

Obligations,

0.13%

to

7.63%,

due

08/15/36

to

12/11/41

.........

1,818,000

12,240,100

0.20

(a)

06/30/21

08/05/21

3,500

3,500

3,500,702

U.S.

Government

Sponsored

Agency

Obligations,

0.67%

to

6.38%,

due

05/01/25

to

04/15/53

.........

43,700,940

3,675,000

$

–

$

–

$

15,500

$

15,915,100

$

–

$

–

Mizuho

Securities

USA

LLC

.............

0.06

06/30/21

07/01/21

13,000

13,000

13,000,020

U.S.

Government

Sponsored

Agency

Obligations,

1.00%

to

4.50%,

due

03/15/37

to

07/01/39

.........

2,465,000

13,650,001

$

–

$

–

Societe

Generale

SA

...

0.05

06/30/21

07/01/21

15,000

15,000

15,000,021

U.S.

Treasury

Obligations,

0.00%

to

2.88%,

due

09/30/22

to

02/15/35

.........

87,994,553

15,300,000

$

–

$

–

TD

Securities

USA

LLC

..

0.05

06/30/21

07/01/21

5,000

5,000

5,000,007

U.S.

Treasury

Obligations,

1.38%

to

2.13%,

due

10/22/29

to

04/21/31

.........

17,810,000

5,100,048

$

–

$

–

$

74,500

$

76,485,232

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Government

Money

Market

V.I.

Fund

6

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

.

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

265,204,744

$

—

$

265,204,744

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2021

7

Financial

Statements

BlackRock

Government

Money

Market

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

190,704,744‌

Cash

.............................................................................................................

6,135,448‌

Repurchase

agreements,

at

value

(b)

.........................................................................................

74,500,000‌

Receivables:

–‌

Capital

shares

sold

...................................................................................................

289,732‌

Interest

—

unaffiliated

.................................................................................................

57,351‌

Prepaid

expenses

.....................................................................................................

3,774‌

Total

assets

.........................................................................................................

271,691,049‌

LIABILITIES

Payables:

–‌

Investments

purchased

................................................................................................

7,052,303‌

Capital

shares

redeemed

...............................................................................................

191,036‌

Investment

advisory

fees

..............................................................................................

285‌

Directors'

and

Officer's

fees

.............................................................................................

957‌

Other

affiliate

fees

...................................................................................................

884‌

Other

accrued

expenses

...............................................................................................

176,722‌

Total

liabilities

........................................................................................................

7,422,187‌

NET

ASSETS

........................................................................................................

$

264,268,862‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

264,253,491‌

Accumulated

earnings

..................................................................................................

15,371‌

NET

ASSETS

........................................................................................................

$

264,268,862‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

190,704,744‌

(b)

  Repurchase

agreements,

at

cost

.........................................................................................

$

74,500,000‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

264,268,862‌

Shares

outstanding

.................................................................................................

264,253,027‌

Net

asset

value

....................................................................................................

$

1.00‌

Shares

authorized

..................................................................................................

3.3

billion

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

INVESTMENT

INCOME

Interest

—

unaffiliated

................................................................................................

$

102,474‌

Total

investment

income

.................................................................................................

102,474‌

EXPENSES

Investment

advisory

..................................................................................................

636,254‌

Professional

.......................................................................................................

32,046‌

Transfer

agent

......................................................................................................

24,094‌

Accounting

services

..................................................................................................

20,186‌

Custodian

.........................................................................................................

6,390‌

Directors

and

Officer

.................................................................................................

4,106‌

Miscellaneous

......................................................................................................

28,886‌

Total

expenses

.......................................................................................................

751,962‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(627,892‌)

Transfer

agent

fees

reimbursed

..........................................................................................

(21,615‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

102,455‌

Net

investment

income

..................................................................................................

19‌

REALIZED

GAIN

$

1,394‌

Net

realized

gain

from

investments

........................................................................................

1,394‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

1,413‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

19‌

$

695,418‌

Net

realized

gain

(loss)

..............................................................................

1,394‌

4,759‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

1,413‌

700,177‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(19‌)

(705,718‌)

CAPITAL

TRANSACTIONS

Net

proceeds

from

sale

of

shares

.........................................................................

39,877,493‌

214,735,557‌

Reinvestment

of

distributions

............................................................................

19‌

697,959‌

Cost

s

of

shares

redeemed

..............................................................................

(37,007,673‌)

(155,348,427‌)

Net

increase

in

net

assets

derived

from

capital

transactions

.......................................................

2,869,839‌

60,085,089‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

2,871,233‌

60,079,548‌

Beginning

of

period

..................................................................................

261,397,629‌

201,318,081‌

End

of

period

......................................................................................

$

264,268,862‌

$

261,397,629‌

(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

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

.......

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

(loss)

............

0.0000‌

(a)

0.0032‌

0.0196‌

0.0160‌

0.0064‌

0.0013‌

Net

realized

gain

(loss)

................

0.0000‌

(a)

0.0002‌

0.0000‌

(a)

(0.0001‌)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

......

0.0000‌

0.0034‌

0.0196‌

0.0159‌

0.0064‌

0.0013‌

Distributions

(b)

–

–

–

–

–

–

F

rom

net

investment

income

............

(0.0000‌)

(c)

(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

.....................

(0.0000‌)

(0.0034‌)

(0.0196‌)

(0.0159‌)

(0.0064‌)

(0.0013‌)

Net

asset

value,

end

of

period

............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

—

0.34%

1.98%

1.61%

—

—

Based

on

net

asset

value

................

0.00%

(e)

(f)

0.34%

1.98%

1.61%

0.65%

0.13%

Ratios

to

Average

Net

Assets

Total

expenses

.......................

0.59%

(g)

0.65%

0.64%

0.80%

(h)

0.72%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

0.08%

(g)

0.24%

0.30%

0.30%

(h)

0.30%

0.30%

Net

investment

income

(loss)

.............

0.00%

(f)(g)

0.32%

1.96%

1.60%

0.63%

0.13%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

264,269‌

$

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)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

(h)

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

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

1.

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.

2.

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.

3.

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

(unaudited)

(continued)

13

Notes

to

Financial

Statements

4.

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 a

fund

and

its

counterparties.

Typically,

a

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, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by a

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

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. 

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $1,039

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

six

months

ended

June

30,

2021

,

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

six

months

ended

June

30,

2021,

fees

waived

and/or

reimbursed

by

the

Manager

under

this

agreement

were

$27

9

,

278

.

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.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$348,614

and

transfer

agent

fees

of

$21,615,

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. 

6.

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

(unaudited)

(continued)

2021

BlackRock

Semi-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

June

30,

2021,

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.

7.

 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”).

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

8.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

9.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

39,877,493‌

$

39,877,493‌

214,735,557‌

$

214,735,557‌

Shares

issued

in

reinvestment

of

distributions

........................

19‌

19‌

697,959‌

697,959‌

Shares

redeemed

.........................................

(37,007,673‌)

(37,007,673‌)

(155,348,427‌)

(155,348,427‌)

Net

increase

...............................................

2,869,839‌

$

2,869,839‌

60,085,089‌

$

60,085,089‌

Glossary

of

Terms

Used

in

this

Report

15

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

USD

United

States

Dollar

Portfolio

Abbreviations

LIBOR

London

Interbank

Offered

Rate

SOFR

Secured

Overnight

Financing

Rate

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

International

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

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

consumer

staples,

health

care

and

information

technology

("IT")

sectors.

Among

individual

stocks,

Chinese

live-streaming

and

social

media

provider

Kuaishou

Technology

and

German

automaker

Volkswagen

AG

were

among

the

top

relative

contributors.

Kuaishou

performed

well

following

its

successful

initial

public

offering

(“IPO”)

at

the

beginning

of

February

2021.

Volkswagen

benefited

from

several

positive

announcements

regarding

its

electric

vehicle

strategy,

along

with

ongoing

discussions

of

a

possible

IPO

of

its

Porsche

unit.

Chinese

cloud

e-commerce

software

provider

Weimob,

Inc.

was

also

a

top

contributor.

Conversely,

negative

stock

selection

in

the

financials,

materials

and

energy

detracted

the

most

from

relative

performance.

At

the

individual

stock

level,

Banco

do

Brasil

SA,

Japanese

web

services

company

Base

Inc.,

and

consumer

products

giant

Unilever

PLC

were

the

most

significant

detractors.

Banco

do

Brasil

suffered

from

the

continued

impact

of

COVID-19

in

Brazil

as

well

as

from

political

interference

that

led

to

a

change

in

company

management.

Base

struggled

as

a

higher

implied

discount

rate

led

to

a

rotation

away

from

long-duration

high-growth

businesses,

despite

a

lack

of

fundamental

concerns.

Unilever

was

a

top

detractor

as

well,

as

defensive

businesses

lagged

the

broader

market

during

the

first

quarter

of

2021.

Describe

recent

portfolio

activity.

The

largest

change

to

the

Fund's

positioning

was

a

significant

increase

in

exposure

in

the

materials

sector,

moving

from

underweight

to

moderately

overweight.

This

largely

stemmed

from

the

addition

of

German

specialty

chemicals

company

Covestro

AG

to

the

portfolio.

The

Fund

also

boosted

its

exposure

to

energy

by

initiating

a

position

in

oilfield

services

company

Baker

Hughes

Co.

By

contrast,

the

Fund

finished

the

period

underweight

by

a

greater

extent

to

the

consumer

staples

sector

than

at

the

beginning

of

the

period,

driven

by

exiting

the

Fund's

position

in

global

snack-food

company

Mondelez

International,

Inc.

Finally,

the

Fund

also

finished

the

period

with

a

more

extensively

underweight

exposure

to

IT,

largely

because

of

its

sale

of

Marvell

Technology

Group

Ltd.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

largest

sector

overweight

positions

were

in

industrials,

communication

services

and

materials.

The

largest

underweight

exposures

were

in

financials,

consumer

staples

and

utilities.

On

a

geographical

basis,

the

largest

overweight

exposures

were

in

the

United

States,

Japan

and

France,

while

the

largest

underweight

allocations

were

to

the

United

Kingdom,

Australia

and

Switzerland.

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

International

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

................................................................

14.23‌%

46.50‌%

14.81‌%

7.03‌%

MSCI

All

Country

World

Index

ex

USA

(d)

...........................................

9.16‌

35.72‌

11.08‌

5.45‌

(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

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.

”

(d)

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.

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.

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

...........................................

18‌

%

United

States

......................................

18‌

China

............................................

8‌

France

...........................................

8‌

Germany

.........................................

7‌

Netherlands

.......................................

4‌

India

............................................

4‌

Spain

............................................

4‌

Italy

.............................................

4‌

South

Korea

.......................................

3‌

Mexico

...........................................

3‌

Canada

..........................................

3‌

Ireland

...........................................

3‌

Iceland

...........................................

2‌

Switzerland

........................................

2‌

Russia

...........................................

2‌

United

Kingdom

.....................................

2‌

Denmark

.........................................

2‌

Brazil

............................................

2‌

Taiwan

...........................................

1‌

Short-Term

Securities

.................................

3‌

Liabilities

in

Excess

of

Other

Assets

.......................

(3‌)

Disclosure

of

Expenses

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,142.30

$

4.94

$

1,000.00

$

1,020.18

$

4.66

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

365.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

International

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

94.8%

Brazil

—

1.6%

Locaweb

Servicos

de

Internet

SA

(a)(b)

.

337,017

$

1,830,833

Canada

—

3.0%

Canadian

National

Railway

Co.

....

31,516

3,325,248

China

—

8.4%

(a)

Kuaishou

Technology

(Acquired

01/29/21,

cost

$2,531,951)

(b)(c)

...

169,000

4,197,673

Weimob,

Inc.

(b)

...............

468,000

1,032,754

Wuxi

Biologics

Cayman,

Inc.

(b)

.....

110,000

2,014,132

XD,

Inc.

....................

250,400

2,204,958

9,449,517

Denmark

—

1.7%

Vestas

Wind

Systems

A/S

........

49,472

1,932,971

France

—

7.6%

L'Oreal

SA

..................

12,117

5,411,378

Sanofi

.....................

29,824

3,133,387

8,544,765

Germany

—

2.0%

Covestro

AG

(b)

................

34,980

2,261,755

Iceland

—

2.1%

Marel

HF

(b)

..................

342,662

2,380,985

India

—

3.9%

Bharti

Airtel

Ltd.

...............

315,135

2,231,705

Reliance

Industries

Ltd.

.........

77,544

2,205,070

4,436,775

Ireland

—

2.6%

Ryanair

Holdings

plc,

ADR

(a)(d)

.....

27,140

2,936,819

Italy

—

3.8%

Intesa

Sanpaolo

SpA

...........

1,543,348

4,269,424

Japan

—

18.3%

BASE,

Inc.

(a)(d)

................

88,300

1,333,367

FANUC

Corp.

................

20,100

4,819,936

Recruit

Holdings

Co.

Ltd.

........

115,900

5,683,597

Sony

Group

Corp.

.............

46,200

4,479,888

Toyota

Motor

Corp.

............

49,200

4,300,773

20,617,561

Mexico

—

3.2%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

..................

551,844

3,553,461

Netherlands

—

4.1%

Koninklijke

DSM

NV

............

24,783

4,632,763

Russia

—

1.8%

Sberbank

of

Russia

PJSC,

ADR

....

124,962

2,076,493

South

Korea

—

3.3%

LG

Chem

Ltd.

................

4,944

3,733,165

Spain

—

3.9%

Cellnex

Telecom

SA

(b)

...........

69,222

4,415,068

Switzerland

—

2.0%

Roche

Holding

AG

.............

5,936

2,236,911

Taiwan

—

1.6%

Sea

Ltd.,

ADR

(a)

...............

6,466

1,775,564

United

Kingdom

—

1.8%

Prudential

plc

................

108,275

2,060,016

Security

Shares

Shares

Value

United

States

—

18.1%

Airbnb,

Inc.,

Class

A

(a)

...........

6,573

$

1,006,589

Baker

Hughes

Co.

(d)

............

106,920

2,445,261

Cadence

Design

Systems,

Inc.

(a)

...

17,988

2,461,118

Equinix,

Inc.

.................

2,830

2,271,358

Mastercard,

Inc.,

Class

A

.........

10,367

3,784,888

Otis

Worldwide

Corp.

...........

40,464

3,308,741

PayPal

Holdings,

Inc.

(a)

..........

8,713

2,539,665

Schneider

Electric

SE

...........

16,075

2,534,136

20,351,756

Total

Common

Stocks

—

94.8%

(Cost:

$82,401,300)

..............................

106,821,850

Preferred

Stocks

—

5.1%

Germany

—

5.1%

Volkswagen

AG

(Preference)

......

22,913

5,745,011

Total

Preferred

Stocks

—

5.1%  

(Cost:

$4,415,822)

..............................

5,745,011

Total

Long-Term

Investments

—

99.9%

(Cost:

$86,817,122)

..............................

112,566,861

Short-Term

Securities

—

3.0%

Money

Market

Funds

—

3.0%

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)(f)(g)

...........

3,352,965

3,353,971

Total

Money

Market

Funds

—

3.0%

(Cost:

$3,353,971)

..............................

3,353,971

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Canada

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 07/02/21

............

CAD

16

12,800

Total

Time

Deposits

—

0.0%

(Cost:

$12,800)

................................

12,800

Total

Short-Term

Securities

—

3.0%

(Cost:

$3,366,771)

..............................

3,366,771

Total

Investments

—

102.9%

(Cost:

$90,183,893)

..............................

115,933,632

Liabilities

in

Excess

of

Other

Assets

—

(2.9)%

............

(3,314,391)

Net

Assets

—

100.0%

..............................

$

112,619,241

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(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)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,197,673,

representing

3.73%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$2,531,951.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

Affiliate

of

the

Fund.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)(b)

$

753,853

$

—

$

(753,853)

$

—

$

—

$

—

—

$

86

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b)

..........

710,454

2,643,759

—

(242)

—

3,353,971

3,352,965

2,335

(c)

—

$

(242)

$

—

$

3,353,971

$

2,421

$

—

—

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

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

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Brazil

...............................................

$

1,830,833

$

—

$

—

$

1,830,833

Canada

.............................................

3,325,248

—

—

3,325,248

China

...............................................

—

9,449,517

—

9,449,517

Denmark

.............................................

—

1,932,971

—

1,932,971

France

..............................................

—

8,544,765

—

8,544,765

Germany

............................................

—

2,261,755

—

2,261,755

Iceland

..............................................

2,380,985

—

—

2,380,985

India

...............................................

—

4,436,775

—

4,436,775

Ireland

..............................................

2,936,819

—

—

2,936,819

Italy

................................................

—

4,269,424

—

4,269,424

Japan

...............................................

—

20,617,561

—

20,617,561

Mexico

..............................................

3,553,461

—

—

3,553,461

Netherlands

...........................................

—

4,632,763

—

4,632,763

Russia

..............................................

—

2,076,493

—

2,076,493

South

Korea

..........................................

—

3,733,165

—

3,733,165

Spain

...............................................

—

4,415,068

—

4,415,068

Switzerland

...........................................

—

2,236,911

—

2,236,911

Taiwan

..............................................

1,775,564

—

—

1,775,564

United

Kingdom

........................................

—

2,060,016

—

2,060,016

United

States

..........................................

17,817,620

2,534,136

—

20,351,756

Preferred

Securities

.......................................

—

5,745,011

—

5,745,011

Short-Term

Securities

.......................................

—

12,800

—

12,800

$

33,620,530

$

78,959,131

$

—

$

112,579,661

Investments

valued

at

NAV

(a)

......................................

3,353,971

$

—

$

115,933,632

$

—

(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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

International

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

112,579,661‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

3,353,971‌

Receivables:

–‌

Investments

sold

....................................................................................................

251,950‌

Securities

lending

income

—

affiliated

......................................................................................

349‌

Capital

shares

sold

...................................................................................................

4,176‌

Dividends

—

affiliated

.................................................................................................

22‌

Dividends

—

unaffiliated

...............................................................................................

145,424‌

Prepaid

expenses

.....................................................................................................

652‌

Total

assets

.........................................................................................................

116,336,205‌

LIABILITIES

Bank

overdraft

........................................................................................................

72,914‌

Collateral

on

securities

loaned,

at

value

.......................................................................................

3,358,958‌

Payables:

–‌

Accounting

services

fees

...............................................................................................

29,170‌

Capital

shares

redeemed

...............................................................................................

19,957‌

Investment

advisory

fees

..............................................................................................

69,968‌

Directors'

and

Officer's

fees

.............................................................................................

828‌

Other

affiliate

fees

...................................................................................................

375‌

Printing

and

postage

fees

..............................................................................................

39,406‌

Professional

fees

....................................................................................................

50,009‌

Transfer

agent

fees

..................................................................................................

55,852‌

Other

accrued

expenses

...............................................................................................

19,527‌

Total

liabilities

........................................................................................................

3,716,964‌

NET

ASSETS

........................................................................................................

$

112,619,241‌

NET

ASSETS

CO

NSIST

OF

Paid-in

capital

........................................................................................................

$

70,369,601‌

Accumulated

earnings

..................................................................................................

42,249,640‌

NET

ASSETS

........................................................................................................

$

112,619,241‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

86,829,922‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

3,274,189‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

3,353,971‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

9

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

112,619,241‌

Shares

outstanding

.................................................................................................

6,908,380‌

Net

asset

value

....................................................................................................

$

16.30‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

86‌

Dividends

—

unaffiliated

...............................................................................................

1,070,286‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

2,335‌

Foreign

taxes

withheld

................................................................................................

(137,450‌)

Total

investment

income

.................................................................................................

935,257‌

EXPENSES

Investment

advisory

..................................................................................................

411,050‌

Transfer

agent

......................................................................................................

112,308‌

Professional

.......................................................................................................

40,274‌

Accounting

services

..................................................................................................

25,085‌

Custodian

.........................................................................................................

11,095‌

Directors

and

Officer

.................................................................................................

3,901‌

Miscellaneous

......................................................................................................

20,870‌

Total

expenses

.......................................................................................................

624,583‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(5,860‌)

Transfer

agent

fees

reimbursed

..........................................................................................

(109,112‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

509,611‌

Net

investment

income

..................................................................................................

425,646‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

13,971,104‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

(242‌)

Investments

—

unaffiliated

...........................................................................................

13,422,212‌

Foreign

currency

transactions

.........................................................................................

6,751‌

A

13,428,721‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

547,633‌

Foreign

currency

translations

..........................................................................................

(5,250‌)

A

542,383‌

Net

realized

and

unrealized

gain

...........................................................................................

13,971,104‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

14,396,750‌

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

425,646‌

$

377,956‌

Net

realized

gain

(loss)

..............................................................................

13,428,721‌

2,633,649‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

542,383‌

14,557,196‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

14,396,750‌

17,568,801‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(1,905,779‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(4,530,974‌)

(8,052,954‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

9,865,776‌

7,610,068‌

Beginning

of

period

..................................................................................

102,753,465‌

95,143,397‌

End

of

period

......................................................................................

$

112,619,241‌

$

102,753,465‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-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)

Aggregate

total

return.

(g)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(h)

Annualized.

BlackRock

International

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

14.27‌

$

12.02‌

$

9.20‌

$

12.56‌

$

9.58‌

$

9.71‌

Net

investment

income

(loss)

(a)

...................

0.06‌

0.05‌

0.14‌

0.17‌

(b)

0.15‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

.............

1.97‌

2.46‌

2.81‌

(2.88‌)

2.83‌

(0.11‌)

Net

increase

(decrease)

from

investment

operations

......

2.03‌

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

period

....................

$

16.30‌

$

14.27‌

$

12.02‌

$

9.20‌

$

12.56‌

$

9.58‌

Total

Return

(e)

14.23%

21.32%

32.12%

(21.82)%

31.11%

—

Based

on

net

asset

value

........................

14.23%

(f)

21.32%

32.12%

(21.82)%

31.11%

0.39%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

...............................

1.14%

(h)

1.14%

1.12%

1.20%

1.24%

1.15%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.93%

(h)

0.93%

0.97%

1.07%

1.11%

1.04%

Net

investment

income

(loss)

.....................

0.78%

(h)

0.43%

1.31%

1.48%

(b)

1.37%

1.57%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

112,619‌

$

102,753‌

$

95,143‌

$

82,233‌

$

115,433‌

$

96,201‌

Portfolio

turnover

rate

..........................

40%

98%

104%

100%

103%

82%

Six

Months

Ended

06/30/21

(unaudited)

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

(unaudited)

13

Notes

to

Financial

Statements

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

3.

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

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.

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

June

30,

2021,

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.

4.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

15

Notes

to

Financial

Statements

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $414

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

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.

...................................................

$

165,723‌

$

(165,723‌)

$

—‌

BofA

Securities,

Inc.

....................................................

792,772‌

(792,772‌)

—‌

Morgan

Stanley

&

Co.

LLC

...............................................

2,315,694‌

(2,315,694‌)

—‌

$

3,274,189‌

$

(3,274,189‌)

$

—‌

(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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations.

For

the

six

months

ended

June

30,

2021

,

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

June

30,

2023.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$276.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

expense

waivers

and/or

reimbursements

were

$66,049.

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

0.93%

of

average

daily

net

assets.

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

investment

advisory

fees

of

$5,584

and

$43,063,

which

is

included

in

fees

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

BlackRock

Investment

Management,

LLC

(“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,

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $478

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

period

ended

June

30,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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. 

6.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $42,876,802

and

$46,315,973,

respectively.

7.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

8.

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

London

Interbank

Offered

Rate

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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

9.

 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

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

International

V.I.

Fund

......................................

$

90,235,646‌

$

26,388,996‌

$

(691,010‌)

$

25,697,986‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

11.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

205,318‌

$

3,256,829‌

255,832‌

$

2,922,838‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

160,308‌

1,905,779‌

Shares

redeemed

.........................................

(495,381‌)

(7,787,803‌)

(1,133,111‌)

(12,881,571‌)

Net

decrease

..............................................

(290,063‌)

$

(4,530,974‌)

(716,971‌)

$

(8,052,954‌)

Glossary

of

Terms

Used

in

this

Report

19

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

CAD

Canadian

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

PJSC

Public

Joint

Stock

Company

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

International

Index

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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.

Class

III

Shares

commenced

operations

on

February

9,

2021.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2021,

the

Fund’s

Class

I

Shares

returned

9.05%

and

Class

III

Shares

returned

8.81%.

The

MSCI

EAFE

Index

returned

8.83%

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?

The

vaccination

rollout

in

developed

markets

during

the

first

quarter

of

2021

boosted

optimism

for

a

global

economic

recovery.

However,

the

reappearance

of

high

numbers

of

daily

COVID-19

cases

across

Europe

weighed

down

on

the

general

sentiment,

especially

as

social

restrictions

were

tightened

again

across

Europe.

Energy

was

the

best

performing

sector

of

the

MSCI

EAFE

Index.

This

was

primarily

due

to

oil,

as

prices

increased

given

a

surge

in

demand

while

OPEC

left

production

levels

unchanged,

and

the

Suez

Canal

blockage

raised

concern

about

the

delivery

of

oil.

Financials

also

posted

strong

positive

returns

across

regions,

extending

the

rally

from

November

2020,

supported

by

rising

hopes

of

a

sustainable

opening

of

the

economy.

The

consumer

discretionary

sector

also

rallied

over

the

first

quarter,

including

car

makers

in

Europe

that

announced

environmentally

friendly

expansion

plans.

European

countries

including

Sweden

and

Norway

were

the

strongest

performers

in

the

MSCI

EAFE

Index

in

the

first

quarter

of

2021,

while

U.K.

equities

were

the

biggest

contributor

to

the

overall

return,

extending

the

rally

since

late

November

2020.

In

the

Asia-Pacific

region,

Japanese

equities

posted

a

positive

return

over

the

first

quarter

of

2021

supported

by

higher-than-

expected

quarterly

earnings

results

and

by

the

low

daily

new

COVID-19

cases

recorded

across

the

country,

but

trailed

other

Asian-Pacific

markets

including

Australia,

Hong

Kong

and

Singapore.

After

a

relatively

slow

start

in

the

second

quarter

of

2021,

the

vaccination

rate

across

developed

markets

picked

up,

leading

to

more

economic

activities

restarting.

The

prospect

for

strong

growth,

signaled

by

strong

economic

data,

also

boosted

European

equities

over

the

quarter.

Strong

corporate

earnings

in

Europe

supported

market

performance

as

companies

benefited

from

a

combination

of

demand

recovery

and

supply

constraints.

Services

increased

over

the

quarter,

as

the

ease

of

Covid-19

restrictions

helped

fuel

higher

demand.

However,

despite

the

improving

economic

outlook,

the

European

Central

Bank

policy

makers

signaled

that

it

was

still

too

soon

to

withdraw

stimulus

measures,

while

despite

the

Bank

of

England

announcing

its

plans

to

slow

its

quantitative

easing

program.

In

Japan,

a

consistent

increase

in

COVID-19

cases

led

the

government

to

extend

the

state

of

emergency

until

June

20,

2021.

While

the

market

performance

was

initially

weighed

down

by

the

slow

vaccination

campaign,

the

market

began

to

rally

in

the

second

quarter

of

2021

as

the

government

rolled

out

mass

vaccination

efforts

throughout

the

country.

The

Japanese

equity

market

started

to

recover

by

the

end

of

May,

but

investors’

concerns

over

the

low

vaccination

rate

persisted,

resulting

in

slight

negative

performance

for

the

quarter.

Most

of

the

Global

Industry

Classification

sectors

within

the

MSCI

EAFE

Index

posted

positive

returns

over

the

second

quarter

of

2021.

Health

care,

consumer

staples,

and

information

technology

were

the

best

performers.

While

utilities,

communication

services

and

energy

were

among

the

lowest

performers.

Describe

recent

portfolio

activity.

During

the

six-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

replicating

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

International

Index

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

................................................................

9.05‌%

32.00‌%

10.13‌%

5.61‌%

Class

III

(b)

(c)

(d)

..............................................................

8.81‌

31.55‌

9.83‌

5.33‌

MSCI

EAFE

Index

(e)

.........................................................

8.83‌

32.35‌

10.28‌

5.89‌

(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)

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.

(d)

The

returns

for

Class

III

Shares

prior

to

February

9,

2021,

the

commencement

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.

(e)

A

free

float

adjusted,

market

capitalization

weighted

index

designed

to

measure

equity

performance

of

developed

markets,

excluding

the

United

States

and

Canada.

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.

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

...........................................

23‌

%

United

Kingdom

.....................................

12‌

France

...........................................

11‌

Switzerland

........................................

10‌

Germany

.........................................

9‌

Australia

..........................................

8‌

Netherlands

.......................................

5‌

Sweden

..........................................

3‌

Hong

Kong

........................................

3‌

Denmark

.........................................

3‌

Spain

............................................

2‌

Italy

.............................................

2‌

United

States

......................................

1‌

Finland

..........................................

1‌

Singapore

.........................................

1‌

Other

(a)

...........................................

5‌

Short-Term

Securities

.................................

1‌

Other

Assets

Less

Liabilities

............................

—‌

(b)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

(b)

Represents

less

than

1%

of

the

Fund's

net

assets.

Disclosure

of

Expenses

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021,

except

with

respect

to

Class

III

Shares

which

are

based

on

a

hypothetical

investment

of

$1,000

on

February

9,

2021

(commencement

of

operations)

and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,090.50

$

1.40

$

1,000.00

$

1,023.46

$

1.35

0.27%

Class

III

..................................

1,000.00

1,055.60

2.02

1,000.00

1,022.27

2.56

0.51

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown),

except

for

Class

III

Shares,

which

is

multiplied

by

141/365

(to

reflect

the

period

since

inception

date

of

February

9,

2021

to

June

30,

2021).

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

98.4%

Australia

—

8.1%

Afterpay

Ltd.

(a)

................

2,675

$

237,434

AGL

Energy

Ltd.

..............

8,066

49,556

Ampol

Ltd.

..................

3,273

69,275

APA

Group

(b)

.................

14,138

94,338

Aristocrat

Leisure

Ltd.

...........

7,276

234,888

ASX

Ltd.

...................

2,395

139,618

Aurizon

Holdings

Ltd.

...........

23,960

66,737

AusNet

Services

Ltd.

...........

24,028

31,493

Australia

&

New

Zealand

Banking

Group

Ltd.

................

36,169

763,452

BGP

Holdings

plc

(a)(c)

...........

253,848

3

BHP

Group

Ltd.

...............

37,161

1,351,929

BHP

Group

plc

...............

26,848

794,458

BlueScope

Steel

Ltd.

...........

6,737

110,701

Brambles

Ltd.

................

18,347

157,453

Cochlear

Ltd.

................

828

156,216

Coles

Group

Ltd.

..............

16,964

217,305

Commonwealth

Bank

of

Australia

...

22,379

1,675,799

Computershare

Ltd.

............

6,833

86,603

Crown

Resorts

Ltd.

(a)

...........

4,428

39,524

CSL

Ltd.

....................

5,732

1,225,894

Dexus

.....................

14,431

115,040

Domino's

Pizza

Enterprises

Ltd.

....

765

69,178

Endeavour

Group

Ltd.

(a)

.........

16,051

75,716

Evolution

Mining

Ltd.

...........

20,784

70,223

Fortescue

Metals

Group

Ltd.

......

21,176

369,922

Glencore

plc

(a)

................

125,667

539,374

Goodman

Group

..............

20,847

329,918

GPT

Group

(The)

..............

23,998

87,788

Insurance

Australia

Group

Ltd.

.....

31,789

122,911

Lendlease

Corp.

Ltd.

(b)

..........

8,407

72,239

Macquarie

Group

Ltd.

...........

4,321

506,255

Magellan

Financial

Group

Ltd.

.....

1,613

65,145

Medibank

Pvt

Ltd.

.............

31,798

75,387

Mirvac

Group

................

49,339

107,577

National

Australia

Bank

Ltd.

.......

41,901

823,724

Newcrest

Mining

Ltd.

...........

10,271

194,777

Northern

Star

Resources

Ltd.

......

13,927

102,282

Oil

Search

Ltd.

...............

25,328

72,359

Orica

Ltd.

...................

5,028

50,005

Origin

Energy

Ltd.

.............

21,517

72,668

Qantas

Airways

Ltd.

(a)

...........

12,572

43,889

QBE

Insurance

Group

Ltd.

.......

18,704

150,933

Ramsay

Health

Care

Ltd.

........

2,295

108,280

REA

Group

Ltd.

...............

701

88,823

Reece

Ltd.

..................

3,670

64,991

Rio

Tinto

Ltd.

................

4,632

439,139

Rio

Tinto

plc

.................

14,154

1,168,944

Santos

Ltd.

..................

24,042

127,699

Scentre

Group

................

66,680

136,449

SEEK

Ltd.

..................

4,001

99,461

Sonic

Healthcare

Ltd.

...........

5,750

165,689

South32

Ltd.

.................

59,618

130,741

Stockland

...................

29,531

102,834

Suncorp

Group

Ltd.

............

15,622

130,057

Sydney

Airport

(a)(b)

.............

17,530

76,063

Tabcorp

Holdings

Ltd.

...........

27,737

107,618

Telstra

Corp.

Ltd.

..............

51,980

146,604

Transurban

Group

(b)

............

35,045

373,758

Treasury

Wine

Estates

Ltd.

.......

9,555

83,666

Vicinity

Centres

...............

52,795

60,871

Washington

H

Soul

Pattinson

&

Co.

Ltd.

1,455

36,795

Wesfarmers

Ltd.

..............

14,432

639,815

Westpac

Banking

Corp.

.........

46,310

896,182

Security

Shares

Shares

Value

Australia

(continued)

WiseTech

Global

Ltd.

...........

1,912

$

45,690

Woodside

Petroleum

Ltd.

........

11,736

195,424

Woolworths

Group

Ltd.

..........

16,051

459,322

17,504,901

Austria

—

0.3%

Erste

Group

Bank

AG

...........

3,659

134,510

Mondi

plc

...................

6,082

160,129

OMV

AG

...................

1,717

97,985

Raiffeisen

Bank

International

AG

...

1,968

44,670

Verbund

AG

.................

788

72,591

voestalpine

AG

...............

1,524

62,163

572,048

Belgium

—

0.9%

Ageas

SA

...................

2,267

125,980

Anheuser-Busch

InBev

SA/NV

.....

9,534

687,295

Elia

Group

SA/NV

.............

397

41,906

Etablissements

Franz

Colruyt

NV

...

613

34,279

Groupe

Bruxelles

Lambert

SA

.....

1,449

161,953

KBC

Group

NV

...............

3,073

234,627

Proximus

SADP

...............

2,022

39,083

Sofina

SA

...................

198

85,547

Solvay

SA

...................

973

123,847

UCB

SA

....................

1,583

165,790

Umicore

SA

.................

2,436

149,030

1,849,337

Brazil

—

0.1%

Yara

International

ASA

..........

2,127

112,081

Chile

—

0.0%

Antofagasta

plc

...............

4,848

96,406

China

—

0.5%

BOC

Hong

Kong

Holdings

Ltd.

.....

46,500

157,603

Budweiser

Brewing

Co.

APAC

Ltd.

(d)

.

22,100

69,587

Chow

Tai

Fook

Jewellery

Group

Ltd.

.

25,200

57,578

ESR

Cayman

Ltd.

(a)(d)

...........

25,200

84,968

Futu

Holdings

Ltd.,

ADR

(a)

........

632

113,185

Prosus

NV

(a)

.................

6,148

602,305

Wilmar

International

Ltd.

.........

22,600

75,772

1,160,998

Denmark

—

2.6%

Ambu

A/S,

Class

B

(e)

...........

2,096

80,650

AP

Moller

-

Maersk

A/S,

Class

A

....

41

114,046

AP

Moller

-

Maersk

A/S,

Class

B

....

78

224,555

Carlsberg

A/S,

Class

B

..........

1,293

241,294

Chr

Hansen

Holding

A/S

.........

1,315

118,683

Coloplast

A/S,

Class

B

..........

1,524

250,215

Danske

Bank

A/S

..............

8,480

149,341

Demant

A/S

(a)

................

1,367

77,036

DSV

Panalpina

A/S

............

2,616

610,674

Genmab

A/S

(a)

................

828

339,267

GN

Store

Nord

A/S

.............

1,644

143,768

Novo

Nordisk

A/S,

Class

B

.......

21,703

1,816,729

Novozymes

A/S,

Class

B

.........

2,698

203,563

Orsted

A/S

(d)

.................

2,396

336,306

Pandora

A/S

.................

1,226

165,404

ROCKWOOL

International

A/S,

Class

B

102

49,676

Tryg

A/S

....................

4,545

111,638

Vestas

Wind

Systems

A/S

........

12,748

498,090

5,530,935

Finland

—

1.3%

Elisa

OYJ

...................

1,747

104,253

Fortum

OYJ

.................

5,443

150,153

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Finland

(continued)

Kesko

OYJ,

Class

B

............

3,461

$

127,803

Kone

OYJ,

Class

B

............

4,334

353,716

Neste

OYJ

..................

5,345

327,873

Nokia

OYJ

(a)

.................

68,062

364,660

Nordea

Bank

Abp

.............

40,693

453,161

Orion

OYJ,

Class

B

............

1,385

59,547

Sampo

OYJ,

Class

A

...........

6,296

289,519

Stora

Enso

OYJ,

Class

R

........

7,327

133,798

UPM-

Kymmene

OYJ

...........

6,733

254,897

Wartsila

OYJ

Abp

..............

5,901

87,672

2,707,052

France

—

10.6%

Accor

SA

(a)

..................

2,301

86,066

Adevinta

ASA

(a)

...............

3,059

58,681

Aeroports

de

Paris

(a)

............

395

51,560

Air

Liquide

SA

................

5,961

1,045,262

Airbus

SE

(a)

..................

7,432

957,634

Alstom

SA

..................

3,536

178,659

Amundi

SA

(d)

.................

804

70,912

Arkema

SA

..................

814

102,307

Atos

SE

....................

1,264

76,968

AXA

SA

....................

24,300

617,034

BioMerieux

..................

551

64,021

BNP

Paribas

SA

..............

14,141

887,484

Bollore

SA

..................

11,639

62,436

Bouygues

SA

................

2,914

107,934

Bureau

Veritas

SA

(a)

............

3,526

111,645

Capgemini

SE

................

2,042

392,704

Carrefour

SA

.................

7,725

152,023

Cie

de

Saint-Gobain

............

6,439

424,947

Cie

Generale

des

Etablissements

Michelin

SCA

..............

2,157

344,247

CNP

Assurances

..............

2,282

38,893

Covivio

....................

612

52,392

Credit

Agricole

SA

.............

14,347

201,139

Danone

SA

..................

8,234

579,303

Dassault

Aviation

SA

...........

33

38,873

Dassault

Systemes

SE

..........

1,682

408,215

Edenred

....................

3,130

178,462

Eiffage

SA

..................

1,069

108,885

Electricite

de

France

SA

.........

5,870

80,220

Engie

SA

...................

23,207

318,228

EssilorLuxottica

SA

............

3,582

663,464

Eurazeo

SE

.................

537

46,820

Faurecia

SE

.................

1,445

70,969

Gecina

SA

..................

601

92,080

Getlink

SE

..................

5,227

81,631

Hermes

International

...........

403

588,103

Iliad

SA

....................

193

28,278

Ipsen

SA

...................

501

52,133

Kering

SA

...................

947

829,778

Klepierre

SA

.................

2,450

63,121

La

Francaise

des

Jeux

SAEM

(d)

....

1,103

64,876

Legrand

SA

.................

3,407

361,085

L'Oreal

SA

..................

3,170

1,415,703

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,505

2,757,233

Natixis

SA

...................

12,518

59,471

Orange

SA

..................

25,324

289,017

Orpea

SA

...................

664

84,536

Pernod

Ricard

SA

.............

2,622

582,772

Publicis

Groupe

SA

............

2,776

177,650

Remy

Cointreau

SA

............

300

61,957

Renault

SA

(a)

.................

2,327

94,331

Safran

SA

...................

4,315

598,848

Sanofi

.....................

14,303

1,502,710

Security

Shares

Shares

Value

France

(continued)

Sartorius

Stedim

Biotech

.........

340

$

160,919

SCOR

SE

(a)

..................

1,940

61,760

SEB

SA

....................

330

59,698

Societe

Generale

SA

...........

10,300

304,689

Sodexo

SA

(a)

.................

1,160

108,413

Suez

SA

....................

4,361

103,754

Teleperformance

..............

735

298,476

Thales

SA

...................

1,328

135,691

TotalEnergies

SE

..............

31,500

1,427,007

Ubisoft

Entertainment

SA

(a)

.......

1,162

81,186

Unibail

-

Rodamco

-Westfield

(a)

......

1,573

136,373

Valeo

SA

...................

2,890

87,172

Veolia

Environnement

SA

........

6,764

204,482

Vinci

SA

....................

6,720

718,354

Vivendi

SE

..................

8,983

301,821

Wendel

SE

..................

369

49,656

Worldline

SA

(a)(d)

..............

3,016

282,613

22,885,764

Germany

—

8.6%

adidas

AG

..................

2,412

900,057

Allianz

SE

(Registered)

..........

5,185

1,293,953

Aroundtown

SA

(e)

..............

12,558

97,980

BASF

SE

...................

11,562

912,702

Bayer

AG

(Registered)

..........

12,473

758,299

Bayerische

Motoren

Werke

AG

....

4,202

445,477

Bechtle

AG

..................

346

64,308

Beiersdorf

AG

................

1,247

150,520

Brenntag

SE

.................

1,917

178,420

Carl

Zeiss

Meditec

AG

..........

533

103,032

Commerzbank

AG

(a)

............

13,055

92,712

Continental

AG

...............

1,422

209,206

Covestro

AG

(d)

................

2,308

149,232

Daimler

AG

(Registered)

.........

10,809

965,877

Deutsche

Bank

AG

(Registered)

(a)

...

26,090

340,153

Deutsche

Boerse

AG

...........

2,418

422,053

Deutsche

Lufthansa

AG

(Registered)

(a)

(e)

......................

4,000

44,983

Deutsche

Post

AG

(Registered)

....

12,525

853,012

Deutsche

Telekom

AG

(Registered)

.

41,842

884,959

Deutsche

Wohnen

SE

..........

4,349

266,107

E.ON

SE

...................

28,573

330,580

Evonik

Industries

AG

...........

2,692

90,380

Fresenius

Medical

Care

AG

&

Co.

KGaA

...................

2,588

215,053

Fresenius

SE

&

Co.

KGaA

........

5,288

275,980

GEA

Group

AG

...............

1,958

79,338

Hannover

Rueck

SE

............

747

125,054

HeidelbergCement

AG

..........

1,850

158,835

HelloFresh

SE

(a)

...............

2,085

202,681

Henkel

AG

&

Co.

KGaA

.........

1,255

115,572

Infineon

Technologies

AG

........

16,546

665,534

Just

Eat

Takeaway.com

NV

(a)(d)

.....

2,264

209,383

KION

Group

AG

...............

890

95,017

Knorr-

Bremse

AG

.............

925

106,427

LANXESS

AG

................

1,089

74,737

LEG

Immobilien

SE

............

886

127,546

Merck

KGaA

.................

1,644

315,445

MTU

Aero

Engines

AG

..........

650

161,164

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

1,752

480,154

Nemetschek

SE

...............

741

56,721

Puma

SE

...................

1,233

147,160

Rational

AG

.................

65

58,888

RWE

AG

...................

7,947

288,136

SAP

SE

....................

13,195

1,853,366

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Germany

(continued)

Scout24

AG

(d)

................

1,127

$

95,089

Siemens

AG

(Registered)

........

9,671

1,535,550

Siemens

Energy

AG

(a)

...........

4,878

146,940

Siemens

Healthineers

AG

(d)

.......

3,428

210,182

Symrise

AG

.................

1,640

228,545

TeamViewer

AG

(a)

.............

2,023

75,978

Telefonica

Deutschland

Holding

AG

.

13,365

35,280

Uniper

SE

...................

1,155

42,554

United

Internet

AG

(Registered)

....

1,341

54,843

Volkswagen

AG

...............

432

141,983

Vonovia

SE

..................

6,760

436,869

Zalando

SE

(a)(d)

...............

2,662

321,873

18,691,879

Hong

Kong

—

2.7%

AIA

Group

Ltd.

...............

152,354

1,890,040

Bank

of

East

Asia

Ltd.

(The)

......

16,825

31,248

CK

Asset

Holdings

Ltd.

..........

25,159

173,170

CK

Infrastructure

Holdings

Ltd.

.....

9,000

53,612

CLP

Holdings

Ltd.

.............

20,783

205,395

Hang

Lung

Properties

Ltd.

........

27,000

65,483

Hang

Seng

Bank

Ltd.

...........

9,574

190,980

Henderson

Land

Development

Co.

Ltd.

18,836

89,137

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(b)

...........

35,000

35,467

HKT

Trust

&

HKT

Ltd.

(b)

..........

50,100

68,240

Hong

Kong

&

China

Gas

Co.

Ltd.

...

140,220

217,723

Hong

Kong

Exchanges

&

Clearing

Ltd.

15,207

905,269

Hongkong

Land

Holdings

Ltd.

.....

13,800

65,722

Jardine

Matheson

Holdings

Ltd.

....

2,800

178,975

Link

REIT

...................

25,500

246,721

Melco

Resorts

&

Entertainment

Ltd.,

ADR

(a)

...................

2,311

38,293

MTR

Corp.

Ltd.

...............

20,000

111,360

New

World

Development

Co.

Ltd.

...

18,361

95,219

Power

Assets

Holdings

Ltd.

.......

18,500

113,517

Sino

Land

Co.

Ltd.

.............

37,311

58,818

Sun

Hung

Kai

Properties

Ltd.

......

16,500

245,222

Swire

Pacific

Ltd.,

Class

A

........

6,500

44,041

Swire

Properties

Ltd.

...........

15,600

46,467

Techtronic

Industries

Co.

Ltd.

......

17,500

304,972

WH

Group

Ltd.

(d)

..............

117,000

105,019

Wharf

Real

Estate

Investment

Co.

Ltd.

21,953

127,614

Xinyi

Glass

Holdings

Ltd.

........

24,000

97,787

5,805,511

Ireland

—

0.7%

CRH

plc

....................

9,929

502,123

Flutter

Entertainment

plc

(a)

........

2,110

382,598

Kerry

Group

plc,

Class

A

.........

2,022

282,697

Kingspan

Group

plc

............

1,962

185,435

Smurfit

Kappa

Group

plc

.........

3,082

167,609

1,520,462

Israel

—

0.6%

Azrieli

Group

Ltd.

..............

564

39,740

Bank

Hapoalim

BM

(a)

...........

14,196

113,974

Bank

Leumi

Le-Israel

BM

(a)

.......

18,004

136,807

Check

Point

Software

Technologies

Ltd.

(a)(e)

...................

1,450

168,389

Elbit

Systems

Ltd.

.............

313

40,548

ICL

Group

Ltd.

................

9,360

63,512

Israel

Discount

Bank

Ltd.,

Class

A

(a)

.

15,549

74,073

Mizrahi

Tefahot

Bank

Ltd.

(a)

.......

1,858

57,235

Nice

Ltd.

(a)

..................

771

190,309

Security

Shares

Shares

Value

Israel

(continued)

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(a)

...................

13,352

$

132,185

Wix.com

Ltd.

(a)(e)

..............

700

203,196

1,219,968

Italy

—

2.0%

Amplifon

SpA

................

1,578

78,022

Assicurazioni

Generali

SpA

.......

13,610

273,244

Atlantia

SpA

(a)

................

6,193

112,453

Davide

Campari-Milano

NV

.......

6,845

91,752

DiaSorin

SpA

................

323

61,117

Enel

SpA

...................

102,279

950,466

Eni

SpA

....................

32,371

394,652

Ferrari

NV

..................

1,568

323,708

FinecoBank

Banca

Fineco

SpA

(a)

...

7,920

138,214

Infrastrutture

Wireless

Italiane

SpA

(d)

.

4,226

47,722

Intesa

Sanpaolo

SpA

...........

207,497

574,007

Mediobanca

Banca

di

Credito

Finanziario

SpA

(a)

...........

8,248

96,503

Moncler

SpA

.................

2,379

161,267

Nexi

SpA

(a)(d)

.................

5,591

122,864

Poste

Italiane

SpA

(d)(e)

...........

6,946

91,934

Prysmian

SpA

................

3,194

114,620

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(e)

..........

1,390

79,511

Snam

SpA

(e)

.................

25,938

150,045

Telecom

Italia

SpA

.............

205,927

105,098

Terna

SpA

..................

17,272

128,809

UniCredit

SpA

................

26,209

309,861

4,405,869

Japan

—

22.9%

ABC-Mart,

Inc.

...............

400

23,006

Acom

Co.

Ltd.

................

5,300

23,126

Advantest

Corp.

...............

2,500

224,467

Aeon

Co.

Ltd.

................

8,100

217,443

AGC,

Inc.

...................

2,500

104,726

Aisin

Corp.

..................

1,900

81,467

Ajinomoto

Co.,

Inc.

.............

6,100

158,476

ANA

Holdings,

Inc.

(a)

............

2,000

47,004

Asahi

Group

Holdings

Ltd.

........

5,800

271,085

Asahi

Intecc

Co.

Ltd.

...........

2,800

66,944

Asahi

Kasei

Corp.

.............

15,700

172,562

Astellas

Pharma,

Inc.

...........

23,200

404,299

Azbil

Corp.

..................

1,600

66,299

Bandai

Namco

Holdings,

Inc.

......

2,500

173,024

Bridgestone

Corp.

.............

7,200

327,257

Brother

Industries

Ltd.

..........

3,000

59,920

Canon,

Inc.

(e)

.................

12,700

287,045

Capcom

Co.

Ltd.

..............

2,200

64,303

Casio

Computer

Co.

Ltd.

.........

2,600

43,627

Central

Japan

Railway

Co.

.......

1,800

273,511

Chiba

Bank

Ltd.

(The)

...........

6,300

38,077

Chubu

Electric

Power

Co.,

Inc.

.....

8,100

99,101

Chugai

Pharmaceutical

Co.

Ltd.

....

8,500

336,911

Concordia

Financial

Group

Ltd.

....

14,300

52,549

Cosmos

Pharmaceutical

Corp.

.....

200

29,386

CyberAgent

,

Inc.

..............

5,200

111,369

Dai

Nippon

Printing

Co.

Ltd.

......

3,200

67,717

Daifuku

Co.

Ltd.

...............

1,300

117,947

Dai-ichi

Life

Holdings,

Inc.

........

13,400

246,549

Daiichi

Sankyo

Co.

Ltd.

..........

21,239

458,191

Daikin

Industries

Ltd.

...........

3,200

596,319

Daito

Trust

Construction

Co.

Ltd.

...

800

87,282

Daiwa

House

Industry

Co.

Ltd.

.....

7,200

216,493

Daiwa

House

REIT

Investment

Corp.

23

67,681

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Index

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Japan

(continued)

Daiwa

Securities

Group,

Inc.

......

18,500

$

101,631

Denso

Corp.

.................

5,400

368,234

Dentsu

Group,

Inc.

.............

2,600

93,282

Disco

Corp.

..................

400

121,620

East

Japan

Railway

Co.

.........

3,800

270,993

Eisai

Co.

Ltd.

................

3,000

294,832

ENEOS

Holdings,

Inc.

..........

39,550

165,746

FANUC

Corp.

................

2,400

575,515

Fast

Retailing

Co.

Ltd.

..........

700

526,182

Fuji

Electric

Co.

Ltd.

............

1,600

74,683

FUJIFILM

Holdings

Corp.

........

4,600

340,255

Fujitsu

Ltd.

..................

2,500

467,747

GLP

J-

Reit

..................

54

93,131

GMO

Payment

Gateway,

Inc.

......

500

64,937

Hakuhodo

DY

Holdings,

Inc.

......

3,100

48,281

Hamamatsu

Photonics

KK

........

1,700

102,407

Hankyu

Hanshin

Holdings,

Inc.

.....

3,000

92,604

Harmonic

Drive

Systems,

Inc.

.....

500

27,479

Hikari

Tsushin,

Inc.

.............

300

52,724

Hino

Motors

Ltd.

..............

3,400

30,073

Hirose

Electric

Co.

Ltd.

..........

435

63,638

Hisamitsu

Pharmaceutical

Co.,

Inc.

..

700

34,562

Hitachi

Construction

Machinery

Co.

Ltd.

1,400

42,876

Hitachi

Ltd.

..................

12,100

693,417

Hitachi

Metals

Ltd.

.............

2,900

55,419

Honda

Motor

Co.

Ltd.

...........

20,500

659,346

Hoshizaki

Corp.

...............

700

59,467

Hoya

Corp.

..................

4,700

621,671

Hulic

Co.

Ltd.

................

4,000

44,935

Ibiden

Co.

Ltd.

................

1,300

69,971

Idemitsu

Kosan

Co.

Ltd.

.........

2,425

58,590

Iida

Group

Holdings

Co.

Ltd.

......

2,000

51,444

Inpex

Corp.

..................

13,600

101,788

Isuzu

Motors

Ltd.

..............

7,300

96,869

Ito

En

Ltd.

...................

700

41,545

ITOCHU

Corp.

...............

15,000

432,821

Itochu

Techno-Solutions

Corp.

.....

1,300

40,216

Japan

Airlines

Co.

Ltd.

(a)

.........

1,500

32,480

Japan

Exchange

Group,

Inc.

......

6,300

140,339

Japan

Metropolitan

Fund

Invest

....

88

95,389

Japan

Post

Bank

Co.

Ltd.

(e)

.......

5,400

45,416

Japan

Post

Holdings

Co.

Ltd.

(a)

.....

19,800

162,632

Japan

Post

Insurance

Co.

Ltd.

.....

3,000

55,509

Japan

Real

Estate

Investment

Corp.

.

17

104,405

Japan

Tobacco,

Inc.

............

15,000

283,475

JFE

Holdings,

Inc.

.............

6,500

76,257

JSR

Corp.

..................

2,600

78,981

Kajima

Corp.

.................

5,200

65,987

Kakaku.com,

Inc.

..............

1,800

54,151

Kansai

Electric

Power

Co.,

Inc.

(The)

8,400

80,151

Kansai

Paint

Co.

Ltd.

...........

2,400

61,262

Kao

Corp.

...................

6,100

376,127

KDDI

Corp.

..................

20,200

629,345

Keio

Corp.

..................

1,200

70,639

Keisei

Electric

Railway

Co.

Ltd.

....

1,700

54,346

Keyence

Corp.

...............

2,456

1,236,899

Kikkoman

Corp.

...............

1,900

125,302

Kintetsu

Group

Holdings

Co.

Ltd.

(a)

..

2,100

73,813

Kirin

Holdings

Co.

Ltd.

..........

10,400

202,965

Kobayashi

Pharmaceutical

Co.

Ltd.

..

600

51,303

Kobe

Bussan

Co.

Ltd.

...........

1,600

50,410

Koei

Tecmo

Holdings

Co.

Ltd.

.....

780

37,921

Koito

Manufacturing

Co.

Ltd.

......

1,200

74,667

Komatsu

Ltd.

................

10,800

267,554

Konami

Holdings

Corp.

..........

1,200

71,868

Security

Shares

Shares

Value

Japan

(continued)

Kose

Corp.

..................

400

$

62,839

Kubota

Corp.

................

13,000

262,986

Kurita

Water

Industries

Ltd.

.......

1,300

62,489

Kyocera

Corp.

................

4,100

253,300

Kyowa

Kirin

Co.

Ltd.

............

3,500

124,479

Lasertec

Corp.

...............

900

174,083

Lawson,

Inc.

.................

700

32,422

Lion

Corp.

..................

3,000

50,852

Lixil

Corp.

...................

3,500

90,571

M3,

Inc.

....................

5,600

408,007

Makita

Corp.

.................

2,700

127,135

Marubeni

Corp.

...............

19,700

171,557

Mazda

Motor

Corp.

(a)

...........

7,600

71,702

McDonald's

Holdings

Co.

Japan

Ltd.

.

900

39,660

Medipal

Holdings

Corp.

..........

2,300

43,973

MEIJI

Holdings

Co.

Ltd.

.........

1,500

89,887

Mercari

,

Inc.

(a)

................

1,300

68,722

MINEBEA

MITSUMI,

Inc.

........

4,600

121,538

MISUMI

Group,

Inc.

............

3,400

115,062

Mitsubishi

Chemical

Holdings

Corp.

.

15,800

132,941

Mitsubishi

Corp.

...............

15,900

434,328

Mitsubishi

Electric

Corp.

.........

22,900

332,445

Mitsubishi

Estate

Co.

Ltd.

........

15,000

242,454

Mitsubishi

Gas

Chemical

Co.,

Inc.

..

2,200

46,618

Mitsubishi

HC

Capital,

Inc.

........

8,300

44,509

Mitsubishi

Heavy

Industries

Ltd.

....

4,000

118,089

Mitsubishi

UFJ

Financial

Group,

Inc.

.

154,260

830,884

Mitsui

&

Co.

Ltd.

..............

19,500

439,251

Mitsui

Chemicals,

Inc.

...........

2,400

82,963

Mitsui

Fudosan

Co.

Ltd.

.........

11,400

263,610

Miura

Co.

Ltd.

................

1,100

47,765

Mizuho

Financial

Group,

Inc.

......

30,370

435,278

MonotaRO

Co.

Ltd.

............

3,000

70,694

MS&AD

Insurance

Group

Holdings,

Inc.

5,600

161,908

Murata

Manufacturing

Co.

Ltd.

.....

7,300

556,077

Nabtesco

Corp.

...............

1,500

56,591

NEC

Corp.

..................

3,200

164,654

Nexon

Co.

Ltd.

...............

5,900

131,302

NGK

Insulators

Ltd.

............

3,600

60,587

NH

Foods

Ltd.

................

1,200

46,647

Nidec

Corp.

.................

5,600

643,945

Nihon

M&A

Center,

Inc.

..........

3,800

98,422

Nintendo

Co.

Ltd.

..............

1,400

810,142

Nippon

Building

Fund,

Inc.

........

19

118,381

Nippon

Express

Co.

Ltd.

.........

1,000

76,255

Nippon

Paint

Holdings

Co.

Ltd.

.....

9,500

128,517

Nippon

Prologis

REIT,

Inc.

........

27

85,863

Nippon

Sanso

Holdings

Corp.

.....

1,700

34,898

Nippon

Shinyaku

Co.

Ltd.

........

600

47,735

Nippon

Steel

Corp.

.............

10,800

182,608

Nippon

Telegraph

&

Telephone

Corp.

16,200

423,552

Nippon

Yusen

KK

..............

2,000

101,496

Nissan

Chemical

Corp.

..........

1,500

73,320

Nissan

Motor

Co.

Ltd.

(a)

..........

28,700

142,974

Nisshin

Seifun

Group,

Inc.

........

2,600

38,118

Nissin

Foods

Holdings

Co.

Ltd.

....

800

57,606

Nitori

Holdings

Co.

Ltd.

..........

1,000

176,597

Nitto

Denko

Corp.

.............

1,900

141,494

Nomura

Holdings,

Inc.

..........

40,200

204,597

Nomura

Real

Estate

Holdings,

Inc.

..

1,700

43,059

Nomura

Real

Estate

Master

Fund,

Inc.

52

83,223

Nomura

Research

Institute

Ltd.

....

4,410

145,647

NSK

Ltd.

...................

4,800

40,601

NTT

Data

Corp.

...............

7,700

120,203

Obayashi

Corp.

...............

8,600

68,566

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Japan

(continued)

Obic

Co.

Ltd.

.................

900

$

167,381

Odakyu

Electric

Railway

Co.

Ltd.

...

3,500

88,528

Oji

Holdings

Corp.

.............

11,600

66,662

Olympus

Corp.

...............

14,400

286,429

Omron

Corp.

.................

2,400

190,025

Ono

Pharmaceutical

Co.

Ltd.

......

4,700

104,811

Oracle

Corp.

Japan

............

500

38,204

Oriental

Land

Co.

Ltd.

..........

2,500

356,164

ORIX

Corp.

..................

15,400

260,285

Orix

JREIT,

Inc.

...............

31

59,511

Osaka

Gas

Co.

Ltd.

............

5,000

93,294

Otsuka

Corp.

................

1,400

73,388

Otsuka

Holdings

Co.

Ltd.

........

4,900

203,458

Pan

Pacific

International

Holdings

Corp.

5,300

110,213

Panasonic

Corp.

..............

27,600

317,801

PeptiDream

,

Inc.

(a)

.............

1,200

58,645

Persol

Holdings

Co.

Ltd.

.........

2,400

47,392

Pigeon

Corp.

.................

1,300

36,665

Pola

Orbis

Holdings,

Inc.

.........

1,200

31,641

Rakuten

Group,

Inc.

............

10,400

117,428

Recruit

Holdings

Co.

Ltd.

........

17,000

833,660

Renesas

Electronics

Corp.

(a)

......

15,800

170,519

Resona

Holdings,

Inc.

..........

25,300

97,548

Ricoh

Co.

Ltd.

................

8,900

100,179

Rinnai

Corp.

.................

400

38,073

Rohm

Co.

Ltd.

................

1,100

101,231

Ryohin

Keikaku

Co.

Ltd.

.........

3,000

62,934

Santen

Pharmaceutical

Co.

Ltd.

....

4,400

60,727

SBI

Holdings,

Inc.

.............

2,945

69,563

SCSK

Corp.

.................

700

41,709

Secom

Co.

Ltd.

...............

2,700

205,796

Seiko

Epson

Corp.

.............

3,700

65,039

Sekisui

Chemical

Co.

Ltd.

........

5,000

85,610

Sekisui

House

Ltd.

.............

7,800

160,171

Seven

&

i

Holdings

Co.

Ltd.

.......

9,340

447,394

SG

Holdings

Co.

Ltd.

...........

4,200

110,289

Sharp

Corp.

.................

2,300

37,945

Shimadzu

Corp.

...............

3,100

119,786

Shimano,

Inc.

................

1,000

237,924

Shimizu

Corp.

................

7,300

56,100

Shin-Etsu

Chemical

Co.

Ltd.

......

4,500

752,673

Shionogi

&

Co.

Ltd.

............

3,300

171,983

Shiseido

Co.

Ltd.

..............

5,100

376,170

Shizuoka

Bank

Ltd.

(The)

........

5,700

44,233

SMC

Corp.

..................

700

414,116

SoftBank

Corp.

...............

35,800

468,085

SoftBank

Group

Corp.

..........

15,800

1,101,921

Sohgo

Security

Services

Co.

Ltd.

...

900

41,005

Sompo

Holdings,

Inc.

...........

4,100

151,857

Sony

Group

Corp.

.............

15,900

1,541,780

Square

Enix

Holdings

Co.

Ltd.

.....

1,200

59,262

Stanley

Electric

Co.

Ltd.

.........

1,800

52,004

Subaru

Corp.

................

7,800

154,592

SUMCO

Corp.

................

3,600

88,186

Sumitomo

Chemical

Co.

Ltd.

......

17,900

95,136

Sumitomo

Corp.

..............

14,200

190,400

Sumitomo

Dainippon

Pharma

Co.

Ltd.

2,100

44,046

Sumitomo

Electric

Industries

Ltd.

...

9,200

135,883

Sumitomo

Metal

Mining

Co.

Ltd.

....

3,100

120,561

Sumitomo

Mitsui

Financial

Group,

Inc.

16,600

572,235

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.

4,100

130,791

Sumitomo

Realty

&

Development

Co.

Ltd.

.....................

3,800

135,906

Suntory

Beverage

&

Food

Ltd.

.....

1,800

67,846

Suzuki

Motor

Corp.

............

4,600

194,946

Security

Shares

Shares

Value

Japan

(continued)

Sysmex

Corp.

................

2,100

$

249,133

T&D

Holdings,

Inc.

.............

6,400

83,052

Taisei

Corp.

.................

2,500

82,051

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

.....................

500

26,766

Takeda

Pharmaceutical

Co.

Ltd.

....

19,971

670,238

TDK

Corp.

..................

1,600

193,688

Terumo

Corp.

................

8,100

328,070

THK

Co.

Ltd.

.................

1,600

47,748

TIS,

Inc.

....................

2,900

74,012

Tobu

Railway

Co.

Ltd.

...........

2,500

64,710

Toho

Co.

Ltd.

................

1,500

61,848

Toho

Gas

Co.

Ltd.

.............

1,000

49,094

Tohoku

Electric

Power

Co.,

Inc.

....

5,700

44,690

Tokio

Marine

Holdings,

Inc.

.......

7,800

359,270

Tokyo

Century

Corp.

............

600

32,258

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(a)

....................

19,200

57,173

Tokyo

Electron

Ltd.

............

1,900

821,530

Tokyo

Gas

Co.

Ltd.

............

4,800

90,536

Tokyu

Corp.

.................

6,600

89,826

TOPPAN,

Inc.

................

3,300

53,070

Toray

Industries,

Inc.

...........

16,800

111,988

Toshiba

Corp.

................

5,300

228,965

Tosoh

Corp.

.................

3,500

60,350

TOTO

Ltd.

..................

1,700

88,083

Toyo

Suisan

Kaisha

Ltd.

.........

1,300

50,105

Toyota

Industries

Corp.

..........

1,900

164,303

Toyota

Motor

Corp.

............

26,800

2,342,698

Toyota

Tsusho

Corp.

............

2,800

132,899

Trend

Micro,

Inc.

..............

1,600

83,782

Tsuruha

Holdings,

Inc.

..........

500

58,193

Unicharm

Corp.

...............

5,100

205,429

United

Urban

Investment

Corp.

....

39

56,328

USS

Co.

Ltd.

.................

2,900

50,693

Welcia

Holdings

Co.

Ltd.

.........

1,200

39,238

West

Japan

Railway

Co.

.........

2,100

120,005

Yakult

Honsha

Co.

Ltd.

..........

1,800

101,920

Yamada

Holdings

Co.

Ltd.

........

8,400

38,843

Yamaha

Corp.

................

1,600

86,860

Yamaha

Motor

Co.

Ltd.

..........

3,700

100,500

Yamato

Holdings

Co.

Ltd.

........

3,700

105,132

Yaskawa

Electric

Corp.

..........

2,900

141,622

Yokogawa

Electric

Corp.

.........

3,000

44,866

Z

Holdings

Corp.

..............

33,400

167,149

ZOZO,

Inc.

..................

1,400

47,468

49,536,286

Jordan

—

0.0%

Hikma

Pharmaceuticals

plc

.......

2,182

73,843

Luxembourg

—

0.2%

ArcelorMittal

SA

...............

8,720

268,463

Eurofins

Scientific

SE

(a)

..........

1,690

193,300

461,763

Macau

—

0.2%

(a)

Galaxy

Entertainment

Group

Ltd.

...

28,000

223,891

Sands

China

Ltd.

..............

30,400

127,958

SJM

Holdings

Ltd.

.............

26,000

28,381

Wynn

Macau

Ltd.

..............

20,800

32,716

412,946

Netherlands

—

4.9%

ABN

AMRO

Bank

NV,

CVA

(d)

......

5,624

68,148

Adyen

NV

(a)(d)

................

249

610,631

Aegon

NV

...................

23,684

98,505

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Index

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Netherlands

(continued)

Akzo

Nobel

NV

...............

2,463

$

304,971

Argenx

SE

(a)(e)

................

570

171,978

ASM

International

NV

...........

595

196,247

ASML

Holding

NV

.............

5,295

3,655,240

EXOR

NV

...................

1,319

105,854

Heineken

Holding

NV

...........

1,432

144,501

Heineken

NV

................

3,261

395,884

ING

Groep

NV

................

49,047

651,067

JDE

Peet's

NV

(a)

..............

950

34,482

Koninklijke

Ahold

Delhaize

NV

.....

13,200

393,090

Koninklijke

DSM

NV

............

2,152

402,280

Koninklijke

KPN

NV

............

44,704

139,819

Koninklijke

Philips

NV

...........

11,517

571,637

Koninklijke

Vopak

NV

...........

935

42,503

NN

Group

NV

................

3,735

176,439

Randstad

NV

................

1,393

106,788

Royal

Dutch

Shell

plc,

Class

A

.....

51,419

1,030,842

Royal

Dutch

Shell

plc,

Class

B

.....

46,814

908,790

Wolters

Kluwer

NV

.............

3,422

343,958

10,553,654

New

Zealand

—

0.3%

a2

Milk

Co.

Ltd.

(The)

(a)

..........

9,034

40,649

Auckland

International

Airport

Ltd.

(a)

.

15,598

79,243

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

7,121

154,913

Mercury

NZ

Ltd.

...............

8,325

38,798

Meridian

Energy

Ltd.

...........

17,039

63,530

Ryman

Healthcare

Ltd.

..........

5,318

48,802

Spark

New

Zealand

Ltd.

.........

21,630

72,605

Xero

Ltd.

(a)

..................

1,667

171,467

670,007

Norway

—

0.5%

DNB

ASA

...................

11,820

257,607

Equinor

ASA

.................

12,472

264,014

Gjensidige

Forsikring

ASA

........

2,659

58,627

Mowi

ASA

...................

5,540

141,046

Norsk

Hydro

ASA

..............

15,926

101,678

Orkla

ASA

...................

9,920

101,096

Schibsted

ASA,

Class

A

.........

958

46,215

Schibsted

ASA,

Class

B

.........

1,303

54,268

Telenor

ASA

(e)

................

8,961

151,128

1,175,679

Poland

—

0.0%

InPost

SA

(a)

..................

2,525

50,677

Portugal

—

0.1%

EDP

-

Energias

de

Portugal

SA

....

34,499

182,855

Galp

Energia

SGPS

SA

.........

6,665

72,466

Jeronimo

Martins

SGPS

SA

.......

3,347

61,039

316,360

Russia

—

0.1%

Coca-Cola

HBC

AG

............

2,617

94,727

Evraz

plc

...................

6,748

55,362

150,089

Saudi

Arabia

—

0.1%

Delivery

Hero

SE

(a)(d)

............

1,982

261,874

Singapore

—

1.0%

Ascendas

REIT

...............

43,590

95,790

CapitaLand

Integrated

Commercial

Trust

....................

58,083

90,431

CapitaLand

Ltd.

...............

34,092

94,170

City

Developments

Ltd.

..........

5,431

29,494

DBS

Group

Holdings

Ltd.

........

22,867

508,729

Security

Shares

Shares

Value

Singapore

(continued)

Genting

Singapore

Ltd.

..........

80,400

$

50,079

Keppel

Corp.

Ltd.

..............

17,302

70,554

Mapletree

Commercial

Trust

......

29,200

46,969

Mapletree

Logistics

Trust

........

34,747

53,119

Oversea-Chinese

Banking

Corp.

Ltd.

42,535

379,061

Singapore

Airlines

Ltd.

(a)

.........

18,000

64,910

Singapore

Exchange

Ltd.

........

9,500

79,124

Singapore

Technologies

Engineering

Ltd.

(e)

....................

20,781

59,962

Singapore

Telecommunications

Ltd.

.

101,050

172,086

United

Overseas

Bank

Ltd.

.......

15,059

289,997

UOL

Group

Ltd.

...............

5,646

30,705

Venture

Corp.

Ltd.

.............

3,600

51,502

2,166,682

South

Africa

—

0.3%

Anglo

American

plc

............

16,347

650,515

Spain

—

2.5%

ACS

Actividades

de

Construccion

y

Servicios

SA

...............

2,977

79,809

Aena

SME

SA

(a)(d)

..............

947

155,385

Amadeus

IT

Group

SA

(a)

.........

5,665

399,363

Banco

Bilbao

Vizcaya

Argentaria

SA

.

84,819

526,131

Banco

Santander

SA

...........

217,250

830,993

CaixaBank

SA

................

55,896

172,087

Cellnex

Telecom

SA

(d)

...........

6,432

410,241

EDP

Renovaveis

SA

............

3,638

84,291

Enagas

SA

..................

3,015

69,685

Endesa

SA

..................

4,163

101,060

Ferrovial

SA

.................

6,347

186,528

Grifols

SA

...................

3,727

101,065

Iberdrola

SA

.................

72,917

889,198

Industria

de

Diseno

Textil

SA

......

13,827

488,187

Naturgy

Energy

Group

SA

........

3,421

88,045

Red

Electrica

Corp.

SA

..........

5,673

105,326

Repsol

SA

..................

19,113

240,109

Siemens

Gamesa

Renewable

Energy

SA

(a)

....................

3,170

105,985

Telefonica

SA

................

66,336

309,622

5,343,110

Sweden

—

3.5%

Alfa

Laval

AB

................

3,904

137,988

Assa

Abloy

AB,

Class

B

.........

12,747

384,296

Atlas

Copco

AB,

Class

A

.........

8,548

524,919

Atlas

Copco

AB,

Class

B

.........

4,858

255,853

Boliden

AB

(a)

.................

3,348

128,829

Electrolux

AB

................

2,964

82,138

Embracer

Group

AB

(a)

...........

3,237

87,523

Epiroc

AB,

Class

A

.............

8,142

185,342

Epiroc

AB,

Class

B

.............

5,188

101,854

EQT

AB

....................

3,058

111,084

Essity

AB,

Class

B

.............

7,695

255,244

Evolution

AB

(d)

................

2,144

339,142

Fastighets

AB

Balder,

Class

B

(a)

....

1,283

80,428

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(a)

9,219

218,946

Hexagon

AB,

Class

B

...........

24,465

362,483

Husqvarna

AB,

Class

B

..........

5,551

73,774

ICA

Gruppen

AB

..............

1,291

60,084

Industrivarden

AB,

Class

A

.......

1,354

52,661

Industrivarden

AB,

Class

C

.......

1,883

68,929

Investment

AB

Latour

,

Class

B

.....

1,900

62,381

Investor

AB,

Class

B

............

22,956

529,145

Kinnevik

AB,

Class

B

(a)

..........

2,905

116,328

L

E

Lundbergforetagen

AB,

Class

B

.

1,010

65,186

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Sweden

(continued)

Lundin

Energy

AB

.............

2,489

$

88,241

Nibe

Industrier

AB,

Class

B

.......

17,994

189,610

Sandvik

AB

..................

14,218

363,549

Securitas

AB,

Class

B

...........

4,163

65,763

Sinch

AB

(a)(d)

.................

5,750

96,757

Skandinaviska

Enskilda

Banken

AB,

Class

A

..................

20,626

266,614

Skanska

AB,

Class

B

...........

4,093

108,666

SKF

AB,

Class

B

..............

5,053

128,792

Svenska

Cellulosa

AB

SCA,

Class

B

.

7,777

127,560

Svenska

Handelsbanken

AB,

Class

A

18,412

207,834

Swedbank

AB,

Class

A

..........

11,445

213,071

Swedish

Match

AB

.............

20,290

173,036

Tele2

AB,

Class

B

.............

6,403

87,298

Telefonaktiebolaget

LM

Ericsson,

Class

B

......................

36,722

461,739

Telia

Co.

AB

.................

33,556

149,038

Volvo

AB,

Class

A

.............

2,528

62,744

Volvo

AB,

Class

B

.............

18,042

434,802

7,509,671

Switzerland

—

9.7%

ABB

Ltd.

(Registered)

...........

21,896

743,909

Adecco

Group

AG

(Registered)

....

2,021

137,512

Alcon,

Inc.

..................

6,316

442,989

Baloise

Holding

AG

(Registered)

...

592

92,433

Banque

Cantonale

Vaudoise

(Registered)

...............

386

34,685

Barry

Callebaut

AG

(Registered)

....

45

104,583

Chocoladefabriken

Lindt

&

Spruengli

AG

.....................

13

129,333

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

............

1

104,728

Cie

Financiere

Richemont

SA

(Registered)

...............

6,606

800,836

Clariant

AG

(Registered)

.........

2,648

52,728

Credit

Suisse

Group

AG

(Registered)

30,440

318,644

EMS-

Chemie

Holding

AG

(Registered)

98

96,325

Geberit

AG

(Registered)

.........

468

351,548

Givaudan

SA

(Registered)

........

115

535,349

Holcim

Ltd.

(a)

.................

6,707

403,145

Julius

Baer

Group

Ltd.

..........

2,750

179,611

Kuehne

+

Nagel

International

AG

(Registered)

...............

700

239,582

Logitech

International

SA

(Registered)

2,185

265,352

Lonza

Group

AG

(Registered)

.....

939

665,710

Nestle

SA

(Registered)

..........

36,368

4,533,165

Novartis

AG

(Registered)

........

28,029

2,556,990

Partners

Group

Holding

AG

.......

286

433,561

Roche

Holding

AG

.............

9,271

3,505,671

Schindler

Holding

AG

...........

508

155,466

Schindler

Holding

AG

(Registered)

..

269

78,714

SGS

SA

(Registered)

...........

79

243,910

Sika

AG

(Registered)

...........

1,771

580,247

Sonova

Holding

AG

(Registered)

...

696

262,152

STMicroelectronics

NV

..........

8,621

313,516

Straumann

Holding

AG

(Registered)

.

128

204,166

Swatch

Group

AG

(The)

.........

377

129,467

Swatch

Group

AG

(The)

(Registered)

685

45,231

Swiss

Life

Holding

AG

(Registered)

..

404

196,527

Swiss

Prime

Site

AG

(Registered)

...

947

93,987

Swisscom

AG

(Registered)

.......

329

187,987

Temenos

AG

(Registered)

........

875

140,678

UBS

Group

AG

(Registered)

......

46,326

709,586

Vifor

Pharma

AG

..............

605

78,389

Security

Shares

Shares

Value

Switzerland

(continued)

Zurich

Insurance

Group

AG

.......

1,905

$

765,173

20,913,585

Taiwan

—

0.0%

Sea

Ltd.,

ADR

(a)

...............

174

47,780

United

Kingdom

—

11.8%

3i

Group

plc

.................

12,301

199,631

Admiral

Group

plc

.............

2,316

100,774

Ashtead

Group

plc

.............

5,620

417,725

Associated

British

Foods

plc

......

4,434

136,110

AstraZeneca

plc

..............

16,574

1,991,270

Auto

Trader

Group

plc

(a)(d)

........

12,141

106,331

AVEVA

Group

plc

..............

1,463

75,090

Aviva

plc

...................

48,823

274,090

BAE

Systems

plc

..............

41,041

296,563

Barclays

plc

.................

219,771

521,534

Barratt

Developments

plc

........

12,384

119,242

Berkeley

Group

Holdings

plc

......

1,532

97,412

BP

plc

.....................

257,312

1,128,415

British

American

Tobacco

plc

......

27,513

1,068,208

British

Land

Co.

plc

(The)

........

11,235

76,854

BT

Group

plc

(a)

...............

114,493

307,683

Bunzl

plc

...................

4,215

139,437

Burberry

Group

plc

(a)

...........

4,960

141,852

CK

Hutchison

Holdings

Ltd.

.......

34,159

265,921

CNH

Industrial

NV

.............

12,504

207,412

Coca-Cola

Europacific

Partners

plc

..

2,626

155,774

Compass

Group

plc

(a)

...........

22,354

470,952

Croda

International

plc

..........

1,754

178,898

DCC

plc

....................

1,289

105,588

Diageo

plc

..................

29,589

1,418,157

Direct

Line

Insurance

Group

plc

....

18,282

72,108

Entain

plc

(a)

..................

7,296

176,298

Experian

plc

.................

11,682

451,032

GlaxoSmithKline

plc

............

63,307

1,244,559

Halma

plc

...................

4,761

177,372

Hargreaves

Lansdown

plc

........

4,262

93,783

HSBC

Holdings

plc

............

256,515

1,480,479

Imperial

Brands

plc

............

12,079

260,456

Informa

plc

(a)

.................

19,097

132,720

InterContinental

Hotels

Group

plc

(a)

..

2,306

153,696

Intertek

Group

plc

.............

2,023

154,829

J

Sainsbury

plc

...............

23,366

87,947

JD

Sports

Fashion

plc

...........

6,486

82,539

Johnson

Matthey

plc

...........

2,573

109,549

Kingfisher

plc

................

26,020

131,325

Land

Securities

Group

plc

........

9,146

85,357

Legal

&

General

Group

plc

.......

73,837

263,420

Lloyds

Banking

Group

plc

........

888,339

574,628

London

Stock

Exchange

Group

plc

..

4,099

452,983

M&G

plc

....................

33,500

106,125

Melrose

Industries

plc

...........

59,712

128,532

National

Grid

plc

..............

45,113

573,823

Natwest

Group

plc

.............

59,808

168,316

Next

plc

(a)

...................

1,718

186,976

Ocado

Group

plc

(a)

.............

6,321

175,142

Pearson

plc

.................

9,180

105,716

Persimmon

plc

...............

4,139

169,549

Phoenix

Group

Holdings

plc

......

6,962

65,171

Prudential

plc

................

32,831

624,635

Reckitt

Benckiser

Group

plc

.......

9,018

796,742

RELX

plc

...................

24,248

642,977

Rentokil

Initial

plc

..............

23,374

160,093

Rolls-Royce

Holdings

plc

(a)

.......

107,406

147,041

Sage

Group

plc

(The)

...........

13,453

127,430

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Index

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

Kingdom

(continued)

Schroders

plc

................

1,653

$

80,392

Segro

plc

...................

14,984

226,832

Severn

Trent

plc

..............

3,146

108,907

Smith

&

Nephew

plc

............

11,036

239,340

Smiths

Group

plc

..............

4,753

104,679

Spirax-Sarco

Engineering

plc

......

917

172,714

SSE

plc

....................

12,985

269,683

St.

James's

Place

plc

...........

6,981

142,738

Standard

Chartered

plc

..........

34,411

219,604

Standard

Life

Aberdeen

plc

.......

28,351

106,359

Taylor

Wimpey

plc

.............

45,830

100,860

Tesco

plc

...................

96,771

298,943

Unilever

plc

..................

18,541

1,085,289

Unilever

plc

..................

14,665

856,929

United

Utilities

Group

plc

.........

8,430

113,782

Vodafone

Group

plc

............

340,361

570,455

Whitbread

plc

(a)

...............

2,676

115,678

Wm

Morrison

Supermarkets

plc

....

29,757

101,549

WPP

plc

....................

15,652

211,582

25,490,586

United

States

—

1.3%

CyberArk

Software

Ltd.

(a)(e)

.......

497

64,744

Ferguson

plc

.................

2,822

392,617

James

Hardie

Industries

plc,

CDI

...

5,471

185,643

QIAGEN

NV

(a)

................

2,837

137,136

Schneider

Electric

SE

...........

6,825

1,075,924

Stellantis

NV

.................

25,637

504,282

Swiss

Re

AG

.................

3,808

343,949

Tenaris

SA

..................

6,279

68,694

2,772,989

Total

Common

Stocks

—

98.4%

(Cost:

$177,000,469)

.............................

212,621,307

Preferred

Stocks

—

0.6%

Germany

—

0.6%

Bayerische

Motoren

Werke

AG

(Preference)

...............

733

65,940

Fuchs

Petrolub

SE

(Preference)

....

924

44,966

Henkel

AG

&

Co.

KGaA

(Preference)

2,243

236,892

Porsche

Automobil

Holding

SE

(Preference)

...............

1,910

205,040

Sartorius

AG

(Preference)

........

331

172,288

Volkswagen

AG

(Preference)

......

2,362

592,228

1,317,354

Total

Preferred

Stocks

—

0.6%  

(Cost:

$670,139)

................................

1,317,354

Security

Shares

Shares

Value

Rights

—

0.0%

Spain

—

0.0%

ACS

Actividades

de

Construccion

y

Servicios

SA

(Expires

07/20/21)

(a)

.

2,977

$

4,165

Total

Rights

—

0.0%

(Cost:

$4,217)

.................................

4,165

Total

Long-Term

Investments

—

99.0%

(Cost:

$177,674,825)

.............................

213,942,826

Short-Term

Securities

—

0.8%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

275,829

275,829

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(h)

.............

1,478,113

1,478,557

Total

Short-Term

Securities

—

0.8%

(Cost:

$1,754,386)

..............................

1,754,386

Total

Investments

—

99.8%

(Cost:

$179,429,211)

.............................

215,697,212

Other

Assets

Less

Liabilities

—

0.2%

...................

481,631

Net

Assets

—

100.0%

..............................

$

216,178,843

(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)

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)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

13

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

207,683

$

68,146

$

—

$

—

$

—

$

275,829

275,829

$

9

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

6,379,240

—

(4,900,677)

(181)

175

1,478,557

1,478,113

6,137

(b)

—

$

(181)

$

175

$

1,754,386

$

6,146

$

—

—

—

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

International

Index

V.I.

Fund

14

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

09/09/21

$

388

$

(3,248)

SPI

200

Index

............................................................

2

09/16/21

271

(1,119)

EURO

STOXX

50

Index

.....................................................

13

09/17/21

625

(10,449)

FTSE

100

Index

..........................................................

4

09/17/21

386

(3,376)

$

(18,192)

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

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

18,192

$

—

$

—

$

—

$

18,192

(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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

207,497

$

—

$

—

$

—

$

207,497

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(35,352)

—

—

—

(35,352)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,663,065

BlackRock

International

Index

V.I.

Fund

Schedule

of

Investments

15

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Australia

.............................................

$

75,716

$

17,429,182

$

3

$

17,504,901

Austria

..............................................

—

572,048

—

572,048

Belgium

.............................................

34,279

1,815,058

—

1,849,337

Brazil

...............................................

—

112,081

—

112,081

Chile

...............................................

—

96,406

—

96,406

China

...............................................

113,185

1,047,813

—

1,160,998

Denmark

.............................................

118,683

5,412,252

—

5,530,935

Finland

..............................................

—

2,707,052

—

2,707,052

France

..............................................

—

22,885,764

—

22,885,764

Germany

............................................

—

18,691,879

—

18,691,879

Hong

Kong

...........................................

69,541

5,735,970

—

5,805,511

Ireland

..............................................

—

1,520,462

—

1,520,462

Israel

...............................................

503,770

716,198

—

1,219,968

Italy

................................................

—

4,405,869

—

4,405,869

Japan

...............................................

93,131

49,443,155

—

49,536,286

Jordan

..............................................

—

73,843

—

73,843

Luxembourg

..........................................

—

461,763

—

461,763

Macau

..............................................

—

412,946

—

412,946

Netherlands

...........................................

—

10,553,654

—

10,553,654

New

Zealand

..........................................

—

670,007

—

670,007

Norway

..............................................

54,268

1,121,411

—

1,175,679

Poland

..............................................

50,677

—

—

50,677

Portugal

.............................................

243,894

72,466

—

316,360

Russia

..............................................

—

150,089

—

150,089

Saudi

Arabia

..........................................

—

261,874

—

261,874

Singapore

............................................

172,086

1,994,596

—

2,166,682

South

Africa

...........................................

—

650,515

—

650,515

Spain

...............................................

84,291

5,258,819

—

5,343,110

Sweden

.............................................

422,567

7,087,104

—

7,509,671

Switzerland

...........................................

234,061

20,679,524

—

20,913,585

Taiwan

..............................................

47,780

—

—

47,780

United

Kingdom

........................................

1,342,612

24,147,974

—

25,490,586

United

States

..........................................

64,744

2,708,245

—

2,772,989

Preferred

Securities

.......................................

—

1,317,354

—

1,317,354

Rights

................................................

4,165

—

—

4,165

Short-Term

Securities

.......................................

275,829

—

—

275,829

$

4,005,279

$

210,213,373

$

3

$

214,218,655

Investments

valued

at

NAV

(a)

......................................

1,478,557

$

—

$

215,697,212

$

—

Derivative

Financial

Instruments

(b)

Liabilities:

Equity

contracts

...........................................

$

(18,192)

$

—

$

—

$

(18,192)

(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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

BlackRock

International

Index

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

213,942,826‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

1,754,386‌

Cash

.............................................................................................................

548‌

Cash

pledged

for

futures

contracts

..........................................................................................

102,532‌

Foreign

currency,

at

value

(d)

..............................................................................................

1,053,884‌

Receivables:

–‌

Securities

lending

income

—

affiliated

......................................................................................

1,362‌

Capital

shares

sold

...................................................................................................

57,804‌

Dividends

—

affiliated

.................................................................................................

1‌

Dividends

—

unaffiliated

...............................................................................................

1,031,699‌

Variation

margin

on

futures

contracts

.......................................................................................

430‌

Deferred

offering

costs

..................................................................................................

44,843‌

Prepaid

expenses

.....................................................................................................

1,307‌

Total

assets

.........................................................................................................

217,991,622‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

1,477,688‌

Payables:

–‌

Accounting

services

fees

...............................................................................................

31,697‌

Capital

shares

redeemed

...............................................................................................

34,123‌

Custodian

fees

......................................................................................................

31,245‌

Distribution

fees

.....................................................................................................

8‌

Investment

advisory

fees

..............................................................................................

14,466‌

Offering

costs

......................................................................................................

27,179‌

Directors'

and

Officer's

fees

.............................................................................................

1,039‌

Other

affiliate

fees

...................................................................................................

1,055‌

Pricing

fees

........................................................................................................

40,199‌

Printing

and

postage

fees

..............................................................................................

47,936‌

Professional

fees

....................................................................................................

49,748‌

Transfer

agent

fees

..................................................................................................

28,215‌

Variation

margin

on

futures

contracts

.......................................................................................

11,013‌

Other

accrued

expenses

...............................................................................................

17,168‌

Total

liabilities

........................................................................................................

1,812,779‌

NET

ASSETS

........................................................................................................

$

216,178,843‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

180,938,574‌

Accumulated

earnings

..................................................................................................

35,240,269‌

NET

ASSETS

........................................................................................................

$

216,178,843‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

177,674,825‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

1,297,063‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

1,754,386‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

1,069,979‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

17

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

216,126,506‌

Shares

outstanding

.................................................................................................

19,924,423‌

Net

asset

value

....................................................................................................

$

10.85‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

52,337‌

Shares

outstanding

.................................................................................................

4,832‌

Net

asset

value

....................................................................................................

$

10.83‌

Shares

authorized

..................................................................................................

10

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

9‌

Dividends

—

unaffiliated

...................................................................................................

3,738,999‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

6,137‌

Foreign

taxes

withheld

....................................................................................................

(117,821‌)

Total

investment

income

.....................................................................................................

3,627,324‌

EXPENSES

Investment

advisory

......................................................................................................

83,836‌

Transfer

agent

—

class

specific

..............................................................................................

54,168‌

Printing

and

postage

.....................................................................................................

47,059‌

Professional

...........................................................................................................

44,218‌

Pric

i

ng

...............................................................................................................

30,988‌

Accounting

services

......................................................................................................

27,487‌

Offering

..............................................................................................................

21,065‌

Custodian

.............................................................................................................

18,634‌

Directors

and

Officer

.....................................................................................................

3,943‌

Transfer

agent

..........................................................................................................

2,480‌

Distribution

—

class

specific

................................................................................................

24‌

Miscellaneous

..........................................................................................................

9,893‌

Total

expenses

...........................................................................................................

343,795‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(11,951‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(48,857‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

282,987‌

Net

investment

income

......................................................................................................

3,344,337‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

14,654,130‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.................................................................................................

(181‌)

Investments

—

unaffiliated

...............................................................................................

(462,971‌)

Foreign

currency

transactions

.............................................................................................

16,682‌

Futures

contracts

......................................................................................................

207,497‌

A

(238,973‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

175‌

Investments

—

unaffiliated

...............................................................................................

14,997,106‌

Foreign

currency

translations

..............................................................................................

(68,826‌)

Futures

contracts

......................................................................................................

(35,352‌)

A

14,893,103‌

Net

realized

and

unrealized

gain

...............................................................................................

14,654,130‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

17,998,467‌

Statements

of

Changes

in

Net

Assets

19

Financial

Statements

See

notes

to

financial

statements.

BlackRock

International

Index

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

3,344,337‌

$

3,779,344‌

Net

realized

gain

(loss)

..............................................................................

(238,973‌)

(2,584,968‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

14,893,103‌

13,182,469‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

17,998,467‌

14,376,845‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(3,860,018‌)

  Class

I

II

.......................................................................................

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(3,860,018‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(4,395,958‌)

(4,306,715‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

13,602,509‌

6,210,112‌

Beginning

of

period

..................................................................................

202,576,334‌

196,366,222‌

End

of

period

......................................................................................

$

216,178,843‌

$

202,576,334‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

BlackRock

International

Index

V.I.

Fund

(a)

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

9.95‌

$

9.39‌

$

7.98‌

$

14.28‌

$

11.84‌

$

12.21‌

Net

investment

income

(loss)

(b)

...................

0.17‌

0.19‌

0.28‌

0.42‌

0.36‌

0.34‌

Net

realized

and

unrealized

gain

(loss)

.............

0.73‌

0.56‌

1.45‌

(2.40‌)

2.65‌

(0.24‌)

Net

increase

(decrease)

from

investment

operations

......

0.90‌

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

period

....................

$

10.85‌

$

9.95‌

$

9.39‌

$

7.98‌

$

14.28‌

$

11.84‌

Total

Return

(d)

9.05%

8.03%

21.58%

(13.70)%

25.40%

0.90%

Based

on

net

asset

value

........................

9.05%

(e)

8.03%

21.58%

(13.70)%

25.40%

0.90%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.33%

(f)

0.43%

0.39%

0.31%

(g)

0.26%

0.42%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.27%

(f)

0.27%

0.27%

0.24%

(g)

0.26%

(h)

0.42%

(h)

Net

investment

income

(loss)

.....................

3.19%

(f)

2.14%

3.13%

3.00%

2.69%

2.83%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

216,127‌

$

202,576‌

$

196,366‌

$

170,629‌

$

334,241‌

$

275,529‌

Portfolio

turnover

rate

..........................

2%

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)

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

0.27%

and

0.24%,

respectively.

(h)

The

expense

ratio

includes

the

effect

of

expense

reimbursements

that

are

less

than

0.01%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

21

Financial

Highlights

BlackRock

International

Index

V.I.

Fund

Class

III

Period

from

02/09/21

(a)

to

06/30/21

(unaudited)

Net

asset

value,

beginning

of

period

........................................................................................

$

10.26‌

Net

investment

income

(loss)

(b)

............................................................................................

0.15‌

Net

realized

and

unrealized

gain

(loss)

......................................................................................

0.42‌

Net

increase

from

investment

operations

.......................................................................................

0.57‌

Net

asset

value,

end

of

period

.............................................................................................

$

10.83‌

Total

Return

(c)

5.56%

Based

on

net

asset

value

.................................................................................................

5.56%

(d)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.52%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.51%

(e)

Net

investment

income

(loss)

..............................................................................................

3.51%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

52‌

Portfolio

turnover

rate

...................................................................................................

2%

(f)

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Annualized.

(f)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

1.

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.

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.

Class

III

Shares

commenced

operations

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Offering

Costs:

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.  

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

23

Notes

to

Financial

Statements

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.  

3.

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

or

trade 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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

appropriate

under

the

circumstances.

The

use

of these

valuation 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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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

(unaudited)

(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.

5.

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.

6.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $687

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

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$24.

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

BofA

Securities,

Inc.

....................................................

$

63,689‌

$

(63,689‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

429,776‌

(429,776‌)

—‌

Goldman

Sachs

&

Co.

..................................................

552,887‌

(552,887‌)

—‌

JP

Morgan

Securities

LLC

................................................

165,659‌

(165,659‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

85,052‌

(85,052‌)

—‌

$

1,297,063‌

$

(1,297,063‌)

$

—‌

(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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

the

class

specific

transfer

agent

fees

borne

directly

by

Class

I

were

$54,168.

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

June

30,

2023.

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

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$23.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

expense

waivers

and/or

reimbursements

were

$1,775.

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$11,928

and

$47,082,

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

terminated.

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,

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.

Class

I

.............................................................................................................

0.27‌%

Class

III

............................................................................................................

0.52‌

Expiring

December

31,

2021

2022

2023

Fund

Level

.....................................................................

$

170,201‌

$

182,357‌

$

11,928‌

Class

I

........................................................................

59,383‌

94,842‌

48,857‌

Notes

to

Financial

Statements

(unaudited)

(continued)

27

Notes

to

Financial

Statements

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $1,344

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

period

ended

June

30,

2021,

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

six

months ended

June

30,

2021,

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:

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $3,900,323

and

$4,895,520,

respectively.

8.

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

June

30,

2021,

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.

As

of

December

31,

2020, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$2,817,608. 

As

of

June

30,

2021, 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: 

Purchases

...............................................................................................................

$

839,866‌

Sales

...................................................................................................................

880,822‌

Net

Realized

Gain

..........................................................................................................

3,106‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

International

Index

V.I.

Fund

..................................

$

180,979,520‌

$

84,531,813‌

$

(49,832,313‌)

$

34,699,500‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

29

Notes

to

Financial

Statements

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

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

(a)

Commencement

of

Operations.

As

of

June

30,

2021,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

were

as

follows:  

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

150,980‌

$

1,592,878‌

364,984‌

$

3,134,817‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

389,099‌

3,859,866‌

Shares

redeemed

.........................................

(577,033‌)

(6,040,561‌)

(1,309,269‌)

(11,301,398‌)

Net

decrease

..............................................

(426,053‌)

$

(4,447,683‌)

(555,186‌)

$

(4,306,715‌)

Period

from

02/09/21

(a)

to

06/30/21

Year

Ended

12/31/20

Class

III

Shares

sold

.............................................

4,833‌

$

51,742‌

—

—

Shares

redeemed

.........................................

(1‌)

(17‌)

—

—

Net

increase

...............................................

4,832‌

$

51,725‌

—

—

Total

Net

Decrease

(421,221‌)

$

(4,395,958‌)

(555,186‌)

$

(4,306,715‌)

Class

I

..........................................................................................................

790‌

Class

III

.........................................................................................................

1,949‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

30

12.

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.

Glossary

of

Terms

Used

in

this

Report

31

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

underperformed

its

benchmark,

the

Russell

1000

®

Growth

Index.

What

factors

influenced

performance?

Stock

selection

in

the

industrials

and

consumer

discretionary

sectors

were

the

largest

detractors

from

relative

performance,

as

was

a

mix

positioning

and

selection

in

real

estate.

An

overweight

position

in

CoStar

Group,

Inc.,

a

provider

of

analytics

for

commercial

real

estate

companies,

was

a

key

detractor

in

industrials.

The

Fund’s

underperformance

in

consumer

discretionary

was

primarily

the

result

of

weakness

in

the

Argentina-based

e-commerce

company

MercadoLibre,

Inc.

In

real

estate

investment

trusts,

an

overweight

in

SBA

Communications

Corp.

was

a

slight

detractor.

Stock

selection

in

the

financials

and

health

care

sectors

contributed

to

performance.

An

overweight

in

S&P

Global,

Inc.

was

the

leading

contributor

in

financials,

while

an

out-of-benchmark

position

in

Danaher

Corp.

was

the

key

driver

of

positive

results

in

health

care.

Describe

recent

portfolio

activity.

The

Fund’s

allocation

to

the

communication

services

and

consumer

staples

sectors

increased,

while

its

weighting

in

information

technology

fell

due

to

a

reduction

in

the

software

industry.

The

Fund’s

allocation

to

health

care

was

decreased

as

well.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

largest

overweight

position

was

in

the

communication

services

sector,

followed

by

financials

and

industrials.

The

Fund’s

most

notable

underweights

were

in

health

care

consumer

staples

and

information

technology.

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.

Performance

Summary

for

the

Period

Ended

June

30,

2021

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c

)

................................................................

11.77‌%

38.39‌%

25.41‌%

17.70‌%

Class

III

(b)(

c

)

...............................................................

11.61‌

38.06‌

25.10‌

17.41‌

Russell

1000

®

Growth

Index

(d)

..................................................

12.99‌

42.50‌

23.66‌

17.87‌

(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)

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

Growth

V.I.

Fund”.

(d)

An

index

that

measures

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

®

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

42‌

%

Consumer

Discretionary

.............................

19‌

Communication

Services

.............................

17‌

Industrials

.......................................

8‌

Health

Care

.....................................

6‌

Financials

.......................................

5‌

Consumer

Staples

.................................

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,117.70

$

4.10

$

1,000.00

$

1,020.93

$

3.91

0

.78%

Class

III

..................................

1,000.00

1,116.10

5.40

1,000.00

1,019.69

5.16

1

.03

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

98.7%

Aerospace

&

Defense

—

1.6%

TransDigm

Group,

Inc.

(a)

..............

7,477

$

4,839,787

Beverages

—

1.9%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)

.....

5,645

5,762,416

Capital

Markets

—

4.8%

Morgan

Stanley

....................

49,582

4,546,174

S&P

Global,

Inc.

(b)

..................

24,414

10,020,726

14,566,900

Chemicals

—

1.3%

Sherwin-Williams

Co.

(The)

............

14,022

3,820,294

Commercial

Services

&

Supplies

—

1.9%

Copart,

Inc.

(a)

.....................

42,488

5,601,193

Entertainment

—

3.9%

(a)

Netflix,

Inc.

.......................

10,884

5,749,038

Sea

Ltd.,

ADR

.....................

21,505

5,905,273

11,654,311

Health

Care

Equipment

&

Supplies

—

1.6%

Danaher

Corp.

....................

17,895

4,802,302

Hotels,

Restaurants

&

Leisure

—

1.5%

Evolution

AB

(c)

.....................

28,093

4,443,809

Industrial

Conglomerates

—

2.4%

Roper

Technologies,

Inc.

..............

15,590

7,330,418

Interactive

Media

&

Services

—

11.5%

(a)

Alphabet,

Inc.,

Class

A

...............

4,527

11,053,983

Facebook,

Inc.,

Class

A

..............

34,542

12,010,599

Match

Group,

Inc.

..................

34,259

5,524,264

Snap,

Inc.,

Class

A

..................

92,119

6,276,989

34,865,835

Internet

&

Direct

Marketing

Retail

—

13.6%

(a)

Amazon.com,

Inc.

..................

9,006

30,982,080

Etsy,

Inc.

........................

22,999

4,734,114

MercadoLibre,

Inc.

(b)

.................

3,539

5,513,019

41,229,213

IT

Services

—

11.9%

Adyen

NV

(a)(c)

.....................

1,900

4,659,429

Mastercard,

Inc.,

Class

A

..............

29,645

10,823,093

Shopify,

Inc.,

Class

A

(a)

...............

2,545

3,718,194

Visa,

Inc.,

Class

A

..................

48,795

11,409,247

Wix.com

Ltd.

(a)

.....................

18,807

5,459,296

36,069,259

Life

Sciences

Tools

&

Services

—

2.4%

Lonza

Group

AG

(Registered)

..........

10,145

7,192,366

Machinery

—

1.5%

Chart

Industries,

Inc.

(a)

...............

31,431

4,598,984

Pharmaceuticals

—

1.6%

Zoetis,

Inc.

.......................

26,711

4,977,862

Semiconductors

&

Semiconductor

Equipment

—

10.0%

Analog

Devices,

Inc.

.................

47,917

8,249,391

ASML

Holding

NV

(Registered),

NYRS

....

12,796

8,839,988

Marvell

Technology,

Inc.

..............

136,006

7,933,230

NVIDIA

Corp.

.....................

6,428

5,143,043

30,165,652

Software

—

17.3%

Adobe,

Inc.

(a)

......................

11,847

6,938,077

Fair

Isaac

Corp.

(a)

...................

9,311

4,680,453

Security

Shares

Shares

Value

Software

(continued)

Intuit,

Inc.

........................

18,007

$

8,826,491

Microsoft

Corp.

....................

84,992

23,024,333

ServiceNow,

Inc.

(a)

..................

16,467

9,049,440

52,518,794

Technology

Hardware,

Storage

&

Peripherals

—

3.0%

Apple,

Inc.

.......................

66,361

9,088,803

Textiles,

Apparel

&

Luxury

Goods

—

4.1%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

4,975

3,913,619

NIKE,

Inc.,

Class

B

.................

55,325

8,547,159

12,460,778

Wireless

Telecommunication

Services

—

0.9%

T-Mobile

US,

Inc.

(a)

..................

19,736

2,858,365

Total

Common

Stocks

—

98.7%

(Cost:

$182,159,295)

.............................

298,847,341

Preferred

Stocks

—

1.0%

Media

—

1.0%

Bytedance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$1,974,965)

(d)(e)

...............

18,024

3,057,502

Total

Preferred

Stocks

—

1.0%

(Cost:

$1,974,965)

..............................

3,057,502

Total

Long-Term

Investments

—

99.7%

(Cost:

$184,134,260)

.............................

301,904,843

Short-Term

Securities

—

2.4%

Money

Market

Funds

—

2.4%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

...................

1,341,538

1,341,538

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(h)

.......................

5,989,330

5,991,127

Total

Money

Market

Funds

—

2.4%

(Cost:

$7,332,665)

..............................

7,332,665

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.44)%, 07/01/21

................

AUD

—

(i)

246

Hong

Kong

&

Shanghai

Bank,

0.00%, 07/02/21

HKD

1

74

Total

Time

Deposits

—

0.0%

(Cost:

$320)

...................................

320

Total

Short-Term

Securities

—

2.4%

(Cost:

$7,332,985)

..............................

7,332,985

Total

Investments

—

102.1%

(Cost:

$191,467,245

)

.............................

309,237,828

Liabilities

in

Excess

of

Other

Assets

—

(2.1)%

............

(6,234,337)

Net

Assets

—

100.0%

..............................

$

303,003,491

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

6

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

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.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$3,057,502,

representing

1.01%

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)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(i)

Rounds

to

less

than

1,000.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

2,458,115

$

—

$

(1,116,577)

$

—

$

—

$

1,341,538

1,341,538

$

94

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,233,421

1,757,933

—

(227)

—

5,991,127

5,989,330

7,082

(b)

—

$

(227)

$

—

$

7,332,665

$

7,176

$

—

—

—

(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

Large

Cap

Focus

Growth

V.I.

Fund

Schedule

of

Investments

7

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

4,839,787

$

—

$

—

$

4,839,787

Beverages

...........................................

5,762,416

—

—

5,762,416

Capital

Markets

........................................

14,566,900

—

—

14,566,900

Chemicals

............................................

3,820,294

—

—

3,820,294

Commercial

Services

&

Supplies

.............................

5,601,193

—

—

5,601,193

Entertainment

.........................................

11,654,311

—

—

11,654,311

Health

Care

Equipment

&

Supplies

...........................

4,802,302

—

—

4,802,302

Hotels,

Restaurants

&

Leisure

..............................

—

4,443,809

—

4,443,809

Industrial

Conglomerates

..................................

7,330,418

—

—

7,330,418

Interactive

Media

&

Services

...............................

34,865,835

—

—

34,865,835

Internet

&

Direct

Marketing

Retail

............................

41,229,213

—

—

41,229,213

IT

Services

...........................................

31,409,830

4,659,429

—

36,069,259

Life

Sciences

Tools

&

Services

..............................

—

7,192,366

—

7,192,366

Machinery

............................................

4,598,984

—

—

4,598,984

Pharmaceuticals

.......................................

4,977,862

—

—

4,977,862

Semiconductors

&

Semiconductor

Equipment

....................

30,165,652

—

—

30,165,652

Software

.............................................

52,518,794

—

—

52,518,794

Technology

Hardware,

Storage

&

Peripherals

....................

9,088,803

—

—

9,088,803

Textiles,

Apparel

&

Luxury

Goods

............................

8,547,159

3,913,619

—

12,460,778

Wireless

Telecommunication

Services

.........................

2,858,365

—

—

2,858,365

Preferred

Stocks

.........................................

—

—

3,057,502

3,057,502

Short-Term

Securities:

Money

Market

Funds

......................................

1,341,538

—

—

1,341,538

Time

Deposits

..........................................

—

320

—

320

$

279,979,656

$

20,209,543

$

3,057,502

$

303,246,701

Investments

valued

at

NAV

(a)

......................................

5,991,127

$

—

$

309,237,828

$

—

(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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

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

period

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:

Preferred

Stocks

Investments:

Assets:

Opening

balance,

as

of

December

31,

2020

.............................................................................................

$

1,974,889

Transfers

into

level

3

...........................................................................................................

—

Transfers

out

of

level

3

..........................................................................................................

—

Accrued

discounts/premiums

.......................................................................................................

—

Net

realized

gain

..............................................................................................................

—

Net

change

in

unrealized

appreciation

(a)(b)

..............................................................................................

1,082,613

Purchases

...................................................................................................................

—

Sales

......................................................................................................................

—

Closing

balance,

as

of

June

30,

2021

.................................................................................................

$

3,057,502

Net

change

in

unrealized

appreciation

on

investments

still

held

at

June

30,

2021

(b)

....................................................................

$

1,082,613

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

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.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Preferred

Stocks

......................................

$

3,057,502

Income

Discount

Rate

27%

Market

Revenue

Multiple

7.47x

$

3,057,502

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2021

9

Financial

Statements

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

...........................................................................................

$

301,905,163‌

Investments,

at

value

—

affiliated

(c)

.............................................................................................

7,332,665‌

Cash

.................................................................................................................

127‌

Receivables:

–‌

Investments

sold

........................................................................................................

2,637,274‌

Securities

lending

income

—

affiliated

..........................................................................................

1,274‌

Capital

shares

sold

.......................................................................................................

31,352‌

Dividends

—

affiliated

.....................................................................................................

6‌

Dividends

—

unaffiliated

...................................................................................................

23,196‌

Prepaid

expenses

.........................................................................................................

1,369‌

Total

assets

.............................................................................................................

311,932,426‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

...........................................................................................

5,996,412‌

Payables:

–‌

Investments

purchased

....................................................................................................

2,330,292‌

Capital

shares

redeemed

...................................................................................................

149,002‌

Distribution

fees

.........................................................................................................

29,985‌

Investment

advisory

fees

..................................................................................................

155,700‌

Directors'

and

Officer's

fees

.................................................................................................

844‌

Other

affiliate

fees

.......................................................................................................

639‌

Transfer

agent

fees

......................................................................................................

153,993‌

Other

accrued

expenses

...................................................................................................

112,068‌

Total

liabilities

............................................................................................................

8,928,935‌

NET

ASSETS

............................................................................................................

$

303,003,491‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

............................................................................................................

$

147,956,555‌

Accumulated

earnings

......................................................................................................

155,046,936‌

NET

ASSETS

............................................................................................................

$

303,003,491‌

(a)

  Investments,

at

cost

—

unaffiliated

............................................................................................

$

184,134,580‌

(b)

  Securities

loaned,

at

value

..................................................................................................

$

5,785,298‌

(c)

  Investments,

at

cost

—

affiliated

..............................................................................................

$

7,332,665‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

BlackRock

Large

Cap

Fo

cus

Growth

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

147,017,816‌

Shares

outstanding

.................................................................................................

6,096,262‌

Net

asset

value

....................................................................................................

$

24.12‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

155,985,675‌

Shares

outstanding

.................................................................................................

6,623,462‌

Net

asset

value

....................................................................................................

$

23.55‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

11

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

94‌

Dividends

—

unaffiliated

...............................................................................................

591,275‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

7,082‌

Foreign

taxes

withheld

................................................................................................

(6,242‌)

Total

investment

income

.................................................................................................

592,209‌

EXPENSES

Investment

advisory

..................................................................................................

918,944‌

Transfer

agent

—

class

specific

..........................................................................................

288,131‌

Distribution

—

class

specific

............................................................................................

180,910‌

Professional

.......................................................................................................

34,883‌

Accounting

services

..................................................................................................

27,276‌

Directors

and

Officer

.................................................................................................

4,613‌

Transfer

agent

......................................................................................................

2,526‌

Custodian

.........................................................................................................

1,050‌

Miscellaneous

......................................................................................................

11,655‌

Total

expenses

.......................................................................................................

1,469,988‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(253‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(188,904‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

1,280,831‌

Net

investment

loss

....................................................................................................

(688,622‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

32,653,549‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

(227‌)

Investments

—

unaffiliated

...........................................................................................

27,524,192‌

Foreign

currency

transactions

.........................................................................................

(9,771‌)

A

27,514,194‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

5,139,425‌

Foreign

currency

translations

..........................................................................................

(70‌)

A

5,139,355‌

Net

realized

and

unrealized

gain

...........................................................................................

32,653,549‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

31,964,927‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

(688,622‌)

$

(1,080,072‌)

Net

realized

gain

(loss)

..............................................................................

27,514,194‌

24,710,987‌

Net

change

in

unrealized

appre

ciation

(depreciation)

..........................................................

5,139,355‌

60,567,782‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

31,964,927‌

84,198,697‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(7,736,174‌)

  Class

III

.......................................................................................

—‌

(8,015,898‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(15,752,072‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(15,562,161‌)

19,654,764‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

16,402,766‌

88,101,389‌

Beginning

of

period

..................................................................................

286,600,725‌

198,499,336‌

End

of

period

......................................................................................

$

303,003,491‌

$

286,600,725‌

(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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

21.58‌

$

15.91‌

$

13.32‌

$

14.51‌

$

13.35‌

$

13.59‌

Net

investment

inc

ome

(loss)

(a)

...................

(0.04‌)

(0.06‌)

(0.04‌)

(0.04‌)

0.02‌

0.09‌

Net

realized

and

unrealized

gain

(loss)

.............

2.58‌

6.97‌

4.36‌

0.49‌

3.92‌

0.99‌

Net

increase

from

investment

operations

..............

2.54‌

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

period

....................

$

24.12‌

$

21.58‌

$

15.91‌

$

13.32‌

$

14.51‌

$

13.35‌

Total

Return

(c)

11.77%

43.74%

32.70%

3.01%

29.56%

—

Based

on

net

asset

value

........................

11.77%

(d)

43.74%

32.70%

3.01%

29.56%

7.89%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................

0.91%

(f)

0.91%

0.95%

0.96%

1.01%

0.96%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.78%

(f)

0.78%

0.81%

0.82%

0.89%

0.84%

Net

investment

income

(loss)

.....................

(0.36)%

(f)

(0.35)%

(0.27)%

(0.23)%

0.10%

0.68%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

147,018‌

$

139,807‌

$

106,238‌

$

91,380‌

$

100,308‌

$

87,346‌

Portfolio

turnover

rate

..........................

25%

54%

58%

63%

95%

37%

Six

Months

Ended

06/30/21

(unaudited)

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)

2021

BlackRock

Semi-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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

21.10‌

$

15.61‌

$

13.13‌

$

14.36‌

$

13.24‌

$

13.50‌

Net

investment

income

(loss)

(a)

...................

(0.07‌)

(0.11‌)

(0.08‌)

(0.08‌)

(0.02‌)

0.06‌

Net

realized

and

unrealized

gain

(loss)

.............

2.52‌

6.84‌

4.29‌

0.49‌

3.88‌

0.96‌

Net

increase

from

investment

operations

..............

2.45‌

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

period

....................

$

23.55‌

$

21.10‌

$

15.61‌

$

13.13‌

$

14.36‌

$

13.24‌

Total

Return

(d)

11.61%

43.43%

32.33%

2.77%

29.23%

—

Based

on

net

asset

value

........................

11.61%

(e)

43.43%

32.33%

2.77%

29.23%

7.54%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.16%

(g)

1.16%

1.20%

1.22%

1.28%

1.22%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.03%

(g)

1.03%

1.06%

1.07%

1.14%

1.09%

Net

investment

income

(loss)

.....................

(0.61)%

(g)

(0.60)%

(0.52)%

(0.48)%

(0.16)%

0.42%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

155,986‌

$

146,794‌

$

92,261‌

$

70,685‌

$

54,820‌

$

39,346‌

Portfolio

turnover

rate

..........................

25%

54%

58%

63%

95%

37%

Six

Months

Ended

06/30/21

(unaudited)

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

(unaudited)

15

Notes

to

Financial

Statements

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

3.

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.

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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation 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.

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

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

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.

5.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $1,104

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$180,910.

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

June

30,

2023

.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$253

.

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.

...................................................

$

328,360‌

$

(328,360‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

5,456,938‌

(5,456,938‌)

—‌

$

5,785,298‌

$

(5,785,298‌)

$

—‌

(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

.........................................................................................................

0.65%

$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

..........................................................................................................

$

140,573‌

Class

III

.........................................................................................................

147,558‌

$

288,131‌

Notes

to

Financial

Statements

(unaudited)

(continued)

19

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

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

discontin

ue

the

contractual

expense

limitation

s

through

June

30,

202

3

,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securitie

s

of

the

Fund.

These

amounts

are

included

in transfer

agent

fees

reimbursed

—

class

specific

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021

,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $1,424

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

Class

I

................................................................................................................

0.07‌%

Class

III

...............................................................................................................

0.07‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

Class

I

........................................................................................................

$

92,137‌

Class

III

.......................................................................................................

96,767‌

$

188,904‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

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

period

ended

June

30,

2021,

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. 

6.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $70,194,295

and

$85,670,106,

respectively.

7.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

8.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

9.

 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

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

..............................

$

191,486,175‌

$

118,178,691‌

$

(427,038‌)

$

117,751,653‌

Notes

to

Financial

Statements

(unaudited)

(continued)

21

Notes

to

Financial

Statements

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

11.

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.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

180,089‌

$

3,993,819‌

427,437‌

$

7,646,247‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

369,088‌

7,736,174‌

Shares

redeemed

.........................................

(562,355‌)

(12,445,267‌)

(995,847‌)

(18,083,146‌)

Net

decrease

..............................................

(382,266‌)

$

(8,451,448‌)

(199,322‌)

$

(2,700,725‌)

Class

III

Shares

sold

.............................................

629,485‌

$

13,675,691‌

2,994,341‌

$

56,657,540‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

390,117‌

8,015,898‌

Shares

redeemed

.........................................

(963,063‌)

(20,786,404‌)

(2,336,141‌)

(42,317,949‌)

Net

increase

(decrease)

.......................................

(333,578‌)

$

(7,110,713‌)

1,048,317‌

$

22,355,489‌

Total

Net

Increase

(Decrease)

(715,844‌)

$

(15,562,161‌)

848,995‌

$

19,654,764‌

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

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

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Managed

Volatility

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

underperformed

its

blended

benchmark

(50%

MSCI

All

Country

World

Index/50%

FTSE

WGBI

(hedged

into

USD).

For

the

same

period,

the

Fund

performed

in

line

with

its

performance

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

Long

positions

in

global

equities,

which

were

held

across

both

the

Fund’s

discretionary

and

systematic

investment

processes,

made

the

largest

contribution

to

performance.

Relative

value

positioning

in

equities

also

contributed,

with

discretionary

overweights

in

European

equities

versus

other

developed

markets,

systematic

longs

in

French

and

U.S.

equities,

and

positioning

in

Taiwan

all

adding

to

performance.

Pro-cyclical

positioning

further

helped

returns

in

equities.

In

fixed

income,

short

positions

in

developed

market

bonds

boosted

results

early

in

the

period.

Relative

value

positioning

in

global

fixed

income

was

the

primary

detractor.

A

long

position

in

Australian

bonds

versus

German

bonds

hurt

Fund

performance.

Additional

losses

came

from

relative

value

views

in

emerging

market

bonds,

including

a

long

position

in

Mexico

versus

Brazil.

However,

some

of

this

underperformance

was

recovered

later

in

the

period.

A

short

position

in

Thai

bonds

further

weighed

on

Fund

returns,

as

did

a

short

in

the

U.S.

dollar

against

a

mix

of

the

euro,

Japanese

yen,

Canadian

dollar

and

Australian

dollar.

The

Fund

used

derivatives

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indexes,

and

currencies.

During

the

period,

the

use

of

derivatives

instead

of

physical

instruments

had

a

negative

impact

on

Fund

performance.

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

recent

portfolio

activity.

The

Fund

maintained

its

high-level

asset

class

exposures

(net

long

equities,

net

short

bonds,

and

net

short

U.S.

dollar)

throughout

the

period,

but

positioning

within

each

category

evolved.

The

Fund

entered

2021

positioned

net

long

in

equities,

net

short

in

bonds,

and

net

short

in

the

U.S.

dollar.

At

the

turn

of

the

year,

the

investment

adviser’s

expectation

was

that

economic

activity

would

accelerate

as

vaccination

rates

picked

up

and

economies

reopened.

This

view

broadly

played

out

during

the

first

half

of

the

year,

benefiting

the

net

long

equity

stance.

The

investment

adviser

subsequently

reduced

the

extent

of

this

position

in

the

February

to

April

2021

period.

The

Fund

also

held

directional

short

positions

across

a

mix

of

developed

bond

markets,

and

it

started

trimming

the

positions

in

mid-April.

Equity

industry

allocations

were

also

tied

to

the

investment

adviser’s

pro-cyclical

view,

with

overweights

in

energy

and

financials

versus

health

care,

technology

and

utilities.

This

aspect

of

the

Fund’s

positioning

contributed

to

performance.

In

terms

of

the

relative

value

strategy,

the

Fund

began

2021

with

a

set

of

positions

designed

to

capitalize

on

reflation:

long

Europe

and

the

United

Kingdom,

short

Singapore

and

South

Korea,

and

roughly

flat

U.S.

equities.

These

positions

benefited

from

the

cyclical

upswing

in

Eurozone

growth,

as

the

combination

of

easing

of

COVID-19

restrictions

and

targeted

policy

measures

boosted

French,

Italian

and

Spanish

equities.

Meanwhile,

shorts

in

Asia

performed

positively

as

Chinese

growth

slowed

modestly

and

localized

coronavirus

outbreaks

pressured

sentiment

and

economic

activity.

As

the

period

progressed,

the

Fund

largely

rotated

out

of

these

positions

and

into

more

idiosyncratic

country

exposures

that

were

driven

by

divergences

in

growth

and

pricing.

The

Fund

shifted

to

longs

in

Japan

and

the

emerging

markets,

as

early

growth

indicators

and

pricing

looked

attractive.

It

also

moved

net

short

in

Australia

and

European

equities

on

the

opposite

growth

and

pricing

picture.

A

key

exception

here

was

in

Italy,

where

the

Fund

was

long

at

the

end

of

June

based

on

a

mix

of

growth

and

policy

insights.

In

bonds,

the

most

notable

positioning

shifts

concerned

the

evolution

of

the

portfolio’s

long

in

Europe

against

other

developed

markets.

The

Fund

was

positioned

materially

short

in

German

bonds

throughout

the

period

as

growth,

inflation,

policy

and

pricing

insights

all

indicated

that

negative

yields

and

a

flat

yield

curve

in

the

Eurozone

was

excessive

in

light

of

the

improving

macroeconomic

backdrop.

This

short

position

was

paired

primarily

against

a

long

position

in

Australia,

where

growth

and

inflation

were

weak,

as

well

as

against

smaller

longs

in

Canada

and

the

United

Kingdom.

This

positioning

hurt

results

given

that

Australia’s

bond

market

underperformed

its

global

peers

while

Eurozone

bonds

outperformed.

The

position

subsequently

recovered

somewhat,

and

the

Fund

began

trimming

the

size

of

its

short

in

German

bonds.

By

the

end

of

the

period,

the

Fund

was

positioned

materially

long

in

Australian

bonds

against

a

balanced

mix

of

the

United

States,

the

United

Kingdom,

Canada

and

Germany

based

on

a

strong

negative

outlook

for

Australia’s

growth.

The

Fund

made

a

number

of

notable

shifts

in

the

emerging

market

bond

portfolio.

The

Fund

opened

the

year

with

longs

in

India,

South

Korea

and

Poland

based

on

attractive

pricing

and

headwinds

to

growth

and

inflation

from

COVID-19

outbreaks.

As

the

period

progressed,

these

insights

shifted

to

position

the

Fund

long

in

Mexico

versus

Brazil

and

short

in

Thailand

versus

the

broader

emerging

market

universe.

The

long

Mexico

versus

Brazil

exposure

was

a

significant

detractor

late

in

the

period

given

a

surprise

interest

rate

hike

from

the

Bank

of

Mexico

on

concerns

over

rising

inflation.

As

a

result,

the

Fund

has

since

reduced

the

extent

of

this

position.

A

short

in

Thailand

also

weighed

on

Fund

returns,

but

the

investment

adviser

maintained

conviction

in

this

position

based

on

mounting

inflationary

pressures,

attractive

pricing,

a

deteriorating

balance

of

payments

and

the

nation’s

weak

currency.

Fund

Summary

as

of

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Managed

Volatility

V.I.

Fund

In

currencies,

the

Fund

entered

2021

short

in

the

U.S.

dollar

versus

a

basket

of

developed

market

currencies.

The

Fed’s

more

hawkish

tone

following

the

June

2021

Federal

Open

Market

Committee

meeting

represented

a

potential

headwind

for

this

position,

however,

prompting

the

investment

adviser

to

close

the

underweight

against

the

global

basket.

The

Fund

maintained

an

underweight

in

the

U.S.

dollar

versus

the

euro

based

on

the

upbeat

outlook

for

the

Eurozone.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

positioned

net

long

in

equities,

net

short

in

bonds,

and

net

short

in

the

U.S.

dollar.

Within

equities,

the

Fund

had

a

preference

for

Japan,

Italy,

South

Korea,

the

United

States

and

several

emerging

markets,

with

short

positions

in

Switzerland,

Australia

and

the

Netherlands,

among

others.

In

fixed

income,

the

Fund

held

a

material

long

position

in

Australia

and

several

emerging

markets,

with

shorts

spread

across

the

United

States,

Canada,

the

United

Kingdom,

Thailand

and

Germany,

among

others.

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.

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c)

................................................................

0.08‌%

3.81‌%

2.76‌%

3.27‌%

Class

III

(b)(c)

...............................................................

0.00‌

3.56‌

2.51‌

(d)

3.02‌

(d)

50%

MSCI

All

Country

World

Index

/50%

FTSE

WGBI

(hedged

into

USD)

(e)

..................

4.78‌

17.60‌

8.76‌

7.13‌

MSCI  All

Country

World

Index

(f)

................................................

12.30‌

39.26‌

14.61‌

9.90‌

FTSE

WGBI

(hedged

into

USD)

(g)

................................................

(2.36‌)

(1.40‌)

2.58‌

3.84‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(h)

.......................................

0.03‌

0.09‌

1.17‌

0.63‌

(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

Fund

uses

an

asset

allocation

strategy,

investing

various

percentages

of

its

portfolio

in

three

major

categories:

stocks,

bonds

and

money

market

investments.

(d)

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.

(e)

A

customized

weighted

index

comprised

of

the

returns

of

50%

MSCI

All

Country

World

Index/50%

FTSE

WGBI

(hedged

into

USD).

(f)

MSCI

All

Country

World

Index

comprises

large

and

mid-capitalization

developed

and

emerging

market

equities.

(g)

A

market

capitalization

weighted

bond

index

consisting

of

government

bond

markets

of

23

countries,

including

the

United

States.

(h)

An

unmanaged

index

that

measures

returns

of

three-month

Treasury

Bills.

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.

On

3/1/2021

the

Fund

began

to

track

the

4pm

pricing

variant

of

the

Index.

Historical

index

data

prior

to

3/1/2021

is

for

the

3pm

pricing

variant

of

the

Index.

Index

data

on

and

after

3/1/2021

is

for

the

4pm

pricing

variant

of

the

Index.

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

...................................

74‌

%

U.S.

Treasury

Obligations

.............................

26‌

Preferred

Stocks

...................................

—‌

(b)

Corporate

Bonds

...................................

—‌

(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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,000.80

$

2.93

$

1,000.00

$

1,021.87

$

2.96

0.59%

Class

III

..................................

1,000.00

1,000.00

4.17

1,000.00

1,020.63

4.21

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

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

59.4%

Aerospace

&

Defense

—

0.1%

Howmet

Aerospace,

Inc.

(a)

..............

927

$

31,954

MTU

Aero

Engines

AG

................

173

42,894

Singapore

Technologies

Engineering

Ltd.

....

36,200

104,452

Teledyne

Technologies,

Inc.

(a)

............

33

13,821

TransDigm

Group,

Inc.

(a)

...............

119

77,028

270,149

Air

Freight

&

Logistics

—

1.2%

CH

Robinson

Worldwide,

Inc.

...........

2,328

218,064

Deutsche

Post

AG

(Registered)

..........

2,181

148,536

DSV

Panalpina

A/S

..................

652

152,202

Expeditors

International

of

Washington,

Inc.

..

2,164

273,962

FedEx

Corp.

.......................

2,039

608,295

InPost

SA

(a)

........................

3,287

65,970

United

Parcel

Service,

Inc.,

Class

B

.......

4,848

1,008,238

XPO

Logistics,

Inc.

(a)

.................

1,357

189,831

2,665,098

Airlines

—

0.4%

(a)

Alaska

Air

Group,

Inc.

.................

274

16,525

American

Airlines

Group,

Inc.

............

1,577

33,448

ANA

Holdings,

Inc.

...................

300

7,051

Delta

Air

Lines,

Inc.

..................

8,011

346,556

Japan

Airlines

Co.

Ltd.

................

900

19,488

Singapore

Airlines

Ltd.

................

12,400

44,716

Southwest

Airlines

Co.

................

6,663

353,739

United

Airlines

Holdings,

Inc.

............

809

42,302

863,825

Auto

Components

—

0.3%

Aisin

Corp.

........................

300

12,863

Aptiv

plc

(a)

.........................

84

13,216

BorgWarner,

Inc.

....................

96

4,660

Bridgestone

Corp.

...................

4,200

190,900

Cie

Generale

des

Etablissements

Michelin

SCA

99

15,800

Continental

AG

.....................

524

77,091

Denso

Corp.

.......................

1,100

75,011

Faurecia

SE

.......................

173

8,491

Koito

Manufacturing

Co.

Ltd.

............

200

12,445

Stanley

Electric

Co.

Ltd.

...............

700

20,224

Sumitomo

Electric

Industries

Ltd.

.........

2,400

35,448

Toyota

Industries

Corp.

................

1,400

121,065

Valeo

SA

.........................

303

9,139

596,353

Automobiles

—

1.1%

Bayerische

Motoren

Werke

AG

..........

263

27,882

Daimler

AG

(Registered)

...............

1,175

104,996

Ferrari

NV

........................

81

16,722

Ford

Motor

Co.

(a)

....................

2,693

40,018

General

Motors

Co.

(a)

.................

996

58,933

Honda

Motor

Co.

Ltd.

.................

5,200

167,249

Nissan

Motor

Co.

Ltd.

(a)

................

8,800

43,839

Stellantis

NV

.......................

2,600

51,143

Subaru

Corp.

......................

6,500

128,827

Suzuki

Motor

Corp.

..................

300

12,714

Tesla,

Inc.

(a)

........................

2,004

1,362,119

Toyota

Motor

Corp.

..................

4,400

384,622

Volkswagen

AG

.....................

149

48,971

2,448,035

Banks

—

3.6%

ABN

AMRO

Bank

NV,

CVA

(b)

............

1,097

13,293

Australia

&

New

Zealand

Banking

Group

Ltd.

.

6,249

131,903

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

12,712

78,852

Banco

Santander

SA

.................

35,017

133,942

Security

Shares

Shares

Value

Banks

(continued)

Bank

of

America

Corp.

................

23,478

$

967,998

Banque

Cantonale

Vaudoise

(Registered)

...

458

41,155

Barclays

plc

.......................

35,430

84,078

BNP

Paribas

SA

....................

2,400

150,623

BOC

Hong

Kong

Holdings

Ltd.

...........

8,000

27,115

CaixaBank

SA

......................

8,373

25,778

Citigroup,

Inc.

......................

6,727

475,935

Citizens

Financial

Group,

Inc.

...........

1,643

75,364

Comerica,

Inc.

......................

328

23,400

Commerzbank

AG

(a)

..................

939

6,668

Commonwealth

Bank

of

Australia

.........

3,826

286,501

Credit

Agricole

SA

...................

2,332

32,694

Danske

Bank

A/S

....................

1,819

32,034

DBS

Group

Holdings

Ltd.

..............

3,500

77,866

Erste

Group

Bank

AG

.................

521

19,153

Fifth

Third

Bancorp

..................

2,394

91,523

First

Republic

Bank

..................

717

134,201

Hang

Seng

Bank

Ltd.

.................

1,800

35,906

HSBC

Holdings

plc

..................

44,248

255,378

Huntington

Bancshares,

Inc.

............

4,869

69,481

ING

Groep

NV

......................

7,747

102,836

Intesa

Sanpaolo

SpA

.................

32,020

88,578

Japan

Post

Bank

Co.

Ltd.

..............

6,500

54,667

JPMorgan

Chase

&

Co.

...............

9,161

1,424,902

KBC

Group

NV

.....................

562

42,909

KeyCorp

..........................

4,042

83,467

M&T

Bank

Corp.

....................

530

77,014

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

32,000

172,360

Mizuho

Financial

Group,

Inc.

............

7,650

109,644

National

Australia

Bank

Ltd.

.............

7,671

150,803

Natwest

Group

plc

...................

9,780

27,524

Nordea

Bank

Abp

...................

8,146

90,713

Oversea-Chinese

Banking

Corp.

Ltd.

......

6,500

57,926

People's

United

Financial,

Inc.

...........

932

15,975

Raiffeisen

Bank

International

AG

.........

452

10,260

Regions

Financial

Corp.

...............

3,106

62,679

Resona

Holdings,

Inc.

................

4,800

18,507

Skandinaviska

Enskilda

Banken

AB,

Class

A

.

4,871

62,963

Societe

Generale

SA

.................

1,378

40,763

Standard

Chartered

plc

................

5,978

38,150

Sumitomo

Mitsui

Financial

Group,

Inc.

......

4,100

141,335

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.......

900

28,710

SVB

Financial

Group

(a)

................

190

105,722

Svenska

Handelsbanken

AB,

Class

A

......

4,594

51,857

Swedbank

AB,

Class

A

................

2,113

39,338

Truist

Financial

Corp.

.................

5,346

296,703

UniCredit

SpA

......................

2,857

33,777

United

Overseas

Bank

Ltd.

.............

2,300

44,292

US

Bancorp

.......................

5,241

298,580

Wells

Fargo

&

Co.

...................

13,903

629,667

Westpac

Banking

Corp.

...............

7,999

154,795

Zions

Bancorp

NA

...................

380

20,087

7,848,344

Beverages

—

0.4%

Anheuser-Busch

InBev

SA/NV

...........

966

69,638

Coca-Cola

Co.

(The)

.................

6,428

347,819

Coca-Cola

Europacific

Partners

plc

........

222

13,169

Diageo

plc

........................

4,109

196,938

PepsiCo,

Inc.

......................

1,929

285,820

913,384

Biotechnology

—

0.7%

AbbVie,

Inc.

.......................

4,305

484,915

Alexion

Pharmaceuticals,

Inc.

(a)

..........

325

59,706

Amgen,

Inc.

.......................

1,355

330,281

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Biotechnology

(continued)

Argenx

SE

(a)

.......................

46

$

13,879

Biogen,

Inc.

(a)

......................

308

106,651

CSL

Ltd.

..........................

847

181,147

Genmab

A/S

(a)

......................

54

22,126

Gilead

Sciences,

Inc.

.................

2,815

193,841

Regeneron

Pharmaceuticals,

Inc.

(a)

........

192

107,240

Vertex

Pharmaceuticals,

Inc.

(a)

...........

453

91,338

1,591,124

Building

Products

—

0.6%

Allegion

plc

........................

312

43,462

Assa

Abloy

AB,

Class

B

...............

1,978

59,632

Carrier

Global

Corp.

..................

3,153

153,236

Cie

de

Saint-Gobain

..................

1,125

74,245

Daikin

Industries

Ltd.

.................

800

149,080

Fortune

Brands

Home

&

Security,

Inc.

......

111

11,057

Geberit

AG

(Registered)

...............

150

112,676

Johnson

Controls

International

plc

........

3,293

225,998

Kingspan

Group

plc

..................

430

40,641

Lennox

International,

Inc.

..............

137

48,060

Masco

Corp.

.......................

1,020

60,088

Nibe

Industrier

AB,

Class

B

.............

838

8,830

Trane

Technologies

plc

................

1,208

222,441

1,209,446

Capital

Markets

—

1.7%

3i

Group

plc

.......................

1,913

31,046

Ameriprise

Financial,

Inc.

..............

402

100,050

Amundi

SA

(b)

.......................

104

9,173

ASX

Ltd.

.........................

272

15,856

Bank

of

New

York

Mellon

Corp.

(The)

......

2,358

120,800

Cboe

Global

Markets,

Inc.

..............

267

31,786

Charles

Schwab

Corp.

(The)

............

4,004

291,531

CME

Group,

Inc.

....................

1,055

224,377

Credit

Suisse

Group

AG

(Registered)

......

5,883

61,583

Daiwa

Securities

Group,

Inc.

............

3,400

18,678

Deutsche

Bank

AG

(Registered)

(a)

.........

3,496

45,580

Deutsche

Boerse

AG

.................

526

91,811

EQT

AB

..........................

401

14,567

Franklin

Resources,

Inc.

...............

517

16,539

Futu

Holdings

Ltd.,

ADR

(a)

..............

60

10,745

Goldman

Sachs

Group,

Inc.

(The)

........

929

352,583

Hargreaves

Lansdown

plc

..............

773

17,009

Hong

Kong

Exchanges

&

Clearing

Ltd.

.....

2,100

125,013

Intercontinental

Exchange,

Inc.

..........

1,961

232,771

Invesco

Ltd.

.......................

413

11,040

Japan

Exchange

Group,

Inc.

............

1,000

22,276

Julius

Baer

Group

Ltd.

................

522

34,094

London

Stock

Exchange

Group

plc

........

749

82,772

Macquarie

Group

Ltd.

.................

824

96,541

MarketAxess

Holdings,

Inc.

.............

102

47,286

Moody's

Corp.

......................

479

173,575

Morgan

Stanley

.....................

4,168

382,164

MSCI,

Inc.

........................

232

123,675

Nasdaq,

Inc.

.......................

301

52,916

Nomura

Holdings,

Inc.

................

6,100

31,046

Northern

Trust

Corp.

..................

558

64,516

Partners

Group

Holding

AG

.............

48

72,765

Raymond

James

Financial,

Inc.

..........

228

29,617

S&P

Global,

Inc.

....................

921

378,024

Schroders

plc

......................

189

9,192

Standard

Life

Aberdeen

plc

.............

3,688

13,836

State

Street

Corp.

...................

927

76,274

T.

Rowe

Price

Group,

Inc.

..............

612

121,158

Security

Shares

Shares

Value

Capital

Markets

(continued)

UBS

Group

AG

(Registered)

............

9,609

$

147,183

3,781,448

Chemicals

—

1.2%

Air

Liquide

SA

......................

1,401

245,665

Air

Products

&

Chemicals,

Inc.

...........

409

117,661

Akzo

Nobel

NV

.....................

180

22,288

Asahi

Kasei

Corp.

...................

1,400

15,388

BASF

SE

.........................

2,924

230,820

Chr

Hansen

Holding

A/S

...............

440

39,711

Corteva,

Inc.

.......................

539

23,905

Covestro

AG

(b)

......................

407

26,316

Dow,

Inc.

.........................

1,777

112,449

DuPont

de

Nemours,

Inc.

..............

1,196

92,582

Ecolab,

Inc.

.......................

712

146,651

Givaudan

SA

(Registered)

..............

41

190,864

International

Flavors

&

Fragrances,

Inc.

.....

882

131,771

Koninklijke

DSM

NV

..................

556

103,935

Linde

plc

.........................

1,481

428,157

LyondellBasell

Industries

NV,

Class

A

......

490

50,406

Nippon

Paint

Holdings

Co.

Ltd.

...........

1,500

20,292

Nippon

Sanso

Holdings

Corp.

...........

1,200

24,634

Novozymes

A/S,

Class

B

...............

534

40,290

PPG

Industries,

Inc.

..................

550

93,373

Sherwin-Williams

Co.

(The)

.............

485

132,138

Shin-Etsu

Chemical

Co.

Ltd.

............

1,000

167,261

Sika

AG

(Registered)

.................

365

119,588

Solvay

SA

.........................

299

38,058

Umicore

SA

.......................

491

30,038

2,644,241

Commercial

Services

&

Supplies

—

0.5%

Brambles

Ltd.

......................

9,494

81,477

Cintas

Corp.

.......................

444

169,608

Copart,

Inc.

(a)

......................

745

98,213

Rentokil

Initial

plc

....................

9,779

66,978

Republic

Services,

Inc.

................

1,025

112,760

Rollins,

Inc.

........................

2,368

80,986

Secom

Co.

Ltd.

.....................

100

7,622

Securitas

AB,

Class

B

.................

3,384

53,457

Waste

Connections,

Inc.

...............

916

109,398

Waste

Management,

Inc.

...............

1,777

248,976

1,029,475

Construction

&

Engineering

—

0.1%

Ferrovial

SA

.......................

4,215

123,872

Quanta

Services,

Inc.

.................

342

30,975

Vinci

SA

..........................

898

95,994

250,841

Construction

Materials

—

0.1%

CRH

plc

..........................

1,908

96,490

HeidelbergCement

AG

................

764

65,595

Holcim

Ltd.

(a)

.......................

1,481

89,020

James

Hardie

Industries

plc,

CDI

.........

1,194

40,515

291,620

Consumer

Finance

—

0.3%

American

Express

Co.

................

1,879

310,467

Capital

One

Financial

Corp.

.............

1,182

182,844

Discover

Financial

Services

.............

711

84,104

Synchrony

Financial

..................

1,245

60,407

637,822

Containers

&

Packaging

—

0.3%

Avery

Dennison

Corp.

.................

379

79,681

Ball

Corp.

.........................

2,156

174,679

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Containers

&

Packaging

(continued)

Crown

Holdings,

Inc.

.................

930

$

95,055

International

Paper

Co.

................

1,832

112,320

Packaging

Corp.

of

America

............

550

74,481

Sealed

Air

Corp.

....................

573

33,950

Smurfit

Kappa

Group

plc

...............

492

26,757

WestRock

Co.

......................

2,912

154,977

751,900

Distributors

—

0.2%

Genuine

Parts

Co.

...................

2,033

257,114

LKQ

Corp.

(a)

.......................

2,177

107,152

Pool

Corp.

........................

181

83,017

447,283

Diversified

Financial

Services

—

0.9%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

.......

5,789

1,608,879

Equitable

Holdings,

Inc.

...............

338

10,292

EXOR

NV

.........................

48

3,852

Groupe

Bruxelles

Lambert

SA

...........

553

61,920

Investor

AB,

Class

B

..................

4,854

111,887

L

E

Lundbergforetagen

AB,

Class

B

.......

314

20,266

M&G

plc

..........................

4,623

14,645

Mitsubishi

HC

Capital,

Inc.

..............

800

4,290

ORIX

Corp.

........................

3,000

50,705

Sofina

SA

.........................

22

9,505

1,896,241

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.

.........................

15,079

433,974

BT

Group

plc

(a)

.....................

15,438

41,487

Cellnex

Telecom

SA

(b)

.................

699

44,583

Deutsche

Telekom

AG

(Registered)

.......

6,371

134,747

Nippon

Telegraph

&

Telephone

Corp.

......

2,500

65,363

Orange

SA

........................

3,211

36,646

Singapore

Telecommunications

Ltd.

.......

18,700

31,846

Swisscom

AG

(Registered)

.............

83

47,425

Telefonica

SA

......................

9,487

44,280

Telia

Co.

AB

.......................

5,042

22,394

Telstra

Corp.

Ltd.

....................

2,758

7,779

Verizon

Communications,

Inc.

...........

8,328

466,618

1,377,142

Electric

Utilities

—

1.4%

AusNet

Services

Ltd.

.................

29,254

38,342

Edison

International

..................

5,003

289,274

Electricite

de

France

SA

...............

2,835

38,743

Elia

Group

SA/NV

...................

436

46,023

Endesa

SA

........................

4,103

99,604

Enel

SpA

.........................

26,415

245,471

Eversource

Energy

..................

3,056

245,213

Exelon

Corp.

.......................

9,225

408,760

Fortum

OYJ

.......................

3,969

109,491

Iberdrola

SA

.......................

25,338

308,988

Mercury

NZ

Ltd.

.....................

5,616

26,173

NextEra

Energy,

Inc.

.................

11,358

832,314

Orsted

A/S

(b)

.......................

708

99,376

SSE

plc

..........................

4,363

90,614

Terna

SpA

........................

12,696

94,683

Verbund

AG

.......................

508

46,797

3,019,866

Electrical

Equipment

—

0.4%

ABB

Ltd.

(Registered)

.................

2,747

93,328

Eaton

Corp.

plc

.....................

631

93,502

Emerson

Electric

Co.

.................

1,268

122,032

Legrand

SA

.......................

679

71,963

Mitsubishi

Electric

Corp.

...............

5,500

79,845

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Nidec

Corp.

.......................

1,000

$

114,990

Prysmian

SpA

......................

597

21,424

Rockwell

Automation,

Inc.

..............

34

9,725

Schneider

Electric

SE

.................

1,099

173,251

Siemens

Energy

AG

(a)

.................

1,730

52,113

Siemens

Gamesa

Renewable

Energy

SA

(a)

..

536

17,920

Vestas

Wind

Systems

A/S

..............

3,050

119,170

969,263

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Halma

plc

.........................

316

11,773

Hamamatsu

Photonics

KK

..............

1,100

66,263

Hexagon

AB,

Class

B

.................

2,261

33,500

Keyence

Corp.

.....................

400

201,449

Kyocera

Corp.

......................

1,500

92,671

Murata

Manufacturing

Co.

Ltd.

...........

300

22,852

Omron

Corp.

.......................

1,000

79,177

TDK

Corp.

........................

100

12,105

TE

Connectivity

Ltd.

..................

395

53,408

573,198

Energy

Equipment

&

Services

—

0.0%

NOV,

Inc.

(a)

........................

798

12,225

Entertainment

—

1.0%

Activision

Blizzard,

Inc.

................

2,279

217,508

Bollore

SA

........................

2,469

13,245

Electronic

Arts,

Inc.

..................

825

118,660

Live

Nation

Entertainment,

Inc.

(a)

.........

258

22,598

Netflix,

Inc.

(a)

.......................

1,194

630,683

Nexon

Co.

Ltd.

.....................

400

8,902

Nintendo

Co.

Ltd.

....................

200

115,734

Roku,

Inc.

(a)

........................

64

29,392

Take-Two

Interactive

Software,

Inc.

(a)

.......

288

50,982

Vivendi

SE

........................

2,057

69,113

Walt

Disney

Co.

(The)

(a)

...............

5,478

962,868

2,239,685

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.4%

Alexandria

Real

Estate

Equities,

Inc.

.......

426

77,506

American

Tower

Corp.

................

1,379

372,523

Ascendas

REIT

.....................

13,200

29,007

AvalonBay

Communities,

Inc.

...........

443

92,450

Boston

Properties,

Inc.

................

414

47,440

British

Land

Co.

plc

(The)

..............

759

5,192

CapitaLand

Integrated

Commercial

Trust

....

19,800

30,827

Covivio

..........................

84

7,191

Crown

Castle

International

Corp.

.........

1,334

260,263

Digital

Realty

Trust,

Inc.

...............

874

131,502

Duke

Realty

Corp.

...................

1,080

51,138

Equinix,

Inc.

.......................

243

195,032

Equity

Residential

...................

1,102

84,854

Essex

Property

Trust,

Inc.

..............

178

53,402

Extra

Space

Storage,

Inc.

..............

357

58,484

Federal

Realty

Investment

Trust

..........

147

17,224

Gecina

SA

........................

117

17,926

GLP

J-Reit

........................

5

8,623

Goodman

Group

....................

3,219

50,943

GPT

Group

(The)

....................

3,207

11,732

Healthpeak

Properties,

Inc.

.............

1,743

58,024

Host

Hotels

&

Resorts,

Inc.

(a)

............

1,574

26,900

Invitation

Homes,

Inc.

.................

1,101

41,056

Iron

Mountain,

Inc.

...................

739

31,274

Japan

Metropolitan

Fund

Invest

..........

12

13,008

Japan

Real

Estate

Investment

Corp.

.......

2

12,283

Kimco

Realty

Corp.

..................

967

20,162

Klepierre

SA

.......................

302

7,781

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Land

Securities

Group

plc

..............

1,619

$

15,110

Link

REIT

.........................

5,000

48,377

Mapletree

Commercial

Trust

............

5,400

8,686

Mapletree

Logistics

Trust

..............

8,100

12,383

Medical

Properties

Trust,

Inc.

............

370

7,437

Mid-America

Apartment

Communities,

Inc.

...

330

55,579

Nippon

Building

Fund,

Inc.

..............

3

18,692

Nippon

Prologis

REIT,

Inc.

..............

3

9,540

Nomura

Real

Estate

Master

Fund,

Inc.

.....

5

8,002

Orix

JREIT,

Inc.

.....................

4

7,679

Prologis,

Inc.

.......................

2,293

274,082

Public

Storage

......................

495

148,841

Realty

Income

Corp.

..................

1,323

88,297

Regency

Centers

Corp.

...............

392

25,115

SBA

Communications

Corp.

............

334

106,446

Scentre

Group

......................

10,526

21,540

Segro

plc

.........................

1,503

22,753

Simon

Property

Group,

Inc.

.............

946

123,434

Stockland

.........................

2,951

10,276

Sun

Communities,

Inc.

................

48

8,227

UDR,

Inc.

.........................

719

35,217

Unibail-Rodamco-Westfield

(a)

............

217

18,813

Ventas,

Inc.

.......................

1,145

65,379

Vicinity

Centres

.....................

5,962

6,874

Vornado

Realty

Trust

.................

505

23,568

Welltower,

Inc.

......................

1,291

107,282

Weyerhaeuser

Co.

...................

1,850

63,677

WP

Carey,

Inc.

.....................

242

18,058

3,173,111

Food

&

Staples

Retailing

—

1.3%

Aeon

Co.

Ltd.

......................

1,900

51,005

Carrefour

SA

.......................

1,884

37,076

Coles

Group

Ltd.

....................

3,814

48,856

Costco

Wholesale

Corp.

...............

2,764

1,093,632

Endeavour

Group

Ltd.

(a)

...............

3,277

15,458

Etablissements

Franz

Colruyt

NV

.........

229

12,806

Jeronimo

Martins

SGPS

SA

.............

3,636

66,309

Koninklijke

Ahold

Delhaize

NV

...........

7,414

220,786

Kroger

Co.

(The)

....................

8,393

321,536

Lawson,

Inc.

.......................

300

13,895

Sysco

Corp.

.......................

4,984

387,506

Tsuruha

Holdings,

Inc.

................

200

23,277

Walgreens

Boots

Alliance,

Inc.

...........

6,964

366,376

Welcia

Holdings

Co.

Ltd.

...............

100

3,270

Wm

Morrison

Supermarkets

plc

..........

4,144

14,142

Woolworths

Group

Ltd.

................

3,277

93,776

2,769,706

Food

Products

—

0.4%

Barry

Callebaut

AG

(Registered)

..........

20

46,482

Danone

SA

........................

856

60,224

Kerry

Group

plc,

Class

A

...............

421

58,860

Kikkoman

Corp.

.....................

300

19,784

Nestle

SA

(Registered)

................

5,639

702,885

888,235

Gas

Utilities

—

0.2%

APA

Group

(c)

.......................

11,087

73,980

Hong

Kong

&

China

Gas

Co.

Ltd.

.........

85,732

133,118

Naturgy

Energy

Group

SA

..............

3,638

93,629

Osaka

Gas

Co.

Ltd.

..................

3,400

63,440

Snam

SpA

........................

16,336

94,500

Toho

Gas

Co.

Ltd.

...................

200

9,819

Tokyo

Gas

Co.

Ltd.

..................

2,500

47,154

515,640

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

1.2%

Abbott

Laboratories

..................

3,797

$

440,186

Alcon,

Inc.

........................

874

61,300

Align

Technology,

Inc.

(a)

................

42

25,662

Ambu

A/S,

Class

B

...................

74

2,847

Baxter

International,

Inc.

...............

741

59,651

Becton

Dickinson

and

Co.

..............

452

109,922

Boston

Scientific

Corp.

(a)

...............

1,789

76,498

Carl

Zeiss

Meditec

AG

................

115

22,230

Coloplast

A/S,

Class

B

................

310

50,897

Danaher

Corp.

.....................

1,392

373,557

DexCom,

Inc.

(a)

.....................

66

28,182

Edwards

Lifesciences

Corp.

(a)

...........

750

77,678

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

......

686

14,924

Hoya

Corp.

........................

700

92,589

IDEXX

Laboratories,

Inc.

(a)

..............

77

48,629

Intuitive

Surgical,

Inc.

(a)

................

185

170,133

Koninklijke

Philips

NV

.................

1,897

94,156

Medtronic

plc

......................

2,759

342,475

Olympus

Corp.

.....................

2,200

43,760

ResMed,

Inc.

......................

92

22,680

Siemens

Healthineers

AG

(b)

.............

1,426

87,433

Smith

&

Nephew

plc

..................

1,828

39,644

Sonova

Holding

AG

(Registered)

.........

67

25,236

Stryker

Corp.

......................

511

132,722

Sysmex

Corp.

......................

200

23,727

Terumo

Corp.

......................

1,400

56,703

Zimmer

Biomet

Holdings,

Inc.

...........

104

16,725

2,540,146

Health

Care

Providers

&

Services

—

1.1%

AmerisourceBergen

Corp.

..............

334

38,240

Anthem,

Inc.

.......................

570

217,626

Cardinal

Health,

Inc.

..................

315

17,983

Centene

Corp.

(a)

....................

1,037

75,628

Cigna

Corp.

.......................

867

205,540

CVS

Health

Corp.

...................

3,712

309,729

Fresenius

Medical

Care

AG

&

Co.

KGaA

....

772

64,150

Fresenius

SE

&

Co.

KGaA

..............

1,356

70,769

HCA

Healthcare,

Inc.

.................

698

144,305

Henry

Schein,

Inc.

(a)

..................

236

17,509

Humana,

Inc.

......................

247

109,352

Laboratory

Corp.

of

America

Holdings

(a)

.....

222

61,239

McKesson

Corp.

....................

391

74,775

Quest

Diagnostics,

Inc.

................

295

38,931

UnitedHealth

Group,

Inc.

...............

2,287

915,806

Universal

Health

Services,

Inc.,

Class

B

....

113

16,547

2,378,129

Health

Care

Technology

—

0.0%

M3,

Inc.

..........................

700

51,001

Hotels,

Restaurants

&

Leisure

—

2.2%

Airbnb,

Inc.,

Class

A

(a)

.................

783

119,909

Aramark

..........................

1,778

66,231

Booking

Holdings,

Inc.

(a)

...............

160

350,094

Caesars

Entertainment,

Inc.

(a)

...........

1,301

134,979

Carnival

Corp.

(a)

.....................

6,012

158,476

Chipotle

Mexican

Grill,

Inc.

(a)

............

210

325,571

Compass

Group

plc

(a)

.................

3,598

75,802

Darden

Restaurants,

Inc.

..............

1,244

181,612

Domino's

Pizza,

Inc.

..................

375

174,934

DraftKings,

Inc.,

Class

A

(a)

..............

1,561

81,437

Evolution

AB

(b)

......................

167

26,416

Expedia

Group,

Inc.

(a)

.................

760

124,420

Flutter

Entertainment

plc

(a)

..............

342

62,014

Hilton

Worldwide

Holdings,

Inc.

(a)

.........

1,529

184,428

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Las

Vegas

Sands

Corp.

(a)

..............

2,141

$

112,809

Marriott

International,

Inc.,

Class

A

(a)

.......

1,519

207,374

McDonald's

Corp.

...................

3,925

906,636

MGM

Resorts

International

.............

2,618

111,658

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......

873

25,675

Oriental

Land

Co.

Ltd.

................

400

56,986

Penn

National

Gaming,

Inc.

(a)

............

368

28,148

Royal

Caribbean

Cruises

Ltd.

(a)

..........

1,494

127,408

Sodexo

SA

(a)

.......................

208

19,440

Starbucks

Corp.

.....................

6,356

710,664

Vail

Resorts,

Inc.

(a)

...................

143

45,262

Wynn

Resorts

Ltd.

(a)

..................

762

93,193

Yum!

Brands,

Inc.

...................

2,539

292,061

4,803,637

Household

Durables

—

0.4%

Garmin

Ltd.

........................

1,646

238,078

Leggett

&

Platt,

Inc.

..................

263

13,626

Mohawk

Industries,

Inc.

(a)

..............

598

114,930

Newell

Brands,

Inc.

..................

1,720

47,248

Panasonic

Corp.

....................

3,400

39,149

Sony

Group

Corp.

...................

2,600

252,115

Whirlpool

Corp.

.....................

663

144,547

849,693

Household

Products

—

0.4%

Colgate-Palmolive

Co.

................

329

26,764

Kimberly-Clark

Corp.

.................

536

71,706

Procter

&

Gamble

Co.

(The)

............

4,869

656,974

Reckitt

Benckiser

Group

plc

.............

1,815

160,356

915,800

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

EDP

Renovaveis

SA

..................

1,332

30,862

Meridian

Energy

Ltd.

.................

7,410

27,628

Uniper

SE

.........................

2,207

81,313

139,803

Industrial

Conglomerates

—

0.4%

3M

Co.

...........................

1,092

216,904

CK

Hutchison

Holdings

Ltd.

.............

12,500

97,310

Hitachi

Ltd.

........................

1,500

85,961

Roper

Technologies,

Inc.

...............

200

94,040

Siemens

AG

(Registered)

..............

1,479

234,834

Smiths

Group

plc

....................

1,038

22,861

Toshiba

Corp.

......................

600

25,920

777,830

Insurance

—

2.2%

Aegon

NV

.........................

1,664

6,921

Aflac,

Inc.

.........................

2,919

156,634

Ageas

SA

.........................

226

12,559

AIA

Group

Ltd.

.....................

25,200

312,621

Alleghany

Corp.

(a)

....................

44

29,351

Allianz

SE

(Registered)

................

1,066

266,028

Allstate

Corp.

(The)

..................

1,394

181,833

American

Financial

Group,

Inc.

..........

184

22,948

American

International

Group,

Inc.

........

2,403

114,383

Aon

plc,

Class

A

....................

979

233,746

Arch

Capital

Group

Ltd.

(a)

..............

1,044

40,653

Arthur

J

Gallagher

&

Co.

...............

963

134,897

Assicurazioni

Generali

SpA

.............

1,724

34,612

Assurant,

Inc.

......................

259

40,451

Athene

Holding

Ltd.,

Class

A

(a)

...........

270

18,225

Aviva

plc

.........................

6,263

35,160

AXA

SA

..........................

4,654

118,176

Baloise

Holding

AG

(Registered)

.........

296

46,217

Security

Shares

Shares

Value

Insurance

(continued)

Brown

&

Brown,

Inc.

..................

893

$

47,454

Cincinnati

Financial

Corp.

..............

566

66,007

Dai-ichi

Life

Holdings,

Inc.

..............

2,000

36,798

Erie

Indemnity

Co.,

Class

A

.............

210

40,604

Everest

Re

Group

Ltd.

................

234

58,970

Globe

Life,

Inc.

.....................

344

32,766

Hannover

Rueck

SE

..................

250

41,852

Hartford

Financial

Services

Group,

Inc.

(The)

.

1,688

104,605

Insurance

Australia

Group

Ltd.

...........

3,263

12,616

Japan

Post

Holdings

Co.

Ltd.

(a)

...........

8,800

72,281

Japan

Post

Insurance

Co.

Ltd.

...........

800

14,802

Legal

&

General

Group

plc

.............

12,200

43,525

Lincoln

National

Corp.

................

560

35,190

Loews

Corp.

.......................

1,459

79,734

Markel

Corp.

(a)

......................

27

32,041

Marsh

&

McLennan

Cos.,

Inc.

...........

2,454

345,229

MetLife,

Inc.

.......................

3,271

195,769

MS&AD

Insurance

Group

Holdings,

Inc.

....

1,800

52,042

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

326

89,344

NN

Group

NV

......................

716

33,823

Principal

Financial

Group,

Inc.

...........

898

56,745

Progressive

Corp.

(The)

...............

2,783

273,318

Prudential

Financial,

Inc.

...............

1,544

158,214

Prudential

plc

......................

5,541

105,422

QBE

Insurance

Group

Ltd.

.............

1,649

13,307

Reinsurance

Group

of

America,

Inc.

.......

203

23,142

RenaissanceRe

Holdings

Ltd.

...........

129

19,198

Sampo

OYJ,

Class

A

.................

1,558

71,644

SCOR

SE

(a)

........................

237

7,545

Sompo

Holdings,

Inc.

.................

1,000

37,038

Suncorp

Group

Ltd.

..................

1,987

16,542

Swiss

Life

Holding

AG

(Registered)

........

134

65,185

Swiss

Re

AG

.......................

858

77,497

T&D

Holdings,

Inc.

...................

600

7,786

Tokio

Marine

Holdings,

Inc.

.............

2,000

92,121

Travelers

Cos.,

Inc.

(The)

..............

1,266

189,533

Tryg

A/S

..........................

1,638

40,234

Unum

Group

.......................

390

11,076

Willis

Towers

Watson

plc

...............

595

136,862

WR

Berkley

Corp.

...................

804

59,842

Zurich

Insurance

Group

AG

.............

514

206,456

4,909,574

Interactive

Media

&

Services

—

3.1%

Alphabet,

Inc.,

Class

A

(a)

...............

862

2,104,823

Alphabet,

Inc.,

Class

C

(a)

...............

828

2,075,233

Facebook,

Inc.,

Class

A

(a)

..............

6,846

2,380,423

Match

Group,

Inc.

(a)

..................

126

20,317

Pinterest,

Inc.,

Class

A

(a)

...............

240

18,948

Snap,

Inc.,

Class

A

(a)

.................

533

36,319

Twitter,

Inc.

(a)

.......................

2,439

167,828

Z

Holdings

Corp.

....................

4,600

23,020

6,826,911

Internet

&

Direct

Marketing

Retail

—

2.2%

Amazon.com,

Inc.

(a)

..................

1,234

4,245,157

Chewy,

Inc.,

Class

A

(a)

................

79

6,297

Delivery

Hero

SE

(a)(b)

..................

469

61,967

eBay,

Inc.

.........................

2,729

191,603

Etsy,

Inc.

(a)

........................

434

89,334

HelloFresh

SE

(a)

.....................

432

41,994

Just

Eat

Takeaway.com

NV

(a)(b)

...........

380

35,144

MercadoLibre,

Inc.

(a)

..................

25

38,945

Prosus

NV

(a)

.......................

1,093

107,079

Rakuten

Group,

Inc.

..................

1,400

15,808

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

(continued)

Wayfair,

Inc.,

Class

A

(a)

................

70

$

22,100

Zalando

SE

(a)(b)

.....................

339

40,999

4,896,427

IT

Services

—

3.1%

Accenture

plc,

Class

A

................

2,241

660,624

Adyen

NV

(a)(b)

......................

46

112,807

Afterpay

Ltd.

(a)

......................

223

19,794

Akamai

Technologies,

Inc.

(a)

.............

627

73,108

Amadeus

IT

Group

SA

(a)

...............

925

65,209

Atos

SE

..........................

1,303

79,343

Automatic

Data

Processing,

Inc.

..........

1,579

313,621

Broadridge

Financial

Solutions,

Inc.

.......

357

57,666

Capgemini

SE

......................

482

92,695

Cognizant

Technology

Solutions

Corp.,

Class

A

1,999

138,451

Computershare

Ltd.

..................

7,165

90,811

DXC

Technology

Co.

(a)

................

562

21,884

Edenred

..........................

185

10,548

EPAM

Systems,

Inc.

(a)

.................

123

62,848

Fidelity

National

Information

Services,

Inc.

...

1,988

281,640

Fiserv,

Inc.

(a)

.......................

1,805

192,936

FleetCor

Technologies,

Inc.

(a)

............

323

82,707

Fujitsu

Ltd.

........................

100

18,710

Gartner,

Inc.

(a)

......................

262

63,456

Global

Payments,

Inc.

................

885

165,973

GoDaddy,

Inc.,

Class

A

(a)

...............

272

23,653

International

Business

Machines

Corp.

.....

3,179

466,010

Jack

Henry

&

Associates,

Inc.

...........

124

20,275

Mastercard,

Inc.,

Class

A

...............

2,862

1,044,888

MongoDB,

Inc.

(a)

....................

75

27,114

NTT

Data

Corp.

.....................

1,800

28,099

Okta,

Inc.

(a)

........................

55

13,457

Paychex,

Inc.

......................

619

66,419

PayPal

Holdings,

Inc.

(a)

................

3,426

998,611

Snowflake,

Inc.,

Class

A

(a)

..............

142

34,336

Square,

Inc.,

Class

A

(a)

................

57

13,897

Twilio,

Inc.,

Class

A

(a)

.................

99

39,022

VeriSign,

Inc.

(a)

.....................

405

92,214

Visa,

Inc.,

Class

A

...................

5,157

1,205,810

Western

Union

Co.

(The)

..............

2,231

51,246

Wix.com

Ltd.

(a)

......................

181

52,541

Worldline

SA

(a)(b)

....................

1,139

106,730

6,889,153

Leisure

Products

—

0.0%

Bandai

Namco

Holdings,

Inc.

............

100

6,921

Hasbro,

Inc.

.......................

107

10,114

Shimano,

Inc.

......................

200

47,585

Yamaha

Corp.

......................

300

16,286

80,906

Life

Sciences

Tools

&

Services

—

0.4%

Agilent

Technologies,

Inc.

..............

333

49,221

Illumina,

Inc.

(a)

......................

298

141,017

IQVIA

Holdings,

Inc.

(a)

.................

267

64,699

Lonza

Group

AG

(Registered)

...........

108

76,567

Mettler-Toledo

International,

Inc.

(a)

........

24

33,248

QIAGEN

NV

(a)

......................

447

21,607

Thermo

Fisher

Scientific,

Inc.

............

948

478,238

Waters

Corp.

(a)

.....................

25

8,640

873,237

Machinery

—

1.3%

Alfa

Laval

AB

......................

390

13,785

Alstom

SA

........................

91

4,598

Atlas

Copco

AB,

Class

A

...............

1,760

108,079

Atlas

Copco

AB,

Class

B

...............

1,423

74,944

Security

Shares

Shares

Value

Machinery

(continued)

Caterpillar,

Inc.

.....................

326

$

70,947

CNH

Industrial

NV

...................

2,119

35,149

Daifuku

Co.

Ltd.

.....................

500

45,364

Dover

Corp.

.......................

534

80,420

Epiroc

AB,

Class

B

...................

982

19,279

FANUC

Corp.

......................

600

143,879

Fortive

Corp.

.......................

1,066

74,343

GEA

Group

AG

.....................

272

11,022

Harmonic

Drive

Systems,

Inc.

...........

700

38,471

Hoshizaki

Corp.

.....................

200

16,991

IDEX

Corp.

........................

387

85,159

Illinois

Tool

Works,

Inc.

................

1,207

269,837

Ingersoll

Rand,

Inc.

(a)

.................

1,322

64,527

Knorr-Bremse

AG

...................

312

35,898

Komatsu

Ltd.

......................

4,700

116,436

Kone

OYJ,

Class

B

..................

282

23,015

Kubota

Corp.

......................

5,600

113,286

Makita

Corp.

.......................

2,500

117,718

Mitsubishi

Heavy

Industries

Ltd.

..........

1,200

35,427

NGK

Insulators

Ltd.

..................

4,000

67,319

Nordson

Corp.

......................

60

13,171

NSK

Ltd.

.........................

700

5,921

Otis

Worldwide

Corp.

.................

1,359

111,125

Parker-Hannifin

Corp.

.................

353

108,410

Pentair

plc

........................

211

14,240

Rational

AG

.......................

24

21,743

Sandvik

AB

........................

2,302

58,861

Schindler

Holding

AG

.................

32

9,793

Schindler

Holding

AG

(Registered)

........

218

63,790

SKF

AB,

Class

B

....................

1,322

33,695

SMC

Corp.

........................

200

118,319

Snap-on,

Inc.

......................

136

30,387

Spirax-Sarco

Engineering

plc

............

183

34,468

Stanley

Black

&

Decker,

Inc.

............

532

109,055

Techtronic

Industries

Co.

Ltd.

............

6,500

113,275

THK

Co.

Ltd.

.......................

500

14,921

Volvo

AB,

Class

A

...................

1,082

26,855

Volvo

AB,

Class

B

...................

5,184

124,931

Wartsila

OYJ

Abp

....................

828

12,302

Xylem,

Inc.

........................

913

109,524

Yaskawa

Electric

Corp.

................

400

19,534

2,820,213

Marine

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

..........

10

27,816

AP

Moller

-

Maersk

A/S,

Class

B

..........

8

23,031

Kuehne

+

Nagel

International

AG

(Registered)

399

136,562

187,409

Media

—

0.6%

Charter

Communications,

Inc.,

Class

A

(a)

....

381

274,872

Comcast

Corp.,

Class

A

...............

12,748

726,891

Discovery,

Inc.,

Class

C

(a)

..............

454

13,157

Fox

Corp.,

Class

A

...................

605

22,464

Fox

Corp.,

Class

B

...................

181

6,371

Informa

plc

(a)

.......................

3,335

23,177

News

Corp.,

Class

A

..................

491

12,653

News

Corp.,

Class

B

.................

380

9,253

Omnicom

Group,

Inc.

.................

361

28,876

Pearson

plc

.......................

1,523

17,539

Publicis

Groupe

SA

..................

50

3,200

ViacomCBS,

Inc.

....................

1,344

60,749

WPP

plc

..........................

1,284

17,357

1,216,559

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Metals

&

Mining

—

0.3%

Antofagasta

plc

.....................

1,534

$

30,505

ArcelorMittal

SA

.....................

2,257

69,486

BlueScope

Steel

Ltd.

.................

593

9,744

Boliden

AB

(a)

.......................

2,828

108,820

Evraz

plc

.........................

1,126

9,238

Fortescue

Metals

Group

Ltd.

............

1,293

22,587

Glencore

plc

(a)

......................

11,134

47,788

Hitachi

Metals

Ltd.

...................

1,800

34,398

Nippon

Steel

Corp.

...................

1,200

20,290

Nucor

Corp.

.......................

1,288

123,558

Rio

Tinto

Ltd.

......................

486

46,076

Rio

Tinto

plc

.......................

1,806

149,153

Steel

Dynamics,

Inc.

..................

255

15,198

voestalpine

AG

.....................

1,027

41,891

728,732

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Annaly

Capital

Management,

Inc.

.........

893

7,930

Multiline

Retail

—

0.4%

Dollar

General

Corp.

.................

1,127

243,871

Dollar

Tree,

Inc.

(a)

....................

1,237

123,081

Target

Corp.

.......................

1,890

456,889

Wesfarmers

Ltd.

....................

906

40,166

864,007

Multi-Utilities

—

0.6%

CenterPoint

Energy,

Inc.

...............

2,925

71,721

Consolidated

Edison,

Inc.

..............

2,922

209,566

E.ON

SE

.........................

12,033

139,218

Engie

SA

.........................

8,064

110,578

National

Grid

plc

....................

14,481

184,194

Public

Service

Enterprise

Group,

Inc.

......

5,274

315,069

Sempra

Energy

.....................

1,470

194,746

Suez

SA

..........................

1,939

46,131

Veolia

Environnement

SA

..............

2,327

70,347

1,341,570

Oil,

Gas

&

Consumable

Fuels

—

2.3%

APA

Corp.

........................

862

18,645

BP

plc

...........................

47,206

207,017

Cabot

Oil

&

Gas

Corp.

................

1,110

19,381

Cheniere

Energy,

Inc.

(a)

................

1,000

86,740

Chevron

Corp.

......................

7,795

816,448

ConocoPhillips

.....................

5,494

334,585

Devon

Energy

Corp.

..................

2,969

86,665

Diamondback

Energy,

Inc.

..............

435

40,842

ENEOS

Holdings,

Inc.

................

7,500

31,431

Eni

SpA

..........................

5,238

63,859

EOG

Resources,

Inc.

.................

2,278

190,076

Exxon

Mobil

Corp.

...................

15,350

968,278

Galp

Energia

SGPS

SA

...............

836

9,090

Hess

Corp.

........................

1,349

117,795

Idemitsu

Kosan

Co.

Ltd.

...............

200

4,832

Inpex

Corp.

........................

3,500

26,195

Kinder

Morgan,

Inc.

..................

14,664

267,325

Koninklijke

Vopak

NV

.................

202

9,182

Lundin

Energy

AB

...................

489

17,336

Marathon

Oil

Corp.

...................

1,888

25,715

Marathon

Petroleum

Corp.

.............

3,916

236,605

Neste

OYJ

........................

1,094

67,108

Occidental

Petroleum

Corp.

.............

4,470

139,777

Oil

Search

Ltd.

.....................

3,816

10,902

OMV

AG

.........................

141

8,046

ONEOK,

Inc.

.......................

2,994

166,586

Phillips

66

.........................

2,847

244,330

Pioneer

Natural

Resources

Co.

..........

853

138,630

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Repsol

SA

........................

2,944

$

36,984

Santos

Ltd.

........................

1,728

9,178

TotalEnergies

SE

....................

5,711

258,719

Valero

Energy

Corp.

..................

2,469

192,779

Williams

Cos.,

Inc.

(The)

...............

8,383

222,569

Woodside

Petroleum

Ltd.

..............

2,253

37,516

5,111,166

Paper

&

Forest

Products

—

0.1%

Mondi

plc

.........................

621

16,350

Stora

Enso

OYJ,

Class

R

..............

2,288

41,781

Svenska

Cellulosa

AB

SCA,

Class

B

.......

1,381

22,651

UPM-Kymmene

OYJ

.................

1,189

45,013

125,795

Personal

Products

—

0.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

47

14,950

L'Oreal

SA

........................

422

188,462

Shiseido

Co.

Ltd.

....................

200

14,752

Unilever

plc

........................

3,073

179,566

Unilever

plc

........................

2,443

143,000

540,730

Pharmaceuticals

—

2.6%

Astellas

Pharma,

Inc.

.................

2,600

45,309

AstraZeneca

plc

....................

2,628

315,739

Bristol-Myers

Squibb

Co.

...............

5,513

368,379

Catalent,

Inc.

(a)

.....................

101

10,920

Chugai

Pharmaceutical

Co.

Ltd.

..........

1,300

51,528

Daiichi

Sankyo

Co.

Ltd.

................

3,100

66,877

Eisai

Co.

Ltd.

......................

400

39,311

Eli

Lilly

&

Co.

......................

1,900

436,088

GlaxoSmithKline

plc

..................

11,336

222,855

Johnson

&

Johnson

..................

6,504

1,071,469

Merck

&

Co.,

Inc.

....................

6,584

512,038

Merck

KGaA

.......................

324

62,168

Novartis

AG

(Registered)

..............

4,750

433,326

Novo

Nordisk

A/S,

Class

B

.............

3,604

301,686

Organon

&

Co.

(a)

....................

495

14,979

Otsuka

Holdings

Co.

Ltd.

..............

400

16,609

Perrigo

Co.

plc

.....................

254

11,646

Pfizer,

Inc.

........................

14,064

550,746

Roche

Holding

AG

...................

1,591

604,238

Sanofi

...........................

1,924

202,140

Shionogi

&

Co.

Ltd.

..................

200

10,423

Takeda

Pharmaceutical

Co.

Ltd.

..........

3,100

104,038

UCB

SA

..........................

118

12,358

Viatris,

Inc.

........................

1,601

22,878

Zoetis,

Inc.

........................

1,033

192,510

5,680,258

Professional

Services

—

0.8%

Adecco

Group

AG

(Registered)

..........

2,002

136,220

Booz

Allen

Hamilton

Holding

Corp.

........

499

42,505

Clarivate

plc

(a)

......................

1,749

48,150

CoStar

Group,

Inc.

(a)

..................

1,010

83,648

Equifax,

Inc.

.......................

760

182,028

Experian

plc

.......................

3,524

136,059

IHS

Markit

Ltd.

.....................

2,093

235,797

Intertek

Group

plc

...................

536

41,022

Nielsen

Holdings

plc

..................

829

20,451

Randstad

NV

......................

459

35,187

Recruit

Holdings

Co.

Ltd.

..............

3,100

152,020

RELX

plc

.........................

7,207

191,106

Robert

Half

International,

Inc.

............

459

40,837

Teleperformance

....................

53

21,523

TransUnion

........................

300

32,943

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Professional

Services

(continued)

Verisk

Analytics,

Inc.

..................

1,193

$

208,441

Wolters

Kluwer

NV

...................

2,199

221,030

1,828,967

Real

Estate

Management

&

Development

—

0.3%

Aroundtown

SA

.....................

2,016

15,729

CapitaLand

Ltd.

.....................

13,600

37,566

CBRE

Group,

Inc.,

Class

A

(a)

............

822

70,470

City

Developments

Ltd.

................

2,200

11,947

CK

Asset

Holdings

Ltd.

................

4,000

27,532

Daito

Trust

Construction

Co.

Ltd.

.........

100

10,910

Daiwa

House

Industry

Co.

Ltd.

...........

1,500

45,103

Deutsche

Wohnen

SE

................

689

42,159

Henderson

Land

Development

Co.

Ltd.

.....

8,000

37,858

Hongkong

Land

Holdings

Ltd.

...........

2,800

13,335

LEG

Immobilien

SE

..................

132

19,002

Lendlease

Corp.

Ltd.

(c)

................

743

6,385

Mitsubishi

Estate

Co.

Ltd.

..............

3,100

50,107

Mitsui

Fudosan

Co.

Ltd.

...............

2,000

46,248

New

World

Development

Co.

Ltd.

.........

3,000

15,558

Sumitomo

Realty

&

Development

Co.

Ltd.

...

700

25,035

Sun

Hung

Kai

Properties

Ltd.

............

4,000

59,448

Swire

Pacific

Ltd.,

Class

A

..............

500

3,388

Swire

Properties

Ltd.

.................

4,400

13,106

Swiss

Prime

Site

AG

(Registered)

.........

556

55,181

Vonovia

SE

........................

1,471

95,064

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

3,000

17,439

718,570

Road

&

Rail

—

0.5%

Central

Japan

Railway

Co.

.............

300

45,585

CSX

Corp.

........................

6,525

209,322

East

Japan

Railway

Co.

...............

300

21,394

JB

Hunt

Transport

Services,

Inc.

.........

90

14,666

Kansas

City

Southern

.................

295

83,594

MTR

Corp.

Ltd.

.....................

18,000

100,224

Norfolk

Southern

Corp.

................

731

194,015

Old

Dominion

Freight

Line,

Inc.

..........

140

35,532

Uber

Technologies,

Inc.

(a)

..............

628

31,475

Union

Pacific

Corp.

..................

2,068

454,815

1,190,622

Semiconductors

&

Semiconductor

Equipment

—

2.1%

Advanced

Micro

Devices,

Inc.

(a)

..........

2,173

204,110

Analog

Devices,

Inc.

..................

396

68,175

Applied

Materials,

Inc.

................

1,392

198,221

ASML

Holding

NV

...................

819

565,371

Broadcom,

Inc.

.....................

923

440,123

Disco

Corp.

........................

100

30,405

Infineon

Technologies

AG

..............

309

12,429

Intel

Corp.

........................

8,626

484,264

KLA

Corp.

.........................

315

102,126

Lam

Research

Corp.

.................

183

119,078

Lasertec

Corp.

.....................

200

38,685

Microchip

Technology,

Inc.

..............

188

28,151

Micron

Technology,

Inc.

(a)

..............

1,702

144,636

NVIDIA

Corp.

......................

1,439

1,151,344

NXP

Semiconductors

NV

..............

486

99,980

QUALCOMM,

Inc.

...................

1,860

265,850

STMicroelectronics

NV

................

1,047

38,076

Teradyne,

Inc.

......................

533

71,401

Texas

Instruments,

Inc.

................

1,356

260,759

Tokyo

Electron

Ltd.

..................

300

129,715

Xilinx,

Inc.

.........................

470

67,981

4,520,880

Security

Shares

Shares

Value

Software

—

4.3%

Adobe,

Inc.

(a)

.......................

1,309

$

766,603

ANSYS,

Inc.

(a)

......................

279

96,830

Autodesk,

Inc.

(a)

.....................

684

199,660

Cadence

Design

Systems,

Inc.

(a)

.........

478

65,400

Check

Point

Software

Technologies

Ltd.

(a)

...

171

19,858

Citrix

Systems,

Inc.

..................

432

50,661

Dassault

Systemes

SE

................

394

95,622

Dynatrace,

Inc.

(a)

....................

427

24,945

Fortinet,

Inc.

(a)

......................

332

79,079

Intuit,

Inc.

.........................

637

312,238

Microsoft

Corp.

.....................

20,791

5,632,282

NortonLifeLock,

Inc.

..................

1,319

35,903

Oracle

Corp.

.......................

5,432

422,827

Palantir

Technologies,

Inc.,

Class

A

(a)

......

1,276

33,635

Paycom

Software,

Inc.

(a)

...............

97

35,257

PTC,

Inc.

(a)

........................

196

27,687

RingCentral,

Inc.,

Class

A

(a)

.............

50

14,529

salesforce.com,

Inc.

(a)

.................

2,657

649,025

SAP

SE

..........................

2,345

329,378

ServiceNow,

Inc.

(a)

...................

686

376,991

Sinch

AB

(a)(b)

.......................

470

7,909

Synopsys,

Inc.

(a)

....................

332

91,562

Temenos

AG

(Registered)

..............

76

12,219

Trade

Desk,

Inc.

(The),

Class

A

(a)

.........

190

14,699

Trend

Micro,

Inc.

....................

300

15,709

Tyler

Technologies,

Inc.

(a)

..............

23

10,405

Unity

Software,

Inc.

(a)

.................

136

14,937

Zoom

Video

Communications,

Inc.,

Class

A

(a)

.

36

13,933

Zscaler,

Inc.

(a)

......................

39

8,426

9,458,209

Specialty

Retail

—

1.4%

ABC-Mart,

Inc.

.....................

100

5,751

Advance

Auto

Parts,

Inc.

...............

107

21,950

AutoZone,

Inc.

(a)

....................

51

76,103

Best

Buy

Co.,

Inc.

...................

659

75,772

Burlington

Stores,

Inc.

(a)

...............

93

29,945

CarMax,

Inc.

(a)

......................

396

51,143

Fast

Retailing

Co.

Ltd.

................

100

75,169

Gap,

Inc.

(The)

.....................

401

13,494

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(a)

.....

1,139

27,051

Home

Depot,

Inc.

(The)

...............

3,062

976,441

Industria

de

Diseno

Textil

SA

............

2,287

80,747

L

Brands,

Inc.

......................

1,973

142,174

Lowe's

Cos.,

Inc.

....................

2,006

389,104

Nitori

Holdings

Co.

Ltd.

................

100

17,660

O'Reilly

Automotive,

Inc.

(a)

..............

159

90,027

Ross

Stores,

Inc.

....................

1,448

179,552

TJX

Cos.,

Inc.

(The)

..................

4,907

330,830

Tractor

Supply

Co.

...................

1,395

259,554

Ulta

Beauty,

Inc.

(a)

...................

734

253,795

3,096,262

Technology

Hardware,

Storage

&

Peripherals

—

2.4%

Apple,

Inc.

........................

38,213

5,233,653

Brother

Industries

Ltd.

................

900

17,976

Canon,

Inc.

........................

2,700

61,025

Hewlett

Packard

Enterprise

Co.

..........

626

9,127

HP,

Inc.

..........................

769

23,216

Seiko

Epson

Corp.

...................

500

8,789

5,353,786

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

adidas

AG

........................

398

148,517

EssilorLuxottica

SA

..................

511

94,399

Hanesbrands,

Inc.

...................

720

13,443

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Hermes

International

.................

7

$

10,215

Kering

SA

.........................

78

68,345

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

462

363,436

NIKE,

Inc.,

Class

B

..................

3,123

482,472

PVH

Corp.

(a)

.......................

153

16,461

Ralph

Lauren

Corp.

..................

93

10,956

Tapestry,

Inc.

(a)

.....................

685

29,784

Under

Armour,

Inc.,

Class

A

(a)

............

282

5,964

Under

Armour,

Inc.,

Class

C

(a)

...........

607

11,272

VF

Corp.

.........................

584

47,911

1,303,175

Trading

Companies

&

Distributors

—

0.5%

Ashtead

Group

plc

...................

1,454

108,073

Brenntag

SE

.......................

181

16,846

Bunzl

plc

.........................

2,357

77,973

Fastenal

Co.

.......................

1,486

77,272

Ferguson

plc

.......................

1,285

178,779

ITOCHU

Corp.

.....................

700

20,198

Marubeni

Corp.

.....................

13,400

116,693

Mitsubishi

Corp.

.....................

4,500

122,923

Mitsui

&

Co.

Ltd.

....................

3,900

87,850

Reece

Ltd.

........................

598

10,590

Sumitomo

Corp.

....................

10,300

138,107

Toyota

Tsusho

Corp.

..................

1,100

52,210

United

Rentals,

Inc.

(a)

.................

113

36,048

WW

Grainger,

Inc.

...................

131

57,378

1,100,940

Transportation

Infrastructure

—

0.0%

Atlantia

SpA

(a)

......................

520

9,442

Transurban

Group

(c)

..................

3,725

39,728

49,170

Water

Utilities

—

0.2%

American

Water

Works

Co.,

Inc.

..........

1,848

284,832

Essential

Utilities,

Inc.

.................

1,184

54,109

Severn

Trent

plc

....................

1,338

46,319

United

Utilities

Group

plc

...............

3,832

51,721

436,981

Wireless

Telecommunication

Services

—

0.2%

KDDI

Corp.

........................

2,900

90,352

SoftBank

Corp.

.....................

6,500

84,987

SoftBank

Group

Corp.

................

2,100

146,458

T-Mobile

US,

Inc.

(a)

...................

157

22,738

Vodafone

Group

plc

..................

64,291

107,754

452,289

Total

Common

Stocks

—

59.4%

(Cost:

$102,935,807)

..............................

130,741,167

Par

(000)

Par

(000)

Corporate

Bonds

—

0.0%

Airlines

—

0.0%

Singapore

Airlines

Ltd.,

0.00%,

06/08/30

(d)(e)

..

SGD

26

19,273

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

0.0%

AT&T,

Inc.,

7.13%,

12/15/31

...........

USD

25

$

34,453

Total

Corporate

Bonds

—

0.0%

(Cost:

$48,962)

.................................

53,726

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(f)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(a)(g)(h)

.......

25

—

Total

Other

Interests

—

0.0%

(Cost:

$0)

.....................................

—

Shares

Shares

Preferred

Stocks

—

0.1%

Automobiles

—

0.1%

Bayerische

Motoren

Werke

AG

(Preference)

..

280

25,188

Volkswagen

AG

(Preference)

............

303

75,972

101,160

Health

Care

Equipment

&

Supplies

—

0.0%

Sartorius

AG

(Preference)

..............

93

48,407

Total

Preferred

Stocks

—

0.1%

(Cost:

$130,172)

.................................

149,567

Par

(000)

Par

(000)

U.S.

Treasury

Obligations

—

20.5%

U.S.

Treasury

Notes:

1.50%, 09/15/22

..................

20,000

20,328,906

0.13%, 12/15/23

..................

25,000

24,868,164

Total

U.S.

Treasury

Obligations

—

20.5%

(Cost:

$45,223,124)

...............................

45,197,070

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

5,453

Total

Warrants

—

0.0%

..............................

5,453

Total

Long-Term

Investments

—

80.0%

(Cost:

$148,340,005)

..............................

176,146,983

Short-Term

Securities

—

3.3%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(i)(j)

...................

7,257,876

7,257,876

Total

Short-Term

Securities

—

3.3%

(Cost:

$7,257,876)

...............................

7,257,876

Total

Investments

—

83.3%

(Cost:

$155,597,881

)

..............................

183,404,859

Other

Assets

Less

Liabilities

—

16.7%

...................

36,799,359

Net

Assets

—

100.0%

...............................

$

220,204,218

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

14

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(c)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(d)

Convertible

security.

(e)

Zero-coupon

bond.

(f)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(g)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(h)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(i)

Annualized

7-day

yield

as

of

period

end.

(j)

Affiliate

of

the

Fund.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

7,228,106

$

29,770

$

—

$

—

$

—

$

7,257,876

7,257,876

$

689

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)(b)

.........

53,711

—

(53,716)

—

5

—

—

21

(c)

—

$

—

$

5

$

7,257,876

$

710

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

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

15

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

IBEX

35

Index

............................................................

2

07/16/21

$

208

$

(2,314)

FTSE

China

A50

Index

......................................................

275

07/29/21

4,758

(74,198)

SGX

NIFTY

50

Index

.......................................................

136

07/29/21

4,283

25,754

Euro-Bund

..............................................................

268

09/08/21

54,852

146,894

TOPIX

Index

.............................................................

89

09/09/21

15,566

(107,702)

Australia

10

Year

Bond

......................................................

867

09/15/21

91,802

(277,578)

FTSE/JSE

Top

40

Index

.....................................................

141

09/16/21

5,912

(178,249)

FTSE

100

Index

..........................................................

82

09/17/21

7,918

(74,052)

FTSE/MIB

Index

..........................................................

83

09/17/21

12,304

(279,288)

Mini-DAX

Index

...........................................................

6

09/17/21

552

(4,145)

WIG20

Index

............................................................

20

09/17/21

230

(727)

(825,605)

Short

Contracts

AEX

Index

..............................................................

74

07/16/21

12,799

26,304

CAC

40

10

Euro

Index

......................................................

29

07/16/21

2,237

25,313

OMXS30

Index

...........................................................

25

07/16/21

662

3,873

MSCI

Singapore

Index

......................................................

94

07/29/21

2,485

(9,125)

Euro-

Bobl

...............................................................

178

09/08/21

28,314

(22,510)

Euro-

Buxl

...............................................................

44

09/08/21

10,604

(177,614)

S&P/TSX

60

Index

.........................................................

33

09/16/21

6,404

(63,820)

SPI

200

Index

............................................................

72

09/16/21

9,750

5,814

DAX

Index

..............................................................

4

09/17/21

1,841

3,323

MSCI

EAFE

E-Mini

Index

....................................................

285

09/17/21

32,833

766,481

S&P

500

E-Mini

Index

......................................................

417

09/17/21

89,417

(1,238,953)

Canada

10

Year

Bond

......................................................

964

09/21/21

113,167

(782,412)

U.S.

Treasury

10

Year

Note

...................................................

458

09/21/21

60,649

(24,474)

U.S.

Treasury

Ultra

Bond

....................................................

39

09/21/21

7,508

(36,864)

Long

Gilt

...............................................................

197

09/28/21

34,909

(212,350)

SET50

Index

.............................................................

616

09/29/21

3,642

15,139

(1,721,875)

$

(2,547,480)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

1,647,290

AUD

2,125,000

Canadian

Imperial

Bank

of

Commerce

09/15/21

$

53,126

USD

4,231,191

AUD

5,621,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

14,345

USD

152,296

CAD

184,000

HSBC

Bank

plc

09/15/21

3,866

USD

783,048

CAD

950,000

JPMorgan

Chase

Bank

NA

09/15/21

16,696

USD

4,446,322

CAD

5,505,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

5,517

USD

773,245

CHF

694,000

JPMorgan

Chase

Bank

NA

09/15/21

21,648

USD

3,663,163

EUR

3,007,000

JPMorgan

Chase

Bank

NA

09/15/21

91,959

USD

4,520,502

EUR

3,789,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

20,572

USD

1,165,522

GBP

824,000

Canadian

Imperial

Bank

of

Commerce

09/15/21

25,485

USD

881,005

INR

64,893,000

BNP

Paribas

SA

09/15/21

16,361

USD

5,113,460

JPY

562,470,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

47,183

USD

7,501

KRW

8,340,000

Citibank

NA

09/15/21

123

USD

5,730,234

MXN

114,960,000

Citibank

NA

09/15/21

18,819

USD

20,307

NOK

168,000

HSBC

Bank

plc

09/15/21

789

USD

880,447

SEK

7,276,000

HSBC

Bank

plc

09/15/21

29,644

USD

1,090,499

THB

34,072,000

Citibank

NA

09/15/21

27,742

393,875

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

16

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

792,000

USD

613,965

Bank

of

America

NA

09/15/21

$

(19,811)

AUD

5,620,616

USD

4,357,100

Morgan

Stanley

&

Co.

International

plc

09/15/21

(140,541)

CAD

5,504,568

USD

4,556,099

HSBC

Bank

plc

09/15/21

(115,642)

CLP

320,229,000

USD

443,887

JPMorgan

Chase

Bank

NA

09/15/21

(8,746)

EUR

809,000

USD

982,924

Canadian

Imperial

Bank

of

Commerce

09/15/21

(22,131)

EUR

16,240,089

USD

19,775,370

Morgan

Stanley

&

Co.

International

plc

09/15/21

(488,153)

GBP

575,000

USD

813,309

Morgan

Stanley

&

Co.

International

plc

09/15/21

(17,773)

INR

65,697,000

USD

878,126

Citibank

NA

09/15/21

(2,770)

JPY

61,569,000

USD

559,326

Bank

of

America

NA

09/15/21

(4,762)

JPY

482,110,469

USD

4,410,115

Morgan

Stanley

&

Co.

International

plc

09/15/21

(67,652)

NZD

116,000

USD

83,571

Bank

of

America

NA

09/15/21

(2,506)

RUB

114,895,000

USD

1,553,847

HSBC

Bank

plc

09/15/21

(1,192)

SEK

1,391,000

USD

168,352

Bank

of

America

NA

09/15/21

(5,699)

SGD

163,000

USD

123,109

Canadian

Imperial

Bank

of

Commerce

09/15/21

(1,894)

THB

24,537,000

USD

788,451

Bank

of

America

NA

09/15/21

(23,105)

USD

838,354

BRL

4,272,000

BNP

Paribas

SA

09/15/21

(12,455)

(934,832)

$

(540,957)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

6.44%

Monthly

09/15/21

(a)

09/09/26

MXN

57,000

$

(34,454)

$

—

$

(34,454)

28

day

MXIBTIIE

Monthly

6.50%

Monthly

09/15/21

(a)

09/09/26

MXN

84,000

(40,832)

—

(40,832)

28

day

MXIBTIIE

Monthly

6.53%

Monthly

09/15/21

(a)

09/09/26

MXN

285,000

(117,071)

—

(117,071)

1.03%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/14/26

USD

9,000

(2,324)

2,108

(4,432)

6

month

BBR

Semi-Annual

0.97%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

3,000

(1,755)

—

(1,755)

6

month

BBR

Semi-Annual

0.98%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

5,000

(1,450)

—

(1,450)

0.55%

Annual

1

day

SONIA

Annual

09/15/21

(a)

09/15/26

GBP

6,000

(22,012)

1,906

(23,918)

0.53%

Annual

1

day

SONIA

Annual

09/15/21

(a)

09/15/26

GBP

16,000

(32,151)

160

(32,311)

0.52%

Annual

1

day

SONIA

Annual

09/15/21

(a)

09/15/26

GBP

9,000

(13,049)

(2,002)

(11,047)

6

month

BBR

Semi-Annual

1.01%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

3,250

3,012

—

3,012

6

month

BBR

Semi-Annual

1.02%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

3,250

3,971

—

3,971

6

month

BBR

Semi-Annual

1.05%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

6,500

14,773

—

14,773

6

month

BBR

Semi-Annual

1.05%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

6,500

13,814

—

13,814

6

month

BBR

Semi-Annual

1.06%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

42,550

109,257

—

109,257

6

month

BBR

Semi-Annual

1.07%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

2,400

7,158

—

7,158

6

month

BBR

Semi-Annual

1.08%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

5,600

18,509

—

18,509

6

month

BBR

Semi-Annual

1.18%

Semi-Annual

09/15/21

(a)

09/15/26

AUD

39,450

279,490

—

279,490

6

month

WIBOR

Semi-Annual

1.46%

Annual

09/15/21

(a)

09/15/26

PLN

16,000

(9,944)

—

(9,944)

3

month

BA

Semi-Annual

1.51%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

12,000

(2,188)

2,309

(4,497)

3

month

BA

Semi-Annual

1.52%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

14,000

(353)

1,280

(1,633)

3

month

BA

Semi-Annual

1.53%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

11,000

6,203

34

6,169

3

month

BA

Semi-Annual

1.55%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

24,000

30,029

3,917

26,112

6

month

WIBOR

Semi-Annual

1.58%

Annual

09/15/21

(a)

09/15/26

PLN

71,000

64,089

—

64,089

3

month

BA

Semi-Annual

1.58%

Semi-Annual

09/15/21

(a)

09/15/26

CAD

8,000

20,221

(2,253)

22,474

6

month

WIBOR

Semi-Annual

1.67%

Annual

09/15/21

(a)

09/15/26

PLN

24,000

49,861

—

49,861

0.93%

Quarterly

3

month

HIBOR

Quarterly

09/15/21

(a)

09/15/26

HKD

23,000

(2,321)

—

(2,321)

0.82%

Quarterly

3

month

HIBOR

Quarterly

09/15/21

(a)

09/15/26

HKD

25,925

16,114

—

16,114

0.81%

Quarterly

3

month

HIBOR

Quarterly

09/15/21

(a)

09/15/26

HKD

35,075

22,917

—

22,917

1.12%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

14,000

(67,149)

(2,178)

(64,971)

1.04%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

1,000

(856)

16

(872)

1.05%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

8,000

(9,807)

(7,350)

(2,457)

1.15%

Semi-Annual

3

month

LIBOR

Quarterly

09/15/21

(a)

09/15/26

USD

22,000

(138,023)

2,732

(140,755)

0.35%

Annual

3

month

STIBOR

Quarterly

09/15/21

(a)

09/15/26

SEK

92,000

38,999

2,477

36,522

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

17

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.36%

Annual

3

month

STIBOR

Quarterly

09/15/21

(a)

09/15/26

SEK

59,000

$

19,675

$

(4,321)

$

23,996

0.37%

Annual

3

month

STIBOR

Quarterly

09/15/21

(a)

09/15/26

SEK

183,000

51,030

15,736

35,294

3

month

JIBAR

Quarterly

5.77%

Quarterly

09/15/21

(a)

09/15/26

ZAR

75,500

(91,338)

—

(91,338)

3

month

JIBAR

Quarterly

5.78%

Quarterly

09/15/21

(a)

09/15/26

ZAR

75,500

(89,652)

—

(89,652)

3

month

JIBAR

Quarterly

5.84%

Quarterly

09/15/21

(a)

09/15/26

ZAR

51,000

(51,069)

—

(51,069)

(0.31)%

Annual

6

month

EURIBOR

Semi-Annual

09/15/21

(a)

09/15/26

EUR

97,000

480,865

33,575

447,290

(0.18)%

Annual

6

month

EURIBOR

Semi-Annual

09/15/21

(a)

09/15/26

EUR

9,000

(28,292)

2,963

(31,255)

3

month

JIBAR

Quarterly

6.10%

Quarterly

09/15/21

(a)

09/15/26

ZAR

76,000

(17,268)

—

(17,268)

$

476,629

$

51,109

$

425,520

(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)

6.26%

At

Termination

1

day

BZDIOVER

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

37,000

$

327,961

$

—

$

327,961

8.07%

At

Termination

1

day

BZDIOVER

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

15,000

(41,846)

—

(41,846)

7.18%

At

Termination

1

day

BZDIOVER

At

Termination

Barclays

Bank

plc

N/A

01/02/25

BRL

21,000

63,527

—

63,527

6.42%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

37,000

268,629

—

268,629

7.86%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

19,000

(7,871)

—

(7,871)

7.91%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

10,000

78

—

78

7.95%

At

Termination

1

day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

12,000

(3,390)

—

(3,390)

7.82%

At

Termination

1

day

BZDIOVER

At

Termination

HSBC

Bank

plc

N/A

01/02/25

BRL

8,000

2,973

—

2,973

6.75%

At

Termination

1

day

BZDIOVER

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

01/02/25

BRL

18,000

102,435

—

102,435

0.66%

Quarterly

3

month

TWCPBA

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

TWD

57,750

9,710

—

9,710

0.67%

Quarterly

3

month

TWCPBA

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

TWD

108,540

14,617

—

14,617

0.79%

Quarterly

3

month

TWCPBA

Quarterly

Bank

of

America

NA

09/15/21

(a)

09/15/26

TWD

233,800

(17,330)

—

(17,330)

1

day

MIBOR

Semi-Annual

5.24%

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

INR

61,050

(10,980)

—

(10,980)

1.14%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

144,000

(24,063)

—

(24,063)

1.21%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

78,750

(21,811)

—

(21,811)

1.22%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

92,500

(27,313)

—

(27,313)

1.23%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

144,000

(44,278)

—

(44,278)

1.31%

Semi-Annual

6

month

THBFIX

Semi-Annual

Bank

of

America

NA

09/15/21

(a)

09/15/26

THB

83,000

(36,033)

—

(36,033)

1

day

MIBOR

Semi-Annual

5.25%

Semi-Annual

BNP

Paribas

SA

09/15/21

(a)

09/15/26

INR

421,050

(73,766)

—

(73,766)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

18

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

5.58%

Semi-Annual

BNP

Paribas

SA

09/15/21

(a)

09/15/26

INR

341,532

$

5,819

$

—

$

5,819

1

week

CNREPOFI

Quarterly

2.88%

Quarterly

BNP

Paribas

SA

09/15/21

(a)

09/15/26

CNY

34,558

19,885

—

19,885

1

week

CNREPOFI

Quarterly

2.90%

Quarterly

BNP

Paribas

SA

09/15/21

(a)

09/15/26

CNY

33,541

22,186

—

22,186

1.24%

Semi-Annual

6

month

THBFIX

Semi-Annual

BNP

Paribas

SA

09/15/21

(a)

09/15/26

THB

486,000

(153,147)

—

(153,147)

1

week

CNREPOFI

Quarterly

2.91%

Quarterly

Citibank

NA

09/15/21

(a)

09/15/26

CNY

33,541

24,831

—

24,831

1

day

MIBOR

Semi-Annual

5.71%

Semi-Annual

Goldman

Sachs

International

09/15/21

(a)

09/15/26

INR

297,540

27,601

—

27,601

1.20%

Semi-Annual

6

month

THBFIX

Semi-Annual

Goldman

Sachs

International

09/15/21

(a)

09/15/26

THB

82,500

(22,095)

—

(22,095)

0.67%

Quarterly

3

month

TWCPBA

Quarterly

HSBC

Bank

plc

09/15/21

(a)

09/15/26

TWD

53,460

7,341

—

7,341

1.23%

Semi-Annual

6

month

THBFIX

Semi-Annual

HSBC

Bank

plc

09/15/21

(a)

09/15/26

THB

78,750

(24,215)

—

(24,215)

0.65%

Quarterly

3

month

TWCPBA

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

TWD

107,250

19,923

—

19,923

0.79%

Quarterly

3

month

TWCPBA

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

TWD

186,600

(13,010)

—

(13,010)

0.82%

Quarterly

3

month

TWCPBA

Quarterly

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

TWD

305,000

(37,386)

—

(37,386)

1.02%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

44,000

905

—

905

1.14%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

140,500

(22,835)

—

(22,835)

1.15%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

190,500

(33,868)

—

(33,868)

1.17%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

14,000

(2,938)

—

(2,938)

1.19%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

129,500

(32,410)

—

(32,410)

1.19%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

534,400

(130,889)

—

(130,889)

1.22%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

82,500

(24,361)

—

(24,361)

1.23%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

144,000

(43,729)

—

(43,729)

1.30%

Semi-Annual

6

month

THBFIX

Semi-Annual

JPMorgan

Chase

Bank

NA

09/15/21

(a)

09/15/26

THB

97,000

(40,187)

—

(40,187)

0.76%

Quarterly

3

month

TWCPBA

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

TWD

40,000

(498)

—

(498)

0.81%

Quarterly

3

month

TWCPBA

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

TWD

45,600

(4,786)

—

(4,786)

1

day

MIBOR

Semi-Annual

5.24%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

INR

317,634

(57,036)

—

(57,036)

1

day

MIBOR

Semi-Annual

5.26%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

INR

287,266

(49,073)

—

(49,073)

1

day

MIBOR

Semi-Annual

5.30%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

INR

307,000

(45,738)

—

(45,738)

1

day

MIBOR

Semi-Annual

5.69%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

INR

1,632,350

127,653

—

127,653

1.29%

Semi-Annual

6

month

THBFIX

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/15/21

(a)

09/15/26

THB

584,403

(228,742)

—

(228,742)

1

day

MIBOR

Semi-Annual

5.56%

Semi-Annual

Nomura

International

plc

09/15/21

(a)

09/15/26

INR

294,468

1,758

—

1,758

1

week

CNREPOFI

Quarterly

2.90%

Quarterly

Nomura

International

plc

09/15/21

(a)

09/15/26

CNY

19,360

13,361

—

13,361

$

(214,431)

$

—

$

(214,431)

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

19

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(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

July

2021

................

TWD

13,694,773

Merrill

Lynch

International

&

Co.

07/21/21

TWD

13,695

$

17,042

$

—

$

17,042

BOVESPA

Index

Futures

August

2021

................

BRL

2,610,392

Merrill

Lynch

International

&

Co.

08/18/21

BRL

2,610

(14,133)

—

(14,133)

KOSPI

200

Index

Futures

September

2021

........

KRW

1,095,265,000

Merrill

Lynch

International

&

Co.

09/09/21

KRW

1,095,265

1,652

—

1,652

KOSPI

200

Index

Futures

September

2021

........

KRW

3,674,408,900

Merrill

Lynch

International

&

Co.

09/09/21

KRW

3,674,409

49,564

—

49,564

KOSPI

200

Index

Futures

September

2021

........

KRW

541,454,125

Merrill

Lynch

International

&

Co.

09/09/21

KRW

541,454

6,312

—

6,312

KOSPI

200

Index

Futures

September

2021

........

KRW

757,564,850

Merrill

Lynch

International

&

Co.

09/09/21

KRW

757,565

9,255

—

9,255

KOSPI

200

Index

Futures

September

2021

........

KRW

1,395,448,275

Merrill

Lynch

International

&

Co.

09/09/21

KRW

1,395,448

27,362

—

27,362

KOSPI

200

Index

Futures

September

2021

........

KRW

1,515,184,650

Merrill

Lynch

International

&

Co.

09/09/21

KRW

1,515,185

18,461

—

18,461

KOSPI

200

Index

Futures

September

2021

........

KRW

757,790,250

Merrill

Lynch

International

&

Co.

09/09/21

KRW

757,790

9,055

—

9,055

Swiss

Market

Index

Futures

September

2021

........

CHF

(1,201,330)

HSBC

Bank

plc

09/17/21

CHF

1,201

9,543

—

9,543

Swiss

Market

Index

Futures

September

2021

........

CHF

(8,160,630)

HSBC

Bank

plc

09/17/21

CHF

8,161

(73,083)

—

(73,083)

Swiss

Market

Index

Futures

September

2021

........

CHF

(712,746)

HSBC

Bank

plc

09/17/21

CHF

713

(2,976)

—

(2,976)

Swiss

Market

Index

Futures

September

2021

........

CHF

(476,642)

HSBC

Bank

plc

09/17/21

CHF

477

(386)

—

(386)

Swiss

Market

Index

Futures

September

2021

........

CHF

(1,550,207)

HSBC

Bank

plc

09/17/21

CHF

1,550

(46)

—

(46)

Swiss

Market

Index

Futures

September

2021

........

CHF

(1,072,475)

HSBC

Bank

plc

09/17/21

CHF

1,072

(838)

—

(838)

Russian

Depositary

Net

Total

Return

USD

Index

.......

USD

(748,263)

Merrill

Lynch

International

&

Co.

02/11/22

USD

748

(15,549)

—

(15,549)

Russian

Depositary

Net

Total

Return

USD

Index

.......

USD

(981,650)

Merrill

Lynch

International

&

Co.

02/11/22

USD

982

(79,634)

—

(79,634)

MSCI

Mexico

Net

Return

Index

USD

2,187,333

HSBC

Bank

plc

05/04/22

USD

2,187

121,731

—

121,731

MSCI

Mexico

Net

Return

Index

USD

2,903,367

Merrill

Lynch

International

&

Co.

05/04/22

USD

2,903

6,886

—

6,886

MSCI

Chile

Net

Return

Index

..

USD

(456,285)

HSBC

Bank

plc

06/10/22

USD

456

6,052

—

6,052

$

96,270

$

—

$

96,270

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.02

%

1

day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

3.36

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.50

1

week

CNREPOFI

....................................

China

Fixing

Repo

Rates

3.10

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.53

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.44

3

month

HIBOR

.......................................

Hong

Kong

Interbank

Offered

Rate

0.17

3

month

JIBAR

.......................................

Johannesburg

Interbank

Average

Rate

3.69

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.15

3

month

STIBOR

......................................

Stockholm

Interbank

Offered

Rate

(0.06)

3

month

TWCPBA

.....................................

Taiwan

Secondary

Markets

Bills

Rate

0.48

6

month

BBR

........................................

Australian

Bank

Bill

Rate

0.07

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.52)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

20

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Reference

Index

Reference

Rate

6

month

THBFIX

......................................

Thai

Baht

Interest

Rate

Fixing

0.29

%

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)

.........................................................

$

69,213

$

(18,104)

$

1,200,822

$

(775,302)

OTC

Swaps

...................................................................

—

—

1,344,108

(1,462,269)

(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)

.....

$

—

$

—

$

872,001

$

—

$

146,894

$

—

$

1,018,895

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

393,875

—

—

393,875

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

1,200,822

—

1,200,822

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

282,915

—

1,061,193

—

1,344,108

$

—

$

—

$

1,154,916

$

393,875

$

2,408,909

$

—

$

3,957,700

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

2,032,573

—

1,533,802

—

3,566,375

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

934,832

—

—

934,832

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

775,302

—

775,302

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

186,645

—

1,275,624

—

1,462,269

$

—

$

—

$

2,219,218

$

934,832

$

3,584,728

$

—

$

6,738,778

(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).

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

21

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

For

the

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

(11,996,881)

$

—

$

687,813

$

—

$

(11,309,068)

Forward

foreign

currency

exchange

contracts

....

—

—

—

49,892

—

—

49,892

Swaps

..............................

—

—

(2,973,711)

—

(4,916,151)

—

(7,889,862)

$

—

$

—

$

(14,970,592)

$

49,892

$

(4,228,338)

$

—

$

(19,149,038)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

1,088,877

—

(1,122,786)

—

(33,909)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(899,957)

—

—

(899,957)

Swaps

..............................

—

—

1,041,046

—

1,743,206

—

2,784,252

$

—

$

—

$

2,129,923

$

(899,957)

$

620,420

$

—

$

1,850,386

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

179,419,543

Average

notional

value

of

contracts

—

short

.................................................................................

403,135,818

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

29,419,903

Average

amounts

sold

—

in

USD

........................................................................................

43,135,999

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

503,274,595

Average

notional

value

—

receives

fixed

rate

................................................................................

316,718,855

Total

return

swaps:

Average

notional

value

...............................................................................................

27,344,118

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

1,213,917

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

393,875

934,832

Swaps

—

Centrally

cleared

.............................................................................

123,613

—

Swaps

—

OTC

(a)

....................................................................................

1,344,108

1,462,269

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

3,075,513

$

2,397,101

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(1,337,530)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,737,983

$

2,397,101

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statement

of

Assets

and

Liabilities.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

22

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

..............................

$

352,288

$

(279,537)

$

—

$

(50,000)

$

22,751

Barclays

Bank

plc

................................

63,527

—

—

—

63,527

BNP

Paribas

SA

.................................

332,958

(250,629)

—

(50,000)

32,329

Canadian

Imperial

Bank

of

Commerce

..................

78,611

(24,025)

—

—

54,586

Citibank

NA

....................................

71,515

(2,770)

—

—

68,745

Goldman

Sachs

International

........................

27,601

(22,095)

—

—

5,506

HSBC

Bank

plc

..................................

181,939

(181,939)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

151,131

(151,131)

—

—

—

Merrill

Lynch

International

&

Co.

......................

145,589

(109,316)

—

—

36,273

Morgan

Stanley

&

Co.

International

plc

..................

317,705

(317,705)

—

—

—

Nomura

International

plc

...........................

15,119

—

—

—

15,119

$

1,737,983

$

(1,339,147)

$

—

$

(100,000)

$

298,836

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(d)(f)

Bank

of

America

NA

..............................

$

279,537

$

(279,537)

$

—

$

—

$

—

BNP

Paribas

SA

.................................

250,629

(250,629)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

24,025

(24,025)

—

—

—

Citibank

NA

....................................

2,770

(2,770)

—

—

—

Goldman

Sachs

International

........................

22,095

(22,095)

—

—

—

HSBC

Bank

plc

..................................

218,378

(181,939)

—

—

36,439

JPMorgan

Chase

Bank

NA

..........................

390,359

(151,131)

—

(239,228)

—

Merrill

Lynch

International

&

Co.

......................

109,316

(109,316)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

1,099,992

(317,705)

—

—

782,287

$

2,397,101

$

(1,339,147)

$

—

$

(239,228)

$

818,726

(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)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Managed

Volatility

V.I.

Fund

Schedule

of

Investments

23

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

122,803

$

147,346

$

—

$

270,149

Air

Freight

&

Logistics

....................................

2,364,360

300,738

—

2,665,098

Airlines

..............................................

792,570

71,255

—

863,825

Auto

Components

......................................

17,876

578,477

—

596,353

Automobiles

..........................................

1,461,070

986,965

—

2,448,035

Banks

...............................................

4,852,698

2,995,646

—

7,848,344

Beverages

...........................................

646,808

266,576

—

913,384

Biotechnology

.........................................

1,373,972

217,152

—

1,591,124

Building

Products

.......................................

764,342

445,104

—

1,209,446

Capital

Markets

........................................

2,841,427

940,021

—

3,781,448

Chemicals

............................................

1,368,804

1,275,437

—

2,644,241

Commercial

Services

&

Supplies

.............................

819,941

209,534

—

1,029,475

Construction

&

Engineering

................................

30,975

219,866

—

250,841

Construction

Materials

....................................

—

291,620

—

291,620

Consumer

Finance

......................................

637,822

—

—

637,822

Containers

&

Packaging

..................................

725,143

26,757

—

751,900

Distributors

...........................................

447,283

—

—

447,283

Diversified

Financial

Services

...............................

1,619,171

277,070

—

1,896,241

Diversified

Telecommunication

Services

........................

932,438

444,704

—

1,377,142

Electric

Utilities

........................................

1,775,561

1,244,305

—

3,019,866

Electrical

Equipment

.....................................

225,259

744,004

—

969,263

Electronic

Equipment,

Instruments

&

Components

.................

86,908

486,290

—

573,198

Energy

Equipment

&

Services

..............................

12,225

—

—

12,225

Entertainment

.........................................

2,032,691

206,994

—

2,239,685

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

2,778,496

394,615

—

3,173,111

Food

&

Staples

Retailing

..................................

2,277,765

491,941

—

2,769,706

Food

Products

.........................................

—

888,235

—

888,235

Gas

Utilities

...........................................

—

515,640

—

515,640

Health

Care

Equipment

&

Supplies

...........................

1,924,700

615,446

—

2,540,146

Health

Care

Providers

&

Services

............................

2,243,210

134,919

—

2,378,129

Health

Care

Technology

..................................

—

51,001

—

51,001

Hotels,

Restaurants

&

Leisure

..............................

4,562,979

240,658

—

4,803,637

Household

Durables

.....................................

558,429

291,264

—

849,693

Household

Products

.....................................

755,444

160,356

—

915,800

Independent

Power

and

Renewable

Electricity

Producers

............

30,862

108,941

—

139,803

Industrial

Conglomerates

..................................

310,944

466,886

—

777,830

Insurance

............................................

2,939,420

1,970,154

—

4,909,574

Interactive

Media

&

Services

...............................

6,803,891

23,020

—

6,826,911

Internet

&

Direct

Marketing

Retail

............................

4,593,436

302,991

—

4,896,427

IT

Services

...........................................

6,264,407

624,746

—

6,889,153

Leisure

Products

.......................................

10,114

70,792

—

80,906

Life

Sciences

Tools

&

Services

..............................

775,063

98,174

—

873,237

Machinery

............................................

1,141,145

1,679,068

—

2,820,213

Marine

..............................................

—

187,409

—

187,409

Media

...............................................

1,155,286

61,273

—

1,216,559

Metals

&

Mining

........................................

138,756

589,976

—

728,732

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

7,930

—

—

7,930

Multiline

Retail

.........................................

823,841

40,166

—

864,007

Multi-Utilities

..........................................

791,102

550,468

—

1,341,570

Oil,

Gas

&

Consumable

Fuels

...............................

4,313,771

797,395

—

5,111,166

Paper

&

Forest

Products

..................................

—

125,795

—

125,795

Personal

Products

......................................

157,950

382,780

—

540,730

Pharmaceuticals

.......................................

3,191,653

2,488,605

—

5,680,258

Professional

Services

....................................

894,800

934,167

—

1,828,967

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Volatility

V.I.

Fund

24

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Real

Estate

Management

&

Development

.......................

$

70,470

$

648,100

$

—

$

718,570

Road

&

Rail

...........................................

1,023,419

167,203

—

1,190,622

Semiconductors

&

Semiconductor

Equipment

....................

3,706,199

814,681

—

4,520,880

Software

.............................................

8,997,372

460,837

—

9,458,209

Specialty

Retail

........................................

2,889,884

206,378

—

3,096,262

Technology

Hardware,

Storage

&

Peripherals

....................

5,265,996

87,790

—

5,353,786

Textiles,

Apparel

&

Luxury

Goods

............................

618,263

684,912

—

1,303,175

Trading

Companies

&

Distributors

............................

170,698

930,242

—

1,100,940

Transportation

Infrastructure

...............................

—

49,170

—

49,170

Water

Utilities

.........................................

338,941

98,040

—

436,981

Wireless

Telecommunication

Services

.........................

22,738

429,551

—

452,289

Corporate

Bonds

........................................

—

53,726

—

53,726

Other

Interests

..........................................

—

—

—

—

Preferred

Stocks

.........................................

—

149,567

—

149,567

U.S.

Treasury

Obligations

...................................

—

45,197,070

—

45,197,070

Warrants

..............................................

5,453

—

—

5,453

Short-Term

Securities

.......................................

7,257,876

—

—

7,257,876

$

105,764,850

$

77,640,009

$

—

$

183,404,859

Derivative

Financial

Instruments

(a)

Assets:

Equity

contracts

...........................................

$

872,001

$

282,915

$

—

$

1,154,916

Foreign

currency

exchange

contracts

............................

—

393,875

—

393,875

Interest

rate

contracts

.......................................

146,894

2,262,015

—

2,408,909

Liabilities:

Equity

contracts

...........................................

(2,032,573)

(186,645)

—

(2,219,218)

Foreign

currency

exchange

contracts

............................

—

(934,832)

—

(934,832)

Interest

rate

contracts

.......................................

(1,533,802)

(2,050,926)

—

(3,584,728)

$

(2,547,480)

$

(233,598)

$

—

$

(2,781,078)

(a)

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

(unaudited)

June

30,

2021

25

Financial

Statements

BlackRock

Managed

Volatility

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

176,146,983‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

7,257,876‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

............................................................................................

310,000‌

Futures

contracts

....................................................................................................

23,154,000‌

Centrally

cleared

swaps

................................................................................................

5,436,000‌

Foreign

currency,

at

value

(c)

..............................................................................................

7,704,451‌

Receivables:

–‌

Dividends

—

affiliated

.................................................................................................

16‌

Dividends

—

unaffiliated

...............................................................................................

181,116‌

Interest

—

unaffiliated

.................................................................................................

88,796‌

Variation

margin

on

futures

contracts

.......................................................................................

1,213,917‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

123,613‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

393,875‌

OTC

swaps

........................................................................................................

1,344,108‌

Prepaid

expenses

.....................................................................................................

1,781‌

Total

assets

.........................................................................................................

223,356,532‌

LIABILITIES

Bank

overdraft

........................................................................................................

36,030‌

Cash

received

as

collateral

for

OTC

derivatives

.................................................................................

120,000‌

Payables:

–‌

Investments

purchased

................................................................................................

197‌

Accounting

services

fees

...............................................................................................

73,245‌

Capital

shares

redeemed

...............................................................................................

66,891‌

Custodian

fees

......................................................................................................

76,678‌

Distribution

fees

.....................................................................................................

38,411‌

Investment

advisory

fees

..............................................................................................

73,199‌

Directors'

and

Officer's

fees

.............................................................................................

1,001‌

Other

affiliate

fees

...................................................................................................

1,373‌

Printing

and

postage

fees

..............................................................................................

44,708‌

Professional

fees

....................................................................................................

87,711‌

Transfer

agent

fees

..................................................................................................

111,453‌

Other

accrued

expenses

...............................................................................................

24,316‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

934,832‌

OTC

swaps

........................................................................................................

1,462,269‌

Total

liabilities

........................................................................................................

3,152,314‌

NET

ASSETS

........................................................................................................

$

220,204,218‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

354,566,618‌

Accumulated

loss

.....................................................................................................

(134,362,400‌)

NET

ASSETS

........................................................................................................

$

220,204,218‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

148,340,005‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

7,257,876‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

7,744,541‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

See

notes

to

financial

statements.

BlackRock

Managed

Volatility

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

9,342,314‌

Shares

outstanding

.................................................................................................

706,675‌

Net

asset

value

....................................................................................................

$

13.22‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

210,861,904‌

Shares

outstanding

.................................................................................................

15,973,150‌

Net

asset

value

....................................................................................................

$

13.20‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

27

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Managed

Volatility

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

689‌

Dividends

—

unaffiliated

...............................................................................................

1,339,859‌

Interest

—

unaffiliated

................................................................................................

43,132‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

21‌

Foreign

taxes

withheld

................................................................................................

(71,655‌)

Total

investment

income

.................................................................................................

1,312,046‌

EXPENSES

Investment

advisory

..................................................................................................

603,918‌

Distribution

—

class

specific

............................................................................................

262,670‌

Transfer

agent

—

class

specific

..........................................................................................

220,005‌

Accounting

services

..................................................................................................

64,496‌

Custodian

.........................................................................................................

62,637‌

Professional

.......................................................................................................

43,606‌

Directors

and

Officer

.................................................................................................

4,075‌

Transfer

agent

......................................................................................................

3,834‌

Miscellaneous

......................................................................................................

28,088‌

Total

expenses

.......................................................................................................

1,293,329‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(162,877‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(220,005‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

910,447‌

Net

investment

income

..................................................................................................

401,599‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(388,796‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

17,426,355‌

Forward

foreign

currency

exchange

contracts

...............................................................................

49,892‌

Foreign

currency

transactions

.........................................................................................

(13,906‌)

Futures

contracts

..................................................................................................

(11,309,068‌)

Swaps

.........................................................................................................

(7,889,862‌)

A

(1,736,589‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

5‌

Investments

—

unaffiliated

...........................................................................................

(375,984‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(899,957‌)

Foreign

currency

translations

..........................................................................................

(126,614‌)

Futures

contracts

..................................................................................................

(33,909‌)

Swaps

.........................................................................................................

2,784,252‌

A

1,347,793‌

Net

realized

and

unrealized

loss

............................................................................................

(388,796‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

12,803‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

See

notes

to

financial

statements.

BlackRock

Managed

Volatility

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

401,599‌

$

1,081,005‌

Net

realized

gain

(loss)

..............................................................................

(1,736,589‌)

(14,376,375‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

1,347,793‌

19,921,968‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

12,803‌

6,626,598‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(379,975‌)

  Class

III

.......................................................................................

—‌

(7,568,483‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(7,948,458‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(3,503,456‌)

(11,214,463‌)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(3,490,653‌)

(12,536,323‌)

Beginning

of

period

..................................................................................

223,694,871‌

236,231,194‌

End

of

period

......................................................................................

$

220,204,218‌

$

223,694,871‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

29

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

$0.02

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)

Aggregate

total

return.

(g)

Includes

reimbursements

of

out

of

pocket

expenses

from

a

third

party

administrator.

Excluding

this

amount,

the

Fund's

total

return

is

1.48%.

(h)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(i)

Annualized.

BlackRock

Managed

Volatility

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.21‌

$

13.27‌

$

13.45‌

$

13.71‌

$

13.19‌

$

13.08‌

Net

investment

income

(loss)

(a)

...................

0.04‌

0.10‌

0.22‌

0.15‌

0.04‌

0.02‌

(b)

Net

realized

and

unrealized

gain

(loss)

.............

(0.03‌)

0.36‌

0.06‌

(0.01‌)

0.62‌

0.20‌

Net

increase

from

investment

operations

..............

0.01‌

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

period

....................

$

13.22‌

$

13.21‌

$

13.27‌

$

13.45‌

$

13.71‌

$

13.19‌

Total

Return

(e)

0.08%

3.49%

2.11%

1.02%

4.98%

—

Based

on

net

asset

value

........................

0.08%

(f)

3.49%

2.11%

1.02%

4.98%

1.71%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............................

0.94%

(

i

)

1.00%

0.93%

1.21%

1.48%

1.39%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.59%

(

i

)

0.59%

0.59%

0.71%

0.89%

0.94%

Net

investment

income

(loss)

.....................

0.60%

(

i

)

0.74%

1.62%

1.09%

0.29%

0.18%

(b)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

9,342‌

$

9,844‌

$

10,808‌

$

12,571‌

$

14,536‌

$

15,895‌

Portfolio

turnover

rate

..........................

57%

181%

314%

319%

0%

1%

Six

Months

Ended

06/30/21

(unaudited)

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)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

30

(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)

Amount

is

less

than

0.005%.

(h)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(i)

Annualized.

(j)

Portfolio

turnover

rate

is

representative

of

the

Fund

for

the

entire

year.

BlackRock

Managed

Volatility

V.I.

Fund

Class

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

02/14/18

(a)

to

12/31/18

2020

2019

Net

asset

value,

beginning

of

period

............................................

$

13.20‌

$

13.27‌

$

13.45‌

$

13.70‌

Net

investment

income

(loss)

(b)

................................................

0.02‌

0.06‌

0.19‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

..........................................

(0.02‌)

0.36‌

0.06‌

(0.02‌)

Net

increase

from

investment

operations

...........................................

0.00‌

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

$

13.20‌

$

13.27‌

$

13.45‌

Total

Return

(e)

—

3.17%

1.85%

0.90%

Based

on

net

asset

value

.....................................................

0.00%

(f),(g)

3.17%

1.85%

0.90%

(f)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

............................................................

1.19%

(

i

)

1.25%

1.36%

0.99%

(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

...................................

0.84%

(

i

)

0.84%

0.84%

0.84%

(

i

)

Net

investment

income

(loss)

..................................................

0.36%

(

i

)

0.49%

1.39%

1.22%

(

i

)

Supplemental

Data

Net

assets,

end

of

period

(000)

.................................................

$

210,862‌

$

213,851‌

$

225,423‌

$

235,579‌

Portfolio

turnover

rate

.......................................................

57

%

181%

314%

319%

(j)

Six

Months

Ended

06/30/21

(unaudited)

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

(unaudited)

31

Notes

to

Financial

Statements

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

dates

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

32

3.

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”). 

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade 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

(unaudited)

(continued)

33

Notes

to

Financial

Statements

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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation 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.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

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. 

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

34

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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).

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

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

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

may enter

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, the

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

36

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.

6.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $917

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

(Singapore)

Limited

(“BRS”),

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA"),

(collectively,

the

“Sub-Advisers'),

each

an

affiliate

of

the

Manager. The

Manager

pays

BIL,

BRS

and

BAMNA

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL,

BRS

and

BAMNA,

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$262,670.

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

June

30,

2023

.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$1,723

.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

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

..........................................................................................................

$

9,492‌

Class

III

.........................................................................................................

210,513‌

$

220,005‌

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$161,154,

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

(the

"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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $5

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

period

ended

June

30,

2021,

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. 

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Managed

Volatility

V.I.

Fund

Class

I

..........................................................................................................

$

9,492‌

Class

III

.........................................................................................................

210,513‌

$

220,005‌

Class

I

.............................................................................................................

0.59‌%

Class

III

............................................................................................................

0.84‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

38

7.

PURCHASES

AND

SALES 

For

the

six

months ended

June

30,

2021,

purchases

and

sales

of

investments, including

paydowns

and

excluding

short-term

investments,

were

as

follows:

RULEABOVE

8.

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

June

30,

2021,

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.

As

of

December

31,

2020, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$130,864,095. 

As

of

June

30,

2021, 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: 

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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.

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

Managed

Volatility

V.I.

Fund

.............................................

$

26,930,788‌

$

24,518,669‌

$

72,624,039‌

$

93,004,058‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Managed

Volatility

V.I.

Fund

..................................

$

161,039,295‌

$

27,074,267‌

$

(7,489,781‌)

$

19,584,486‌

Notes

to

Financial

Statements

(unaudited)

(continued)

39

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. 

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

As

of

June

30,

2021,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

730

Class

III

Shares

of the

Fund.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

6,931‌

$

91,245‌

15,278‌

$

203,368‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

28,794‌

379,975‌

Shares

redeemed

.........................................

(45,602‌)

(600,551‌)

(113,418‌)

(1,509,239‌)

Net

decrease

..............................................

(38,671‌)

$

(509,306‌)

(69,346‌)

$

(925,896‌)

Class

III

Shares

sold

.............................................

1,022,006‌

$

13,407,507‌

2,660,714‌

$

35,220,676‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

573,615‌

7,568,128‌

Shares

redeemed

.........................................

(1,244,032‌)

(16,401,657‌)

(4,032,124‌)

(53,077,371‌)

Net

decrease

..............................................

(222,026‌)

$

(2,994,150‌)

(797,795‌)

$

(10,288,567‌)

Total

Net

Decrease

(260,697‌)

$

(3,503,456‌)

(867,141‌)

$

(11,214,463‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

40

12.

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.

Glossary

of

Terms

Used

in

this

Report

41

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

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDI

Crest

Depository

Interests

CNREPOFI

Day

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

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

STIBOR

Stockholm

Interbank

Offered

Rate

THBFIX

Thai

Baht

Interest

Rate

Fixing

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

S&P

500

Index

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund’s

Class

I,

Class

II

and

Class

III

Shares

returned

15.18%,

15.09%

and

15.04%,

respectively.

The

benchmark

S&P

500

®

Index

returned

15.25%

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.

Following

the

strong

end

to

2020,

favorable

market

conditions

continued

with

signs

of

a

sooner-than-expected

economic

activity

restart.

Monetary

conditions

remained

supportive,

as

the

Fed

signaled

a

continuing

environment

of

low

interest

rates.

With

both

the

Senate

and

Congress

passing

a

new

$1.9

trillion

stimulus

package,

and

the

United

States

starting

to

lead

in

the

COVID-19

vaccine

rollout,

optimism

continued

to

rise

for

strong

economic

growth

in

the

first

quarter

of

2021.

Despite

the

heightened

volatility

at

the

beginning

of

the

quarter

related

to

retail

trading

activity,

the

positive

news

about

the

stimulus

package

and

the

potential

infrastructure

bill

soothed

the

market

and

supported

a

positive

return

over

the

quarter.

All

Global

Industry

Classification

Standard

(“GICS”)

sectors

within

the

S&P

500

®

Index

posted

positive

returns

over

first

quarter

of

2021.

Energy

and

financials

sectors

were

the

best

performers

over

the

first

quarter.

Having

performed

relatively

poorly

in

2020,

these

sectors

were

supported

by

the

market

optimism

about

a

sustained

opening

of

the

economy.

Market

conditions

supported

the

outperformance

of

financials,

while

the

energy

sector

rallied

as

oil

prices

increased

due

to

a

surge

in

demand

while

OPEC

left

production

levels

unchanged

and

the

Suez

Canal

blockage

raised

concern

about

the

delivery

of

oil.

On

the

other

hand,

information

technology

and

consumer

staples

lagged

other

GICS

sectors

within

the

U.S.

market,

albeit

still

posting

positive

returns.

Those

sectors

were

among

the

top

performers

during

the

COVID-19

pandemic.

Over

the

second

quarter

of

2021,

the

U.S.

equity

market

rallied

as

the

COVID-19

vaccination

campaign

continued

to

accelerate,

and

as

more

signs

emerged

for

a

sooner-

than-expected

economic

activity

restart.

The

U.S.

Consumer

Price

Index

(a

measure

of

the

average

change

overtime

in

the

prices

paid

by

consumers

for

a

market

basket

of

consumer

goods

and

services)

increased

by

more

than

4%

(over

the

one-year

period

as

of

April

2021),

which

raised

questions

on

whether

this

surge

was

sparked

by

temporary

factors

at

play.

However,

inflation

concerns

and

the

Fed’s

cautious

optimism

about

the

recovery

muted

the

market

rally

in

May

2021.

In

June

2021,

the

U.S.

equity

market

extended

its

rally,

supported

by

the

prospect

of

more

fiscal

stimulus,

as

President

Joe

Biden

reached

a

bipartisan

$1

trillion

agreement

for

infrastructure

spending.

The

domestic

markets

continued

climbing

in

June,

as

Fed

commentary

eased

investors’

worries

about

the

potential

for

tightening

monetary

policy

too

quickly.

Furthermore,

U.S.

economic

data

over

the

second

quarter

of

2021

was

generally

very

strong.

From

a

sector

perspective,

nearly

all

GICS

sectors

within

the

S&P

500

®

Index

finished

the

six-month

period

in

positive

territory.

Real

estate

(+13.09%),

information

technology

(+11.56%),

and

energy

(+11.30%)

were

among

the

best

performers,

while

utilities

(-0.41%),

consumer

staples

(+3.83%),

and

industrials

(4.48%)

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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

S&P

500

Index

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)

(c)

................................................................

15.18‌%

40.64‌%

17.43‌%

14.52‌%

Class

II

(b)

(c)

................................................................

15.09‌

40.44‌

17.26‌

14.35‌

Class

III

(b)

(c)

...............................................................

15.04‌

40.26‌

17.13‌

(d)

14.24‌

(d

)

S&P

500

®

Index

(e)

...........................................................

15.25‌

40.79‌

17.65‌

14.84‌

(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)

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.

(d)

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.

(e)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

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.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

..............................

27‌

%

Health

Care

.....................................

13‌

Consumer

Discretionary

.............................

12‌

Financials

.......................................

11‌

Communication

Services

.............................

11‌

Industrials

.......................................

9‌

Consumer

Staples

.................................

6‌

Energy

.........................................

3‌

Materials

.......................................

3‌

Real

Estate

......................................

3‌

Utilities

.........................................

2‌

Short-Term

Securities

...............................

1‌

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,151.80

$

0.75

$

1,000.00

$

1,024.10

$

0.70

0

.14%

Class

II

..................................

1,000.00

1,150.90

1.55

1,000.00

1,023.36

1.45

0

.29

Class

III

..................................

1,000.00

1,150.40

2.08

1,000.00

1,022.86

1.96

0

.39

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown).

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.9%

Aerospace

&

Defense

—

1.6%

Boeing

Co.

(The)

(a)

...................

35,596

$

8,527,378

General

Dynamics

Corp.

...............

14,805

2,787,189

Howmet

Aerospace,

Inc.

(a)

..............

24,514

844,998

Huntington

Ingalls

Industries,

Inc.

.........

2,485

523,714

L3Harris

Technologies,

Inc.

.............

13,377

2,891,438

Lockheed

Martin

Corp.

................

15,819

5,985,119

Northrop

Grumman

Corp.

..............

9,738

3,539,081

Raytheon

Technologies

Corp.

...........

97,923

8,353,811

Teledyne

Technologies,

Inc.

(a)

............

3,071

1,286,227

Textron,

Inc.

.......................

14,771

1,015,802

TransDigm

Group,

Inc.

(a)

...............

3,524

2,281,050

38,035,807

Air

Freight

&

Logistics

—

0.7%

CH

Robinson

Worldwide,

Inc.

...........

8,629

808,279

Expeditors

International

of

Washington,

Inc.

..

10,788

1,365,761

FedEx

Corp.

.......................

15,873

4,735,392

United

Parcel

Service,

Inc.,

Class

B

.......

46,761

9,724,885

16,634,317

Airlines

—

0.3%

(a)

Alaska

Air

Group,

Inc.

.................

7,551

455,401

American

Airlines

Group,

Inc.

(b)

...........

41,424

878,603

Delta

Air

Lines,

Inc.

..................

41,985

1,816,271

Southwest

Airlines

Co.

................

38,353

2,036,161

United

Airlines

Holdings,

Inc.

............

20,190

1,055,735

6,242,171

Auto

Components

—

0.2%

Aptiv

plc

(a)

.........................

17,622

2,772,469

BorgWarner,

Inc.

....................

15,734

763,729

3,536,198

Automobiles

—

1.8%

(a)

Ford

Motor

Co.

.....................

255,341

3,794,367

General

Motors

Co.

..................

82,797

4,899,099

Tesla,

Inc.

.........................

49,776

33,832,747

42,526,213

Banks

—

4.3%

Bank

of

America

Corp.

................

487,119

20,083,916

Citigroup,

Inc.

......................

133,447

9,441,375

Citizens

Financial

Group,

Inc.

...........

27,750

1,272,893

Comerica,

Inc.

......................

9,489

676,945

Fifth

Third

Bancorp

..................

46,382

1,773,184

First

Republic

Bank

..................

11,312

2,117,267

Huntington

Bancshares,

Inc.

............

95,157

1,357,890

JPMorgan

Chase

&

Co.

...............

195,495

30,407,292

KeyCorp

..........................

63,043

1,301,838

M&T

Bank

Corp.

....................

8,162

1,186,020

People's

United

Financial,

Inc.

...........

25,211

432,117

PNC

Financial

Services

Group,

Inc.

(The)

...

27,592

5,263,450

Regions

Financial

Corp.

...............

63,103

1,273,419

SVB

Financial

Group

(a)

................

3,460

1,925,248

Truist

Financial

Corp.

.................

86,911

4,823,561

US

Bancorp

.......................

87,985

5,012,505

Wells

Fargo

&

Co.

...................

266,701

12,078,888

Zions

Bancorp

NA

...................

9,843

520,301

100,948,109

Beverages

—

1.4%

Brown-Forman

Corp.,

Class

B

...........

11,318

848,171

Coca-Cola

Co.

(The)

.................

250,204

13,538,538

Constellation

Brands,

Inc.,

Class

A

........

11,039

2,581,912

Molson

Coors

Beverage

Co.,

Class

B

(a)(b)

....

11,838

635,582

Monster

Beverage

Corp.

(a)

..............

23,956

2,188,381

Security

Shares

Shares

Value

Beverages

(continued)

PepsiCo,

Inc.

......................

89,002

$

13,187,426

32,980,010

Biotechnology

—

1.8%

AbbVie,

Inc.

.......................

113,921

12,832,061

Alexion

Pharmaceuticals,

Inc.

(a)

..........

14,194

2,607,580

Amgen,

Inc.

.......................

37,260

9,082,125

Biogen,

Inc.

(a)

......................

9,647

3,340,467

Gilead

Sciences,

Inc.

.................

81,066

5,582,205

Incyte

Corp.

(a)

......................

12,171

1,023,946

Regeneron

Pharmaceuticals,

Inc.

(a)

........

6,753

3,771,821

Vertex

Pharmaceuticals,

Inc.

(a)

...........

16,873

3,402,103

41,642,308

Building

Products

—

0.5%

Allegion

plc

........................

5,762

802,647

AO

Smith

Corp.

.....................

8,422

606,889

Carrier

Global

Corp.

..................

52,667

2,559,616

Fortune

Brands

Home

&

Security,

Inc.

......

8,850

881,548

Johnson

Controls

International

plc

........

46,392

3,183,883

Masco

Corp.

.......................

16,954

998,760

Trane

Technologies

plc

................

15,618

2,875,899

11,909,242

Capital

Markets

—

3.0%

Ameriprise

Financial,

Inc.

..............

7,429

1,848,929

Bank

of

New

York

Mellon

Corp.

(The)

......

51,608

2,643,878

BlackRock,

Inc.

(c)

....................

9,200

8,049,724

Cboe

Global

Markets,

Inc.

..............

6,825

812,516

Charles

Schwab

Corp.

(The)

............

96,993

7,062,060

CME

Group,

Inc.

....................

23,264

4,947,788

Franklin

Resources,

Inc.

(b)

..............

18,342

586,761

Goldman

Sachs

Group,

Inc.

(The)

........

21,984

8,343,587

Intercontinental

Exchange,

Inc.

..........

36,237

4,301,332

Invesco

Ltd.

.......................

25,400

678,942

MarketAxess

Holdings,

Inc.

.............

2,386

1,106,126

Moody's

Corp.

......................

10,391

3,765,387

Morgan

Stanley

.....................

96,043

8,806,183

MSCI,

Inc.

........................

5,294

2,822,125

Nasdaq,

Inc.

.......................

7,477

1,314,457

Northern

Trust

Corp.

..................

13,174

1,523,178

Raymond

James

Financial,

Inc.

..........

8,140

1,057,386

S&P

Global,

Inc.

(b)

...................

15,622

6,412,050

State

Street

Corp.

...................

22,698

1,867,591

T.

Rowe

Price

Group,

Inc.

..............

14,790

2,927,976

70,877,976

Chemicals

—

1.8%

Air

Products

&

Chemicals,

Inc.

...........

14,348

4,127,633

Albemarle

Corp.

....................

7,586

1,277,937

Celanese

Corp.

.....................

7,260

1,100,616

CF

Industries

Holdings,

Inc.

.............

14,415

741,652

Corteva,

Inc.

.......................

48,318

2,142,903

Dow,

Inc.

.........................

48,432

3,064,777

DuPont

de

Nemours,

Inc.

..............

34,704

2,686,437

Eastman

Chemical

Co.

................

8,637

1,008,370

Ecolab,

Inc.

.......................

15,970

3,289,341

FMC

Corp.

........................

8,087

875,013

International

Flavors

&

Fragrances,

Inc.

.....

15,979

2,387,263

Linde

plc

.........................

33,729

9,751,054

LyondellBasell

Industries

NV,

Class

A

......

16,544

1,701,881

Mosaic

Co.

(The)

....................

21,579

688,586

PPG

Industries,

Inc.

..................

15,341

2,604,442

Sherwin-Williams

Co.

(The)

.............

15,479

4,217,253

41,665,158

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

0.4%

Cintas

Corp.

.......................

5,607

$

2,141,874

Copart,

Inc.

(a)

......................

13,609

1,794,074

Republic

Services,

Inc.

................

13,148

1,446,412

Rollins,

Inc.

........................

15,270

522,234

Waste

Management,

Inc.

...............

25,115

3,518,863

9,423,457

Communications

Equipment

—

0.8%

Arista

Networks,

Inc.

(a)

................

3,571

1,293,809

Cisco

Systems,

Inc.

..................

272,358

14,434,974

F5

Networks,

Inc.

(a)

..................

3,878

723,867

Juniper

Networks,

Inc.

................

19,682

538,303

Motorola

Solutions,

Inc.

...............

10,945

2,373,423

19,364,376

Construction

&

Engineering

—

0.0%

Quanta

Services,

Inc.

.................

8,682

786,329

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

...........

3,964

1,394,575

Vulcan

Materials

Co.

.................

8,623

1,501,005

2,895,580

Consumer

Finance

—

0.7%

American

Express

Co.

................

42,023

6,943,460

Capital

One

Financial

Corp.

.............

29,094

4,500,551

Discover

Financial

Services

.............

19,787

2,340,604

Synchrony

Financial

..................

34,651

1,681,267

15,465,882

Containers

&

Packaging

—

0.3%

Amcor

plc

.........................

101,257

1,160,405

Avery

Dennison

Corp.

.................

5,339

1,122,471

Ball

Corp.

.........................

21,075

1,707,497

International

Paper

Co.

................

25,164

1,542,805

Packaging

Corp.

of

America

............

6,109

827,281

Sealed

Air

Corp.

....................

9,481

561,749

WestRock

Co.

......................

17,741

944,176

7,866,384

Distributors

—

0.1%

Genuine

Parts

Co.

...................

9,113

1,152,521

LKQ

Corp.

(a)

.......................

18,703

920,562

Pool

Corp.

........................

2,525

1,158,116

3,231,199

Diversified

Financial

Services

—

1.5%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

.......

122,507

34,047,145

Diversified

Telecommunication

Services

—

1.2%

AT&T,

Inc.

.........................

460,088

13,241,333

Lumen

Technologies,

Inc.

..............

62,562

850,217

Verizon

Communications,

Inc.

...........

266,962

14,957,881

29,049,431

Electric

Utilities

—

1.5%

Alliant

Energy

Corp.

..................

15,821

882,179

American

Electric

Power

Co.,

Inc.

.........

32,235

2,726,759

Duke

Energy

Corp.

..................

49,588

4,895,327

Edison

International

..................

24,738

1,430,351

Entergy

Corp.

......................

13,122

1,308,263

Evergy,

Inc.

........................

14,635

884,393

Eversource

Energy

..................

22,078

1,771,539

Exelon

Corp.

.......................

63,781

2,826,136

FirstEnergy

Corp.

...................

35,295

1,313,327

NextEra

Energy,

Inc.

.................

126,436

9,265,230

NRG

Energy,

Inc.

....................

15,211

613,003

Pinnacle

West

Capital

Corp.

............

6,973

571,577

PPL

Corp.

........................

49,079

1,372,740

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Southern

Co.

(The)

..................

67,994

$

4,114,317

Xcel

Energy,

Inc.

....................

34,802

2,292,756

36,267,897

Electrical

Equipment

—

0.6%

AMETEK,

Inc.

......................

14,860

1,983,810

Eaton

Corp.

plc

(b)

....................

25,840

3,828,971

Emerson

Electric

Co.

.................

38,460

3,701,391

Generac

Holdings,

Inc.

(a)

...............

4,107

1,705,021

Rockwell

Automation,

Inc.

..............

7,512

2,148,582

13,367,775

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.,

Class

A

..............

38,998

2,667,853

CDW

Corp.

........................

8,943

1,561,895

Corning,

Inc.

.......................

49,524

2,025,532

IPG

Photonics

Corp.

(a)

................

2,423

510,696

Keysight

Technologies,

Inc.

(a)

............

11,835

1,827,442

TE

Connectivity

Ltd.

..................

21,077

2,849,821

Trimble,

Inc.

(a)

......................

16,702

1,366,725

Zebra

Technologies

Corp.,

Class

A

(a)

.......

3,425

1,813,503

14,623,467

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

(b)

..................

46,544

1,064,461

Halliburton

Co.

.....................

57,407

1,327,250

NOV,

Inc.

(a)

........................

26,419

404,739

Schlumberger

NV

...................

90,569

2,899,114

5,695,564

Entertainment

—

1.9%

Activision

Blizzard,

Inc.

................

50,072

4,778,872

Electronic

Arts,

Inc.

..................

18,443

2,652,657

Live

Nation

Entertainment,

Inc.

(a)

.........

9,551

836,572

Netflix,

Inc.

(a)

.......................

28,572

15,092,016

Take-Two

Interactive

Software,

Inc.

(a)

.......

7,277

1,288,174

Walt

Disney

Co.

(The)

(a)

...............

117,503

20,653,502

45,301,793

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.5%

Alexandria

Real

Estate

Equities,

Inc.

.......

9,187

1,671,483

American

Tower

Corp.

................

29,516

7,973,452

AvalonBay

Communities,

Inc.

...........

8,903

1,857,967

Boston

Properties,

Inc.

................

9,085

1,041,050

Crown

Castle

International

Corp.

.........

28,067

5,475,872

Digital

Realty

Trust,

Inc.

...............

18,051

2,715,953

Duke

Realty

Corp.

...................

24,845

1,176,411

Equinix,

Inc.

.......................

5,809

4,662,303

Equity

Residential

...................

22,327

1,719,179

Essex

Property

Trust,

Inc.

..............

4,253

1,275,943

Extra

Space

Storage,

Inc.

..............

8,388

1,374,122

Federal

Realty

Investment

Trust

..........

4,684

548,824

Healthpeak

Properties,

Inc.

.............

33,888

1,128,131

Host

Hotels

&

Resorts,

Inc.

(a)

............

44,281

756,762

Iron

Mountain,

Inc.

...................

19,590

829,049

Kimco

Realty

Corp.

..................

29,782

620,955

Mid-America

Apartment

Communities,

Inc.

...

7,396

1,245,634

Prologis,

Inc.

.......................

47,528

5,681,022

Public

Storage

......................

9,905

2,978,334

Realty

Income

Corp.

(b)

................

23,586

1,574,130

Regency

Centers

Corp.

...............

9,883

633,204

SBA

Communications

Corp.

............

6,987

2,226,757

Simon

Property

Group,

Inc.

.............

21,195

2,765,524

UDR,

Inc.

.........................

18,934

927,387

Ventas,

Inc.

.......................

24,186

1,381,021

Vornado

Realty

Trust

.................

10,876

507,583

Welltower,

Inc.

......................

26,957

2,240,127

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Weyerhaeuser

Co.

...................

47,743

$

1,643,314

58,631,493

Food

&

Staples

Retailing

—

1.3%

Costco

Wholesale

Corp.

...............

28,557

11,299,148

Kroger

Co.

(The)

....................

50,024

1,916,420

Sysco

Corp.

.......................

33,260

2,585,965

Walgreens

Boots

Alliance,

Inc.

...........

46,625

2,452,941

Walmart,

Inc.

.......................

88,702

12,508,756

30,763,230

Food

Products

—

0.9%

Archer-Daniels-Midland

Co.

.............

35,902

2,175,661

Campbell

Soup

Co.

..................

12,707

579,312

Conagra

Brands,

Inc.

.................

32,012

1,164,597

General

Mills,

Inc.

...................

39,879

2,429,827

Hershey

Co.

(The)

...................

9,270

1,614,649

Hormel

Foods

Corp.

..................

18,030

860,932

JM

Smucker

Co.

(The)

................

6,864

889,368

Kellogg

Co.

........................

16,443

1,057,778

Kraft

Heinz

Co.

(The)

.................

42,464

1,731,682

Lamb

Weston

Holdings,

Inc.

............

9,237

745,056

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

16,334

1,442,619

Mondelez

International,

Inc.,

Class

A

.......

91,099

5,688,222

Tyson

Foods,

Inc.,

Class

A

.............

19,106

1,409,259

21,788,962

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

..................

9,128

877,292

Health

Care

Equipment

&

Supplies

—

3.6%

Abbott

Laboratories

..................

115,057

13,338,558

ABIOMED,

Inc.

(a)

....................

2,906

906,992

Align

Technology,

Inc.

(a)

................

4,685

2,862,535

Baxter

International,

Inc.

...............

32,356

2,604,658

Becton

Dickinson

and

Co.

..............

18,682

4,543,276

Boston

Scientific

Corp.

(a)

...............

91,281

3,903,176

Cooper

Cos.,

Inc.

(The)

...............

3,187

1,262,912

Danaher

Corp.

.....................

40,892

10,973,777

Dentsply

Sirona,

Inc.

.................

14,029

887,475

DexCom,

Inc.

(a)

.....................

6,252

2,669,604

Edwards

Lifesciences

Corp.

(a)

...........

40,236

4,167,242

Hologic,

Inc.

(a)

......................

17,120

1,142,246

IDEXX

Laboratories,

Inc.

(a)

..............

5,576

3,521,523

Intuitive

Surgical,

Inc.

(a)

................

7,623

7,010,416

Medtronic

plc

......................

86,967

10,795,214

ResMed,

Inc.

......................

9,301

2,292,882

STERIS

plc

........................

6,409

1,322,177

Stryker

Corp.

......................

21,025

5,460,823

Teleflex,

Inc.

.......................

3,068

1,232,692

West

Pharmaceutical

Services,

Inc.

.......

4,690

1,684,179

Zimmer

Biomet

Holdings,

Inc.

...........

13,436

2,160,777

84,743,134

Health

Care

Providers

&

Services

—

2.6%

AmerisourceBergen

Corp.

..............

9,358

1,071,397

Anthem,

Inc.

.......................

15,869

6,058,784

Cardinal

Health,

Inc.

..................

19,142

1,092,817

Centene

Corp.

(a)

....................

37,725

2,751,284

Cigna

Corp.

.......................

22,211

5,265,562

CVS

Health

Corp.

...................

84,599

7,058,941

DaVita,

Inc.

(a)

.......................

4,551

548,077

HCA

Healthcare,

Inc.

.................

17,014

3,517,474

Henry

Schein,

Inc.

(a)

..................

8,855

656,953

Humana,

Inc.

......................

8,287

3,668,821

Laboratory

Corp.

of

America

Holdings

(a)

.....

6,261

1,727,097

McKesson

Corp.

....................

10,167

1,944,337

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Quest

Diagnostics,

Inc.

................

8,490

$

1,120,425

UnitedHealth

Group,

Inc.

...............

60,985

24,420,833

Universal

Health

Services,

Inc.,

Class

B

....

5,192

760,265

61,663,067

Health

Care

Technology

—

0.1%

Cerner

Corp.

.......................

19,924

1,557,260

Hotels,

Restaurants

&

Leisure

—

2.0%

Booking

Holdings,

Inc.

(a)

...............

2,664

5,829,072

Caesars

Entertainment,

Inc.

(a)

...........

13,538

1,404,567

Carnival

Corp.

(a)

.....................

52,493

1,383,715

Chipotle

Mexican

Grill,

Inc.

(a)

............

1,826

2,830,921

Darden

Restaurants,

Inc.

..............

8,192

1,195,950

Domino's

Pizza,

Inc.

..................

2,453

1,144,300

Expedia

Group,

Inc.

(a)

.................

9,080

1,486,487

Hilton

Worldwide

Holdings,

Inc.

(a)

.........

17,909

2,160,184

Las

Vegas

Sands

Corp.

(a)

..............

20,727

1,092,106

Marriott

International,

Inc.,

Class

A

(a)

.......

17,268

2,357,427

McDonald's

Corp.

...................

48,099

11,110,388

MGM

Resorts

International

.............

25,737

1,097,683

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......

23,870

702,017

Penn

National

Gaming,

Inc.

(a)

............

9,681

740,500

Royal

Caribbean

Cruises

Ltd.

(a)

..........

14,040

1,197,331

Starbucks

Corp.

.....................

75,907

8,487,162

Wynn

Resorts

Ltd.

(a)

..................

6,665

815,129

Yum!

Brands,

Inc.

...................

19,530

2,246,536

47,281,475

Household

Durables

—

0.4%

DR

Horton,

Inc.

.....................

21,319

1,926,598

Garmin

Ltd.

........................

9,831

1,421,956

Leggett

&

Platt,

Inc.

..................

9,250

479,242

Lennar

Corp.,

Class

A

.................

17,728

1,761,277

Mohawk

Industries,

Inc.

(a)

..............

3,744

719,559

Newell

Brands,

Inc.

..................

23,373

642,056

NVR,

Inc.

(a)

........................

220

1,094,126

PulteGroup,

Inc.

....................

17,908

977,240

Whirlpool

Corp.

.....................

3,951

861,397

9,883,451

Household

Products

—

1.4%

Church

&

Dwight

Co.,

Inc.

..............

15,630

1,331,989

Clorox

Co.

(The)

....................

8,013

1,441,619

Colgate-Palmolive

Co.

................

54,636

4,444,638

Kimberly-Clark

Corp.

.................

21,995

2,942,491

Procter

&

Gamble

Co.

(The)

............

158,860

21,434,980

31,595,717

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

....................

44,428

1,158,238

Industrial

Conglomerates

—

1.2%

3M

Co.

...........................

37,359

7,420,618

General

Electric

Co.

..................

563,751

7,588,088

Honeywell

International,

Inc.

............

44,868

9,841,796

Roper

Technologies,

Inc.

...............

6,750

3,173,850

28,024,352

Insurance

—

1.9%

Aflac,

Inc.

.........................

40,522

2,174,411

Allstate

Corp.

(The)

..................

19,317

2,519,709

American

International

Group,

Inc.

........

56,400

2,684,640

Aon

plc,

Class

A

....................

14,750

3,521,710

Arthur

J

Gallagher

&

Co.

...............

13,415

1,879,173

Assurant,

Inc.

......................

4,017

627,375

Chubb

Ltd.

........................

29,038

4,615,300

Cincinnati

Financial

Corp.

..............

9,636

1,123,750

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Insurance

(continued)

Everest

Re

Group

Ltd.

................

2,469

$

622,213

Globe

Life,

Inc.

.....................

5,997

571,214

Hartford

Financial

Services

Group,

Inc.

(The)

.

23,541

1,458,836

Lincoln

National

Corp.

................

11,395

716,062

Loews

Corp.

.......................

14,825

810,186

Marsh

&

McLennan

Cos.,

Inc.

...........

32,784

4,612,053

MetLife,

Inc.

.......................

48,847

2,923,493

Principal

Financial

Group,

Inc.

(b)

..........

16,314

1,030,882

Progressive

Corp.

(The)

...............

37,776

3,709,981

Prudential

Financial,

Inc.

...............

25,611

2,624,359

Travelers

Cos.,

Inc.

(The)

..............

16,460

2,464,227

Unum

Group

.......................

14,011

397,912

Willis

Towers

Watson

plc

...............

8,292

1,907,326

WR

Berkley

Corp.

...................

8,711

648,360

43,643,172

Interactive

Media

&

Services

—

6.4%

(a)

Alphabet,

Inc.,

Class

A

................

19,401

47,373,168

Alphabet,

Inc.,

Class

C

................

18,445

46,229,072

Facebook,

Inc.,

Class

A

...............

154,861

53,846,719

Twitter,

Inc.

........................

51,826

3,566,147

151,015,106

Internet

&

Direct

Marketing

Retail

—

4.3%

Amazon.com,

Inc.

(a)

..................

27,709

95,323,393

eBay,

Inc.

.........................

42,022

2,950,365

Etsy,

Inc.

(a)

........................

8,149

1,677,390

99,951,148

IT

Services

—

5.2%

Accenture

plc,

Class

A

................

40,917

12,061,922

Akamai

Technologies,

Inc.

(a)

.............

10,686

1,245,988

Automatic

Data

Processing,

Inc.

..........

27,607

5,483,302

Broadridge

Financial

Solutions,

Inc.

.......

7,536

1,217,290

Cognizant

Technology

Solutions

Corp.,

Class

A

34,328

2,377,557

DXC

Technology

Co.

(a)

................

17,049

663,888

Fidelity

National

Information

Services,

Inc.

...

40,203

5,695,559

Fiserv,

Inc.

(a)

.......................

38,584

4,124,244

FleetCor

Technologies,

Inc.

(a)

............

5,508

1,410,379

Gartner,

Inc.

(a)

......................

5,498

1,331,616

Global

Payments,

Inc.

................

19,274

3,614,646

International

Business

Machines

Corp.

.....

57,482

8,426,286

Jack

Henry

&

Associates,

Inc.

...........

4,932

806,431

Mastercard,

Inc.,

Class

A

...............

56,563

20,650,586

Paychex,

Inc.

......................

20,600

2,210,380

PayPal

Holdings,

Inc.

(a)

................

75,928

22,131,493

VeriSign,

Inc.

(a)

.....................

6,350

1,445,832

Visa,

Inc.,

Class

A

...................

109,420

25,584,584

Western

Union

Co.

(The)

..............

25,704

590,421

121,072,404

Leisure

Products

—

0.0%

Hasbro,

Inc.

.......................

8,195

774,591

Life

Sciences

Tools

&

Services

—

1.3%

Agilent

Technologies,

Inc.

..............

19,629

2,901,363

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

.......

1,365

879,456

Charles

River

Laboratories

International,

Inc.

(a)

3,237

1,197,431

Illumina,

Inc.

(a)

......................

9,412

4,453,853

IQVIA

Holdings,

Inc.

(a)

.................

12,444

3,015,430

Mettler-Toledo

International,

Inc.

(a)

........

1,527

2,115,414

PerkinElmer,

Inc.

....................

6,996

1,080,252

Thermo

Fisher

Scientific,

Inc.

............

25,405

12,816,060

Waters

Corp.

(a)

.....................

4,005

1,384,168

29,843,427

Security

Shares

Shares

Value

Machinery

—

1.7%

Caterpillar,

Inc.

.....................

35,179

$

7,656,006

Cummins,

Inc.

......................

9,608

2,342,526

Deere

&

Co.

.......................

20,138

7,102,874

Dover

Corp.

.......................

9,328

1,404,797

Fortive

Corp.

.......................

22,182

1,546,973

IDEX

Corp.

........................

4,919

1,082,426

Illinois

Tool

Works,

Inc.

................

18,720

4,185,043

Ingersoll

Rand,

Inc.

(a)

.................

24,274

1,184,814

Otis

Worldwide

Corp.

.................

26,219

2,143,928

PACCAR,

Inc.

......................

22,343

1,994,113

Parker-Hannifin

Corp.

.................

8,366

2,569,282

Pentair

plc

........................

10,279

693,730

Snap-on,

Inc.

......................

3,420

764,131

Stanley

Black

&

Decker,

Inc.

............

10,283

2,107,912

Westinghouse

Air

Brake

Technologies

Corp.

..

11,598

954,515

Xylem,

Inc.

........................

11,836

1,419,846

39,152,916

Media

—

1.3%

Charter

Communications,

Inc.,

Class

A

(a)

....

8,951

6,457,699

Comcast

Corp.,

Class

A

...............

296,874

16,927,755

Discovery,

Inc.,

Class

A

(a)

..............

11,085

340,088

Discovery,

Inc.,

Class

C

(a)

..............

18,405

533,377

DISH

Network

Corp.,

Class

A

(a)

..........

15,304

639,707

Fox

Corp.,

Class

A

...................

22,915

850,834

Fox

Corp.,

Class

B

...................

8,644

304,269

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

24,424

793,536

News

Corp.,

Class

A

..................

23,938

616,882

News

Corp.,

Class

B

.................

8,848

215,449

Omnicom

Group,

Inc.

.................

14,359

1,148,576

ViacomCBS,

Inc.

....................

39,118

1,768,134

30,596,306

Metals

&

Mining

—

0.4%

Freeport-McMoRan,

Inc.

...............

95,351

3,538,475

Newmont

Corp.

.....................

51,547

3,267,049

Nucor

Corp.

.......................

19,086

1,830,920

8,636,444

Multiline

Retail

—

0.5%

Dollar

General

Corp.

.................

15,346

3,320,721

Dollar

Tree,

Inc.

(a)

....................

15,114

1,503,843

Target

Corp.

.......................

32,011

7,738,339

12,562,903

Multi-Utilities

—

0.7%

Ameren

Corp.

......................

16,006

1,281,120

CenterPoint

Energy,

Inc.

...............

37,390

916,803

CMS

Energy

Corp.

...................

18,379

1,085,831

Consolidated

Edison,

Inc.

..............

22,031

1,580,063

Dominion

Energy,

Inc.

.................

52,425

3,856,907

DTE

Energy

Co.

....................

12,655

1,640,088

NiSource,

Inc.

......................

23,894

585,403

Public

Service

Enterprise

Group,

Inc.

......

32,563

1,945,314

Sempra

Energy

.....................

20,841

2,761,016

WEC

Energy

Group,

Inc.

...............

20,290

1,804,796

17,457,341

Oil,

Gas

&

Consumable

Fuels

—

2.6%

APA

Corp.

........................

25,339

548,082

Cabot

Oil

&

Gas

Corp.

................

23,934

417,888

Chevron

Corp.

......................

124,576

13,048,090

ConocoPhillips

.....................

87,397

5,322,477

Devon

Energy

Corp.

..................

37,979

1,108,607

Diamondback

Energy,

Inc.

..............

11,800

1,107,902

EOG

Resources,

Inc.

.................

37,647

3,141,266

Exxon

Mobil

Corp.

...................

273,112

17,227,905

BlackRock

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Hess

Corp.

........................

17,640

$

1,540,325

Kinder

Morgan,

Inc.

..................

125,290

2,284,037

Marathon

Oil

Corp.

...................

53,060

722,677

Marathon

Petroleum

Corp.

.............

42,301

2,555,826

Occidental

Petroleum

Corp.

.............

53,515

1,673,414

ONEOK,

Inc.

.......................

28,417

1,581,122

Phillips

66

.........................

28,184

2,418,751

Pioneer

Natural

Resources

Co.

..........

15,132

2,459,253

Valero

Energy

Corp.

..................

26,316

2,054,753

Williams

Cos.,

Inc.

(The)

...............

78,173

2,075,493

61,287,868

Personal

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

14,886

4,734,939

Pharmaceuticals

—

3.6%

Bristol-Myers

Squibb

Co.

...............

144,539

9,658,096

Catalent,

Inc.

(a)

.....................

11,001

1,189,428

Eli

Lilly

&

Co.

......................

51,319

11,778,737

Johnson

&

Johnson

..................

170,497

28,087,676

Merck

&

Co.,

Inc.

....................

163,237

12,694,941

Organon

&

Co.

(a)

....................

16,323

493,934

Perrigo

Co.

plc

.....................

9,152

419,619

Pfizer,

Inc.

........................

362,481

14,194,756

Viatris,

Inc.

........................

79,879

1,141,471

Zoetis,

Inc.

........................

30,711

5,723,302

85,381,960

Professional

Services

—

0.4%

Equifax,

Inc.

.......................

7,769

1,860,753

IHS

Markit

Ltd.

.....................

24,221

2,728,738

Jacobs

Engineering

Group,

Inc.

..........

8,658

1,155,150

Leidos

Holdings,

Inc.

.................

8,570

866,427

Nielsen

Holdings

plc

..................

21,810

538,053

Robert

Half

International,

Inc.

............

6,983

621,278

Verisk

Analytics,

Inc.

..................

10,495

1,833,686

9,604,085

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

A

(a)

............

21,577

1,849,796

Road

&

Rail

—

1.0%

CSX

Corp.

........................

147,441

4,729,907

JB

Hunt

Transport

Services,

Inc.

.........

5,355

872,597

Kansas

City

Southern

.................

5,915

1,676,134

Norfolk

Southern

Corp.

................

16,254

4,313,974

Old

Dominion

Freight

Line,

Inc.

..........

6,267

1,590,565

Union

Pacific

Corp.

..................

42,822

9,417,842

22,601,019

Semiconductors

&

Semiconductor

Equipment

—

5.7%

Advanced

Micro

Devices,

Inc.

(a)

..........

78,674

7,389,849

Analog

Devices,

Inc.

(b)

................

23,848

4,105,672

Applied

Materials,

Inc.

................

59,201

8,430,222

Broadcom,

Inc.

.....................

26,336

12,558,058

Enphase

Energy,

Inc.

(a)

................

8,917

1,637,429

Intel

Corp.

........................

260,914

14,647,712

KLA

Corp.

.........................

9,810

3,180,500

Lam

Research

Corp.

.................

9,270

6,031,989

Maxim

Integrated

Products,

Inc.

..........

17,558

1,849,911

Microchip

Technology,

Inc.

..............

17,723

2,653,842

Micron

Technology,

Inc.

(a)

..............

71,928

6,112,442

Monolithic

Power

Systems,

Inc.

..........

2,807

1,048,274

NVIDIA

Corp.

......................

40,257

32,209,626

NXP

Semiconductors

NV

..............

18,031

3,709,337

Qorvo,

Inc.

(a)

.......................

7,134

1,395,767

QUALCOMM,

Inc.

...................

72,766

10,400,444

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Skyworks

Solutions,

Inc.

...............

10,680

$

2,047,890

Teradyne,

Inc.

......................

10,980

1,470,881

Texas

Instruments,

Inc.

................

59,367

11,416,274

Xilinx,

Inc.

.........................

15,914

2,301,801

134,597,920

Software

—

8.9%

Adobe,

Inc.

(a)

.......................

30,922

18,109,160

ANSYS,

Inc.

(a)

......................

5,504

1,910,218

Autodesk,

Inc.

(a)

.....................

14,230

4,153,737

Cadence

Design

Systems,

Inc.

(a)

.........

18,213

2,491,903

Citrix

Systems,

Inc.

..................

8,079

947,424

Fortinet,

Inc.

(a)

......................

8,735

2,080,590

Intuit,

Inc.

.........................

17,584

8,619,149

Microsoft

Corp.

.....................

486,567

131,811,000

NortonLifeLock,

Inc.

..................

37,596

1,023,363

Oracle

Corp.

.......................

117,755

9,166,049

Paycom

Software,

Inc.

(a)

...............

3,227

1,172,918

PTC,

Inc.

(a)

........................

6,841

966,360

salesforce.com,

Inc.

(a)

.................

59,857

14,621,269

ServiceNow,

Inc.

(a)(b)

..................

12,809

7,039,186

Synopsys,

Inc.

(a)

....................

9,676

2,668,544

Tyler

Technologies,

Inc.

(a)

..............

2,612

1,181,591

207,962,461

Specialty

Retail

—

2.2%

Advance

Auto

Parts,

Inc.

...............

4,074

835,740

AutoZone,

Inc.

(a)

....................

1,418

2,115,968

Best

Buy

Co.,

Inc.

...................

14,204

1,633,176

CarMax,

Inc.

(a)

......................

10,758

1,389,396

Gap,

Inc.

(The)

.....................

14,155

476,316

Home

Depot,

Inc.

(The)

...............

68,780

21,933,254

L

Brands,

Inc.

......................

14,543

1,047,969

Lowe's

Cos.,

Inc.

....................

45,728

8,869,860

O'Reilly

Automotive,

Inc.

(a)

..............

4,512

2,554,739

Ross

Stores,

Inc.

....................

22,817

2,829,308

TJX

Cos.,

Inc.

(The)

..................

78,128

5,267,390

Tractor

Supply

Co.

...................

7,564

1,407,358

Ulta

Beauty,

Inc.

(a)

...................

3,542

1,224,717

51,585,191

Technology

Hardware,

Storage

&

Peripherals

—

6.2%

Apple,

Inc.

........................

1,013,709

138,837,585

Hewlett

Packard

Enterprise

Co.

..........

83,500

1,217,430

HP,

Inc.

..........................

78,096

2,357,718

NetApp,

Inc.

.......................

14,025

1,147,526

Seagate

Technology

Holdings

plc

.........

13,182

1,159,093

Western

Digital

Corp.

(a)

................

19,531

1,390,021

146,109,373

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Hanesbrands,

Inc.

...................

23,134

431,912

NIKE,

Inc.,

Class

B

..................

82,026

12,672,197

PVH

Corp.

(a)

.......................

4,733

509,223

Ralph

Lauren

Corp.

..................

3,279

386,299

Tapestry,

Inc.

(a)

.....................

17,332

753,595

Under

Armour,

Inc.,

Class

A

(a)

............

12,618

266,871

Under

Armour,

Inc.,

Class

C

(a)

...........

13,493

250,565

VF

Corp.

.........................

20,540

1,685,102

16,955,764

Tobacco

—

0.7%

Altria

Group,

Inc.

....................

119,600

5,702,528

Philip

Morris

International,

Inc.

...........

100,466

9,957,185

15,659,713

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

—

0.2%

Fastenal

Co.

.......................

36,944

$

1,921,088

United

Rentals,

Inc.

(a)

.................

4,615

1,472,231

WW

Grainger,

Inc.

...................

2,807

1,229,466

4,622,785

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

11,670

1,798,697

Wireless

Telecommunication

Services

—

0.2%

T-Mobile

US,

Inc.

(a)

...................

37,975

5,499,919

Total

Common

Stocks

—

99.9%

(Cost:

$829,104,694)

..............................

2,347,308,707

Total

Long-Term

Investments

—

99.9%

(Cost:

$829,104,694)

..............................

2,347,308,707

Security

Shares

Shares

Value

Short-Term

Securities

—

0.7%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

7,170,708

$

7,170,708

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

........................

9,941,493

9,944,476

Total

Short-Term

Securities

—

0.7%

(Cost:

$17,115,184)

...............................

17,115,184

Total

Investments

—

100.6%

(Cost:

$846,219,878

)

..............................

2,364,423,891

Liabilities

in

Excess

of

Other

Assets

—

(0.6)%

.............

(13,465,483)

Net

Assets

—

100.0%

...............................

$

2,350,958,408

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

20,694,526

$

—

$

(13,523,818)

$

—

$

—

$

7,170,708

7,170,708

$

1,110

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

13,895,670

—

(3,953,855)

2,661

—

9,944,476

9,941,493

24,151

(b)

—

BlackRock,

Inc.

............

6,836,592

—

(200,087)

144,335

1,268,884

8,049,724

9,200

76,355

—

$

146,996

$

1,268,884

$

25,164,908

$

101,616

$

—

—

—

(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

S&P

500

Index

V.I.

Fund

Schedule

of

Investments

11

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

......................................................

37

09/17/21

$

7,934

$

96,097

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)

.....

$

—

$

—

$

96,097

$

—

$

—

$

—

$

96,097

(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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

2,706,886

$

—

$

—

$

—

$

2,706,886

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(190,040)

—

—

—

(190,040)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

7,537,615

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

S&P

500

Index

V.I.

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

2,347,308,707

$

—

$

—

$

2,347,308,707

Short-Term

Securities

.......................................

7,170,708

—

—

7,170,708

$

2,354,479,415

$

—

$

—

$

2,354,479,415

Investments

valued

at

NAV

(a)

......................................

9,944,476

$

—

$

2,364,423,891

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

...........................................

$

96,097

$

—

$

—

$

96,097

(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

(unaudited)

June

30,

2021

13

Financial

Statements

BlackRock

S&P

500

Index

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

2,339,258,983‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

25,164,908‌

Cash

.............................................................................................................

5,767‌

Cash

pledged

for

futures

contracts

..........................................................................................

412,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

......................................................................................

1,980‌

Capital

shares

sold

...................................................................................................

305,300‌

Dividends

—

affiliated

.................................................................................................

52‌

Dividends

—

unaffiliated

...............................................................................................

1,362,769‌

Variation

margin

on

futures

contracts

.......................................................................................

12,200‌

Prepaid

expenses

.....................................................................................................

23,623‌

Total

assets

.........................................................................................................

2,366,547,582‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

10,043,170‌

Payables:

–‌

Capital

shares

redeemed

...............................................................................................

4,544,906‌

Distribution

fees

.....................................................................................................

51,472‌

Investment

advisory

fees

..............................................................................................

133,643‌

Directors'

and

Officer's

fees

.............................................................................................

3,264‌

Other

affiliate

fees

...................................................................................................

8,313‌

Transfer

agent

fees

..................................................................................................

343,794‌

Other

accrued

expenses

...............................................................................................

460,612‌

Total

liabilities

........................................................................................................

15,589,174‌

NET

ASSETS

........................................................................................................

$

2,350,958,408‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

751,365,084‌

Accumulated

earnings

..................................................................................................

1,599,593,324‌

NET

ASSETS

........................................................................................................

$

2,350,958,408‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

826,355,868‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

9,830,588‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

19,864,010‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

2,063,773,388‌

Shares

outstanding

.................................................................................................

65,685,774‌

Net

asset

value

....................................................................................................

$

31.42‌

Shares

authorized

..................................................................................................

300

million

Par

value

........................................................................................................

$

0.10‌

Class

II

Net

assets

........................................................................................................

$

10,504,363‌

Shares

outstanding

.................................................................................................

338,294‌

Net

asset

value

....................................................................................................

$

31.05‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

276,680,657‌

Shares

outstanding

.................................................................................................

8,909,449‌

Net

asset

value

....................................................................................................

$

31.05‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

15

Financial

Statements

P;

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

77,465‌

Dividends

—

unaffiliated

...............................................................................................

16,092,257‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

24,151‌

Foreign

taxes

withheld

................................................................................................

(1,521‌)

Total

investment

income

.................................................................................................

16,192,352‌

EXPENSES

Investment

advisory

..................................................................................................

776,897‌

Transfer

agent

—

class

specific

..........................................................................................

552,948‌

Distribution

—

class

specific

............................................................................................

343,675‌

Accounting

services

..................................................................................................

79,299‌

Professional

.......................................................................................................

24,472‌

Custodian

.........................................................................................................

18,909‌

Transfer

agent

......................................................................................................

8,565‌

Directors

and

Officer

.................................................................................................

6,480‌

Miscellaneous

......................................................................................................

96,612‌

Total

expenses

.......................................................................................................

1,907,857‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(2,835‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(9,299‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

1,895,723‌

Net

investment

income

..................................................................................................

14,296,629‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

301,696,548‌

Net

realized

gain

from:

$

–‌

Investments

—

affiliated

.............................................................................................

146,996‌

Investments

—

unaffiliated

...........................................................................................

56,285,999‌

Futures

contracts

..................................................................................................

2,706,886‌

A

59,139,881‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

1,268,884‌

Investments

—

unaffiliated

...........................................................................................

241,477,823‌

Futures

contracts

..................................................................................................

(190,040‌)

A

242,556,667‌

Net

realized

and

unrealized

gain

...........................................................................................

301,696,548‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

315,993,177‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

S&P

500

Index

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

14,296,629‌

$

32,491,017‌

Net

realized

gain

(loss)

..............................................................................

59,139,881‌

142,974,461‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

242,556,667‌

153,801,613‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

315,993,177‌

329,267,091‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(137,187,142‌)

  Class

II

.......................................................................................

—‌

(661,108‌)

  Class

III

.......................................................................................

—‌

(19,843,841‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(157,692,091‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(101,940,345‌)

(51,063,425‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

214,052,832‌

120,511,575‌

Beginning

of

period

..................................................................................

2,136,905,576‌

2,016,394,001‌

End

of

period

......................................................................................

$

2,350,958,408‌

$

2,136,905,576‌

(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

BlackRock

S&P

500

Index

V.I.

Fund

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

27.28‌

$

24.94‌

$

20.50‌

$

22.82‌

$

19.90‌

$

19.08‌

Net

investment

income

(loss)

(a)

...................

0.19‌

0.43‌

0.45‌

0.44‌

0.37‌

0.37‌

Net

realized

and

unrealized

gain

(loss)

.............

3.95‌

4.05‌

5.94‌

(1.51‌)

3.91‌

1.85‌

Net

increase

(decrease)

from

investment

operations

......

4.14‌

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

period

....................

$

31.42‌

$

27.28‌

$

24.94‌

$

20.50‌

$

22.82‌

$

19.90‌

Total

Return

(c)

15.18%

18.24%

31.34%

(4.61)%

21.50%

—

Based

on

net

asset

value

........................

15.18%

(d)

18.24%

31.34%

(4.61)%

21.50%

11.60%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.14%

(e)

0.16%

0.15%

0.19%

(f)

0.46%

0.46%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.14%

(e)

0.15%

0.14%

0.16%

(f)

0.30%

0.31%

Net

investment

income

(loss)

.....................

1.32%

(e)

1.73%

1.90%

1.88%

1.68%

1.87%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

2,063,773‌

$

1,857,885‌

$

1,709,703‌

$

1,412,400‌

$

216,251‌

$

195,261‌

Portfolio

turnover

rate

..........................

1%

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)

Aggregate

total

return.

(e)

Annualized.

(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

0.18%

and

0.15%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

BlackRock

S&P

500

Index

V.I.

Fund

Class

II

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

26.98‌

$

24.70‌

$

20.32‌

$

22.63‌

$

19.75‌

$

18.94‌

Net

investment

income

(loss)

(a)

...................

0.17‌

0.39‌

0.41‌

0.38‌

0.34‌

0.33‌

Net

realized

and

unrealized

gain

(loss)

.............

3.90‌

3.99‌

5.89‌

(1.47‌)

3.87‌

1.85‌

Net

increase

(decrease)

from

investment

operations

......

4.07‌

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

period

....................

$

31.05‌

$

26.98‌

$

24.70‌

$

20.32‌

$

22.63‌

$

19.75‌

Total

Return

(c)

15.09%

18.03%

31.17%

(4.74)%

21.31%

—

Based

on

net

asset

value

........................

15.09%

(d)

18.03%

31.17%

(4.74)%

21.31%

11.47%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.29%

(e)

0.31%

0.31%

0.40%

(f)

0.60%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.29%

(e)

0.30%

0.30%

0.33%

(f)

0.45%

0.46%

Net

investment

income

(loss)

.....................

1.17%

(e)

1.60%

1.74%

1.64%

1.54%

1.71%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

10,504‌

$

9,215‌

$

7,979‌

$

4,485‌

$

3,340‌

$

2,298‌

Portfolio

turnover

rate

..........................

1%

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)

Aggregate

total

return.

(e)

Annualized.

(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

0.39%

and

0.33%,

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

III

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

02/14/18

(a)

to

12/31/18

2020

2019

Net

asset

value,

beginning

of

period

............................................

$

26.99‌

$

24.70‌

$

20.32‌

$

22.88‌

Net

investment

income

(loss)

(b)

................................................

0.15‌

0.36‌

0.39‌

0.34‌

Net

realized

and

unrealized

gain

(loss)

..........................................

3.91‌

4.00‌

5.87‌

(1.69‌)

Net

increase

(decrease)

from

investment

operations

...................................

4.06‌

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

.................................................

$

31.05‌

$

26.99‌

$

24.70‌

$

20.32‌

Total

Return

(d)

15.04%

17.92%

30.97%

(5.82)%

Based

on

net

asset

value

.....................................................

15.04%

(e)

17.92%

30.97%

(5.82)%

(e)

Ratios

to

Average

Net

Assets

Total

expenses

............................................................

0.39%

(f)

0.41%

0.44%

0.38%

(f)(g)

Total

expenses

after

fees

waived

and/or

reimbursed

...................................

0.39%

(f)

0.40%

0.40%

0.36%

(f)(g)

Net

investment

income

(loss)

..................................................

1.07%

(f)

1.49%

1.65%

1.64%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

.................................................

$

276,681‌

$

269,805‌

$

298,712‌

$

319,453‌

Portfolio

turnover

rate

.......................................................

1%

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

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

1.

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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.

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.  

3.

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

(unaudited)

(continued)

21

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 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

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

or

trade 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

June

30,

2021,

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.

4.

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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.

6.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $9,389

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

Barclays

Capital,

Inc.

...................................................

$

137,728‌

$

(137,728‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

5,103,830‌

(5,103,830‌)

—‌

JP

Morgan

Securities

LLC

................................................

4,589,030‌

(4,589,030‌)

—‌

$

9,830,588‌

$

(9,830,588‌)

$

—‌

(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

(unaudited)

(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 six

months

ended

June

30,

2021,

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

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

June

30,

2023

.

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.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amount

waived

was

$2,835.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

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

.........................................................................................................

$

7,273‌

Class

III

.........................................................................................................

336,402‌

$

343,675‌

Class

I

..........................................................................................................

$

483,891‌

Class

II

.........................................................................................................

2,445‌

Class

III

.........................................................................................................

66,612‌

$

552,948‌

Class

I

................................................................................................................

0.05‌%

Class

II

...............................................................................................................

0.05‌

Class

III

...............................................................................................................

0.05‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

class

specific

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

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/or

reimbursed

$729

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,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $5,952

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

period

ended

June

30,

2021,

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. 

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

S&P

500

Index

V.I.

Fund

Class

I

..........................................................................................................

$

7,522‌

Class

II

.........................................................................................................

47‌

Class

III

.........................................................................................................

1,0

01‌

$

8,570‌

Class

I

.............................................................................................................

0.15‌%

Class

II

............................................................................................................

0.30‌

Class

III

............................................................................................................

0.40‌

Notes

to

Financial

Statements

(unaudited)

(continued)

25

Notes

to

Financial

Statements

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

six

months ended

June

30,

2021,

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:

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $22,907,696

and

$89,382,526,

respectively.

8.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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.

Purchases

...............................................................................................................

$

13,303,944‌

Sales

...................................................................................................................

4,366,528‌

Net

Realized

Gain

..........................................................................................................

696,367‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

S&P

500

Index

V.I.

Fund

.....................................

$

877,464,271‌

$

1,515,072,240‌

$

(28,016,523‌)

$

1,487,055,717‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

June

30,

2021,

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

owned

437

Class

III

Shares

of

the

Fund.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

678,208‌

$

19,795,782‌

2,248,347‌

$

53,578,258‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

5,144,584‌

137,187,142‌

Shares

redeemed

.........................................

(3,103,444‌)

(90,477,245‌)

(7,827,472‌)

(192,065,813‌)

Net

decrease

..............................................

(2,425,236‌)

$

(70,681,463‌)

(434,541‌)

$

(1,300,413‌)

Class

II

Shares

sold

.............................................

5,892‌

$

175,733‌

106,158‌

$

2,515,464‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

25,041‌

661,108‌

Shares

redeemed

.........................................

(9,176‌)

(263,740‌)

(112,724‌)

(2,669,268‌)

Net

increase

(decrease)

.......................................

(3,284‌)

$

(88,007‌)

18,475‌

$

507,304‌

Class

III

Shares

sold

.............................................

268,344‌

$

7,839,738‌

1,099,343‌

$

24,867,644‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

752,853‌

19,842,938‌

Shares

redeemed

.........................................

(1,353,742‌)

(39,010,613‌)

(3,948,658‌)

(94,980,898‌)

Net

decrease

..............................................

(1,085,398‌)

$

(31,170,875‌)

(2,096,462‌)

$

(50,270,316‌)

Total

Net

Decrease

(3,513,918‌)

$

(101,940,345‌)

(2,512,527‌)

$

(51,063,425‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

27

Notes

to

Financial

Statements

12.

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.

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

Portfolio

Abbreviations

MSCI

Morgan

Stanley

Capital

International

S&P

Standard

&

Poor's

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Small

Cap

Index

V.I.

Fund

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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.

Class

III

Shares

commenced

operations

on

February

9,

2021.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2021,

the

Fund’s

Class

I

Shares

returned

17.36%,

and

the

Fund’s

Class

III

Shares

returned

17.25%.

The

Russell

2000

®

Index

returned

17.54%

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

six-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

June

30,

2021

(continued)

3

Fund

Summary

BlackRock

Small

Cap

Index

V.I.

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(b)(c)

................................................................

17.36‌%

61.75‌%

16.26‌%

12.00‌%

Class

III

(b)(c)

(d)

..............................................................

17.25‌

61.39‌

15.97‌

11.72‌

Russell

2000

®

Index

(e)

........................................................

17.54‌

62.03‌

16.47‌

12.34‌

(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)

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.

(d)

The

returns

for

Class

III

Shares

prior

to

February

9,

2021,

the

commencement

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.

(e)

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.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

d

eduction

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.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Health

Care

.....................................

21‌

%

Financials

.......................................

15‌

Industrials

.......................................

14‌

Information

Technology

..............................

13‌

Consumer

Discretionary

.............................

12‌

Real

Estate

......................................

7‌

Energy

.........................................

4‌

Materials

.......................................

4‌

Communication

Services

.............................

4‌

Consumer

Staples

.................................

3‌

Utilities

.........................................

2‌

Short-Term

Securities

...............................

11‌

Liabilities

in

Excess

of

Other

Assets

.....................

(10‌)

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

2021

BlackRock

Semi-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

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021

,except

with

respect

to

Class

III

Shares

which

are

based

on

a

hypothetical

investment

of

$1,000

on

February

9,

2021

(commencement

of

operations)

and

held

through

June

30,

2021)

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00

$

1,173.60

$

1.19

$

1,000.00

$

1,023.70

$

1.10

0.22%

Class

III

..................................

1,000.00

1,007.30

1.63

1,000.00

1,022.71

2.11

0.42

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(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

181/365

(to

reflect

the

one-half

year

period

shown),

except

for

Class

III

Shares,

which

is

multiplied

by

141/365

(to

reflect

the

period

since

inception

date

of

February

9,

2021

to

June

30,

2021).

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

98.7%

Aerospace

&

Defense

—

0.7%

AAR

Corp.

(a)

.......................

4,185

$

162,169

Aerojet

Rocketdyne

Holdings,

Inc.

........

8,836

426,690

AeroViron

ment,

Inc.

(a)

.................

2,653

265,698

Astronics

Corp.

(a)

....................

3,006

52,635

Byrna

Technologies,

Inc.

(a)

..............

1,264

28,718

Ducommun,

Inc.

(a)

...................

1,401

76,439

Kaman

Corp.

......................

3,296

166,118

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

..

14,634

416,923

Maxar

Technologies,

Inc.

...............

8,556

341,556

Moog,

Inc.,

Class

A

..................

3,453

290,259

National

Presto

Industries,

Inc.

...........

667

67,801

PAE,

Inc.

(a)

........................

6,825

60,742

Park

Aerospace

Corp.

.................

2,399

35,745

Parsons

Corp.

(a)

.....................

3,140

123,590

Triumph

Group,

Inc.

(a)

.................

6,145

127,509

Vectrus,

Inc.

(a)

......................

1,336

63,580

2,706,172

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)

.......

7,110

165,166

Atlas

Air

Worldwide

Holdings,

Inc.

(a)(b)

......

3,434

233,890

Echo

Global

Logistics,

Inc.

(a)

............

3,192

98,122

Forward

Air

Corp.

...................

3,243

291,059

Hub

Group,

Inc.,

Class

A

(a)

..............

3,890

256,662

Radiant

Logistics,

Inc.

(a)

...............

5,513

38,205

1,083,104

Airlines

—

0.4%

(a)

Allegiant

Travel

Co.

..................

1,808

350,752

Frontier

Group

Holdings,

Inc.

............

4,153

70,767

Hawaiian

Holdings,

Inc.

...............

5,828

142,028

Mesa

Air

Group,

Inc.

..................

4,257

39,718

SkyWest,

Inc.

......................

6,113

263,287

Spirit

Airlines,

Inc.

...................

11,730

357,061

Sun

Country

Airlines

Holdings,

Inc.,

(Acquired

6/25/2021,

cost

$

79,814)

(c)

...........

2,068

76,537

1,300,150

Auto

Components

—

1.3%

Adient

plc

(a)

........................

11,300

510,760

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

13,276

137,407

Cooper-Standard

Holdings,

Inc.

(a)

.........

2,016

58,464

Dana,

Inc.

.........................

17,342

412,046

Dorman

Products,

Inc.

(a)

...............

3,158

327,390

Fox

Factory

Holding

Corp.

(a)(b)

...........

5,039

784,371

Gentherm,

Inc.

(a)

....................

4,053

287,966

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

.......

32,972

565,470

LCI

Industries

......................

2,954

388,215

Modine

Manufacturing

Co.

(a)

............

6,092

101,066

Motorcar

Parts

of

America,

Inc.

(a)

.........

2,527

56,706

Patrick

Industries,

Inc.

................

2,761

201,553

Standard

Motor

Products,

Inc.

...........

2,423

105,037

Stoneridge,

Inc.

(a)

....................

3,097

91,361

Tenneco,

Inc.,

Class

A

(a)

...............

8,431

162,887

Visteon

Corp.

(a)

.....................

3,312

400,553

XL

Fleet

Corp.,

Class

A

(a)

...............

4,574

38,101

XPEL,

Inc.

(a)

.......................

2,154

180,656

4,810,009

Automobiles

—

0.3%

Arcimoto,

Inc.

(a)

.....................

3,266

56,143

Canoo,

Inc.,

Class

A

(a)(b)

...............

9,517

94,599

Fisker,

Inc.,

Class

A

(a)

.................

18,934

365,047

Lordstown

Motors

Corp.,

Class

A

(a)

........

13,376

147,939

Winnebago

Industries,

Inc.

.............

3,707

251,928

Security

Shares

Shares

Value

Automobiles

(continued)

Workhorse

Group,

Inc.

(a)

...............

14,743

$

244,586

1,160,242

Banks

—

7.6%

1st

Source

Corp.

....................

2,138

99,331

Allegiance

Bancshares,

Inc.

.............

2,392

91,948

Altabancorp

.......................

2,152

93,203

Amalgamated

Financial

Corp.

...........

1,859

29,056

Amerant

Bancorp,

Inc.

(a)

...............

2,498

53,407

American

National

Bankshares,

Inc.

.......

1,105

34,354

Ameris

Bancorp

(b)

....................

7,933

401,648

Arrow

Financial

Corp.

.................

1,719

61,798

Associated

Banc-Corp.

................

18,062

369,910

Atlantic

Capital

Bancshares,

Inc.

(a)

........

2,705

68,869

Atlantic

Union

Bankshares

Corp.

.........

9,391

340,142

Banc

of

California,

Inc.

................

5,374

94,260

BancFirst

Corp.

.....................

2,049

127,919

Bancorp,

Inc.

(The)

(a)

.................

6,370

146,574

BancorpSouth

Bank

(b)

.................

12,280

347,892

Bank

First

Corp.

....................

821

57,281

Bank

of

Marin

Bancorp

................

1,812

57,803

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.....

5,973

211,743

BankUnited,

Inc.

....................

11,113

474,414

Banner

Corp.

......................

4,086

221,502

Bar

Harbor

Bankshares

...............

1,608

46,021

Berkshire

Hills

Bancorp,

Inc.

............

5,372

147,247

Blue

Ridge

Bankshares,

Inc.

............

2,069

36,249

Boston

Private

Financial

Holdings,

Inc.

.....

9,445

139,314

Brookline

Bancorp,

Inc.

................

9,436

141,068

Bryn

Mawr

Bank

Corp.

................

2,411

101,720

Business

First

Bancshares,

Inc.

..........

2,380

54,621

Byline

Bancorp,

Inc.

..................

2,814

63,681

Cadence

BanCorp

...................

14,738

307,729

Cambridge

Bancorp

..................

824

68,384

Camden

National

Corp.

...............

1,978

94,469

Capital

Bancorp,

Inc.

(a)

................

1,075

21,984

Capital

City

Bank

Group,

Inc.

............

1,387

35,771

Capstar

Financial

Holdings,

Inc.

..........

2,443

50,081

Carter

Bankshares,

Inc.

(a)

..............

3,837

48,001

Cathay

General

Bancorp

...............

9,124

359,121

CBTX,

Inc.

........................

2,504

68,384

Central

Pacific

Financial

Corp.

...........

3,251

84,721

Century

Bancorp,

Inc.,

Class

A

...........

369

42,066

CIT

Group,

Inc.

.....................

11,844

611,032

Citizens

&

Northern

Corp.

..............

2,213

54,218

City

Holding

Co.

....................

1,847

138,968

Civista

Bancshares,

Inc.

...............

2,041

45,106

CNB

Financial

Corp.

..................

2,069

47,215

Coastal

Financial

Corp.

(a)

..............

1,467

41,898

Columbia

Banking

System,

Inc.

..........

8,586

331,076

Community

Bank

System,

Inc.

...........

6,388

483,252

Community

Trust

Bancorp,

Inc.

..........

2,077

83,869

ConnectOne

Bancorp,

Inc.

.............

4,844

126,767

CrossFirst

Bankshares,

Inc.

(a)

............

5,614

77,192

Customers

Bancorp,

Inc.

(a)

..............

2,596

101,218

CVB

Financial

Corp.

..................

15,419

317,477

Dime

Community

Bancshares,

Inc.

(b)

.......

4,230

142,213

Eagle

Bancorp,

Inc.

..................

3,699

207,440

Eastern

Bankshares,

Inc.

..............

20,803

427,918

Enterprise

Bancorp,

Inc.

...............

1,148

37,597

Enterprise

Financial

Services

Corp.

.......

3,449

159,999

Equity

Bancshares,

Inc.,

Class

A

(a)

........

1,911

58,266

Farmers

National

Banc

Corp.

............

3,365

52,191

FB

Financial

Corp.

...................

4,237

158,125

Fidelity

D&D

Bancorp,

Inc.

(b)

............

528

28,565

Financial

Institutions,

Inc.

..............

2,196

65,880

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Banks

(continued)

First

Bancorp

......................

3,236

$

132,385

First

BanCorp

......................

25,712

306,487

First

Bancorp,

Inc.

(The)

...............

1,388

40,877

First

Bancshares,

Inc.

(The)

.............

2,417

90,468

First

Bank

.........................

2,179

29,504

First

Busey

Corp.

....................

6,429

158,539

First

Choice

Bancorp

.................

1,191

36,266

First

Commonwealth

Financial

Corp.

.......

9,378

131,948

First

Community

Bankshares,

Inc.

........

1,976

58,984

First

Financial

Bancorp

................

11,477

271,201

First

Financial

Bankshares,

Inc.

(b)

.........

15,494

761,220

First

Financial

Corp.

..................

1,440

58,781

First

Foundation,

Inc.

(b)

................

4,749

106,900

First

Internet

Bancorp

.................

947

29,338

First

Interstate

BancSystem,

Inc.,

Class

A

...

4,965

207,686

First

Merchants

Corp.

.................

6,326

263,604

First

Mid

Bancshares,

Inc.

..............

2,204

89,284

First

Midwest

Bancorp,

Inc.

.............

13,589

269,470

First

of

Long

Island

Corp.

(The)

..........

2,616

55,538

Five

Star

Bancorp

(a)(b)

.................

631

15,239

Flushing

Financial

Corp.

...............

3,679

78,841

Fulton

Financial

Corp.

.................

18,965

299,268

German

American

Bancorp,

Inc.

..........

3,058

113,758

Glacier

Bancorp,

Inc.

.................

11,434

629,785

Great

Southern

Bancorp,

Inc.

............

1,452

78,263

Great

Western

Bancorp,

Inc.

............

6,291

206,282

Guaranty

Bancshares,

Inc.

.............

1,095

37,307

Hancock

Whitney

Corp.

...............

10,322

458,710

Hanmi

Financial

Corp.

................

3,597

68,559

HarborOne

Bancorp,

Inc.

..............

6,754

96,852

Hawthorn

Bancshares,

Inc.

.............

30

688

HBT

Financial,

Inc.

...................

1,397

24,322

Heartland

Financial

USA,

Inc.

...........

4,809

225,975

Heritage

Commerce

Corp.

..............

7,564

84,187

Heritage

Financial

Corp.

...............

4,419

110,563

Hilltop

Holdings,

Inc.

..................

7,705

280,462

Home

BancShares,

Inc.

...............

18,195

449,053

HomeTrust

Bancshares,

Inc.

............

1,769

49,355

Hope

Bancorp,

Inc.

..................

14,042

199,116

Horizon

Bancorp,

Inc.

.................

5,134

89,486

Howard

Bancorp,

Inc.

(a)(b)

...............

1,869

30,147

Independent

Bank

Corp.

...............

6,428

351,162

Independent

Bank

Group,

Inc.

...........

4,466

330,395

International

Bancshares

Corp.

..........

6,385

274,172

Investors

Bancorp,

Inc.

(b)

...............

27,250

388,585

Lakeland

Bancorp,

Inc.

................

6,113

106,855

Lakeland

Financial

Corp.

...............

2,978

183,564

Live

Oak

Bancshares,

Inc.

..............

3,760

221,840

Macatawa

Bank

Corp.

................

3,277

28,674

Mercantile

Bank

Corp.

................

1,800

54,360

Metrocity

Bankshares,

Inc.

.............

2,420

42,374

Metropolitan

Bank

Holding

Corp.

(a)

........

951

57,269

Mid

Penn

Bancorp,

Inc.

................

1,319

36,207

Midland

States

Bancorp,

Inc.

............

2,847

74,791

MidWestOne

Financial

Group,

Inc.

(b)

.......

1,561

44,910

MVB

Financial

Corp.

.................

1,269

54,136

National

Bank

Holdings

Corp.,

Class

A

.....

3,391

127,976

NBT

Bancorp,

Inc.

...................

5,033

181,037

Nicolet

Bankshares,

Inc.

(a)

..............

1,078

75,827

Northrim

BanCorp,

Inc.

................

885

37,834

OceanFirst

Financial

Corp.

.............

7,240

150,882

OFG

Bancorp

......................

5,764

127,500

Old

National

Bancorp

.................

19,684

346,635

Old

Second

Bancorp,

Inc.

..............

3,011

37,336

Origin

Bancorp,

Inc.

..................

2,561

108,740

Security

Shares

Shares

Value

Banks

(continued)

Orrstown

Financial

Services,

Inc.

.........

1,383

$

31,906

Pacific

Premier

Bancorp,

Inc.

............

10,017

423,619

Park

National

Corp.

(b)

.................

1,693

198,792

Peapack-Gladstone

Financial

Corp.

.......

2,401

74,599

Peoples

Bancorp,

Inc.

................

2,160

63,979

Peoples

Financial

Services

Corp.

.........

912

38,851

Preferred

Bank

.....................

1,661

105,091

Premier

Financial

Bancorp,

Inc.

..........

1,798

30,296

Primis

Financial

Corp.

.................

3,287

50,160

QCR

Holdings,

Inc.

..................

1,775

85,360

RBB

Bancorp

......................

1,698

41,126

Red

River

Bancshares,

Inc.

.............

447

22,578

Reliant

Bancorp,

Inc.

.................

1,664

46,143

Renasant

Corp.

.....................

6,498

259,920

Republic

Bancorp,

Inc.,

Class

A

..........

1,041

48,021

Republic

First

Bancorp,

Inc.

(a)

............

5,329

21,263

S&T

Bancorp,

Inc.

(b)

..................

4,105

128,486

Sandy

Spring

Bancorp,

Inc.

.............

5,426

239,449

Seacoast

Banking

Corp.

of

Florida

........

6,044

206,403

ServisFirst

Bancshares,

Inc.

(b)

...........

5,927

402,917

Sierra

Bancorp

.....................

1,457

37,081

Silvergate

Capital

Corp.,

Class

A

(a)

........

2,731

309,477

Simmons

First

National

Corp.,

Class

A

(b)

....

12,813

375,933

SmartFinancial,

Inc.

..................

1,683

40,409

South

Plains

Financial,

Inc.

.............

1,349

31,202

South

State

Corp.

...................

8,455

691,281

Southern

First

Bancshares,

Inc.

(a)

.........

777

39,751

Southside

Bancshares,

Inc.

.............

3,717

142,101

Spirit

of

Texas

Bancshares,

Inc.

..........

1,450

33,118

Stock

Yards

Bancorp,

Inc.

..............

2,402

122,238

Summit

Financial

Group,

Inc.

............

1,524

33,543

Texas

Capital

Bancshares,

Inc.

(a)

.........

6,050

384,114

Tompkins

Financial

Corp.

..............

1,787

138,600

Towne

Bank

(b)

......................

7,876

239,588

TriCo

Bancshares

...................

3,525

150,094

TriState

Capital

Holdings,

Inc.

(a)

..........

3,706

75,565

Triumph

Bancorp,

Inc.

(a)

...............

2,766

205,375

Trustmark

Corp.

....................

7,679

236,513

UMB

Financial

Corp.

.................

5,224

486,145

United

Bankshares,

Inc.

(b)

..............

14,908

544,142

United

Community

Banks,

Inc.

...........

9,592

307,040

Univest

Financial

Corp.

................

3,741

98,650

Valley

National

Bancorp

(b)

..............

47,787

641,779

Veritex

Holdings,

Inc.

.................

5,521

195,499

Washington

Trust

Bancorp,

Inc.

..........

1,991

102,238

WesBanco,

Inc.

.....................

7,728

275,349

West

BanCorp,

Inc.

..................

1,709

47,425

Westamerica

BanCorp

................

3,052

177,108

27,939,244

Beverages

—

0.4%

Celsius

Holdings,

Inc.

(a)

................

5,426

412,864

Coca-Cola

Consolidated,

Inc.

............

561

225,595

Duckhorn

Portfolio,

Inc.

(The)

(a)

..........

2,407

53,098

MGP

Ingredients,

Inc.

.................

1,711

115,732

National

Beverage

Corp.

(b)

..............

2,763

130,497

NewAge,

Inc.

(a)

.....................

16,634

37,094

Primo

Water

Corp.

(b)

..................

18,720

313,186

1,288,066

Biotechnology

—

10.1%

(a)

4D

Molecular

Therapeutics,

Inc.

..........

1,382

33,279

89bio,

Inc.

........................

1,426

26,666

ACADIA

Pharmaceuticals,

Inc.

...........

14,276

348,192

Adicet

Bio,

Inc.

.....................

2,495

25,674

Adverum

Biotechnologies,

Inc.

...........

8,222

28,777

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Biotechnology

(continued)

Aeglea

BioTherapeutics,

Inc.

............

3,967

$

27,610

Affimed

NV

........................

12,593

107,041

Agenus,

Inc.

.......................

23,514

129,092

Agios

Pharmaceuticals,

Inc.

.............

7,348

404,948

Akebia

Therapeutics,

Inc.

(b)

.............

20,550

77,885

Akero

Therapeutics,

Inc.

...............

3,067

76,092

Akouos,

Inc.

.......................

2,158

27,083

Albireo

Pharma,

Inc.

..................

1,831

64,415

Aldeyra

Therapeutics,

Inc.

(b)

.............

5,789

65,589

Alector,

Inc.

.......................

6,871

143,123

Aligos

Therapeutics,

Inc.

(b)

..............

2,238

45,622

Alkermes

plc

.......................

19,134

469,166

Allakos,

Inc.

.......................

4,169

355,908

Allogene

Therapeutics,

Inc.

.............

8,111

211,535

Allovir,

Inc.

........................

3,080

60,799

Alpine

Immune

Sciences,

Inc.

...........

1,385

12,465

Altimmune,

Inc.

.....................

3,876

38,179

ALX

Oncology

Holdings,

Inc.

............

1,956

106,954

Amicus

Therapeutics,

Inc.

..............

30,715

296,093

AnaptysBio,

Inc.

....................

2,300

59,639

Anavex

Life

Sciences

Corp.

.............

7,676

175,473

Anika

Therapeutics,

Inc.

...............

1,778

76,970

Annexon,

Inc.

......................

3,719

83,715

Apellis

Pharmaceuticals,

Inc.

............

7,747

489,610

Applied

Molecular

Transport,

Inc.

.........

2,742

125,419

Applied

Therapeutics,

Inc.

..............

2,266

47,087

AquaBounty

Technologies,

Inc.

..........

6,260

33,554

Arbutus

Biopharma

Corp.

..............

9,316

28,227

Arcturus

Therapeutics

Holdings,

Inc.

.......

2,819

95,395

Arcus

Biosciences,

Inc.

................

5,601

153,803

Arcutis

Biotherapeutics,

Inc.

............

3,409

93,032

Ardelyx,

Inc.

.......................

11,313

85,753

Arena

Pharmaceuticals,

Inc.

(b)

...........

7,332

500,042

Arrowhead

Pharmaceuticals,

Inc.

.........

12,091

1,001,377

Atara

Biotherapeutics,

Inc.

..............

10,466

162,746

Athenex,

Inc.

.......................

11,118

51,365

Athersys,

Inc.

(b)

.....................

30,688

44,191

Atossa

Therapeutics,

Inc.

(b)

.............

13,954

88,189

Atreca,

Inc.,

Class

A

..................

2,293

19,536

Avid

Bioservices,

Inc.

.................

7,002

179,601

Avidity

Biosciences,

Inc.

...............

3,292

81,345

Avita

Medical,

Inc.

(b)

..................

2,848

58,441

Avrobio,

Inc.

.......................

5,346

47,526

Beam

Therapeutics,

Inc.

(b)

..............

5,604

721,291

Beyondspring,

Inc.

...................

3,601

37,594

BioAtla,

Inc.

.......................

1,415

59,968

BioCryst

Pharmaceuticals,

Inc.

(b)

..........

21,207

335,283

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

(b)

..

6,444

625,584

Biomea

Fusion,

Inc.

..................

1,029

16,063

Bioxcel

Therapeutics,

Inc.

..............

1,924

55,911

Black

Diamond

Therapeutics,

Inc.

.........

3,206

39,081

Bluebird

Bio,

Inc.

....................

8,056

257,631

Blueprint

Medicines

Corp.

..............

6,979

613,873

Bolt

Biotherapeutics,

Inc.

...............

837

12,940

Bridgebio

Pharma,

Inc.

................

12,836

782,483

Brooklyn

ImmunoTherapeutics,

Inc.

.......

2,839

51,130

C4

Therapeutics,

Inc.

.................

4,108

155,447

Cardiff

Oncology,

Inc.

.................

4,313

28,681

CareDx,

Inc.

.......................

5,969

546,283

Catalyst

Pharmaceuticals,

Inc.

...........

10,939

62,899

Celcuity,

Inc.

.......................

950

22,800

Celldex

Therapeutics,

Inc.

..............

4,676

156,365

CEL-SCI

Corp.

.....................

3,808

33,053

Cerevel

Therapeutics

Holdings,

Inc.

.......

4,206

107,758

ChemoCentryx,

Inc.

..................

6,939

92,913

Security

Shares

Shares

Value

Biotechnology

(continued)

Chimerix,

Inc.

......................

7,569

$

60,552

Chinook

Therapeutics,

Inc.

.............

3,751

52,964

Clene,

Inc.

........................

2,729

30,674

Clovis

Oncology,

Inc.

(b)

................

12,553

72,807

Codiak

Biosciences,

Inc.

...............

1,873

34,707

Cogent

Biosciences,

Inc.

...............

4,432

35,944

Coherus

Biosciences,

Inc.

..............

8,153

112,756

Constellation

Pharmaceuticals,

Inc.

........

4,327

146,253

Cortexyme,

Inc.

.....................

2,380

126,140

Crinetics

Pharmaceuticals,

Inc.

..........

4,351

82,016

Cue

Biopharma,

Inc.

..................

2,856

33,272

Cullinan

Oncology,

Inc.

................

1,178

30,334

Curis,

Inc.

.........................

10,330

83,363

Cytokinetics,

Inc.

....................

7,658

151,552

CytomX

Therapeutics,

Inc.

.............

9,034

57,185

Deciphera

Pharmaceuticals,

Inc.

.........

4,558

166,868

Denali

Therapeutics,

Inc.

...............

10,852

851,231

DermTech,

Inc.

.....................

2,827

117,518

Design

Therapeutics,

Inc.

..............

1,607

31,963

Dicerna

Pharmaceuticals,

Inc.

...........

8,031

299,717

Dynavax

Technologies

Corp.

............

12,356

121,707

Dyne

Therapeutics,

Inc.

...............

3,582

75,365

Eagle

Pharmaceuticals,

Inc.

............

1,442

61,718

Editas

Medicine,

Inc.

.................

7,961

450,911

Eiger

BioPharmaceuticals,

Inc.

...........

2,907

24,768

Emergent

BioSolutions,

Inc.

.............

5,844

368,114

Enanta

Pharmaceuticals,

Inc.

............

2,093

92,113

Epizyme,

Inc.

......................

10,238

85,078

Esperion

Therapeutics,

Inc.

.............

2,847

60,214

Evelo

Biosciences,

Inc.

................

3,622

49,766

Fate

Therapeutics,

Inc.

................

9,598

833,010

FibroGen,

Inc.

......................

9,991

266,060

Finch

Therapeutics

Group,

Inc.

..........

903

12,705

Flexion

Therapeutics,

Inc.

..............

5,606

46,137

Foghorn

Therapeutics,

Inc.

.............

2,333

24,893

Forma

Therapeutics

Holdings,

Inc.

........

4,122

102,597

Forte

Biosciences,

Inc.

................

1,346

45,253

Fortress

Biotech,

Inc.

.................

10,494

37,464

Frequency

Therapeutics,

Inc.

............

4,360

43,426

G1

Therapeutics,

Inc.

.................

4,694

102,986

Gemini

Therapeutics,

Inc.

..............

2,613

16,906

Generation

Bio

Co.

..................

5,377

144,641

Geron

Corp.

.......................

30,007

42,310

Global

Blood

Therapeutics,

Inc.

..........

7,139

250,008

Gossamer

Bio,

Inc.

..................

8,589

69,743

Greenwich

Lifesciences,

Inc.

............

481

21,616

Gritstone

Oncology,

Inc.

(b)

..............

5,146

46,983

GT

Biopharma,

Inc.

..................

2,844

44,082

Halozyme

Therapeutics,

Inc.

............

16,810

763,342

Harpoon

Therapeutics,

Inc.

.............

2,231

30,944

Heron

Therapeutics,

Inc.

...............

11,355

176,230

Homology

Medicines,

Inc.

..............

6,120

44,492

Hookipa

Pharma,

Inc.

.................

2,778

25,446

Humanigen,

Inc.

....................

5,350

92,983

iBio,

Inc.

..........................

18,837

28,444

Ideaya

Biosciences,

Inc.

...............

3,348

70,275

IGM

Biosciences,

Inc.

.................

1,089

90,605

Immunic,

Inc.

(b)

.....................

1,850

22,681

ImmunityBio,

Inc.

(b)

...................

7,977

113,912

ImmunoGen,

Inc.

....................

24,895

164,058

Immunovant,

Inc.

....................

3,832

40,504

Impel

Neuropharma,

Inc.

...............

1,317

11,655

Infinity

Pharmaceuticals,

Inc.

............

10,441

31,219

Inhibrx,

Inc.

........................

3,329

91,614

Inovio

Pharmaceuticals,

Inc.

............

24,662

228,617

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Biotechnology

(continued)

Inozyme

Pharma,

Inc.

.................

2,201

$

37,505

Insmed,

Inc.

.......................

12,157

345,988

Instil

Bio,

Inc.

(b)

.....................

2,079

40,166

Intellia

Therapeutics,

Inc.

..............

7,620

1,233,754

Intercept

Pharmaceuticals,

Inc.

..........

3,843

76,745

Invitae

Corp.

.......................

23,902

806,214

Ironwood

Pharmaceuticals,

Inc.

..........

17,328

223,011

iTeos

Therapeutics,

Inc.

...............

2,399

61,534

IVERIC

bio,

Inc.

.....................

10,285

64,898

Jounce

Therapeutics,

Inc.

..............

3,932

26,738

Kadmon

Holdings,

Inc.

................

18,925

73,240

KalVista

Pharmaceuticals,

Inc.

...........

2,756

66,034

Karuna

Therapeutics,

Inc.

(b)

.............

2,648

301,846

Karyopharm

Therapeutics,

Inc.

...........

7,935

81,889

Keros

Therapeutics,

Inc.

...............

1,668

70,840

Kezar

Life

Sciences,

Inc.

...............

5,731

31,119

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

......

4,166

58,032

Kinnate

Biopharma,

Inc.

...............

1,156

26,912

Kodiak

Sciences,

Inc.

.................

3,965

368,745

Kronos

Bio,

Inc.

.....................

4,630

110,888

Krystal

Biotech,

Inc.

..................

2,139

145,452

Kura

Oncology,

Inc.

..................

7,388

154,040

Kymera

Therapeutics,

Inc.

..............

3,448

167,228

Lexicon

Pharmaceuticals,

Inc.

...........

8,097

37,165

Ligand

Pharmaceuticals,

Inc.

(b)

...........

1,876

246,112

Lineage

Cell

Therapeutics,

Inc.

..........

14,464

41,222

MacroGenics,

Inc.

...................

7,298

196,024

Madrigal

Pharmaceuticals,

Inc.

...........

1,354

131,893

Magenta

Therapeutics,

Inc.

.............

3,568

34,895

MannKind

Corp.

(b)

...................

31,328

170,738

MEI

Pharma,

Inc.

(b)

...................

10,853

30,931

MeiraGTx

Holdings

plc

................

3,553

55,072

Mersana

Therapeutics,

Inc.

.............

8,214

111,546

MiMedx

Group,

Inc.

..................

13,250

165,758

Mirum

Pharmaceuticals,

Inc.

............

116

2,006

Molecular

Templates,

Inc.

..............

4,560

35,659

Morphic

Holding,

Inc.

.................

2,473

141,925

Mustang

Bio,

Inc.

....................

10,141

33,668

Myriad

Genetics,

Inc.

.................

9,133

279,287

Neoleukin

Therapeutics,

Inc.

............

5,042

46,538

NexImmune,

Inc.

....................

1,414

23,076

Nkarta,

Inc.

........................

1,683

53,334

Nurix

Therapeutics,

Inc.

...............

3,736

99,116

Ocugen,

Inc.

(b)

......................

22,025

176,861

Olema

Pharmaceuticals,

Inc.

............

1,047

29,295

Oncocyte

Corp.

.....................

6,660

38,228

Oncorus,

Inc.

(b)

.....................

2,436

33,617

Oncternal

Therapeutics,

Inc.

(b)

...........

5,279

25,075

OPKO

Health,

Inc.

(b)

..................

48,841

197,806

Organogenesis

Holdings,

Inc.

...........

4,549

75,604

ORIC

Pharmaceuticals,

Inc.

.............

3,520

62,269

Outlook

Therapeutics,

Inc.

..............

10,446

26,011

Oyster

Point

Pharma,

Inc.

..............

1,325

22,777

Passage

Bio,

Inc.

....................

4,476

59,262

PMV

Pharmaceuticals,

Inc.

.............

3,129

106,887

Portage

Biotech,

Inc.

.................

430

9,013

Poseida

Therapeutics,

Inc.

.............

2,760

27,655

Praxis

Precision

Medicines,

Inc.

..........

2,909

53,177

Precigen,

Inc.

......................

11,313

73,761

Precision

BioSciences,

Inc.

.............

5,155

64,541

Prelude

Therapeutics,

Inc.

..............

1,495

42,802

Prometheus

Biosciences,

Inc.

...........

1,348

33,107

Protagonist

Therapeutics,

Inc.

...........

4,931

221,303

Prothena

Corp.

plc

...................

4,067

209,084

PTC

Therapeutics,

Inc.

(b)

...............

8,285

350,207

Security

Shares

Shares

Value

Biotechnology

(continued)

Puma

Biotechnology,

Inc.

..............

2,972

$

27,283

Radius

Health,

Inc.

...................

5,987

109,203

RAPT

Therapeutics,

Inc.

...............

2,143

68,126

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

..

2,520

91,980

REGENXBIO,

Inc.

(b)

..................

4,432

172,183

Relay

Therapeutics,

Inc.

(b)

..............

6,982

255,471

Reneo

Pharmaceuticals,

Inc.

............

1,179

11,000

Replimune

Group,

Inc.

................

3,359

129,053

REVOLUTION

Medicines,

Inc.

...........

7,084

224,846

Rhythm

Pharmaceuticals,

Inc.

...........

5,254

102,873

Rigel

Pharmaceuticals,

Inc.

.............

19,733

85,641

Rocket

Pharmaceuticals,

Inc.

............

4,881

216,179

Rubius

Therapeutics,

Inc.

..............

5,378

131,277

Sana

Biotechnology,

Inc.

(b)

..............

3,202

62,951

Sangamo

Therapeutics,

Inc.

............

14,819

177,383

Scholar

Rock

Holding

Corp.

.............

3,617

104,531

Selecta

Biosciences,

Inc.

..............

11,413

47,706

Sensei

Biotherapeutics,

Inc.

............

1,776

17,334

Seres

Therapeutics,

Inc.

...............

8,301

197,979

Sesen

Bio,

Inc.

.....................

20,390

94,202

Shattuck

Labs,

Inc.

..................

3,173

91,985

Sigilon

Therapeutics,

Inc.

..............

863

9,260

Silverback

Therapeutics,

Inc.

............

1,181

36,481

Solid

Biosciences,

Inc.

(b)

...............

7,112

26,030

Sorrento

Therapeutics,

Inc.

.............

32,519

315,109

Spectrum

Pharmaceuticals,

Inc.

(b)

.........

18,396

68,985

Spero

Therapeutics,

Inc.

...............

3,299

46,054

SpringWorks

Therapeutics,

Inc.

..........

3,482

286,952

Spruce

Biosciences,

Inc.

...............

1,836

20,582

SQZ

Biotechnologies

Co.

..............

2,715

39,232

Stoke

Therapeutics,

Inc.

...............

2,277

76,644

Summit

Therapeutics,

Inc.

..............

2,681

20,000

Surface

Oncology,

Inc.

................

3,969

29,609

Sutro

Biopharma,

Inc.

(b)

................

5,172

96,147

Syndax

Pharmaceuticals,

Inc.

...........

5,363

92,083

Syros

Pharmaceuticals,

Inc.

............

7,611

41,480

Talaris

Therapeutics,

Inc.

..............

1,062

15,601

Taysha

Gene

Therapies,

Inc.

............

2,655

56,286

TCR2

Therapeutics,

Inc.

...............

3,060

50,215

TG

Therapeutics,

Inc.

.................

15,364

595,970

Tonix

Pharmaceuticals

Holding

Corp.

(b)

.....

38,965

43,251

Translate

Bio,

Inc.

...................

7,847

216,106

Travere

Therapeutics,

Inc.

..............

7,498

109,396

Trevena,

Inc.

.......................

19,506

32,965

Trillium

Therapeutics,

Inc.

(b)

.............

11,667

113,170

Turning

Point

Therapeutics,

Inc.

..........

5,485

427,940

Twist

Bioscience

Corp.

................

5,632

750,464

UroGen

Pharma

Ltd.

.................

1,979

30,219

Vanda

Pharmaceuticals,

Inc.

............

6,987

150,290

Vaxart,

Inc.

(b)

.......................

14,248

106,718

Vaxcyte,

Inc.

.......................

4,741

106,720

VBI

Vaccines,

Inc.

(b)

..................

20,581

68,946

Veracyte,

Inc.

......................

8,004

320,000

Verastem,

Inc.

......................

19,103

77,749

Vericel

Corp.

(b)

......................

5,485

287,963

Viking

Therapeutics,

Inc.

(b)

..............

9,183

55,006

Vincerx

Pharma,

Inc.

.................

867

11,262

Vir

Biotechnology,

Inc.

................

7,170

338,998

Viracta

Therapeutics,

Inc.

..............

4,324

49,034

VistaGen

Therapeutics,

Inc.

(b)

............

22,818

71,877

Vor

BioPharma,

Inc.

..................

837

15,610

Werewolf

Therapeutics,

Inc.

.............

903

15,748

XBiotech,

Inc.

......................

1,182

19,574

Xencor,

Inc.

.......................

6,594

227,427

XOMA

Corp.

.......................

428

14,552

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Biotechnology

(continued)

Y-mAbs

Therapeutics,

Inc.

..............

4,177

$

141,183

Zentalis

Pharmaceuticals,

Inc.

...........

3,965

210,938

ZIOPHARM

Oncology,

Inc.

.............

21,396

56,485

36,783,287

Building

Products

—

1.1%

AAON,

Inc.

........................

4,943

309,382

American

Woodmark

Corp.

(a)

............

2,077

169,670

Apogee

Enterprises,

Inc.

...............

3,001

122,231

Caesarstone

Ltd.

....................

2,327

34,347

Cornerstone

Building

Brands,

Inc.

(a)

.......

6,531

118,734

CSW

Industrials,

Inc.

.................

1,691

200,316

Gibraltar

Industries,

Inc.

(a)

..............

3,880

296,083

Griffon

Corp.

.......................

5,478

140,401

Insteel

Industries,

Inc.

.................

2,076

66,743

JELD-WEN

Holding,

Inc.

(a)

..............

10,021

263,151

Masonite

International

Corp.

(a)

...........

2,928

327,321

PGT

Innovations,

Inc.

(a)

................

6,929

160,961

Quanex

Building

Products

Corp.

..........

4,145

102,962

Resideo

Technologies,

Inc.

(a)

............

17,249

517,470

Simpson

Manufacturing

Co.,

Inc.

.........

5,198

574,067

UFP

Industries,

Inc.

..................

7,183

533,984

View,

Inc.,

Class

A

(a)

..................

10,101

85,656

4,023,479

Capital

Markets

—

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

(b)

...........................

7,020

356,756

AssetMark

Financial

Holdings,

Inc.

(a)

.......

2,168

54,330

Associated

Capital

Group,

Inc.,

Class

A

.....

300

11,658

B.

Riley

Financial,

Inc.

................

2,441

184,295

BGC

Partners,

Inc.,

Class

A

(b)

...........

41,062

232,822

Blucora,

Inc.

(a)

......................

5,684

98,390

Brightsphere

Investment

Group,

Inc.

.......

6,919

162,112

Cohen

&

Steers,

Inc.

(b)

................

2,961

243,068

Cowen,

Inc.,

Class

A

.................

3,013

123,684

Diamond

Hill

Investment

Group,

Inc.

.......

411

68,764

Donnelley

Financial

Solutions,

Inc.

(a)

.......

3,421

112,893

Federated

Hermes,

Inc.,

Class

B

.........

11,294

382,980

Focus

Financial

Partners,

Inc.,

Class

A

(a)

....

6,164

298,954

GAMCO

Investors,

Inc.,

Class

A

(b)

.........

630

15,813

GCM

Grosvenor,

Inc.,

Class

A

...........

3,902

40,659

Greenhill

&

Co.,

Inc.

..................

1,834

28,537

Hamilton

Lane,

Inc.,

Class

A

............

4,035

367,669

Houlihan

Lokey,

Inc.

..................

6,197

506,853

Moelis

&

Co.,

Class

A

.................

7,297

415,126

Open

Lending

Corp.,

Class

A

(a)

...........

12,438

535,953

Oppenheimer

Holdings,

Inc.,

Class

A

.......

1,068

54,297

Piper

Sandler

Cos.

...................

2,099

271,946

PJT

Partners,

Inc.,

Class

A

.............

2,878

205,432

Pzena

Investment

Management,

Inc.,

Class

A

.

1,562

17,198

Sculptor

Capital

Management,

Inc.,

Class

A

..

2,074

51,000

StepStone

Group,

Inc.,

Class

A

..........

4,454

153,218

StoneX

Group,

Inc.

(a)

.................

1,976

119,884

Value

Line,

Inc.

.....................

472

14,632

Virtus

Investment

Partners,

Inc.

..........

892

247,771

WisdomTree

Investments,

Inc.

...........

17,260

107,012

5,483,706

Chemicals

—

1.9%

AdvanSix,

Inc.

(a)

.....................

3,233

96,537

American

Vanguard

Corp.

..............

3,869

67,746

Amyris,

Inc.

(a)(b)

.....................

19,946

326,516

Avient

Corp.

.......................

10,861

533,927

Balchem

Corp.

.....................

3,847

504,957

Cabot

Corp.

.......................

6,694

381,089

Security

Shares

Shares

Value

Chemicals

(continued)

Chase

Corp.

.......................

874

$

89,681

Danimer

Scientific,

Inc.

(a)

...............

8,202

205,460

Ferro

Corp.

(a)(b)

.....................

9,587

206,792

FutureFuel

Corp.

....................

2,343

22,493

GCP

Applied

Technologies,

Inc.

(a)

.........

6,282

146,119

Hawkins,

Inc.

......................

2,231

73,065

HB

Fuller

Co.

......................

6,274

399,089

Ingevity

Corp.

(a)(b)

....................

4,802

390,691

Innospec,

Inc.

......................

2,919

264,491

Intrepid

Potash,

Inc.

(a)

.................

1,251

39,857

Koppers

Holdings,

Inc.

(a)

...............

2,429

78,578

Kraton

Corp.

(a)

......................

3,537

114,210

Kronos

Worldwide,

Inc.

................

2,839

40,654

Livent

Corp.

(a)

......................

17,420

337,251

Marrone

Bio

Innovations,

Inc.

(a)(b)

.........

14,625

24,278

Minerals

Technologies,

Inc.

.............

4,010

315,467

Orion

Engineered

Carbons

SA

(a)

..........

7,203

136,785

PQ

Group

Holdings,

Inc.

...............

6,125

94,080

PureCycle

Technologies,

Inc.

(a)

...........

3,929

92,921

Quaker

Chemical

Corp.

(b)

..............

1,605

380,690

Rayonier

Advanced

Materials,

Inc.

(a)

.......

7,334

49,064

Sensient

Technologies

Corp.

(b)

...........

5,046

436,782

Stepan

Co.

........................

2,554

307,170

Tredegar

Corp.

.....................

3,437

47,327

Trinseo

SA

........................

4,598

275,144

Tronox

Holdings

plc,

Class

A

............

13,839

309,994

Valhi,

Inc.

.........................

447

10,876

Zymergen,

Inc.

(a)

....................

2,233

89,342

6,889,123

Commercial

Services

&

Supplies

—

1.8%

ABM

Industries,

Inc.

..................

8,038

356,485

ACCO

Brands

Corp.

..................

11,547

99,651

Brady

Corp.,

Class

A

.................

5,627

315,337

BrightView

Holdings,

Inc.

(a)

.............

4,891

78,843

Brink's

Co.

(The)

(b)

...................

5,805

446,056

Casella

Waste

Systems,

Inc.,

Class

A

(a)

.....

5,952

377,535

CECO

Environmental

Corp.

(a)

............

4,493

32,170

Cimpress

plc

(a)(b)

....................

2,089

226,469

CompX

International,

Inc.

..............

284

5,899

CoreCivic,

Inc.

(a)(b)

...................

14,309

149,815

Covanta

Holding

Corp.

................

14,291

251,665

Deluxe

Corp.

.......................

5,120

244,582

Ennis,

Inc.

........................

2,869

61,741

Harsco

Corp.

(a)

.....................

9,462

193,214

Healthcare

Services

Group,

Inc.

(b)

.........

8,913

281,383

Heritage-Crystal

Clean,

Inc.

(a)

............

1,740

51,643

Herman

Miller,

Inc.

...................

6,988

329,414

HNI

Corp.

.........................

5,188

228,116

Interface,

Inc.

......................

6,309

96,528

KAR

Auction

Services,

Inc.

(a)(b)

...........

14,845

260,530

Kimball

International,

Inc.,

Class

B

........

3,980

52,337

Knoll,

Inc.

.........................

5,679

147,597

Matthews

International

Corp.,

Class

A

......

3,699

133,016

Montrose

Environmental

Group,

Inc.

(a)

......

2,637

141,502

NL

Industries,

Inc.

...................

1,105

7,183

Pitney

Bowes,

Inc.

...................

21,420

187,853

RR

Donnelley

&

Sons

Co.

(a)

.............

8,452

53,079

SP

Plus

Corp.

(a)

.....................

2,737

83,725

Steelcase,

Inc.,

Class

A

...............

10,547

159,365

Team,

Inc.

(a)

.......................

3,929

26,324

Tetra

Tech,

Inc.

.....................

6,433

785,083

UniFirst

Corp.

(b)

.....................

1,799

422,117

US

Ecology,

Inc.

(a)

...................

3,889

145,915

Viad

Corp.

(a)(b)

......................

2,488

124,027

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

VSE

Corp.

........................

1,237

$

61,244

6,617,443

Communications

Equipment

—

0.7%

ADTRAN,

Inc.

......................

6,264

129,352

Aviat

Networks,

Inc.

(a)

.................

794

26,019

CalAmp

Corp.

(a)

.....................

3,771

47,967

Calix,

Inc.

(a)

........................

6,648

315,780

Cambium

Networks

Corp.

(a)

.............

1,081

52,266

Casa

Systems,

Inc.

(a)

.................

3,218

28,544

Clearfield,

Inc.

(a)

.....................

1,165

43,629

Comtech

Telecommunications

Corp.

.......

2,824

68,228

Digi

International,

Inc.

(a)

................

4,288

86,232

DZS,

Inc.

(a)

........................

2,117

43,928

EchoStar

Corp.,

Class

A

(a)

..............

4,932

119,798

EMCORE

Corp.

(a)

....................

4,356

40,162

Extreme

Networks,

Inc.

(a)

...............

14,854

165,771

Harmonic,

Inc.

(a)

.....................

10,653

90,764

Infinera

Corp.

(a)

.....................

21,242

216,668

Inseego

Corp.

(a)(b)

....................

9,943

100,325

KVH

Industries,

Inc.

(a)

.................

1,424

17,515

NETGEAR,

Inc.

(a)

....................

3,377

129,407

NetScout

Systems,

Inc.

(a)

..............

8,371

238,908

Plantronics,

Inc.

(a)(b)

..................

4,022

167,838

Ribbon

Communications,

Inc.

(a)

..........

8,602

65,461

Viavi

Solutions,

Inc.

(a)

.................

27,272

481,624

2,676,186

Construction

&

Engineering

—

1.3%

Ameresco,

Inc.,

Class

A

(a)

..............

3,686

231,186

API

Group

Corp.

(a)(b)(d)

.................

21,519

449,532

Arcosa,

Inc.

.......................

5,780

339,517

Argan,

Inc.

........................

1,840

87,934

Comfort

Systems

USA,

Inc.

.............

4,253

335,094

Concrete

Pumping

Holdings,

Inc.

(a)

........

3,764

31,881

Construction

Partners,

Inc.,

Class

A

(a)

......

3,367

105,724

Dycom

Industries,

Inc.

(a)

...............

3,565

265,700

EMCOR

Group,

Inc.

(b)

.................

6,454

795,068

Fluor

Corp.

(a)(b)

......................

16,886

298,882

Granite

Construction,

Inc.

(b)

.............

5,458

226,671

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.......

6,984

102,036

HC2

Holdings,

Inc.

(a)

..................

6,279

24,990

IES

Holdings,

Inc.

(a)

..................

1,029

52,850

Infrastructure

and

Energy

Alternatives,

Inc.

(a)

.

2,493

32,060

Matrix

Service

Co.

(a)

..................

2,456

25,788

MYR

Group,

Inc.

(a)

...................

2,001

181,931

Northwest

Pipe

Co.

(a)

.................

1,280

36,160

NV5

Global,

Inc.

(a)

...................

1,528

144,411

Primoris

Services

Corp.

...............

6,380

187,763

Sterling

Construction

Co.,

Inc.

(a)

..........

3,737

90,174

Tutor

Perini

Corp.

(a)

..................

5,600

77,560

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

21,530

600,041

4,722,953

Construction

Materials

—

0.2%

Forterra,

Inc.

(a)

......................

3,594

84,495

Summit

Materials,

Inc.,

Class

A

(a)

.........

13,994

487,691

United

States

Lime

&

Minerals,

Inc.

........

275

38,250

US

Concrete,

Inc.

(a)

..................

1,968

145,238

755,674

Consumer

Finance

—

0.8%

Atlanticus

Holdings

Corp.

(a)(b)

............

496

19,691

Curo

Group

Holdings

Corp.

.............

2,633

44,761

Encore

Capital

Group,

Inc.

(a)

............

3,749

177,665

Enova

International,

Inc.

(a)

..............

4,391

150,216

EZCORP,

Inc.,

Class

A

(a)

...............

6,650

40,099

Security

Shares

Shares

Value

Consumer

Finance

(continued)

FirstCash,

Inc.

......................

4,804

$

367,218

Green

Dot

Corp.,

Class

A

(a)

.............

6,397

299,699

LendingClub

Corp.

(a)

..................

11,509

208,658

LendingTree,

Inc.

(a)

...................

1,386

293,666

Navient

Corp.

......................

21,025

406,413

Nelnet,

Inc.,

Class

A

..................

2,025

152,341

Oportun

Financial

Corp.

(a)

..............

2,532

50,716

PRA

Group,

Inc.

(a)

...................

5,565

214,086

PROG

Holdings,

Inc.

.................

8,008

385,425

Regional

Management

Corp.

............

901

41,933

World

Acceptance

Corp.

(a)

..............

507

81,242

2,933,829

Containers

&

Packaging

—

0.2%

Greif,

Inc.,

Class

A

...................

3,125

189,219

Greif,

Inc.,

Class

B

...................

766

45,194

Myers

Industries,

Inc.

.................

4,293

90,153

O-I

Glass,

Inc.

(a)

.....................

19,219

313,846

Pactiv

Evergreen,

Inc.

................

5,235

78,891

Ranpak

Holdings

Corp.

(a)

...............

4,170

104,375

UFP

Technologies,

Inc.

(a)

...............

876

50,300

871,978

Distributors

—

0.1%

Core-Mark

Holding

Co.,

Inc.

............

5,213

234,637

Funko,

Inc.,

Class

A

(a)

.................

3,374

71,799

Greenlane

Holdings,

Inc.,

Class

A

(a)(b)

......

1,731

7,737

314,173

Diversified

Consumer

Services

—

0.6%

2U,

Inc.

(a)

.........................

8,557

356,570

Adtalem

Global

Education,

Inc.

(a)

.........

5,874

209,349

American

Public

Education,

Inc.

(a)

.........

2,315

65,607

Carriage

Services,

Inc.

................

1,892

69,947

Coursera,

Inc.

(a)(b)

....................

1,438

56,887

Graham

Holdings

Co.,

Class

B

...........

462

292,862

Houghton

Mifflin

Harcourt

Co.

(a)

..........

15,166

167,433

Laureate

Education,

Inc.,

Class

A

(a)

........

12,535

181,883

OneSpaWorld

Holdings

Ltd.

(a)

...........

6,105

59,157

Perdoceo

Education

Corp.

(a)

............

7,835

96,136

Regis

Corp.

(a)

......................

3,106

29,072

StoneMor,

Inc.

(a)

.....................

4,160

10,899

Strategic

Education,

Inc.

...............

2,956

224,833

Stride,

Inc.

(a)

.......................

4,776

153,453

Vivint

Smart

Home,

Inc.

(a)(b)

.............

10,929

144,263

WW

International,

Inc.

(a)(b)

..............

6,282

227,032

2,345,383

Diversified

Financial

Services

—

0.1%

Alerus

Financial

Corp.

................

1,846

53,552

A-Mark

Precious

Metals,

Inc.

............

1,041

48,407

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

.....................

3,365

51,720

Cannae

Holdings,

Inc.

(a)

...............

10,621

360,158

Marlin

Business

Services

Corp.

..........

707

16,091

529,928

Diversified

Telecommunication

Services

—

0.7%

Anterix,

Inc.

(a)

......................

1,375

82,486

ATN

International,

Inc.

................

1,274

57,954

Bandwidth,

Inc.,

Class

A

(a)

..............

2,724

375,694

Cincinnati

Bell,

Inc.

(a)

.................

5,909

91,117

Cogent

Communications

Holdings,

Inc.

.....

5,088

391,216

Consolidated

Communications

Holdings,

Inc.

(a)

8,625

75,814

Globalstar,

Inc.

(a)(b)

...................

72,418

128,904

IDT

Corp.,

Class

B

(a)

..................

2,243

82,901

Iridium

Communications,

Inc.

(a)

...........

14,257

570,137

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Liberty

Latin

America

Ltd.,

Class

A

(a)

.......

5,114

$

70,880

Liberty

Latin

America

Ltd.,

Class

C

(a)(b)

......

18,771

264,671

Ooma,

Inc.

(a)

.......................

2,831

53,393

ORBCOMM,

Inc.

(a)

...................

8,969

100,812

Radius

Global

Infrastructure,

Inc.

(a)(b)

.......

5,247

76,082

2,422,061

Electric

Utilities

—

0.6%

ALLETE,

Inc.

......................

6,263

438,285

MGE

Energy,

Inc.

....................

4,346

323,516

Otter

Tail

Corp.

.....................

4,881

238,242

PNM

Resources,

Inc.

.................

10,214

498,137

Portland

General

Electric

Co.

............

10,738

494,807

Spark

Energy,

Inc.,

Class

A

.............

1,964

22,252

2,015,239

Electrical

Equipment

—

1.0%

Advent

Technologies

Holdings,

Inc.

(a)

.......

2,036

19,627

Allied

Motion

Technologies,

Inc.

..........

1,497

51,691

American

Superconductor

Corp.

(a)

........

3,553

61,787

Array

Technologies,

Inc.

(a)

..............

15,236

237,682

Atkore,

Inc.

(a)

.......................

5,577

395,967

AZZ,

Inc.

.........................

3,063

158,602

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

.......

6,621

52,173

Beam

Global

(a)

......................

1,049

40,187

Bloom

Energy

Corp.,

Class

A

(a)

...........

16,611

446,338

Encore

Wire

Corp.

...................

2,419

183,336

EnerSys

(b)

.........................

5,116

499,987

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)

.....

2,095

37,626

FTC

Solar,

Inc.

(a)

....................

2,269

30,200

FuelCell

Energy,

Inc.

(a)(b)

...............

38,987

346,984

GrafTech

International

Ltd.

.............

20,336

236,304

Powell

Industries,

Inc.

.................

923

28,567

Preformed

Line

Products

Co.

............

421

31,238

Romeo

Power,

Inc.,

Class

A

(a)

...........

4,987

40,594

Stem,

Inc.

(a)

........................

7,466

268,851

Thermon

Group

Holdings,

Inc.

(a)

..........

3,692

62,912

TPI

Composites,

Inc.

(a)

................

4,261

206,318

Vicor

Corp.

(a)

.......................

2,405

254,305

3,691,276

Electronic

Equipment,

Instruments

&

Components

—

2.3%

908

Devices,

Inc.

(a)

...................

1,087

42,121

Advanced

Energy

Industries,

Inc.

.........

4,590

517,339

Aeva

Technologies,

Inc.

(a)

..............

2,960

31,287

Akoustis

Technologies,

Inc.

(a)

............

5,185

55,531

Arlo

Technologies,

Inc.

(a)

...............

9,839

66,610

Badger

Meter,

Inc.

...................

3,484

341,850

Belden,

Inc.

.......................

5,383

272,218

Benchmark

Electronics,

Inc.

............

4,169

118,650

CTS

Corp.

........................

3,663

136,117

Daktronics,

Inc.

(a)

....................

3,703

24,403

ePlus,

Inc.

(a)

.......................

1,521

131,855

Fabrinet

(a)

.........................

4,410

422,787

FARO

Technologies,

Inc.

(a)

..............

2,195

170,705

Identiv,

Inc.

(a)

.......................

2,464

41,888

II-VI,

Inc.

(a)(b)

.......................

12,478

905,778

Insight

Enterprises,

Inc.

(a)

..............

4,169

416,942

Iteris,

Inc.

(a)

........................

5,349

35,571

Itron,

Inc.

(a)(b)

.......................

5,436

543,491

Kimball

Electronics,

Inc.

(a)

..............

3,028

65,829

Knowles

Corp.

(a)(b)

...................

10,747

212,146

Luna

Innovations,

Inc.

(a)

...............

3,683

39,887

Methode

Electronics,

Inc.

..............

4,656

229,122

MicroVision,

Inc.

(a)(b)

..................

18,888

316,374

Napco

Security

Technologies,

Inc.

(a)

.......

1,977

71,903

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

nLight,

Inc.

(a)

.......................

5,074

$

184,085

Novanta,

Inc.

(a)

.....................

4,213

567,744

OSI

Systems,

Inc.

(a)

..................

2,010

204,296

Ouster,

Inc.,

Class

A

(a)

.................

3,464

43,265

PAR

Technology

Corp.

(a)

...............

2,829

197,860

PC

Connection,

Inc.

..................

1,480

68,480

Plexus

Corp.

(a)

......................

3,358

306,955

Rogers

Corp.

(a)(b)

....................

2,232

448,186

Sanmina

Corp.

(a)

....................

7,662

298,511

ScanSource,

Inc.

(a)

...................

3,029

85,206

TTM

Technologies,

Inc.

(a)

...............

13,179

188,460

Velodyne

Lidar,

Inc.

(a)(b)

................

8,433

89,727

Vishay

Intertechnology,

Inc.

.............

15,689

353,787

Vishay

Precision

Group,

Inc.

(a)

...........

1,374

46,771

8,293,737

Energy

Equipment

&

Services

—

0.9%

Archrock,

Inc.

......................

17,063

152,031

Aspen

Aerogels,

Inc.

(a)

................

2,540

75,997

Bristow

Group,

Inc.

(a)

.................

815

20,872

Cactus,

Inc.,

Class

A

(b)

................

6,511

239,084

ChampionX

Corp.

(a)

..................

24,196

620,627

DMC

Global,

Inc.

(a)(b)

..................

2,216

124,561

Dril-Quip,

Inc.

(a)

.....................

4,147

140,293

Frank's

International

NV

(a)

..............

21,411

64,875

FTS

International,

Inc.,

Class

A

(a)

.........

1,060

29,987

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

17,409

99,405

Helmerich

&

Payne,

Inc.

...............

12,562

409,898

Liberty

Oilfield

Services,

Inc.,

Class

A

(a)(b)

....

9,783

138,527

Nabors

Industries

Ltd.

(a)(b)

..............

773

88,308

National

Energy

Services

Reunited

Corp.

(a)

..

3,552

50,616

Newpark

Resources,

Inc.

(a)

.............

8,957

30,991

NexTier

Oilfield

Solutions,

Inc.

(a)

..........

21,593

102,783

Oceaneering

International,

Inc.

(a)

.........

11,400

177,498

Oil

States

International,

Inc.

(a)

............

8,423

66,121

Patterson-UTI

Energy,

Inc.

.............

23,215

230,757

ProPetro

Holding

Corp.

(a)

...............

10,687

97,893

RPC,

Inc.

(a)

........................

8,169

40,437

Select

Energy

Services,

Inc.,

Class

A

(a)

.....

8,100

48,924

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

(b)

..

4,606

44,863

TETRA

Technologies,

Inc.

(a)

.............

14,638

63,529

Tidewater,

Inc.

(a)

....................

4,295

51,755

US

Silica

Holdings,

Inc.

(a)

..............

8,832

102,098

3,312,730

Entertainment

—

1.1%

(a)

AMC

Entertainment

Holdings,

Inc.,

Class

A

..

48,584

2,753,741

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

1,372

56,801

Cinemark

Holdings,

Inc.

(b)

..............

13,036

286,140

CuriosityStream,

Inc.,

Class

A

...........

3,104

42,339

Eros

STX

Global

Corp.

(b)

...............

37,891

57,973

IMAX

Corp.

........................

6,070

130,505

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(b)

.

1,048

29,575

Liberty

Media

Corp.-Liberty

Braves,

Class

C

..

4,246

117,911

Lions

Gate

Entertainment

Corp.,

Class

A

....

6,947

143,803

Lions

Gate

Entertainment

Corp.,

Class

B

....

13,746

251,552

LiveXLive

Media,

Inc.

.................

6,992

33,002

Madison

Square

Garden

Entertainment

Corp.

.

2,256

189,436

Marcus

Corp.

(The)

(b)

.................

2,653

56,270

4,149,048

Equity

Real

Estate

Investment

Trusts

(REITs)

—

6.0%

Acadia

Realty

Trust

(b)

.................

10,506

230,712

Agree

Realty

Corp.

(b)

.................

8,024

565,612

Alexander

&

Baldwin,

Inc.

..............

8,817

161,527

Alexander's,

Inc.

....................

264

70,739

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

American

Assets

Trust,

Inc.

.............

5,807

$

216,543

American

Finance

Trust,

Inc.

............

14,113

119,678

Apartment

Investment

and

Management

Co.,

Class

A

........................

17,769

119,230

Apple

Hospitality

REIT,

Inc.

.............

25,052

382,293

Armada

Hoffler

Properties,

Inc.

..........

7,049

93,681

Ashford

Hospitality

Trust,

Inc.

(a)

..........

13,074

59,617

Braemar

Hotels

&

Resorts,

Inc.

(a)

.........

5,307

32,956

Brandywine

Realty

Trust

...............

20,253

277,669

Broadstone

Net

Lease,

Inc.

.............

16,977

397,432

BRT

Apartments

Corp.

................

967

16,768

CareTrust

REIT,

Inc.

..................

11,457

266,146

CatchMark

Timber

Trust,

Inc.,

Class

A

......

6,522

76,307

Centerspace

REIT

...................

1,631

128,686

Chatham

Lodging

Trust

(a)

..............

5,808

74,749

City

Office

REIT,

Inc.

.................

5,031

62,535

Clipper

Realty,

Inc.

...................

2,104

15,464

Columbia

Property

Trust,

Inc.

............

14,528

252,642

Community

Healthcare

Trust,

Inc.

.........

2,851

135,308

CorePoint

Lodging,

Inc.

(a)

..............

4,733

50,643

Corporate

Office

Properties

Trust

.........

2,200

61,578

CTO

Realty

Growth,

Inc.

...............

633

33,878

DiamondRock

Hospitality

Co.

(a)

..........

24,581

238,436

DigitalBridge

Group,

Inc.,

Class

A

(a)(b)

.......

59,914

473,321

Diversified

Healthcare

Trust

(b)

............

27,473

114,837

Easterly

Government

Properties,

Inc.

......

10,932

230,447

EastGroup

Properties,

Inc.

.............

4,743

779,986

Empire

State

Realty

Trust,

Inc.,

Class

A

.....

18,844

226,128

Equity

Commonwealth

................

14,783

387,315

Essential

Properties

Realty

Trust,

Inc.

......

13,966

377,641

Farmland

Partners,

Inc.

...............

3,525

42,476

Four

Corners

Property

Trust,

Inc.

(b)

........

8,912

246,060

Franklin

Street

Properties

Corp.

..........

15,480

81,425

GEO

Group,

Inc.

(The)

(b)

...............

13,996

99,652

Getty

Realty

Corp.

...................

4,352

135,565

Gladstone

Commercial

Corp.

............

4,247

95,812

Gladstone

Land

Corp.

................

3,006

72,324

Global

Medical

REIT,

Inc.

..............

6,764

99,837

Global

Net

Lease,

Inc.

................

12,761

236,078

Healthcare

Realty

Trust,

Inc.

............

16,826

508,145

Hersha

Hospitality

Trust

(a)

..............

3,854

41,469

Independence

Realty

Trust,

Inc.

..........

12,201

222,424

Indus

Realty

Trust,

Inc.

................

422

27,704

Industrial

Logistics

Properties

Trust

........

7,903

206,584

Innovative

Industrial

Properties,

Inc.

(b)

......

2,827

540,014

iStar,

Inc.

(b)

........................

8,836

183,170

Kite

Realty

Group

Trust

(b)

..............

10,208

224,678

Lexington

Realty

Trust

(b)

...............

32,732

391,147

LTC

Properties,

Inc.

..................

4,811

184,694

Macerich

Co.

(The)

(b)

.................

23,579

430,317

Mack-Cali

Realty

Corp.

................

11,820

202,713

Monmouth

Real

Estate

Investment

Corp.

....

11,040

206,669

National

Health

Investors,

Inc.

...........

5,220

350,001

National

Storage

Affiliates

Trust

..........

8,375

423,440

NETSTREIT

Corp.

...................

4,734

109,166

New

Senior

Investment

Group,

Inc.

........

10,217

89,705

NexPoint

Residential

Trust,

Inc.

..........

2,645

145,422

Office

Properties

Income

Trust

...........

5,756

168,714

One

Liberty

Properties,

Inc.

.............

1,954

55,474

Outfront

Media,

Inc.

(a)

.................

17,362

417,209

Paramount

Group,

Inc.

................

24,326

244,963

Pebblebrook

Hotel

Trust

(b)

..............

15,509

365,237

Physicians

Realty

Trust

................

25,613

473,072

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

...

14,912

275,425

Plymouth

Industrial

REIT,

Inc.

...........

3,594

71,952

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Postal

Realty

Trust,

Inc.,

Class

A

(b)

........

2,557

$

46,640

PotlatchDeltic

Corp.

..................

7,844

416,909

Preferred

Apartment

Communities,

Inc.,

Class

A

6,414

62,536

PS

Business

Parks,

Inc.

...............

2,397

354,948

QTS

Realty

Trust,

Inc.,

Class

A

..........

8,199

633,783

Retail

Opportunity

Investments

Corp.

......

14,207

250,896

Retail

Properties

of

America,

Inc.,

Class

A

...

25,593

293,040

Retail

Value,

Inc.

....................

1,701

36,997

RLJ

Lodging

Trust

(b)

..................

19,532

297,472

RPT

Realty

........................

10,011

129,943

Ryman

Hospitality

Properties,

Inc.

(a)

.......

6,279

495,790

Sabra

Health

Care

REIT,

Inc.

(b)

...........

25,255

459,641

Safehold,

Inc.

......................

2,168

170,188

Saul

Centers,

Inc.

...................

1,379

62,676

Seritage

Growth

Properties,

Class

A

(a)

......

4,305

79,212

Service

Properties

Trust

...............

20,120

253,512

SITE

Centers

Corp.

..................

20,672

311,320

STAG

Industrial,

Inc.

.................

19,198

718,581

Summit

Hotel

Properties,

Inc.

(a)

..........

12,452

116,177

Sunstone

Hotel

Investors,

Inc.

(a)

..........

25,642

318,474

Tanger

Factory

Outlet

Centers,

Inc.

(b)

.......

11,386

214,626

Terreno

Realty

Corp.

.................

8,180

527,774

UMH

Properties,

Inc.

.................

4,828

105,347

Uniti

Group,

Inc.

....................

23,071

244,322

Universal

Health

Realty

Income

Trust

......

1,625

100,019

Urban

Edge

Properties

................

13,814

263,847

Urstadt

Biddle

Properties,

Inc.,

Class

A

(b)

....

3,344

64,807

Washington

REIT

(b)

..................

10,102

232,346

Whitestone

REIT

....................

4,547

37,513

Xenia

Hotels

&

Resorts,

Inc.

(a)

...........

13,964

261,546

21,960,123

Food

&

Staples

Retailing

—

0.9%

Andersons,

Inc.

(The)

.................

3,864

117,968

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

16,351

777,980

Chefs'

Warehouse,

Inc.

(The)

(a)

..........

3,860

122,864

HF

Foods

Group,

Inc.

(a)

................

4,816

25,477

Ingles

Markets,

Inc.,

Class

A

............

1,713

99,816

MedAvail

Holdings,

Inc.

(a)(b)

.............

1,398

17,125

Natural

Grocers

by

Vitamin

Cottage,

Inc.

....

1,090

11,707

Performance

Food

Group

Co.

(a)

..........

15,741

763,281

PriceSmart,

Inc.

.....................

2,789

253,827

Rite

Aid

Corp.

(a)

.....................

6,866

111,916

SpartanNash

Co.

....................

4,412

85,196

Sprouts

Farmers

Market,

Inc.

(a)

...........

14,162

351,926

United

Natural

Foods,

Inc.

(a)

.............

6,657

246,176

Village

Super

Market,

Inc.,

Class

A

........

1,150

27,036

Weis

Markets,

Inc.

...................

1,962

101,357

3,113,652

Food

Products

—

1.0%

AppHarvest,

Inc.

(a)

...................

5,719

91,504

B&G

Foods,

Inc.

(b)

...................

7,538

247,246

Calavo

Growers,

Inc.

.................

2,114

134,070

Cal-Maine

Foods,

Inc.

.................

4,495

162,764

Fresh

Del

Monte

Produce,

Inc.

...........

3,827

125,832

Hostess

Brands,

Inc.

(a)

................

15,745

254,912

J&J

Snack

Foods

Corp.

(b)

..............

1,759

306,787

John

B

Sanfilippo

&

Son,

Inc.

............

1,150

101,855

Laird

Superfood,

Inc.

(a)

................

739

22,074

Lancaster

Colony

Corp.

(b)

..............

2,265

438,300

Landec

Corp.

(a)

.....................

2,615

29,419

Limoneira

Co.

......................

2,145

37,645

Mission

Produce,

Inc.

(a)(b)

...............

4,423

91,600

Sanderson

Farms,

Inc.

................

2,424

455,639

Seneca

Foods

Corp.,

Class

A

(a)

..........

635

32,436

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Food

Products

(continued)

Simply

Good

Foods

Co.

(The)

(a)

..........

10,156

$

370,796

Tattooed

Chef,

Inc.,

Class

A

(a)

...........

5,578

119,648

Tootsie

Roll

Industries,

Inc.

.............

1,841

62,428

TreeHouse

Foods,

Inc.

(a)

...............

6,202

276,113

Utz

Brands,

Inc.,

Class

A

(b)

.............

7,033

153,249

Vital

Farms,

Inc.

(a)

...................

2,850

56,886

Whole

Earth

Brands,

Inc.,

Class

A

(a)

.......

4,458

64,641

3,635,844

Gas

Utilities

—

0.8%

Brookfield

Infrastructure

Corp.,

Class

A

.....

4,367

329,272

Chesapeake

Utilities

Corp.

.............

2,038

245,233

New

Jersey

Resources

Corp.

(b)

..........

11,471

453,907

Northwest

Natural

Holding

Co.

...........

3,676

193,063

ONE

Gas,

Inc.

......................

6,292

466,363

South

Jersey

Industries,

Inc.

(b)

...........

12,527

324,825

Southwest

Gas

Holdings,

Inc.

...........

6,919

457,969

Spire,

Inc.

.........................

6,049

437,161

2,907,793

Health

Care

Equipment

&

Supplies

—

3.6%

Accelerate

Diagnostics,

Inc.

(a)

...........

2,815

22,689

Accuray,

Inc.

(a)

......................

9,408

42,524

Acutus

Medical,

Inc.

(a)

.................

1,216

20,648

Alphatec

Holdings,

Inc.

(a)

...............

8,211

125,792

AngioDynamics,

Inc.

(a)

................

4,358

118,233

Apyx

Medical

Corp.

(a)

.................

3,441

35,477

Asensus

Surgical,

Inc.

(a)(b)

..............

27,909

88,471

Aspira

Women's

Health,

Inc.

(a)

...........

9,969

56,026

AtriCure,

Inc.

(a)

.....................

5,323

422,274

Atrion

Corp.

.......................

159

98,728

Avanos

Medical,

Inc.

(a)

................

5,866

213,346

AxoGen,

Inc.

(a)

......................

4,747

102,583

Axonics,

Inc.

(a)(b)

.....................

4,965

314,831

BioLife

Solutions,

Inc.

(a)

................

2,912

129,613

Bioventus,

Inc.,

Class

A

(a)(b)

.............

1,424

25,062

Butterfly

Network,

Inc.,

Class

A

(a)

.........

3,874

56,095

Cardiovascular

Systems,

Inc.

(a)

...........

4,687

199,901

Cerus

Corp.

(a)

......................

20,119

118,903

ClearPoint

Neuro,

Inc.

(a)

...............

2,244

42,838

CONMED

Corp.

.....................

3,375

463,826

CryoLife,

Inc.

(a)

.....................

4,519

128,340

CryoPort,

Inc.

(a)

.....................

4,938

311,588

Cutera,

Inc.

(a)

......................

2,055

100,757

CytoSorbents

Corp.

(a)

.................

4,031

30,434

DarioHealth

Corp.

(a)(b)

.................

1,608

34,347

Eargo,

Inc.

(a)

.......................

2,303

91,913

Glaukos

Corp.

(a)(b)

....................

5,384

456,725

Haemonetics

Corp.

(a)

.................

6,018

401,039

Heska

Corp.

(a)

......................

1,143

262,581

Inari

Medical,

Inc.

(a)

..................

4,055

378,250

Inogen,

Inc.

(a)

......................

2,345

152,824

Integer

Holdings

Corp.

(a)

...............

3,919

369,170

Intersect

ENT,

Inc.

(a)

..................

3,374

57,662

Invacare

Corp.

(a)

....................

3,040

24,533

iRadimed

Corp.

(a)

....................

1,110

32,645

iRhythm

Technologies,

Inc.

(a)

............

3,421

226,983

Lantheus

Holdings,

Inc.

(a)

..............

7,945

219,600

LeMaitre

Vascular,

Inc.

................

2,158

131,681

LivaNova

plc

(a)

......................

5,860

492,885

Meridian

Bioscience,

Inc.

(a)(b)

............

5,242

116,268

Merit

Medical

Systems,

Inc.

(a)(b)

...........

6,123

395,913

Mesa

Laboratories,

Inc.

(b)

..............

570

154,567

Misonix,

Inc.

(a)

......................

1,770

39,259

Natus

Medical,

Inc.

(a)

.................

4,344

112,857

Neogen

Corp.

(a)

.....................

12,810

589,772

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Neuronetics,

Inc.

(a)

...................

2,979

$

47,724

NeuroPace,

Inc.

(a)

...................

831

19,769

Nevro

Corp.

(a)

......................

4,127

684,215

NuVasive,

Inc.

(a)

.....................

6,179

418,813

OraSure

Technologies,

Inc.

(a)

............

8,001

81,130

Ortho

Clinical

Diagnostics

Holdings

plc

(a)

....

10,339

221,358

Orthofix

Medical,

Inc.

(a)

................

2,014

80,782

OrthoPediatrics

Corp.

(a)

................

1,590

100,456

Outset

Medical,

Inc.

(a)

.................

5,457

272,741

PAVmed,

Inc.

(a)

.....................

9,323

59,667

Pulmonx

Corp.

(a)

....................

3,029

133,639

Pulse

Biosciences,

Inc.

(a)

...............

1,250

20,500

Quotient

Ltd.

(a)

......................

9,414

34,267

Retractable

Technologies,

Inc.

(a)

..........

1,830

21,155

SeaSpine

Holdings

Corp.

(a)

.............

4,002

82,081

Senseonics

Holdings,

Inc.

(a)(b)

............

49,547

190,260

Shockwave

Medical,

Inc.

(a)(b)

............

4,025

763,663

SI-BONE,

Inc.

(a)

.....................

3,832

120,593

Sientra,

Inc.

(a)

......................

7,772

61,865

Silk

Road

Medical,

Inc.

(a)

...............

4,046

193,642

Soliton,

Inc.

(a)

......................

1,253

28,180

STAAR

Surgical

Co.

(a)

.................

5,607

855,067

Stereotaxis,

Inc.

(a)

...................

5,928

57,146

Surmodics,

Inc.

(a)

....................

1,590

86,257

Tactile

Systems

Technology,

Inc.

(a)

........

2,366

123,032

Talis

Biomedical

Corp.

(a)

...............

2,587

28,535

TransMedics

Group,

Inc.

(a)

..............

2,814

93,368

Treace

Medical

Concepts,

Inc.

(a)

..........

1,304

40,763

Utah

Medical

Products,

Inc.

.............

456

38,778

Vapotherm,

Inc.

(a)

....................

3,047

72,031

Varex

Imaging

Corp.

(a)

................

4,870

130,613

ViewRay,

Inc.

(a)

.....................

17,061

112,603

Zynex,

Inc.

(a)

.......................

2,913

45,239

13,330,385

Health

Care

Providers

&

Services

—

3.1%

1Life

Healthcare,

Inc.

(a)

................

13,908

459,798

Accolade,

Inc.

(a)

.....................

6,005

326,132

AdaptHealth

Corp.

(a)

..................

9,675

265,192

Addus

HomeCare

Corp.

(a)

..............

1,865

162,703

Agiliti,

Inc.

(a)

.......................

2,696

58,961

Alignment

Healthcare,

Inc.

(a)(b)

...........

3,142

73,429

AMN

Healthcare

Services,

Inc.

(a)

..........

5,624

545,415

Apollo

Medical

Holdings,

Inc.

(a)

...........

4,326

271,716

Apria,

Inc.

(a)

........................

840

23,520

Aveanna

Healthcare

Holdings,

Inc.

(a)

.......

4,603

56,939

Biodesix,

Inc.

(a)

.....................

1,465

19,353

Brookdale

Senior

Living,

Inc.

(a)

...........

22,076

174,400

Castle

Biosciences,

Inc.

(a)

..............

2,541

186,331

Community

Health

Systems,

Inc.

(a)

........

14,822

228,852

CorVel

Corp.

(a)

......................

1,059

142,224

Covetrus,

Inc.

(a)

.....................

12,346

333,342

Cross

Country

Healthcare,

Inc.

(a)

.........

4,593

75,830

Ensign

Group,

Inc.

(The)

...............

6,228

539,781

Exagen,

Inc.

(a)

......................

611

9,159

Fulgent

Genetics,

Inc.

(a)

...............

2,420

223,197

Hanger,

Inc.

(a)

......................

4,420

111,738

HealthEquity,

Inc.

(a)

...................

9,758

785,324

InfuSystem

Holdings,

Inc.

(a)

.............

2,397

49,834

Innovage

Holding

Corp.

(a)

..............

2,186

46,584

Joint

Corp.

(The)

(a)

...................

1,617

135,699

LHC

Group,

Inc.

(a)

...................

3,643

729,547

Magellan

Health,

Inc.

(a)

................

2,744

258,485

MEDNAX,

Inc.

(a)

.....................

9,081

273,792

ModivCare,

Inc.

(a)

....................

1,473

250,513

National

HealthCare

Corp.

..............

1,502

104,990

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

National

Research

Corp.

...............

1,512

$

69,401

Ontrak,

Inc.

(a)

......................

1,057

34,331

Option

Care

Health,

Inc.

(a)

..............

13,196

288,596

Owens

&

Minor,

Inc.

..................

8,653

366,281

Patterson

Cos.,

Inc.

(b)

.................

10,222

310,647

Pennant

Group,

Inc.

(The)

(a)

.............

3,078

125,890

PetIQ,

Inc.

(a)

.......................

3,149

121,551

Privia

Health

Group,

Inc.

(a)

..............

2,339

103,781

Progyny,

Inc.

(a)(b)

....................

7,525

443,975

R1

RCM,

Inc.

(a)

.....................

15,345

341,273

RadNet,

Inc.

(a)

......................

5,184

174,649

Select

Medical

Holdings

Corp.

...........

13,319

562,861

Sharps

Compliance

Corp.

(a)

.............

1,721

17,726

SOC

Telemed,

Inc.

(a)

..................

4,883

27,784

Surgery

Partners,

Inc.

(a)

...............

3,781

251,890

Tenet

Healthcare

Corp.

(a)

...............

12,670

848,763

Tivity

Health,

Inc.

(a)

...................

5,505

144,837

Triple-S

Management

Corp.,

Class

B

(a)

.....

2,976

66,275

US

Physical

Therapy,

Inc.

..............

1,542

178,672

Viemed

Healthcare,

Inc.

(a)

..............

4,574

32,704

11,434,667

Health

Care

Technology

—

1.3%

Allscripts

Healthcare

Solutions,

Inc.

(a)(b)

.....

16,695

309,024

American

Well

Corp.,

Class

A

(a)(b)

.........

23,222

292,133

Castlight

Health,

Inc.,

Class

B

(a)

..........

14,244

37,462

Computer

Programs

&

Systems,

Inc.

.......

1,726

57,355

Evolent

Health,

Inc.,

Class

A

(a)(b)

..........

9,579

202,308

Forian,

Inc.

(a)

.......................

2,165

27,214

Health

Catalyst,

Inc.

(a)

.................

5,333

296,035

HealthStream,

Inc.

(a)

..................

3,336

93,208

iCAD,

Inc.

(a)

........................

2,620

45,352

Inovalon

Holdings,

Inc.,

Class

A

(a)

.........

9,012

307,129

Inspire

Medical

Systems,

Inc.

(a)

..........

3,172

613,021

Multiplan

Corp.,

Class

A

(a)

..............

47,606

453,209

NantHealth,

Inc.

(a)

...................

3,558

8,255

NextGen

Healthcare,

Inc.

(a)

.............

6,989

115,948

Omnicell,

Inc.

(a)

.....................

5,132

777,241

OptimizeRx

Corp.

(a)

..................

2,016

124,790

Phreesia,

Inc.

(a)(b)

....................

4,271

261,812

Schrodinger,

Inc.

(a)

...................

5,405

408,672

Simulations

Plus,

Inc.

.................

1,835

100,760

Tabula

Rasa

HealthCare,

Inc.

(a)

..........

2,751

137,550

Vocera

Communications,

Inc.

(a)

..........

4,286

170,797

4,839,275

Hotels,

Restaurants

&

Leisure

—

2.3%

Accel

Entertainment,

Inc.

(a)(b)

............

5,693

67,576

Bally's

Corp.

(a)

......................

3,895

210,758

Biglari

Holdings,

Inc.,

Class

B

(a)

..........

133

21,210

BJ's

Restaurants,

Inc.

(a)

................

2,674

131,400

Bloomin'

Brands,

Inc.

(a)(b)

...............

10,444

283,450

Bluegreen

Vacations

Holding

Corp.

(a)

.......

1,668

30,024

Brinker

International,

Inc.

(a)(b)

............

5,385

333,062

Carrols

Restaurant

Group,

Inc.

(a)

..........

4,613

27,724

Century

Casinos,

Inc.

(a)

................

3,588

48,187

Cheesecake

Factory,

Inc.

(The)

(a)

.........

5,129

277,889

Chuy's

Holdings,

Inc.

(a)

................

2,559

95,348

Cracker

Barrel

Old

Country

Store,

Inc.

......

2,830

420,142

Dave

&

Buster's

Entertainment,

Inc.

(a)

......

5,156

209,334

Del

Taco

Restaurants,

Inc.

..............

3,868

38,719

Denny's

Corp.

(a)

.....................

7,572

124,862

Dine

Brands

Global,

Inc.

(a)

..............

1,876

167,433

Drive

Shack,

Inc.

(a)(b)

..................

9,854

32,617

El

Pollo

Loco

Holdings,

Inc.

(a)

............

2,146

39,250

Everi

Holdings,

Inc.

(a)

.................

10,229

255,111

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Fiesta

Restaurant

Group,

Inc.

(a)

..........

1,866

$

25,060

Full

House

Resorts,

Inc.

(a)

..............

3,902

38,786

GAN

Ltd.

(a)

........................

4,785

78,665

Golden

Entertainment,

Inc.

(a)

............

2,047

91,706

Golden

Nugget

Online

Gaming,

Inc.

(a)

......

3,807

48,577

Hall

of

Fame

Resort

&

Entertainment

Co.

(a)

...

6,558

25,773

Hilton

Grand

Vacations,

Inc.

(a)

...........

10,207

422,468

International

Game

Technology

plc

(a)

.......

12,206

292,456

Jack

in

the

Box,

Inc.

..................

2,804

312,478

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

.........

452

17,181

Lindblad

Expeditions

Holdings,

Inc.

(a)

.......

4,115

65,881

Monarch

Casino

&

Resort,

Inc.

(a)(b)

........

1,525

100,909

Nathan's

Famous,

Inc.

................

366

26,103

NeoGames

SA

(a)

....................

666

40,939

Noodles

&

Co.

(a)

.....................

4,265

53,227

ONE

Group

Hospitality,

Inc.

(The)

(a)

........

2,331

25,688

Papa

John's

International,

Inc.

...........

3,944

411,911

PlayAGS,

Inc.

(a)

.....................

3,591

35,551

RCI

Hospitality

Holdings,

Inc.

............

1,122

74,276

Red

Robin

Gourmet

Burgers,

Inc.

(a)

........

2,011

66,584

Red

Rock

Resorts,

Inc.,

Class

A

(a)(b)

.......

7,355

312,588

Rush

Street

Interactive,

Inc.

(a)

...........

6,242

76,527

Ruth's

Hospitality

Group,

Inc.

(a)

...........

4,161

95,828

Scientific

Games

Corp.,

Class

A

(a)(b)

........

11,472

888,392

SeaWorld

Entertainment,

Inc.

(a)

..........

6,071

303,186

Shake

Shack,

Inc.,

Class

A

(a)

............

4,353

465,858

Target

Hospitality

Corp.

(a)

..............

4,408

16,354

Texas

Roadhouse,

Inc.

................

8,351

803,366

Wingstop,

Inc.

......................

3,560

561,163

8,591,577

Household

Durables

—

1.8%

Aterian,

Inc.

(a)

......................

2,360

34,527

Bassett

Furniture

Industries,

Inc.

.........

1,111

27,053

Beazer

Homes

USA,

Inc.

(a)

.............

3,864

74,537

Casper

Sleep,

Inc.

(a)

..................

4,414

36,371

Cavco

Industries,

Inc.

(a)

................

1,085

241,076

Century

Communities,

Inc.

.............

3,554

236,483

Ethan

Allen

Interiors,

Inc.

..............

3,065

84,594

Flexsteel

Industries,

Inc.

...............

792

31,989

GoPro,

Inc.,

Class

A

(a)

.................

15,442

179,899

Green

Brick

Partners,

Inc.

(a)

.............

3,232

73,496

Hamilton

Beach

Brands

Holding

Co.,

Class

A

.

1,018

22,671

Helen

of

Troy

Ltd.

(a)

..................

2,917

665,426

Hooker

Furniture

Corp.

................

1,621

56,151

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

......

610

64,837

Installed

Building

Products,

Inc.

(b)

.........

2,838

347,258

iRobot

Corp.

(a)

......................

3,302

308,374

KB

Home

.........................

10,700

435,704

Landsea

Homes

Corp.

(a)

...............

1,327

11,107

La-Z-Boy,

Inc.

......................

5,468

202,535

Legacy

Housing

Corp.

(a)

...............

963

16,284

LGI

Homes,

Inc.

(a)(b)

..................

2,646

428,493

Lifetime

Brands,

Inc.

..................

1,738

26,018

Lovesac

Co.

(The)

(a)

..................

1,524

121,600

M/I

Homes,

Inc.

(a)

....................

3,534

207,340

MDC

Holdings,

Inc.

..................

6,715

339,779

Meritage

Homes

Corp.

(a)

...............

4,442

417,903

Purple

Innovation,

Inc.

(a)

...............

5,990

158,196

Skyline

Champion

Corp.

(a)(b)

.............

6,267

334,031

Sonos,

Inc.

(a)

.......................

14,345

505,374

Taylor

Morrison

Home

Corp.

(a)(b)

..........

14,979

395,745

TRI

Pointe

Homes,

Inc.

(a)(b)

.............

14,030

300,663

Tupperware

Brands

Corp.

(a)(b)

............

5,798

137,702

Universal

Electronics,

Inc.

(a)

.............

1,564

75,854

VOXX

International

Corp.

(a)

.............

1,776

24,882

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Household

Durables

(continued)

Vuzix

Corp.

(a)

.......................

7,000

$

128,450

6,752,402

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)

.............

1,288

68,174

Central

Garden

&

Pet

Co.,

Class

A

(a)

.......

4,868

235,124

Energizer

Holdings,

Inc.

(b)

..............

8,120

348,998

Oil-Dri

Corp.

of

America

...............

656

22,422

WD-40

Co.

........................

1,630

417,753

1,092,471

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Clearway

Energy,

Inc.

.................

4,521

114,019

Clearway

Energy,

Inc.,

Class

C

..........

9,789

259,213

Ormat

Technologies,

Inc.

(b)

.............

5,419

376,783

Sunnova

Energy

International,

Inc.

(a)

.......

10,266

386,618

1,136,633

Industrial

Conglomerates

—

0.1%

Raven

Industries,

Inc.

.................

4,255

246,152

Insurance

—

1.9%

Ambac

Financial

Group,

Inc.

(a)(b)

..........

5,411

84,736

American

Equity

Investment

Life

Holding

Co.

(b)

10,185

329,179

American

National

Group,

Inc.

...........

889

132,061

AMERISAFE,

Inc.

...................

2,406

143,614

Argo

Group

International

Holdings

Ltd.

.....

3,782

196,021

BRP

Group,

Inc.,

Class

A

(a)

.............

5,506

146,735

Citizens,

Inc.

(a)

......................

6,570

34,755

CNO

Financial

Group,

Inc.

(b)

............

15,666

370,031

Crawford

&

Co.,

Class

A

...............

2,073

18,802

Donegal

Group,

Inc.,

Class

A

............

1,325

19,305

eHealth,

Inc.

(a)

......................

2,912

170,061

Employers

Holdings,

Inc.

...............

3,564

152,539

Enstar

Group

Ltd.

(a)(b)

.................

1,641

392,068

Genworth

Financial,

Inc.,

Class

A

(a)

........

61,267

238,941

Goosehead

Insurance,

Inc.,

Class

A

.......

2,112

268,858

Greenlight

Capital

Re

Ltd.,

Class

A

(a)

.......

3,963

36,182

HCI

Group,

Inc.

(b)

....................

668

66,419

Heritage

Insurance

Holdings,

Inc.

.........

2,379

20,412

Horace

Mann

Educators

Corp.

...........

4,848

181,412

Independence

Holding

Co.

.............

422

19,547

Investors

Title

Co.

...................

172

30,037

James

River

Group

Holdings

Ltd.

.........

3,796

142,426

Kinsale

Capital

Group,

Inc.

.............

2,561

421,976

Maiden

Holdings

Ltd.

(a)

................

8,292

27,944

MBIA,

Inc.

(a)(b)

......................

6,510

71,610

MetroMile,

Inc.

(a)

....................

4,380

40,077

National

Western

Life

Group,

Inc.,

Class

A

...

298

66,868

NI

Holdings,

Inc.

(a)

...................

1,375

26,139

Palomar

Holdings,

Inc.

(a)

...............

2,931

221,173

ProAssurance

Corp.

..................

6,660

151,515

ProSight

Global,

Inc.

(a)

................

1,224

15,618

RLI

Corp.

(b)

........................

4,774

499,313

Safety

Insurance

Group,

Inc.

............

1,721

134,720

Selective

Insurance

Group,

Inc.

..........

7,089

575,272

Selectquote,

Inc.

(a)

...................

16,200

312,012

SiriusPoint

Ltd.

(a)

....................

10,623

106,974

State

Auto

Financial

Corp.

..............

2,372

40,609

Stewart

Information

Services

Corp.

........

3,201

181,465

Tiptree,

Inc.

.......................

3,208

29,835

Trean

Insurance

Group,

Inc.

(a)

...........

1,415

21,338

Trupanion,

Inc.

(a)(b)

...................

4,551

523,820

United

Fire

Group,

Inc.

................

2,555

70,850

United

Insurance

Holdings

Corp.

.........

2,729

15,555

Universal

Insurance

Holdings,

Inc.

........

3,335

46,290

Security

Shares

Shares

Value

Insurance

(continued)

Watford

Holdings

Ltd.

(a)

................

2,017

$

70,575

6,865,689

Interactive

Media

&

Services

—

0.5%

(a)

Cargurus,

Inc.

......................

11,159

292,701

Cars.com,

Inc.

(b)

.....................

7,880

112,920

Eventbrite,

Inc.,

Class

A

(b)

..............

8,953

170,107

EverQuote,

Inc.,

Class

A

(b)

..............

2,254

73,661

fuboTV,

Inc.

(b)

......................

15,686

503,677

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

...

9,645

39,255

MediaAlpha,

Inc.,

Class

A

..............

2,471

104,029

QuinStreet,

Inc.

.....................

5,922

110,031

TrueCar,

Inc.

.......................

11,422

64,534

Yelp,

Inc.

.........................

8,635

345,055

1,815,970

Internet

&

Direct

Marketing

Retail

—

0.8%

1-800-Flowers.com,

Inc.,

Class

A

(a)

........

3,264

104,024

CarParts.com,

Inc.

(a)(b)

.................

5,652

115,075

Duluth

Holdings,

Inc.,

Class

B

(a)

..........

1,874

38,698

Groupon,

Inc.

(a)(b)

....................

2,629

113,468

Lands'

End,

Inc.

(a)

...................

1,299

53,324

Liquidity

Services,

Inc.

(a)

...............

3,171

80,702

Overstock.com,

Inc.

(a)

.................

5,318

490,319

PetMed

Express,

Inc.

.................

2,238

71,280

Porch

Group,

Inc.

(a)

..................

1,893

36,611

Quotient

Technology,

Inc.

(a)

.............

10,746

116,164

RealReal,

Inc.

(The)

(a)

.................

9,379

185,329

Revolve

Group,

Inc.,

Class

A

(a)(b)

..........

4,284

295,168

Shutterstock,

Inc.

....................

2,821

276,937

Stamps.com,

Inc.

(a)

...................

2,116

423,814

Stitch

Fix,

Inc.,

Class

A

(a)

...............

7,048

424,994

2,825,907

IT

Services

—

1.5%

BigCommerce

Holdings,

Inc.

(a)

...........

5,605

363,877

Brightcove,

Inc.

(a)

....................

4,321

62,006

Cantaloupe,

Inc.

(a)

...................

6,951

82,439

Cass

Information

Systems,

Inc.

..........

1,674

68,215

Conduent,

Inc.

(a)

....................

19,803

148,522

Contra

BM

Technologies

(a)

..............

599

7,062

CSG

Systems

International,

Inc.

..........

3,714

175,227

DigitalOcean

Holdings,

Inc.

(a)

............

1,538

85,497

EVERTEC,

Inc.

.....................

7,427

324,189

Evo

Payments,

Inc.,

Class

A

(a)(b)

..........

5,634

156,287

ExlService

Holdings,

Inc.

(a)

.............

3,918

416,327

GreenBox

POS

(a)

....................

2,072

24,719

GreenSky,

Inc.,

Class

A

(a)

..............

8,321

46,182

Grid

Dynamics

Holdings,

Inc.

(a)

...........

4,029

60,556

Hackett

Group,

Inc.

(The)

..............

2,752

49,591

I3

Verticals,

Inc.,

Class

A

(a)

..............

2,627

79,388

IBEX

Holdings

Ltd.

(a)

..................

759

14,816

International

Money

Express,

Inc.

(a)

........

3,565

52,940

Limelight

Networks,

Inc.

(a)

..............

12,327

38,830

LiveRamp

Holdings,

Inc.

(a)

..............

7,754

363,275

Marathon

Digital

Holdings,

Inc.

(a)

..........

11,387

357,210

Maximus,

Inc.

......................

7,316

643,589

MoneyGram

International,

Inc.

(a)

..........

8,436

85,035

Paya

Holdings,

Inc.,

Class

A

(a)

...........

9,807

108,073

Perficient,

Inc.

(a)

.....................

3,883

312,271

Priority

Technology

Holdings,

Inc.

(a)(b)

.......

801

6,120

Rackspace

Technology,

Inc.

(a)

...........

6,415

125,798

Repay

Holdings

Corp.

(a)

...............

9,183

220,759

StarTek,

Inc.

(a)

......................

2,147

15,308

Sykes

Enterprises,

Inc.

(a)

...............

4,508

242,080

TTEC

Holdings,

Inc.

..................

2,194

226,179

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

IT

Services

(continued)

Tucows,

Inc.,

Class

A

(a)

................

1,230

$

98,794

Unisys

Corp.

(a)

......................

7,794

197,266

Verra

Mobility

Corp.

(a)

.................

16,290

250,377

5,508,804

Leisure

Products

—

0.6%

Acushnet

Holdings

Corp.

...............

4,128

203,923

American

Outdoor

Brands,

Inc.

(a)

.........

1,842

64,728

AMMO,

Inc.

(a)

......................

7,863

76,979

Callaway

Golf

Co.

(a)

..................

13,806

465,676

Clarus

Corp.

.......................

2,888

74,222

Escalade,

Inc.

......................

1,239

28,435

Genius

Brands

International,

Inc.

(a)(b)

.......

33,666

61,945

Johnson

Outdoors,

Inc.,

Class

A

..........

636

76,956

Latham

Group,

Inc.

(a)

.................

2,769

88,497

Malibu

Boats,

Inc.,

Class

A

(a)

............

2,472

181,272

Marine

Products

Corp.

................

1,544

23,839

MasterCraft

Boat

Holdings,

Inc.

(a)

.........

2,633

69,222

Nautilus,

Inc.

(a)(b)

....................

3,299

55,588

Smith

&

Wesson

Brands,

Inc.

............

6,343

220,102

Sturm

Ruger

&

Co.,

Inc.

(b)

..............

2,027

182,390

Vista

Outdoor,

Inc.

(a)

..................

6,896

319,147

2,192,921

Life

Sciences

Tools

&

Services

—

1.0%

Akoya

Biosciences,

Inc.

(a)(b)

.............

911

17,619

Berkeley

Lights,

Inc.

(a)(b)

................

5,719

256,268

Bionano

Genomics,

Inc.

(a)(b)

.............

33,551

245,929

ChromaDex

Corp.

(a)(b)

.................

5,439

53,629

Codexis,

Inc.

(a)

......................

7,660

173,576

Fluidigm

Corp.

(a)

....................

7,521

46,329

Harvard

Bioscience,

Inc.

(a)

..............

3,292

27,422

Inotiv,

Inc.

(a)

........................

1,545

41,221

Luminex

Corp.

......................

5,576

205,197

Medpace

Holdings,

Inc.

(a)(b)

.............

3,487

615,909

NanoString

Technologies,

Inc.

(a)

..........

5,308

343,905

NeoGenomics,

Inc.

(a)(b)

................

13,452

607,627

Pacific

Biosciences

of

California,

Inc.

(a)(b)

....

23,196

811,164

Personalis,

Inc.

(a)

....................

4,247

107,449

Quanterix

Corp.

(a)

....................

3,681

215,927

Seer,

Inc.

(a)

........................

2,069

67,822

3,836,993

Machinery

—

3.8%

AgEagle

Aerial

Systems,

Inc.

(a)

...........

7,961

41,954

Alamo

Group,

Inc.

...................

1,186

181,078

Albany

International

Corp.,

Class

A

........

3,671

327,673

Altra

Industrial

Motion

Corp.

(b)

...........

7,730

502,605

Astec

Industries,

Inc.

.................

2,763

173,903

Barnes

Group,

Inc.

...................

5,782

296,328

Blue

Bird

Corp.

(a)

....................

1,694

42,113

Chart

Industries,

Inc.

(a)(b)

...............

4,357

637,516

CIRCOR

International,

Inc.

(a)

............

2,124

69,242

Columbus

McKinnon

Corp.

.............

3,321

160,205

Commercial

Vehicle

Group,

Inc.

(a)

.........

3,823

40,639

Desktop

Metal,

Inc.,

Class

A

(a)

...........

9,972

114,678

Douglas

Dynamics,

Inc.

...............

2,622

106,689

Energy

Recovery,

Inc.

(a)

...............

4,563

103,945

Enerpac

Tool

Group

Corp.

..............

7,057

187,857

EnPro

Industries,

Inc.

.................

2,449

237,920

ESCO

Technologies,

Inc.

..............

3,037

284,901

Evoqua

Water

Technologies

Corp.

(a)

.......

13,806

466,367

ExOne

Co.

(The)

(a)(b)

..................

2,279

49,318

Federal

Signal

Corp.

.................

7,121

286,478

Franklin

Electric

Co.,

Inc.

..............

5,532

445,990

Gorman-Rupp

Co.

(The)

(b)

..............

2,709

93,298

Security

Shares

Shares

Value

Machinery

(continued)

Greenbrier

Cos.,

Inc.

(The)

(b)

............

3,972

$

173,100

Helios

Technologies,

Inc.

...............

3,952

308,454

Hillenbrand,

Inc.

....................

8,866

390,813

Hydrofarm

Holdings

Group,

Inc.

(a)

.........

1,137

67,208

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

........

13,984

162,914

Hyster-Yale

Materials

Handling,

Inc.

.......

1,227

89,546

John

Bean

Technologies

Corp.

...........

3,744

533,969

Kadant,

Inc.

.......................

1,349

237,545

Kennametal,

Inc.

....................

9,908

355,895

Lindsay

Corp.

......................

1,300

214,864

Luxfer

Holdings

plc

..................

3,156

70,221

Lydall,

Inc.

(a)

.......................

2,072

125,397

Manitowoc

Co.,

Inc.

(The)

(a)

.............

3,913

95,869

Mayville

Engineering

Co.,

Inc.

(a)

..........

1,380

27,752

Meritor,

Inc.

(a)

......................

8,525

199,656

Miller

Industries,

Inc.

.................

1,464

57,740

Mueller

Industries,

Inc.

(b)

...............

6,801

294,551

Mueller

Water

Products,

Inc.,

Class

A

......

19,099

275,408

Navistar

International

Corp.

(a)

............

5,926

263,707

Nikola

Corp.

(a)

......................

23,921

432,013

NN,

Inc.

(a)

.........................

4,836

35,545

Omega

Flex,

Inc.

(b)

...................

375

55,016

Park-Ohio

Holdings

Corp.

..............

985

31,658

Proto

Labs,

Inc.

(a)(b)

...................

3,307

303,583

RBC

Bearings,

Inc.

(a)

.................

2,951

588,488

REV

Group,

Inc.

....................

3,482

54,633

Rexnord

Corp.

......................

14,311

716,122

Shyft

Group,

Inc.

(The)

................

4,262

159,441

SPX

Corp.

(a)

.......................

5,305

324,029

SPX

FLOW,

Inc.

....................

5,028

328,027

Standex

International

Corp.

.............

1,493

141,701

Tennant

Co.

.......................

2,187

174,632

Terex

Corp.

........................

8,321

396,246

Titan

International,

Inc.

(a)(b)

..............

6,023

51,075

TriMas

Corp.

(a)

......................

4,908

148,860

Trinity

Industries,

Inc.

(b)

................

10,350

278,312

Wabash

National

Corp.

(b)

...............

6,059

96,944

Watts

Water

Technologies,

Inc.,

Class

A

.....

3,282

478,877

Welbilt,

Inc.

(a)

.......................

15,588

360,862

13,951,370

Marine

—

0.2%

Costamare,

Inc.

.....................

5,711

67,447

Eagle

Bulk

Shipping,

Inc.

(a)

.............

842

39,844

Genco

Shipping

&

Trading

Ltd.

...........

3,832

72,348

Matson,

Inc.

(b)

......................

5,372

343,808

Safe

Bulkers,

Inc.

(a)

..................

7,634

30,612

554,059

Media

—

1.2%

Advantage

Solutions,

Inc.,

Class

A

(a)

.......

9,113

98,329

AMC

Networks,

Inc.,

Class

A

(a)(b)

..........

3,512

234,602

Boston

Omaha

Corp.,

Class

A

(a)

..........

2,079

65,925

Cardlytics,

Inc.

(a)(b)

...................

3,814

484,111

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

....

43,322

114,370

comScore,

Inc.

(a)

....................

10,467

52,335

Daily

Journal

Corp.

(a)

.................

153

51,791

Digital

Media

Solutions,

Inc.,

Class

A

(a)

.....

1,111

10,754

Emerald

Holding,

Inc.

(a)

................

2,520

13,583

Entercom

Communications

Corp.,

Class

A

(a)

..

14,559

62,749

Entravision

Communications

Corp.,

Class

A

..

6,090

40,681

EW

Scripps

Co.

(The),

Class

A

...........

7,028

143,301

Fluent,

Inc.

(a)

.......................

4,481

13,129

Gannett

Co.,

Inc.

(a)

...................

17,607

96,662

Gray

Television,

Inc.

..................

10,125

236,925

Hemisphere

Media

Group,

Inc.

(a)

..........

2,141

25,264

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Media

(continued)

iHeartMedia,

Inc.,

Class

A

(a)

.............

13,360

$

359,785

John

Wiley

&

Sons,

Inc.,

Class

A

(b)

........

5,148

309,807

Loral

Space

&

Communications,

Inc.

.......

1,789

69,503

Magnite,

Inc.

(a)

......................

12,530

424,015

MDC

Partners,

Inc.,

Class

A

(a)

...........

6,527

38,183

Meredith

Corp.

(a)

....................

4,682

203,386

MSG

Networks,

Inc.,

Class

A

(a)

...........

3,880

56,570

National

CineMedia,

Inc.

...............

6,954

35,257

Scholastic

Corp.

....................

3,318

125,719

Sinclair

Broadcast

Group,

Inc.,

Class

A

.....

5,699

189,321

TechTarget,

Inc.

(a)

....................

3,080

238,669

TEGNA,

Inc.

.......................

26,385

494,983

Thryv

Holdings,

Inc.

(a)

.................

772

27,614

WideOpenWest,

Inc.

(a)

................

6,242

129,272

4,446,595

Metals

&

Mining

—

1.3%

Allegheny

Technologies,

Inc.

(a)(b)

..........

15,141

315,690

Arconic

Corp.

(a)

.....................

13,169

469,080

Carpenter

Technology

Corp.

(b)

...........

5,773

232,190

Century

Aluminum

Co.

(a)

...............

6,137

79,106

Coeur

Mining,

Inc.

(a)(b)

.................

28,698

254,838

Commercial

Metals

Co.

................

14,327

440,125

Compass

Minerals

International,

Inc.

.......

4,068

241,070

Constellium

SE,

Class

A

(a)

..............

14,644

277,504

Gatos

Silver,

Inc.

(a)

...................

4,129

72,216

Haynes

International,

Inc.

..............

1,648

58,306

Hecla

Mining

Co.

....................

63,109

469,531

Kaiser

Aluminum

Corp.

................

1,906

235,372

Materion

Corp.

.....................

2,443

184,080

MP

Materials

Corp.,

Class

A

(a)(b)

..........

8,702

320,756

Novagold

Resources,

Inc.

(a)

.............

28,296

226,651

Olympic

Steel,

Inc.

...................

1,268

37,267

Perpetua

Resources

Corp.

(a)

............

3,197

23,338

PolyMet

Mining

Corp.

(a)

................

3,444

12,433

Ryerson

Holding

Corp.

(a)

...............

1,724

25,170

Schnitzer

Steel

Industries,

Inc.,

Class

A

.....

3,002

147,248

SunCoke

Energy,

Inc.

.................

10,873

77,633

TimkenSteel

Corp.

(a)

..................

5,216

73,806

Warrior

Met

Coal,

Inc.

.................

6,536

112,419

Worthington

Industries,

Inc.

.............

4,132

252,796

4,638,625

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

AFC

Gamma,

Inc.

...................

865

17,862

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

17,031

271,644

Arbor

Realty

Trust,

Inc.

................

15,254

271,826

Ares

Commercial

Real

Estate

Corp.

.......

5,940

87,259

ARMOUR

Residential

REIT,

Inc.

..........

7,731

88,288

Blackstone

Mortgage

Trust,

Inc.,

Class

A

(b)

...

16,519

526,791

BrightS

pire

Capital,

Inc.,

Class

A

(b)

........

10,167

95,570

Broadmark

Realty

Capital,

Inc.

...........

15,450

163,615

Capstead

Mortgage

Corp.

..............

10,957

67,276

Chimera

Investment

Corp.

..............

27,466

413,638

Dynex

Capital,

Inc.

...................

3,626

67,661

Ellington

Financial,

Inc.

(b)

...............

5,384

103,104

Granite

Point

Mortgage

Trust,

Inc.

........

6,283

92,674

Great

Ajax

Corp.

....................

2,702

35,072

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

....................

9,327

523,711

Invesco

Mortgage

Capital,

Inc.

...........

28,732

112,055

KKR

Real

Estate

Finance

Trust,

Inc.

(b)

......

3,798

82,151

Ladder

Capital

Corp.

.................

13,296

153,436

MFA

Financial,

Inc.

...................

52,813

242,412

New

York

Mortgage

Trust,

Inc.

...........

46,352

207,193

Orchid

Island

Capital,

Inc.

(b)

.............

12,909

66,998

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

PennyMac

Mortgage

Investment

Trust

......

11,589

$

244,064

Ready

Capital

Corp.

(b)

.................

6,901

109,519

Redwood

Trust,

Inc.

..................

13,236

159,759

TPG

RE

Finance

Trust,

Inc.

.............

7,288

98,024

Two

Harbors

Investment

Corp.

...........

32,249

243,802

4,545,404

Multiline

Retail

—

0.3%

Big

Lots,

Inc.

.......................

4,142

273,413

Dillard's,

Inc.,

Class

A

(b)

................

749

135,479

Franchise

Group,

Inc.

.................

3,380

119,213

Macy's,

Inc.

(a)

......................

37,478

710,583

1,238,688

Multi-Utilities

—

0.4%

Avista

Corp.

.......................

8,417

359,153

Black

Hills

Corp.

(b)

...................

7,522

493,669

NorthWestern

Corp.

..................

6,060

364,933

Unitil

Corp.

........................

1,734

91,850

1,309,605

Oil,

Gas

&

Consumable

Fuels

—

3.3%

Aemetis,

Inc.

(a)

......................

2,768

30,919

Alto

Ingredients,

Inc.

(a)

................

8,531

52,124

Altus

Midstream

Co.,

Class

A

............

389

26,261

Antero

Resources

Corp.

(a)

..............

34,137

513,079

Arch

Resources,

Inc.

(a)

................

1,775

101,140

Berry

Corp.

........................

9,240

62,093

Bonanza

Creek

Energy,

Inc.

(b)

...........

3,681

173,265

Brigham

Minerals,

Inc.,

Class

A

..........

5,428

115,562

California

Resources

Corp.

(a)

............

10,030

302,304

Callon

Petroleum

Co.

(a)

................

4,759

274,547

Centennial

Resource

Development,

Inc.,

Class

A

(a)

...........................

21,599

146,441

Centrus

Energy

Corp.,

Class

A

(a)

..........

1,127

28,603

Chesapeake

Energy

Corp.

.............

11,786

611,929

Clean

Energy

Fuels

Corp.

(a)(b)

............

15,886

161,243

CNX

Resources

Corp.

(a)(b)

..............

26,099

356,512

Comstock

Resources,

Inc.

(a)

.............

10,924

72,863

CONSOL

Energy,

Inc.

(a)

...............

3,650

67,416

Contango

Oil

&

Gas

Co.

(a)

..............

17,521

75,691

CVR

Energy,

Inc.

....................

3,889

69,846

Delek

US

Holdings,

Inc.

(b)

..............

7,967

172,247

Denbury,

Inc.

(a)

.....................

6,019

462,139

DHT

Holdings,

Inc.

...................

14,560

94,494

Diamond

S

Shipping,

Inc.

(a)

.............

3,463

34,492

Dorian

LPG

Ltd.

(a)

...................

4,501

63,554

Earthstone

Energy,

Inc.,

Class

A

(a)

........

3,814

42,221

Energy

Fuels,

Inc.

(a)

..................

16,939

102,481

Equitrans

Midstream

Corp.

(b)

............

48,789

415,194

Extraction

Oil

&

Gas,

Inc.

(a)

.............

1,865

102,407

Falcon

Minerals

Corp.

.................

3,827

19,441

Frontline

Ltd.

.......................

15,262

137,358

Gevo,

Inc.

(a)

.......................

23,282

169,260

Golar

LNG

Ltd.

(a)

....................

11,759

155,807

Green

Plains,

Inc.

(a)

..................

4,336

145,776

HighPeak

Energy,

Inc.

(a)

...............

1,115

11,406

International

Seaways,

Inc.

.............

3,061

58,710

Kosmos

Energy

Ltd.

(a)(b)

................

45,959

159,018

Laredo

Petroleum,

Inc.

(a)

...............

1,501

139,278

Magnolia

Oil

&

Gas

Corp.,

Class

A

(a)

.......

16,609

259,599

Matador

Resources

Co.

...............

13,211

475,728

Meta

Materials,

Inc.

(a)

.................

7,340

54,973

Murphy

Oil

Corp.

....................

17,482

406,981

Nordic

American

Tankers

Ltd.

(b)

..........

18,951

62,159

Northern

Oil

and

Gas,

Inc.

(b)

.............

5,706

118,514

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Oasis

Petroleum,

Inc.

(b)

................

2,407

$

242,024

Ovintiv,

Inc.

........................

31,270

984,067

Par

Pacific

Holdings,

Inc.

(a)

.............

5,308

89,281

PBF

Energy,

Inc.,

Class

A

(a)(b)

............

11,435

174,956

PDC

Energy,

Inc.

(b)

...................

11,861

543,115

Peabody

Energy

Corp.

(a)(b)

..............

8,261

65,510

Penn

Virginia

Corp.

(a)

.................

1,395

32,936

Range

Resources

Corp.

(a)(b)

.............

28,523

478,045

Renewable

Energy

Group,

Inc.

(a)

.........

5,346

333,270

REX

American

Resources

Corp.

(a)

........

646

58,256

Riley

Exploration

Permian,

Inc.

...........

273

7,912

Scorpio

Tankers,

Inc.

.................

5,818

128,287

SFL

Corp.

Ltd.

......................

11,099

84,907

SM

Energy

Co.

.....................

13,886

342,012

Southwestern

Energy

Co.

(a)(b)

............

82,025

465,082

Talos

Energy,

Inc.

(a)

..................

4,398

68,785

Teekay

Corp.

(a)

.....................

8,284

30,816

Teekay

Tankers

Ltd.,

Class

A

(a)

...........

2,845

41,025

Tellurian,

Inc.

(a)

.....................

37,809

175,812

Uranium

Energy

Corp.

(a)

...............

28,312

75,310

Ur-Energy,

Inc.

(a)

....................

21,583

30,216

Vine

Energy,

Inc.,

Class

A

(a)

.............

2,460

38,351

W&T

Offshore,

Inc.

(a)

.................

10,055

48,767

Whiting

Petroleum

Corp.

(a)

..............

4,699

256,330

World

Fuel

Services

Corp.

..............

7,355

233,374

12,133,521

Paper

&

Forest

Products

—

0.2%

Clearwater

Paper

Corp.

(a)

..............

2,242

64,951

Domtar

Corp.

(a)

.....................

5,963

327,726

Glatfelter

Corp.

.....................

5,305

74,111

Neenah,

Inc.

.......................

1,884

94,520

Schweitzer-Mauduit

International,

Inc.

(b)

.....

3,739

150,981

Verso

Corp.,

Class

A

.................

3,358

59,437

771,726

Personal

Products

—

0.5%

Beauty

Health

Co.

(The),

Class

A

(a)

........

5,534

92,971

BellRing

Brands,

Inc.,

Class

A

(a)

..........

4,729

148,207

Edgewell

Personal

Care

Co.

............

6,613

290,311

elf

Beauty,

Inc.

(a)

....................

5,405

146,692

Honest

Co.,

Inc.

(The)

(a)

...............

2,962

47,955

Inter

Parfums,

Inc.

...................

2,139

154,008

Medifast,

Inc.

......................

1,381

390,795

Nature's

Sunshine

Products,

Inc.

.........

1,821

31,631

Nu

Skin

Enterprises,

Inc.,

Class

A

.........

5,929

335,878

Revlon,

Inc.,

Class

A

(a)

................

1,015

13,032

USANA

Health

Sciences,

Inc.

(a)

..........

1,583

162,146

Veru,

Inc.

(a)

........................

6,942

56,022

1,869,648

Pharmaceuticals

—

1.7%

9

Meters

Biopharma,

Inc.

(a)

.............

25,349

27,884

Aclaris

Therapeutics,

Inc.

(a)

.............

5,178

90,926

Aerie

Pharmaceuticals,

Inc.

(a)

............

5,049

80,834

Amneal

Pharmaceuticals,

Inc.

(a)

..........

10,749

55,035

Amphastar

Pharmaceuticals,

Inc.

(a)

........

4,144

83,543

Ampio

Pharmaceuticals,

Inc.

(a)

...........

22,687

37,887

Angion

Biomedica

Corp.

(a)

..............

1,480

19,270

ANI

Pharmaceuticals,

Inc.

(a)

.............

908

31,825

Antares

Pharma,

Inc.

(a)

................

21,788

94,996

Arvinas,

Inc.

(a)(b)

.....................

5,206

400,862

Atea

Pharmaceuticals,

Inc.

(a)

............

7,703

165,460

Athira

Pharma,

Inc.

(a)

.................

3,847

39,393

Axsome

Therapeutics,

Inc.

(a)

............

3,314

223,562

BioDelivery

Sciences

International,

Inc.

(a)

....

8,485

30,376

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Cara

Therapeutics,

Inc.

(a)

..............

5,604

$

79,969

Cassava

Sciences,

Inc.

(a)

..............

4,563

389,863

Cerecor,

Inc.

(a)

......................

7,166

23,433

Citius

Pharmaceuticals,

Inc.

(a)(b)

..........

13,544

47,133

Collegium

Pharmaceutical,

Inc.

(a)

.........

3,974

93,945

Corcept

Therapeutics,

Inc.

(a)

............

11,405

250,910

CorMedix,

Inc.

(a)

.....................

5,051

34,650

Cymabay

Therapeutics,

Inc.

(a)

...........

6,894

30,058

Durect

Corp.

(a)

......................

32,457

52,905

Edgewise

Therapeutics,

Inc.

(a)

...........

1,472

31,398

Endo

International

plc

(a)

................

26,014

121,746

Evolus,

Inc.

(a)

......................

3,847

48,665

EyePoint

Pharmaceuticals,

Inc.

(a)

.........

2,520

22,655

Fulcrum

Therapeutics,

Inc.

(a)

............

2,945

30,864

Harmony

Biosciences

Holdings,

Inc.

(a)

......

2,666

75,261

Ikena

Oncology,

Inc.

(a)

.................

1,081

15,177

Innoviva,

Inc.

(a)

.....................

8,077

108,313

Intra-Cellular

Therapies,

Inc.

(a)(b)

..........

8,430

344,113

Kala

Pharmaceuticals,

Inc.

(a)(b)

...........

7,157

37,932

Kaleido

Biosciences,

Inc.

(a)

.............

3,195

23,771

KemPharm,

Inc.

(a)

...................

3,409

43,703

Landos

Biopharma,

Inc.

(a)

..............

763

8,813

Marinus

Pharmaceuticals,

Inc.

(a)(b)

.........

4,405

79,026

Mind

Medicine

MindMed,

Inc.

(a)

..........

38,416

132,535

NGM

Biopharmaceuticals,

Inc.

(a)

..........

3,780

74,542

Nuvation

Bio,

Inc.,

Class

A

(a)

............

4,225

39,335

Ocular

Therapeutix,

Inc.

(a)

..............

8,761

124,231

Omeros

Corp.

(a)

.....................

7,795

115,678

Oramed

Pharmaceuticals,

Inc.

(a)

..........

3,186

42,629

Pacira

BioSciences,

Inc.

(a)(b)

.............

5,094

309,104

Paratek

Pharmaceuticals,

Inc.

(a)

..........

5,304

36,173

Phathom

Pharmaceuticals,

Inc.

(a)

.........

2,416

81,782

Phibro

Animal

Health

Corp.,

Class

A

.......

2,371

68,474

Pliant

Therapeutics,

Inc.

(a)

..............

2,553

74,343

Prestige

Consumer

Healthcare,

Inc.

(a)

......

5,914

308,119

Provention

Bio,

Inc.

(a)

.................

7,815

65,880

Rain

Therapeutics,

Inc.

(a)

...............

885

13,753

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)

.....

3,275

463,511

Relmada

Therapeutics,

Inc.

(a)

............

1,548

49,551

Revance

Therapeutics,

Inc.

(a)

............

8,373

248,176

Seelos

Therapeutics,

Inc.

(a)

.............

9,043

23,873

SIGA

Technologies,

Inc.

(a)

..............

5,355

33,629

Supernus

Pharmaceuticals,

Inc.

(a)

.........

5,859

180,399

Tarsus

Pharmaceuticals,

Inc.

(a)

...........

1,130

32,747

Terns

Pharmaceuticals,

Inc.

(a)

............

1,732

21,234

TherapeuticsMD,

Inc.

(a)

................

49,642

59,074

Theravance

Biopharma,

Inc.

(a)(b)

..........

6,397

92,884

Verrica

Pharmaceuticals,

Inc.

(a)

...........

786

8,882

WaVe

Life

Sciences

Ltd.

(a)

..............

5,918

39,414

Zogenix,

Inc.

(a)(b)

.....................

6,556

113,288

6,229,396

Professional

Services

—

1.5%

Acacia

Research

Corp.

(a)

...............

5,266

35,598

ASGN,

Inc.

(a)

.......................

6,200

600,966

Barrett

Business

Services,

Inc.

...........

891

64,696

CBIZ,

Inc.

(a)(b)

.......................

6,164

201,994

CRA

International,

Inc.

................

841

71,990

Exponent,

Inc.

......................

6,195

552,656

Forrester

Research,

Inc.

(a)

..............

1,475

67,555

Franklin

Covey

Co.

(a)

.................

1,676

54,219

GP

Strategies

Corp.

(a)

.................

1,846

29,019

Heidrick

&

Struggles

International,

Inc.

.....

2,229

99,302

Huron

Consulting

Group,

Inc.

(a)

...........

2,636

129,559

ICF

International,

Inc.

.................

2,213

194,434

Insperity,

Inc.

.......................

4,442

401,424

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Professional

Services

(continued)

KBR,

Inc.

.........................

16,869

$

643,552

Kelly

Services,

Inc.,

Class

A

(a)

...........

4,184

100,290

Kforce,

Inc.

........................

2,465

155,122

Korn

Ferry

........................

6,369

462,071

ManTech

International

Corp.,

Class

A

......

3,361

290,861

Mistras

Group,

Inc.

(a)

.................

2,325

22,855

Rekor

Systems,

Inc.

(a)

.................

3,743

38,029

Resources

Connection,

Inc.

.............

4,164

59,795

TriNet

Group,

Inc.

(a)(b)

.................

4,836

350,513

TrueBlue,

Inc.

(a)

.....................

4,215

118,484

Upwork,

Inc.

(a)

......................

13,913

810,989

Willdan

Group,

Inc.

(a)

.................

1,339

50,400

5,606,373

Real

Estate

Management

&

Development

—

0.7%

Cushman

&

Wakefield

plc

(a)

.............

13,609

237,749

eXp

World

Holdings,

Inc.

(a)

..............

7,404

287,053

Fathom

Holdings,

Inc.

(a)

...............

624

20,461

Forestar

Group,

Inc.

(a)

.................

2,201

46,023

FRP

Holdings,

Inc.

(a)

..................

727

40,479

Kennedy-Wilson

Holdings,

Inc.

(b)

..........

14,326

284,658

Marcus

&

Millichap,

Inc.

(a)

..............

2,781

108,097

Newmark

Group,

Inc.,

Class

A

...........

18,271

219,435

Rafael

Holdings,

Inc.,

Class

B

(a)(b)

.........

1,177

60,086

RE/MAX

Holdings,

Inc.,

Class

A

..........

2,229

74,293

Realogy

Holdings

Corp.

(a)

..............

14,128

257,412

Redfin

Corp.

(a)(b)

.....................

12,136

769,544

RMR

Group,

Inc.

(The),

Class

A

..........

1,887

72,914

St.

Joe

Co.

(The)

....................

4,023

179,466

Tejon

Ranch

Co.

(a)

...................

2,793

42,481

2,700,151

Road

&

Rail

—

0.6%

ArcBest

Corp.

......................

2,986

173,755

Avis

Budget

Group,

Inc.

(a)

..............

6,102

475,285

Covenant

Logistics

Group,

Inc.,

Class

A

(a)

...

1,391

28,766

Daseke,

Inc.

(a)

......................

5,427

35,167

Heartland

Express,

Inc.

................

6,002

102,814

HyreCar,

Inc.

(a)

.....................

2,091

43,744

Marten

Transport

Ltd.

.................

6,864

113,187

PAM

Transportation

Services,

Inc.

(a)

.......

250

13,187

Saia,

Inc.

(a)(b)

.......................

3,165

663,036

Universal

Logistics

Holdings,

Inc.

.........

1,108

25,816

US

Xpress

Enterprises,

Inc.,

Class

A

(a)

......

2,996

25,766

Werner

Enterprises,

Inc.

(b)

..............

7,385

328,780

Yellow

Corp.

(a)

......................

6,005

39,093

2,068,396

Semiconductors

&

Semiconductor

Equipment

—

2.7%

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

2,706

82,235

Ambarella,

Inc.

(a)

....................

4,153

442,834

Amkor

Technology,

Inc.

................

11,909

281,886

Atomera,

Inc.

(a)

.....................

2,344

50,255

Axcelis

Technologies,

Inc.

(a)

.............

3,783

152,909

AXT,

Inc.

(a)

........................

5,162

56,679

CEVA,

Inc.

(a)

.......................

2,732

129,224

CMC

Materials,

Inc.

..................

3,485

525,329

Cohu,

Inc.

(a)

.......................

5,717

210,328

Diodes,

Inc.

(a)

......................

5,184

413,528

DSP

Group,

Inc.

(a)

...................

2,886

42,713

FormFactor,

Inc.

(a)

...................

9,277

338,239

Ichor

Holdings

Ltd.

(a)

..................

3,511

188,892

Impinj,

Inc.

(a)

.......................

2,279

117,574

Kopin

Corp.

(a)

......................

9,257

75,722

Kulicke

&

Soffa

Industries,

Inc.

...........

7,304

447,005

Lattice

Semiconductor

Corp.

(a)

...........

16,190

909,554

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

5,809

$

372,241

MaxLinear,

Inc.

(a)(b)

...................

8,439

358,573

NeoPhotonics

Corp.

(a)

.................

6,505

66,416

NVE

Corp.

........................

509

37,691

Onto

Innovation,

Inc.

(a)

................

5,699

416,255

PDF

Solutions,

Inc.

(a)

.................

3,268

59,412

Photronics,

Inc.

(a)

....................

7,915

104,557

Power

Integrations,

Inc.

...............

7,153

586,975

Rambus,

Inc.

(a)(b)

....................

13,369

316,979

Semtech

Corp.

(a)

....................

7,716

530,861

Silicon

Laboratories,

Inc.

(a)

..............

5,290

810,693

SiTime

Corp.

(a)

......................

1,500

189,885

SkyWater

Technology,

Inc.

(a)

............

938

26,874

SMART

Global

Holdings,

Inc.

(a)

...........

1,652

78,767

SunPower

Corp.

(a)

...................

9,334

272,740

Synaptics,

Inc.

(a)

....................

4,210

654,992

Ultra

Clean

Holdings,

Inc.

(a)(b)

............

5,051

271,340

Veeco

Instruments,

Inc.

(a)

..............

6,305

151,572

9,771,729

Software

—

5.9%

8x8,

Inc.

(a)

.........................

12,698

352,496

A10

Networks,

Inc.

(a)

..................

6,828

76,883

ACI

Worldwide,

Inc.

(a)

.................

14,172

526,348

Agilysys,

Inc.

(a)

.....................

2,097

119,256

Alarm.com

Holdings,

Inc.

(a)

.............

5,641

477,793

Alkami

Technology,

Inc.

(a)

..............

831

29,642

Altair

Engineering,

Inc.,

Class

A

(a)

.........

5,281

364,231

American

Software,

Inc.,

Class

A

.........

3,385

74,335

Appfolio,

Inc.,

Class

A

(a)

...............

2,235

315,582

Appian

Corp.

(a)

.....................

4,692

646,323

Asana,

Inc.,

Class

A

(a)

.................

8,822

547,229

Avaya

Holdings

Corp.

(a)

................

9,845

264,831

Benefitfocus,

Inc.

(a)

...................

2,979

42,004

Blackbaud,

Inc.

(a)(b)

...................

5,773

442,039

Blackline,

Inc.

(a)

.....................

6,416

713,908

Bottomline

Technologies

DE,

Inc.

(a)

........

5,180

192,074

Box,

Inc.,

Class

A

(a)

..................

17,983

459,466

BTRS

Holdings,

Inc.,

Class

A

(a)

...........

5,655

71,366

Cerence,

Inc.

(a)

.....................

4,514

481,689

ChannelAdvisor

Corp.

(a)

...............

3,714

91,030

Cleanspark,

Inc.

(a)

...................

3,905

64,979

Cloudera,

Inc.

(a)

.....................

27,611

437,910

CommVault

Systems,

Inc.

(a)

.............

5,037

393,742

Cornerstone

OnDemand,

Inc.

(a)

..........

7,422

382,827

Digimarc

Corp.

(a)(b)

...................

1,813

60,735

Digital

Turbine,

Inc.

(a)

.................

10,078

766,230

Domo,

Inc.,

Class

B

(a)

.................

3,402

274,984

E2open

Parent

Holdings,

Inc.,

Class

A

(a)

....

4,983

56,906

Ebix,

Inc.

(b)

........................

3,026

102,581

eGain

Corp.

(a)

......................

1,834

21,054

Envestnet,

Inc.

(a)

....................

6,439

488,463

GTY

Technology

Holdings,

Inc.

(a)

.........

3,839

27,295

Ideanomics,

Inc.

(a)(b)

..................

48,734

138,405

Intelligent

Systems

Corp.

(a)

.............

628

19,757

InterDigital,

Inc.

.....................

3,709

270,868

j2

Global,

Inc.

(a)(b)

....................

5,185

713,197

JFrog

Ltd.

(a)(b)

......................

6,156

280,221

LivePerson,

Inc.

(a)(b)

..................

7,499

474,237

MicroStrategy,

Inc.,

Class

A

(a)(b)

...........

936

621,972

Mimecast

Ltd.

(a)

.....................

7,274

385,886

Mitek

Systems,

Inc.

(a)

.................

4,470

86,092

Model

N,

Inc.

(a)

.....................

4,086

140,027

Momentive

Global,

Inc.

(a)

...............

15,645

329,640

ON24,

Inc.

(a)

.......................

1,341

47,579

OneSpan,

Inc.

(a)

.....................

4,331

110,614

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Software

(continued)

PagerDuty,

Inc.

(a)

....................

9,630

$

410,045

Ping

Identity

Holding

Corp.

(a)

............

5,197

119,011

Progress

Software

Corp.

...............

5,238

242,258

PROS

Holdings,

Inc.

(a)

................

4,768

217,278

Q2

Holdings,

Inc.

(a)(b)

..................

6,523

669,129

QAD,

Inc.,

Class

A

...................

1,544

134,359

Qualys,

Inc.

(a)

......................

4,067

409,506

Rapid7,

Inc.

(a)(b)

.....................

6,552

620,016

Rimini

Street,

Inc.

(a)

..................

5,231

32,223

Riot

Blockchain,

Inc.

(a)

.................

10,057

378,847

Sailpoint

Technologies

Holdings,

Inc.

(a)

.....

10,796

551,352

Sapiens

International

Corp.

NV

..........

3,805

99,957

SecureWorks

Corp.,

Class

A

(a)

...........

1,634

30,278

ShotSpotter,

Inc.

(a)

...................

1,098

53,549

Smith

Micro

Software,

Inc.

(a)

.............

6,282

32,792

Sprout

Social,

Inc.,

Class

A

(a)

............

5,270

471,243

SPS

Commerce,

Inc.

(a)

................

4,304

429,754

Sumo

Logic,

Inc.

(a)

...................

9,732

200,966

Telos

Corp.

(a)

.......................

2,308

78,495

Tenable

Holdings,

Inc.

(a)(b)

..............

10,823

447,531

Upland

Software,

Inc.

(a)

................

3,607

148,500

Varonis

Systems,

Inc.

(a)(b)

...............

12,775

736,096

Verint

Systems,

Inc.

(a)

.................

7,686

346,408

Veritone,

Inc.

(a)

.....................

3,764

74,188

Viant

Technology,

Inc.,

Class

A

(a)

..........

942

28,053

VirnetX

Holding

Corp.

(a)(b)

...............

5,923

25,291

Vonage

Holdings

Corp.

(a)

...............

28,943

417,069

Workiva,

Inc.

(a)

......................

5,028

559,767

Xperi

Holding

Corp.

(b)

.................

12,320

273,997

Yext,

Inc.

(a)

........................

13,171

188,214

Zix

Corp.

(a)

........................

5,750

40,538

Zuora,

Inc.,

Class

A

(a)

.................

12,371

213,400

21,664,836

Specialty

Retail

—

2.7%

Aaron's

Co.,

Inc.

(The)

................

4,046

129,432

Abercrombie

&

Fitch

Co.,

Class

A

(a)

........

7,319

339,821

Academy

Sports

&

Outdoors,

Inc.

(a)

........

7,377

304,228

American

Eagle

Outfitters,

Inc.

(b)

..........

18,157

681,432

America's

Car-Mart,

Inc.

(a)

..............

761

107,849

Arko

Corp.

(a)

.......................

2,450

22,516

Asbury

Automotive

Group,

Inc.

(a)

..........

2,309

395,693

At

Home

Group,

Inc.

(a)

................

7,830

288,457

Barnes

&

Noble

Education,

Inc.

(a)

.........

4,584

33,051

Bed

Bath

&

Beyond,

Inc.

(a)

..............

13,094

435,899

Big

5

Sporting

Goods

Corp.

.............

2,483

63,763

Blink

Charging

Co.

(a)

..................

4,355

179,295

Boot

Barn

Holdings,

Inc.

(a)

..............

3,428

288,123

Buckle,

Inc.

(The)

...................

3,443

171,289

Caleres,

Inc.

.......................

4,338

118,384

Camping

World

Holdings,

Inc.,

Class

A

(b)

....

5,092

208,721

CarLotz,

Inc.,

Class

A

(a)

................

5,185

28,310

Cato

Corp.

(The),

Class

A

..............

2,808

47,371

Chico's

FAS,

Inc.

(a)

...................

15,680

103,174

Children's

Place,

Inc.

(The)

(a)

............

1,627

151,409

Citi

Trends,

Inc.

(a)

....................

1,025

89,175

Conn's,

Inc.

(a)

......................

2,008

51,204

Container

Store

Group,

Inc.

(The)

(a)

........

3,854

50,256

Designer

Brands,

Inc.,

Class

A

(a)

..........

7,171

118,680

Genesco,

Inc.

(a)

.....................

1,931

122,966

Group

1

Automotive,

Inc.

(b)

..............

2,081

321,369

GrowGeneration

Corp.

(a)(b)

..............

6,453

310,389

Guess?,

Inc.

.......................

4,407

116,345

Haverty

Furniture

Cos.,

Inc.

.............

2,098

89,711

Hibbett,

Inc.

(a)

......................

1,907

170,924

JOANN,

Inc.

.......................

1,384

21,798

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Kirkland's,

Inc.

(a)

....................

1,671

$

38,233

Lazydays

Holdings,

Inc.

(a)

..............

876

19,272

Lumber

Liquidators

Holdings,

Inc.

(a)

........

3,195

67,415

MarineMax,

Inc.

(a)

....................

2,702

131,695

Monro,

Inc.

........................

4,060

257,851

Murphy

USA,

Inc.

(b)

..................

3,005

400,777

National

Vision

Holdings,

Inc.

(a)

..........

9,731

497,546

ODP

Corp.

(The)

(a)

...................

5,840

280,378

OneWater

Marine,

Inc.,

Class

A

..........

1,285

54,009

Party

City

Holdco,

Inc.

(a)

...............

13,183

122,997

Rent-A-Center,

Inc.

..................

7,865

417,396

Sally

Beauty

Holdings,

Inc.

(a)

............

13,445

296,731

Shift

Technologies,

Inc.,

Class

A

(a)

.........

7,403

63,518

Shoe

Carnival,

Inc.

...................

983

70,373

Signet

Jewelers

Ltd.

(a)

.................

6,221

502,595

Sleep

Number

Corp.

(a)

................

2,854

313,797

Sonic

Automotive,

Inc.,

Class

A

..........

2,611

116,816

Sportsman's

Warehouse

Holdings,

Inc.

(a)

....

5,364

95,318

Tilly's,

Inc.,

Class

A

..................

2,985

47,700

TravelCenters

of

America,

Inc.

(a)

..........

1,489

43,538

Urban

Outfitters,

Inc.

(a)

................

8,184

337,344

Winmark

Corp.

.....................

395

75,872

Zumiez,

Inc.

(a)

......................

2,422

118,654

9,930,859

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

(a)

3D

Systems

Corp.

...................

14,483

578,885

Avid

Technology,

Inc.

.................

4,457

174,491

Corsair

Gaming,

Inc.

.................

3,265

108,692

Diebold

Nixdorf,

Inc.

..................

7,952

102,104

Eastman

Kodak

Co.

..................

5,352

44,529

Quantum

Corp.

.....................

5,166

35,594

Super

Micro

Computer,

Inc.

.............

5,326

187,369

Turtle

Beach

Corp.

...................

1,864

59,499

1,291,163

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Crocs,

Inc.

(a)

.......................

7,705

897,787

Fossil

Group,

Inc.

(a)

..................

5,744

82,024

G-III

Apparel

Group

Ltd.

(a)

..............

5,206

171,069

Kontoor

Brands,

Inc.

..................

6,188

349,065

Movado

Group,

Inc.

..................

2,083

65,552

Oxford

Industries,

Inc.

................

1,913

189,081

PLBY

Group,

Inc.

(a)

...................

1,293

50,285

Rocky

Brands,

Inc.

...................

943

52,431

Steven

Madden

Ltd.

(b)

.................

9,786

428,235

Superior

Group

of

Cos.,

Inc.

............

951

22,738

Unifi,

Inc.

(a)

........................

1,745

42,508

Vera

Bradley,

Inc.

(a)

..................

3,887

48,160

Wolverine

World

Wide,

Inc.

.............

9,682

325,703

2,724,638

Thrifts

&

Mortgage

Finance

—

1.5%

Axos

Financial,

Inc.

(a)

.................

6,807

315,777

Bridgewater

Bancshares,

Inc.

(a)

..........

2,423

39,131

Capitol

Federal

Financial,

Inc.

...........

15,065

177,466

Columbia

Financial,

Inc.

(a)

..............

4,789

82,467

Essent

Group

Ltd.

...................

13,208

593,700

Federal

Agricultural

Mortgage

Corp.,

Class

C

(b)

1,186

117,295

Finance

of

America

Cos.,

Inc.,

Class

A

(a)

....

3,983

30,390

Flagstar

Bancorp,

Inc.

................

6,218

262,835

FS

Bancorp,

Inc.

....................

493

35,136

Hingham

Institution

For

Savings

(The)

......

187

54,324

Home

Bancorp,

Inc.

..................

1,018

38,796

Home

Point

Capital,

Inc.

(a)

..............

965

5,722

HomeStreet,

Inc.

....................

2,561

104,335

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

(continued)

Kearny

Financial

Corp.

................

9,094

$

108,673

Luther

Burbank

Corp.

.................

1,727

20,482

Merchants

Bancorp

..................

1,327

52,071

Meridian

Bancorp,

Inc.

................

6,046

123,701

Meta

Financial

Group,

Inc.

..............

3,682

186,420

Mr

Cooper

Group,

Inc.

(a)

...............

8,463

279,787

NMI

Holdings,

Inc.,

Class

A

(a)

............

10,038

225,654

Northfield

Bancorp,

Inc.

...............

5,107

83,755

Northwest

Bancshares,

Inc.

.............

14,187

193,511

Ocwen

Financial

Corp.

(a)

...............

975

30,205

PCSB

Financial

Corp.

.................

1,491

27,091

PennyMac

Financial

Services,

Inc.

........

4,213

260,026

Pioneer

Bancorp,

Inc.

(a)

................

1,483

17,826

Premier

Financial

Corp.

...............

4,263

121,112

Provident

Bancorp,

Inc.

................

2,076

33,860

Provident

Financial

Services,

Inc.

.........

8,845

202,462

Radian

Group,

Inc.

...................

22,935

510,304

Southern

Missouri

Bancorp,

Inc.

..........

815

36,642

TrustCo

Bank

Corp.

..................

2,175

74,777

Velocity

Financial,

Inc.

(a)

...............

1,023

12,777

Walker

&

Dunlop,

Inc.

.................

3,395

354,370

Washington

Federal,

Inc.

...............

8,610

273,626

Waterstone

Financial,

Inc.

..............

2,970

58,390

WSFS

Financial

Corp.

................

5,608

261,277

5,406,173

Tobacco

—

0.2%

22nd

Century

Group,

Inc.

(a)

.............

18,009

83,382

Turning

Point

Brands,

Inc.

..............

1,769

80,967

Universal

Corp.

.....................

2,955

168,346

Vector

Group

Ltd.

...................

17,358

245,442

578,137

Trading

Companies

&

Distributors

—

1.3%

Alta

Equipment

Group,

Inc.

(a)

............

2,288

30,408

Applied

Industrial

Technologies,

Inc.

(b)

......

4,630

421,608

Beacon

Roofing

Supply,

Inc.

(a)

...........

6,606

351,770

BlueLinx

Holdings,

Inc.

(a)

...............

1,070

53,800

Boise

Cascade

Co.

..................

4,815

280,955

CAI

International,

Inc.

.................

2,015

112,840

Custom

Truck

One

Source,

Inc.

(a)

.........

1,542

14,680

DXP

Enterprises,

Inc.

(a)

................

1,896

63,137

EVI

Industries,

Inc.

(a)

..................

1,006

28,570

GATX

Corp.

(b)

......................

4,185

370,247

Global

Industrial

Co.

..................

1,489

54,661

GMS,

Inc.

(a)

........................

5,021

241,711

H&E

Equipment

Services,

Inc.

...........

3,900

129,753

Herc

Holdings,

Inc.

(a)

.................

2,937

329,150

Karat

Packaging,

Inc.

(a)

................

547

11,142

Lawson

Products,

Inc.

(a)

...............

584

31,250

McGrath

RentCorp

...................

2,955

241,039

MRC

Global,

Inc.

(a)

...................

8,822

82,927

NOW,

Inc.

(a)

.......................

12,490

118,530

Rush

Enterprises,

Inc.,

Class

A

..........

5,017

216,935

Rush

Enterprises,

Inc.,

Class

B

..........

853

32,533

Textainer

Group

Holdings

Ltd.

(a)

..........

5,717

193,063

Titan

Machinery,

Inc.

(a)

................

2,475

76,576

Transcat,

Inc.

(a)

.....................

853

48,203

Triton

International

Ltd.

................

7,963

416,783

Veritiv

Corp.

(a)

......................

1,816

111,539

WESCO

International,

Inc.

(a)

............

5,312

546,180

Willis

Lease

Finance

Corp.

(a)

............

394

16,887

4,626,877

Transportation

Infrastructure

—

0.1%

Macquarie

Infrastructure

Corp.

...........

8,813

337,274

Security

Shares

Shares

Value

Water

Utilities

—

0.3%

American

States

Water

Co.

.............

4,400

$

350,064

Artesian

Resources

Corp.,

Class

A

........

1,099

40,410

Cadiz,

Inc.

(a)

.......................

2,492

33,891

California

Water

Service

Group

..........

6,100

338,794

Global

Water

Resources,

Inc.

............

1,617

27,618

Middlesex

Water

Co.

.................

2,039

166,648

Pure

Cycle

Corp.

(a)

...................

2,648

36,595

SJW

Group

........................

3,182

201,421

York

Water

Co.

(The)

.................

1,480

67,044

1,262,485

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)

.......................

7,126

81,094

Shenandoah

Telecommunications

Co.

......

5,764

279,612

Telephone

&

Data

Systems,

Inc.

..........

12,055

273,166

United

States

Cellular

Corp.

(a)

...........

1,824

66,229

700,101

Total

Common

Stocks

—

98.7%

(Cost:

$241,219,038)

..............................

361,563,307

Par

(000)

Par

(000)

Corporate

Bonds

—

0.0%

Capital

Markets

—

0.0%

GAMCO

Investors,

Inc.,

4.00%,

06/15/23

(e)

..

USD

1

1,000

Total

Corporate

Bonds

—

0.0%

(Cost:

$1,000)

..................................

1,000

Shares

Shares

Investment

Companies

—

0.0%

Ferroglobe

Representation

&

Warranty

Insurance

Trust

-

Beneficial

Interest

Units

(f)

10,979

—

Total

Investment

Companies

—

0.0%

(Cost:

$—)

.....................................

—

Rights

—

0.0%

Biotechnology

—

0.0%

(a)(f)

Contra

Aduro

Biotech

I

................

1,703

5,109

Oncternal

Therapeutics,

Inc.,

CVR

........

105

108

5,217

Total

Rights

—

0.0%

(Cost:

$5,109)

..................................

5,217

Warrants

—

0.0%

Energy

Equipment

&

Services

—

0.0%

Nabors

Industries

Ltd.

(Issued/exercisable

06/11/21,

1

share

for

1

warrant,

Expires

06/11/26,

Strike

Price

USD

166.67)

(a)(b)

...

346

3,460

Total

Warrants

—

0.0%

..............................

3,460

Total

Long-Term

Investments

—

98.7%

(Cost:

$241,225,147)

..............................

361,572,984

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

11.2%

(g)(h)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

5,056,579

$

5,056,579

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(i)

........................

35,754,810

35,765,537

Total

Short-Term

Securities

—

11.2%

(Cost:

$40,822,116)

...............................

40,822,116

Total

Investments

—

109.9%

(Cost:

$282,047,263

)

..............................

402,395,100

Liabilities

in

Excess

of

Other

Assets

—

(9.9)%

.............

(36,331,631)

Net

Assets

—

100.0%

...............................

$

366,063,469

(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

$76,537,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$79,814.

(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)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

Affiliate

of

the

Fund.

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

3,838,753

$

1,217,826

$

—

$

—

$

—

$

5,056,579

5,056,579

$

309

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

26,267,552

9,497,787

—

156

42

35,765,537

35,754,810

58,084

(b)

—

$

156

$

42

$

40,822,116

$

58,393

$

—

—

—

(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

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

23

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

....................................................

40

09/17/21

$

4,616

$

(20,363)

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

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

20,363

$

—

$

—

$

—

$

20,363

(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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

715,708

$

—

$

—

$

—

$

715,708

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(144,859)

—

—

—

(144,859)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

4,919,238

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Small

Cap

Index

V.I.

Fund

24

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

2,706,172

$

—

$

—

$

2,706,172

Air

Freight

&

Logistics

....................................

1,083,104

—

—

1,083,104

Airlines

..............................................

1,300,150

—

—

1,300,150

Auto

Components

......................................

4,810,009

—

—

4,810,009

Automobiles

..........................................

1,160,242

—

—

1,160,242

Banks

...............................................

27,939,244

—

—

27,939,244

Beverages

...........................................

1,288,066

—

—

1,288,066

Biotechnology

.........................................

36,783,287

—

—

36,783,287

Building

Products

.......................................

4,023,479

—

—

4,023,479

Capital

Markets

........................................

5,483,706

—

—

5,483,706

Chemicals

............................................

6,889,123

—

—

6,889,123

Commercial

Services

&

Supplies

.............................

6,617,443

—

—

6,617,443

Communications

Equipment

................................

2,676,186

—

—

2,676,186

Construction

&

Engineering

................................

4,722,953

—

—

4,722,953

Construction

Materials

....................................

755,674

—

—

755,674

Consumer

Finance

......................................

2,933,829

—

—

2,933,829

Containers

&

Packaging

..................................

871,978

—

—

871,978

Distributors

...........................................

314,173

—

—

314,173

Diversified

Consumer

Services

..............................

2,345,383

—

—

2,345,383

Diversified

Financial

Services

...............................

529,928

—

—

529,928

Diversified

Telecommunication

Services

........................

2,422,061

—

—

2,422,061

Electric

Utilities

........................................

2,015,239

—

—

2,015,239

Electrical

Equipment

.....................................

3,691,276

—

—

3,691,276

Electronic

Equipment,

Instruments

&

Components

.................

8,293,737

—

—

8,293,737

Energy

Equipment

&

Services

..............................

3,312,730

—

—

3,312,730

Entertainment

.........................................

4,149,048

—

—

4,149,048

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

21,960,123

—

—

21,960,123

Food

&

Staples

Retailing

..................................

3,113,652

—

—

3,113,652

Food

Products

.........................................

3,635,844

—

—

3,635,844

Gas

Utilities

...........................................

2,907,793

—

—

2,907,793

Health

Care

Equipment

&

Supplies

...........................

13,330,385

—

—

13,330,385

Health

Care

Providers

&

Services

............................

11,434,667

—

—

11,434,667

Health

Care

Technology

..................................

4,839,275

—

—

4,839,275

Hotels,

Restaurants

&

Leisure

..............................

8,591,577

—

—

8,591,577

Household

Durables

.....................................

6,752,402

—

—

6,752,402

Household

Products

.....................................

1,092,471

—

—

1,092,471

Independent

Power

and

Renewable

Electricity

Producers

............

1,136,633

—

—

1,136,633

Industrial

Conglomerates

..................................

246,152

—

—

246,152

Insurance

............................................

6,865,689

—

—

6,865,689

Interactive

Media

&

Services

...............................

1,815,970

—

—

1,815,970

Internet

&

Direct

Marketing

Retail

............................

2,825,907

—

—

2,825,907

IT

Services

...........................................

5,501,742

7,062

—

5,508,804

Leisure

Products

.......................................

2,192,921

—

—

2,192,921

Life

Sciences

Tools

&

Services

..............................

3,836,993

—

—

3,836,993

Machinery

............................................

13,951,370

—

—

13,951,370

Marine

..............................................

554,059

—

—

554,059

Media

...............................................

4,446,595

—

—

4,446,595

Metals

&

Mining

........................................

4,638,625

—

—

4,638,625

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

4,545,404

—

—

4,545,404

Multiline

Retail

.........................................

1,238,688

—

—

1,238,688

Multi-Utilities

..........................................

1,309,605

—

—

1,309,605

Oil,

Gas

&

Consumable

Fuels

...............................

12,133,521

—

—

12,133,521

Paper

&

Forest

Products

..................................

771,726

—

—

771,726

Personal

Products

......................................

1,869,648

—

—

1,869,648

BlackRock

Small

Cap

Index

V.I.

Fund

Schedule

of

Investments

25

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Pharmaceuticals

.......................................

$

6,229,396

$

—

$

—

$

6,229,396

Professional

Services

....................................

5,606,373

—

—

5,606,373

Real

Estate

Management

&

Development

.......................

2,700,151

—

—

2,700,151

Road

&

Rail

...........................................

2,068,396

—

—

2,068,396

Semiconductors

&

Semiconductor

Equipment

....................

9,771,729

—

—

9,771,729

Software

.............................................

21,664,836

—

—

21,664,836

Specialty

Retail

........................................

9,930,859

—

—

9,930,859

Technology

Hardware,

Storage

&

Peripherals

....................

1,291,163

—

—

1,291,163

Textiles,

Apparel

&

Luxury

Goods

............................

2,724,638

—

—

2,724,638

Thrifts

&

Mortgage

Finance

................................

5,406,173

—

—

5,406,173

Tobacco

.............................................

578,137

—

—

578,137

Trading

Companies

&

Distributors

............................

4,626,877

—

—

4,626,877

Transportation

Infrastructure

...............................

337,274

—

—

337,274

Water

Utilities

.........................................

1,262,485

—

—

1,262,485

Wireless

Telecommunication

Services

.........................

700,101

—

—

700,101

Corporate

Bonds

........................................

—

1,000

—

1,000

Investment

Companies

....................................

—

—

—

—

Rights

................................................

—

—

5,217

5,217

Warrants

..............................................

3,460

—

—

3,460

Short-Term

Securities

.......................................

5,056,579

—

—

5,056,579

$

366,616,284

$

8,062

$

5,217

$

366,629,563

Investments

valued

at

NAV

(a)

......................................

35,765,537

$

—

$

402,395,100

$

—

Derivative

Financial

Instruments

(b)

Liabilities:

Equity

contracts

...........................................

$

(20,363)

$

—

$

—

$

(20,363)

(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

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

BlackRock

Small

Cap

Index

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

361,572,984‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

40,822,116‌

Cash

pledged

for

futures

contracts

..........................................................................................

263,000‌

Receivables:

–‌

Investments

sold

....................................................................................................

23,894‌

Securities

lending

income

—

affiliated

......................................................................................

7,527‌

Capital

shares

sold

...................................................................................................

68,098‌

Dividends

—

affiliated

.................................................................................................

19‌

Dividends

—

unaffiliated

...............................................................................................

252,283‌

Interest

—

unaffiliated

.................................................................................................

2‌

Variation

margin

on

futures

contracts

.......................................................................................

6,400‌

Deferred

offering

costs

..................................................................................................

44,559‌

Prepaid

expenses

.....................................................................................................

1,928‌

Total

assets

.........................................................................................................

403,062,810‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

35,783,215‌

Payables:

–‌

Investments

purchased

................................................................................................

878,839‌

Capital

shares

redeemed

...............................................................................................

29,249‌

Distribution

fees

.....................................................................................................

15‌

Investment

advisory

fees

..............................................................................................

23,940‌

Offering

costs

......................................................................................................

26,405‌

Directors'

and

Officer's

fees

.............................................................................................

1,024‌

Other

affiliate

fees

...................................................................................................

1,064‌

Printing

and

postage

fees

..............................................................................................

70,367‌

Other

accrued

expenses

...............................................................................................

185,223‌

Total

liabilities

........................................................................................................

36,999,341‌

NET

ASSETS

........................................................................................................

$

366,063,469‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

211,951,430‌

Accumulated

earnings

..................................................................................................

154,112,039‌

NET

ASSETS

........................................................................................................

$

366,063,469‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

241,225,147‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

34,719,260‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

40,822,116‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

27

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

365,952,986‌

Shares

outstanding

.................................................................................................

23,947,023‌

Net

asset

value

....................................................................................................

$

15.28‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

110,483‌

Shares

outstanding

.................................................................................................

7,236‌

Net

asset

value

....................................................................................................

$

15.27‌

Shares

authorized

..................................................................................................

10

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.....................................................................................................

$

309‌

Dividends

—

unaffiliated

...................................................................................................

1,468,632‌

Interest

—

unaffiliated

....................................................................................................

2‌

Securities

lending

income

—

affiliated

—

net

.....................................................................................

58,084‌

Foreign

taxes

withheld

....................................................................................................

(5,168‌)

Total

investment

income

.....................................................................................................

1,521,859‌

EXPENSES

Investment

advisory

......................................................................................................

141,497‌

Transfer

agent

—

class

specific

..............................................................................................

91,787‌

Printing

and

postage

.....................................................................................................

55,921‌

Professional

...........................................................................................................

39,930‌

Accounting

services

......................................................................................................

30,711‌

Offering

..............................................................................................................

20,946‌

Custodian

.............................................................................................................

8,425‌

Directors

and

Officer

.....................................................................................................

4,258‌

Transfer

agent

..........................................................................................................

2,480‌

Distribution

—

class

specific

................................................................................................

32‌

Miscellaneous

..........................................................................................................

9,917‌

Total

expenses

...........................................................................................................

405,904‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...................................................................................

(748‌)

Transfer

agent

fees

reimbursed

—

class

specific

...................................................................................

(16,275‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..................................................................................

388,881‌

Net

investment

income

......................................................................................................

1,132,978‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

54,210,424‌

Net

realized

gain

from:

$

–‌

Investments

—

affiliated

.................................................................................................

156‌

Investments

—

unaffiliated

...............................................................................................

29,449,010‌

Futures

contracts

......................................................................................................

715,708‌

A

30,164,874‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.................................................................................................

42‌

Investments

—

unaffiliated

...............................................................................................

24,190,367‌

Futures

contracts

......................................................................................................

(144,859‌)

A

24,045,550‌

Net

realized

and

unrealized

gain

...............................................................................................

54,210,424‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

......................................................................

$

55,343,402‌

Statements

of

Changes

in

Net

Assets

29

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

1,132,978‌

$

2,982,185‌

Net

realized

gain

(loss)

..............................................................................

30,164,874‌

11,315,649‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

24,045,550‌

37,942,749‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

55,343,402‌

52,240,583‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

—‌

(13,197,729‌)

  Class

I

II

.......................................................................................

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

—‌

(13,197,729‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(11,023,072‌)

(2,266,429‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

44,320,330‌

36,776,425‌

Beginning

of

period

..................................................................................

321,743,139‌

284,966,714‌

End

of

period

......................................................................................

$

366,063,469‌

$

321,743,139‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

30

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

(a)

Class

I

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

...............

$

13.02‌

$

11.34‌

$

9.60‌

$

14.57‌

$

13.63‌

$

11.78‌

Net

investment

income

(loss)

(b)

...................

0.05‌

0.12‌

0.15‌

0.18‌

0.16‌

0.15‌

Net

realized

and

unrealized

gain

(loss)

.............

2.21‌

2.11‌

2.29‌

(1.86‌)

1.83‌

2.33‌

Net

increase

(decrease)

from

investment

operations

......

2.26‌

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

period

....................

$

15.28‌

$

13.02‌

$

11.34‌

$

9.60‌

$

14.57‌

$

13.63‌

Total

Return

(d)

17.36%

19.84%

25.40%

(11.25)%

—

—

Based

on

net

asset

value

........................

17.36%

(e)

19.84%

25.40%

(11.25)%

14.55%

20.96%

Ratios

to

Average

Net

Assets

Total

expenses

...............................

0.23%

(f)

0.29%

0.27%

0.30%

(g)

0.23%

0.31%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.22%

(f)

0.22%

0.22%

0.23%

(g)

0.22%

0.30%

Net

investment

income

(loss)

.....................

0.64%

(f)

1.17%

1.37%

1.17%

1.11%

1.23%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

365,953‌

$

321,743‌

$

284,967‌

$

242,300‌

$

340,353‌

$

315,275‌

Portfolio

turnover

rate

..........................

16%

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)

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

0.27%

and

0.23%,

respectively.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

31

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Small

Cap

Index

V.I.

Fund

Class

III

Period

from

02/09/21

(a)

to

06/30/21

(unaudited)

Net

asset

value,

beginning

of

period

........................................................................................

$

15.16‌

Net

investment

income

(loss)

(b)

............................................................................................

0.04‌

Net

realized

and

unrealized

gain

(loss)

......................................................................................

0.07‌

Net

increase

from

investment

operations

.......................................................................................

0.11‌

Net

asset

value,

end

of

period

.............................................................................................

$

15.27‌

Total

Return

(c)

0.73%

Based

on

net

asset

value

.................................................................................................

0.73%

(d)

Ratios

to

Average

Net

Assets

Total

expenses

........................................................................................................

0.42%

(e)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................................

0.42%

(e)

Net

investment

income

(loss)

..............................................................................................

0.73%

(e)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................................................................

$

110‌

Portfolio

turnover

rate

...................................................................................................

16%

(f

)

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Annualized.

(f)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

32

1.

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.

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.

Class

III

Shares

commenced

operations

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.

2.

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

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

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

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

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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

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

dates

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.  

Offering

Costs:

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.  

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

33

Notes

to

Financial

Statements

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.  

3.

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.

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

or

trade 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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation 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

June

30,

2021,

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.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

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. 

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

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

(unaudited)

(continued)

35

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.

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.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

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.

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.

5.

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.

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.

...................................................

$

6,244,870‌

$

(6,244,870‌)

$

—‌

BofA

Securities,

Inc.

....................................................

444,725‌

(444,725‌)

—‌

Citigroup

Global

Markets,

Inc.

.............................................

5,742,960‌

(5,742,960‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.........................................

3,160,659‌

(3,160,659‌)

—‌

JP

Morgan

Securities

LLC

................................................

10,484,911‌

(10,484,911‌)

—‌

National

Financial

Services

LLC

............................................

1,626,405‌

(1,626,405‌)

—‌

State

Street

Bank

&

Trust

Co.

.............................................

5,930,580‌

(5,930,580‌)

—‌

TD

Prime

Services

LLC

.................................................

1,084,150‌

(1,084,150‌)

—‌

$

34,719,260‌

$

(34,719,260‌)

$

—‌

(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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

36

6.

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 six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager $1,204

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

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 six

months

ended

June

30,

2021,

the

class

specific

distribution

fees

borne

directly

by

Class

III

were

$32.

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

six

months

ended

June

30,

2021

,

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

six

months ended

June

30,

2021,

the

class

specific

transfer

agent

fees

borne

directly

by

Class

I

were

$

91,787.

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

June

30,

2023.

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. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021

,

the

amount

waived

was

$7

48

.

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

June

30,

2023.

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

six

months

ended

June

30,

2021,

there

were

no

fees

waived

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

June

30,

2023,

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

—

class

specific

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

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:

Class

I

................................................................................................................

0.05‌%

Class

III

...............................................................................................................

0.05‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Small

Cap

Index

V.I.

Fund

Class

I

..........................................................................................................

$

3

,

349‌

Class

I

.............................................................................................................

0.22‌%

Class

III

............................................................................................................

0.47‌

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitations

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$12,926,

which

is

included

in

transfer

agent

fees

reimbursed

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

Fun

d

,

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

June

30,

2021,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

are

as

follows:

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

investm

ent

company,

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

77%

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

81%

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 six

months

ended June

30,

2021,

the

Fund

paid

BIM $16,813

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

p

ermitted

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

period

ended

June

30,

2021,

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. 

Expiring

December

31,

2021

2022

2023

Fund

Level

.....................................................................

$

94,540‌

$

55,821‌

$

—‌

Class

I

........................................................................

59,192‌

125,340‌

16,275‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

38

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

six

months ended

June

30,

2021

,

the

purchase

and

sale

transactions

and

any

net

real

ized

gains

(losses)

with

affiliated

fund

s

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments, were $55,230,136

and

$64,522,758,

respectively.

8.

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

June

30,

2021,

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.

As

of

June

30,

2021, 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: 

9.

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

London

Interbank

Offered

Rate

(“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

2022

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

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 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

Purchases

...............................................................................................................

$

10,398,771‌

Sales

...................................................................................................................

25,043,706‌

Net

Realized

Gain

..........................................................................................................

17,554,368‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Small

Cap

Index

V.I.

Fund

....................................

$

282,751,620‌

$

141,271,892‌

$

(21,648,775‌)

$

119,623,117‌

Notes

to

Financial

Statements

(unaudited)

(continued)

39

Notes

to

Financial

Statements

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Class

I

Shares

sold

.............................................

145,625‌

$

2,166,102‌

329,949‌

$

3,206,206‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

1,040,479‌

13,197,337‌

Shares

redeemed

.........................................

(910,967‌)

(13,297,937‌)

(1,786,888‌)

(18,669,972‌)

Net

decrease

..............................................

(765,342‌)

$

(11,131,835‌)

(416,460‌)

$

(2,266,429‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

40

(a)

Commencement

of

Operations.

As

of

June

30,

2021,

shares

of

the

Fund

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Fund,

were

as

follows:

12.

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.

Period

from

02/09/21

(a)

to

06/30/21

Class

III

Shares

sold

.............................................

7,241‌

$

108,847‌

—

—

Shares

redeemed

.........................................

(5‌)

(84‌)

—

—

Net

increase

...............................................

7,236‌

$

108,763‌

—

—

Total

Net

Decrease

(758,106‌)

$

(11,023,072‌)

(416,460‌

)

$

(2,266,429‌)

Class

I

..........................................................................................................

710‌

Class

III

.........................................................................................................

1,319‌

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

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Corporation”)

met

on

April

7,

2021

(the

“April

Meeting”)

and

May

10-12,

2021

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation,

on

behalf

of

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

(“Large

Cap

Core

V.I.

Fund”),

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

(“Large

Cap

Value

V.I.

Fund”),

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(“SMID

Cap

V.I.

Fund”),

BlackRock

Basic

Value

V.I.

Fund

(“Basic

Value

V.I.

Fund”),

BlackRock

Capital

Appreciation

V.I.

Fund

(“Capital

Appreciation

V.I.

Fund”),

BlackRock

Equity

Dividend

V.I.

Fund

(“Equity

Dividend

V.I.

Fund”),

BlackRock

Global

Allocation

V.I.

Fund

(“Global

Allocation

V.I.

Fund”),

BlackRock

Government

Money

Market

V.I.

Fund

(“Government

Money

Market

V.I.

Fund”),

BlackRock

International

V.I.

Fund

(“International

V.I.

Fund”),

BlackRock

International

Index

V.I.

Fund

(“International

Index

V.I.

Fund”),

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

(“60/40

Target

Allocation

ETF

V.I.

Fund”),

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

(“Large

Cap

Focus

Growth

V.I.

Fund”),

BlackRock

Managed

Volatility

V.I.

Fund

(“Managed

Volatility

V.I.

Fund”),

BlackRock

Small

Cap

Index

V.I.

Fund

(“Small

Cap

Index

V.I.

Fund”)

and

BlackRock

S&P

500

Index

V.I.

Fund

(“S&P

500

Index

V.I.

Fund”)

(each,

a

“Fund,”

and

collectively

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

of

the

sub-advisory

agreement

between

the

Manager

and

(a)

BlackRock

International

Limited

(“BIL”)

with

respect

to

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund

(the

“BIL

Sub-Advisory

Agreements”);

(b)

BlackRock

Asset

Management

North

Asia

Limited

(“BNA”)

with

respect

to

Managed

Volatility

V.I.

Fund

(the

“BNA

Sub-Advisory

Agreement”);

and

(c)

BlackRock

(Singapore)

Limited

(“BSL”

and

together

with

BIL

and

BNA,

the

“Sub-Advisors”)

with

respect

to

Managed

Volatility

V.I.

Fund

(the

“BSL

Sub-Advisory

Agreement”

and

together

with

the

BIL

Sub-Advisory

Agreements

and

the

BNA

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process:

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Corporation,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Corporation’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

members

of

the

Board

gave

attention

to

all

of

the

information

that

was

furnished,

and

each

Board

Member

placed

varying

degrees

of

importance

on

the

various

pieces

of

information

that

were

provided

to

them.

The

Board

evaluated

the

information

available

to

it

on

a

fund

by

fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third-parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and,

with

respect

to

60/40

Target

Allocation

ETF

V.I.

Fund,

Large

Cap

Focus

Growth

V.I.

Fund,

Capital

Appreciation

V.I.

Fund,

Large

Cap

Core

V.I.

Fund,

Large

Cap

Value

V.I.

Fund,

Global

Allocation

V.I.

Fund,

Basic

Value

V.I.

Fund,

SMID

Cap

V.I.

Fund,

Equity

Dividend

V.I.

Fund

and

International

V.I.

Fund,

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”);

with

respect

to

Managed

Volatility

V.I.

Fund,

in

light

of

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”);

with

respect

to

International

Index

V.I.

Fund,

Small

Cap

Index

V.I.

Fund

and

S&P

500

Index

V.I.

Fund,

the

performance

of

the

Fund

as

compared

with

its

benchmark;

and,

with

respect

to

Government

Money

Market

V.I.

Fund,

a

weighted

average

benchmark

of

similar

funds,

as

defined

by

BlackRock

(“Benchmark

Weighted

Average”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

each

of

Capital

Appreciation

V.I.

Fund,

Global

Allocation

V.I.

Fund,

International

V.I.

Fund

and

Large

Cap

Focus

Growth

V.I.

Fund

ranked

in

the

first

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

each

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-,

and

five-year

periods

reported,

60/40

Target

Allocation

ETF

V.I.

Fund

ranked

in

the

second,

first

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

SMID

Cap

V.I.

Fund

ranked

in

the

second,

second

and

first

quartiles,

respectively

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

also

noted

that

effective

February

9,

2021,

the

Fund

had

undergone

a

change

in

its

investment

strategy

and

in

that

connection

had

changed

its

name

from

BlackRock

Advantage

U.S.

Total

Market

V.I.

Fund

to

BlackRock

Advantage

SMID

Cap

V.I.

Fund.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Equity

Dividend

V.I.

Fund

ranked

in

the

second,

second

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

each

of

Large

Cap

Core

V.I.

Fund

and

Large

Cap

Value

V.I.

Fund

ranked

in

the

second

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

each

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Basic

Value

V.I.

Fund

ranked

in

the

second,

third

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

periods.

The

Board

reviewed

Government

Money

Market

V.I.

Fund’s

performance

within

the

context

of

the

low

yield

environment.

In

addition

to

reviewing

the

Fund’s

performance

and

current

yield,

it

also

reviews

the

liquidity,

duration,

credit

quality

and

other

risk

factors

of

the

Fund’s

portfolio.

The

Board

noted

that

for

each

of

the

one-and

three-year

periods

reported,

the

Fund

outperformed

its

Benchmark

Weighted

Average.

The

Board

noted

that

BlackRock

believes

that

the

Benchmark

Weighted

Average

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-year

period

reported,

each

of

S&P

500

Index

V.I.

Fund’s

and

Small

Cap

Index

V.I.

Fund’s

net

performance

was

within

the

tolerance

range

of

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

to

the

benchmark

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

reviewed

and

considered

Managed

Volatility

V.I.

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

target.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

Fund

underperformed

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

The

Board

noted

that

for

the

one-year

period

reported,

International

Index

V.I.

Fund’s

net

performance

was

above

the

tolerance

range

of

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

to

the

benchmark

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

above

tolerance

performance

relative

to

its

benchmark

over

the

period.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds:

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly-traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

International

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Small

Cap

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

The

Board

noted

that

S&P

500

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

SMID

Cap

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Equity

Dividend

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

BlackRock

has

reviewed

with

the

Board

that

the

varying

fee

structure

for

fund

of

funds

can

limit

the

value

of

management

fee

comparisons.

The

Board

noted

that

60/40

Target

Allocation

ETF

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

further

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

Basic

Value

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

third

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Large

Cap

Core

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Managed

Volatility

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

International

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

third

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

In

addition,

the

Board

noted

that

BlackRock

and

the

Board

agreed

to

a

lower

contractual

expense

cap,

on

a

class-by-class

basis.

After

discussions

between

the

Board,

including

Independent

Board

Members,

and

BlackRock,

the

Board

and

BlackRock

agreed

to

a

continuation

of

the

contractual

cap.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Capital

Appreciation

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

third

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Large

Cap

Focus

Growth

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

third

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Global

Allocation

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

second

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

reviewed

the

Government

Money

Market

V.I.

Fund’s

expenses

within

the

context

of

the

low

yield

environment,

and

any

consequent

expense

waivers

and

reimbursements

necessary

to

maintain

minimum

levels

of

daily

net

investment

income,

as

applicable.

The

Board

noted

that

Government

Money

Market

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

The

Board

noted

that

Large

Cap

Value

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

Additionally,

the

Board

noted

that

BlackRock

had

voluntarily

agreed

to

waive

a

portion

of

the

advisory

fee

payable

by

the

Fund.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Corporation,

on

behalf

of

each

Fund,

(ii)

the

BIL

Sub-Advisory

Agreements

between

the

Manager

and

BIL

with

respect

to

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund,

(iii)

the

BNA

Sub-Advisory

Agreement

between

the

Manager

and

BNA

with

respect

to

Managed

Volatility

V.I.

Fund

and

(iv)

BSL

Sub-Advisory

Agreement

between

the

Manager

and

BSL

with

respect

to

Managed

Volatility

V.I.

Fund,

each

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Disclosure

of

Investment

Sub-Advisory

Agreement

2021

BlackRock

Semi-Annual

Report

to

Shareholders

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Corporation”)

met

on

May

11,

2021

(the

“Meeting”)

to

consider

the

initial

approval

of

the

proposed

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Corporation’s

investment

advisor,

and

BlackRock

(Singapore)

Limited

(the

“Sub-Advisor”)

with

respect

to

Global

Allocation

V.I.

Fund

(the

“Fund”),

a

series

of

the

Corporation.

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

at

the

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Sub-Advisory

Agreement.

The

Board

Members

whom

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board

previously

met

on

May

11-13,

2020

(the

“May

2020

Meeting”)

to

consider

the

approval

of

the

continuation

of

the

Corporation’s

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation

and

the

Manager.

At

the

May

2020

Meeting,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

for

a

one-year

term

ending

June

30,

2021.

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Agreement

at

the

May

2020

Meeting

is

included

in

the

semi-annual

shareholder

report

for

the

Fund

for

the

period

ended

June

30,

2020.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

the

approval

of

the

proposed

Sub-Advisory

Agreement

were

substantially

the

same

as

the

factors

considered

at

the

May

2020

Meeting

with

respect

to

approval

of

the

Advisory

Agreement.

Following

discussion,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Fund,

for

a

two-year

term

beginning

on

the

effective

date

of

the

Sub-Advisory

Agreement.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

a

majority

of

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Sub-Advisory

Agreement

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Sub-Advisory

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

met

on

May

4,

2021

(the

“May

Meeting”)

and

June

8-9,

2021

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Company,

on

behalf

of

BlackRock

High

Yield

V.I.

Fund

(the

“High

Yield

V.I.

Fund”),

BlackRock

Total

Return

V.I.

Fund

(the

“Total

Return

V.I.

Fund”)

and

BlackRock

U.S.

Government

Bond

V.I.

Fund

(the

U.S.

Government

Bond

V.I.

Fund

and

together

with

the

High

Yield

V.I.

Fund

and

the

Total

Return

V.I.

Fund,

the

“Funds”

and

each,

a

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

the

Manager

and

BlackRock

International

Limited

(the

"Sub-Advisor"),

with

respect

to

each

Fund.

The

Manager

and

the

Sub-

Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process:

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreement

for

each

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Company,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

each

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

each

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

each

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

At

the

May

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

June

Meeting.

At

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

each

Fund;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

each

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

Fund

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

each

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

each

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

each

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

each

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

each

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

each

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

each

Fund

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

May

meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

High

Yield

V.I.

Fund

ranked

in

the

first,

first

and

second

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

High

Yield

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Total

Return

V.I.

Fund

ranked

in

the

second,

second

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Total

Return

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Total

Return

V.I.

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

U.S.

Government

Bond

V.I.

Fund

ranked

in

the

second

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

U.S.

Government

Bond

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

each

Fund:

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

each

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

High

Yield

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile,

relative

to

the

High

Yield

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

High

Yield

V.I.

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

High

Yield

V.I.

Fund,

combined

with

the

assets

of

the

Total

Return

V.I.

Fund,

increase

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

High

Yield

V.I.

Fund

or

the

Total

Return

V.I.

Fund

were

to

decrease,

the

High

Yield

V.I.

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

High

Yield

V.I.

Fund’s

total

expenses

as

a

percentage

of

the

High

Yield

V.I.

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

High

Yield

V.I.

Fund

on

a

class-by-class

basis.

The

Board

noted

that

the

Total

Return

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Total

Return

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Total

Return

V.I.

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

Total

Return

V.I.

Fund,

combined

with

the

assets

of

the

High

Yield

V.I.

Fund,

increase

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Total

Return

V.I.

Fund

or

the

High

Yield

V.I

Fund

were

to

decrease,

the

Total

Return

V.I.

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Total

Return

V.I.

Fund’s

total

expenses

as

a

percentage

of

the

Total

Return

V.I.

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Total

Return

V.I.

Fund

on

a

class-by-class

basis.

The

Board

noted

that

the

U.S.

Government

Bond

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

second

quartiles,

respectively,

relative

to

the

U.S.

Government

Bond

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

U.S.

Government

Bond

V.I.

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

U.S.

Government

Bond

V.I.

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

U.S.

Government

Bond

V.I.

Fund

were

to

decrease,

the

U.S.

Government

Bond

V.I.

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

U.S.

Government

Bond

V.I.

Fund’s

total

expenses

as

a

percentage

of

the

U.S.

Government

Bond

V.I.

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

U.S.

Government

Bond

V.I.

Fund

on

a

class-by-class

basis.

In

addition,

the

Board

noted

that

BlackRock

has

voluntarily

agreed

to

waive

a

portion

of

the

advisory

fee

payable

by

the

U.S.

Government

Bond

V.I.

Fund.

An

advisory

fee

waiver

has

been

in

effect

since

2016,

that

amount

of

which

may

have

varied

from

time

to

time.

After

discussion

between

the

Board,

including

the

Independent

Board

Members,

and

BlackRock,

the

Board

and

BlackRock

agreed

to

a

continuation

of

the

current

26

basis

point

voluntary

advisory

fee

waiver.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

each

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

each

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

each

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-

out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

each

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

each

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

each

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

each

Fund.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreements

between

the

Manager

and

the

Company,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2022,

and

the

Sub-Advisory

Agreements

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

each

Fund,

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

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

August

19, 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

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

schedules

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,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

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

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com/prospectus/insurance

;

and

(3)

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.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

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

Global

Allocation

V.I.

Fund,

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

SMID

Cap

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

SMID

Cap

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-6/21-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

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(a) 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 – Not Applicable to this semi-annual report

              (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: August 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: August 26, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds, Inc.

Date: August 26, 2021