BlackRock

Global

Allocation

V.I.

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

September

30,

2020

Security

Pa

r

(

000)

Value

Asset-Backed

Securities

—

0.7%

Cayman

Islands

—

0.4%

(a)

AGL

CLO

7

Ltd.,

Series

2020-7A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

07/15/31

(b)

...........

USD

530

$

530,001

AGL

Core

CLO

5

Ltd.

(b)

:

Series

2020-5A,

Class

A2,

(LIBOR

USD

3

Month

+

2.35%),

2.65%,

07/20/30

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

550

546,703

Series

2020-5A,

Class

B,

(LIBOR

USD

3

Month

+

2.78%),

3.08%,

07/20/30

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

725

724,938

AIMCO

CLO,

Series

2018-AA,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.67%,

04/17/31

(b)

...........

256

249,990

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.13%,

10/15/29

(b)

...........

252

251,669

ALM

XVIII

Ltd.,

Series

2016-18A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

1.92%,

01/15/28

(b)

.....

259

254,083

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.28%,

04/20/31

(b)

....

620

616,021

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

B,

(LIBOR

USD

3

Month

+

2.50%),

2.81%,

04/15/31

(b)

.....

950

949,988

Atrium

XII,

Series

12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.35%),

1.61%,

04/22/27

(b)

...........

287

280,931

Bain

Capital

Credit

CLO

Ltd.,

Series

2020-2A,

Class

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.86%,

07/21/31

(b)

575

574,993

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.53%,

07/15/29

(b)

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

401

397,894

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.53%,

10/15/30

(b)

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

400

397,154

Benefit

Street

Partners

CLO

XIX

Ltd.,

Series

2019-19A,

Class

A,

(LIBOR

USD

3

Month

+

1.35%),

1.63%,

01/15/33

(b)

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

400

399,340

Benefit

Street

Partners

CLO

XVIII

Ltd.,

Series

2019-18A,

Class

A,

(LIBOR

USD

3

Month

+

1.34%),

1.62%,

10/15/32

(b)

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

872

869,852

Birch

Grove

CLO

Ltd.,

Series

19X,

Class

A,

(LIBOR

USD

3

Month

+

1.49%),

1.74%,

06/15/31

.......

1,152

1,151,714

BlueMountain

CLO

Ltd.

(b)

:

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.44%,

10/22/30

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

254

251,252

Series

2014-2A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.75%),

2.02%,

10/20/30

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

256

250,911

California

Street

CLO

XII

Ltd.,

Series

2013-12A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.37%,

10/15/25

(b)

269

263,932

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A1B,

(LIBOR

USD

3

Month

+

1.35%),

1.62%,

04/20/29

(b)

.....

313

311,605

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.82%,

04/15/30

(b)

....

401

389,854

Security

Par

(000)

Value

Cayman

Islands

(continued)

CIFC

Funding

Ltd.

(b)

:

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.49%,

07/20/30

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

USD

664

$

652,153

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

2.07%,

07/20/30

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

276

271,791

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.51%,

10/24/30

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

492

489,913

Series

2018-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.04%),

1.31%,

04/20/31

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

265

261,732

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.54%,

07/15/32

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

875

874,996

Clear

Creek

CLO,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.47%,

10/20/30

(b)

.....

250

247,600

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.67%,

04/17/30

(b)

.....

402

388,363

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.37%,

04/20/31

(b)

.....

275

274,476

Elmwood

CLO

V

Ltd.

(b)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

2.02%,

07/24/31

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

1,000

999,926

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.47%,

07/24/31

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

250

249,978

Goldentree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

B1,

(LIBOR

USD

3

Month

+

1.90%),

2.17%,

01/20/33

(b)

...........

326

322,590

Gulf

Stream

Meridian

1

Ltd.,

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.64%,

04/15/33

(b)

1,742

1,738,907

Madison

Park

Funding

XI

Ltd.,

Series

2013-11A,

Class

AR,

(LIBOR

USD

3

Month

+

1.16%),

1.42%,

07/23/29

(b)

401

399,010

Madison

Park

Funding

XII

Ltd.,

Series

2014-12A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

1.92%,

07/20/26

(b)

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

273

271,591

Madison

Park

Funding

XIII

Ltd.,

Series

2014-13A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.77%,

04/19/30

(b)

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

250

245,653

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.46%,

10/21/30

(b)

...........

656

648,597

Madison

Park

Funding

XXXVI

Ltd.,

Series

2019-36A,

Class

B1,

(LIBOR

USD

3

Month

+

1.85%),

2.13%,

01/15/33

(b)

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

518

515,432

Mariner

CLO

8

Ltd.,

Series

2020-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.27%),

2.44%,

04/20/33

(b)

.....

872

864,623

OCP

CLO

Ltd.

(b)

:

Series

2017-13A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.26%),

1.54%,

07/15/30

..........

401

399,354

BlackRock

Global

Allocation

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

Cayman

Islands

(continued)

Series

2017-13A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.80%),

2.08%,

07/15/30

..........

USD

401

$

395,290

Series

2020-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.50%),

2.82%,

07/20/31

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

175

174,966

Octagon

Investment

Partners

46

Ltd.

(b)

:

Series

2020-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

07/15/33

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

1,000

999,984

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.45%,

07/15/33

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

300

299,992

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

B1,

(LIBOR

USD

3

Month

+

1.80%),

2.07%,

07/20/32

(b)

322

317,884

OHA

Loan

Funding

Ltd.,

Series

2015-

1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.34%),

1.62%,

11/15/32

(b)

950

947,677

Palmer

Square

Loan

Funding

Ltd.

(b)

:

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.05%),

1.33%,

07/15/26

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

650

641,650

Series

2019-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.87%,

04/20/27

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

583

572,419

Series

2020-3A,

Class

A2,

(LIBOR

USD

3

Month

+

2.40%),

2.71%,

07/20/28

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

475

474,995

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

2.06%,

08/23/31

(b)

...........

269

267,159

RR

10

Ltd.

(b)

:

Series

2020-10A,

Class

A2A,

(LIBOR

USD

3

Month

+

2.50%),

2.75%,

07/15/33

..........

650

649,993

Series

2020-10A,

Class

A2B,

(LIBOR

USD

3

Month

+

3.00%),

3.25%,

07/15/33

..........

650

651,772

RR

11

Ltd.,

Series

2020-11A,

Class

A2,

(LIBOR

USD

3

Month

+

2.10%),

2.28%,

10/15/31

(b)

...........

300

299,999

RR

2

Ltd.,

Series

2017-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.60%),

1.87%,

10/15/29

(b)

...........

402

393,056

TICP

CLO

XV

Ltd.,

Series

2020-15A,

Class

A,

(LIBOR

USD

3

Month

+

1.28%),

2.92%,

04/20/33

(b)

.....

583

581,948

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.60%,

01/20/33

(b)

.....

870

868,575

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

ANA,

(LIBOR

USD

3

Month

+

1.41%),

1.67%,

07/24/32

(b)

.....

253

249,802

Whitebox

CLO

II

Ltd.

(b)

:

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

10/24/31

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

450

449,091

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.49%,

10/24/31

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

300

295,921

York

CLO

1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.91%,

10/22/29

(b)

.....

256

252,425

Security

Par

(000)

Value

Cayman

Islands

(continued)

York

CLO-3

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.02%,

10/20/29

(b)

...........

USD

725

$

712,534

York

CLO-6

Ltd.,

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.35%),

1.61%,

07/22/32

(b)

...........

1,094

1,091,031

31,367,673

Ireland

—

0.0%

(a)

Aqueduct

European

CLO

4

DAC,

Series

2019-4A,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

(b)

...........

EUR

250

292,844

Aqueduct

European

CLO

DAC,

Series

2019-4X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

07/15/32

207

242,475

Arbour

CLO

II

DAC,

Series

2014-2X,

Class

B2R,

(EURIBOR

3

Month

+

1.50%),

1.50%,

05/15/30

.......

125

145,686

Cairn

CLO

XII

DAC,

Series

2020-12A,

Class

B,

(EURIBOR

3

Month

+

2.30%),

2.30%,

04/15/33

(b)(c)

....

260

305,599

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

207

237,392

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

.......

231

266,311

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(EURIBOR

3

Month

+

0.92%),

0.92%,

11/14/32

.......

135

157,295

Invesco

Euro

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.80%),

1.80%,

08/15/32

.......

207

242,622

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

302,226

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.20%,

01/20/32

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

160

183,736

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

.......

268

311,264

Rockford

Tower

Europe

CLO

DAC,

Series

2018-1X,

Class

B,

(EURIBOR

3

Month

+

1.85%),

1.85%,

12/20/31

207

242,887

RRE

2

Loan

Management

DAC,

Series

2A,

Class

B,

(EURIBOR

3

Month

+

1.80%),

1.80%,

01/15/32

(b)

.....

285

334,384

Sound

Point

Euro

CLO

II

Funding

DAC,

Series

2X,

Class

A,

(EURIBOR

3

Month

+

1.11%),

1.11%,

10/26/32

.

260

305,076

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.90%),

1.90%,

07/15/32

.......

109

127,408

3,697,205

Netherlands

—

0.0%

(a)

Ares

European

CLO

X

BV,

Series

10X,

Class

B1,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/31

.......

102

118,691

Ares

European

CLO

XI

BV,

Series

11X,

Class

B1,

(EURIBOR

3

Month

+

1.85%),

1.85%,

04/15/32

.......

207

241,993

BlackRock

Global

Allocation

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

Netherlands

(continued)

Avoca

CLO

XVII

DAC,

Series

17A,

Class

B1R,

(EURIBOR

3

Month

+

1.70%),

1.70%,

10/15/32

(b)

.....

EUR

250

$

294,799

Avoca

CLO

XVII

Designated

Activity

Co.,

Series

17X,

Class

AR,

(EURIBOR

3

Month

+

0.96%),

0.96%,

10/15/32

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

142

165,974

821,457

United

States

—

0.3%

Battalion

CLO

18

Ltd.

(a)(b)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

2.03%,

10/15/32

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

USD

449

449,017

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

0.00%,

10/15/32

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

449

449,026

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(b)

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

2,050

2,056,811

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-A,

Class

A2A,

3.42%,

01/15/43

(b)

...........

797

834,268

SLM

Private

Credit

Student

Loan

Trust

(a)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.58%,

06/15/39

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

1,526

1,446,101

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.54%,

06/15/39

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

2,316

2,203,165

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.55%,

12/16/41

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

2,457

2,361,487

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(LIBOR

USD

1

Month

+

4.75%),

4.90%,

10/15/41

(a)(b)

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

5,643

6,149,933

SMB

Private

Education

Loan

Trust

(b)

:

Series

2019-A,

Class

A2A,

3.44%,

07/15/36

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

2,093

2,204,449

Series

2020-BA,

Class

B,

2.76%,

07/15/53

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

1,330

1,323,281

SoFi

Professional

Loan

Program

LLC,

Series

2019-A,

Class

A2FX,

3.69%,

06/15/48

(b)(c)

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

1,333

1,387,818

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

A2FX,

3.34%,

08/25/47

(b)

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

617

635,749

21,501,105

Total

Asset-Backed

Securities

—

0.7%

(Cost:

$56,069,461)

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

57,387,440

Shares

Common

Stocks

—

63.3%

Argentina

—

0.0%

(d)

Globant

SA

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

9,310

1,668,538

MercadoLibre

,

Inc.

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

88

95,258

1,763,796

Australia

—

0.3%

BHP

Group

Ltd.

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

12,287

317,417

BHP

Group

plc

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

106,483

2,271,725

Brambles

Ltd.

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

24,758

187,989

CSL

Ltd.

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

333

68,787

Security

Shares

Value

Australia

(continued)

Glencore

plc

(d)

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

11,629

$

24,109

Goodman

Group

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

8,027

103,929

Newcrest

Mining

Ltd.

...........

159,339

3,613,160

Quintis

HoldCo

Pty.

Ltd.

(Acquired

10/22/18,

cost

$5,761,227)

(c)(d)(e)*

..

9,827,224

11,473,161

Rio

Tinto

Ltd.

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

2,575

175,876

Rio

Tinto

plc

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

39,116

2,353,707

Wesfarmers

Ltd.

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

10,698

341,954

20,931,814

Brazil

—

0.0%

B3

SA

-

Brasil

Bolsa

Balcao

.......

29,332

287,893

Banco

do

Brasil

SA

(d)

...........

15,511

82,031

Banco

Santander

Brasil

SA

(d)

......

12,923

64,202

Centrais

Eletricas

Brasileiras

SA

....

7,242

39,293

Engie

Brasil

Energia

SA

.........

42,666

307,465

Vale

SA,

ADR

(f)

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

137,298

1,452,613

2,233,497

Canada

—

0.7%

Barrick

Gold

Corp.

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

223,006

6,263,696

Brookfield

Asset

Management,

Inc.,

Class

A

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

3,381

111,875

CGI,

Inc.

(d)

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

508

34,481

Constellation

Software,

Inc.

.......

139

154,458

Enbridge,

Inc.

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

1,394,212

40,730,612

Fairfax

Financial

Holdings

Ltd.

.....

593

174,620

Loblaw

Cos.

Ltd.

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

5,357

280,533

Magna

International,

Inc.

.........

1,079

49,374

Manulife

Financial

Corp.

.........

5,453

75,843

Nutrien

Ltd.

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

2,266

88,850

Restaurant

Brands

International,

Inc.

2,669

153,299

Shopify,

Inc.,

Class

A

(d)

..........

197

201,459

TC

Energy

Corp.

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

382

16,037

Thomson

Reuters

Corp.

.........

2,915

232,622

Wheaton

Precious

Metals

Corp.

....

140,366

6,886,794

55,454,553

Chile

—

0.0%

Cia

Cervecerias

Unidas

SA,

ADR

(f)

..

17,340

224,900

China

—

2.2%

AAC

Technologies

Holdings,

Inc.

...

248,500

1,351,975

Agile

Group

Holdings

Ltd.

........

50,000

65,875

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

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

351,063

2,670,998

Alibaba

Group

Holding

Ltd.

(d)

......

70,700

2,595,476

Alibaba

Group

Holding

Ltd.,

ADR

(d)

..

78,173

22,981,299

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

111,950

1,267,152

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

17,500

121,210

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

6,200

69,037

ANTA

Sports

Products

Ltd.

.......

260,000

2,713,470

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

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

50,187

1,956,253

Autobio

Diagnostics

Co.

Ltd.,

Class

A

78,200

1,864,855

Baidu,

Inc.,

ADR

(d)

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

1,877

237,609

Brilliance

China

Automotive

Holdings

Ltd.

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

1,084,000

1,024,446

BYD

Co.

Ltd.,

Class

A

...........

100,300

1,730,398

China

CITIC

Bank

Corp.

Ltd.,

Class

H

157,000

60,844

China

Feihe

Ltd.

(b)

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

121,000

282,889

China

Galaxy

Securities

Co.

Ltd.,

Class

H

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

130,500

73,862

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

408,500

1,938,502

China

Mobile

Ltd.

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

81,500

523,172

China

National

Building

Material

Co.

Ltd.,

Class

H

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

152,000

193,716

BlackRock

Global

Allocation

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Shares

Value

China

(continued)

China

Oilfield

Services

Ltd.,

Class

H

.

568,000

$

397,540

China

Resources

Cement

Holdings

Ltd.

128,000

175,968

China

Resources

Pharmaceutical

Group

Ltd.

(b)

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

155,000

79,930

China

Resources

Power

Holdings

Co.

Ltd.

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

146,000

161,930

China

Telecom

Corp.

Ltd.,

Class

H

..

1,372,000

412,214

China

Unicom

Hong

Kong

Ltd.

.....

304,000

199,543

CNOOC

Ltd.

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

101,000

97,150

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

107,200

3,331,361

Country

Garden

Services

Holdings

Co.

Ltd.

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

27,321

177,436

CRRC

Corp.

Ltd.,

Class

H

........

519,000

207,880

Dali

Foods

Group

Co.

Ltd.

(b)

.......

208,500

127,695

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(b)

.

73,600

363,056

Glodon

Co.

Ltd.,

Class

A

.........

182,490

1,970,312

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

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

158,400

1,252,134

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

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

107,000

1,021,437

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

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

520,694

733,695

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

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

1,168,000

979,822

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

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

1,028,700

2,071,213

Haidilao

International

Holding

Ltd.

(b)

.

195,000

1,412,916

Haier

Smart

Home

Co.

Ltd.,

Class

A

.

324,699

1,049,809

Haitong

Securities

Co.

Ltd.,

Class

H

.

149,600

127,934

Hangzhou

Hikvision

Digital

Technology

Co.

Ltd.,

Class

A

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

778,300

4,398,211

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

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

348,500

1,688,493

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

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

72,438

1,103,828

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(b)(d)

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

109,700

1,562,684

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

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

401,790

1,960,043

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(b)(d)

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

104,000

508,314

Hengan

International

Group

Co.

Ltd.

.

21,000

153,721

Huazhu

Group

Ltd.,

ADR

(f)

........

59,347

2,566,164

Hundsun

Technologies,

Inc.,

Class

A

.

69,924

1,021,718

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

2,851,000

1,485,074

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

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

242,395

1,381,592

Inspur

Electronic

Information

Industry

Co.

Ltd.,

Class

A

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

179,300

808,329

JD.com,

Inc.,

ADR

(d)

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

7,967

618,319

Jiangxi

Copper

Co.

Ltd.,

Class

H

...

75,000

84,335

KE

Holdings,

Inc.,

ADR

(d)

.........

62,779

3,848,353

Kingdee

International

Software

Group

Co.

Ltd.

(d)

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

2,448,000

6,385,127

Kunlun

Energy

Co.

Ltd.

..........

102,000

67,353

Kweichow

Moutai

Co.

Ltd.,

Class

A

..

7,600

1,876,617

Lenovo

Group

Ltd.

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

194,000

128,266

Li

Auto,

Inc.,

ADR

(d)(f)

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

256,675

4,463,578

Meituan

Dianping

,

Class

B

(d)

......

75,600

2,381,499

Momo

,

Inc.,

ADR

(f)

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

16,035

220,642

NetEase

,

Inc.,

ADR

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

7,641

3,474,133

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(d)

...........

12,241

1,830,029

Offcn

Education

Technology

Co.

Ltd.,

Class

A

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

13,600

65,607

Security

Shares

Value

China

(continued)

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

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

314,000

$

220,572

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

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

156,400

1,765,638

Poly

Property

Services

Co.

Ltd.

....

2,600

20,331

Prosus

NV

(d)

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

968

89,349

Shanghai

International

Airport

Co.

Ltd.,

Class

A

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

215,990

2,201,733

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

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

1,900

44,333

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

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

208,300

1,787,875

Silergy

Corp.

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

47,000

2,786,485

Sun

Art

Retail

Group

Ltd.

........

98,000

108,805

Tencent

Holdings

Ltd.

...........

611,900

41,329,800

Tingyi

Cayman

Islands

Holding

Corp.

160,000

283,311

Trip.com

Group

Ltd.,

ADR

(d)

.......

118,062

3,676,451

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(b)(d)(f)

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

210,000

2,241,424

Venustech

Group,

Inc.,

Class

A

....

361,796

1,850,435

Vipshop

Holdings

Ltd.,

ADR

(d)(f)

.....

10,489

164,048

Want

Want

China

Holdings

Ltd.

....

1,705,000

1,191,419

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

...

189,886

1,749,142

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

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

18,500

108,775

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

78,735

1,184,260

Wuxi

Biologics

Cayman,

Inc.

(b)(d)

....

97,500

2,389,537

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

....

23,000

20,236

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

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

146,680

2,152,000

Yihai

International

Holding

Ltd.

(d)

....

86,000

1,350,804

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

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

197,414

1,117,374

Yum

China

Holdings,

Inc.

........

55,929

2,961,441

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A

(d)

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

69,700

98,291

177,049,911

Denmark

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

....

58

84,900

AP

Moller

-

Maersk

A/S,

Class

B

....

136

215,000

DSV

Panalpina

A/S

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

46,542

7,549,260

Genmab

A/S

(d)

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

4,850

1,760,092

9,609,252

Finland

—

0.3%

Fortum

OYJ

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

4,955

100,181

Neste

OYJ

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

422,027

22,223,830

Nokia

OYJ

(d)

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

315,721

1,235,687

23,559,698

France

—

2.3%

Arkema

SA

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

143,833

15,249,786

AXA

SA

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

10,225

189,244

BNP

Paribas

SA

(d)

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

68,174

2,466,164

Carrefour

SA

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

24,233

387,221

Cie

de

Saint-Gobain

(d)

...........

54,005

2,262,117

Danone

SA

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

634,597

41,106,055

Engie

SA

(d)

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

10,041

134,183

EssilorLuxottica

SA

(d)

...........

144,751

19,705,883

Kering

SA

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

9,431

6,255,986

LVMH

Moet

Hennessy

Louis

Vuitton

SE

43,410

20,311,571

Orange

SA

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

14,031

146,141

Pernod

Ricard

SA

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

8,809

1,404,471

Safran

SA

(d)

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

335,621

33,020,789

BlackRock

Global

Allocation

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Shares

Value

France

(continued)

Sanofi

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

389,397

$

39,022,192

Schneider

Electric

SE

...........

2,548

316,714

Societe

Generale

SA

(d)

..........

102,287

1,357,750

Vivendi

SA

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

12,428

347,100

183,683,367

Germany

—

2.1%

adidas

AG

(d)

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

123,908

40,015,126

Bayer

AG

(Registered)

..........

4,694

289,590

Daimler

AG

(Registered)

.........

2,040

110,048

Deutsche

Boerse

AG

...........

2,941

515,617

Deutsche

Post

AG

(Registered)

....

11,757

533,481

Deutsche

Telekom

AG

(Registered)

.

2,005,323

33,388,722

Evonik

Industries

AG

...........

10,513

271,960

Fresenius

SE

&

Co.

KGaA

........

3,282

149,247

Henkel

AG

&

Co.

KGaA

.........

1,030

96,334

Infineon

Technologies

AG

........

101,752

2,867,961

Siemens

AG

(Registered)

........

583,156

73,646,252

Siemens

Energy

AG

(d)

...........

291,578

7,862,795

Vonovia

SE

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

80,864

5,543,469

165,290,602

Hong

Kong

—

0.8%

AIA

Group

Ltd.

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

4,020,000

39,959,192

CK

Infrastructure

Holdings

Ltd.

.....

240,500

1,128,620

CLP

Holdings

Ltd.

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

171,000

1,596,671

Hang

Lung

Properties

Ltd.

........

1,094,000

2,788,130

HKT

Trust

&

HKT

Ltd.

(g)

..........

1,091,000

1,448,092

Hysan

Development

Co.

Ltd.

......

263,000

790,949

Jardine

Matheson

Holdings

Ltd.

....

40,200

1,598,014

Sun

Hung

Kai

Properties

Ltd.

......

1,049,083

13,519,036

WH

Group

Ltd.

(b)

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

1,663,000

1,356,521

64,185,225

India

—

0.5%

HDFC

Asset

Management

Co.

Ltd.

(b)

.

1,665

51,418

Hindustan

Unilever

Ltd.

..........

4,113

115,587

NTPC

Ltd.

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

88,217

102,067

Petronet

LNG

Ltd.

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

255,156

764,496

Reliance

Industries

Ltd.

.........

1,225,845

35,929,902

Vedanta

Ltd.

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

94,708

176,662

Wipro

Ltd.

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

9,299

39,573

Zee

Entertainment

Enterprises

Ltd.

..

522,437

1,485,049

38,664,754

Indonesia

—

0.0%

Bank

Central

Asia

Tbk

.

PT

........

1,156,200

2,110,534

Italy

—

1.6%

Enel

SpA

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

7,417,462

64,353,274

Intesa

Sanpaolo

SpA

...........

7,703,001

14,492,580

RAI

Way

SpA

(b)

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

1,325,900

8,417,683

Snam

SpA

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

545,645

2,806,129

UniCredit

SpA

(d)

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

4,436,305

36,653,754

126,723,420

Japan

—

2.2%

Aisin

Seiki

Co.

Ltd.

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

700

22,396

Ajinomoto

Co.,

Inc.

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

1,038,800

21,290,248

Asahi

Kasei

Corp.

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

15,000

130,854

Astellas

Pharma,

Inc.

...........

1,489,865

22,208,817

Canon,

Inc.

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

20,200

335,048

East

Japan

Railway

Co.

.........

190,151

11,694,044

Eisai

Co.

Ltd.

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

700

63,933

FamilyMart

Co.

Ltd.

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

4,600

103,662

FUJIFILM

Holdings

Corp.

........

2,600

128,159

Fujitsu

Ltd.

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

700

95,632

Hitachi

Ltd.

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

5,600

189,613

Security

Shares

Value

Japan

(continued)

Honda

Motor

Co.

Ltd.

...........

3,000

$

71,242

Hoya

Corp.

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

229,574

25,922,654

KDDI

Corp.

(f)

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

163,700

4,117,310

Keyence

Corp.

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

11,000

5,142,272

Maeda

Road

Construction

Co.

Ltd.

..

27,200

498,164

Marubeni

Corp.

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

17,900

101,626

Mitsubishi

Corp.

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

7,900

189,089

Mitsubishi

Estate

Co.

Ltd.

........

257,700

3,903,539

Mitsubishi

Heavy

Industries

Ltd.

....

18,200

402,961

Murata

Manufacturing

Co.

Ltd.

(f)

....

236,984

15,410,399

NEC

Corp.

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

2,000

116,988

Nexon

Co.

Ltd.

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

1,200

29,932

Nintendo

Co.

Ltd.

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

200

113,338

Nippon

Telegraph

&

Telephone

Corp.

169,020

3,450,827

Nomura

Holdings,

Inc.

..........

4,900

22,393

NTT

Data

Corp.

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

13,500

172,764

Olympus

Corp.

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

2,900

60,308

Otsuka

Holdings

Co.

Ltd.

........

2,600

110,150

Panasonic

Corp.

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

17,000

144,807

Rakuten

,

Inc.

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

14,100

152,040

Sekisui

House

Ltd.

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

4,500

79,743

Seven

&

i

Holdings

Co.

Ltd.

.......

9,400

292,059

Shin-Etsu

Chemical

Co.

Ltd.

......

210,534

27,549,286

Shionogi

&

Co.

Ltd.

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

1,700

90,991

Shiseido

Co.

Ltd.

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

1,300

75,257

Sompo

Holdings,

Inc.

...........

3,300

113,926

Subaru

Corp.

(f)

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

582,864

11,315,054

Sumitomo

Electric

Industries

Ltd.

...

3,000

33,772

Suzuki

Motor

Corp.

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

405,489

17,370,282

Tokyo

Electron

Ltd.

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

600

156,753

173,472,332

Mexico

—

0.0%

Fomento

Economico

Mexicano

SAB

de

CV

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

23,700

133,122

Grupo

Bimbo

SAB

de

CV

........

106,772

198,657

Wal-Mart

de

Mexico

SAB

de

CV

....

15,865

37,963

369,742

Netherlands

—

2.7%

Adyen

NV

(b)(d)(f)

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

11,028

20,340,972

Akzo

Nobel

NV

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

464,665

46,963,929

ASML

Holding

NV

(f)

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

118,512

43,775,147

ING

Groep

NV

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

5,172,194

36,913,269

Koninklijke

Philips

NV

(d)

..........

758,818

35,830,736

NXP

Semiconductors

NV

........

253,759

31,671,661

Royal

Dutch

Shell

plc,

Class

A

.....

4,788

59,770

Royal

Dutch

Shell

plc,

Class

B

.....

9,347

113,352

215,668,836

Poland

—

0.0%

Polski

Koncern

Naftowy

ORLEN

SA

.

6,989

82,946

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

92,577

1,488,673

Singapore

—

0.3%

CapitaLand

Ltd.

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

6,490,650

12,977,168

ComfortDelGro

Corp.

Ltd.

........

1,017,400

1,057,356

DBS

Group

Holdings

Ltd.

........

157,900

2,321,344

Singapore

Telecommunications

Ltd.

.

233,800

365,914

United

Overseas

Bank

Ltd.

.......

279,400

3,935,962

20,657,744

South

Africa

—

0.0%

Anglo

American

Platinum

Ltd.

(f)

.....

3,138

217,260

Anglo

American

plc

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

64,907

1,570,334

AngloGold

Ashanti

Ltd.

..........

5,412

141,576

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Shares

Value

South

Africa

(continued)

MTN

Group

Ltd.

(f)

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

72,474

$

243,160

2,172,330

South

Korea

—

0.3%

Celltrion

,

Inc.

(d)

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

454

99,864

Hyundai

Mobis

Co.

Ltd.

..........

484

94,953

Kakao

Corp.

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

17,037

5,297,717

KB

Financial

Group,

Inc.

.........

2,256

72,643

Kia

Motors

Corp.

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

6,847

274,578

LG

Chem

Ltd.

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

12,064

6,733,761

LG

Electronics,

Inc.

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

2,649

207,504

LG

Uplus

Corp.

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

6,836

67,161

NCSoft

Corp.

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

4,997

3,443,600

POSCO

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

7,326

1,226,473

Samsung

Biologics

Co.

Ltd.

(b)(d)

....

233

137,362

Samsung

SDI

Co.

Ltd.

..........

6,128

2,263,796

Shinhan

Financial

Group

Co.

Ltd.

...

4,961

116,388

SK

Telecom

Co.

Ltd.

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

132

26,833

20,062,633

Spain

—

0.3%

Cellnex

Telecom

SA

(b)

...........

440,842

26,760,288

Grifols

SA

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

1,788

51,414

Repsol

SA

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

48,094

324,905

Telefonica

SA

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

75,458

258,487

27,395,094

Sweden

—

0.8%

Assa

Abloy

AB,

Class

B

.........

12,415

290,264

Atlas

Copco

AB,

Class

A

.........

60,379

2,878,798

Hexagon

AB,

Class

B

(d)

..........

82,269

6,214,026

Sandvik

AB

(d)

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

6,985

136,594

Telefonaktiebolaget

LM

Ericsson,

Class

B

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

500,687

5,479,137

Volvo

AB,

Class

B

(d)

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

2,315,667

44,483,646

59,482,465

Switzerland

—

1.3%

Alcon,

Inc.

(d)

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

5,582

316,475

Alcon,

Inc.

(d)

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

54,104

3,081,223

LafargeHolcim

Ltd.

(Registered)

(d)

...

2,964

134,920

Lonza

Group

AG

(Registered)

.....

99

61,096

Nestle

SA

(Registered)

..........

267,113

31,789,663

Novartis

AG

(Registered)

........

7,558

656,218

Roche

Holding

AG

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

151,102

51,758,563

SGS

SA

(Registered)

...........

89

238,506

Sika

AG

(Registered)

...........

29,975

7,360,415

STMicroelectronics

NV

..........

28,400

871,029

Straumann

Holding

AG

(Registered)

.

3,113

3,149,116

99,417,224

Taiwan

—

1.1%

ASE

Technology

Holding

Co.

Ltd.

...

36,000

74,120

Asustek

Computer,

Inc.

..........

23,000

202,359

Cathay

Financial

Holding

Co.

Ltd.

...

984,000

1,317,314

Chunghwa

Telecom

Co.

Ltd.

......

480,000

1,773,944

Formosa

Chemicals

&

Fibre

Corp.

..

438,000

1,031,375

Formosa

Petrochemical

Corp.

.....

234,000

649,350

Formosa

Plastics

Corp.

..........

388,000

1,060,059

Fubon

Financial

Holding

Co.

Ltd.

...

1,015,000

1,476,941

Hon

Hai

Precision

Industry

Co.

Ltd.

..

547,960

1,473,197

MediaTek

,

Inc.

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

77,000

1,631,551

Nan

Ya

Plastics

Corp.

...........

531,000

1,097,631

Nanya

Technology

Corp.

.........

87,000

174,855

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

4,762,000

71,639,901

Uni

-President

Enterprises

Corp.

....

783,000

1,695,790

United

Microelectronics

Corp.

.....

542,000

534,617

Security

Shares

Value

Taiwan

(continued)

Yageo

Corp.

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

173,000

$

2,124,327

87,957,331

Thailand

—

0.1%

Advanced

Info

Service

PCL

.......

303,600

1,644,754

Intouch

Holdings

PCL,

Class

F

.....

975,000

1,582,627

Thai

Beverage

PCL

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

1,152,100

512,602

3,739,983

Turkey

—

0.0%

BIM

Birlesik

Magazalar

A/S

.......

5,897

52,874

Tupras

Turkiye

Petrol

Rafinerileri

A/S

(d)

23,672

242,856

295,730

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(c)(d)

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

365,939

5

United

Kingdom

—

1.5%

AstraZeneca

plc

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

11,406

1,246,271

Berkeley

Group

Holdings

plc

......

77,147

4,205,496

Coca-Cola

European

Partners

plc

...

564

21,889

Diageo

plc

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

18,121

622,433

Experian

plc

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

750

28,181

Fiat

Chrysler

Automobiles

NV

(d)

....

6,520

80,032

GlaxoSmithKline

plc

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

11,979

224,576

HSBC

Holdings

plc

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

50,487

197,518

Legal

&

General

Group

plc

.......

66,170

161,419

RELX

plc

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

224,241

4,991,173

THG

Holdings

Ltd.

(d)

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

3,603,079

27,811,712

Unilever

NV

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

563,754

34,235,301

Unilever

plc

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

292,130

18,010,761

Vodafone

Group

plc

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

21,505,693

28,504,307

120,341,069

United

States

—

41.7%

Abbott

Laboratories

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

350,542

38,149,486

AbbVie,

Inc.

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

468,575

41,042,484

Adobe,

Inc.

(d)

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

31,828

15,609,406

Advanced

Micro

Devices,

Inc.

(d)

....

1,369

112,244

Agilent

Technologies,

Inc.

........

262,423

26,488,978

Air

Products

&

Chemicals,

Inc.

.....

194,365

57,893,559

Akamai

Technologies,

Inc.

(d)

.......

22,324

2,467,695

Alaska

Air

Group,

Inc.

...........

19,401

710,659

Alexion

Pharmaceuticals,

Inc.

(d)

....

15,145

1,733,042

Allstate

Corp.

(The)

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

3,255

306,426

Alphabet,

Inc.,

Class

C

(d)

.........

74,891

110,059,814

Altair

Engineering,

Inc.,

Class

A

(d)

...

108,985

4,575,190

Altria

Group,

Inc.

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

1,700

65,688

Amazon.com,

Inc.

(d)(h)

...........

49,665

156,381,675

American

Electric

Power

Co.,

Inc.

...

2,711

221,570

American

Tower

Corp.

..........

24,130

5,832,945

American

Water

Works

Co.,

Inc.

....

23,473

3,400,768

Amgen,

Inc.

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

461

117,168

Analog

Devices,

Inc.

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

9,467

1,105,178

Anthem,

Inc.

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

151,588

40,715,021

Aon

plc,

Class

A

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

1,259

259,732

Apellis

Pharmaceuticals,

Inc.

(d)

.....

43,236

1,304,430

Apple,

Inc.

(h)

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

1,452,886

168,258,728

Applied

Materials,

Inc.

..........

562,770

33,456,676

Aptiv

plc

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

325,856

29,874,478

Atlassian

Corp.

plc,

Class

A

(d)

......

18,796

3,416,925

Autodesk,

Inc.

(d)

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

110,346

25,491,029

Automatic

Data

Processing,

Inc.

....

293

40,871

AutoZone,

Inc.

(d)

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

262

308,542

Bank

of

America

Corp.

..........

1,823,344

43,924,357

Bank

of

New

York

Mellon

Corp.

(The)

8,793

301,952

Baxter

International,

Inc.

.........

41,130

3,307,675

Becton

Dickinson

and

Co.

........

108,117

25,156,664

BlackRock

Global

Allocation

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Shares

Value

United

States

(continued)

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.

48,858

$

10,403,823

BioMarin

Pharmaceutical,

Inc.

(d)

....

21,111

1,606,125

Booking

Holdings,

Inc.

(d)

.........

93

159,093

Boston

Scientific

Corp.

(d)

.........

480,601

18,363,764

Bristol-Myers

Squibb

Co.

.........

442,178

26,658,912

Broadcom,

Inc.

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

7,261

2,645,328

Cadence

Design

Systems,

Inc.

(d)

...

44,250

4,718,377

Capital

One

Financial

Corp.

.......

602,145

43,270,140

Cardinal

Health,

Inc.

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

6,228

292,405

Cerner

Corp.

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

3,576

258,509

CH

Robinson

Worldwide,

Inc.

(f)

.....

44,857

4,583,937

Charles

Schwab

Corp.

(The)

......

335,103

12,140,782

Charter

Communications,

Inc.,

Class

A

(d)(f)

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

92,930

58,019,916

Chubb

Ltd.

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

112,472

13,060,249

Ciena

Corp.

(d)

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

9,664

383,564

Cigna

Corp.

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

1,487

251,913

Citigroup,

Inc.

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

348,042

15,004,091

Clorox

Co.

(The)

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

234

49,180

CME

Group,

Inc.

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

1,887

315,714

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,714

118,986

Colgate-Palmolive

Co.

..........

73,625

5,680,169

Comcast

Corp.,

Class

A

.........

1,457,439

67,421,128

Constellation

Brands,

Inc.,

Class

A

..

1,284

243,331

Corteva

,

Inc.

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

2,638

76,001

Costco

Wholesale

Corp.

.........

61,099

21,690,145

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.

75,900

10,422,588

Crown

Castle

International

Corp.

...

2,386

397,269

Cummins,

Inc.

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

447

94,389

Dell

Technologies,

Inc.,

Class

C

(d)

...

234,143

15,849,140

DexCom

,

Inc.

(d)

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

4,919

2,027,759

Dollar

General

Corp.

...........

943

197,672

Dollar

Tree,

Inc.

(d)

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

1,588

145,048

DR

Horton,

Inc.

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

670,172

50,685,108

Eaton

Corp.

plc

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

3,705

378,021

eBay,

Inc.

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

11,084

577,476

Edwards

Lifesciences

Corp.

(d)

.....

99,222

7,919,900

Electronic

Arts,

Inc.

(d)

...........

2,678

349,238

Eli

Lilly

&

Co.

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

1,904

281,830

Emerson

Electric

Co.

...........

487,277

31,950,753

EPAM

Systems,

Inc.

(d)

...........

7,529

2,433,975

Epic

Games,

Inc.

(c)(d)

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

14,282

8,212,150

Exelon

Corp.

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

2,470

88,327

Facebook,

Inc.,

Class

A

(d)

........

139,164

36,447,052

FedEx

Corp.

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

1,292

324,964

Ferguson

plc

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

43,522

4,379,640

FirstEnergy

Corp.

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

7,301

209,612

Fiserv,

Inc.

(d)

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

1,059

109,130

Fortinet,

Inc.

(d)

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

38,060

4,483,849

Fortive

Corp.

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

464,296

35,383,998

Fortune

Brands

Home

&

Security,

Inc.

46,285

4,004,578

Freeport-McMoRan,

Inc.

.........

418,098

6,539,053

Gilead

Sciences,

Inc.

...........

204,392

12,915,530

Global

Payments,

Inc.

..........

155,891

27,683,124

Goldman

Sachs

Group,

Inc.

(The)

..

2,558

514,081

GoodRx

Holdings,

Inc.,

Class

A

(d)(f)

..

39,712

2,207,987

Guardant

Health,

Inc.

(d)

..........

43,389

4,850,022

HCA

Healthcare,

Inc.

...........

278,757

34,755,423

Hess

Corp.

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

102,880

4,210,878

Hewlett

Packard

Enterprise

Co.

....

44,364

415,691

Home

Depot,

Inc.

(The)

.........

154,483

42,901,474

HP,

Inc.

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

18,154

344,744

Humana,

Inc.

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

3,868

1,600,927

iHeartMedia

,

Inc.

(d)

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

3,761

30,539

Illinois

Tool

Works,

Inc.

..........

274

52,940

Security

Shares

Value

United

States

(continued)

Illumina,

Inc.

(d)

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

4,685

$

1,448,040

Incyte

Corp.

(d)

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

1,127

101,137

Inphi

Corp.

(d)

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

4,801

538,912

Insulet

Corp.

(d)

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

5,860

1,386,417

Intel

Corp.

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

36,470

1,888,417

International

Flavors

&

Fragrances,

Inc.

(f)

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

256,078

31,356,751

Intuit,

Inc.

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

1,491

486,379

Intuitive

Surgical,

Inc.

(d)

..........

15,027

10,662,258

Iovance

Biotherapeutics

,

Inc.

(d)

.....

30,352

999,188

IQVIA

Holdings,

Inc.

(d)

...........

3,109

490,072

Jawbone

Health

Hub,

Inc.

(Acquired

01/24/17,

cost

$0)

(c)(d)(e)

........

301,223

3

JBS

SA

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

278,966

1,027,762

Johnson

&

Johnson

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

391,268

58,251,980

JPMorgan

Chase

&

Co.

.........

690,613

66,485,314

Kinder

Morgan,

Inc.

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

21,897

269,990

Kraft

Heinz

Co.

(The)

...........

1,681

50,346

Kroger

Co.

(The)

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

5,840

198,034

L3Harris

Technologies,

Inc.

.......

367,330

62,387,327

Lennar

Corp.,

Class

A

...........

188,700

15,413,016

Liberty

Broadband

Corp.,

Class

C

(d)

.

6,030

861,506

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(d)

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

192,630

6,389,537

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

(d)

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

339,546

11,232,182

Live

Nation

Entertainment,

Inc.

(d)

...

18,589

1,001,575

Lookout,

Inc.

(Acquired

03/04/15,

cost

$936,169)

(c)(d)(e)

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

73,943

387,461

Lowe's

Cos.,

Inc.

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

332,061

55,075,637

Madison

Square

Garden

Sports

Corp.

(d)

824

123,996

Marsh

&

McLennan

Cos.,

Inc.

.....

358,681

41,140,711

Marvell

Technology

Group

Ltd.

.....

209,364

8,311,751

Masco

Corp.

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

118,195

6,516,090

Mastercard

,

Inc.,

Class

A

.........

212,066

71,714,359

McDonald's

Corp.

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

195,943

43,007,529

McKesson

Corp.

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

565

84,145

Medtronic

plc

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

5,723

594,734

Merck

&

Co.,

Inc.

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

500,654

41,529,249

MGM

Resorts

International

.......

30,078

654,196

Microchip

Technology,

Inc.

(f)

.......

179,575

18,453,127

Micron

Technology,

Inc.

(d)

........

239,287

11,236,918

Microsoft

Corp.

(h)

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

772,310

162,439,962

Mondelez

International,

Inc.,

Class

A

.

74,799

4,297,203

MongoDB,

Inc.

(d)(f)

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

7,609

1,761,560

Moody's

Corp.

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

613

177,678

Morgan

Stanley

(f)

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

1,303,252

63,012,234

Motorola

Solutions,

Inc.

.........

44,900

7,040,769

MSCI,

Inc.

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

155

55,301

Netflix,

Inc.

(d)

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

545

272,516

Nevro

Corp.

(d)

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

8,928

1,243,670

New

Relic,

Inc.

(d)(f)

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

28,653

1,614,883

Newmont

Corp.

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

105,923

6,720,814

NextEra

Energy,

Inc.

...........

234,143

64,988,731

Northrop

Grumman

Corp.

........

4,143

1,307,075

NortonLifeLock

,

Inc.

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

121,488

2,531,810

NVIDIA

Corp.

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

75,005

40,594,206

Okta

,

Inc.

(d)

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

25,491

5,451,250

Oracle

Corp.

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

44,491

2,656,113

Otis

Worldwide

Corp.

...........

9,227

575,949

Palantir

Technologies,

Inc.,

Class

A

(d)

373,485

3,548,109

Palantir

Technologies,

Inc.,

Class

A

(Acquired

02/11/14,

cost

$11,447,321)

(d)(e)

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

1,493,941

13,482,816

Pal

o

Alto

Networks,

Inc.

(d)

........

23,625

5,782,219

Paycom

Software,

Inc.

(d)

.........

8,726

2,716,404

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Shares

Value

United

States

(continued)

PayPal

Holdings,

Inc.

(d)

..........

151,656

$

29,880,782

Peloton

Interactive,

Inc.,

Class

A

(d)

..

231,449

22,968,999

PepsiCo,

Inc.

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

40,263

5,580,452

Pfizer,

Inc.

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

735,036

26,975,821

PPG

Industries,

Inc.

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

320,029

39,069,140

Procter

&

Gamble

Co.

(The)

......

2,800

389,172

Proofpoint

,

Inc.

(d)

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

17,668

1,864,857

Prudential

Financial,

Inc.

.........

3,323

211,077

PTC

Therapeutics,

Inc.

(d)

.........

14,930

697,977

PTC,

Inc.

(d)(f)

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

448,210

37,075,931

QUALCOMM,

Inc.

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

63,022

7,416,429

Raytheon

Technologies

Corp.

.....

770,226

44,318,804

Regeneron

Pharmaceuticals,

Inc.

(d)

..

78

43,663

ResMed

,

Inc.

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

16,491

2,827,052

Rockwell

Automation,

Inc.

........

1,079

238,114

salesforce.com,

Inc.

(d)

...........

220,390

55,388,415

Sarepta

Therapeutics,

Inc.

(d)

......

13,218

1,856,204

Schlumberger

Ltd.

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

10,231

159,194

Seattle

Genetics,

Inc.

(d)(f)

.........

19,780

3,870,748

Sempra

Energy

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

1,828

216,362

Sensata

Technologies

Holding

plc

(d)

.

9,520

410,693

ServiceNow

,

Inc.

(d)

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

40,236

19,514,460

Sherwin-Williams

Co.

(The)

.......

137

95,453

Simply

Good

Foods

Co.

(The)

(d)

....

105,004

2,315,338

Southern

Co.

(The)

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

3,615

196,005

Southwest

Airlines

Co.

..........

41,226

1,545,975

Splunk

,

Inc.

(d)

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

34,940

6,573,262

Stanley

Black

&

Decker,

Inc.

......

1,945

315,479

Starbucks

Corp.

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

556,635

47,826,079

Stryker

Corp.

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

15,536

3,237,236

Target

Corp.

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

2,195

345,537

Tesla,

Inc.

(d)

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

146

62,635

Thermo

Fisher

Scientific,

Inc.

......

77,782

34,342,309

Thor

Industries,

Inc.

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

1,025

97,642

TJX

Cos.,

Inc.

(The)

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

558,786

31,096,441

T-Mobile

US,

Inc.

(d)

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

36,263

4,147,037

Toll

Brothers,

Inc.

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

15,776

767,660

TransDigm

Group,

Inc.

..........

12,748

6,056,830

Travelers

Cos.,

Inc.

(The)

........

33,011

3,571,460

Twilio

,

Inc.,

Class

A

(d)

...........

10,569

2,611,494

Tyson

Foods,

Inc.,

Class

A

.......

3,226

191,882

Uber

Technologies,

Inc.

(d)

........

670,695

24,466,954

Union

Pacific

Corp.

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

358,197

70,518,243

United

Parcel

Service,

Inc.,

Class

B

.

1,603

267,108

UnitedHealth

Group,

Inc.

.........

256,711

80,034,788

US

Bancorp

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

163,860

5,874,381

Vail

Resorts,

Inc.

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

780

166,897

VeriSign,

Inc.

(d)

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

1,477

302,563

Verizon

Communications,

Inc.

.....

66,287

3,943,414

Vertex

Pharmaceuticals,

Inc.

(d)

.....

58,676

15,966,913

Vertiv

Holdings

Co.

(Acquired

02/04/20,

cost

$17,149,150)

(d)(e)

.........

1,714,915

29,702,328

Visa,

Inc.,

Class

A

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

50,321

10,062,690

Vistra

Energy

Corp.

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

178,140

3,359,720

VMware,

Inc.,

Class

A

(d)(f)

.........

168,828

24,255,519

Walmart,

Inc.

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

262,839

36,773,804

Walt

Disney

Co.

(The)

..........

194,074

24,080,702

Wells

Fargo

&

Co.

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

111,637

2,624,586

Western

Digital

Corp.

...........

59,015

2,156,998

Weyerhaeuser

Co.

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

109,106

3,111,703

Williams

Cos.,

Inc.

(The)

.........

3,390

66,614

Willis

Towers

Watson

plc

.........

254

53,040

Winnebago

Industries,

Inc.

.......

1,608

83,085

Workday,

Inc.,

Class

A

(d)

.........

1,409

303,118

Wynn

Resorts

Ltd.

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

63,046

4,527,333

Xilinx,

Inc.

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

128,440

13,388,586

Security

Shares

Value

United

States

(continued)

Yum!

Brands,

Inc.

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

2,648

$

241,762

Zillow

Group,

Inc.,

Class

C

(d)(f)

.....

43,140

4,382,593

Zimmer

Biomet

Holdings,

Inc.

.....

243

33,082

Zoetis,

Inc.

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

30,131

4,982,763

Zoom

Video

Communications,

Inc.,

Class

A

(d)

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

311

146,204

Zscaler

,

Inc.

(d)

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

37,318

5,250,269

3,287,407,694

Zambia

—

0.1%

First

Quantum

Minerals

Ltd.

.......

605,300

5,395,900

Total

Common

Stocks

—

63.3%

(Cost:

$4,064,340,408)

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

4,996,893,054

Pa

r

(

000)

Corporate

Bonds

—

6.2%

Australia

—

0.5%

(b)

FMG

Resources

August

2006

Pty.

Ltd.:

4.75%,

05/15/22

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

USD

140

143,325

5.13%,

03/15/23

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

95

99,133

5.13%,

05/15/24

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

144

153,720

Quintis

Australia

Pty.

Ltd.

(c)(

i

)*

:

0.00%,

(0.00%

Cash

or

8.00%

PIK),

10/01/26

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

17,757

17,034,833

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

18,591

18,591,047

36,022,058

Brazil

—

0.1%

Fibria

Overseas

Finance

Ltd.,

5.50%,

01/17/27

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

975

1,102,664

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

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

961

979,019

Petrobras

Global

Finance

BV:

5.30%,

01/27/25

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

927

1,004,752

5.60%,

01/03/31

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

1,876

2,003,962

5,090,397

Canada

—

0.1%

(b)

1011778

BC

ULC:

5.00%,

10/15/25

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

456

467,564

4.00%,

10/15/30

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

1,507

1,518,619

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

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

117

117,986

Kronos

Acquisition

Holdings,

Inc.,

9.00%,

08/15/23

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

2,271

2,302,226

Mattamy

Group

Corp.,

4.63%,

03/01/30

1,626

1,646,488

6,052,883

Chile

—

0.0%

Falabella

SA,

4.38%,

01/27/25

.....

924

994,686

Inversiones

Alsacia

SA,

8.00%,

12/31/18

(b)

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

100

2,934

997,620

China

—

0.0%

China

Milk

Products

Group

Ltd.,

0.00%,

01/05/12

(d)(j)(k)(l)

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

4,800

4,800

France

—

0.1%

BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

2.59%,

08/12/35

(a)(b)

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

3,985

3,869,217

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%,

12/15/24

(b)

.

EUR

5,554

5,554,555

BlackRock

Global

Allocation

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

India

—

0.0%

REI

Agro

Ltd.

(d)(j)(k)

:

5.50%,

11/13/14

(b)

...........

USD

5,549

$

53,348

5.50%,

11/13/14

(c)

...........

2,291

—

53,348

Israel

—

0.0%

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)

1,053

1,084,467

Italy

—

0.0%

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%),

5.46%,

06/30/35

(a)(b)

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

2,072

2,110,850

Japan

—

0.0%

Takeda

Pharmaceutical

Co.

Ltd.,

3.18%,

07/09/50

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

1,289

1,309,433

Kuwait

—

0.0%

MEGlobal

Canada

ULC,

5.88%,

05/18/30

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

885

1,029,919

Luxembourg

—

0.1%

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(b)(m)

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

7,812

7,929,180

Macau

—

0.0%

(b)

MGM

China

Holdings

Ltd.:

5.38%,

05/15/24

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

200

205,750

5.88%,

05/15/26

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

200

207,000

Wynn

Macau

Ltd.,

4.88%,

10/01/24

..

200

196,750

609,500

Malaysia

—

0.0%

Petronas

Capital

Ltd.,

4.55%,

04/21/50

(b)

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

785

1,006,829

Netherlands

—

0.0%

NXP

BV,

3.15%,

05/01/27

(b)

.......

325

351,258

Peru

—

0.0%

Hudbay

Minerals,

Inc.,

6.13%,

04/01/29

(b)

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

326

322,740

Orazul

Energy

Egenor

SCA,

5.63%,

04/28/27

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

1,035

1,069,672

1,392,412

Singapore

—

0.1%

CapitaLand

Ltd.,

1.95%,

10/17/23

(b)(j)

.

SGD

5,250

3,787,777

South

Korea

—

0.0%

Clark

Equipment

Co.,

5.88%,

06/01/25

(b)

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

USD

364

377,195

Spain

—

0.0%

Banco

Santander

SA:

2.75%,

05/28/25

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

1,000

1,048,953

3.49%,

05/28/30

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

400

436,159

1,485,112

Switzerland

—

0.1%

UBS

Group

AG,

4.13%,

09/24/25

(b)

..

3,076

3,503,818

Turkey

—

0.0%

Bio

City

Development

Co.

BV,

8.00%,

07/06/20

(b)(c)(d)(j)(k)*

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

21,400

2,086,500

United

Arab

Emirates

—

0.0%

DP

World

plc,

6.85%,

07/02/37

.....

770

961,538

MDGH

-

GMTN

BV,

3.70%,

11/07/49

(b)

947

1,059,456

2,020,994

Security

Par

(000)

Value

United

Kingdom

—

0.0%

Natwest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

(a)

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

USD

2,157

$

2,071,971

United

States

—

5.0%

AbbVie,

Inc.,

4.25%,

11/21/49

(b)

....

2,198

2,609,415

Acadia

Healthcare

Co.,

Inc.

(b)

:

5.50%,

07/01/28

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

978

1,005,885

5.00%,

04/15/29

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

232

235,190

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(b)

...........

149

151,496

5.75%,

03/15/25

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

554

571,478

7.50%,

03/15/26

(b)

...........

123

134,936

Allegiant

Travel

Co.,

8.50%,

05/02/24

(b)

6,634

6,634,000

Ally

Financial,

Inc.,

1.45%,

10/02/23

.

1,060

1,058,826

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

186

190,185

4.75%,

08/01/25

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

148

152,987

American

Tower

Corp.,

3.10%,

06/15/50

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

3,346

3,309,315

Aramark

Services,

Inc.:

4.75%,

06/01/26

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

94

95,109

5.00%,

02/01/28

(b)

...........

219

220,643

AutoNation,

Inc.,

4.75%,

06/01/30

...

1,043

1,228,878

Avantor

Funding,

Inc.,

4.63%,

07/15/28

(b)

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

1,226

1,271,975

Avantor

,

Inc.,

6.00%,

10/01/24

(b)

....

290

303,050

Ball

Corp.,

2.88%,

08/15/30

.......

1,057

1,045,109

Bank

of

America

Corp.:

4.00%,

01/22/25

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

2,559

2,850,726

(SOFR

+

2.15%),

2.59%,

04/29/31

(a)

6,485

6,899,527

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%,

11/01/25

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

257

263,746

5.75%,

08/15/27

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

77

81,716

6.25%,

02/15/29

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

796

818,734

Becton

Dickinson

and

Co.:

2.82%,

05/20/30

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

632

681,555

3.79%,

05/20/50

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

808

903,761

Boise

Cascade

Co.,

4.88%,

07/01/30

(b)

262

281,650

BorgWarner,

Inc.,

2.65%,

07/01/27

..

1,079

1,138,688

Boyd

Gaming

Corp.,

8.63%,

06/01/25

(b)

495

542,659

BP

Capital

Markets

America,

Inc.,

1.75%,

08/10/30

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

624

619,207

Broadcom,

Inc.:

4.11%,

09/15/28

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

573

646,200

4.15%,

11/15/30

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

1,526

1,714,223

Buckeye

Partners

LP:

4.35%,

10/15/24

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

409

401,331

4.13%,

03/01/25

(b)

...........

2,019

1,918,050

BY

Crown

Parent

LLC,

4.25%,

01/31/26

(b)

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

388

395,032

Calpine

Corp.,

5.13%,

03/15/28

(b)

...

456

471,960

Carrier

Global

Corp.,

3.58%,

04/05/50

(b)

1,517

1,611,556

Cedar

Fair

LP:

5.38%,

04/15/27

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

96

95,520

5.25%,

07/15/29

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

94

90,240

Centene

Corp.:

4.75%,

01/15/25

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

2,745

2,821,311

5.25%,

04/01/25

(b)

...........

210

218,242

5.38%,

06/01/26

(b)

...........

3,071

3,236,066

5.38%,

08/15/26

(b)

...........

142

150,403

4.25%,

12/15/27

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

470

491,822

3.00%,

10/15/30

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

3,269

3,335,034

Charles

River

Laboratories

International,

Inc.,

5.50%,

04/01/26

(b)

97

102,092

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

United

States

(continued)

Charter

Communications

Operating

LLC,

2.80%,

04/01/31

.........

USD

5,487

$

5,706,562

Cheniere

Energy

Partners

LP:

5.25%,

10/01/25

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

736

752,928

5.63%,

10/01/26

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

210

218,400

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

(b)

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

1,323

1,357,729

Churchill

Downs,

Inc.,

5.50%,

04/01/27

(b)

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

115

120,037

Citigroup,

Inc.,

(SOFR

+

3.91%),

4.41%,

03/31/31

(a)

...........

2,257

2,705,525

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(b)

101

104,787

Colfax

Corp.,

6.00%,

02/15/24

(b)

....

117

121,241

Colt

Merger

Sub,

Inc.

(b)

:

5.75%,

07/01/25

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

1,023

1,054,969

6.25%,

07/01/25

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

7,343

7,675,234

8.13%,

07/01/27

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

2,790

2,957,400

CommScope

,

Inc.,

7.13%,

07/01/28

(b)

1,067

1,096,342

Community

Health

Systems,

Inc.,

8.00%,

03/15/26

(b)

...........

1,056

1,038,048

Crown

Castle

International

Corp.,

4.15%,

07/01/50

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

3,497

3,997,142

CrownRock

LP,

5.63%,

10/15/25

(b)

..

217

204,522

CSC

Holdings

LLC

(b)

:

5.50%,

05/15/26

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

1,422

1,478,880

5.38%,

02/01/28

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

465

491,156

4.13%,

12/01/30

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

3,365

3,429,776

4.63%,

12/01/30

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

6,539

6,588,043

3.38%,

02/15/31

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

1,179

1,141,567

CVS

Health

Corp.:

3.75%,

04/01/30

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

2,235

2,550,434

2.70%,

08/21/40

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

1,310

1,248,539

5.05%,

03/25/48

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

2,226

2,841,285

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(b)

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

96

100,800

DaVita,

Inc.

(b)

:

4.63%,

06/01/30

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

4,871

4,989,365

3.75%,

02/15/31

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

10,981

10,580,743

Delta

Air

Lines,

Inc.,

4.50%,

10/20/25

(b)

1,951

2,003,389

Dow

Chemical

Co.

(The),

3.63%,

05/15/26

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

1,025

1,135,032

Elanco

Animal

Health,

Inc.

(m)

:

4.91%,

08/27/21

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

93

95,441

5.27%,

08/28/23

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

145

155,513

Emergent

BioSolutions

,

Inc.,

3.88%,

08/15/28

(b)

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

134

134,527

Endeavor

Energy

Resources

LP

(b)

:

5.50%,

01/30/26

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

93

92,302

5.75%,

01/30/28

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

190

190,950

Energizer

Holdings,

Inc.

(b)

:

4.75%,

06/15/28

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

701

725,465

4.38%,

03/31/29

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

255

257,550

Energy

Transfer

Operating

LP,

4.05%,

03/15/25

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

1,462

1,536,681

ERAC

USA

Finance

LLC,

3.80%,

11/01/25

(b)

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

2,278

2,535,902

ESH

Hospitality,

Inc.,

5.25%,

05/01/25

(b)

242

244,420

Exxon

Mobil

Corp.,

3.45%,

04/15/51

.

2,554

2,806,218

Ferguson

Finance

plc,

3.25%,

06/02/30

(b)

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

2,240

2,434,666

FLIR

Systems,

Inc.,

2.50%,

08/01/30

2,193

2,244,135

Flowserve

Corp.,

3.50%,

10/01/30

..

2,378

2,354,715

Ford

Motor

Credit

Co.

LLC:

5.13%,

06/16/25

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

827

852,844

4.13%,

08/17/27

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

1,457

1,416,932

Security

Par

(000)

Value

United

States

(continued)

Forestar

Group,

Inc.

(b)

:

8.00%,

04/15/24

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

USD

935

$

988,762

5.00%,

03/01/28

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

3,483

3,517,830

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

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

456

476,315

4.63%,

08/01/30

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

776

815,925

GCI

LLC,

4.75%,

10/15/28

(b)

......

480

486,005

General

Electric

Co.,

4.35%,

05/01/50

890

907,454

General

Motors

Co.,

6.80%,

10/01/27

1,601

1,949,926

General

Motors

Financial

Co.,

Inc.:

5.20%,

03/20/23

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

1,515

1,643,537

2.70%,

08/20/27

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

2,971

2,949,389

3.60%,

06/21/30

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

2,210

2,288,692

Global

Payments,

Inc.,

2.90%,

05/15/30

2,324

2,486,703

GLP

Capital

LP,

4.00%,

01/15/31

...

3,024

3,148,075

Goldman

Sachs

Group,

Inc.

(The):

2.60%,

02/07/30

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

2,278

2,407,834

4.75%,

10/21/45

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

525

690,631

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

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

201

209,291

Great

Western

Petroleum

LLC,

9.00%,

09/30/21

(b)

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

1,212

705,990

H&E

Equipment

Services,

Inc.,

5.63%,

09/01/25

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

181

188,692

Hanesbrands,

Inc.,

4.63%,

05/15/24

(b)

170

176,764

HCA,

Inc.:

3.50%,

09/01/30

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

6,743

6,870,308

5.25%,

06/15/49

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

1,519

1,859,470

HD

Supply,

Inc.,

5.38%,

10/15/26

(b)

..

145

151,676

Hilton

Domestic

Operating

Co.,

Inc.,

5.13%,

05/01/26

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

284

292,313

Hilton

Worldwide

Finance

LLC:

4.63%,

04/01/25

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

167

168,670

4.88%,

04/01/27

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

114

115,815

Hologic

,

Inc.,

3.25%,

02/15/29

(b)

....

2,866

2,883,913

Host

Hotels

&

Resorts

LP,

Series

I,

3.50%,

09/15/30

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

3,092

2,959,694

Howard

Hughes

Corp.

(The)

(b)

:

5.38%,

03/15/25

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

679

689,932

5.38%,

08/01/28

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

2,453

2,451,749

Hughes

Satellite

Systems

Corp.,

7.63%,

06/15/21

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

857

889,137

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

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

5,564

5,795,949

8.38%,

05/01/27

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

1,927

1,898,586

5.25%,

08/15/27

(b)

...........

902

879,450

4.75%,

01/15/28

(b)

...........

759

715,318

International

Business

Machines

Corp.:

1.95%,

05/15/30

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

3,594

3,707,840

2.95%,

05/15/50

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

1,055

1,090,057

International

Game

Technology

plc,

6.50%,

02/15/25

(b)

...........

227

241,471

IQVIA,

Inc.

(b)

:

5.00%,

10/15/26

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

200

209,000

5.00%,

05/15/27

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

211

221,248

Iron

Mountain,

Inc.

(b)

:

5.25%,

07/15/30

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

3,683

3,839,527

4.50%,

02/15/31

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

3,487

3,519,778

Jaguar

Holding

Co.

II/PPD

Development

LP,

5.00%,

06/15/28

(b)

250

260,938

JBS

Investments

II

GmbH

(b)

:

7.00%,

01/15/26

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

200

213,500

5.75%,

01/15/28

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

200

208,000

JBS

USA

LUX

SA

(b)

:

5.75%,

06/15/25

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

652

670,615

6.75%,

02/15/28

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

183

198,555

BlackRock

Global

Allocation

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

United

States

(continued)

6.50%,

04/15/29

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

USD

286

$

317,451

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

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

518

545,195

JPMorgan

Chase

&

Co.,

(SOFR

+

2.44%),

3.11%,

04/22/51

(a)

......

2,914

3,127,077

KFC

Holding

Co.,

5.25%,

06/01/26

(b)

.

456

473,784

L

Brands,

Inc.:

6.88%,

07/01/25

(b)

...........

765

826,200

5.25%,

02/01/28

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

304

294,120

6.63%,

10/01/30

(b)

...........

669

680,708

Lamar

Media

Corp.:

5.75%,

02/01/26

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

126

130,095

4.88%,

01/15/29

(b)

...........

380

395,200

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

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

157

163,673

4.88%,

11/01/26

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

158

164,715

Lennar

Corp.:

4.75%,

04/01/21

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

93

93,814

4.13%,

01/15/22

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

110

112,612

4.50%,

04/30/24

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

126

134,820

Level

3

Financing,

Inc.:

5.25%,

03/15/26

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

146

151,249

4.63%,

09/15/27

(b)

...........

476

489,090

4.25%,

07/01/28

(b)

...........

6,203

6,298,030

3.63%,

01/15/29

(b)

...........

3,341

3,299,237

Life

Storage

LP,

2.20%,

10/15/30

...

993

990,466

Lowe's

Cos.,

Inc.,

5.13%,

04/15/50

..

2,020

2,787,828

Marathon

Petroleum

Corp.,

4.70%,

05/01/25

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

1,959

2,213,813

Marriott

International,

Inc.:

4.63%,

06/15/30

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

470

503,345

Series

GG,

3.50%,

10/15/32

....

3,248

3,223,206

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(b)

...........

2,611

2,689,330

6.50%,

09/15/26

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

149

152,981

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

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

249

265,542

Mauser

Packaging

Solutions

Holding

Co.,

7.25%,

04/15/25

(b)

........

759

714,409

McDonald's

Corp.:

4.45%,

09/01/48

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

1,960

2,440,634

4.20%,

04/01/50

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

2,267

2,759,157

Meritor,

Inc.,

6.25%,

06/01/25

(b)

....

982

1,026,190

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

207

219,478

4.63%,

06/15/25

(b)

...........

363

370,260

Michaels

Stores,

Inc.,

8.00%,

07/15/27

(b)

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

1,327

1,386,715

Microchip

Technology,

Inc.,

4.33%,

06/01/23

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

2,153

2,317,082

Molina

Healthcare,

Inc.,

5.38%,

11/15/22

(m)

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

135

141,075

Morgan

Stanley,

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

...........

3,467

3,983,513

Motorola

Solutions,

Inc.,

2.30%,

11/15/30

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

2,854

2,833,222

MPT

Operating

Partnership

LP,

5.00%,

10/15/27

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

267

278,401

Nationstar

Mortgage

Holdings,

Inc.,

5.50%,

08/15/28

(b)

...........

705

704,119

Netflix,

Inc.,

5.50%,

02/15/22

......

135

141,413

Newell

Brands,

Inc.,

4.35%,

04/01/23

(m)

262

273,863

Nexstar

Broadcasting,

Inc.,

4.75%,

11/01/28

(b)

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

1,082

1,102,071

Security

Par

(000)

Value

United

States

(continued)

NRG

Energy,

Inc.:

7.25%,

05/15/26

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

USD

196

$

208,597

6.63%,

01/15/27

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

236

249,570

5.75%,

01/15/28

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

158

170,442

5.25%,

06/15/29

(b)

...........

142

154,425

NuStar

Logistics

LP,

5.75%,

10/01/25

2,875

2,969,300

Nutrition

&

Biosciences,

Inc.,

3.47%,

12/01/50

(b)

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

2,599

2,624,151

NVIDIA

Corp.,

3.50%,

04/01/50

....

1,700

1,989,474

ONEOK

Partners

LP,

4.90%,

03/15/25

3,403

3,729,096

ONEOK,

Inc.:

2.75%,

09/01/24

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

1,954

2,001,252

2.20%,

09/15/25

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

150

147,888

Oracle

Corp.,

3.60%,

04/01/40

.....

6,570

7,525,754

Outfront

Media

Capital

LLC

(b)

:

6.25%,

06/15/25

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

360

370,800

5.00%,

08/15/27

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

125

121,875

Park

Intermediate

Holdings

LLC,

5.88%,

10/01/28

(b)

...........

361

360,098

Parsley

Energy

LLC

(b)

:

5.38%,

01/15/25

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

1,173

1,170,068

5.25%,

08/15/25

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

2,403

2,378,970

5.63%,

10/15/27

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

134

133,330

PBF

Holding

Co.

LLC,

9.25%,

05/15/25

(b)

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

2,384

2,443,648

PG&E

Corp.:

5.00%,

07/01/28

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

2,121

2,057,370

5.25%,

07/01/30

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

363

351,203

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

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

749

806,778

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

164

169,330

Pioneer

Natural

Resources

Co.,

1.90%,

08/15/30

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

2,460

2,307,285

Prime

Security

Services

Borrower

LLC,

3.38%,

08/31/27

(b)

...........

417

400,005

Prudential

Financial,

Inc.,

3.70%,

03/13/51

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

2,440

2,690,978

QEP

Resources,

Inc.,

5.25%,

05/01/23

525

381,938

Quicken

Loans

LLC

(b)

:

3.63%,

03/01/29

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

5,783

5,732,399

3.88%,

03/01/31

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

4,647

4,588,912

Quicken

Loans,

Inc.

(b)

:

5.75%,

05/01/25

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

227

233,697

5.25%,

01/15/28

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

946

996,762

Radiate

Holdco

LLC,

4.50%,

09/15/26

(b)

867

866,818

Regeneron

Pharmaceuticals,

Inc.,

2.80%,

09/15/50

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

1,744

1,643,662

Reliance

Steel

&

Aluminum

Co.,

2.15%,

08/15/30

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

742

726,009

Reynolds

Group

Issuer,

Inc.

(b)

:

5.13%,

07/15/23

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

456

461,700

4.00%,

10/15/27

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

258

259,935

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%,

08/01/25

(b)

...........

333

345,974

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

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

3,482

3,621,280

Sensata

Technologies,

Inc.,

3.75%,

02/15/31

(b)

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

174

172,913

Service

Properties

Trust:

5.00%,

08/15/22

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

4,154

4,130,821

4.50%,

06/15/23

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

3,036

2,977,344

7.50%,

09/15/25

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

475

504,783

Shea

Homes

LP,

4.75%,

04/01/29

(b)

.

1,967

1,959,624

Sherwin-Williams

Co.

(The),

3.80%,

08/15/49

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

2,278

2,592,199

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

United

States

(continued)

Sirius

XM

Radio,

Inc.

(b)

:

3.88%,

08/01/22

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

USD

186

$

187,977

4.63%,

07/15/24

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

267

276,178

5.38%,

07/15/26

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

190

197,733

5.00%,

08/01/27

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

288

300,240

5.50%,

07/01/29

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

242

259,545

4.13%,

07/01/30

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

3,195

3,254,906

Six

Flags

Entertainment

Corp.,

4.88%,

07/31/24

(b)

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

187

175,905

SM

Energy

Co.:

1.50%,

07/01/21

(j)

...........

2,106

1,933,458

10.00%,

01/15/25

(b)

..........

1,967

1,868,650

Spectrum

Brands,

Inc.,

5.50%,

07/15/30

(b)

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

342

360,810

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

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

672

711,997

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

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

89

92,560

4.38%,

07/15/30

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

562

576,199

3.38%,

01/15/31

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

330

325,708

Starbucks

Corp.,

3.50%,

11/15/50

...

2,280

2,427,684

Steel

Dynamics,

Inc.,

3.25%,

01/15/31

295

315,654

Summit

Materials

LLC,

5.25%,

01/15/29

(b)

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

302

314,458

Sunoco

Logistics

Partners

Operations

LP,

4.00%,

10/01/27

..........

759

775,618

Sunoco

LP:

4.88%,

01/15/23

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

184

184,920

5.50%,

02/15/26

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

150

149,813

6.00%,

04/15/27

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

114

117,135

Talen

Energy

Supply

LLC,

7.63%,

06/01/28

(b)

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

2,860

2,860,000

Targa

Resources

Partners

LP:

5.13%,

02/01/25

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

94

93,765

5.88%,

04/15/26

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

192

197,126

5.38%,

02/01/27

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

96

96,540

6.50%,

07/15/27

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

155

161,587

6.88%,

01/15/29

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

157

167,943

TEGNA,

Inc.,

4.75%,

03/15/26

(b)

....

680

693,600

Teleflex,

Inc.,

4.63%,

11/15/27

.....

95

99,988

Tempur

Sealy

International,

Inc.,

5.50%,

06/15/26

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

112

116,250

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

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

800

804,000

4.63%,

09/01/24

(b)

...........

113

113,918

5.13%,

05/01/25

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

260

262,418

4.88%,

01/01/26

(b)

...........

389

396,064

6.25%,

02/01/27

(b)

...........

290

299,341

4.63%,

06/15/28

(b)

...........

287

291,133

Terex

Corp.,

5.63%,

02/01/25

(b)

....

114

114,285

T-Mobile

USA,

Inc.

(b)

:

3.88%,

04/15/30

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

2,112

2,396,317

2.55%,

02/15/31

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

4,873

5,041,655

TransDigm

,

Inc.,

6.25%,

03/15/26

(b)

..

12,867

13,436,944

Uber

Technologies,

Inc.,

6.25%,

01/15/28

(b)

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

414

425,261

Union

Pacific

Corp.,

3.25%,

02/05/50

2,278

2,510,466

United

Rentals

North

America,

Inc.:

4.63%,

10/15/25

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

138

141,105

5.88%,

09/15/26

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

195

205,481

5.50%,

05/15/27

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

196

208,005

4.88%,

01/15/28

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

311

326,550

US

Concrete,

Inc.:

6.38%,

06/01/24

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

112

115,500

5.13%,

03/01/29

(b)

...........

987

989,468

Security

Par

(000)

Value

United

States

(continued)

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

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

USD

1,283

$

1,270,177

3.75%,

02/15/27

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

1,230

1,209,434

4.13%,

08/15/30

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

1,465

1,441,194

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

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

192

200,400

5.63%,

02/15/27

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

4,432

4,676,646

5.00%,

07/31/27

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

248

259,904

Weekley

Homes

LLC,

4.88%,

09/15/28

(b)

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

1,049

1,059,490

WESCO

Distribution,

Inc.

(b)

:

7.13%,

06/15/25

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

475

517,417

7.25%,

06/15/28

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

585

640,970

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

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

97

101,244

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

...........

206

206,832

WPX

Energy,

Inc.,

5.75%,

06/01/26

.

94

97,290

Wyndham

Destinations,

Inc.,

6.63%,

07/31/26

(b)

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

1,442

1,510,654

Wyndham

Hotels

&

Resorts,

Inc.

(b)

:

5.38%,

04/15/26

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

95

96,663

4.38%,

08/15/28

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

463

449,110

Xerox

Holdings

Corp.,

5.00%,

08/15/25

(b)

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

1,483

1,465,604

XHR

LP,

6.38%,

08/15/25

(b)

.......

918

915,705

XPO

Logistics,

Inc.

(b)

:

6.13%,

09/01/23

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

101

103,088

6.75%,

08/15/24

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

199

210,781

6.25%,

05/01/25

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

1,240

1,325,083

Yum!

Brands,

Inc.,

3.63%,

03/15/31

.

1,829

1,829,000

395,710,172

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.,

6.88%,

10/15/27

(b)

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

1,512

1,457,190

Total

Corporate

Bonds

—

6.2%

(Cost:

$510,347,715)

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

486,969,455

Floating

Rate

Loan

Interests

—

1.1%

Canada

—

0.1%

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EUR002M

+

5.00%),

5.00%, 12/22/25

(n)

...........

EUR

8,252

9,580,879

France

—

0.1%

Casino,

Guichard-Perrachon

SA,

Term

Loan

B,

(EURIBOR

3

Month

+

5.50%),

5.50%, 01/31/24

(n)

.....

8,126

9,031,145

Germany

—

0.0%

Vertical

Midco

GmbH,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.25%),

4.25%, 07/29/27

(n)

.....

1,823

2,122,415

Netherlands

—

0.4%

(n)

Boels

Rental

Ltd.,

Term

Loan

B,

(EURIBOR

1

Month

+

4.00%),

4.00%, 01/14/27

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

10,935

12,446,119

Ziggo

BV,

Term

Loan,

(EURIBOR

6

Month

+

3.00%),

3.00%, 01/31/29

13,707

15,661,140

28,107,259

BlackRock

Global

Allocation

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

United

States

—

0.5%

Aimbridge

Acquisition

Co.,

Inc.,

Term

Loan

B,

02/02/26

(c)(n)(o)

........

USD

3,227

$

3,162,460

Airbnb,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

7.50%),

8.50%, 04/17/25

(n)

2,663

2,863,074

BBD

Bidco

Ltd.,

Term

Loan,

(EURIBOR

6

Month

+

0.00%),

5.50%, 04/29/23

(c)(n)

..........

EUR

7,314

8,317,521

Cablevision

Lightpath

LLC,

Term

Loan,

09/24/27

(n)(o)

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

USD

826

820,838

Caesars

Resort

Collection

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.65%

-

4.77%, 07/21/25

(n)

1,537

1,485,341

Douglas

Dynamics

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%, 06/08/26

(c)(n)

..........

537

531,412

Herschend

Entertainment

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%, 08/25/25

(c)(n)

....

3,906

3,730,230

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

1.90%, 06/22/26

(n)

.....

6,621

6,379,903

iHeart

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%, 05/01/26

(n)

.....

2,958

2,800,278

Luxembourg

Life

Fund

Long

Term

G,

Term

Loan,

0.00%, 01/01/28

(c)(p)

..

4,035

4,000,341

Opendoor

,

Term

Loan,

01/23/26

(c)(o)(p)

.

2,651

2,651,200

PGE

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%, 06/18/25

(n)

2,120

2,073,754

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%, 07/24/26

(n)

1,188

1,176,120

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

09/23/27

(n)(o)

...........

672

666,543

40,659,015

Total

Floating

Rate

Loan

Interests

—

1.1%

(Cost:

$87,153,953)

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

89,500,713

Foreign

Agency

Obligations

—

0.2%

Chile

—

0.1%

Corp.

Nacional

del

Cobre

de

Chile,

4.25%,

07/17/42

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

1,894

2,132,526

Empresa

Nacional

del

Petroleo

,

4.50%,

09/14/47

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

1,012

1,098,657

3,231,183

Colombia

—

0.0%

Ecopetrol

SA,

6.88%,

04/29/30

.....

1,880

2,248,479

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%,

07/30/29

1,931

2,066,773

Mexico

—

0.1%

Comision

Federal

de

Electricidad

,

4.75%,

02/23/27

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

1,924

2,064,091

Petroleos

Mexicanos

,

6.50%,

03/13/27

2,042

1,905,046

3,969,137

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

4.25%,

04/16/39

1,045

1,197,372

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$11,875,405)

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

12,712,944

Security

Pa

r

(

000)

Value

Foreign

Government

Obligations

—

7.3%

Argentina

—

0.2%

Argentine

Republic:

1.00%,

07/09/29

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

USD

1,308

$

592,973

0.12%,

07/09/30

(m)

..........

12,424

5,155,980

0.12%,

07/09/35

(m)

..........

15,337

5,728,488

0.12%,

01/09/38

(m)

..........

5,205

2,212,129

13,689,570

Australia

—

0.8%

Commonwealth

of

Australia,

3.00%,

03/21/47

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

AUD

62,624

57,985,681

Bahrain

—

0.0%

Kingdom

of

Bahrain,

6.75%,

09/20/29

USD

933

998,310

Brazil

—

0.2%

Federative

Republic

of

Brazil:

10.00%,

01/01/27

...........

BRL

74

15,024,959

3.88%,

06/12/30

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

USD

1,053

1,053,000

16,077,959

China

—

1.6%

People's

Republic

of

China:

3.29%,

05/23/29

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

CNY

720,890

107,105,839

2.68%,

05/21/30

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

133,140

18,865,696

125,971,535

Colombia

—

0.0%

Republic

of

Colombia,

4.50%,

03/15/29

USD

897

1,004,920

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond:

5.50%,

01/27/25

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

976

1,037,000

6.88%,

01/29/26

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

759

844,862

4.50%,

01/30/30

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

1,092

1,069,819

4.88%,

09/23/32

(b)

...........

750

742,500

3,694,181

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.60%,

03/01/29

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

1,064

1,088,273

Germany

—

0.1%

Federal

Republic

of

Germany,

0.00%,

08/15/50

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

EUR

8,583

10,348,748

Greece

—

0.3%

Hellenic

Republic,

2.00%,

04/22/27

(b)

.

15,199

19,303,446

Indonesia

—

0.0%

Republic

of

Indonesia,

4.20%,

10/15/50

USD

902

1,040,682

Italy

—

2.0%

Republic

of

Italy:

1.35%,

04/01/30

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

EUR

50,689

62,493,119

0.95%,

08/01/30

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

42,325

50,229,359

3.85%,

09/01/49

(b)

...........

25,514

44,283,625

157,006,103

Japan

—

0.9%

Japan

Government

Bond,

0.40%,

09/20/49

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

JPY

7,630,450

68,818,389

Mexico

—

0.0%

United

Mexican

States,

4.75%,

04/27/32

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

USD

2,324

2,631,204

Panama

—

0.0%

Republic

of

Panama,

6.70%,

01/26/36

736

1,067,430

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

Paraguay

—

0.0%

Republic

of

Paraguay,

4.95%,

04/28/31

(b)

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

USD

902

$

1,041,810

Qatar

—

0.0%

State

of

Qatar,

4.40%,

04/16/50

(b)

...

797

1,027,134

Romania

—

0.0%

Romania

Government

Bond,

6.13%,

01/22/44

(b)

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

758

1,025,669

Russia

—

0.0%

Russian

Federation,

5.25%,

06/23/47

800

1,060,000

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia,

4.63%,

10/04/47

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

910

1,112,475

Spain

—

1.1%

Kingdom

of

Spain

(b)

:

0.60%,

10/31/29

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

EUR

44,756

54,641,566

1.25%,

10/31/30

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

6,199

7,988,801

2.70%,

10/31/48

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

4,822

7,981,394

1.00%,

10/31/50

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

10,868

12,532,226

83,143,987

Ukraine

—

0.0%

Ukraine

Government

Bond

(b)

:

7.75%,

09/01/25

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

USD

930

930,000

7.25%,

03/15/33

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

1,699

1,558,832

2,488,832

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.10%,

06/18/50

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

1,633

2,189,430

Total

Foreign

Government

Obligations

—

7.3%

(Cost:

$541,636,111)

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

573,815,768

Shares

Investment

Companies

—

6.4%

Consumer

Discretionary

Select

Sector

SPDR

Fund

(f)

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

65,637

9,647,326

Financial

Select

Sector

SPDR

Fund

.

279,850

6,735,990

Industrial

Select

Sector

SPDR

Fund

(f)

187,875

14,462,618

Invesco

QQQ

Trust

Series

1

(f)

.....

200,241

55,634,959

iShares

China

Large-Cap

ETF

(f)*

....

180,812

7,594,104

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

*

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

1,755,582

147,293,330

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

*

.........

175,440

23,633,522

iShares

MSCI

Brazil

ETF

(f)*

.......

115,951

3,207,205

iShares

MSCI

Emerging

Markets

ETF

*

28,334

1,249,246

iShares

Nasdaq

Biotechnology

ETF

(f)*

10,363

1,403,254

iShares

Russell

2000

ETF

(f)*

......

204,461

30,626,213

iShares

S&P

500

Value

ETF

(f)*

.....

80,267

9,026,024

KraneShares

CSI

China

Internet

ETF

(f)

48,809

3,327,798

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

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

123,793

12,907,896

SPDR

Gold

Shares

(q)

...........

1,003,358

177,714,769

VanEck

Vectors

Semiconductor

ETF

.

20,201

3,519,014

Total

Investment

Companies

—

6.4%

(Cost:

$485,727,448)

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

507,983,268

Security

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

—

0.6%

Commercial

Mortgage-Backed

Securities

—

0.6%

United

States

—

0.6%

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.28%,

08/10/35

(b)(r)

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

USD

1,520

$

1,561,867

AOA

Mortgage

Trust,

Series

2015-

1177,

Class

C,

3.11%,

12/13/29

(b)(r)

1,022

1,014,922

BANK:

Series

2017-BNK8,

Class

B,

4.06%,

11/15/50

(r)

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

542

603,414

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

..........

700

797,928

BBCMS

Mortgage

Trust,

Series

2018-

TALL,

Class

C,

1.27%,

03/15/37

(b)(r)

1,701

1,597,673

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(b)

.

700

707,348

BX

Commercial

Mortgage

Trust

(b)(r)

:

Series

2018-BIOA,

Class

D,

1.47%,

03/15/37

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

460

453,810

Series

2018-BIOA,

Class

F,

2.62%,

03/15/37

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

1,083

1,044,049

Series

2018-IND,

Class

G,

2.20%,

11/15/35

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

890

875,912

Series

2019-XL,

Class

A,

1.07%,

10/15/36

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

1,970

1,969,201

Series

2019-XL,

Class

G,

2.45%,

10/15/36

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

3,156

3,105,116

Series

2019-XL,

Class

J,

2.80%,

10/15/36

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

1,044

1,018,357

BX

Trust

(b)(r)

:

Series

2019-OC11,

Class

D,

4.08%,

12/09/41

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

2,801

2,717,655

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

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

3,926

3,606,730

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(r)

.....

303

328,520

CGDBB

Commercial

Mortgage

Trust,

Series

2017-BIOC,

Class

E,

2.30%,

07/15/32

(b)(r)

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

1,162

1,150,302

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

1,940

2,100,119

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

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

699

839,999

Commercial

Mortgage

Trust:

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

..........

1,407

1,522,985

Series

2019-521F,

Class

A,

1.05%,

06/15/34

(b)(r)

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

1,018

997,777

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

2.50%,

12/15/31

(b)(r)

702

674,146

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(b)

.........

1,412

1,456,105

CSAIL

Commercial

Mortgage

Trust,

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

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

4,122

4,436,431

DBWF

Mortgage

Trust,

Series

2018-

GLKS,

Class

C,

1.91%,

12/19/30

(b)(r)

575

534,934

GRACE

Mortgage

Trust,

Series

2014-

GRCE,

Class

B,

3.52%,

06/10/28

(b)

1,200

1,205,363

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

1,547

1,641,197

BlackRock

Global

Allocation

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

United

States

(continued)

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

3.08%,

08/10/38

(b)(r)

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

USD

315

$

297,236

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

1,512

1,793,979

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(b)

:

Series

2018-WPT,

Class

DFL,

2.40%,

07/05/33

(r)

.........

438

415,880

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

..........

756

752,476

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C24,

Class

C,

4.49%,

05/15/48

(r)

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

227

223,668

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

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

1,184

1,347,671

Morgan

Stanley

Capital

I

Trust,

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

997

1,089,957

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

412

453,998

VNDO

Trust,

Series

2016-350P,

Class

D,

4.03%,

01/10/35

(b)(r)

........

750

766,796

Wells

Fargo

Commercial

Mortgage

Trust

(r)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

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

1,140

1,253,709

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(b)

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

759

836,285

47,193,515

Total

Non-Agency

Mortgage-Backed

Securities

—

0.6%

(Cost:

$46,647,559)

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

47,193,515

Preferred

Securities

—

1.7%

Capital

Trusts

—

0.4%

United

Kingdom

—

0.1%

Lloyds

Bank

plc,

13.00%

(n)(s)

.......

GBP

4,911

10,944,336

United

States

—

0.3%

American

Express

Co.,

Series

C,

3.54%

(n)(s)

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

USD

3,158

2,856,127

Citigroup,

Inc.,

Series

Q,

4.38%

(n)(s)

..

4,361

4,266,454

General

Motors

Financial

Co.,

Inc.,

Series

C,

5.70%

(n)(s)

..........

656

658,460

Goldman

Sachs

Group,

Inc.

(The),

Series

M,

4.17%

(n)(s)

..........

5,010

4,923,828

Morgan

Stanley,

Series

H,

3.89%

(n)(s)

.

3,697

3,489,044

NBCUniversal

Enterprise,

Inc.,

5.25%

(b)

(s)

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

3,676

3,712,760

Prudential

Financial,

Inc.

(n)

:

5.63%, 06/15/43

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

1,927

2,046,813

5.87%, 09/15/42

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

2,817

2,966,890

USB

Capital

IX,

3.50%

(n)(s)

........

1,344

1,258,669

26,179,045

Total

Capital

Trusts

—

0.4%  

(Cost:

$36,789,875)

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

37,123,381

Security

Shares

Value

Preferred

Stocks

—

1.1%

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA

(Preference)

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

10,986

$

61,250

Itau

Unibanco

Holding

SA

(Preference)

331,083

1,333,552

1,394,802

Germany

—

0.0%

Volkswagen

AG

(Preference)

......

753

121,166

United

States

—

1.1%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(b)(j)

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

12,010

12,856,705

Aptiv

plc,

Series

A,

5.50%

........

47,115

5,343,783

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(f)

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

176,383

9,286,565

Boston

Scientific

Corp.,

Series

A,

5.50%

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

31,118

3,481,171

C3.ai,

Inc.,

Series

D

(Acquired

10/07/19,

cost

$6,972,964)

(c)(d)(e)

..

1,572,648

8,350,761

C3.ai,

Inc.,

Series

E

(Acquired

10/07/19,

cost

$800,895)

(c)(d)(e)

...

180,630

959,145

Databricks

,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$3,896,150)

(c)(d)(e)

..

90,717

4,354,416

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$3,117,865)

(c)(d)(e)

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

94,319

3,118,186

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$5,939,231)

(c)(d)(e)

..

1,929,993

6,272,477

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$3,180,966)

(c)(d)(e)

..

1,184,166

3,813,015

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$10,936,522)

(c)(d)(e)

...........

863,811

9,847,446

Mount

Sinai

Genomics,

Inc.,

Sema

4

Series

C

(Acquired

07/17/20,

cost

$3,686,955)

(c)(d)(e)

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

6,008

3,686,929

Neon

Parent,

Inc.

(c)(d)

...........

6,920

2,295,364

Nuvia

,

Inc.,

Series

B

(Acquired

09/17/20,

cost

$1,832,412)

(c)(d)(e)

..

571,317

1,832,385

SambaNova

Systems,

Inc.

Series

C

(Acquired

02/19/20,

cost

$4,030,858)

(c)(d)(e)

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

75,709

4,203,364

Wells

Fargo

&

Co.,

Series

L,

7.50%

(j)(s)

2,041

2,739,124

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$3,083,013)

(c)(d)(e)

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

195,578

3,047,105

85,487,941

Total

Preferred

Stocks

—

1.1%  

(Cost:

$81,487,020)

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

87,003,909

Trust

Preferreds

—

0.2%

United

States

—

0.2%

(n)

Citigroup

Capital

XIII,

6.64%, 10/30/40

219,773

5,929,476

GMAC

Capital

Trust

I,

Series

2,

6.07%, 02/15/40

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

241,418

6,028,207

11,957,683

Total

Trust

Preferreds

—

0.2%  

(Cost:

$11,860,908)

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

11,957,683

Total

Preferred

Securities

—

1.7%

(Cost:

$130,137,803)

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

136,084,973

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.82%, 09/25/30

(r)

...........

USD

757

$

922,657

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%  

(Cost:

$909,813)

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

922,657

U.S.

Treasury

Obligations

—

9.4%

U.S.

Treasury

Bonds:

1.13%, 05/15/40

-

08/15/40

.....

29,966

29,499,811

2.38%, 11/15/49

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

53,472

65,473,957

U.S.

Treasury

Inflation

Linked

Notes:

0.13%, 10/15/24

-

01/15/30

.....

402,913

430,223,794

U.S.

Treasury

Notes

(h)

:

1.75%, 11/15/20

(q)(t)

..........

20,085

20,124,755

1.75%, 11/15/29

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

177,066

195,042,239

Total

U.S.

Treasury

Obligations

—

9.4%

(Cost:

$702,417,615)

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

740,364,556

Shares

Warrants

—

0.0%

Brazil

—

0.0%

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

2

shares

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

2.00)

(c)(d)

..........

6,920

143,729

United

States

—

0.0%

(d)

HCCO

(Issued/exercisable

07/27/20,

1

share

for

1

warrant,

Expires

11/15/20,

Strike

Price

USD

10.00)

(c)

311,786

3

Social

Capital

Hedosophia

Holdings

Corp.

III

(Issued/exercisable

09/11/20,

1

share

for

1

warrant,

Expires

12/31/20,

Strike

Price

USD

10.00)

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

647,863

6

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)

(e)

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

195,578

179,932

Total

Warrants

—

0.0%

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

323,670

Total

Long-Term

Investments

—

96.9%

(Cost:

$6,637,263,292)

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

7,650,152,013

Pa

r

(

000)

Short-Term

Securities

—

6.0%

Foreign

Government

Obligations

—

0.7%

(u)

Japan

-

0.7%

Japan

Treasury

Bills,

(0.09)%,

10/12/20

JPY

5,329,400

50,534,132

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$49,838,980)

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

50,534,132

Security

Shares

Value

Money

Market

Funds

—

4.3%

(v)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

......

27,080,397

$

27,080,397

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.25%

(w)

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

314,069,512

314,195,139

Total

Money

Market

Funds

—

4.3%

(Cost:

$341,291,785)

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

341,275,536

Pa

r

(

000)

Time

Deposits

—

0.1%

Australia

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.00%, 10/01/20

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

AUD

1,002

717,969

Canada

—

0.0%

Royal

Bank

of

Canada,

0.03%, 10/01/20

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

CAD

1,698

1,275,010

Hong

Kong

—

0.0%

Hong

Kong

&

Shanghai

Bank,

0.01%, 10/05/20

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

HKD

2,221

286,542

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.23)%, 10/01/20

...........

JPY

15,592

147,843

United

Kingdom

—

0.0%

Citibank

NA,

0.01%, 10/01/20

.....

GBP

108

139,428

United

States

—

0.1%

National

Australia

Bank

Ltd.,

0.11%, 10/01/20

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

USD

2,873

2,872,888

Total

Time

Deposits

—

0.1%

(Cost:

$5,439,680)

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

5,439,680

U.S.

Treasury

Obligations

—

0.9%

U.S.

Treasury

Bills

(u)

:

0.10%, 02/11/21

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

20,000

19,992,242

0.11%, 01/28/21

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

50,000

49,983,265

Total

U.S.

Treasury

Obligations

—

0.9%

(Cost:

$69,974,926)

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

69,975,507

Total

Short-Term

Securities

—

6.0%

(Cost:

$466,545,371)

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

467,224,855

Total

Options

Purchased

—

1.0%

(Cost:

$88,475,080)

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

81,076,724

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

103.9%

(Cost:

$7,192,283,743)

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

8,198,453,592

Total

Options

Written

—

(0.7)%

(Premiums

Received

—

$63,858,991)

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

(56,851,028)

Shares

Investments

Sold

Short

—

(0.3)%

Common

Stocks

—

(0.3)%

Finland

—

(0.0)%

UPM-

Kymmene

OYJ

...........

118,210

(3,597,948)

BlackRock

Global

Allocation

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Shares

Value

Sweden

—

(0.1)%

Hennes

&

Mauritz

AB,

Class

B

.....

148,695

$

(2,561,711)

Svenska

Cellulosa

AB

SCA,

Class

B

(d)

279,012

(3,825,101)

(6,386,812)

United

States

—

(0.2)%

Exxon

Mobil

Corp.

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

124,045

(4,258,465)

JM

Smucker

Co.

(The)

..........

17,766

(2,052,328)

McCormick

&

Co.,

Inc.

(Non-Voting)

.

9,931

(1,927,607)

Security

Shares

Value

United

States

(continued)

Seagate

Technology

plc

.........

85,643

$

(4,219,631)

(12,458,031)

Total

Common

Stocks

—

(0.3)%

(Proceeds:

$23,021,509)

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

(22,442,791)

Total

Investments

Sold

Short

—

(0.3)%

(Proceeds:

$23,021,509

)

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

(22,442,791)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

102.9%

(Cost:

$7,105,403,243)

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

8,119,159,773

Liabilities

in

Excess

of

Other

Assets

—

(2.9)%

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

(227,125,847)

Net

Assets

—

100.0%

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

$

7,892,033,926

(a)

Variable

rate

security.

Security

may

be

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

specified

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$104,710,930,

representing

1.33%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$82,771,698.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(i)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(j)

Convertible

security.

(k)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(l)

Zero-coupon

bond.

(m)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(n)

Variable

rate

security.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(o)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(p)

Fixed

rate.

(q)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

(r)

Variable

or

floating

rate

security,

which

interest

rate

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(s)

Perpetual

security

with

no

stated

maturity

date.

(t)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

centrally

cleared

swaps.

(u)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(v)

Annualized

7-day

yield

as

of

period

end.

(w)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

BlackRock

Global

Allocation

V.I.

Fund

18

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/20

Par/Shares

Held

at

09/30/20

Income

(Expense)

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

12,096,488

$

14,983,909

$

—

$

—

$

—

$

27,080,397

27,080,397

$

71,980

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

.........

117,733,383

196,550,763

—

(64,272)

(24,735)

314,195,139

314,069,512

1,046,795

(b)

—

Bio

City

Development

Co.

BV,

8.00%, 07/06/20

........

2,835,500

—

—

—

(749,000)

2,086,500

21,400,000

—

—

iShares

China

Large-Cap

ETF

.

8,253,749

17,443,745

(17,034,440)

(628,680)

(440,270)

7,594,104

180,812

60,254

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

—

230,172,529

(92,478,386)

7,932,933

1,666,254

147,293,330

1,755,582

1,411,656

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

.....

—

77,164,009

(54,224,514)

897,090

(203,063)

23,633,522

175,440

(26,077)

—

iShares

MSCI

Brazil

ETF

....

—

3,556,055

—

—

(348,850)

3,207,205

115,951

—

—

iShares

MSCI

Emerging

Markets

ETF

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

20,381,569

—

(16,251,095)

(2,759,466)

(121,762)

1,249,246

28,334

6,525

—

iShares

Nasdaq

Biotechnology

ETF

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

—

1,177,213

—

—

226,041

1,403,254

10,363

1,966

—

iShares

Russell

2000

ETF

....

13,634,641

43,379,228

(19,681,433)

(6,641,383)

(64,840)

30,626,213

204,461

215,987

—

iShares

S&P

500

Value

ETF

..

10,441,934

—

—

—

(1,415,910)

9,026,024

80,267

180,393

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/26

........

16,724,922

688,150

—

—

(378,239)

17,034,833

17,756,949

682,960

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/28

........

18,591,047

276,615

—

—

(276,615)

18,591,047

18,591,047

2

—

Quintis

HoldCo

Pty.

Ltd.

(Acquired

10/22/18,

cost

$5,761,227)

.

6,620,404

—

—

—

4,852,757

11,473,161

9,827,224

—

—

$

(1,263,778)

$

2,721,768

$

614,493,975

$

3,652,441

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Global

Allocation

V.I.

Fund

19

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

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

564

12/08/20

$

97,589

$

1,637,116

Euro-Oat

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

373

12/08/20

73,711

445,092

Australia

10

Year

Bond

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

244

12/15/20

26,109

191,372

DAX

Index

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

17

12/18/20

6,368

(165,907)

EURO

STOXX

50

Index

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

1,307

12/18/20

48,945

(1,995,429)

FTSE/MIB

Index

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

51

12/18/20

5,670

(234,957)

MSCI

Emerging

Markets

Index

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

210

12/18/20

11,429

(121,437)

Russell

2000

E-Mini

Index

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

237

12/18/20

17,827

178,062

U.S.

Treasury

10

Year

Note

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

2,719

12/21/20

379,385

1,061,420

U.S.

Treasury

10

Year

Ultra

Note

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

1,768

12/21/20

282,742

1,125,865

U.S.

Treasury

Ultra

Bond

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

207

12/21/20

45,915

(282,240)

1,838,957

Short

Contracts

Euro-Bund

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

41

12/08/20

8,389

(30,963)

SPI

200

Index

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

40

12/17/20

4,156

70,640

FTSE

100

Index

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

1

12/18/20

75

2,024

NASDAQ

100

E-Mini

Index

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

577

12/18/20

131,640

(4,091,567)

S&P

500

E-Mini

Index

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

2,834

12/18/20

474,978

(3,683,921)

U.S.

Treasury

Long

Bond

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

24

12/21/20

4,231

14,821

U.S.

Treasury

2

Year

Note

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

2,661

12/31/20

587,977

(357,914)

U.S.

Treasury

5

Year

Note

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

2,471

12/31/20

311,423

(126,832)

(8,203,712)

$

(6,364,755)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

30,819,000

USD

21,930,800

Morgan

Stanley

&

Co.

International

plc

10/01/20

$

143,309

CAD

14,053,000

USD

10,321,345

JPMorgan

Chase

Bank

NA

10/01/20

232,523

GBP

32,762,000

USD

40,539,011

JPMorgan

Chase

Bank

NA

10/01/20

1,735,438

ZAR

332,902,488

USD

19,659,983

BNP

Paribas

SA

10/01/20

214,793

GBP

20,433,000

USD

25,666,028

JPMorgan

Chase

Bank

NA

10/08/20

700,394

JPY

3,992,849,000

USD

37,181,000

Goldman

Sachs

International

10/08/20

680,871

EUR

26,603,517

USD

30,468,383

HSBC

Bank

plc

10/09/20

727,433

EUR

26,603,517

USD

30,466,539

Morgan

Stanley

&

Co.

International

plc

10/15/20

733,303

GBP

49,137,000

USD

62,616,267

Barclays

Bank

plc

10/22/20

794,348

JPY

4,148,196,577

EUR

33,508,000

Bank

of

America

NA

10/30/20

35,031

JPY

6,006,367,000

USD

56,647,022

JPMorgan

Chase

Bank

NA

11/05/20

326,180

MXN

426,432,000

USD

18,476,256

Citibank

NA

11/05/20

729,879

JPY

7,594,150,000

USD

71,413,996

UBS

AG

11/06/20

620,876

USD

38,467,017

HKD

298,154,000

HSBC

Bank

plc

11/06/20

1,282

JPY

6,829,650,000

USD

64,491,075

JPMorgan

Chase

Bank

NA

11/12/20

296,385

USD

23,474,226

EUR

19,786,289

Citibank

NA

11/13/20

255,174

KRW

28,311,955,000

USD

23,922,631

Deutsche

Bank

AG

11/16/20

358,947

USD

25,784,710

RUB

1,905,980,000

BNP

Paribas

SA

11/16/20

1,352,772

MYR

91,020,000

USD

21,692,088

Barclays

Bank

plc

11/17/20

173,306

MXN

335,733,000

USD

14,957,364

JPMorgan

Chase

Bank

NA

11/19/20

140,146

USD

7,877,902

EUR

6,607,274

BNP

Paribas

SA

11/19/20

123,354

JPY

2,125,000,000

USD

20,030,076

HSBC

Bank

plc

12/03/20

133,431

USD

16,727,382

INR

1,236,739,000

Bank

of

America

NA

12/08/20

36,314

USD

7,660,572

INR

566,258,000

HSBC

Bank

plc

12/08/20

18,336

JPY

4,689,950,000

USD

44,266,001

JPMorgan

Chase

Bank

NA

12/10/20

243,819

EUR

9,802,806

USD

11,508,714

Barclays

Bank

plc

12/17/20

5,211

GBP

15,198,204

EUR

16,485,000

JPMorgan

Chase

Bank

NA

12/17/20

258,632

BlackRock

Global

Allocation

V.I.

Fund

20

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

12,465,000

USD

16,063,842

Citibank

NA

12/17/20

$

28,697

JPY

1,444,888,115

EUR

11,561,000

JPMorgan

Chase

Bank

NA

12/17/20

136,188

GBP

6,099,000

USD

7,774,986

HSBC

Bank

plc

12/29/20

100,250

EUR

23,905,275

USD

27,949,358

JPMorgan

Chase

Bank

NA

01/08/21

146,597

CAD

13,747,000

USD

10,260,203

Goldman

Sachs

International

01/14/21

69,406

GBP

31,354,000

USD

40,324,796

JPMorgan

Chase

Bank

NA

01/14/21

163,976

11,716,601

USD

21,254,632

AUD

30,819,000

Bank

of

America

NA

10/01/20

(819,477)

USD

10,254,436

CAD

13,747,000

Goldman

Sachs

International

10/01/20

(69,622)

USD

228,252

CAD

306,000

JPMorgan

Chase

Bank

NA

10/01/20

(1,555)

USD

1,809,379

GBP

1,408,000

Deutsche

Bank

AG

10/01/20

(7,434)

USD

40,291,771

GBP

31,354,000

JPMorgan

Chase

Bank

NA

10/01/20

(165,863)

USD

19,056,648

ZAR

332,902,488

JPMorgan

Chase

Bank

NA

10/01/20

(818,126)

USD

35,181,270

CNH

247,261,000

JPMorgan

Chase

Bank

NA

10/14/20

(1,235,204)

USD

32,377,887

AUD

45,655,000

HSBC

Bank

plc

10/22/20

(323,996)

USD

11,848,721

AUD

16,568,000

Bank

of

America

NA

10/23/20

(18,678)

EUR

9,857,385

AUD

16,220,248

Morgan

Stanley

&

Co.

International

plc

10/29/20

(54,541)

JPY

5,905,350,000

USD

56,204,574

Morgan

Stanley

&

Co.

International

plc

10/29/20

(194,000)

USD

2,043,330

JPY

216,221,000

JPMorgan

Chase

Bank

NA

10/29/20

(7,465)

EUR

11,032,000

USD

13,126,619

JPMorgan

Chase

Bank

NA

11/05/20

(182,803)

USD

162,128

CNH

1,132,000

Bank

of

America

NA

11/05/20

(4,319)

USD

39,780,130

CNH

277,721,000

Citibank

NA

11/05/20

(1,055,470)

USD

38,158,727

HKD

295,795,000

HSBC

Bank

plc

11/05/20

(2,774)

USD

6,030,655

MXN

135,026,972

BNP

Paribas

SA

11/05/20

(50,845)

CHF

16,814,000

USD

18,409,258

JPMorgan

Chase

Bank

NA

11/06/20

(135,784)

USD

2,080,996

JPY

221,241,000

BNP

Paribas

SA

11/06/20

(17,602)

EUR

9,900,581

USD

11,737,043

Barclays

Bank

plc

11/12/20

(119,031)

USD

1,911,264

JPY

202,120,000

BNP

Paribas

SA

11/12/20

(6,088)

EUR

39,585,000

USD

46,843,955

JPMorgan

Chase

Bank

NA

11/13/20

(391,274)

USD

21,344,584

ZAR

369,282,653

Bank

of

America

NA

11/13/20

(590,306)

BRL

17,157,185

USD

3,106,666

Citibank

NA

11/16/20

(55,455)

RUB

1,905,980,000

USD

25,871,861

BNP

Paribas

SA

11/16/20

(1,439,923)

EUR

16,427,000

USD

19,652,073

BNP

Paribas

SA

12/03/20

(366,643)

EUR

3,448,272

USD

4,096,717

Barclays

Bank

plc

12/04/20

(48,284)

EUR

10,031,792

USD

11,955,326

Citibank

NA

12/04/20

(177,531)

EUR

9,884,000

USD

11,718,638

JPMorgan

Chase

Bank

NA

12/04/20

(114,357)

EUR

9,765,000

USD

11,538,798

JPMorgan

Chase

Bank

NA

12/10/20

(71,944)

NOK

1,271,000

USD

141,003

Bank

of

America

NA

12/11/20

(4,716)

NOK

71,505,000

USD

7,930,072

JPMorgan

Chase

Bank

NA

12/11/20

(262,737)

USD

33,370,128

CNY

229,453,000

HSBC

Bank

plc

12/11/20

(284,482)

CAD

50,485,470

USD

37,937,290

JPMorgan

Chase

Bank

NA

12/17/20

(8,651)

JPY

7,755,313,989

USD

74,090,949

BNP

Paribas

SA

12/30/20

(450,396)

USD

34,889,856

CNY

238,207,000

Barclays

Bank

plc

12/30/20

(4,621)

JPY

2,399,181,035

EUR

19,485,000

HSBC

Bank

plc

01/08/21

(116,423)

USD

15,230,943

INR

1,132,710,000

Barclays

Bank

plc

01/08/21

(2,913)

(9,681,333)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

EURO

STOXX

50

Index

One-Touch

Goldman

Sachs

International

1,661,841

10/02/20

USD

3,562.75

USD

1.16

USD

1,490

$

–

USD

Currency

One-Touch

Bank

of

America

NA

—

10/08/20

BRL

4.90

BRL

4.90

USD

567

50

EUR

Currency

One-Touch

Goldman

Sachs

International

—

10/13/20

AUD

1.70

AUD

1.70

EUR

1,998

51,714

BlackRock

Global

Allocation

V.I.

Fund

21

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

USD

Currency

One-Touch

Bank

of

America

NA

—

10/13/20

BRL

4.90

BRL

4.90

USD

567

$

684

EURO

STOXX

50

Index

One-Touch

Goldman

Sachs

International

1,661,841

10/16/20

USD

3,562.75

USD

1.16

USD

1,490

5,484

USD

Currency

Down

and

In

BNP

Paribas

SA

—

11/02/20

ZAR

16.58

ZAR

15.68

USD

17,101

5,438

USD

Currency

Down

and

In

Bank

of

America

NA

—

11/02/20

ZAR

17.03

ZAR

16.13

USD

19,420

22,906

USD

Currency

Down

and

In

Morgan

Stanley

&

Co.

International

plc

—

11/02/20

MXN

21.40

MXN

20.40

USD

36,520

6,594

USD

Currency

One-Touch

Bank

of

America

NA

—

11/03/20

CAD

1.40

CAD

1.40

USD

1,453

35,722

128,592

Put

AUD

Currency

One-Touch

Deutsche

Bank

AG

—

10/12/20

JPY

71.00

JPY

71.00

AUD

4,201

$

40,275

NZD

Currency

One-Touch

Bank

of

America

NA

—

10/27/20

USD

0.62

USD

0.62

NZD

3,558

62,061

AUD

Currency

One-Touch

Bank

of

America

NA

—

11/12/20

JPY

70.00

JPY

70.00

AUD

4,201

156,165

S&P

500

Index

Down

and

Out

JPMorgan

Chase

Bank

NA

16,364,700

12/18/20

USD

2,900.00

USD

2,200.00

USD

18,977

119,054

USD

Currency

One-Touch

HSBC

Bank

plc

—

02/18/21

JPY

100.00

JPY

100.00

USD

1,697

433,461

811,016

$

939,608

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

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

2,116

10/07/20

USD

340.00

USD

70,863

$

343,850

SPDR

S&P

500

ETF

Trust

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

1,624

10/09/20

USD

340.00

USD

54,386

356,468

SPDR

S&P

500

ETF

Trust

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

1,732

10/09/20

USD

342.00

USD

58,003

277,986

Apple,

Inc.

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

1,008

10/16/20

USD

75.00

USD

11,674

4,097,520

Costco

Wholesale

Corp.

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

137

10/16/20

USD

315.00

USD

4,864

569,920

Deutsche

Telekom

AG

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

1,220

10/16/20

EUR

16.20

EUR

1,743

22,171

Home

Depot,

Inc.

(The)

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

627

10/16/20

USD

275.00

USD

17,412

459,278

Invesco

QQQ

Trust,

Series

1

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

838

10/16/20

USD

290.00

USD

23,283

137,432

Invesco

QQQ

Trust,

Series

1

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

1,417

10/16/20

USD

315.00

USD

39,370

7,085

Invesco

QQQ

Trust,

Series

1

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

1,520

10/16/20

USD

285.00

USD

42,232

464,360

L3Harris

Technologies,

Inc.

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

244

10/16/20

USD

165.00

USD

4,144

183,000

Morgan

Stanley

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

1,498

10/16/20

USD

55.00

USD

7,243

10,486

NVIDIA

Corp.

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

47

10/16/20

USD

520.00

USD

2,544

158,390

PayPal

Holdings,

Inc.

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

173

10/16/20

USD

192.50

USD

3,409

150,078

PayPal

Holdings,

Inc.

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

241

10/16/20

USD

210.00

USD

4,748

43,983

SPDR

S&P

500

ETF

Trust

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

1,050

10/16/20

USD

335.00

USD

35,163

616,875

SPDR

S&P

500

ETF

Trust

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

1,695

10/16/20

USD

333.00

USD

56,764

1,190,738

SPDR

S&P

500

ETF

Trust

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

5,935

10/16/20

USD

350.00

USD

198,757

575,695

Union

Pacific

Corp.

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

70

10/16/20

USD

202.50

USD

1,378

16,590

VMware,

Inc.

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

655

10/16/20

USD

160.00

USD

9,410

31,113

Walmart,

Inc.

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

361

10/16/20

USD

145.00

USD

5,051

38,086

Wells

Fargo

&

Co.

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

1,043

10/16/20

USD

35.00

USD

2,452

1,565

Invesco

QQQ

Trust,

Series

1

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

572

10/23/20

USD

290.00

USD

15,892

156,728

Agilent

Technologies,

Inc.

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

1,184

11/20/20

USD

105.00

USD

11,951

334,480

Alibaba

Group

Holding

Ltd.

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

187

11/20/20

USD

270.00

USD

5,497

605,413

Dow,

Inc.

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

533

11/20/20

USD

52.50

USD

2,508

53,034

Global

Payments,

Inc.

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

460

11/20/20

USD

185.00

USD

8,169

333,500

Merck

&

Co.,

Inc.

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

1,428

11/20/20

USD

87.50

USD

11,845

219,912

Micron

Technology,

Inc.

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

701

11/20/20

USD

52.50

USD

3,292

88,677

Southwest

Airlines

Co.

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

711

11/20/20

USD

40.00

USD

2,666

153,221

SPDR

EURO

STOXX

50

ETF

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

358

11/20/20

USD

38.00

USD

1,301

25,060

BlackRock

Global

Allocation

V.I.

Fund

22

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

EURO

STOXX

50

ETF

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

358

11/20/20

USD

41.00

USD

1,301

$

3,580

SPDR

S&P

500

ETF

Trust

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

1,241

11/20/20

USD

350.00

USD

41,560

662,074

T-Mobile

US,

Inc.

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

476

11/20/20

USD

125.00

USD

5,444

87,108

Walmart,

Inc.

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

645

11/20/20

USD

150.00

USD

9,024

178,020

Walt

Disney

Co.

(The)

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

296

11/20/20

USD

140.00

USD

3,673

45,732

Alphabet,

Inc.

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

53

12/18/20

USD

1,620.00

USD

7,789

221,010

Apple,

Inc.

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

696

12/18/20

USD

122.50

USD

8,060

447,180

Bank

of

America

Corp.

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

3,080

12/18/20

USD

28.00

USD

7,420

154,000

Bank

of

America

Corp.

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

5,069

12/18/20

USD

27.00

USD

12,211

364,968

Charter

Communications,

Inc.

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

58

12/18/20

USD

670.00

USD

3,621

95,410

Citigroup,

Inc.

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

1,603

12/18/20

USD

52.50

USD

6,911

112,210

Dow,

Inc.

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

839

12/18/20

USD

52.50

USD

3,947

115,782

Fortive

Corp.

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

1,128

12/18/20

USD

75.00

USD

8,596

642,960

Global

Payments,

Inc.

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

475

12/18/20

USD

180.00

USD

8,435

541,500

Health

Care

Select

Sector

SPDR

Fund

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

2,089

12/18/20

USD

111.00

USD

22,035

452,269

iShares

Latin

America

40

ETF

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

1,939

12/18/20

USD

25.00

USD

4,084

58,170

JPMorgan

Chase

&

Co.

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

464

12/18/20

USD

110.00

USD

4,467

89,320

L3Harris

Technologies,

Inc.

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

445

12/18/20

USD

190.00

USD

7,558

133,500

LyondellBasell

Industries

NV

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

365

12/18/20

USD

75.00

USD

2,573

147,825

McDonald's

Corp.

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

119

12/18/20

USD

230.00

USD

2,612

75,863

McDonald's

Corp.

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

386

12/18/20

USD

220.00

USD

8,472

410,125

Merck

&

Co.,

Inc.

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

677

12/18/20

USD

90.00

USD

5,616

96,473

Microsoft

Corp.

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

386

12/18/20

USD

220.00

USD

8,119

363,805

Microsoft

Corp.

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

438

12/18/20

USD

165.00

USD

9,212

2,064,075

Societe

Generale

SA

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

701

12/18/20

EUR

11.50

EUR

793

87,531

SPDR

Gold

Shares

(a)

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

2,459

12/18/20

USD

190.00

USD

43,554

741,389

SPDR

S&P

500

ETF

Trust

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

717

12/18/20

USD

365.00

USD

24,012

269,234

SPDR

S&P

500

ETF

Trust

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

773

12/18/20

USD

350.00

USD

25,887

650,093

SPDR

S&P

500

ETF

Trust

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

1,209

12/18/20

USD

360.00

USD

40,488

600,269

SPDR

S&P

500

ETF

Trust

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

1,969

12/18/20

USD

340.00

USD

65,940

2,607,941

UniCredit

SpA

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

346

12/18/20

EUR

7.60

EUR

1,219

52,737

SPDR

S&P

500

ETF

Trust

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

602

12/31/20

USD

350.00

USD

20,160

539,994

Amazon.com,

Inc.

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

13

01/15/21

USD

2,350.00

USD

4,093

1,098,208

Amazon.com,

Inc.

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

26

01/15/21

USD

3,300.00

USD

8,187

631,150

Apple,

Inc.

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

1,308

01/15/21

USD

125.00

USD

15,148

886,170

Autodesk,

Inc.

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

331

01/15/21

USD

260.00

USD

7,646

333,483

Bank

of

America

Corp.

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

3,077

01/15/21

USD

27.00

USD

7,412

290,777

Comcast

Corp.

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

1,843

01/15/21

USD

45.00

USD

8,526

649,658

DR

Horton,

Inc.

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

1,088

01/15/21

USD

80.00

USD

8,229

557,600

Mastercard

,

Inc.

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

247

01/15/21

USD

350.00

USD

8,353

468,683

Mastercard

,

Inc.

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

671

01/15/21

USD

335.00

USD

22,691

1,766,408

Morgan

Stanley

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

1,547

01/15/21

USD

55.00

USD

7,480

228,956

PPG

Industries,

Inc.

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

678

01/15/21

USD

125.00

USD

8,277

488,160

Raytheon

Technologies

Corp.

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

1,267

01/15/21

USD

65.00

USD

7,290

257,835

Starbucks

Corp.

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

685

01/15/21

USD

90.00

USD

5,886

285,988

Starbucks

Corp.

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

1,022

01/15/21

USD

82.50

USD

8,781

817,600

Union

Pacific

Corp.

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

420

01/15/21

USD

200.00

USD

8,269

508,200

VanEck

Vectors

Semiconductor

ETF

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

216

01/15/21

USD

180.00

USD

3,763

207,900

VanEck

Vectors

Semiconductor

ETF

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

242

01/15/21

USD

185.00

USD

4,216

185,130

VanEck

Vectors

Semiconductor

ETF

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

977

01/15/21

USD

170.00

USD

17,019

1,445,960

Walt

Disney

Co.

(The)

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

829

01/15/21

USD

140.00

USD

10,286

261,135

Alibaba

Group

Holding

Ltd.

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

678

02/19/21

USD

210.00

USD

19,932

5,949,450

Microsoft

Corp.

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

382

02/19/21

USD

215.00

USD

8,035

601,650

Raytheon

Technologies

Corp.

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

1,266

02/19/21

USD

65.00

USD

7,285

312,069

SPDR

S&P

500

ETF

Trust

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

433

12/17/21

USD

360.00

USD

14,501

822,267

SPDR

S&P

500

ETF

Trust

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

895

12/17/21

USD

305.00

USD

29,973

4,545,258

48,434,536

Put

Carnival

Corp.

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

969

10/16/20

USD

15.00

USD

1,471

93,024

Chewy, Inc.

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

241

10/16/20

USD

45.00

USD

1,321

6,025

Exxon

Mobil

Corp.

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

1,198

10/16/20

USD

37.50

USD

4,113

401,330

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

24,153

10/16/20

USD

134.00

USD

325,365

1,847,705

BlackRock

Global

Allocation

V.I.

Fund

23

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

iShares

Silver

Trust

(a)

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

3,212

10/16/20

USD

20.00

USD

6,951

$

85,118

Alphabet,

Inc.

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

44

11/20/20

USD

1,480.00

USD

6,466

394,900

Alphabet,

Inc.

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

51

11/20/20

USD

1,415.00

USD

7,495

308,550

BJ's Wholesale

Club

Holdings,

Inc.

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

602

11/20/20

USD

30.00

USD

2,501

18,060

NVIDIA

Corp.

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

150

11/20/20

USD

470.00

USD

8,118

254,625

Anthem,

Inc.

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

288

12/18/20

USD

250.00

USD

7,735

354,240

Charter

Communications,

Inc.

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

142

12/18/20

USD

500.00

USD

8,866

79,520

UnitedHealth

Group,

Inc.

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

257

12/18/20

USD

280.00

USD

8,012

231,943

Alphabet,

Inc.

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

74

01/15/21

USD

1,560.00

USD

10,875

1,189,550

Amazon.com,

Inc.

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

36

01/15/21

USD

3,250.00

USD

11,335

1,292,850

Apple,

Inc.

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

909

01/15/21

USD

125.00

USD

10,527

1,472,580

Microsoft

Corp.

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

539

01/15/21

USD

215.00

USD

11,337

979,633

Walgreens

Boots

Alliance,

Inc.

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

1,874

01/15/21

USD

42.50

USD

6,731

1,471,090

Amazon.com,

Inc.

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

34

02/19/21

USD

3,350.00

USD

10,706

1,571,055

Microsoft

Corp.

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

532

02/19/21

USD

215.00

USD

11,190

1,135,820

13,187,618

$

61,622,154

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........

Goldman

Sachs

International

—

10/13/20

AUD

1.65

EUR

60,131

$

172,307

SPDR

Gold

Shares

(a)

......

JPMorgan

Chase

Bank

NA

151,410

10/16/20

USD

187.00

USD

26,818

48,451

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

10/22/20

USD

1.17

EUR

15,704

184,211

USD

Currency

...........

Deutsche

Bank

AG

—

10/22/20

BRL

6.00

USD

7,817

37,045

USD

Currency

...........

Bank

of

America

NA

—

11/03/20

CAD

1.36

USD

48,140

90,829

USD

Currency

...........

Citibank

NA

—

11/03/20

CNH

7.05

USD

36,105

44,154

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

11/19/20

NOK

10.70

USD

37,915

48,496

Boston

Scientific

Corp.

.....

Nomura

International

plc

119,080

11/20/20

USD

41.00

USD

4,550

108,115

Capital

One

Financial

Corp.

..

Nomura

International

plc

54,814

11/20/20

USD

55.00

USD

3,939

967,663

SPDR

Gold

Shares

(a)

......

Goldman

Sachs

International

150,491

11/20/20

USD

182.00

USD

26,655

530,639

SPDR

Gold

Shares

(a)

......

Morgan

Stanley

&

Co.

International

plc

150,806

11/20/20

USD

186.00

USD

26,711

391,342

Union

Pacific

Corp.

.......

Goldman

Sachs

International

44,726

11/20/20

USD

207.50

USD

8,805

245,791

GBP

Currency

...........

UBS

AG

—

12/17/20

USD

1.32

GBP

15,075

239,628

adidas

AG

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

Barclays

Bank

plc

22,199

12/18/20

EUR

285.00

EUR

6,129

386,185

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

29,667

12/18/20

EUR

415.00

EUR

11,849

522,444

SPDR

Gold

Shares

(a)

......

BNP

Paribas

SA

151,142

12/18/20

USD

190.00

USD

26,770

455,693

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

103,607

12/18/20

USD

198.21

USD

18,351

53,028

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

112,674

12/31/20

USD

184.00

USD

19,957

590,412

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

151,327

01/15/21

USD

190.00

USD

26,803

578,826

EUR

Currency

...........

BNP

Paribas

SA

—

01/27/21

USD

1.22

EUR

37,934

268,055

SPDR

Gold

Shares

(a)

......

Morgan

Stanley

&

Co.

International

plc

105,820

03/19/21

USD

191.10

USD

18,743

78,887

SPDR

S&P

500

ETF

Trust

...

Morgan

Stanley

&

Co.

International

plc

198,200

06/18/21

USD

360.00

USD

66,375

2,596,089

EURO

STOXX

50

Price

Index

Credit

Suisse

International

4,703

12/17/21

EUR

3,400.00

EUR

15,020

835,927

9,474,217

Put

USD

Currency

...........

Bank

of

America

NA

—

10/08/20

BRL

5.25

USD

12,079

1,998

AUD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

10/12/20

JPY

72.50

AUD

129,754

50,455

AUD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

10/13/20

JPY

73.00

AUD

65,200

43,720

USD

Currency

...........

Bank

of

America

NA

—

10/13/20

BRL

5.20

USD

12,065

4,154

USD

Currency

...........

Deutsche

Bank

AG

—

10/22/20

BRL

5.45

USD

15,634

130,838

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

10/30/20

MXN

20.70

USD

11,915

22,511

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

10/30/20

MXN

21.70

USD

18,565

203,765

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

11/13/20

BRL

5.10

USD

23,973

68,552

Amazon.com,

Inc.

........

Citibank

NA

3,427

11/20/20

USD

2,881.58

USD

10,792

403,411

BlackRock

Global

Allocation

V.I.

Fund

24

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

DR

Horton,

Inc.

..........

Credit

Suisse

International

74,370

11/20/20

USD

70.00

USD

5,625

$

225,713

Lennar

Corp.

...........

JPMorgan

Chase

Bank

NA

34,210

11/20/20

USD

76.00

USD

2,794

112,862

1,267,979

$

10,742,196

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

0.72%

Semi-Annual

Citibank

NA

10/19/20

0.72

%

USD

12,759

$

1,781

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

0.93%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/21/20

0.93

USD

30,884

86,086

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

0.58%

Semi-Annual

Goldman

Sachs

International

10/27/20

0.58

USD

31,369

3,777

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

Goldman

Sachs

International

12/18/20

0.85

USD

41,893

604,710

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

06/04/21

1.00

USD

35,591

1,823,028

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

BNP

Paribas

SA

06/11/21

1.00

USD

11,606

602,674

3,122,056

Put

10-Year

Interest

Rate

Swap

(a)

0.75%

Semi-Annual

3

month

LIBOR

Quarterly

JPMorgan

Chase

Bank

NA

10/02/20

0.75

USD

22,291

3,856

30-Year

Interest

Rate

Swap

(a)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

10/26/20

1.17

USD

10,707

124,928

30-Year

Interest

Rate

Swap

(a)

1.15%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

10/26/20

1.15

USD

61,762

876,664

30-Year

Interest

Rate

Swap

(a)

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

10/27/20

0.98

USD

31,369

1,284,055

10-Year

Interest

Rate

Swap

(a)

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

11/19/20

0.81

USD

29,026

120,429

30-Year

Interest

Rate

Swap

(a)

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

11/24/20

1.22

USD

10,707

193,989

30-Year

Interest

Rate

Swap

(a)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

12/24/20

1.27

USD

10,707

263,068

30-Year

Interest

Rate

Swap

(a)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

02/08/21

0.89

USD

20,199

1,783,721

4,650,710

$

7,772,766

(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

Call

USD

Currency

.....

One-Touch

Morgan

Stanley

&

Co.

International

plc

—

11/13/20

BRL

5.50

BRL

5.50

BRL

400

$

(255,713)

EURO

STOXX

50

Index

Down

and

In

Credit

Suisse

International

12,227,800

12/17/21

EUR

2,600.00

EUR

2,200.00

EUR

15,020

(762,237)

(1,017,950)

Put

USD

Currency

.....

One-Touch

HSBC

Bank

plc

—

11/19/20

JPY

100.00

JPY

100.00

USD

1,697

$

(158,686)

$

(1,176,636)

BlackRock

Global

Allocation

V.I.

Fund

25

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Apple,

Inc.

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

2,016

10/16/20

USD

82.50

USD

23,347

$

(6,688,080)

Applied

Materials,

Inc.

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

716

10/16/20

USD

65.00

USD

4,257

(22,196)

Comcast

Corp.

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

2,105

10/16/20

USD

40.00

USD

9,738

(1,326,150)

Costco

Wholesale

Corp.

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

137

10/16/20

USD

345.00

USD

4,864

(168,853)

Guardant

Health,

Inc.

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

430

10/16/20

USD

105.00

USD

4,807

(337,550)

Home

Depot,

Inc.

(The)

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

941

10/16/20

USD

295.00

USD

26,133

(72,928)

L3Harris

Technologies,

Inc.

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

244

10/16/20

USD

190.00

USD

4,144

(3,660)

Lowe's

Cos.,

Inc.

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

305

10/16/20

USD

175.00

USD

5,059

(31,568)

Marsh

&

McLennan

Cos.,

Inc.

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

353

10/16/20

USD

120.00

USD

4,049

(12,355)

McDonald's

Corp.

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

205

10/16/20

USD

220.00

USD

4,500

(77,900)

Morgan

Stanley

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

2,247

10/16/20

USD

65.00

USD

10,864

(6,741)

NVIDIA

Corp.

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

47

10/16/20

USD

600.00

USD

2,544

(19,740)

PayPal

Holdings,

Inc.

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

241

10/16/20

USD

240.00

USD

4,748

(3,013)

salesforce.com,

Inc.

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

159

10/16/20

USD

290.00

USD

3,996

(12,323)

VMware,

Inc.

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

655

10/16/20

USD

180.00

USD

9,410

(6,550)

Walmart,

Inc.

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

290

10/16/20

USD

155.00

USD

4,057

(4,350)

Walmart,

Inc.

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

361

10/16/20

USD

160.00

USD

5,051

(2,527)

Walt

Disney

Co.

(The)

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

331

10/16/20

USD

140.00

USD

4,107

(4,469)

Abbott

Laboratories

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

413

11/20/20

USD

110.00

USD

4,495

(180,688)

Agilent

Technologies,

Inc.

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

429

11/20/20

USD

110.00

USD

4,330

(54,698)

Agilent

Technologies,

Inc.

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

1,184

11/20/20

USD

115.00

USD

11,951

(74,000)

Amazon.com,

Inc.

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

59

11/20/20

USD

3,500.00

USD

18,578

(635,578)

Dow,

Inc.

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

533

11/20/20

USD

60.00

USD

2,508

(7,462)

Edwards

Lifesciences

Corp.

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

514

11/20/20

USD

85.00

USD

4,103

(116,935)

Facebook,

Inc.

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

407

11/20/20

USD

290.00

USD

10,659

(309,320)

Intel

Corp.

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

220

11/20/20

USD

55.00

USD

1,139

(31,790)

Intuitive

Surgical,

Inc.

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

58

11/20/20

USD

760.00

USD

4,115

(133,980)

Mastercard

,

Inc.

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

266

11/20/20

USD

360.00

USD

8,995

(209,475)

Merck

&

Co.,

Inc.

.............................

489

11/20/20

USD

95.00

USD

4,056

(18,827)

Microsoft

Corp.

..............................

387

11/20/20

USD

240.00

USD

8,140

(89,010)

NextEra

Energy,

Inc.

..........................

295

11/20/20

USD

310.00

USD

8,188

(75,225)

NVIDIA

Corp.

...............................

75

11/20/20

USD

620.00

USD

4,059

(139,313)

NVIDIA

Corp.

...............................

119

11/20/20

USD

650.00

USD

6,441

(152,320)

NVIDIA

Corp.

...............................

165

11/20/20

USD

560.00

USD

8,930

(618,750)

Pfizer,

Inc.

.................................

1,144

11/20/20

USD

41.00

USD

4,198

(49,764)

Pfizer,

Inc.

.................................

3,007

11/20/20

USD

40.00

USD

11,036

(181,924)

ServiceNow

,

Inc.

.............................

95

11/20/20

USD

490.00

USD

4,608

(309,700)

STMicroelectronics

NV

.........................

284

11/20/20

EUR

28.00

EUR

746

(39,624)

US

Bancorp

................................

414

11/20/20

USD

42.50

USD

1,484

(16,146)

Walt

Disney

Co.

(The)

.........................

445

11/20/20

USD

160.00

USD

5,522

(12,683)

Xilinx,

Inc.

.................................

157

11/20/20

USD

110.00

USD

1,637

(66,333)

Alphabet,

Inc.

...............................

53

12/18/20

USD

1,800.00

USD

7,789

(62,275)

Anthem,

Inc.

................................

288

12/18/20

USD

290.00

USD

7,735

(269,280)

Apple,

Inc.

.................................

696

12/18/20

USD

140.00

USD

8,060

(152,076)

Bank

of

America

Corp.

.........................

3,053

12/18/20

USD

30.00

USD

7,355

(74,799)

Bank

of

America

Corp.

.........................

3,080

12/18/20

USD

32.00

USD

7,420

(38,500)

Charter

Communications,

Inc.

....................

73

12/18/20

USD

660.00

USD

4,558

(140,890)

Charter

Communications,

Inc.

....................

142

12/18/20

USD

600.00

USD

8,866

(709,290)

Citigroup,

Inc.

...............................

303

12/18/20

USD

57.50

USD

1,306

(9,242)

Citigroup,

Inc.

...............................

1,603

12/18/20

USD

60.00

USD

6,911

(31,259)

Dow,

Inc.

..................................

839

12/18/20

USD

60.00

USD

3,947

(31,882)

Fortive

Corp.

................................

1,128

12/18/20

USD

85.00

USD

8,596

(197,400)

Global

Payments,

Inc.

.........................

475

12/18/20

USD

200.00

USD

8,435

(237,500)

HCA

Healthcare,

Inc.

..........................

355

12/18/20

USD

145.00

USD

4,426

(105,613)

Johnson

&

Johnson

...........................

93

12/18/20

USD

165.00

USD

1,385

(11,486)

L3Harris

Technologies,

Inc.

......................

445

12/18/20

USD

210.00

USD

7,558

(23,363)

LyondellBasell

Industries

NV

.....................

365

12/18/20

USD

85.00

USD

2,573

(48,363)

McDonald's

Corp.

............................

119

12/18/20

USD

250.00

USD

2,612

(23,622)

McDonald's

Corp.

............................

386

12/18/20

USD

240.00

USD

8,472

(140,890)

Microsoft

Corp.

..............................

386

12/18/20

USD

250.00

USD

8,119

(93,605)

Microsoft

Corp.

..............................

438

12/18/20

USD

190.00

USD

9,212

(1,147,560)

NVIDIA

Corp.

...............................

142

12/18/20

USD

700.00

USD

7,685

(179,985)

Societe

Generale

SA

..........................

701

12/18/20

EUR

13.00

EUR

793

(45,615)

BlackRock

Global

Allocation

V.I.

Fund

26

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

Gold

Shares

(a)

..........................

638

12/18/20

USD

205.00

USD

11,300

$

(80,388)

SPDR

Gold

Shares

(a)

..........................

1,821

12/18/20

USD

210.00

USD

32,254

(176,637)

Uber

Technologies,

Inc.

........................

399

12/18/20

USD

40.00

USD

1,456

(92,369)

UnitedHealth

Group,

Inc.

........................

257

12/18/20

USD

320.00

USD

8,012

(391,283)

Amazon.com,

Inc.

............................

25

01/15/21

USD

2,900.00

USD

7,872

(1,095,875)

Amazon.com,

Inc.

............................

26

01/15/21

USD

3,750.00

USD

8,187

(291,395)

Apple,

Inc.

.................................

2,620

01/15/21

USD

150.00

USD

30,342

(495,180)

Applied

Materials,

Inc.

.........................

716

01/15/21

USD

70.00

USD

4,257

(144,274)

Autodesk,

Inc.

...............................

331

01/15/21

USD

290.00

USD

7,646

(129,918)

Bank

of

America

Corp.

.........................

3,077

01/15/21

USD

31.00

USD

7,412

(86,156)

Comcast

Corp.

..............................

1,843

01/15/21

USD

52.50

USD

8,526

(151,126)

DR

Horton,

Inc.

..............................

1,088

01/15/21

USD

95.00

USD

8,229

(165,920)

Home

Depot,

Inc.

(The)

........................

325

01/15/21

USD

320.00

USD

9,026

(126,750)

Lowe's

Cos.,

Inc.

.............................

643

01/15/21

USD

180.00

USD

10,665

(430,810)

Mastercard

,

Inc.

.............................

247

01/15/21

USD

400.00

USD

8,353

(118,560)

Mastercard

,

Inc.

.............................

671

01/15/21

USD

365.00

USD

22,691

(853,848)

McDonald's

Corp.

............................

398

01/15/21

USD

240.00

USD

8,736

(184,075)

Morgan

Stanley

..............................

1,547

01/15/21

USD

62.50

USD

7,480

(68,068)

PPG

Industries,

Inc.

...........................

678

01/15/21

USD

140.00

USD

8,277

(161,025)

Raytheon

Technologies

Corp.

....................

1,267

01/15/21

USD

75.00

USD

7,290

(77,921)

ResMed

,

Inc.

...............................

163

01/15/21

USD

195.00

USD

2,794

(68,460)

Starbucks

Corp.

.............................

685

01/15/21

USD

100.00

USD

5,886

(108,915)

Starbucks

Corp.

.............................

1,022

01/15/21

USD

92.50

USD

8,781

(337,260)

Union

Pacific

Corp.

...........................

420

01/15/21

USD

230.00

USD

8,269

(107,100)

VanEck

Vectors

Semiconductor

ETF

................

216

01/15/21

USD

205.00

USD

3,763

(54,216)

VanEck

Vectors

Semiconductor

ETF

................

242

01/15/21

USD

210.00

USD

4,216

(44,286)

Walgreens

Boots

Alliance,

Inc.

....................

1,874

01/15/21

USD

47.50

USD

6,731

(73,086)

Walt

Disney

Co.

(The)

.........................

619

01/15/21

USD

155.00

USD

7,681

(65,924)

Zoetis,

Inc.

.................................

135

01/15/21

USD

175.00

USD

2,232

(64,125)

Alibaba

Group

Holding

Ltd.

......................

677

02/19/21

USD

350.00

USD

19,902

(643,150)

Microsoft

Corp.

..............................

382

02/19/21

USD

245.00

USD

8,035

(233,975)

Raytheon

Technologies

Corp.

....................

1,266

02/19/21

USD

75.00

USD

7,285

(107,610)

(23,328,678)

Put

Alphabet,

Inc.

...............................

25

10/16/20

USD

1,350.00

USD

3,674

(14,250)

Amazon.com,

Inc.

............................

12

10/16/20

USD

2,840.00

USD

3,778

(19,770)

Apple,

Inc.

.................................

717

10/16/20

USD

100.00

USD

8,304

(24,378)

Apple,

Inc.

.................................

869

10/16/20

USD

105.00

USD

10,064

(66,913)

Applied

Materials,

Inc.

.........................

716

10/16/20

USD

47.50

USD

4,257

(10,024)

Chewy, Inc.

.................................

241

10/16/20

USD

35.00

USD

1,321

(1,326)

Deutsche

Telekom

AG

.........................

1,220

10/16/20

EUR

14.00

EUR

1,743

(13,589)

Exxon

Mobil

Corp.

............................

1,198

10/16/20

USD

35.00

USD

4,113

(174,309)

Facebook,

Inc.

..............................

147

10/16/20

USD

235.00

USD

3,850

(15,435)

Guardant

Health,

Inc.

..........................

430

10/16/20

USD

85.00

USD

4,807

(43,000)

Invesco

QQQ

Trust,

Series

1

.....................

1,223

10/16/20

USD

245.00

USD

33,980

(78,884)

Invesco

QQQ

Trust,

Series

1

.....................

1,224

10/16/20

USD

258.00

USD

34,008

(207,468)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

24,153

10/16/20

USD

129.00

USD

325,365

(374,372)

Microsoft

Corp.

..............................

483

10/16/20

USD

195.00

USD

10,159

(49,266)

NVIDIA

Corp.

...............................

47

10/16/20

USD

420.00

USD

2,544

(1,716)

NXP

Semiconductors

NV

.......................

314

10/16/20

USD

110.00

USD

3,919

(16,171)

PayPal

Holdings,

Inc.

..........................

173

10/16/20

USD

165.00

USD

3,409

(5,363)

salesforce.com,

Inc.

...........................

541

10/16/20

USD

210.00

USD

13,596

(28,673)

SPDR

S&P

500

ETF

Trust

.......................

412

10/16/20

USD

310.00

USD

13,797

(51,912)

SPDR

S&P

500

ETF

Trust

.......................

758

10/16/20

USD

300.00

USD

25,385

(46,617)

Union

Pacific

Corp.

...........................

70

10/16/20

USD

190.00

USD

1,378

(14,840)

Walmart,

Inc.

...............................

290

10/16/20

USD

125.00

USD

4,057

(4,495)

Walmart,

Inc.

...............................

361

10/16/20

USD

130.00

USD

5,051

(13,357)

Walt

Disney

Co.

(The)

.........................

296

10/16/20

USD

120.00

USD

3,673

(40,404)

Health

Care

Select

Sector

SPDR

Fund

..............

667

10/23/20

USD

100.00

USD

7,036

(41,688)

UnitedHealth

Group,

Inc.

........................

167

10/30/20

USD

290.00

USD

5,207

(67,552)

Agilent

Technologies,

Inc.

.......................

592

11/20/20

USD

90.00

USD

5,976

(81,400)

Alphabet,

Inc.

...............................

44

11/20/20

USD

1,280.00

USD

6,466

(97,680)

Alphabet,

Inc.

...............................

51

11/20/20

USD

1,200.00

USD

7,495

(56,355)

BlackRock

Global

Allocation

V.I.

Fund

27

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Amazon.com,

Inc.

............................

48

11/20/20

USD

2,460.00

USD

15,114

$

(131,880)

BJ's Wholesale

Club

Holdings,

Inc.

.................

602

11/20/20

USD

25.00

USD

2,501

(18,060)

Dow,

Inc.

..................................

533

11/20/20

USD

40.00

USD

2,508

(49,569)

Edwards

Lifesciences

Corp.

.....................

514

11/20/20

USD

70.00

USD

4,103

(59,110)

Global

Payments,

Inc.

.........................

460

11/20/20

USD

155.00

USD

8,169

(120,750)

Intuitive

Surgical,

Inc.

..........................

58

11/20/20

USD

600.00

USD

4,115

(53,070)

Invesco

QQQ

Trust,

Series

1

.....................

956

11/20/20

USD

219.00

USD

26,562

(162,998)

Micron

Technology,

Inc.

........................

701

11/20/20

USD

40.00

USD

3,292

(50,823)

Microsoft

Corp.

..............................

382

11/20/20

USD

185.00

USD

8,035

(126,060)

Netflix,

Inc.

.................................

128

11/20/20

USD

350.00

USD

6,400

(32,960)

NVIDIA

Corp.

...............................

75

11/20/20

USD

380.00

USD

4,059

(21,113)

NVIDIA

Corp.

...............................

119

11/20/20

USD

400.00

USD

6,441

(52,658)

Southwest

Airlines

Co.

.........................

711

11/20/20

USD

35.00

USD

2,666

(151,088)

SPDR

S&P

500

ETF

Trust

.......................

1,630

11/20/20

USD

300.00

USD

54,587

(700,900)

Starbucks

Corp.

.............................

685

11/20/20

USD

77.50

USD

5,886

(112,340)

T-Mobile

US,

Inc.

.............................

1,671

11/20/20

USD

95.00

USD

19,110

(149,555)

VanEck

Vectors

Semiconductor

ETF

................

238

11/20/20

USD

165.00

USD

4,146

(132,090)

Visa,

Inc.

..................................

622

11/20/20

USD

180.00

USD

12,438

(200,595)

Vulcan

Materials

Co.

..........................

291

11/20/20

USD

110.00

USD

3,944

(42,195)

Walmart,

Inc.

...............................

645

11/20/20

USD

130.00

USD

9,024

(172,860)

Walt

Disney

Co.

(The)

.........................

296

11/20/20

USD

120.00

USD

3,673

(139,120)

Alphabet,

Inc.

...............................

53

12/18/20

USD

1,300.00

USD

7,789

(198,220)

Anthem,

Inc.

................................

288

12/18/20

USD

210.00

USD

7,735

(94,320)

Apple,

Inc.

.................................

696

12/18/20

USD

97.50

USD

8,060

(194,184)

Bank

of

America

Corp.

.........................

3,053

12/18/20

USD

21.00

USD

7,355

(225,922)

Bank

of

America

Corp.

.........................

3,080

12/18/20

USD

22.00

USD

7,420

(315,700)

Charter

Communications,

Inc.

....................

58

12/18/20

USD

590.00

USD

3,621

(118,030)

Citigroup,

Inc.

...............................

1,603

12/18/20

USD

42.50

USD

6,911

(541,013)

Dow,

Inc.

..................................

839

12/18/20

USD

40.00

USD

3,947

(124,592)

Fortive

Corp.

................................

1,128

12/18/20

USD

65.00

USD

8,596

(152,280)

Global

Payments,

Inc.

.........................

475

12/18/20

USD

150.00

USD

8,435

(182,875)

L3Harris

Technologies,

Inc.

......................

445

12/18/20

USD

155.00

USD

7,558

(249,200)

LyondellBasell

Industries

NV

.....................

365

12/18/20

USD

60.00

USD

2,573

(91,250)

McDonald's

Corp.

............................

119

12/18/20

USD

210.00

USD

2,612

(92,225)

McDonald's

Corp.

............................

386

12/18/20

USD

180.00

USD

8,472

(72,761)

Merck

&

Co.,

Inc.

.............................

677

12/18/20

USD

70.00

USD

5,616

(55,176)

Microsoft

Corp.

..............................

386

12/18/20

USD

180.00

USD

8,119

(148,610)

Societe

Generale

SA

..........................

701

12/18/20

EUR

9.60

EUR

793

(41,505)

UniCredit

SpA

...............................

346

12/18/20

EUR

6.00

EUR

1,219

(66,935)

UnitedHealth

Group,

Inc.

........................

257

12/18/20

USD

240.00

USD

8,012

(72,217)

Visa,

Inc.

..................................

622

12/18/20

USD

175.00

USD

12,438

(216,145)

SPDR

S&P

500

ETF

Trust

.......................

602

12/31/20

USD

250.00

USD

20,160

(117,992)

Alphabet,

Inc.

...............................

74

01/15/21

USD

1,320.00

USD

10,875

(387,760)

Amazon.com,

Inc.

............................

26

01/15/21

USD

2,695.00

USD

8,187

(297,050)

Amazon.com,

Inc.

............................

36

01/15/21

USD

2,740.00

USD

11,335

(460,170)

Apple,

Inc.

.................................

909

01/15/21

USD

107.50

USD

10,527

(627,210)

Apple,

Inc.

.................................

1,308

01/15/21

USD

100.00

USD

15,148

(568,980)

Applied

Materials,

Inc.

.........................

716

01/15/21

USD

45.00

USD

4,257

(98,808)

Autodesk,

Inc.

...............................

331

01/15/21

USD

210.00

USD

7,646

(415,405)

Bank

of

America

Corp.

.........................

3,077

01/15/21

USD

22.00

USD

7,412

(386,164)

Comcast

Corp.

..............................

1,843

01/15/21

USD

37.50

USD

8,526

(144,676)

DR

Horton,

Inc.

..............................

1,088

01/15/21

USD

60.00

USD

8,229

(221,952)

Mastercard

,

Inc.

.............................

247

01/15/21

USD

280.00

USD

8,353

(174,753)

Mastercard

,

Inc.

.............................

336

01/15/21

USD

300.00

USD

11,363

(370,440)

Microsoft

Corp.

..............................

539

01/15/21

USD

180.00

USD

11,337

(281,628)

Morgan

Stanley

..............................

1,547

01/15/21

USD

44.00

USD

7,480

(370,507)

PPG

Industries,

Inc.

...........................

678

01/15/21

USD

100.00

USD

8,277

(149,160)

Raytheon

Technologies

Corp.

....................

1,267

01/15/21

USD

55.00

USD

7,290

(449,152)

ResMed

,

Inc.

...............................

163

01/15/21

USD

160.00

USD

2,794

(125,510)

Starbucks

Corp.

.............................

1,022

01/15/21

USD

67.50

USD

8,781

(120,085)

Union

Pacific

Corp.

...........................

420

01/15/21

USD

165.00

USD

8,269

(190,050)

VanEck

Vectors

Semiconductor

ETF

................

216

01/15/21

USD

145.00

USD

3,763

(85,860)

VanEck

Vectors

Semiconductor

ETF

................

242

01/15/21

USD

150.00

USD

4,216

(121,605)

Walgreens

Boots

Alliance,

Inc.

....................

1,874

01/15/21

USD

37.50

USD

6,731

(777,710)

BlackRock

Global

Allocation

V.I.

Fund

28

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Walt

Disney

Co.

(The)

.........................

592

01/15/21

USD

100.00

USD

7,346

$

(110,408)

Walt

Disney

Co.

(The)

.........................

829

01/15/21

USD

110.00

USD

10,286

(306,730)

Zoetis,

Inc.

.................................

135

01/15/21

USD

140.00

USD

2,232

(34,088)

Amazon.com,

Inc.

............................

34

02/19/21

USD

2,800.00

USD

10,706

(620,840)

Microsoft

Corp.

..............................

532

02/19/21

USD

185.00

USD

11,190

(432,250)

Raytheon

Technologies

Corp.

....................

1,266

02/19/21

USD

50.00

USD

7,285

(300,675)

Vulcan

Materials

Co.

..........................

291

02/19/21

USD

110.00

USD

3,944

(117,855)

SPDR

S&P

500

ETF

Trust

.......................

216

12/17/21

USD

270.00

USD

7,234

(353,376)

(16,813,010)

$

(40,141,688)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

..............

Goldman

Sachs

International

—

10/13/20

AUD

1.71

EUR

60,131

$

(7,584)

Sanofi

...................

Barclays

Bank

plc

37,172

10/16/20

EUR

98.00

EUR

3,172

(436)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

151,410

10/16/20

USD

197.00

USD

26,818

(9,842)

USD

Currency

..............

Deutsche

Bank

AG

—

10/22/20

BRL

5.65

USD

7,817

(153,855)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

10/30/20

MXN

22.50

USD

11,915

(190,826)

Amazon.com,

Inc.

...........

Citibank

NA

3,427

11/20/20

USD

3,397.23

10,792

(470,351)

ASML

Holding

NV

...........

Credit

Suisse

International

7,711

11/20/20

EUR

335.00

EUR

2,427

(72,387)

Autodesk,

Inc.

..............

Nomura

International

plc

44,677

11/20/20

USD

260.00

USD

10,321

(155,799)

Boston

Scientific

Corp.

........

Nomura

International

plc

119,080

11/20/20

USD

45.00

USD

4,550

(25,602)

Capital

One

Financial

Corp.

.....

Nomura

International

plc

54,814

11/20/20

USD

70.00

USD

3,939

(352,433)

DR

Horton,

Inc.

.............

Credit

Suisse

International

74,370

11/20/20

USD

85.00

USD

5,625

(148,740)

Lennar

Corp.

..............

JPMorgan

Chase

Bank

NA

34,210

11/20/20

USD

86.00

USD

2,794

(126,733)

Roche

Holding

AG

...........

Barclays

Bank

plc

8,945

11/20/20

CHF

350.00

CHF

2,819

(15,650)

Sanofi

...................

Barclays

Bank

plc

29,817

11/20/20

EUR

98.00

EUR

2,544

(6,767)

SPDR

Gold

Shares

(a)

.........

Goldman

Sachs

International

150,491

11/20/20

USD

192.00

USD

26,655

(121,925)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

150,806

11/20/20

USD

198.00

USD

26,711

(145,528)

Union

Pacific

Corp.

..........

Goldman

Sachs

International

44,726

11/20/20

USD

227.50

USD

8,805

(68,097)

GBP

Currency

..............

UBS

AG

—

12/17/20

USD

1.37

GBP

30,150

(122,614)

adidas

AG

................

Barclays

Bank

plc

22,199

12/18/20

EUR

325.00

EUR

6,129

(54,351)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

29,667

12/18/20

EUR

450.00

EUR

11,849

(169,703)

SPDR

Gold

Shares

(a)

.........

BNP

Paribas

SA

151,142

12/18/20

USD

210.00

USD

26,770

(146,608)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

150,232

12/31/20

USD

198.00

USD

26,609

(354,548)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

151,327

01/15/21

USD

215.00

USD

26,803

(179,323)

EUR

Currency

..............

BNP

Paribas

SA

—

01/27/21

USD

1.34

EUR

56,900

(31,306)

(3,131,008)

Put

USD

Currency

..............

Bank

of

America

NA

—

10/08/20

BRL

5.05

USD

18,118

(112)

AUD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

10/13/20

JPY

69.50

AUD

65,200

(2,804)

USD

Currency

..............

Bank

of

America

NA

—

10/13/20

BRL

5.00

USD

18,097

(481)

Roche

Holding

AG

...........

Barclays

Bank

plc

6,688

10/16/20

CHF

300.00

CHF

2,108

(12,148)

Sanofi

...................

Barclays

Bank

plc

37,172

10/16/20

EUR

80.00

EUR

3,172

(11,564)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

151,410

10/16/20

USD

170.00

USD

26,818

(82,515)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

10/30/20

MXN

20.10

USD

14,297

(8,035)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

10/30/20

MXN

21.00

USD

18,565

(62,457)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

11/13/20

BRL

4.85

USD

23,973

(14,853)

Boston

Scientific

Corp.

........

Nomura

International

plc

59,540

11/20/20

USD

35.00

USD

2,275

(55,372)

DR

Horton,

Inc.

.............

Credit

Suisse

International

74,370

11/20/20

USD

60.00

USD

5,625

(62,099)

Lennar

Corp.

..............

JPMorgan

Chase

Bank

NA

34,210

11/20/20

USD

62.00

USD

2,794

(21,104)

Roche

Holding

AG

...........

Barclays

Bank

plc

8,945

11/20/20

CHF

285.00

CHF

2,819

(24,792)

Sanofi

...................

Barclays

Bank

plc

29,817

11/20/20

EUR

76.00

EUR

2,544

(25,321)

SPDR

Gold

Shares

(a)

.........

Goldman

Sachs

International

75,245

11/20/20

USD

165.00

USD

13,327

(99,954)

BlackRock

Global

Allocation

V.I.

Fund

29

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

OTC

Options

Written

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

150,806

11/20/20

USD

173.00

USD

26,711

$

(523,978)

Union

Pacific

Corp.

..........

Goldman

Sachs

International

44,726

11/20/20

USD

187.50

USD

8,805

(130,904)

adidas

AG

................

Barclays

Bank

plc

22,199

12/18/20

EUR

245.00

EUR

6,129

(161,567)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

14,834

12/18/20

EUR

375.00

EUR

5,925

(315,551)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

56,337

12/31/20

USD

164.00

USD

9,978

(110,421)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

151,327

01/15/21

USD

170.00

USD

26,803

(631,542)

EUR

Currency

..............

BNP

Paribas

SA

—

01/27/21

USD

1.10

EUR

37,934

(69,574)

(2,427,148)

$

(5,558,156)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

.

0.17%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

10/27/20

0.17

%

USD

158,782

$

(3,532)

10-Year

Interest

Rate

Swap

(a)

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

11/19/20

0.51

USD

29,026

(41,334)

10-Year

Interest

Rate

Swap

(a)

0.47%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

12/15/20

0.47

USD

19,141

(47,974)

30-Year

Interest

Rate

Swap

(a)

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

12/18/20

0.60

USD

41,893

(226,345)

30-Year

Interest

Rate

Swap

(a)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

01/11/21

0.71

USD

23,767

(300,891)

30-Year

Interest

Rate

Swap

(a)

0.87%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

03/24/21

0.87

USD

15,296

(471,219)

30-Year

Interest

Rate

Swap

(a)

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

JPMorgan

Chase

Bank

NA

06/04/21

0.50

USD

35,591

(596,812)

30-Year

Interest

Rate

Swap

(a)

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

BNP

Paribas

SA

06/11/21

0.50

USD

11,606

(199,908)

10-Year

Interest

Rate

Swap

(a)

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

09/15/21

0.55

USD

19,141

(243,918)

10-Year

Interest

Rate

Swap

(a)

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/20/21

0.55

USD

18,939

(243,006)

5-Year

Interest

Rate

Swap

(a)

.

(0.02)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/08/22

(0.02)

EUR

59,930

(1,409,674)

5-Year

Interest

Rate

Swap

(a)

.

(0.15)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/19/22

(0.15)

EUR

15,814

(278,797)

5-Year

Interest

Rate

Swap

(a)

.

(0.13)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/19/22

(0.13)

EUR

39,510

(732,759)

(4,796,169)

Put

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

Citibank

NA

10/19/20

1.07

USD

12,759

(273,013)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.19%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/21/20

1.19

USD

30,884

(251,561)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

Goldman

Sachs

International

10/27/20

0.37

USD

158,782

(181,400)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.49%

Semi-Annual

Citibank

NA

11/25/20

0.49

USD

181,193

(112,511)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

Citibank

NA

12/15/20

1.07

USD

57,424

(111,052)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

Goldman

Sachs

International

12/18/20

1.20

USD

41,893

(1,213,491)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

Citibank

NA

02/08/21

0.39

USD

111,096

(475,012)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

Citibank

NA

02/08/21

1.24

USD

30,299

(1,134,873)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Citibank

NA

09/15/21

1.40

USD

38,283

(257,068)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/20/21

1.40

USD

37,877

(258,790)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

02/11/22

2.00

USD

85,363

(321,413)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.02)%

Annual

Barclays

Bank

plc

04/08/22

(0.02)

EUR

59,930

(256,250)

BlackRock

Global

Allocation

V.I.

Fund

30

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

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)

.

6

month

EURIBOR

Semi-Annual

(0.15)%

Annual

Barclays

Bank

plc

04/19/22

(0.15)

%

EUR

15,814

$

(98,802)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.13)%

Annual

Barclays

Bank

plc

04/19/22

(0.13)

EUR

39,510

(233,143)

(5,178,379)

$

(9,974,548)

(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

$

(2,457,931)

$

(5,612,609)

$

3,154,678

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

22,322

(1,128,098)

352,879

(1,480,977)

CDX.NA.IG.34.V1

...................

1.00

Quarterly

06/20/25

USD

43,636

(312,991)

(605,174)

292,183

$

(3,899,020)

$

(5,864,904)

$

1,965,884

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V1

.

5.00

%

Quarterly

12/20/25

B

EUR

27,945

$

2,389,941

$

2,140,646

$

249,295

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

BA

Semi-Annual

1.91%

Semi-Annual

N/A

07/09/21

CAD

240,208

$

2,505,892

$

—

$

2,505,892

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

359,009

(4,573,760)

—

(4,573,760)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

202,105

(2,673,096)

—

(2,673,096)

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

71,709

(280,994)

—

(280,994)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

144,079

(8,360,365)

1,705

(8,362,070)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

54,783

(6,023)

—

(6,023)

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

17,492

(9,826)

—

(9,826)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

40,837

1,495,313

—

1,495,313

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

18,887

(129,582)

—

(129,582)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

6,952

(28,277)

—

(28,277)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

10,581

(61,158)

—

(61,158)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

10,581

9,573

—

9,573

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

8,465

(22,389)

—

(22,389)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

8,465

(36,818)

—

(36,818)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

12,949

800,672

—

800,672

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

8,506

551,601

—

551,601

BlackRock

Global

Allocation

V.I.

Fund

31

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark,

plus

or

minus

a

spread

in

a

range

of

18-150

basis

points.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

used

in

determining

the

variable

rate

of

interest:

Intercontinental

Exchange

LIBOR:

USD

1

Week

USD

1

Month

(b)

Amount

includes

$(7,014)

of

net

dividends

and

financing

fees.

(c)

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,

plus

or

minus

a

spread

in

a

range

of

17-135

basis

points.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

used

in

determining

the

variable

rate

of

interest:

Intercontinental

Exchange

LIBOR:

USD

1

Month

USD

Overnight

Bank

Funding

Rate

(d)

Amount

includes

$(11,824)

of

net

dividends

and

financing

fees.

i

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

1.08%

Semi-Annual

N/A

09/28/50

USD

18,355

$

(239,633)

$

—

$

(239,633)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

4,323

(50,683)

—

(50,683)

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

10/28/20

(a)

10/28/50

USD

10,346

(431,936)

—

(431,936)

$

(11,541,489)

$

1,705

$

(11,543,194)

(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)

S&P

500

Index

Annual

Dividend

Future

December

2020

....

USD

1,895,013

Goldman

Sachs

International

12/18/20

USD

1,895

$

374,263

$

—

$

374,263

GSCBBL8X

.............

USD

11,488,591

Goldman

Sachs

International

01/22/21

USD

11,489

861,176

—

861,176

GSCBBL8X

.............

USD

14,576,103

Goldman

Sachs

International

01/25/21

USD

14,576

1,767,899

—

1,767,899

S&P

500

Index

Annual

Dividend

Future

December

2021

....

USD

2,403,225

BNP

Paribas

SA

12/17/21

USD

2,403

173,250

—

173,250

$

3,176,588

$

—

$

3,176,588

(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

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

(a)

01/25/21-05/31/23

$

8,418,098

$

123,762

(b)

$

8,548,874

0.3

%

Monthly

JPMorgan

Chase

Bank

NA

(c)

02/08/23

(8,222,995)

71,409

(d)

(8,139,762)

0.1

$

195,171

$

409,112

BlackRock

Global

Allocation

V.I.

Fund

32

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

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

September

30,

2020,

expiration

dates

01/25/21-05/31/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Italy

Leonardo

SpA

...........

3,078,209

$

17,978,735

210.3

%

Total

Reference

Entity

—

Long

............

17,978,735

Reference

Entity

—

Short

China

China

Communications

Services

Corp.

Ltd.,

Class

H

......

(154,000)

(90,915)

(1.1)

China

Conch

Venture

Holdings

Ltd.

................

(55,000)

(255,865)

(3.0)

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

..............

(316,000)

(135,933)

(1.6)

China

Evergrande

Group

....

(40,000)

(102,655)

(1.2)

China

Literature

Ltd.

.......

(31,600)

(238,312)

(2.8)

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(300,000)

(107,121)

(1.3)

China

Resources

Gas

Group

Ltd.

................

(32,000)

(143,678)

(1.7)

China

Resources

Land

Ltd.

..

(24,000)

(109,460)

(1.3)

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

..........

(172,000)

(84,854)

(1.0)

GSX

Techedu

,

Inc.,

ADR

....

(670)

(60,374)

(0.7)

Longfor

Group

Holdings

Ltd.

..

(67,000)

(379,634)

(4.4)

Ping

An

Healthcare

and

Technology

Co.

Ltd.

.....

(4,200)

(54,192)

(0.6)

Semiconductor

Manufacturing

International

Corp.

......

(103,000)

(241,138)

(2.8)

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(55,000)

(230,247)

(2.7)

Shimao

Group

Holdings

Ltd.

..

(22,500)

(93,869)

(1.1)

TravelSky

Technology

Ltd.,

Class

H

..................

(28,000)

(60,181)

(0.7)

Xiaomi

Corp.,

Class

B

......

(126,800)

(343,251)

(4.0)

(2,731,679)

Denmark

Orsted

A/S

..............

(1,549)

(213,546)

(2.5)

Finland

Kone

OYJ,

Class

B

........

(614)

(53,911)

(0.6)

France

Airbus

SE

..............

(1,792)

(129,966)

(1.5)

Bouygues

SA

............

(6,119)

(211,450)

(2.5)

Hermes

International

.......

(175)

(150,720)

(1.8)

L'Oreal

SA

..............

(117)

(38,075)

(0.4)

(530,211)

Hong

Kong

Sino

Biopharmaceutical

Ltd.

..

(157,000)

(171,922)

(2.0)

Wharf

Real

Estate

Investment

Co.

Ltd.

..............

(37,000)

(151,665)

(1.8)

(323,587)

Italy

Atlantia

SpA

.............

(8,988)

(140,763)

(1.6)

Japan

ANA

Holdings,

Inc.

........

(3,200)

(74,018)

(0.9)

Oriental

Land

Co.

Ltd.

......

(800)

(112,196)

(1.3)

Z

Holdings

Corp.

..........

(14,900)

(99,523)

(1.1)

(285,737)

Shares

Value

%

of

Basket

Value

Macau

Galaxy

Entertainment

Group

Ltd.

................

(7,000)

$

(47,325)

(0.6)

%

Norway

Equinor

ASA

............

(14,779)

(209,384)

(2.5)

Poland

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

.......

(54,336)

(71,086)

(0.8)

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(2,607)

(195,557)

(2.3)

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(2,202)

(155,299)

(1.8)

(350,856)

Spain

CaixaBank

SA

...........

(134,274)

(285,049)

(3.3)

Industria

de

Diseno

Textil

SA

..

(88,393)

(2,445,338)

(28.6)

(2,730,387)

Sweden

Investor

AB,

Class

B

.......

(1,531)

(100,004)

(1.2)

Swedbank

AB,

Class

A

......

(7,992)

(125,120)

(1.4)

(225,124)

Taiwan

Catcher

Technology

Co.

Ltd.

..

(2,000)

(12,637)

(0.1)

E.Sun

Financial

Holding

Co.

Ltd.

(102,000)

(90,840)

(1.1)

Hotai

Motor

Co.

Ltd.

.......

(2,000)

(44,767)

(0.5)

(148,244)

United

Kingdom

British

American

Tobacco

plc

.

(1,652)

(59,259)

(0.7)

Prudential

plc

............

(5,733)

(82,259)

(1.0)

(141,518)

United

States

Boeing

Co.

(The)

.........

(2,274)

(375,801)

(4.4)

Eversource

Energy

........

(1,889)

(157,826)

(1.9)

Honeywell

International,

Inc.

..

(789)

(129,877)

(1.5)

Keurig

Dr

Pepper,

Inc.

......

(4,451)

(122,848)

(1.4)

Marriott

International,

Inc.,

Class

A

..................

(892)

(82,581)

(1.0)

Progressive

Corp.

(The)

.....

(2,662)

(252,012)

(3.0)

Simon

Property

Group,

Inc.

..

(1,632)

(105,558)

(1.2)

(1,226,503)

Total

Reference

Entity

—

Short

............

(9,429,861)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

8,548,874

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

September

30,

2020,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Australia

Ramsay

Health

Care

Ltd.

....

(7,558)

(360,356)

4.4

Scentre

Group

...........

(168,631)

(268,486)

3.3

Sydney

Airport

...........

(36,179)

(153,633)

1.9

Transurban

Group

.........

(21,134)

(215,797)

2.7

(998,272)

BlackRock

Global

Allocation

V.I.

Fund

33

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Shares

Value

%

of

Basket

Value

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(18,071)

$

(200,953)

2.5

%

Lojas

Americanas

SA

(Preference)

..........

(10,569)

(53,166)

0.7

Magazine

Luiza

SA

........

(10,921)

(174,144)

2.1

Suzano

SA

.............

(23,242)

(187,769)

2.3

(616,032)

Canada

Canadian

National

Railway

Co.

(711)

(75,721)

0.9

Intact

Financial

Corp.

.......

(496)

(53,111)

0.7

National

Bank

of

Canada

....

(3,185)

(158,204)

1.9

(287,036)

China

Aluminum

Corp.

of

China

Ltd.,

Class

H

..............

(330,000)

(68,061)

0.8

China

Gas

Holdings

Ltd.

....

(18,400)

(52,655)

0.7

China

Jinmao

Holdings

Group

Ltd.

................

(224,000)

(124,716)

1.5

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(490,000)

(266,004)

3.3

Geely

Automobile

Holdings

Ltd.

(67,000)

(134,403)

1.7

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(47,500)

(60,592)

0.7

iQIYI

,

Inc.,

ADR

..........

(13,002)

(293,585)

3.6

NIO,

Inc.,

ADR

...........

(2,526)

(53,602)

0.7

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

..............

(12,000)

(24,010)

0.3

Shenzhou

International

Group

Holdings

Ltd.

..........

(7,300)

(124,311)

1.5

Tsingtao

Brewery

Co.

Ltd.,

Class

H

..................

(16,000)

(130,927)

1.6

(1,332,866)

France

Electricite

de

France

SA

.....

(3,109)

(32,842)

0.4

Germany

Knorr-

Bremse

AG

.........

(651)

(76,663)

0.9

Hong

Kong

Link

REIT

..............

(21,100)

(172,901)

2.1

Japan

Fast

Retailing

Co.

Ltd.

......

(600)

(377,053)

4.6

Kintetsu

Group

Holdings

Co.

Ltd.

................

(1,300)

(55,479)

0.7

Nippon

Paint

Holdings

Co.

Ltd.

(2,600)

(267,660)

3.3

ORIX

Corp.

.............

(6,300)

(78,689)

1.0

Shares

Value

%

of

Basket

Value

Japan

(continued)

SoftBank

Group

Corp.

......

(2,800)

$

(173,249)

2.1

%

(952,130)

Peru

Credicorp

Ltd.

...........

(1,623)

(201,236)

2.5

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(2,361)

(145,417)

1.8

Shoprite

Holdings

Ltd.

......

(11,519)

(93,974)

1.2

Vodacom

Group

Ltd.

.......

(20,529)

(150,545)

1.8

(389,936)

South

Korea

AMOREPACIFIC

Group

(Preference)

..........

(353)

(10,057)

0.2

Samsung

C&T

Corp.

.......

(1,291)

(115,859)

1.4

(125,916)

Spain

Aena

SME

SA

...........

(840)

(116,952)

1.4

Ferrovial

SA

.............

(3,683)

(89,461)

1.1

(206,413)

Switzerland

Schindler

Holding

AG

......

(117)

(31,938)

0.4

Swisscom

AG

(Registered)

...

(464)

(245,808)

3.0

(277,746)

Taiwan

Mega

Financial

Holding

Co.

Ltd.

(43,000)

(41,502)

0.5

United

Kingdom

Tesco

plc

...............

(53,762)

(147,486)

1.8

United

States

AmerisourceBergen

Corp.

...

(645)

(62,513)

0.8

Dominion

Energy,

Inc.

......

(4,871)

(384,468)

4.7

Fox

Corp.,

Class

A

........

(14,063)

(392,388)

4.8

Hormel

Foods

Corp.

.......

(3,714)

(181,577)

2.2

Marathon

Petroleum

Corp.

...

(5,312)

(155,854)

1.9

Roper

Technologies,

Inc.

....

(993)

(392,344)

4.8

Ross

Stores,

Inc.

.........

(2,925)

(272,961)

3.4

Trane

Technologies

plc

.....

(314)

(38,073)

0.5

Twitter,

Inc.

.............

(1,127)

(50,152)

0.6

Welltower

,

Inc.

...........

(2,036)

(112,163)

1.4

Xcel

Energy,

Inc.

..........

(3,453)

(238,292)

2.9

(2,280,785)

Total

Reference

Entity

—

Short

............

(8,139,762)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(8,139,762)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.51

%

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.23

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.48)

BlackRock

Global

Allocation

V.I.

Fund

34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Glossary

of

Terms

Used

in

this

Report

Currency

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

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

RUB

New

Russian

Ruble

SGD

Singapore

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

BlackRock

Global

Allocation

V.I.

Fund

35

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs)

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments)

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

........................................

$

—

$

31,367,673

$

—

$

31,367,673

Ireland

..............................................

—

3,391,606

305,599

3,697,205

Netherlands

...........................................

—

821,457

—

821,457

United

States

..........................................

—

20,113,287

1,387,818

21,501,105

Common

Stocks:

Argentina

............................................

1,763,796

—

—

1,763,796

Australia

.............................................

—

9,458,653

11,473,161

20,931,814

Brazil

...............................................

2,233,497

—

—

2,233,497

Canada

.............................................

55,454,553

—

—

55,454,553

Chile

...............................................

224,900

—

—

224,900

China

...............................................

48,604,750

128,445,161

—

177,049,911

Denmark

.............................................

—

9,609,252

—

9,609,252

Finland

..............................................

—

23,559,698

—

23,559,698

France

..............................................

—

183,683,367

—

183,683,367

Germany

............................................

7,862,795

157,427,807

—

165,290,602

Hong

Kong

...........................................

—

64,185,225

—

64,185,225

India

...............................................

—

38,664,754

—

38,664,754

Indonesia

............................................

—

2,110,534

—

2,110,534

Italy

................................................

—

126,723,420

—

126,723,420

Japan

...............................................

—

173,472,332

—

173,472,332

Mexico

..............................................

369,742

—

—

369,742

Netherlands

...........................................

31,671,661

183,997,175

—

215,668,836

Poland

..............................................

—

82,946

—

82,946

Portugal

.............................................

—

1,488,673

—

1,488,673

Singapore

............................................

—

20,657,744

—

20,657,744

South

Africa

...........................................

—

2,172,330

—

2,172,330

BlackRock

Global

Allocation

V.I.

Fund

36

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Level

1

Level

2

Level

3

Total

South

Korea

..........................................

$

—

$

20,062,633

$

—

$

20,062,633

Spain

...............................................

—

27,395,094

—

27,395,094

Sweden

.............................................

—

59,482,465

—

59,482,465

Switzerland

...........................................

3,081,223

96,336,001

—

99,417,224

Taiwan

..............................................

—

87,957,331

—

87,957,331

Thailand

.............................................

—

3,739,983

—

3,739,983

Turkey

..............................................

—

295,730

—

295,730

United

Arab

Emirates

....................................

—

—

5

5

United

Kingdom

........................................

27,833,601

92,507,468

—

120,341,069

United

States

..........................................

3,231,212,757

47,595,323

8,599,614

3,287,407,694

Zambia

..............................................

5,395,900

—

—

5,395,900

Corporate

Bonds

Australia

.............................................

—

396,178

35,625,880

36,022,058

Brazil

...............................................

—

5,090,397

—

5,090,397

Canada

.............................................

—

6,052,883

—

6,052,883

Chile

...............................................

—

997,620

—

997,620

China

...............................................

—

4,800

—

4,800

France

..............................................

—

3,869,217

—

3,869,217

Greece

..............................................

—

5,554,555

—

5,554,555

India

...............................................

—

53,348

—

53,348

Israel

...............................................

—

1,084,467

—

1,084,467

Italy

................................................

—

2,110,850

—

2,110,850

Japan

...............................................

—

1,309,433

—

1,309,433

Kuwait

..............................................

—

1,029,919

—

1,029,919

Luxembourg

..........................................

—

7,929,180

—

7,929,180

Macau

..............................................

—

609,500

—

609,500

Malaysia

.............................................

—

1,006,829

—

1,006,829

Netherlands

...........................................

—

351,258

—

351,258

Peru

................................................

—

1,392,412

—

1,392,412

Singapore

............................................

—

3,787,777

—

3,787,777

South

Korea

..........................................

—

377,195

—

377,195

Spain

...............................................

—

1,485,112

—

1,485,112

Switzerland

...........................................

—

3,503,818

—

3,503,818

Turkey

..............................................

—

—

2,086,500

2,086,500

United

Arab

Emirates

....................................

—

2,020,994

—

2,020,994

United

Kingdom

........................................

—

2,071,971

—

2,071,971

United

States

..........................................

—

395,710,172

—

395,710,172

Zambia

..............................................

—

1,457,190

—

1,457,190

Floating

Rate

Loan

Interests:

Canada

.............................................

—

9,580,879

—

9,580,879

France

..............................................

—

9,031,145

—

9,031,145

Germany

............................................

—

2,122,415

—

2,122,415

Netherlands

...........................................

—

28,107,259

—

28,107,259

United

States

..........................................

—

18,265,851

22,393,164

40,659,015

Foreign

Agency

Obligations

.................................

—

12,712,944

—

12,712,944

Foreign

Government

Obligations

..............................

—

573,815,768

—

573,815,768

Investment

Companies

....................................

507,983,268

—

—

507,983,268

Non-Agency

Mortgage-Backed

Securities

........................

—

47,193,515

—

47,193,515

Preferred

Securities:

Brazil

...............................................

1,394,802

—

—

1,394,802

Germany

............................................

—

121,166

—

121,166

United

Kingdom

........................................

—

10,944,336

—

10,944,336

United

States

..........................................

32,808,326

39,035,750

51,780,593

123,624,669

U.S.

Government

Sponsored

Agency

Securities

....................

—

922,657

—

922,657

U.S.

Treasury

Obligations

...................................

—

740,364,556

—

740,364,556

Warrants

..............................................

—

6

323,664

323,670

Short-Term

Securities:

Foreign

Government

Obligations

..............................

—

50,534,132

—

50,534,132

Money

Market

Funds

......................................

27,080,397

—

—

27,080,397

Time

Deposits

..........................................

—

5,439,680

—

5,439,680

U.S.

Treasury

Obligations

...................................

—

69,975,507

—

69,975,507

Options

Purchased:

Equity

contracts

..........................................

61,622,154

9,256,016

—

70,878,170

Foreign

currency

exchange

contracts

...........................

—

2,425,788

—

2,425,788

Interest

rate

contracts

......................................

—

7,772,766

—

7,772,766

BlackRock

Global

Allocation

V.I.

Fund

37

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Level

1

Level

2

Level

3

Total

Liabilities:

Investment

Sold

Short

Common

Stocks:

Finland

..............................................

$

—

$

(3,597,948)

$

—

$

(3,597,948)

Sweden

.............................................

—

(6,386,812)

—

(6,386,812)

United

States

..........................................

(12,458,031)

—

—

(12,458,031)

Subtotal

....................................................

$

4,034,140,091

$

3,693,699,573

$

133,975,998

$

7,861,815,662

Investments

Valued

at

NAV

(a)

......................................

314,195,139

$

—

Total

Investments

..............................................

$

8,176,010,801

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

3,696,156

$

—

$

3,696,156

Equity

contracts

...........................................

250,726

3,371,759

—

3,622,485

Foreign

currency

exchange

contracts

............................

—

11,716,601

—

11,716,601

Interest

rate

contracts

.......................................

4,475,686

5,363,051

—

9,838,737

Liabilities:

Credit

contracts

...........................................

—

(1,480,977)

—

(1,480,977)

Equity

contracts

...........................................

(50,434,906)

(5,655,892)

—

(56,090,798)

Foreign

currency

exchange

contracts

............................

—

(10,760,233)

—

(10,760,233)

Interest

rate

contracts

.......................................

(797,949)

(26,880,793)

—

(27,678,742)

$

(46,506,443)

$

(20,630,328)

$

—

$

(67,136,771)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

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

Preferred

Securities

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2019

...........................

$

—

$

15,053,541

$

38,151,469

$

—

$

38,429,122

$

—

$

91,634,132

Transfers

into

level

3

.........................................

—

8,713,622

—

—

—

—

8,713,622

Transfers

out

of

level

3

........................................

—

(13,482,816)

—

—

—

—

(13,482,816)

Other

(a)

..................................................

—

13,482,816

—

—

(13,482,816)

—

—

Accrued

discounts/premiums

.....................................

(215)

—

(27,403)

32,362

—

—

4,744

Net

realized

gain

............................................

—

3,221

—

19

107

—

3,347

Net

change

in

unrealized

appreciation

(depreciation)

(b)

....................

38,735

(3,571,574)

(1,094,645)

(4,802,952)

12,147,714

323,664

3,040,942

Purchases

.................................................

1,654,897

8,212,150

682,959

27,165,080

26,138,197

—

63,853,283

Sales

....................................................

—

(8,338,180)

—

(1,345)

(11,451,731)

—

(19,791,256)

Closing

balance,

as

of

September

30,

2020

...........................

$

1,693,417

$

20,072,780

$

37,712,380

$

22,393,164

$

51,780,593

$

323,664

$

133,975,998

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2020

(b)

.......................................

$

38,735

$

(3,414,211)

$

(1,094,645)

$

(4,802,952)

$

6,196,171

$

323,664

$

(2,753,238)

(a)

Certain

Level

3

investments

were

re-classified

between

Preferred

Stocks

and

Common

Stocks.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2020

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Allocation

V.I.

Fund

38

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

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

investments

as

of

period

end.

The

table

does

not

include

Level

3

investments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$17,435,052.

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

...........................

$

20,072,772

Market

Discount

Rate

15%

—

Revenue

Multiple

14.25x

—

Volatility

51%

—

Time

to

Exit

1.7

—

Recent

Transactions

—

—

Corporate

Bonds

...........................

37,712,380

Income

Discount

Rate

15%

–

31%

16%

Floating

Rate

Loan

Interests

....................

6,651,541

Income

Discount

Rate

10%

–

11%

11%

Preferred

Stocks

(b)(c)

.........................

51,780,592

Market

Revenue

Multiple

6.75x

–

14.25x

10.18x

Time

to

Exit

1.0

–

3.0

2.0

Volatility

43%

–

61%

52%

Recent

Transactions

—

—

Warrants

................................

323,661

Market

Revenue

Multiple

6.75x

-

9.05x

7.77x

Time

to

Exit

1.0

–

2.6

1.9

Volatility

43%

-

55%

48%

$

116,540,946

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

September

30,

2020,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$10,085,492

changed

to

Transaction

Price

Approach.

The

investments

were

previously

valued

utilizing

PWERM

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(c)

For

the

period

end

September

30,

2020,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$9,309,906

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.