BlackRock

Global

Allocation

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

September

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.6%

(a)(b)

AGL

CLO

5

Ltd.

Series

2020-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

4.11%,

07/20/34

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

USD

411

$

386,989

Series

2020-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

4.41%,

07/20/34

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

574

539,008

AIMCO

CLO,

Series

2018-AA,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

4.14%,

04/17/31

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

256

243,028

Allegro

CLO

IV

Ltd.,

Series

2016-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.55%),

4.06%,

01/15/30

.......

252

241,412

Allegro

CLO

VIII

Ltd.,

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

3.61%,

07/15/31

.......

250

242,395

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

4.36%,

10/15/29

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

252

239,977

AMMC

CLO

22

Ltd.,

Series

2018-22A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

4.23%,

04/25/31

.......

125

117,209

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

3.72%,

04/20/31

.....

620

606,608

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(1

Month

CME

Term

SOFR

+

1.85%),

4.70%,

05/15/37

.......

1,919

1,877,662

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

4.21%,

07/15/34

.......

790

742,413

Assurant

CLO

I

Ltd.,

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

4.86%,

10/20/34

.......

280

250,157

Atrium

XII,

Series

12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.35%),

4.11%,

04/22/27

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

287

281,642

Bain

Capital

Credit

CLO

Ltd.,

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

4.44%,

07/19/34

575

538,649

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.55%),

4.33%,

01/25/35

.......

485

452,880

Battalion

CLO

XI

Ltd.,

Series

2017-11A,

Class

BR,

(LIBOR

USD

3

Month

+

1.72%),

4.50%,

04/24/34

.......

288

267,595

Benefit

Street

Partners

CLO

II

Ltd.,

Series

2013-IIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.45%),

3.96%,

07/15/29

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

610

592,752

Benefit

Street

Partners

CLO

III

Ltd.,

Series

2013-IIIA,

Class

A2R2,

(LIBOR

USD

3

Month

+

1.65%),

4.36%,

07/20/29

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

283

274,890

BlueMountain

CLO

Ltd.

Series

2013-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

4.36%,

10/22/30

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

250

238,522

Series

2014-2A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.75%),

4.46%,

10/20/30

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

256

237,594

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

4.01%,

07/15/31

502

476,651

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

4.21%,

01/15/34

.......

USD

250

$

235,975

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

A1B,

(LIBOR

USD

3

Month

+

1.35%),

4.06%,

04/20/29

.......

313

306,110

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

4.39%,

05/29/32

250

239,696

Chenango

Park

CLO

Ltd.,

Series

2018-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

4.06%,

04/15/30

.....

401

376,898

CIFC

Funding

2015-III

Ltd.,

Series

2015-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.15%),

3.89%,

04/19/29

288

276,879

CIFC

Funding

Ltd.

Series

2017-3A,

Class

A2,

(LIBOR

USD

3

Month

+

1.80%),

4.51%,

07/20/30

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

276

262,727

Series

2020-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

4.16%,

07/15/36

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

875

824,865

Cook

Park

CLO

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

4.14%,

04/17/30

.......

402

377,935

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

4.34%,

07/18/30

250

237,455

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

4.36%,

04/20/34

.......

475

450,331

Elmwood

CLO

IV

Ltd.,

Series

2020-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

3.75%,

04/15/33

.......

300

291,364

FS

Rialto,

Series

2021-FL3,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

4.19%,

11/16/36

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

111

106,112

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(LIBOR

USD

3

Month

+

0.97%),

3.48%,

10/15/30

.......

275

269,841

GoldenTree

Loan

Opportunities

XI

Ltd.,

Series

2015-11A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.07%),

3.81%,

01/18/31

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

250

244,737

Gracie

Point

International

Funding

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

3.96%,

11/01/23

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

410

407,335

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

2.40%),

4.96%,

11/01/23

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

428

423,958

Gulf

Stream

Meridian

1

Ltd.,

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

3.88%,

04/15/33

1,354

1,314,034

Jamestown

CLO

XII

Ltd.,

Series

2019-

1A,

Class

A2,

(LIBOR

USD

3

Month

+

2.15%),

4.86%,

04/20/32

.....

258

241,494

LoanCore

Issuer

Ltd.,

Series

2021-

CRE5,

Class

A,

(LIBOR

USD

1

Month

+

1.30%),

4.12%,

07/15/36

566

547,828

Madison

Park

Funding

XIII

Ltd.,

Series

2014-13A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

4.24%,

04/19/30

250

242,832

Madison

Park

Funding

XXV

Ltd.,

Series

2017-25A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.65%),

4.43%,

04/25/29

288

278,162

BlackRock

Global

Allocation

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

4.01%,

07/29/30

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

USD

259

$

255,499

Neuberger

Berman

CLO

XXII

Ltd.,

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

4.39%,

10/17/30

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

250

237,118

OCP

CLO

Ltd.,

Series

2014-5A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.40%),

4.17%,

04/26/31

.......

300

281,154

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

4.16%,

07/15/36

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

300

280,081

Octagon

Investment

Partners

XV

Ltd.,

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.35%),

4.09%,

07/19/30

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

263

256,403

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

4.36%,

07/02/35

308

290,872

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

AR,

(3

Month

CME

Term

SOFR

+

1.30%),

3.85%,

02/24/37

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

250

239,180

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

4.76%,

08/23/31

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

269

250,411

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

3.96%,

07/24/31

.......

278

270,402

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

3.88%,

07/20/34

.......

250

238,755

Recette

CLO

Ltd.,

Series

2015-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.40%),

4.11%,

04/20/34

.......

250

232,514

Regatta

XVIII

Funding

Ltd.,

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

3.96%,

01/15/34

250

236,551

Rockford

Tower

CLO

Ltd.

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

4.36%,

04/20/34

..........

250

233,105

Series

2018-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

4.08%,

05/20/31

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

250

244,140

Signal

Peak

CLO

8

Ltd.

Series

2020-8A,

Class

A,

(LIBOR

USD

3

Month

+

1.27%),

3.98%,

04/20/33

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

250

241,380

Series

2020-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

4.36%,

04/20/33

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

250

232,588

Sixth

Street

CLO

XVI

Ltd.

Series

2020-16A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.32%),

4.03%,

10/20/32

..........

302

293,865

Series

2020-16A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

4.56%,

10/20/32

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

290

274,076

TICP

CLO

IX

Ltd.,

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

4.31%,

01/20/31

.......

250

239,849

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

TICP

CLO

VI

Ltd.

Series

2016-6A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.12%),

3.63%,

01/15/34

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

USD

250

$

238,438

Series

2016-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

4.01%,

01/15/34

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

250

236,749

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

4.16%,

07/15/34

.......

300

284,505

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

4.04%,

01/20/33

.......

870

843,092

Trinitas

CLO

XIV

Ltd.

Series

2020-14A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

4.78%,

01/25/34

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

452

428,979

Series

2020-14A,

Class

C,

(LIBOR

USD

3

Month

+

3.00%),

5.78%,

01/25/34

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

343

319,216

Voya

CLO

Ltd.,

Series

2017-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.04%),

3.75%,

04/20/34

.......

300

285,000

Whitebox

CLO

II

Ltd.

Series

2020-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.22%),

4.00%,

10/24/34

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

397

380,748

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

4.53%,

10/24/34

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

274

260,702

York

CLO-1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

4.41%,

10/22/29

.......

256

247,244

York

CLO-3

Ltd.,

Series

3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

4.46%,

10/20/29

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

725

695,338

25,852,555

Ireland

—

0.1%

(b)

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(EURIBOR

3

Month

+

1.60%),

1.60%,

04/15/33

(c)

EUR

207

179,478

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(EURIBOR

3

Month

+

1.20%),

1.20%,

10/15/30

(c)

.....

231

204,597

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(EURIBOR

3

Month

+

0.92%),

1.24%,

11/14/32

(c)

......

135

126,292

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(EURIBOR

3

Month

+

1.20%),

1.25%,

01/20/32

(c)

...........

160

145,598

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

(c)

.....

268

244,319

Prodigy

Finance

DAC

(a)

Series

2021-1A,

Class

B,

(LIBOR

USD

1

Month

+

2.50%),

5.58%,

07/25/51

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

USD

530

522,699

Series

2021-1A,

Class

C,

(LIBOR

USD

1

Month

+

3.75%),

6.83%,

07/25/51

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

310

305,910

Series

2021-1A,

Class

D,

(LIBOR

USD

1

Month

+

5.90%),

8.98%,

07/25/51

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

250

246,237

BlackRock

Global

Allocation

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Rockford

Tower

Europe

CLO

DAC,

Series

2018-1X,

Class

B,

(EURIBOR

3

Month

+

1.85%),

2.88%,

12/20/31

(c)

...........

EUR

207

$

185,655

2,160,785

Jersey

—

0.0%

AGL

Static

CLO

18

Ltd.,

Series

2022-

18A,

Class

B,

(3

Month

CME

Term

SOFR

+

2.00%),

3.12%,

04/21/31

(a)

(b)

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

USD

949

906,728

United

States

—

0.8%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(LIBOR

USD

3

Month

+

0.30%),

3.30%,

05/25/36

(b)

.....

543

524,776

ACRES

Commercial

Realty

Ltd.,

Series

2021-FL1,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

4.14%,

06/15/36

(a)

(b)

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

1,608

1,567,528

Ajax

Mortgage

Loan

Trust

(a)(b)

Series

2021-E,

Class

A1,

1.74%,

12/25/60

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

5,277

4,466,161

Series

2021-E,

Class

A2,

2.69%,

12/25/60

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

726

579,853

Series

2021-E,

Class

B1,

3.73%,

12/25/60

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

480

378,152

Series

2021-E,

Class

M1,

2.94%,

12/25/60

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

377

289,797

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL4,

Class

A,

(LIBOR

USD

1

Month

+

1.35%),

4.17%,

11/15/36

(a)(b)

..........

194

189,871

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(a)

.....

240

221,689

Battalion

CLO

XX

Ltd.,

Series

2021-

20A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

3.69%,

07/15/34

(a)(b)

...

612

587,174

Brex

Commercial

Charge

Card

Master

Trust,

Series

2021-1,

Class

A,

2.09%,

07/15/24

(a)

...........

1,438

1,410,458

College

Avenue

Student

Loans

LLC,

Series

2021-B,

Class

D,

3.78%,

06/25/52

(a)

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

100

84,505

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

1,525

1,246,713

Lendmark

Funding

Trust,

Series

2021-

2A,

Class

D,

4.46%,

04/20/32

(a)

..

640

470,722

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(a)

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

1,594

1,538,659

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL6,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

4.04%,

07/16/36

(a)(b)

..........

754

733,152

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

3.51%,

04/15/60

(b)

3,357

3,070,154

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

747

662,124

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

1,926

1,615,813

Series

2021-DA,

Class

D,

4.00%,

04/15/60

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

614

518,578

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

USD

1,554

$

1,292,582

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

1,640

1,308,692

Oportun

Issuance

Trust

(a)

Series

2021-B,

Class

A,

1.47%,

05/08/31

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

1,827

1,621,891

Series

2021-B,

Class

B,

1.96%,

05/08/31

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

440

390,502

Series

2021-B,

Class

C,

3.65%,

05/08/31

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

210

189,799

Series

2021-B,

Class

D,

5.41%,

05/08/31

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

500

426,779

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

2,229

2,081,414

Progress

Residential,

Series

2021-

SFR3,

Class

F,

3.44%,

05/17/26

(a)

699

598,929

SMB

Private

Education

Loan

Trust

(a)

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

3,738

3,152,258

Series

2021-A,

Class

D1,

3.86%,

01/15/53

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

2,005

1,792,835

Series

2021-A,

Class

D2,

3.86%,

01/15/53

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

1,096

976,156

Series

2021-C,

Class

B,

2.30%,

01/15/53

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

389

333,724

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

410

364,139

Series

2021-C,

Class

D,

3.93%,

01/15/53

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

190

168,481

34,854,060

Total

Asset-Backed

Securities

—

1.5%

(Cost:

$69,779,344)

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

63,774,128

Shares

Shares

Common

Stocks

Argentina

—

0.0%

MercadoLibre

,

Inc.

(d)

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

590

488,390

Australia

—

0.7%

AGL

Energy

Ltd.

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

165,138

720,400

Australia

&

New

Zealand

Banking

Group

Ltd.

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

17,943

262,664

BHP

Group

Ltd.

(e)

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

195,339

4,862,384

CSL

Ltd.

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

2,511

456,669

Endeavour

Group

Ltd.

..........

131,192

589,595

Glencore

plc

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

2,871,886

15,091,810

Goodman

Group

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

31,940

322,812

Origin

Energy

Ltd.

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

27,260

90,448

QBE

Insurance

Group

Ltd.

.......

73,703

546,850

Quintis

HoldCo

Pty.

Ltd.

(d)(f)(g)

......

7,642,509

49

Rio

Tinto

plc

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

54,340

2,940,114

South32

Ltd.

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

904,392

2,146,945

Treasury

Wine

Estates

Ltd.

.......

53,228

428,291

Woodside

Energy

Group

Ltd.

(e)

.....

27,732

566,607

Woolworths

Group

Ltd.

..........

7,669

166,652

29,192,290

Belgium

—

0.0%

KBC

Group

NV

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

15,516

736,296

BlackRock

Global

Allocation

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Brazil

—

0.1%

Embraer

SA

(d)

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

137,426

$

297,304

Engie

Brasil

Energia

SA

.........

48,800

348,924

NU

Holdings

Ltd.,

Class

A

(d)(e)

......

140,846

619,722

Sendas

Distribuidora

SA

.........

130,741

425,353

Suzano

SA

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

18,309

151,615

Vale

SA

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

36,883

493,519

Yara

International

ASA

..........

9,200

322,876

2,659,313

Canada

—

0.9%

Barrick

Gold

Corp.

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

13,151

203,832

Canadian

Imperial

Bank

of

Commerce

(e)

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

13,071

572,102

Canadian

National

Railway

Co.

....

10,135

1,094,538

Enbridge,

Inc.

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

839,231

31,118,407

George

Weston

Ltd.

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

2,767

289,710

Imperial

Oil

Ltd.

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

11,528

499,142

National

Bank

of

Canada

........

3,534

221,503

Nutrien

Ltd.

(e)

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

24,498

2,043,052

Pembina

Pipeline

Corp.

(e)

........

8,220

249,691

Suncor

Energy,

Inc.

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

14,548

409,684

TC

Energy

Corp.

(e)

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

75,143

3,026,718

39,728,379

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(d)

....

169,035

1,631,778

Chile

—

0.0%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

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

14,406

1,307,344

China

—

1.7%

AAC

Technologies

Holdings,

Inc.

(d)

..

31,000

48,181

Agricultural

Bank

of

China

Ltd.,

Class

H

2,190,000

655,457

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

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

151,197

605,803

Alibaba

Group

Holding

Ltd.

(d)

......

748,136

7,465,903

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

205,510

662,157

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

4,200

62,041

ANTA

Sports

Products

Ltd.

.......

15,800

165,849

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

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

27,841

537,607

Baidu,

Inc.,

Class

A

(d)

...........

15,250

224,498

Bank

of

China

Ltd.,

Class

H

.......

395,000

129,005

BYD

Co.

Ltd.,

Class

A

...........

159,500

5,619,119

BYD

Co.

Ltd.,

Class

H

..........

26,500

652,842

BYD

Electronic

International

Co.

Ltd.

6,500

15,533

China

Construction

Bank

Corp.,

Class

H

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

1,570,000

906,207

China

Feihe

Ltd.

(a)(c)(d)

...........

93,000

64,934

China

Gas

Holdings

Ltd.

.........

24,200

28,945

China

Hongqiao

Group

Ltd.

.......

66,000

54,028

China

Life

Insurance

Co.

Ltd.,

Class

H

83,000

106,193

China

Mengniu

Dairy

Co.

Ltd.

(d)

....

57,000

225,327

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

66,000

305,439

China

National

Building

Material

Co.

Ltd.,

Class

H

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

78,000

59,391

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

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

86,200

158,295

China

Petroleum

&

Chemical

Corp.,

Class

H

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

1,728,000

737,903

China

Resources

Gas

Group

Ltd.

...

60,700

192,458

China

Resources

Land

Ltd.

.......

34,000

133,174

China

Resources

Power

Holdings

Co.

Ltd.

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

40,000

61,768

Security

Shares

Shares

Value

China

(continued)

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

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

21,400

$

587,284

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

125,500

7,018,447

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(e)

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

255,600

297,306

Country

Garden

Services

Holdings

Co.

Ltd.

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

319,000

465,747

CSPC

Pharmaceutical

Group

Ltd.

...

188,000

186,341

Dali

Foods

Group

Co.

Ltd.

(a)(c)

......

92,500

39,834

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

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

342,000

182,820

ENN

Energy

Holdings

Ltd.

........

6,100

81,332

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

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

89,240

1,032,422

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(a)(c)(e)

327,040

2,160,429

Glodon

Co.

Ltd.,

Class

A

.........

104,890

668,975

Great

Wall

Motor

Co.

Ltd.,

Class

H

..

521,000

593,961

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

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

180,400

817,822

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

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

537,000

1,067,178

Haidilao

International

Holding

Ltd.

(a)(c)(d)

343,000

665,309

Haier

Smart

Home

Co.

Ltd.,

Class

H

.

24,600

74,857

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

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

190,200

608,824

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(a)(c)

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

58,000

466,304

Hundsun

Technologies,

Inc.,

Class

A

.

214,282

1,012,724

Hygeia

Healthcare

Holdings

Co.

Ltd.

(a)(c)

(d)

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

114,000

637,692

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

2,095,000

982,777

JD

Health

International,

Inc.

(a)(c)(d)

...

280,650

1,598,680

JD.com,

Inc.,

Class

A

...........

40,504

1,021,842

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

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

156,200

764,658

Jinxin

Fertility

Group

Ltd.

(a)(c)

......

1,005,000

488,943

JiuGui

Liquor

Co.

Ltd.,

Class

A

.....

13,400

235,109

Kindstar

Globalgene

Technology,

Inc.

(a)

(c)(d)

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

1,655,500

374,476

Kingsoft

Corp.

Ltd.

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

250,400

662,543

Kweichow

Moutai

Co.

Ltd.,

Class

A

..

4,200

1,097,883

Lenovo

Group

Ltd.

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

712,000

492,487

Li

Auto,

Inc.,

ADR

(d)

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

125,856

2,895,947

Meituan

Dianping

(a)(c)(d)

..........

61,100

1,284,106

Microport

Cardioflow

Medtech

Corp.

(a)(c)

(d)(e)

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

2,890,000

806,261

Ming

Yuan

Cloud

Group

Holdings

Ltd.

210,000

123,539

NetEase

,

Inc.

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

19,625

296,130

NetEase

,

Inc.,

ADR

(e)

...........

771

58,288

Nongfu

Spring

Co.

Ltd.,

Class

H

(a)(c)

..

88,000

508,927

PetroChina

Co.

Ltd.,

Class

H

......

988,000

403,885

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(a)(c)

63,550

307,435

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

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

80,000

82,727

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

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

66,500

331,755

SG

Micro

Corp.,

Class

A

.........

20,200

397,172

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

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

103,000

248,652

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

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

74,500

599,686

Shenzhou

International

Group

Holdings

Ltd.

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

20,100

155,203

SITC

International

Holdings

Co.

Ltd.

.

233,000

427,307

BlackRock

Global

Allocation

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

China

(continued)

TBEA

Co.

Ltd.,

Class

A

..........

58,600

$

176,711

Tencent

Holdings

Ltd.

...........

339,600

11,470,438

Tianqi

Lithium

Corp.,

Class

A

(d)

.....

22,400

313,157

Tingyi

Cayman

Islands

Holding

Corp.

34,000

58,552

Venustech

Group,

Inc.,

Class

A

....

207,996

586,840

Want

Want

China

Holdings

Ltd.

....

179,000

116,899

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

(d)

.

158,810

493,754

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

53,842

536,469

Wuxi

Biologics

Cayman,

Inc.

(a)(c)(d)

...

110,965

660,558

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

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

46,234

320,990

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

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

311,814

763,984

Yum

China

Holdings,

Inc.

........

12,550

595,666

Zhongsheng

Group

Holdings

Ltd.

...

28,000

111,029

Zijin

Mining

Group

Co.

Ltd.,

Class

A

.

104,900

114,555

Zijin

Mining

Group

Co.

Ltd.,

Class

H

.

296,000

286,504

ZTE

Corp.,

Class

H

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

104,600

186,798

71,982,987

Denmark

—

0.2%

AP

Moller

-

Maersk

A/S,

Class

B

....

100

181,723

Chr

Hansen

Holding

A/S

.........

2,766

136,251

DSV

Panalpina

A/S

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

14,260

1,670,524

Novo

Nordisk

A/S,

Class

B

.......

46,803

4,662,412

Pandora

A/S

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

5,969

279,148

6,930,058

Finland

—

0.0%

Fortum

OYJ

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

61,726

829,416

Kone

OYJ,

Class

B

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

7,243

279,062

Wartsila

OYJ

Abp

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

56,509

360,975

1,469,453

France

—

1.7%

Arkema

SA

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

55,432

4,039,826

Atos

SE

(d)

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

32,780

259,138

BNP

Paribas

SA

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

150,452

6,354,981

Carrefour

SA

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

19,457

269,851

Cie

de

Saint-Gobain

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

256,543

9,172,853

Danone

SA

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

112,085

5,299,977

Engie

SA

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

19,939

229,496

EssilorLuxottica

SA

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

67,056

9,114,441

Hermes

International

...........

4,484

5,273,724

Kering

SA

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

1,456

645,807

La

Francaise

des

Jeux

SAEM

(a)(c)

...

21,435

635,846

L'Oreal

SA

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

5,392

1,724,049

LVMH

Moet

Hennessy

Louis

Vuitton

SE

45,095

26,586,875

Remy

Cointreau

SA

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

1,468

243,612

Societe

Generale

SA

...........

104,685

2,070,261

TOTAL

SE

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

55,784

2,617,083

Unibail

-

Rodamco

-Westfield

(d)

......

2,463

101,919

74,639,739

Germany

—

2.3%

adidas

AG

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

2,575

296,025

BASF

SE

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

9,873

378,910

Commerzbank

AG

(d)

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

290,345

2,066,969

Daimler

AG

(Registered)

.........

323,603

16,363,640

Deutsche

Boerse

AG

...........

2,815

461,454

Deutsche

Telekom

AG

(Registered)

.

1,004,931

17,105,608

Fresenius

Medical

Care

AG

&

Co.

KGaA

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

9,959

280,575

Fresenius

SE

&

Co.

KGaA

........

17,091

364,298

Infineon

Technologies

AG

........

99,710

2,182,057

SAP

SE

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

288,336

23,497,991

Security

Shares

Shares

Value

Germany

(continued)

Siemens

AG

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

220,880

$

21,589,446

Symrise

AG

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

20,058

1,955,903

Telefonica

Deutschland

Holding

AG

.

171,390

346,520

Uniper

SE

(e)

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

52,859

199,501

Vantage

Towers

AG

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

505,313

13,072,454

100,161,351

Hong

Kong

—

0.2%

AIA

Group

Ltd.

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

1,160,200

9,659,718

ASM

Pacific

Technology

Ltd.

......

69,000

418,275

Orient

Overseas

International

Ltd.

..

27,500

478,584

WH

Group

Ltd.

(a)(c)

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

292,500

183,965

10,740,542

India

—

0.2%

HCL

Technologies

Ltd.

..........

27,844

316,227

Indian

Oil

Corp.

Ltd.

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

137,387

112,369

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$2,928,536)

(d)(g)(h)

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

1,951

5,668,797

Vedanta

Ltd.

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

116,683

382,908

6,480,301

Ireland

—

0.0%

Kingspan

Group

plc

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

17,599

792,915

Israel

—

0.3%

(d)

Nice

Ltd.,

ADR

(e)

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

63,638

11,979,217

Taboola.com,

Ltd.

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

196,484

355,636

12,334,853

Italy

—

0.2%

Coca-Cola

HBC

AG

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

27,557

575,800

Enel

SpA

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

151,124

619,793

Ferrari

NV

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

16,238

3,007,048

FinecoBank

Banca

Fineco

SpA

....

22,296

275,367

Intesa

Sanpaolo

SpA

...........

3,470,053

5,736,054

UniCredit

SpA

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

20,531

207,858

10,421,920

Japan

—

1.0%

AGC,

Inc.

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

2,100

65,377

Astellas

Pharma,

Inc.

...........

42,265

559,897

BayCurrent

Consulting,

Inc.

.......

2,300

596,697

Capcom

Co.

Ltd.

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

300

7,553

CyberAgent

,

Inc.

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

11,800

99,357

East

Japan

Railway

Co.

.........

8,000

410,276

FANUC

Corp.

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

104,300

14,645,214

Food

&

Life

Cos.

Ltd.

...........

28,200

432,478

Fujitsu

Ltd.

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

2,900

317,991

Hino

Motors

Ltd.

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

97,900

404,757

Honda

Motor

Co.

Ltd.

...........

17,600

382,022

Hoya

Corp.

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

93,093

8,970,312

Inpex

Corp.

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

44,300

413,190

Japan

Post

Bank

Co.

Ltd.

........

66,600

465,547

Kao

Corp.

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

3,400

138,347

Keyence

Corp.

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

9,898

3,271,888

Kobayashi

Pharmaceutical

Co.

Ltd.

..

3,000

175,808

Kose

Corp.

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

43,200

4,454,109

Kyowa

Kirin

Co.

Ltd.

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

15,200

349,482

Mazda

Motor

Corp.

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

57,000

378,489

Mitsubishi

Electric

Corp.

.........

49,300

446,069

Morinaga

Milk

Industry

Co.

Ltd.

....

8,200

240,393

Oracle

Corp.

Japan

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

7,100

376,336

Recruit

Holdings

Co.

Ltd.

........

57,627

1,659,983

Ryohin

Keikaku

Co.

Ltd.

.........

42,300

353,948

Sega

Sammy

Holdings,

Inc.

.......

33,500

456,255

BlackRock

Global

Allocation

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

Japan

(continued)

Shionogi

&

Co.

Ltd.

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

7,400

$

357,377

Sysmex

Corp.

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

1,900

101,529

Terumo

Corp.

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

16,700

469,441

Toyota

Motor

Corp.

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

26,700

348,981

Yamato

Holdings

Co.

Ltd.

........

18,400

276,320

ZOZO,

Inc.

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

30,300

606,535

42,231,958

Jordan

—

0.0%

Hikma

Pharmaceuticals

plc

.......

10,446

157,452

Macau

—

0.0%

Sands

China

Ltd.

(d)

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

45,200

112,558

Mexico

—

0.0%

Fomento

Economico

Mexicano

SAB

de

CV

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

168,230

1,055,181

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

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

12,629

248,322

1,303,503

Netherlands

—

1.6%

Adyen

NV

(a)(c)(d)

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

6,806

8,488,185

ASML

Holding

NV

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

46,883

19,422,646

Heineken

NV

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

4,138

361,376

ING

Groep

NV

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

2,254,635

19,318,676

Koninklijke

Ahold

Delhaize

NV

.....

55,227

1,406,712

Koninklijke

Philips

NV

...........

10,480

161,355

Koninklijke

Vopak

NV

...........

3,272

59,533

Salt

Pay

Co.

Ltd.,

Series

C

(Acquired

11/16/21,

cost

$2,251,184)

(d)(g)(h)

..

1,159

1,522,497

Shell

plc

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

430,244

10,731,629

Shell

plc,

ADR

(e)

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

168,418

8,380,480

Wolters

Kluwer

NV

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

3,456

336,523

70,189,612

Norway

—

0.0%

Norsk

Hydro

ASA

(e)

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

273,326

1,466,647

Poland

—

0.0%

Polski

Koncern

Naftowy

ORLEN

SA

.

16,451

176,600

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

2,041

112,363

South

Africa

—

0.1%

Anglo

American

Platinum

Ltd.

.....

2,015

142,913

Anglo

American

plc

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

130,956

3,932,062

Kumba

Iron

Ore

Ltd.

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

19,722

418,364

4,493,339

South

Korea

—

0.5%

Amorepacific

Corp.

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

39,152

2,760,574

Fila

Holdings

Corp.

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

6,310

136,512

Hana

Financial

Group,

Inc.

.......

36,337

892,255

KB

Financial

Group,

Inc.

.........

9,572

289,060

Kia

Corp.

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

7,376

367,118

LG

Chem

Ltd.

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

8,244

3,043,976

LG

Display

Co.

Ltd.

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

19,532

161,869

LG

Energy

Solution

(d)

...........

29,522

8,704,808

Samsung

Electronics

Co.

Ltd.

.....

11,081

406,886

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

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

1,966

251,448

Samsung

SDI

Co.

Ltd.

..........

11,625

4,372,669

SK

Telecom

Co.

Ltd.

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

16,064

567,118

21,954,293

Security

Shares

Shares

Value

Spain

—

0.3%

Cellnex

Telecom

SA

(a)(c)

..........

421,352

$

12,997,272

Endesa

SA

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

12,564

188,706

Iberdrola

SA

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

20,342

189,672

Industria

de

Diseno

Textil

SA

......

24,318

501,842

13,877,492

Sweden

—

0.5%

Atlas

Copco

AB,

Class

A

.........

198,798

1,847,700

Epiroc

AB,

Class

A

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

120,351

1,721,681

Evolution

AB

(a)(c)

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

6,612

522,662

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(e)

33,009

305,172

Hexagon

AB,

Class

B

...........

184,665

1,724,611

Husqvarna

AB,

Class

B

..........

22,164

122,864

Swedbank

AB,

Class

A

..........

101,906

1,337,594

Telefonaktiebolaget

LM

Ericsson,

Class

B

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

89,860

525,272

Telia

Co.

AB

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

131,675

379,235

Volvo

AB,

Class

B

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

850,283

12,032,330

20,519,121

Switzerland

—

0.4%

ABB

Ltd.

(Registered)

...........

18,266

471,618

Alcon,

Inc.

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

11,329

658,050

Cie

Financiere

Richemont

SA

(Registered)

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

28,289

2,670,352

Lonza

Group

AG

(Registered)

.....

7,615

3,707,677

Nestle

SA

(Registered)

..........

32,260

3,489,155

Novartis

AG

(Registered)

........

10,333

787,757

Roche

Holding

AG

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

3,899

1,269,252

Sika

AG

(Registered)

...........

1,124

225,915

Sonova

Holding

AG

(Registered)

...

2,410

530,347

STMicroelectronics

NV

..........

67,078

2,084,601

Temenos

AG

(Registered)

........

6,050

407,873

VAT

Group

AG

(a)(c)

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

715

145,094

16,447,691

Taiwan

—

0.4%

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

200

912

MediaTek

,

Inc.

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

19,000

327,872

Nan

Ya

Printed

Circuit

Board

Corp.

..

50,000

293,897

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

1,138,000

15,084,636

Unimicron

Technology

Corp.

......

223,000

816,338

16,523,655

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(g)

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

284,408

3

United

Kingdom

—

2.1%

Admiral

Group

plc

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

9,738

206,870

Alphawave

IP

Group

plc

(d)

........

473,852

729,071

AstraZeneca

plc

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

146,912

16,149,960

AstraZeneca

plc,

ADR

..........

30,633

1,679,914

Auto

Trader

Group

plc

(a)(c)

........

265,825

1,507,512

BP

plc

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

190,007

907,928

BP

plc,

ADR

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

13,170

376,003

Burberry

Group

plc

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

23,409

467,606

Compass

Group

plc

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

654,994

13,042,518

Dr.

Martens

plc

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

70,280

172,196

Experian

plc

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

20,927

612,588

Exscientia

plc

(d)

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

729,966

5,993,021

Exscientia

plc,

ADR

(d)

...........

5,034

41,329

Genius

Sports

Ltd.

(d)(e)

...........

196,536

721,287

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$6,542,036)

(d)(g)(h)

..

2,434,345

3,748,891

Kingfisher

plc

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

135,698

330,318

Legal

&

General

Group

plc

.......

101,405

242,052

BlackRock

Global

Allocation

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

United

Kingdom

(continued)

Linde

plc

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

12,427

$

3,350,195

Lloyds

Banking

Group

plc

........

39,828,726

18,002,104

National

Grid

plc

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

14,850

152,868

NatWest

Group

plc

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

210,110

523,326

Smith

&

Nephew

plc

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

10,232

118,106

Spirax-Sarco

Engineering

plc

......

23,289

2,677,144

Unilever

plc

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

420,593

18,480,795

90,233,602

United

States

—

34.1%

Abbott

Laboratories

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

250,866

24,273,794

AbbVie,

Inc.

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

142,676

19,148,546

Activision

Blizzard,

Inc.

..........

22,453

1,669,156

Adobe,

Inc.

(d)

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

7,432

2,045,286

Advance

Auto

Parts,

Inc.

.........

3,629

567,358

Agilent

Technologies,

Inc.

........

4,274

519,505

Air

Products

&

Chemicals,

Inc.

.....

82,506

19,201,621

Airbnb,

Inc.,

Class

A

(d)

...........

1,725

181,194

Akamai

Technologies,

Inc.

(d)

.......

3,234

259,755

Albemarle

Corp.

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

37,026

9,791,155

Alcoa

Corp.

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

83,788

2,820,304

Align

Technology,

Inc.

(d)

..........

4,472

926,196

Allegion

plc

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

24,011

2,153,307

Alphabet,

Inc.,

Class

A

(d)

.........

1,540

147,301

Alphabet,

Inc.,

Class

C

(d)

.........

536,281

51,563,418

Altair

Engineering,

Inc.,

Class

A

(d)(e)

..

44,101

1,950,146

AltC

Acquisition

Corp.,

Class

A

(d)

....

141,083

1,376,970

Altria

Group,

Inc.

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

35,098

1,417,257

Altus

Power,

Inc.

(d)

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

128,750

1,417,538

Amazon.com,

Inc.

(d)

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

407,512

46,048,856

American

Express

Co.

..........

4,384

591,445

American

Tower

Corp.

..........

105,878

22,732,007

Amgen,

Inc.

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

4,044

911,518

ANSYS,

Inc.

(d)

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

12,169

2,697,867

Anthem,

Inc.

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

3,537

1,606,647

APA

Corp.

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

13,381

457,496

Apple,

Inc.

(

i

)

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

490,879

67,839,478

Applied

Materials,

Inc.

..........

103,184

8,453,865

Aptiv

plc

(d)

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

82,325

6,438,638

Archer-Daniels-Midland

Co.

(e)

......

258,860

20,825,287

Astra

Space,

Inc.

(d)

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

249,521

152,457

Atlassian

Corp.

plc,

Class

A

(d)

......

3,239

682,101

AutoZone,

Inc.

(d)

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

339

726,114

Baker

Hughes

Co.

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

28,025

587,404

Ball

Corp.

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

13,195

637,582

Bank

of

America

Corp.

..........

597,506

18,044,681

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.

941

251,266

Boeing

Co.

(The)

(d)

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

3,769

456,351

Booking

Holdings,

Inc.

(d)

.........

2,385

3,919,056

Boston

Scientific

Corp.

(d)(

i

)

........

450,455

17,446,122

Brown-Forman

Corp.,

Class

B

.....

11,376

757,300

Bunge

Ltd.

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

126,062

10,408,939

Cadence

Design

Systems,

Inc.

(d)

...

32,355

5,287,778

California

Resources

Corp.

.......

89,378

3,434,797

Capri

Holdings

Ltd.

(d)

...........

113,085

4,346,987

CDW

Corp.

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

6,289

981,587

Centene

Corp.

(d)

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

13,246

1,030,671

CF

Industries

Holdings,

Inc.

.......

205,623

19,791,214

Charles

Schwab

Corp.

(The)

......

374,754

26,933,570

Charter

Communications,

Inc.,

Class

A

(d)

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

25,202

7,645,027

Chesapeake

Energy

Corp.

.......

16,152

1,521,680

Chipotle

Mexican

Grill,

Inc.

(d)

......

1,430

2,148,947

Chubb

Ltd.

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

11,267

2,049,242

Cigna

Corp.

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

9,174

2,545,510

Cintas

Corp.

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

794

308,223

Security

Shares

Shares

Value

United

States

(continued)

Cisco

Systems,

Inc.

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

23,041

$

921,640

CME

Group,

Inc.

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

14,316

2,535,793

Comcast

Corp.,

Class

A

.........

322,595

9,461,711

ConocoPhillips

(

i

)

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

376,162

38,496,419

Copart

,

Inc.

(d)(e)

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

4,826

513,486

Corteva

,

Inc.

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

24,621

1,407,090

Costco

Wholesale

Corp.

.........

39,521

18,664,583

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.

50,131

8,262,090

Crown

Castle,

Inc.

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

5,468

790,399

Crown

Holdings,

Inc.

...........

4,710

381,651

Crown

PropTech

Acquisitions

(d)(g)

...

62,472

38,108

Crown

PropTech

Acquisitions

(d)

.....

126,662

1,253,954

CSX

Corp.

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

5,421

144,415

Darling

Ingredients,

Inc.

(d)

........

12,465

824,560

Datadog

,

Inc.,

Class

A

(d)(e)

........

57,381

5,094,285

Davidson

Kempner

Mercant

Co-

Invest

Fund

LP,

(Acquired

04/01/21,

cost

$2,258,268)

(d)(h)(j)

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

8,829,800

5,756,853

DaVita,

Inc.

(d)

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

8,131

673,003

Deere

&

Co.

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

31,976

10,676,467

Dell

Technologies,

Inc.,

Class

C

....

7,131

243,666

Delta

Air

Lines,

Inc.

(d)

...........

21,196

594,760

Devon

Energy

Corp.

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

35,184

2,115,614

Dexcom

,

Inc.

(d)

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

93,466

7,527,752

Diversey

Holdings

Ltd.

(d)

.........

458,370

2,227,678

Domino's

Pizza,

Inc.

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

15,977

4,956,065

Dow,

Inc.

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

12,567

552,068

DR

Horton,

Inc.

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

147,770

9,952,310

Dynatrace

,

Inc.

(d)

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

224,741

7,823,234

eBay,

Inc.

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

17,654

649,844

Edwards

Lifesciences

Corp.

(d)

.....

84,668

6,996,117

Element

Solutions,

Inc.

..........

40,785

663,572

Eli

Lilly

&

Co.

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

20,916

6,763,189

Emerson

Electric

Co.

...........

7,116

521,034

Energy

Transfer

LP

(e)

...........

113,474

1,251,618

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$6,386,525)

(d)(g)(h)

.........

11,107

10,095,819

EQT

Corp.

(e)

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

375,309

15,293,842

Equinix

,

Inc.

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

1,169

664,974

Essex

Property

Trust,

Inc.

........

2,714

657,412

Eversource

Energy

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

12,383

965,379

Excelerate

Energy,

Inc.,

Class

A

....

38,447

899,660

Expedia

Group,

Inc.

(d)

...........

9,233

865,040

Extra

Space

Storage,

Inc.

(e)

.......

1,044

180,309

Exxon

Mobil

Corp.

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

105,767

9,234,517

F5

Networks,

Inc.

(d)(e)

...........

50,288

7,278,182

Fanatics

Holdings,

Inc.,

(Acquired

08/17/22,

cost

$9,001,757)

(d)(g)(h)

..

132,691

8,310,437

FedEx

Corp.

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

2,497

370,730

Floor

&

Decor

Holdings,

Inc.,

Class

A

(d)

21,424

1,505,250

FMC

Corp.

(e)

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

8,456

893,799

Fortinet,

Inc.

(d)

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

113,056

5,554,441

Fortive

Corp.

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

333,540

19,445,382

Freeport-McMoRan,

Inc.

.........

501,948

13,718,239

Gartner,

Inc.

(d)

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

2,173

601,247

Generac

Holdings,

Inc.

(d)(e)

........

4,233

754,067

General

Dynamics

Corp.

.........

4,096

869,048

General

Motors

Co.

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

176,570

5,666,131

Genuine

Parts

Co.

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

1,113

166,193

Gilead

Sciences,

Inc.

...........

19,152

1,181,487

Green

Plains,

Inc.

(d)(e)

...........

32,948

957,798

GSK

plc

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

38,918

562,081

Halliburton

Co.

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

60,015

1,477,569

Healthpeak

Properties,

Inc.

.......

11,851

271,625

Hewlett

Packard

Enterprise

Co.

....

18,727

224,349

BlackRock

Global

Allocation

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

United

States

(continued)

Hilton

Worldwide

Holdings,

Inc.

....

84,744

$

10,221,821

Home

Depot,

Inc.

(The)

.........

53,444

14,747,337

HP,

Inc.

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

10,380

258,670

Humana,

Inc.

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

76,315

37,027,275

iHeartMedia

,

Inc.,

Class

A

(d)

.......

2,519

18,464

Informatica

,

Inc.,

Class

A

(d)(e)

......

114,354

2,295,085

Intercontinental

Exchange,

Inc.

....

12,617

1,139,946

International

Flavors

&

Fragrances,

Inc.

(e)

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

99,322

9,021,417

Intuit,

Inc.

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

17,345

6,718,065

Intuitive

Surgical,

Inc.

(d)

..........

57,277

10,736,001

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(d)(g)(h)

........

301,223

3

Johnson

&

Johnson

(

i

)

...........

118,022

19,280,074

JPMorgan

Chase

&

Co.

.........

4,407

460,532

Juniper

Networks,

Inc.

..........

11,264

294,216

Kinder

Morgan,

Inc.

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

27,991

465,770

Kroger

Co.

(The)

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

8,320

364,000

Laboratory

Corp.

of

America

Holdings

1,169

239,423

Lam

Research

Corp.

...........

616

225,456

Latch,

Inc.

(d)

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

174,273

166,187

Liberty

Media

Acquisition

Corp.

(d)

...

348,622

3,468,789

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(d)

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

193,573

7,369,324

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

(d)

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

260,778

9,833,939

Lions

Gate

Entertainment

Corp.,

Class

A

(d)

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

122,268

908,451

Live

Nation

Entertainment,

Inc.

(d)

...

7,032

534,713

LKQ

Corp.

(e)

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

5,241

247,113

Lockheed

Martin

Corp.

..........

1,352

522,264

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$656,885)

(d)(g)(h)

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

57,505

462,340

Lowe's

Cos.,

Inc.

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

23,414

4,397,383

Lululemon

Athletica

,

Inc.

(d)

........

1,028

287,388

Lumen

Technologies,

Inc.

(e)

.......

24,922

181,432

LyondellBasell

Industries

NV,

Class

A

93,638

7,049,069

Marsh

&

McLennan

Cos.,

Inc.

.....

203,869

30,435,603

Masco

Corp.

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

26,316

1,228,694

Masimo

Corp.

(d)

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

14,611

2,062,489

Mastercard

,

Inc.,

Class

A

.........

100,431

28,556,551

McDonald's

Corp.

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

80,586

18,594,414

Merck

&

Co.,

Inc.

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

194,504

16,750,685

Meta

Platforms,

Inc.,

Class

A

(d)

.....

4,666

633,083

Mettler

-Toledo

International,

Inc.

(d)

..

612

663,481

MGM

Resorts

International

.......

17,782

528,481

Micron

Technology,

Inc.

..........

163,272

8,179,927

Microsoft

Corp.

(

i

)

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

308,768

71,912,067

Mirion

Technologies

(d)

...........

756,990

5,654,715

Mirion

Technologies,

Inc.

(d)(e)

......

61,353

458,307

Molina

Healthcare,

Inc.

(d)

.........

2,454

809,427

MongoDB,

Inc.

(d)

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

4,734

939,983

Moody's

Corp.

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

584

141,976

Morgan

Stanley

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

169,245

13,372,047

Mosaic

Co.

(The)

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

14,634

707,261

Mr

Cooper

Group,

Inc.

(d)

.........

24,501

992,291

NetApp,

Inc.

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

8,086

500,119

NextEra

Energy,

Inc.

...........

264,872

20,768,614

NIKE,

Inc.,

Class

B

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

23,670

1,967,450

Norfolk

Southern

Corp.

..........

4,274

896,044

Northrop

Grumman

Corp.

........

46,325

21,787,574

NVIDIA

Corp.

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

62,079

7,535,770

Offerpad

Solutions,

Inc.

(d)

........

248,310

300,455

ONEOK,

Inc.

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

24,014

1,230,477

Opendoor

Technologies,

Inc.

(d)(e)

....

192,781

599,549

Security

Shares

Shares

Value

United

States

(continued)

Otis

Worldwide

Corp.

...........

54,586

$

3,482,587

Packaging

Corp.

of

America

......

2,165

243,108

Palo

Alto

Networks,

Inc.

(d)

........

36,336

5,951,473

Park

Hotels

&

Resorts,

Inc.

.......

29,763

335,131

Paycom

Software,

Inc.

(d)(e)

........

1,687

556,693

Peloton

Interactive,

Inc.,

Class

A

(d)

..

142,125

984,926

PepsiCo,

Inc.

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

21,130

3,449,684

Philip

Morris

International,

Inc.

.....

6,645

551,601

Phillips

66

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

4,152

335,149

Pioneer

Natural

Resources

Co.

....

21,492

4,653,663

Planet

Labs

PBC

(d)

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

165,440

898,339

Playstudios

,

Inc.

(d)

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

277,748

969,341

PNC

Financial

Services

Group,

Inc.

(The)

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

4,375

653,713

Procter

&

Gamble

Co.

(The)

......

1,854

234,068

Prologis,

Inc.

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

6,881

699,110

Proof

Acquisition

Corp.

(d)(g)

........

30,948

34,662

Public

Service

Enterprise

Group,

Inc.

(e)

9,667

543,575

Quest

Diagnostics,

Inc.

(e)

.........

6,049

742,152

Raymond

James

Financial,

Inc.

....

121,177

11,974,711

ResMed

,

Inc.

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

21,476

4,688,211

Rocket

Lab

USA,

Inc.

(d)(e)

.........

116,700

474,969

Rotor

Acquisition

Corp.

(d)(g)

........

29,189

37,946

S&P

Global,

Inc.

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

12,543

3,830,005

salesforce.com,

Inc.

(d)

...........

96,991

13,951,185

Samsonite

International

SA

(a)(c)(d)

....

68,700

164,770

Sarcos

Technology

&

Robotics

(d)

....

1,176,652

2,612,167

Sarcos

Technology

&

Robotics

Corp.

(d)

42,794

95,003

SBA

Communications

Corp.

......

4,390

1,249,614

Schlumberger

NV

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

46,964

1,686,008

Schneider

Electric

SE

...........

4,855

548,376

Seagate

Technology

Holdings

plc

(e)

..

10,836

576,800

Seagen

,

Inc.

(d)(e)

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

55,409

7,581,614

Sempra

Energy

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

196,565

29,472,956

ServiceNow

,

Inc.

(d)

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

24,058

9,084,541

Snorkel

AI,

Inc.,

Series

B

(Acquired

06/30/21,

cost

$234,442)

(d)(g)(h)

...

15,609

144,383

Snowflake,

Inc.,

Class

A

(d)

........

3,851

654,516

Sonder

Holdings,

Inc.

(d)

..........

275,263

456,937

Southwest

Airlines

Co.

(d)

.........

10,062

310,312

Splunk

,

Inc.

(d)

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

11,243

845,474

Starbucks

Corp.

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

120,451

10,149,201

Starwood

Property

Trust,

Inc.

......

45,805

834,567

Sun

Country

Airlines

Holdings,

Inc.

(d)

.

323,187

4,398,575

Symbotic

Corp.,

Class

A

(d)

........

73,345

799,461

Synchrony

Financial

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

18,399

518,668

Tapestry,

Inc.

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

15,016

426,905

TE

Connectivity

Ltd.

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

98,143

10,831,062

Tesla,

Inc.

(d)

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

31,061

8,238,930

Thermo

Fisher

Scientific,

Inc.

......

32,553

16,510,556

TJX

Cos.,

Inc.

(The)

(e)

...........

194,511

12,083,023

Toast,

Inc.,

Class

A

(d)(e)

..........

53,732

898,399

Toll

Brothers,

Inc.

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

11,348

476,616

TPB

Acquisition

Corp.

I,

Class

A

(d)(e)

.

63,457

630,128

Tractor

Supply

Co.

(e)

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

40,469

7,522,378

Trane

Technologies

plc

..........

2,703

391,421

TransDigm

Group,

Inc.

..........

3,335

1,750,275

Travelers

Cos.,

Inc.

(The)

........

5,209

798,019

Twilio

,

Inc.,

Class

A

(d)

...........

1,792

123,899

United

Parcel

Service,

Inc.,

Class

B

.

116,379

18,799,864

United

Rentals,

Inc.

(d)(e)

..........

7,484

2,021,578

UnitedHealth

Group,

Inc.

.........

66,025

33,345,266

Univar

Solutions,

Inc.

(d)

..........

16,550

376,347

US

Bancorp

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

41,176

1,660,216

Valero

Energy

Corp.

(e)

...........

205,586

21,966,864

BlackRock

Global

Allocation

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

United

States

(continued)

VeriSign,

Inc.

(d)

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

24,680

$

4,286,916

Verisk

Analytics,

Inc.

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

20,737

3,536,281

Verizon

Communications,

Inc.

.....

17,844

677,537

Vertiv

Holdings

Co.

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

713,709

6,937,252

Visa,

Inc.,

Class

A

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

10,135

1,800,483

Vulcan

Materials

Co.

...........

100,219

15,805,539

Walgreens

Boots

Alliance,

Inc.

.....

11,571

363,329

Walmart,

Inc.

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

76,893

9,973,022

Walt

Disney

Co.

(The)

(d)

.........

119,396

11,262,625

Waste

Connections,

Inc.

.........

7,207

973,882

Wells

Fargo

&

Co.

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

281,285

11,313,283

Willis

Towers

Watson

plc

.........

4,033

810,391

WillScot

Mobile

Mini

Holdings

Corp.

(d)

40,841

1,647,118

Workday,

Inc.,

Class

A

(d)

.........

7,502

1,141,954

XPO

Logistics,

Inc.

(d)(e)

..........

109,175

4,860,471

Zebra

Technologies

Corp.,

Class

A

(d)

.

1,037

271,704

Zoetis,

Inc.

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

17,787

2,637,634

Zscaler

,

Inc.

(d)(e)

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

28,087

4,616,660

1,480,904,805

Total

Common

Stocks

—

49.5%

(Cost:

$2,456,222,188)

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

2,152,402,603

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Australia

—

0.8%

National

Australia

Bank

Ltd.,

3.38%

,

01/14/26

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

USD

46

43,809

Oafit

,

0.00%

,

03/28/26

(g)

.........

AUD

2,290

1,428,359

Oceana

Australian

Fixed

Income

Trust

(g)

10.00%,

08/31/23

...........

1,547

993,184

10.25%,

08/31/25

...........

2,870

1,898,048

Quintis

Australia

Pty.

Ltd.

(a)(f)(g)(k)

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

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

USD

16,145

16,144,865

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

14,449

13,727,958

34,236,223

Belgium

—

0.1%

Anheuser-Busch

Cos.

LLC,

3.65%

,

02/01/26

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

1,667

1,601,271

Anheuser-Busch

InBev

SA/NV,

4.00%

,

09/24/25

(c)

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

GBP

300

313,248

KBC

Group

NV,

(GUKG1

+

0.92%),

1.25%

,

09/21/27

(b)(c)

..........

300

267,291

2,181,810

Canada

—

0.2%

Bank

of

Montreal

Series

H,

4.25%,

09/14/24

.....

USD

1,331

1,309,399

(SOFR

+

0.60%),

0.95%,

01/22/27

(b)

1,078

932,573

Canadian

Pacific

Railway

Co.,

4.00%

,

06/01/28

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

1,420

1,343,457

Rogers

Communications,

Inc.,

2.95%

,

03/15/25

(a)

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

1,745

1,661,187

Royal

Bank

of

Canada

0.65%,

07/29/24

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

41

38,081

0.75%,

10/07/24

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

104

95,476

1.20%,

04/27/26

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

20

17,411

3.63%,

05/04/27

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

985

916,386

4.24%,

08/03/27

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

1,430

1,364,135

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

Thomson

Reuters

Corp.,

3.35%

,

05/15/26

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

USD

23

$

21,549

Toronto-Dominion

Bank

(The)

2.35%,

03/08/24

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

1,591

1,534,979

4.29%,

09/13/24

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

1,108

1,091,292

2.80%,

03/10/27

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

42

37,842

2.88%,

04/05/27

(c)

...........

GBP

300

284,284

10,648,051

China

—

0.1%

Agile

Group

Holdings

Ltd.,

5.50%

,

04/21/25

(c)

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

USD

215

61,047

Central

China

Real

Estate

Ltd.,

7.90%

,

11/07/23

(c)

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

200

52,000

China

Aoyuan

Group

Ltd.

(c)(d)(l)

7.95%,

02/19/23

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

520

33,085

5.98%,

08/18/25

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

720

44,910

6.20%,

03/24/26

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

887

55,437

China

Evergrande

Group,

10.00%

,

04/11/23

(c)(d)(l)

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

322

19,783

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(d)(g)(l)(m)(n)

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

4,800

5

China

SCE

Group

Holdings

Ltd.,

5.95%

,

09/29/24

(c)

...........

323

62,541

CIFI

Holdings

Group

Co.

Ltd.,

4.45%

,

08/17/26

(c)

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

403

96,720

Easy

Tactic

Ltd.,

7.50%

,

(7.50%

Cash

or

7.50%

PIK),

07/11/28

(k)

......

302

32,709

Fantasia

Holdings

Group

Co.

Ltd.

(c)(d)(l)

10.88%,

01/09/23

...........

815

69,275

11.75%,

04/17/23

...........

716

60,860

Hilong

Holding

Ltd.,

9.75%

,

11/18/24

(c)

270

113,400

Jingrui

Holdings

Ltd.,

12.00%

,

07/25/22

(c)(d)(l)

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

470

23,500

KWG

Group

Holdings

Ltd.,

7.40%

,

03/05/24

(c)

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

358

78,760

Modern

Land

China

Co.

Ltd.

(c)(d)(l)

11.50%,

11/13/22

...........

200

31,000

9.80%,

04/11/23

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

740

114,700

11.95%,

03/04/24

...........

200

31,000

New

Metro

Global

Ltd.,

4.50%

,

05/02/26

(c)

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

237

74,773

NXP

BV

5.35%,

03/01/26

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

273

269,929

3.25%,

11/30/51

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

320

191,196

Powerlong

Real

Estate

Holdings

Ltd.,

6.25%

,

08/10/24

(c)

...........

323

45,886

Redsun

Properties

Group

Ltd.,

10.50%

,

10/03/22

(c)(d)(l)

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

400

28,000

RKPF

Overseas

2019

A

Ltd.,

6.00%

,

09/04/25

(c)

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

220

89,100

Ronshine

China

Holdings

Ltd.

(c)(d)(l)

6.75%,

08/05/24

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

440

24,200

7.10%,

01/25/25

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

723

39,765

Shimao

Group

Holdings

Ltd.,

5.60%

,

07/15/26

(c)(d)(l)

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

300

36,750

Shui

On

Development

Holding

Ltd.,

5.50%

,

03/03/25

(c)

...........

284

187,440

Sinic

Holdings

Group

Co.

Ltd.

(c)(d)(l)

8.50%,

01/24/22

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

270

2,700

10.50%,

06/18/22

...........

250

2,500

Sunac

China

Holdings

Ltd.,

7.00%

,

07/09/25

(c)(d)(l)

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

200

26,000

BlackRock

Global

Allocation

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

China

(continued)

Times

China

Holdings

Ltd.,

6.75%

,

07/08/25

(c)

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

USD

605

$

81,675

Yango

Justice

International

Ltd.

(d)(l)

10.25%,

09/15/22

...........

286

13,639

9.25%,

04/15/23

(c)

...........

327

16,350

7.88%,

09/04/24

(c)

...........

403

20,150

Yuzhou

Group

Holdings

Co.

Ltd.

(c)(d)(l)

8.50%,

02/26/24

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

747

46,687

8.38%,

10/30/24

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

260

16,250

Zhenro

Properties

Group

Ltd.,

6.63%

,

01/07/26

(c)(d)(l)

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

200

8,000

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

3.50%

,

03/08/26

(c)

........

410

334,150

2,535,872

France

—

0.0%

(c)

BNP

Paribas

SA

3.38%,

01/23/26

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

GBP

300

296,789

1.88%,

12/14/27

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

300

258,582

Societe

Generale

SA,

1.88%

,

10/03/24

300

304,352

TotalEnergies

Capital

International

SA,

1.66%

,

07/22/26

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

300

285,511

1,145,234

Germany

—

0.3%

Adler

Pelzer

Holding

GmbH,

4.13%

,

04/01/24

(a)

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

EUR

4,713

3,568,159

APCOA

Parking

Holdings

GmbH,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

01/15/27

(a)(b)

..........

2,093

1,849,607

Deutsche

Bank

AG

(c)

2.63%,

12/16/24

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

GBP

300

301,202

(Sterling

Overnight

Index

Average

+

1.94%),

4.00%,

06/24/26

(b)

...

300

300,750

Douglas

GmbH,

6.00%

,

04/08/26

(a)

..

EUR

2,157

1,606,785

Kirk

Beauty

SUN

GmbH,

8.25%

,

(8.25%

Cash

or

9.00%

PIK),

10/01/26

(a)(b)(k)

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

2,015

1,147,644

Mercedes-Benz

Finance

North

America

LLC

(a)

0.75%,

03/01/24

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

USD

928

873,964

2.13%,

03/10/25

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

990

918,183

Project

Montelena

,

10.25%

,

06/20/30

EUR

2,200

2,091,427

Volkswagen

Financial

Services

NV

(c)

1.88%,

12/03/24

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

GBP

100

100,558

4.25%,

10/09/25

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

200

205,766

12,964,045

Hong

Kong

—

0.0%

(c)

AIA

Group

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.76%),

2.70%

(b)(o)

USD

400

340,000

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

(b)(o)

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

403

346,580

HKT

Capital

No.

6

Ltd.,

3.00%

,

01/18/32

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

350

285,215

Li

&

Fung

Ltd.,

4.50%

,

08/18/25

(p)

...

220

189,310

Melco

Resorts

Finance

Ltd.,

5.38%

,

12/04/29

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

200

120,500

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.18%),

3.80%

,

11/20/29

(b)

...........

150

141,684

Security

Par

(000)

Par

(000)

Value

Hong

Kong

(continued)

NWD

MTN

Ltd.,

4.13%

,

07/18/29

...

USD

430

$

344,753

1,768,042

India

—

0.1%

ABJA

Investment

Co.

Pte.

Ltd.,

5.45%

,

01/24/28

(c)

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

200

183,500

CA

Magnum

Holdings,

5.38%

,

10/31/26

(c)

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

300

250,500

Greenko

Dutch

BV,

3.85%

,

03/29/26

(c)

194

155,200

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(b)(c)

(o)

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

200

163,000

India

Green

Power

Holdings,

4.00%

,

02/22/27

(c)

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

282

224,895

Periama

Holdings

LLC,

5.95%

,

04/19/26

(c)

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

323

279,799

REC

Ltd.,

2.75%

,

01/13/27

(c)

......

330

286,882

REI

Agro

Ltd.

(d)(l)(m)

5.50%,

11/13/14

(a)

...........

5,549

46,028

5.50%,

11/13/14

(c)(g)

..........

2,291

—

ReNew

Power

Pvt

Ltd.,

5.88%

,

03/05/27

(c)

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

200

179,100

Shriram

Transport

Finance

Co.

Ltd.,

5.10%

,

07/16/23

(c)

...........

200

193,500

Summit

Digitel

Infrastructure

Pvt

Ltd.,

2.88%

,

08/12/31

(c)

...........

200

142,938

Vedanta

Resources

Finance

II

plc,

13.88%

,

01/21/24

(c)

..........

200

166,412

2,271,754

Indonesia

—

0.0%

(c)

LLPL

Capital

Pte.

Ltd.,

6.88%

,

02/04/39

427

343,360

Minejesa

Capital

BV,

4.63%

,

08/10/30

416

340,080

Star

Energy

Geothermal

Darajat

II,

4.85%

,

10/14/38

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

470

350,737

Theta

Capital

Pte.

Ltd.,

8.13%

,

01/22/25

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

323

249,376

1,283,553

Italy

—

0.3%

Castor

SpA

(a)

6.00%,

02/15/29

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

EUR

628

535,349

(EURIBOR

3

Month

+

5.25%),

6.25%,

02/15/29

(b)

.........

2,003

1,787,937

Forno

d'Asolo

SpA

,

(EURIBOR

3

Month

+

5.50%),

6.69%

,

04/30/27

(a)(b)

...

5,566

4,691,264

KME

SE,

6.75%

,

02/01/23

(c)

.......

880

837,932

Marcolin

SpA

,

6.13%

,

11/15/26

(a)

...

2,281

1,954,381

Shiba

Bidco

SpA

,

4.50%

,

10/31/28

(a)

.

2,304

1,738,123

11,544,986

Japan

—

0.1%

Nissan

Motor

Co.

Ltd.,

3.52%

,

09/17/25

(a)

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

USD

526

483,765

NTT

Finance

Corp.,

4.14%

,

07/26/24

(a)

880

867,956

Takeda

Pharmaceutical

Co.

Ltd.

4.40%,

11/26/23

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

434

431,197

5.00%,

11/26/28

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

803

777,327

3.18%,

07/09/50

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

788

522,759

3,083,004

Luxembourg

—

0.2%

(a)

Garfunkelux

Holdco

3

SA

6.75%,

11/01/25

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

EUR

1,145

865,520

7.75%,

11/01/25

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

GBP

1,946

1,694,789

BlackRock

Global

Allocation

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Herens

Midco

SARL,

5.25%

,

05/15/29

EUR

2,664

$

1,634,211

Picard

Bondco

SA,

5.38%

,

07/01/27

.

1,850

1,647,282

Sani/

Ikos

Financial

Holdings

1

SARL,

5.63%

,

12/15/26

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

1,769

1,629,686

7,471,488

Macau

—

0.0%

MGM

China

Holdings

Ltd.,

5.88%

,

05/15/26

(c)

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

USD

398

323,375

Sands

China

Ltd.,

4.88%

,

06/18/30

(p)

.

200

155,000

Studio

City

Finance

Ltd.,

5.00%

,

01/15/29

(c)

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

334

158,650

637,025

Malaysia

—

0.0%

(c)

CIMB

Bank

Bhd.,

2.13%

,

07/20/27

..

400

346,075

Dua

Capital

Ltd.,

2.78%

,

05/11/31

...

341

261,919

Gohl

Capital

Ltd.,

4.25%

,

01/24/27

..

300

249,150

TNB

Global

Ventures

Capital

Bhd.,

4.85%

,

11/01/28

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

200

191,787

1,048,931

Netherlands

—

0.1%

Cooperatieve

Rabobank

UA,

(GUKG1

+

1.05%),

1.88%

,

07/12/28

(b)(c)

...

GBP

300

265,267

ING

Groep

NV

4.63%,

01/06/26

(a)

...........

USD

110

105,797

3.00%,

02/18/26

(c)

...........

GBP

300

294,249

(SOFR

+

1.64%),

3.87%,

03/28/26

(b)

USD

320

303,370

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.40%,

07/01/26

(a)(b)

..

48

42,383

Titan

Holdings

II

BV,

5.13%

,

07/15/29

(a)

EUR

1,384

1,061,375

Trivium

Packaging

Finance

BV,

5.50%

,

08/15/26

(a)(p)

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

USD

662

592,072

2,664,513

Philippines

—

0.0%

(b)(c)(o)

Globe

Telecom,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

4.20%

.

340

299,157

Rizal

Commercial

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.24%),

6.50%

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

323

295,949

595,106

Saudi

Arabia

—

0.0%

EIG

Pearl

Holdings

SARL,

3.55%

,

08/31/36

(c)

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

300

238,500

Singapore

—

0.0%

(c)

BOC

Aviation

Ltd.,

3.50%

,

09/18/27

.

350

319,102

GLP

Pte.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.74%),

4.50%

(b)(o)

363

239,761

558,863

South

Korea

—

0.0%

(c)

Kookmin

Bank,

2.50%

,

11/04/30

....

200

154,125

LG

Chem

Ltd.,

2.38%

,

07/07/31

....

360

280,336

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.06%),

2.88%

(b)(o)

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

200

167,250

SK

Battery

America,

Inc.,

2.13%

,

01/26/26

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

480

417,326

Security

Par

(000)

Par

(000)

Value

South

Korea

(continued)

SK

Hynix,

Inc.,

2.38%

,

01/19/31

....

USD

250

$

184,109

1,203,146

Spain

—

0.0%

(c)

Banco

Santander

SA,

(GUKG1

+

1.80%),

3.13%

,

10/06/26

(b)

.....

GBP

1,000

983,705

Telefonica

Emisiones

SA

5.29%,

12/09/22

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

100

111,564

5.38%,

02/02/26

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

600

637,753

1,733,022

Sweden

—

0.0%

Swedbank

AB,

(GUKG1

+

1.00%),

1.38%

,

12/08/27

(b)(c)

..........

300

265,340

Verisure

Holding

AB

3.88%,

07/15/26

(c)

...........

EUR

499

419,749

9.25%,

10/15/27

(a)

...........

1,014

1,006,471

Verisure

Midholding

AB,

5.25%

,

02/15/29

(c)

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

355

255,720

1,947,280

Switzerland

—

0.1%

Novartis

Capital

Corp.,

3.00%

,

11/20/25

USD

34

32,327

UBS

Group

AG

(a)(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

....

1,713

1,652,704

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

05/12/26

....

847

816,333

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.05%),

4.70%,

08/05/27

....

584

553,633

3,054,997

Thailand

—

0.0%

(c)

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%

,

09/25/34

(b)

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

200

162,288

GC

Treasury

Center

Co.

Ltd.,

2.98%

,

03/18/31

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

200

155,412

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%

,

10/02/31

(b)

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

200

172,100

Krung

Thai

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.53%),

4.40%

(b)(o)

282

227,010

Muang

Thai

Life

Assurance

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

2.40%),

3.55%

,

01/27/37

(b)

...........

400

334,470

1,051,280

Turkey

—

0.1%

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(a)(d)(f)(g)(l)(m)

...........

21,400

2,007,320

United

Arab

Emirates

—

0.0%

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

,

10/31/25

(a)

..........

1,145

1,123,344

BlackRock

Global

Allocation

V.I.

Fund

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

—

0.7%

AstraZeneca

plc,

2.13%

,

08/06/50

..

USD

989

$

569,382

Barclays

plc

(c)

(BPISDS01

+

1.60%),

2.38%,

10/06/23

(b)

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

GBP

300

334,918

3.00%,

05/08/26

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

300

286,423

3.25%,

02/12/27

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

300

280,406

BCP

V

Modular

Services

Finance

II

plc,

6.13%

,

11/30/28

(a)

...........

2,882

2,494,237

BCP

V

Modular

Services

Finance

plc,

6.75%

,

11/30/29

(a)

...........

EUR

3,843

2,598,769

BG

Energy

Capital

plc,

5.13%

,

12/01/25

(c)

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

GBP

547

586,827

Boparan

Finance

plc,

7.63%

,

11/30/25

(c)

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

2,585

1,872,620

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

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

USD

1,458

1,275,097

Constellation

Automotive

Financing

plc,

4.88%

,

07/15/27

(a)

...........

GBP

781

590,797

Deuce

Finco

plc,

5.50%

,

06/15/27

(a)

.

5,655

4,703,997

GlaxoSmithKline

Capital

plc,

3.00%

,

06/01/24

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

USD

1,561

1,519,508

GlaxoSmithKline

Capital,

Inc.,

3.63%

,

05/15/25

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

990

962,779

HSBC

Holdings

plc

(b)

(SOFR

+

0.53%),

0.73%,

08/17/24

1,485

1,415,726

(SOFR

+

0.71%),

0.98%,

05/24/25

552

507,151

(Sterling

Overnight

Index

Average

+

1.31%),

1.75%,

07/24/27

....

GBP

400

358,742

Informa

plc,

3.13%

,

07/05/26

(c)

.....

300

288,260

Inspired

Entertainment

Financing

plc,

7.88%

,

06/01/26

(a)

...........

1,644

1,708,584

Kane

Bidco

Ltd.

(a)

5.00%,

02/15/27

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

EUR

1,512

1,244,742

6.50%,

02/15/27

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

GBP

1,817

1,740,280

Lloyds

Bank

plc,

3.50%

,

05/14/25

...

USD

119

112,610

Lloyds

Banking

Group

plc,

2.25%

,

10/16/24

(c)

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

GBP

600

615,229

NatWest

Group

plc

(b)(c)

(BPSW1

+

1.49%),

2.88%,

09/19/26

300

293,992

(BPSW1

+

2.01%),

3.13%,

03/28/27

300

289,005

Santander

UK

Group

Holdings

plc,

3.63%

,

01/14/26

(c)

...........

300

296,919

Sky

Ltd.,

3.75%

,

09/16/24

(a)

.......

USD

278

271,236

Vodafone

Group

plc,

4.13%

,

05/30/25

437

428,758

Wheel

Bidco

Ltd.,

6.75%

,

07/15/26

(a)

.

GBP

909

784,125

28,431,119

United

States

—

6.7%

AbbVie,

Inc.

2.60%,

11/21/24

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

USD

1,854

1,764,313

3.80%,

03/15/25

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

1,434

1,388,835

3.60%,

05/14/25

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

3,437

3,299,070

3.20%,

05/14/26

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

47

43,935

2.95%,

11/21/26

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

1,964

1,799,335

Aetna,

Inc.,

3.50%

,

11/15/24

......

146

141,866

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

319

260,049

AIG

Global

Funding,

0.65%

,

06/17/24

(a)

728

676,268

Albertsons

Cos.,

Inc.,

3.50%

,

03/15/29

(a)

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

2,757

2,222,142

Allegiant

Travel

Co.

(a)

8.50%,

02/05/24

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

4,442

4,391,006

7.25%,

08/15/27

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

431

406,217

Alphabet,

Inc.,

2.25%

,

08/15/60

....

325

182,713

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Amazon.com,

Inc.

2.50%,

06/03/50

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

USD

639

$

398,949

2.70%,

06/03/60

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

320

188,782

American

Express

Co.

2.50%,

07/30/24

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

952

911,789

2.25%,

03/04/25

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

40

37,488

3.95%,

08/01/25

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

973

942,406

American

International

Group,

Inc.,

3.90%

,

04/01/26

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

724

691,100

American

Tower

Corp.

3.38%,

05/15/24

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

1,867

1,817,759

4.40%,

02/15/26

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

741

720,400

3.10%,

06/15/50

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

320

199,257

Amgen,

Inc.

1.90%,

02/21/25

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

39

36,360

3.13%,

05/01/25

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

222

212,733

5.50%,

12/07/26

(c)

...........

GBP

300

324,634

3.00%,

01/15/52

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

USD

1,274

796,398

2.77%,

09/01/53

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

320

186,448

Aon

Corp.

4.50%,

12/15/28

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

1,056

995,858

2.90%,

08/23/51

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

985

609,564

Apple,

Inc.,

2.40%

,

08/20/50

......

320

198,607

Aptiv

plc,

3.10%

,

12/01/51

........

1,394

780,629

Ardagh

Metal

Packaging

Finance

USA

LLC

(a)

6.00%,

06/15/27

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

376

354,080

3.25%,

09/01/28

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

303

247,236

AT&T,

Inc.

1.70%,

03/25/26

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

1,368

1,216,547

2.90%,

12/04/26

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

GBP

600

578,410

5.50%,

03/15/27

(c)

...........

300

317,909

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

USD

172

85,570

Bank

of

America

Corp.

(SOFR

+

0.67%),

1.84%,

02/04/25

(b)

947

899,969

(LIBOR

USD

3

Month

+

0.97%),

3.46%,

03/15/25

(b)

.........

60

58,103

(SOFR

+

1.11%),

3.84%,

04/25/25

(b)

2,389

2,324,057

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(b)

.........

143

133,889

(SOFR

+

0.65%),

1.53%,

12/06/25

(b)

89

81,409

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(b)

.........

349

330,674

(SOFR

+

1.33%),

3.38%,

04/02/26

(b)

1,455

1,374,417

3.50%,

04/19/26

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

46

43,213

(SOFR

+

1.75%),

4.83%,

07/22/26

(b)

1,190

1,163,456

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

(b)

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

43

37,259

Series

L,

4.18%,

11/25/27

.....

1,439

1,333,149

(LIBOR

USD

3

Month

+

1.58%),

3.82%,

01/20/28

(b)

.........

98

90,203

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(b)

.........

42

38,218

(SOFR

+

1.56%),

2.97%,

07/21/52

(b)

320

196,262

Bank

of

New

York

Mellon

Corp.

(The)

2.10%,

10/24/24

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

919

870,749

(SOFR

+

1.35%),

4.41%,

07/24/26

(b)

1,752

1,711,742

3.85%,

04/26/29

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

2,634

2,401,854

Becton

Dickinson

and

Co.

3.36%,

06/06/24

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

978

950,399

3.70%,

06/06/27

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

2,903

2,701,515

Berry

Global,

Inc.,

4.88%

,

07/15/26

(a)

91

85,540

Blackstone

Holdings

Finance

Co.

LLC,

3.15%

,

10/02/27

(a)

...........

758

682,133

Boston

Properties

LP,

2.75%

,

10/01/26

1,012

909,946

BlackRock

Global

Allocation

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Bristol-Myers

Squibb

Co.

3.63%,

05/15/24

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

USD

1,381

$

1,358,531

3.20%,

06/15/26

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

1,370

1,296,544

3.25%,

02/27/27

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

76

71,525

2.55%,

11/13/50

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

464

285,888

Broadcom

Corp.,

3.88%

,

01/15/27

..

1,702

1,565,634

Broadcom,

Inc.,

3.15%

,

11/15/25

...

1,229

1,153,592

California

Resources

Corp.,

7.13%

,

02/01/26

(a)

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

200

188,000

Capital

One

Financial

Corp.,

3.90%

,

01/29/24

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

1,405

1,384,515

Cargill,

Inc.,

3.50%

,

04/22/25

(a)

.....

803

774,462

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

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

346

230,955

Caterpillar

Financial

Services

Corp.,

0.60%

,

09/13/24

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

944

873,911

CDI

Escrow

Issuer,

Inc.,

5.75%

,

04/01/30

(a)

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

654

571,148

Change

Healthcare

Holdings

LLC,

5.75%

,

03/01/25

(a)

...........

365

362,790

Charles

Schwab

Corp.

(The)

4.20%,

03/24/25

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

38

37,579

3.45%,

02/13/26

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

74

71,190

Charter

Communications

Operating

LLC

4.91%,

07/23/25

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

2,916

2,843,564

4.20%,

03/15/28

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

226

202,900

3.85%,

04/01/61

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

320

186,816

Cheever

Escrow

Issuer

LLC,

7.13%

,

10/01/27

(a)

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

613

548,635

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

775

710,931

Churchill

Downs,

Inc.,

5.50%

,

04/01/27

(a)

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

16

14,805

Cigna

Corp.,

1.25%

,

03/15/26

.....

63

55,178

Cisco

Systems,

Inc.,

2.50%

,

09/20/26

21

19,514

Citigroup,

Inc.

(LIBOR

USD

3

Month

+

0.90%),

3.35%,

04/24/25

(b)

.........

237

228,555

(SOFR

+

0.67%),

0.98%,

05/01/25

(b)

181

167,704

(SOFR

+

1.37%),

4.14%,

05/24/25

(b)

463

452,569

(SOFR

+

1.53%),

3.29%,

03/17/26

(b)

1,901

1,794,759

3.40%,

05/01/26

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

16

14,922

(SOFRINDX

+

1.55%),

5.61%,

09/29/26

(b)

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

977

971,610

1.75%,

10/23/26

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

GBP

457

415,865

Comcast

Corp.

3.95%,

10/15/25

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

USD

124

120,461

3.55%,

05/01/28

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

2,663

2,441,192

2.45%,

08/15/52

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

320

181,416

2.65%,

08/15/62

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

227

122,347

Conagra

Brands,

Inc.,

4.30%

,

05/01/24

72

70,861

Covanta

Holding

Corp.,

4.88%

,

12/01/29

(a)

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

331

267,534

Cox

Communications,

Inc.,

3.85%

,

02/01/25

(a)

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

1,183

1,139,006

Crown

Castle

International

Corp.,

3.70%

,

06/15/26

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

1,231

1,156,186

CSX

Corp.,

2.50%

,

05/15/51

......

320

191,530

CVS

Health

Corp.

3.88%,

07/20/25

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

676

655,626

2.88%,

06/01/26

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

1,495

1,384,066

1.30%,

08/21/27

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

1,345

1,120,559

4.30%,

03/25/28

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

1,169

1,102,550

5.05%,

03/25/48

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

1,410

1,241,734

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Deere

&

Co.,

2.75%

,

04/15/25

.....

USD

206

$

196,721

Dell

International

LLC

6.02%,

06/15/26

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

1,146

1,150,616

3.45%,

12/15/51

(a)

...........

320

181,924

Discovery

Communications

LLC,

3.80%

,

03/13/24

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

710

693,069

Dollar

General

Corp.

4.25%,

09/20/24

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

484

478,188

3.88%,

04/15/27

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

1,182

1,117,029

Duke

Realty

LP,

2.25%

,

01/15/32

...

318

247,144

Earthstone

Energy

Holdings

LLC,

8.00%

,

04/15/27

(a)

...........

2,043

1,925,528

eBay,

Inc.,

1.90%

,

03/11/25

.......

461

427,811

Elevance

Health,

Inc.

2.38%,

01/15/25

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

28

26,425

3.65%,

12/01/27

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

1,682

1,566,435

3.13%,

05/15/50

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

1,205

797,043

Eli

Lilly

&

Co.,

2.25%

,

05/15/50

....

320

197,952

Equinix

,

Inc.

1.25%,

07/15/25

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

1,688

1,509,632

1.45%,

05/15/26

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

1,068

924,784

3.00%,

07/15/50

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

160

98,034

Expedia

Group,

Inc.,

2.95%

,

03/15/31

86

66,717

Fidelity

National

Information

Services,

Inc.,

1.15%

,

03/01/26

.........

31

26,825

Fifth

Third

Bancorp,

(SOFR

+

1.36%),

4.06%

,

04/25/28

(b)

...........

854

801,508

Fiserv,

Inc.,

3.20%

,

07/01/26

......

323

297,447

Ford

Motor

Co.,

6.10%

,

08/19/32

...

1,959

1,727,054

Freed

Corp.,

10.00%

,

12/01/23

(g)

...

3,811

3,658,560

Freedom

Mortgage

Corp.

(a)

8.13%,

11/15/24

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

1,177

1,029,875

8.25%,

04/15/25

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

1,108

915,471

Frontier

Communications

Corp.

(a)

5.88%,

10/15/27

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

1,329

1,191,090

5.00%,

05/01/28

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

1,169

1,003,236

6.75%,

05/01/29

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

2,148

1,772,100

Frontier

Communications

Holdings

LLC,

8.75%

,

05/15/30

(a)

.......

1,544

1,544,988

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

20

18,480

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

1,306

1,181,926

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

79

71,110

GATX

Corp.,

3.50%

,

03/15/28

.....

29

25,590

GCI

LLC,

4.75%

,

10/15/28

(a)

......

321

266,512

General

Motors

Co.,

4.88%

,

10/02/23

857

853,469

General

Motors

Financial

Co.,

Inc.

2.90%,

02/26/25

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

1,477

1,379,972

5.25%,

03/01/26

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

1,611

1,567,704

2.70%,

08/20/27

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

1,989

1,684,124

Georgia-Pacific

LLC,

3.60%

,

03/01/25

(a)

35

33,760

Gilead

Sciences,

Inc.

0.75%,

09/29/23

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

1,127

1,081,661

3.70%,

04/01/24

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

1,128

1,110,297

3.65%,

03/01/26

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

493

468,609

2.80%,

10/01/50

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

1,288

795,425

Global

Payments,

Inc.

2.65%,

02/15/25

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

149

139,257

4.95%,

08/15/27

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

215

204,839

Goldman

Sachs

Group,

Inc.

(The)

3.00%,

03/15/24

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

2,252

2,188,215

3.50%,

04/01/25

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

1,380

1,318,180

BlackRock

Global

Allocation

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(SOFR

+

0.61%),

0.86%,

02/12/26

(b)

USD

54

$

48,179

(SOFR

+

0.79%),

1.09%,

12/09/26

(b)

1,605

1,384,995

7.25%,

04/10/28

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

GBP

300

337,227

GSK

Consumer

Healthcare

Capital

UK

plc,

3.13%

,

03/24/25

(a)

........

USD

1,692

1,597,157

GSK

Consumer

Healthcare

Capital

US

LLC

(a)

3.02%,

03/24/24

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

465

449,831

3.38%,

03/24/27

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

2,471

2,240,955

HCA,

Inc.

5.00%,

03/15/24

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

99

98,352

5.38%,

02/01/25

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

1,328

1,312,296

5.25%,

04/15/25

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

1,395

1,366,422

5.88%,

02/15/26

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

1,365

1,346,582

3.50%,

07/15/51

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

320

198,134

Home

Depot,

Inc.

(The)

2.38%,

03/15/51

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

1,302

761,847

2.75%,

09/15/51

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

1,224

778,271

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(g)

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

5,001

4,569,914

Humana,

Inc.

0.65%,

08/03/23

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

1,597

1,542,048

1.35%,

02/03/27

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

25

21,055

Huntington

Bancshares,

Inc.,

(SOFR

+

1.97%),

4.44%

,

08/04/28

(b)

.....

1,822

1,720,357

Intel

Corp.

3.40%,

03/25/25

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

368

356,882

3.10%,

02/15/60

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

61

36,804

Intercontinental

Exchange,

Inc.

4.00%,

09/15/27

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

966

916,959

3.00%,

09/15/60

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

320

191,274

International

Business

Machines

Corp.

3.30%,

05/15/26

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

1,457

1,372,894

4.15%,

07/27/27

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

1,408

1,351,941

2.95%,

05/15/50

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

320

201,682

Johnson

&

Johnson,

2.25%

,

09/01/50

320

197,299

JPMorgan

Chase

&

Co.

(b)

(3

Month

CME

Term

SOFR

+

0.58%),

0.97%,

06/23/25

....

2,177

2,013,675

(SOFR

+

0.61%),

1.56%,

12/10/25

219

200,819

(SOFR

+

1.85%),

2.08%,

04/22/26

1,980

1,803,955

(SOFR

+

1.32%),

4.08%,

04/26/26

1,502

1,446,144

(Sterling

Overnight

Index

Average

+

0.68%),

0.99%,

04/28/26

(c)

...

GBP

700

673,783

(SOFR

+

1.56%),

4.32%,

04/26/28

USD

1,581

1,481,562

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

..........

348

315,082

(SOFR

+

1.99%),

4.85%,

07/25/28

1,389

1,333,682

Keurig

Dr

Pepper,

Inc.,

0.75%

,

03/15/24

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

696

655,609

Kinder

Morgan

Energy

Partners

LP,

3.50%

,

09/01/23

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

662

652,155

Kinetik

Holdings

LP,

5.88%

,

06/15/30

(a)

361

330,553

Kraft

Heinz

Foods

Co.

3.00%,

06/01/26

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

1,977

1,822,891

4.13%,

07/01/27

(c)

...........

GBP

200

196,786

4.38%,

06/01/46

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

USD

1,379

1,072,032

L3Harris

Technologies,

Inc.,

3.85%

,

12/15/26

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

2,906

2,743,900

Lam

Research

Corp.,

3.75%

,

03/15/26

166

159,196

Level

3

Financing,

Inc.,

4.25%

,

07/01/28

(a)

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

189

147,422

Lightning

eMotors

,

Inc.,

7.50%

,

05/18/25

(a)(m)

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

884

587,857

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

USD

417

$

310,665

LogMeIn,

Inc.,

5.50%

,

09/01/27

(a)

...

929

569,771

Lowe's

Cos.,

Inc.

4.00%,

04/15/25

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

29

28,413

4.40%,

09/08/25

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

524

516,004

3.35%,

04/01/27

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

758

702,014

1.70%,

09/15/28

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

1,083

884,206

3.00%,

10/15/50

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

320

195,951

4.25%,

04/01/52

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

1,619

1,239,670

Lumen

Technologies,

Inc.,

5.13%

,

12/15/26

(a)

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

1,378

1,185,645

LYB

International

Finance

II

BV,

3.50%

,

03/02/27

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

2,687

2,457,069

LyondellBasell

Industries

NV,

5.75%

,

04/15/24

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

221

222,753

Magallanes,

Inc.

(a)

3.43%,

03/15/24

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

499

482,134

3.64%,

03/15/25

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

436

412,902

Marsh

&

McLennan

Cos.,

Inc.

3.88%,

03/15/24

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

1,107

1,091,574

3.75%,

03/14/26

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

835

807,153

5.88%,

08/01/33

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

913

920,807

McDonald's

Corp.,

3.30%

,

07/01/25

.

53

50,965

Merck

&

Co.,

Inc.

2.75%,

02/10/25

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

373

357,584

2.45%,

06/24/50

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

320

196,916

Meta

Platforms,

Inc.,

3.50%

,

08/15/27

(a)

733

685,438

MetLife,

Inc.

Series

D,

4.37%,

09/15/23

(p)

....

991

987,601

3.60%,

11/13/25

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

900

866,558

Metropolitan

Life

Global

Funding

I

(a)

1.88%,

01/11/27

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

24

20,952

3.00%,

09/19/27

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

759

684,921

1.55%,

01/07/31

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

985

742,311

MGM

Resorts

International,

5.50%

,

04/15/27

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

108

97,039

Microsoft

Corp.

2.70%,

02/12/25

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

1,817

1,743,691

2.53%,

06/01/50

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

2,360

1,541,890

2.68%,

06/01/60

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

320

201,218

Mondelez

International

Holdings

Netherlands

BV

(a)

4.25%,

09/15/25

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

702

687,142

1.25%,

09/24/26

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

37

31,719

Moody's

Corp.

2.55%,

08/18/60

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

78

42,356

3.10%,

11/29/61

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

242

147,455

Morgan

Stanley

(SOFR

+

1.16%),

3.62%,

04/17/25

(b)

1,965

1,908,337

(SOFR

+

0.53%),

0.79%,

05/30/25

(b)

464

427,066

(SOFR

+

1.67%),

4.68%,

07/17/26

(b)

540

525,810

3.13%,

07/27/26

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

1,726

1,589,325

(SOFR

+

0.86%),

1.51%,

07/20/27

(b)

46

39,178

(SOFR

+

1.61%),

4.21%,

04/20/28

(b)

1,910

1,787,219

Mozart

Debt

Merger

Sub,

Inc.,

3.88%

,

04/01/29

(a)

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

426

341,520

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

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

203

173,311

5.50%,

08/15/28

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

1,040

816,655

5.13%,

12/15/30

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

914

662,833

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

494

398,233

New

York

Life

Global

Funding,

2.88%

,

04/10/24

(a)

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

667

648,185

BlackRock

Global

Allocation

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

NextEra

Energy

Capital

Holdings,

Inc.,

2.94%

,

03/21/24

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

USD

1,618

$

1,571,800

Norfolk

Southern

Corp.,

3.00%

,

03/15/32

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

535

447,346

Northern

Trust

Corp.,

4.00%

,

05/10/27

1,005

969,097

NortonLifeLock

,

Inc.

(a)

6.75%,

09/30/27

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

1,216

1,166,789

7.13%,

09/30/30

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

400

386,884

OA

Leasing

Corp.,

8.00%

,

01/21/24

(g)

AUD

428

268,809

Omnicom

Group,

Inc.,

3.65%

,

11/01/24

USD

457

445,420

Oncor

Electric

Delivery

Co.

LLC,

5.75%

,

03/15/29

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

43

44,210

ONEOK

Partners

LP,

4.90%

,

03/15/25

2,278

2,240,609

Oracle

Corp.

2.40%,

09/15/23

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

1,115

1,087,905

3.40%,

07/08/24

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

243

236,184

2.50%,

04/01/25

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

1,540

1,435,063

3.60%,

04/01/50

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

320

200,225

3.95%,

03/25/51

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

1,267

840,281

PACCAR

Financial

Corp.,

4.95%

,

10/03/25

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

798

800,625

Pacific

Gas

&

Electric

Co.,

4.50%

,

07/01/40

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

766

557,106

Paramount

Global,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%

,

03/30/62

(b)

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

295

254,850

Parker-Hannifin

Corp.,

4.25%

,

09/15/27

706

672,432

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

269

289,511

PepsiCo,

Inc.,

2.38%

,

10/06/26

....

68

62,452

Permian

Resources

Operating

LLC,

5.38%

,

01/15/26

(a)

...........

75

68,438

Picard

Midco

,

Inc.,

6.50%

,

03/31/29

(a)

3,012

2,544,236

Pitney

Bowes,

Inc.

(a)

6.88%,

03/15/27

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

1,710

1,047,795

7.25%,

03/15/29

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

1,392

831,720

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

471

376,678

PNC

Bank

NA

3.25%,

06/01/25

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

1,296

1,241,172

4.20%,

11/01/25

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

96

93,408

PNC

Financial

Services

Group,

Inc.

(The),

3.50%

,

01/23/24

........

495

487,131

PPG

Industries,

Inc.,

1.20%

,

03/15/26

420

366,543

Principal

Life

Global

Funding

II

(a)

0.75%,

04/12/24

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

29

27,064

1.25%,

08/16/26

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

27

23,156

Regions

Financial

Corp.,

2.25%

,

05/18/25

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

55

50,939

RMIT

Cash

Management

LLC,

Series

2021-3,

3.88%

,

10/17/33

(g)

.....

5,969

5,372,100

Ryder

System,

Inc.,

2.50%

,

09/01/24

70

66,811

S&P

Global,

Inc.

2.45%,

03/01/27

(a)

...........

1,013

908,007

2.30%,

08/15/60

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

493

259,568

Sabre

GLBL,

Inc.,

9.25%

,

04/15/25

(a)

.

1,042

997,621

Salesforce,

Inc.

0.63%,

07/15/24

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

1,636

1,524,925

2.90%,

07/15/51

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

320

211,372

San

Diego

Gas

&

Electric

Co.,

Series

NNN,

3.60%

,

09/01/23

........

550

543,270

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Service

Properties

Trust

4.50%,

06/15/23

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

USD

417

$

407,096

4.35%,

10/01/24

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

361

319,579

4.50%,

03/15/25

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

485

405,115

7.50%,

09/15/25

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

1,040

972,400

Sherwin-Williams

Co.

(The)

4.05%,

08/08/24

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

1,547

1,521,243

4.25%,

08/08/25

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

700

683,243

2.90%,

03/15/52

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

995

597,988

Shire

Acquisitions

Investments

Ireland

DAC

2.88%,

09/23/23

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

1,920

1,877,683

3.20%,

09/23/26

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

3,655

3,371,156

Simon

Property

Group

LP,

3.38%

,

10/01/24

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

42

40,751

Sprint

Corp.

7.88%,

09/15/23

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

1,705

1,722,417

7.13%,

06/15/24

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

245

248,665

Steel

Dynamics,

Inc.

2.40%,

06/15/25

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

1,704

1,575,388

5.00%,

12/15/26

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

101

98,982

Stem,

Inc.,

0.50%

,

12/01/28

(a)(m)

....

166

123,172

Talen

Energy

Supply

LLC

(a)(d)(l)

7.25%,

05/15/27

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

1,418

1,449,905

6.63%,

01/15/28

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

1,718

1,739,475

7.63%,

06/01/28

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

683

703,840

Tap

Rock

Resources

LLC,

7.00%

,

10/01/26

(a)

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

2,292

2,095,289

Tenet

Healthcare

Corp.,

6.13%

,

06/15/30

(a)

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

1,084

992,944

Texas

Capital

Bank

NA,

(LIBOR

USD

3

Month

+

4.50%),

8.17%

,

09/30/24

(a)

(b)

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

2,870

2,759,178

Thermo

Fisher

Scientific,

Inc.,

1.22%

,

10/18/24

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

22

20,459

T-Mobile

USA,

Inc.,

3.50%

,

04/15/25

.

2,753

2,631,221

Toyota

Motor

Credit

Corp.

1.80%,

02/13/25

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

119

110,996

3.05%,

03/22/27

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

70

64,461

TransDigm

,

Inc.,

6.25%

,

03/15/26

(a)

..

922

894,340

Truist

Bank

3.30%,

05/15/26

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

210

194,789

3.80%,

10/30/26

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

243

228,527

Truist

Financial

Corp.

(b)

(SOFR

+

1.46%),

4.26%,

07/28/26

973

946,287

(SOFR

+

0.61%),

1.27%,

03/02/27

787

684,123

TWDC

Enterprises

18

Corp.,

3.15%

,

09/17/25

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

47

44,845

UnitedHealth

Group,

Inc.

3.10%,

03/15/26

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

99

93,643

2.90%,

05/15/50

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

320

210,175

Univision

Communications,

Inc.,

7.38%

,

06/30/30

(a)

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

560

534,405

US

Bancorp

3.10%,

04/27/26

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

60

56,060

(SOFR

+

0.73%),

2.22%,

01/27/28

(b)

534

470,349

3.90%,

04/26/28

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

1,020

961,131

(SOFR

+

1.66%),

4.55%,

07/22/28

(b)

2,484

2,393,720

Ventas

Realty

LP,

3.50%

,

02/01/25

..

1,139

1,087,487

Verizon

Communications,

Inc.

4.07%,

06/18/24

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

GBP

100

108,017

2.63%,

08/15/26

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

USD

1,006

913,729

1.13%,

11/03/28

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

GBP

300

245,518

2.88%,

11/20/50

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

USD

192

117,410

2.99%,

10/30/56

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

2,292

1,362,415

BlackRock

Global

Allocation

V.I.

Fund

17

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(a)

USD

590

$

474,950

Visa,

Inc.,

2.00%

,

08/15/50

.......

856

489,953

Vistra

Operations

Co.

LLC,

5.63%

,

02/15/27

(a)

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

2,339

2,189,889

VMware,

Inc.,

1.80%

,

08/15/28

....

1,955

1,549,882

Walt

Disney

Co.

(The)

2.20%,

01/13/28

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

1,044

909,009

2.75%,

09/01/49

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

320

203,026

Waste

Management,

Inc.

0.75%,

11/15/25

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

312

275,378

3.15%,

11/15/27

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

976

892,519

Wells

Fargo

&

Co.

(b)

(LIBOR

USD

3

Month

+

0.75%),

2.16%,

02/11/26

..........

1,166

1,073,547

(SOFR

+

1.56%),

4.54%,

08/15/26

2,853

2,760,008

(SOFR

+

1.51%),

3.53%,

03/24/28

1,478

1,338,650

Welltower

,

Inc.

4.50%,

01/15/24

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

1,153

1,142,653

2.70%,

02/15/27

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

1,008

900,501

Western

Alliance

Bancorp,

6.47%

,

12/30/24

(b)

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

11,150

11,141,522

Western

Digital

Corp.,

4.75%

,

02/15/26

602

557,440

Workday,

Inc.,

3.50%

,

04/01/27

....

1,939

1,793,560

WRKCo

,

Inc.

3.75%,

03/15/25

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

541

521,232

4.65%,

03/15/26

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

361

353,083

Wynn

Las

Vegas

LLC

(a)

5.50%,

03/01/25

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

540

505,575

5.25%,

05/15/27

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

108

95,062

Xerox

Holdings

Corp.

(a)

5.00%,

08/15/25

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

1,795

1,614,638

5.50%,

08/15/28

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

1,020

813,721

291,016,398

Vietnam

—

0.0%

Mong

Duong

Finance

Holdings

BV,

5.13%

,

05/07/29

(c)

...........

395

306,619

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

(a)

6.88%,

03/01/26

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

505

462,507

6.88%,

10/15/27

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

1,012

910,800

1,373,307

Total

Corporate

Bonds

—

9.9%

(Cost:

$523,739,157)

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

430,124,832

Floating

Rate

Loan

Interests

Belgium

—

0.1%

Apollo

Finco

BV,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.85%),

5.08%

,

 10/02/28

(b)

...........

EUR

4,443

3,804,616

Canada

—

0.1%

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

1

Month

+

5.00%),

5.69%

,

 12/22/25

(b)

.....

6,287

5,942,587

France

—

0.1%

Babilou

Family,

Facility

Term

Loan,

(EURIBOR

3

Month

+

4.00%),

5.16%

,

 11/17/27

(b)

...........

7,151

6,508,781

Security

Par

(000)

Par

(000)

Value

Germany

—

0.1%

Iris

BidCo

GmbH,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 06/29/28

(b)

...........

EUR

2,856

$

2,491,130

Jersey,

Channel

Islands

—

0.1%

(b)(g)

Vita

Global

FinCo

Ltd.,

Facility

Term

Loan,

(LIBOR

GBP

1

Month

+

7.00%),

8.69%

,

 07/06/27

......

GBP

1,351

1,442,437

Vita

Global

FinCo

Ltd.,

Term

Loan,

(EURIBOR

6

Month

+

7.00%),

0.00%

-

15.00%

,

 01/01/28

......

EUR

2,252

2,110,161

3,552,598

Luxembourg

—

0.3%

(b)

CatLuxe

SARL,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

4.50%),

4.80%

,

 10/02/24

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

1,781

1,188,892

CatLuxe

SARL,

Facility

Term

Loan

B3,

(EURIBOR

3

Month

+

4.50%),

4.80%

,

 10/02/24

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

4,496

3,001,465

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

6.62%

,

 05/05/28

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

USD

1,441

1,390,645

Luxembourg

Life

Fund

-

Long

Term

Growth

Fund,

Term

Loan,

(LIBOR

USD

3

Month

+

9.25%),

0.00%

-

15.00%

,

 01/01/38

(g)

..........

4,340

4,318,573

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

11.50%),

0.00%

-

15.00%

,

 01/01/28

(g)

..........

498

487,307

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Term

Loan,

(LIBOR

USD

3

Month

+

11.50%),

0.00%

-

15.00%

,

 01/01/28

(g)

..........

3,231

3,162,721

13,549,603

Netherlands

—

0.4%

(b)

Cypher

Bidco

BV,

Term

Loan,

(EURIBOR

6

Month

+

2

.

9

0%),

0.00%

-

15.00%

,

 01/01/28

(g)

.....

EUR

5,188

4,690,035

Median

BV,

Facility

Term

Loan

B1,

(EURIBOR

6

Month

+

5.00%),

5.23%

,

 10/14/27

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

3,032

2,706,508

Ziggo

BV,

Facility

Term

Loan

H,

(EURIBOR

6

Month

+

3.00%),

3.76%

,

 01/31/29

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

9,179

8,057,558

15,454,101

Spain

—

0.1%

Challenger,

Term

Loan,

(EURIBOR

1

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(b)(g)

.........

6,353

6,117,698

Sweden

—

0.0%

Unique

BidCo

AB,

Term

Loan

B,

(EURIBOR

3

Month

+

5.25%),

6.24%

,

 03/11/29

(b)

...........

2,156

1,914,895

BlackRock

Global

Allocation

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

Kingdom

—

0.2%

(b)

Constellation

Automotive

Ltd.,

Facility

2nd

Lien

Term

Loan,

(LIBOR

GBP

6

Month

+

7.50%),

9.69%

,

 07/27/29

GBP

918

$

775,700

Mercia,

Term

Loan

A1,

(LIBOR

GBP

1

Month

+

2.40%),

0.00%

-

15.00%

,

 01/01/28

(g)

..........

2,412

2,676,446

Mercia,

Term

Loan

A2,

(LIBOR

GBP

1

Month

+

2.40%),

0.00%

-

15.00%

,

 01/01/28

(g)

..........

4,976

5,521,302

Mercia,

Term

Loan

B1,

(LIBOR

GBP

1

Month

+

2.40%),

0.00%

-

15.00%

,

 01/01/28

(g)

..........

280

310,875

9,284,323

United

States

—

2.2%

(b)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

7.13%

-

7.92%

,

 05/17/28

......

USD

1,285

943,446

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

7.74%

,

 02/02/26

(g)

.....

2,459

2,188,210

Altar

BidCo

,

Inc.,

1st

Lien

Term

Loan,

(SOFR

12

Month

+

3.10%),

4.95%

-

5.50%

,

 02/01/29

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

2,116

1,974,942

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(SOFR

3

Month

+

5.00%),

8.55%

,

 12/30/27

......

2,485

2,286,484

Avaya,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

7.07%

,

 12/15/27

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

408

218,360

Avaya,

Inc.,

Term

Loan

B3,

(SOFR

1

Month

+

10.00%),

12.85%

,

 12/15/27

280

174,650

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

7.75%

,

 03/01/24

......

497

495,275

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

6.80%

,

 04/05/28

......

592

459,940

CML

ST

Regis

Aspen,

Term

Loan,

(LIBOR

USD

3

Month

+

2

.

9

0%),

0.00%

-

15.00%

,

 01/01/28

(g)

.....

3,815

3,670,299

CML

Trigrams,

Term

Loan,

(LIBOR

USD

1

Month

+

2

.

9

0%),

0.00%

-

15.00%

,

 09/15/24

(g)

..........

13,174

13,059,736

DirectTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

8.12%

,

 08/02/27

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

1,297

1,205,032

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

8.37%

,

 12/21/28

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

812

728,290

DS

Parent,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.75%),

9.42%

-

9.92%

,

 12/10/28

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

1,254

1,201,195

ECL

Entertainment

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

7.50%),

10.62%

,

 05/01/28

...........

1,662

1,637,158

Emerald

Technologies

US

Acquisitionco

,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

6.25%),

9.38%

,

 12/29/27

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

982

934,445

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

7.44%

,

 05/01/28

1,885

1,748,264

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Galaxy

Brands,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/38

(g)

..........

USD

4,761

$

4,760,881

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

7.80%

,

 08/31/27

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

2,772

1,914,977

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

8.83%

,

 07/20/26

(g)

.....

3,503

3,464,243

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

4.83%

,

 06/22/26

......

4,434

4,282,215

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

8.38%

,

 10/25/28

(g)

.....

604

531,661

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

5.88%

,

 10/27/28

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

1,861

1,801,448

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

7.67%

,

 04/26/28

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

911

861,332

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

7.87%

,

 10/04/28

(g)

...........

470

458,104

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(SOFR

3

Month

+

6.00%),

8.94%

,

 12/22/26

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

430

407,216

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

7.12%

,

 12/17/27

......

3,312

2,883,227

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

7.50%),

10.57%

,

 09/03/26

......

780

702,075

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(SOFR

3

Month

+

6.00%),

9.65%

,

 01/24/30

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

119

107,647

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1

0.00%),

0.00%

-

10.00%

,

 04/01/26

(g)

..........

13,917

13,262,631

OVG

Business

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

9.34%

,

 11/20/28

(g)

.....

1,593

1,481,227

ProFrac

Holdings

II

LLC,

Term

Loan,

(SOFR

3

Month

+

7.25%),

11.10%

,

 03/04/25

(g)

..........

1,351

1,384,506

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

6.37%

,

 03/10/28

2,907

2,705,545

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.53%

,

 04/27/28

......

3,193

2,352,884

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

10.52%

,

 04/27/29

......

1,749

1,382,977

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

6.81%

,

 03/16/27

......

1,778

1,647,682

Sheraton

Austin,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(g)

..........

3,499

3,377,237

Signal

Parent,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

6.62%

,

 04/03/28

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

939

689,347

BlackRock

Global

Allocation

V.I.

Fund

19

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Sonder

Corp.,

Term

Loan,

10.00%

,

 01/19/27

(g)

..........

USD

4,601

$

4,118,005

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

6.62%

,

 06/08/28

276

261,874

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

7.60%

,

 10/06/28

......

538

418,261

The

Vinoy

St.

Petersburg,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/38

(g)

.....

4,581

4,479,809

Vaco

Holdings

LLC,

Term

Loan,

(SOFR

3

Month

+

5.00%),

8.70%

,

 01/21/29

975

942,853

93,605,590

Total

Floating

Rate

Loan

Interests

—

3.7%

(Cost:

$183,248,268)

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

162,225,922

Foreign

Government

Obligations

Argentina

—

0.1%

Argentine

Republic

1.00%,

07/09/29

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

875

167,635

0.50%,

07/09/30

(p)

...........

8,318

1,663,530

1.50%,

07/09/35

(p)

...........

10,268

1,863,647

3.88%,

01/09/38

(p)

...........

3,485

813,013

4,507,825

Austria

—

0.1%

Republic

of

Austria,

2.10%

,

09/20/17

(a)(c)

EUR

3,467

2,599,343

Canada

—

0.5%

Canadian

Government

Bond,

0.25%

,

03/01/26

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

CAD

32,542

21,079,093

India

—

0.0%

Indian

Railway

Finance

Corp.

Ltd.,

3.25%

,

02/13/30

(c)

...........

USD

273

223,229

Philippines

—

0.0%

Republic

of

the

Philippines,

2.65%

,

12/10/45

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

467

288,424

Spain

—

0.1%

Kingdom

of

Spain,

3.45%

,

07/30/66

(a)(c)

EUR

5,692

5,231,119

Total

Foreign

Government

Obligations

—

0.8%

(Cost:

$55,269,813)

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

33,929,033

Shares

Shares

Investment

Companies

Health

Care

Select

Sector

SPDR

Fund

(e)

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

46,596

5,643,242

Industrial

Select

Sector

SPDR

Fund

(e)

28,211

2,336,999

Invesco

QQQ

Trust

1,

Series

1

(e)

....

35,000

9,354,100

iShares

0-5

Year

TIPS

Bond

ETF

(f)

..

45,255

4,349,458

iShares

China

Large-Cap

ETF

(e)(f)

...

82,636

2,136,967

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(e)(f)

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

65,388

4,668,049

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(e)(f)

.......

177,568

18,191,841

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(e)(f)

.........

292,462

23,221,483

iShares

Latin

America

40

ETF

(e)(f)

...

86,975

2,063,047

Security

Shares

Shares

Value

iShares

MSCI

Brazil

ETF

(e)(f)

.......

98,551

$

2,920,066

iShares

MSCI

Emerging

Markets

ETF

(e)

(f)

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

12,710

443,325

iShares

Nasdaq

Biotechnology

ETF

(f)

4,626

541,057

KraneShares

Bosera

MSCI

China

A

ETF

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

35,158

1,066,694

KraneShares

CSI

China

Internet

ETF

(e)

259,680

6,398,515

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

(e)

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

33,155

2,912,667

SPDR

Gold

Shares

(

i

)(j)

...........

62,317

9,638,570

United

States

Oil

Fund

LP

(

e

)

(j)

......

51,373

3,353,630

VanEck

Vectors

Semiconductor

ETF

(e)

6,571

1,216,423

Total

Investment

Companies

—

2.3%

(Cost:

$116,571,350)

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

100,456,133

Par

(000)

Pa

r

(

000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.9%

United

States

—

0.9%

Connecticut

Avenue

Securities

Trust

(a)(b)

Series

2021-R01,

Class

1B1,

(30-

Day

Average

SOFR

+

3.10%),

5.38%,

10/25/41

..........

USD

894

810,245

Series

2022-R01,

Class

1B1,

(30-

Day

Average

SOFR

+

3.15%),

5.43%,

12/25/41

..........

413

356,878

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

(a)(b)

Series

2021-DNA6,

Class

B1,

(30-

Day

Average

SOFR

+

3.40%),

5.68%,

10/25/41

..........

1,517

1,356,621

Series

2022-DNA1,

Class

B1,

(30-

Day

Average

SOFR

+

3.40%),

5.68%,

01/25/42

..........

482

417,174

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes

(a)(b)

Series

2020-DNA6,

Class

B1,

(30-

Day

Average

SOFR

+

3.00%),

5.28%,

12/25/50

..........

578

534,137

Series

2021-DNA3,

Class

B1,

(30-

Day

Average

SOFR

+

3.50%),

5.78%,

10/25/33

..........

1,427

1,314,281

Series

2021-HQA1,

Class

B1,

(30-

Day

Average

SOFR

+

3.00%),

5.28%,

08/25/33

..........

1,056

860,834

Series

2021-HQA1,

Class

B2,

(30-

Day

Average

SOFR

+

5.00%),

7.28%,

08/25/33

..........

474

366,750

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2021-

DNA2,

Class

B1,

(30-Day

Average

SOFR

+

3.40%),

5.68%,

08/25/33

(a)

(b)

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

620

558,210

Federal

Home

Loan

Mortgage

Corp.,

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

B1,

(30-Day

Average

SOFR

+

3.65%),

5.93%,

11/25/41

(a)(b)

....

1,500

1,320,435

JPMorgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

15,826

12,567,201

BlackRock

Global

Allocation

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

USD

6,305

$

5,392,806

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

2,344

1,583,986

MCM,

Series

2021-VFN1,  3.00%,

08/28/28

(g)

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

1,451

968,515

MCM

Trust,

Series

2021-VFN1,  3.00%,

08/25/28

(g)

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

2,701

2,644,014

TVC

DSCR,  

2.38%,

02/01/51

(g)

....

6,617

6,401,100

TVC

Holding,  

2.38%,

02/01/51

(g)

...

1,654

2,115,062

39,568,249

Commercial

Mortgage-Backed

Securities

—

2.7%

Bermuda

—

0.0%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1

Month

CME

Term

SOFR

+

2.25%),

5.27%,

01/19/37

(a)(b)

...

1,745

1,724,839

Cayman

Islands

—

0.1%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

F,

(1

Month

CME

Term

SOFR

+

3.37%),

6.22%,

12/15/34

(a)(b)

....

1,913

1,841,018

United

States

—

2.6%

1211

Avenue

of

the

Americas

Trust,

Series

2015-1211,

Class

D,

4.28%,

08/10/35

(a)(b)

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

1,182

1,036,348

Alen

Mortgage

Trust,

Series

2021-

ACEN,

Class

D,

(LIBOR

USD

1

Month

+

3.10%),

5.92%,

04/15/34

(a)

(b)

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

1,364

1,252,305

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

(a)(g)

..........

428

275,882

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2015-200P,

Class

D,

3.72%,

04/14/33

(a)(b)

....

255

227,328

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-3A,

Class

M6,

(LIBOR

USD

1

Month

+

1.05%),

4.13%,

11/25/35

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

122

108,141

Series

2006-3A,

Class

M1,

(LIBOR

USD

1

Month

+

0.51%),

3.59%,

10/25/36

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

140

129,454

BBCMS

Mortgage

Trust,

Series

2017-

DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.63%),

5.44%,

08/15/36

(a)

(b)

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

435

410,939

Beast

Mortgage

Trust

(a)(b)

Series

2021-SSCP,

Class

B,

(LIBOR

USD

1

Month

+

1.10%),

3.92%,

04/15/36

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

1,204

1,126,684

Series

2021-SSCP,

Class

C,

(LIBOR

USD

1

Month

+

1.35%),

4.17%,

04/15/36

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

1,500

1,388,174

Series

2021-SSCP,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

4.42%,

04/15/36

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

1,378

1,258,871

Series

2021-SSCP,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

4.92%,

04/15/36

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

1,194

1,082,929

Series

2021-SSCP,

Class

F,

(LIBOR

USD

1

Month

+

2.90%),

5.72%,

04/15/36

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

1,141

1,045,611

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SSCP,

Class

G,

(LIBOR

USD

1

Month

+

3.80%),

6.62%,

04/15/36

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

USD

1,291

$

1,182,900

Series

2021-SSCP,

Class

H,

(LIBOR

USD

1

Month

+

4.90%),

7.72%,

04/15/36

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

915

839,859

BHMS

(a)(b)

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

4.07%,

07/15/35

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

1,722

1,662,523

Series

2018-ATLS,

Class

C,

(LIBOR

USD

1

Month

+

1.90%),

4.72%,

07/15/35

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

653

621,399

BOCA

Commercial

Mortgage

Trust,

Series

2022-BOCA,

Class

A,

(1

Month

CME

Term

SOFR

+

1.77%),

4.61%,

05/15/39

(a)(b)

..........

554

542,377

BWAY

Mortgage

Trust,

Series

2013-

1515,

Class

D,

3.63%,

03/10/33

(a)

.

1,000

893,441

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

5.12%,

10/15/36

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

2,197

2,103,094

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

5.47%,

10/15/36

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

3,494

3,336,784

Series

2020-VKNG,

Class

G,

(LIBOR

USD

1

Month

+

3.25%),

6.07%,

10/15/37

..........

350

319,874

Series

2021-21M,

Class

E,

(LIBOR

USD

1

Month

+

2.17%),

4.99%,

10/15/36

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

2,453

2,301,899

Series

2021-CIP,

Class

E,

(LIBOR

USD

1

Month

+

2.82%),

5.64%,

12/15/38

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

2,905

2,708,098

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

3.73%,

02/15/33

(g)

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

4,847

4,605,000

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

4.97%,

02/15/33

(g)

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

2,843

2,700,414

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

7.07%,

02/15/33

(g)

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

1,877

1,783,068

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

5.62%,

05/15/38

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

3,234

2,975,213

Series

2021-XL2,

Class

A,

(LIBOR

USD

1

Month

+

0.69%),

3.51%,

10/15/38

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

675

647,079

Series

2021-XL2,

Class

F,

(LIBOR

USD

1

Month

+

2.24%),

5.06%,

10/15/38

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

3,400

3,130,151

BX

Trust

(a)(b)

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

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

3,052

2,321,195

Series

2021-ARIA,

Class

E,

(LIBOR

USD

1

Month

+

2.24%),

5.06%,

10/15/36

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

2,038

1,874,440

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

5.07%,

01/15/34

..........

824

761,879

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

5.82%,

01/15/34

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

1,282

1,170,282

BlackRock

Global

Allocation

V.I.

Fund

21

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

5.62%,

06/15/38

..........

USD

4,320

$

3,950,930

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

4.97%,

12/15/37

(a)(b)

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

559

534,864

CFCRE

Commercial

Mortgage

Trust

(a)

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

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

350

342,547

Series

2018-TAN,

Class

E,

6.66%,

02/15/33

(b)

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

396

383,763

Commercial

Mortgage

Trust,

Series

2014-CR17,

Class

C,

4.94%,

05/10/47

(b)

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

352

330,527

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

5.17%,

12/15/31

(a)

(b)

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

437

403,498

Credit

Suisse

Mortgage

Capital

Certificates

Series

2015-RPL1,  3.95%,

02/15/24

(b)

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

2,798

2,732,300

Series

2019-ICE4,

Class

C,

(LIBOR

USD

1

Month

+

1.43%),

4.25%,

05/15/36

(a)(b)

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

471

458,392

Series

2019-ICE4,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

4.42%,

05/15/36

(a)(b)

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

1,569

1,521,642

Series

2019-ICE4,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

4.97%,

05/15/36

(a)(b)

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

1,393

1,345,699

Series

2019-ICE4,

Class

F,

(LIBOR

USD

1

Month

+

2.65%),

5.47%,

05/15/36

(a)(b)

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

2,083

1,995,465

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(a)(g)

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

1,074

985,559

CSAIL

Commercial

Mortgage

Trust

Series

2016-C5,

Class

C,

4.80%,

11/15/48

(b)

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

326

298,529

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

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

3,204

2,645,727

CSMC

Trust,

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

7.68%,

10/15/37

(a)(b)

..........

438

409,610

DBGS

Mortgage

Trust

(a)(b)

Series

2018-BIOD,

Class

D,

(LIBOR

USD

1

Month

+

1.30%),

4.01%,

05/15/35

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

480

463,260

Series

2018-BIOD,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

4.70%,

05/15/35

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

1,719

1,640,347

DBWF

Mortgage

Trust

(a)(b)

Series

2018-GLKS,

Class

B,

(LIBOR

USD

1

Month

+

1.35%),

4.34%,

12/19/30

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

562

538,337

Series

2018-GLKS,

Class

C,

(LIBOR

USD

1

Month

+

1.75%),

4.74%,

12/19/30

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

447

426,732

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

F,

(LIBOR

USD

1

Month

+

2.67%),

5.48%,

11/15/38

(a)(b)

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

1,460

1,339,466

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

5.07%,

07/15/38

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

USD

3,128

$

2,994,514

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

5.67%,

07/15/38

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

2,187

2,076,634

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(LIBOR

USD

1

Month

+

2.35%),

5.17%,

02/15/38

(a)(b)

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

270

254,347

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2021-DM,

Class

E,

(LIBOR

USD

1

Month

+

2.94%),

5.75%,

11/15/36

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

2,822

2,610,561

Series

2021-ROSS,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

3.97%,

05/15/26

..........

381

356,065

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

1,202

969,881

Hudson

Yards

Mortgage

Trust,

Series

2016-10HY,

Class

E,

3.08%,

08/10/38

(a)(b)

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

315

265,304

JPMorgan

Chase

Commercial

Mortgage

Securities

Corp.

(a)(b)

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.45%),

5.27%,

04/15/38

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

1,975

1,856,180

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.95%),

5.77%,

04/15/38

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

2,076

1,930,108

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2018-WPT,

Class

DFL,

(LIBOR

USD

1

Month

+

2.50%),

5.13%,

07/05/33

..........

438

430,010

Series

2019-MFP,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

5.82%,

07/15/36

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

1,629

1,498,747

Series

2022-NXSS,

Class

A,

(1

Month

CME

Term

SOFR

+

2.18%),

5.13%,

08/15/39

....

429

425,855

Series

2022-OPO,

Class

C,

3.56%,

01/05/39

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

700

575,591

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

5.17%,

03/15/38

(a)(b)

....

3,874

3,551,254

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(LIBOR

USD

1

Month

+

2.75%),

5.57%,

10/15/38

(a)(b)

..........

344

319,582

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

6.82%,

11/15/38

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

3,635

3,344,617

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

8.07%,

11/15/38

(g)

.........

3,909

3,674,757

MHC

Commercial

Mortgage

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

4.92%,

04/15/38

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

4,135

3,875,830

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

5.42%,

04/15/38

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

3,179

2,950,911

BlackRock

Global

Allocation

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

MHP,

Series

2021-STOR,

Class

G,

(LIBOR

USD

1

Month

+

2.75%),

5.57%,

07/15/38

(a)(b)

..........

USD

870

$

791,139

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

C,

4.48%,

05/15/48

(b)

.........

176

161,541

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.42%,

07/11/40

(a)(b)

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

552

488,585

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

F,

(LIBOR

USD

1

Month

+

3.35%),

6.17%,

07/15/38

(a)(b)

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

414

385,558

SREIT

Trust

(a)(b)

Series

2021-MFP,

Class

F,

(LIBOR

USD

1

Month

+

2.62%),

5.44%,

11/15/38

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

2,175

2,022,443

Series

2021-MFP2,

Class

F,

(LIBOR

USD

1

Month

+

2.62%),

5.44%,

11/15/36

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

1,014

945,647

STWD

Trust,

Series

2021-FLWR,

Class

E,

(LIBOR

USD

1

Month

+

1.92%),

4.74%,

07/15/36

(a)(b)

..........

724

669,181

TPGI

Trust,

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

5.82%,

06/15/26

(a)(b)

..........

918

852,416

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

321

271,327

VNDO

Trust,

Series

2016-350P,

Class

D,

4.03%,

01/10/35

(a)(b)

........

583

489,385

Wells

Fargo

Commercial

Mortgage

Trust

(b)

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

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

886

837,985

Series

2017-C41,

Class

B,

4.19%,

11/15/50

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

827

720,625

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)

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

590

519,139

113,686,548

117,252,405

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

United

States

—

0.1%

(b)

Benchmark

Mortgage

Trust,

Series

2021-B23,

Class

XA,

1.38%,

02/15/54

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

14,167

984,151

GS

Mortgage

Securities

Trust,

Series

2020-GSA2,

Class

XA,

1.84%,

12/12/53

(a)

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

1,487

141,651

Wells

Fargo

Commercial

Mortgage

Trust

Series

2020-C58,

Class

XA,

2.00%,

07/15/53

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

8,289

837,031

Series

2021-C59,

Class

XA,

1.67%,

04/15/54

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

6,436

552,378

2,515,211

Total

Non-Agency

Mortgage-Backed

Securities

—

3.7%

(Cost:

$175,638,595)

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

159,335,865

Security

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Value

Other

Interests

Capital

Markets

-

0.2%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(g)(q)

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

USD

7,220

$

10,465,413

Total

Other

Interests

-

0.2%

(Cost:

$7,284,549)

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

10,465,413

Preferred

Securities

Capital

Trusts

—

0.0%

United

States

—

0.0%

(b)

Prudential

Financial,

Inc.

,

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

1,159

1,141,916

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.53%

(o)

...........

900

683,145

1,825,061

Total

Capital

Trusts

—

0.0%  

(Cost:

$2,004,138)

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

1,825,061

Shares

Shares

Preferred

Stocks

—

3.4%

Brazil

—

0.2%

Neon

Payments

Ltd.

(g)

...........

10,763

5,391,833

Petroleo

Brasileiro

SA

(Preference)

..

105,550

586,220

5,978,053

China

—

0.3%

ByteDance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$9,109,778)

(g)(h)

...

83,138

13,817,330

Germany

—

0.3%

Caresyntax

,

Inc.

(g)

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

8,737

511,726

Dr

Ing

hc

F

Porsche

AG

(Preference)

50,343

4,070,439

Porsche

Automobil

Holding

SE

(Preference)

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

17,066

961,552

Volkswagen

AG

(Preference)

......

1,013

123,781

Volocopter

Gmbh

,

(Acquired

03/03/21,

cost

$7,547,351)

(g)(h)

..........

1,420

7,841,704

13,509,202

India

—

0.1%

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$4,447,311)

(g)(h)

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

1,380

4,009,708

Israel

—

0.1%

Deep

Instinct

Ltd.,

Series

D-4

(Acquired

09/20/22,

cost

$2,474,803)

(g)(h)

...

351,019

2,474,684

Jersey,

Channel

Islands

—

0.1%

(g)(h)

Loadsmart

,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$2,878,751)

.....

336,696

5,043,706

Loadsmart

,

Inc.,

Series

D

(Acquired

01/27/22,

cost

$596,540)

......

29,827

446,808

5,490,514

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C

(g)

....

6,817

404,869

BlackRock

Global

Allocation

V.I.

Fund

23

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Shares

Shares

Value

United

States

—

2.3%

10X

Future

Technologies

Holding

Ltd.,

(Acquired

05/13/21,

cost

$6,197,921)

(g)(h)

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

163,645

$

2,391,776

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(a)(m)

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

9,335

10,500,941

Aptiv

plc,

Series

A,

5.50%

(m)

.......

31,543

3,002,894

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(e)

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

118,085

5,566,527

Boston

Scientific

Corp.,

Series

A,

5.50%

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

20,833

2,108,716

Breeze

Aviation

Group,

Inc.,

Series

B

(Acquired

07/30/21,

cost

$3,775,369)

(g)(h)

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

6,990

2,170,395

Cruise,

Series

G

(Acquired

03/25/21,

cost

$2,563,091)

(g)(h)

..........

97,271

1,647,771

Databricks

,

Inc.,

Series

F

(Acquired

08/01/22,

cost

$3,030,010)

(g)(h)

...

211,650

12,942,398

Databricks

,

Inc.,

Series

G

(Acquired

08/01/22,

cost

$3,419,476)

(g)(h)

...

57,837

3,536,733

Deep

Instinct

Ltd.,

Series

D-2

(Acquired

03/19/21,

cost

$3,888,688)

(g)(h)

...

639,810

4,510,660

Dream

Finders

Homes,

Inc.,

9.00%

(g)

8,429

7,775,752

Exo

Imaging,

Inc.,

Series

C

(Acquired

06/24/21,

cost

$2,122,371)

(g)(h)

...

362,303

1,387,620

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$2,424,735)

(g)(h)

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

73,351

3,770,975

Farmer's

Business

Network,

Inc.,

Series

G,

(Acquired

09/15/21,

cost

$689,703)

(g)(h)

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

11,096

570,445

JumpCloud

,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$3,136,443)

(g)(h)

...

1,719,824

7,722,010

JumpCloud

,

Inc.,

Series

F

(Acquired

09/03/21,

cost

$677,436)

(g)(h)

....

113,119

507,904

Lessen,

Inc.,

Series

B

(g)

.........

188,594

1,431,428

Lookout,

Inc.,

Series

F

(Acquired

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

cost

$7,673,753)

(g)(h)

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

671,775

5,401,071

MNTN

Digital,

Series

D

(Acquired

11/05/21,

cost

$1,673,918)

(g)(h)

...

72,889

894,348

Mythic

AL,

Inc.,

Series

C

(Acquired

01/26/21,

cost

$1,646,873)

(g)(h)

...

239,716

1,191,389

Noodle

Partners,

Inc.,

Series

C

(Acquired

08/26/21,

cost

$2,167,122)

(g)(h)

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

242,823

1,335,526

PsiQuantum

Corp.,

Series

D

(Acquired

05/21/21,

cost

$1,355,632)

(g)(h)

...

51,690

1,313,443

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$2,333,656)

(g)(h)

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

102,196

1,775,145

SambaNova

Systems,

Inc.,

Series

C

(Acquired

02/19/20,

cost

$3,134,751)

(g)(h)

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

58,878

4,040,797

SambaNova

Systems,

Inc.,

Series

D

(Acquired

04/9/21,

cost

$1,780,353)

(g)(h)

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

18,737

1,285,920

Snorkel

AI,

Inc.,

Series

C

(Acquired

06/30/21,

cost

$839,659)

(g)(h)

....

55,904

517,112

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$2,149,052)

(g)(h)

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

360,289

2,161,734

Verge

Genomics,

Series

B

(Acquired

11/05/21,

cost

$2,013,552)

(g)(h)

...

378,004

1,856,000

Wells

Fargo

&

Co.,

Series

L,

7.50%

(e)(m)

(o)

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

1,367

1,645,868

Security

Shares

Shares

Value

United

States

(continued)

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$2,397,628)

(g)(h)

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

152,099

$

5,536,404

Zero

Mass

Water,

Inc.,

Series

D

(Acquired

07/05/22,

cost

$449,221)

(d)

(g)(h)

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

10,967

449,099

100,948,801

Total

Preferred

Stocks

—

3.4%  

(Cost:

$132,638,131)

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

146,633,161

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

9.18%, 10/30/40

(b)

(e)

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

147,134

4,105,039

Total

Trust

Preferreds

—

0.1%  

(Cost:

$4,078,012)

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

4,105,039

Total

Preferred

Securities

—

3.5%

(Cost:

$138,720,281)

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

152,563,261

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(b)

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.47%, 12/25/29

........

USD

2,207

150,106

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-

Through

Certificates

Variable

Rate

Notes,

Series

KW09,

Class

X1,

0.94%, 05/25/29

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

15,179

600,627

750,733

Mortgage-Backed

Securities

—

1.8%

Uniform

Mortgage-Backed

Securities

4.50%

,

 10/25/52

-

11/25/52

(r)

..

79,855

76,031,929

Total

U.S.

Government

Sponsored

Agency

Securities

—

1.8%  

(Cost:

$79,473,393)

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

76,782,662

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

1.75%, 08/15/41

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

11,058

7,560,612

2.38%, 02/15/42

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

7,089

5,431,870

3.25%, 05/15/42

(s)(t)

..........

17,220

15,283,016

2.25%, 02/15/52

(s)(t)

..........

34,926

25,375,704

3.00%, 08/15/52

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

8,045

6,942,584

U.S.

Treasury

Inflation

Linked

Notes

0.63%, 01/15/24

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

99,164

96,834,886

0.50%, 04/15/24

............

119,921

116,526,038

0.13%, 04/15/27

............

12,064

11,123,313

U.S.

Treasury

Notes

0.13%, 11/30/22

(j)

............

11,658

11,601,617

1.38%, 09/30/23

............

43,910

42,668,170

3.25%, 08/31/24

............

122,285

120,078,137

1.88%, 02/15/32

............

15,144

12,832,428

BlackRock

Global

Allocation

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.88%, 05/15/32

............

USD

24,598

$

22,741,620

Total

U.S.

Treasury

Obligations

—

11.4%

(Cost:

$514,934,643)

.............................

494,999,995

Shares

Shares

Warrants

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(Issued/

Exercisable

05/13/21,

1

Share

for

1

Warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

(d)(g)

.........

66,751

9,813

Israel

—

0.0%

Innovid

Corp.

(Issued/Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(d)

..................

10,869

5,230

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

Exercisable

11/27/20,

1

Share

for

1

Warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(d)

..........

1,233

550

United

Kingdom

—

0.0%

Genius

Sports

Ltd.

(Issued/Exercisable

12/07/20,

1

Share

for

1

Warrant,

Expires

12/31/28,

Strike

Price

USD

11.50)

(d)

..................

34,915

25,481

United

States

—

0.0%

(d)

Altus

Power,

Inc.

(Issued/Exercisable

01/22/21,

1

Share

for

1

Warrant,

Expires

01/12/27,

Strike

Price

USD

11.00)

...................

15,312

46,549

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

...................

68,498

180,835

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(g)

..........

90,780

1,816

Embark

Technology,

Inc.

(Issued/

Exercisable

03/05/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

27,885

1,944

EVgo

,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

...................

38,021

71,099

Gores

Holdings

VIII,

Inc.

(Issued/

Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

10,979

10,865

Highland

Transcend

Partners

I

Corp.

(Issued/Exercisable

03/23/22,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

48,631

1,777

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

28,141

4,784

Security

Shares

Shares

Value

United

States

(continued)

Latch,

Inc.

(Issued/Exercisable

06/04/21,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

...................

28,921

$

2,325

Lightning

eMotors

,

Inc.

(Issued/

Exercisable

05/18/25,

1

Share

for

1

Warrant,

Expires

05/18/25,

Strike

Price

USD

11.50)

............

76,842

34,570

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

50,071

8,382

Proof

Acquisition

Corp.

I

(Issued/

Exercisable

09/27/22,

1

Share

for

1

Warrant,

Expires

10/01/26,

Strike

Price

USD

11.50)

(g)

..........

77,370

5,416

Rotor

Acquisition

Corp.

(Issued/

Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

............

30,984

9,295

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

59,602

20,384

Sonder

Holdings,

Inc.

(Issued/

Exercisable

11/19/26,

1

Share

for

1

Warrant,

Expires

11/19/26,

Strike

Price

USD

12.50)

(g)

..........

84,405

1,688

TPB

Acquisition

Corp.

I

(Issued/

Exercisable

02/19/21,

1

Share

for

1

Warrant,

Expires

02/19/23,

Strike

Price

USD

11.50)

............

21,152

13,114

TPG

Pace

Beneficial

Finance

Corp.

(Issued/Exercisable

11/17/20,

1

Share

for

1

Warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

16,990

204

Volta,

Inc.

(Issued/Exercisable

10/22/20,

1

Share

for

1

Warrant,

Expires

08/26/26,

Strike

Price

USD

11.50)

...................

39,164

13,707

428,754

Total

Warrants

—

0.0%

(Cost:

$1,361,908)

..............................

469,828

Total

Long-Term

Investments

—

88.3%

(Cost:

$4,322,243,489)

...........................

3,837,529,675

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Foreign

Government

Obligations

—

9.4%

(u)

Brazil

-

0.4%

Federative

Republic

of

Brazil

Treasury

Bills,

8.21%

,

07/01/24

.........

BRL

123

18,651,872

Japan

-

9.0%

Japan

Treasury

Bills

(0.17)%,

10/11/22

...........

JPY

7,660,100

52,927,960

(0.17)%,

10/17/22

...........

5,239,050

36,200,293

(0.12)%,

11/14/22

...........

5,066,450

35,011,738

(0.15)%,

11/21/22

...........

16,663,650

115,157,584

(0.19)%,

11/28/22

...........

8,984,900

62,093,833

(0.24)%,

01/06/23

...........

1,634,150

11,295,408

BlackRock

Global

Allocation

V.I.

Fund

25

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Japan

(continued)

(0.28)%,

01/11/23

...........

JPY

11,059,400

$

76,444,936

389,131,752

Total

Foreign

Government

Obligations

—

9.4%

(Cost:

$427,780,564)

.............................

407,783,624

Shares

Shares

Money

Market

Funds

—

7.9%

(f)(v)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.79%

......

194,203,540

194,203,540

SL

Liquidity

Series,

LLC,

Money

Market

Series,

3.29%

(w)

.............

149,432,494

149,432,494

Total

Money

Market

Funds

—

7.9%

(Cost:

$343,642,449)

.............................

343,636,034

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.1%

Australia

—

0.0%

Australia

&

New

Zealand

Banking

Group

Ltd.,

0.25%, 07/01/22

....

AUD

1,796

1,149,042

Canada

—

0.0%

Royal

Bank

of

Canada,

0.51%, 07/04/22

............

CAD

2,405

1,740,830

Europe

—

0.1%

Citibank

NA,

(0.78)%, 07/01/22

....

EUR

1,972

1,932,963

Hong

Kong

—

0.0%

Hong

Kong

&

Shanghai

Bank

Corp.

Ltd.,

0.37%, 07/04/22

.........

HKD

789

100,478

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.36)%, 07/01/22

...........

JPY

15,000

103,641

Norway

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(1.08)%, 07/01/21

...........

NOK

3

273

United

Kingdom

—

0.0%

BNP

Paribas

SA,

0.52%, 07/01/22

..

GBP

473

527,759

Total

Time

Deposits

—

0.1%

(Cost:

$5,554,986)

..............................

5,554,986

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

0.5%

U.S.

Treasury

Bills,

3.97%

,

 09/07/23

(u)

USD

21,950

$

21,153,963

Total

U.S.

Treasury

Obligations

—

0.5%

(Cost:

$21,155,764)

..............................

21,153,963

Total

Short-Term

Securities

—

17.9%

(Cost:

$798,133,763)

.............................

778,128,607

Total

Options

Purchased

—

0.7%

(Cost:

$34,472,833

)

..............................

31,240,236

Total

Investments

Before

Options

Written,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

106.9%

(Cost:

$5,154,850,085)

...........................

4,646,898,518

Total

Options

Written

—

(1.6)%

(Premiums

Received

—

$(28,792,443))

................

(70,167,820)

TBA

Sale

Commitments

Uniform

Mortgage-Backed

Securities,

4.50%, 10/25/52

(r)

...........

(31,200)

(29,720,438)

Total

TBA

Sale

Commitments

—

(0.7)%

(Proceeds:

$(29,841,953))

.........................

(29,720,438)

Investments

Sold

Short

Shares

Shares

Common

Stocks

France

—

(0.0)%

Pernod

Ricard

SA

.............

(7,401)

(1,357,744)

Hong

Kong

—

(0.0)%

Techtronic

Industries

Co.

Ltd.

......

(149,000)

(1,421,777)

United

Kingdom

—

(0.0)%

Diageo

plc

..................

(31,620)

(1,330,997)

United

States

—

(0.1)%

JM

Smucker

Co.

(The)

..........

(11,895)

(1,634,492)

Total

Common

Stocks

—

(0.1)%

(Proceeds:

$(5,920,611))

..........................

(5,745,010)

Total

Investments

Sold

Short

—

(0.1)%

(Proceeds:

$(5,920,611)

)

..........................

(5,745,010)

Total

Investments

Net

of

Options

Written,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

104.5%

(Cost:

$5,090,295,078)

...........................

4,541,265,250

Liabilities

in

Excess

of

Other

Assets

—

(4.5)%

............

(195,507,986)

Net

Assets

—

100.0%

..............................

$

4,345,757,264

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Non-income

producing

security.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Affiliate

of

the

Fund.

BlackRock

Global

Allocation

V.I.

Fund

26

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$138,260,635,

representing

3.18%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$118,853,780.

(i)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(j)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

(k)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

Convertible

security.

(n)

Zero-coupon

bond.

(o)

Perpetual

security

with

no

stated

maturity

date.

(p)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(q)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(r)

Represents

or

includes

a

TBA

transaction.

(s)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(t)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Par/Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

412,798,466

$

—

$

(218,594,926)

(a)

$

—

$

—

$

194,203,540

194,203,540

$

4,052,684

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

...........

181,656,901

—

(32,270,506)

(a)

52,514

(6,415)

149,432,494

149,432,494

935,891

(b)

—

Bio

City

Development

Co.

BV,

8.00%, 07/06/21

.........

1,686,320

—

—

—

321,000

2,007,320

21,400,000

—

—

iShares

0-5

Year

TIPS

Bond

ETF

—

4,464,179

—

—

(114,721)

4,349,458

45,255

—

—

iShares

China

Large-Cap

ETF

..

5,014,240

—

(1,715,318)

(688,906)

(473,049)

2,136,967

82,636

12,059

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

2,214,057

26,200,484

(22,579,724)

(858,596)

(308,172)

4,668,049

65,388

157,150

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

1,880,061

131,659,693

(114,559,963)

1,058,797

(1,846,747)

18,191,841

177,568

355,142

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

—

34,040,694

(7,619,426)

(411,105)

(2,788,680)

23,221,483

292,462

176,501

—

iShares

Latin

America

40

ETF

..

2,625,338

—

(706,822)

83,472

61,059

2,063,047

86,975

95,505

—

iShares

MSCI

Brazil

ETF

.....

3,559,332

—

(995,565)

53,160

303,139

2,920,066

98,551

147,740

—

iShares

MSCI

Emerging

Markets

ETF

..................

798,844

—

(154,354)

(8,255)

(192,910)

443,325

12,710

4,599

—

iShares

Nasdaq

Biotechnology

ETF

..................

908,242

—

(154,363)

3,846

(216,668)

541,057

4,626

1,574

—

iShares

Russell

2000

ETF

(c)

....

—

34,657,650

(36,802,265)

2,144,615

—

—

—

—

—

iShares

S&P

500

Value

ETF

(c)

..

10,829,712

—

(10,270,992)

1,635,843

(2,194,563)

—

—

—

—

Quintis

Australia

Pty.

Ltd.,

0.00%, 10/01/28

.........

18,591,047

—

(4,254,813)

(228,441)

(379,835)

13,727,958

14,448,961

—

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.........

19,565,791

803,174

(4,628,252)

56,393

347,759

16,144,865

16,144,865

1,330,984

—

Quintis

HoldCo

Pty.

Ltd.

......

2,216,437

—

(435,412)

(720,176)

(1,060,800)

49

7,642,509

—

—

$

2,173,161

$

(8,549,603)

$

434,051,519

$

7,269,829

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

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

27

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-

Bobl

...............................................................

4

12/08/22

$

469

$

(11,663)

Euro-Bund

..............................................................

400

12/08/22

54,291

(2,641,065)

Australia

10

Year

Bond

......................................................

790

12/15/22

59,182

(1,389,802)

MSCI

Emerging

Markets

E-Mini

Index

............................................

176

12/16/22

7,669

(1,052,079)

Russell

2000

E-Mini

Index

....................................................

16

12/16/22

1,336

(176,239)

U.S.

Treasury

10

Year

Note

...................................................

1,545

12/20/22

173,137

(7,804,134)

U.S.

Treasury

Long

Bond

....................................................

134

12/20/22

16,955

(1,248,319)

U.S.

Treasury

Ultra

Bond

....................................................

1,052

12/20/22

143,795

(6,274,813)

U.S.

Treasury

2

Year

Note

....................................................

705

12/30/22

144,751

(566,033)

3

Month

SONIA

Index

.......................................................

336

09/19/23

88,327

(1,330,244)

(22,494,391)

Short

Contracts

SGX

NIFTY

50

Index

.......................................................

201

10/27/22

6,817

32,722

Euro-BTP

...............................................................

141

12/08/22

15,474

(131,416)

Euro-

Buxl

...............................................................

53

12/08/22

7,617

853,348

Euro-Schatz

.............................................................

281

12/08/22

29,513

252,132

Japan

10

Year

Bond

........................................................

42

12/13/22

43,036

45,977

SPI

200

Index

............................................................

20

12/15/22

2,075

133,629

DAX

Index

..............................................................

17

12/16/22

5,000

610,516

EURO

STOXX

50

Index

.....................................................

895

12/16/22

28,729

2,862,351

FTSE

100

Index

..........................................................

49

12/16/22

3,744

372,897

NASDAQ

100

E-Mini

Index

...................................................

690

12/16/22

152,290

20,583,770

S&P

500

E-Mini

Index

......................................................

285

12/16/22

51,321

1,161,181

U.S.

Treasury

10

Year

Ultra

Note

...............................................

4,469

12/20/22

529,716

23,897,876

Long

Gilt

...............................................................

56

12/28/22

6,028

851,594

U.S.

Treasury

5

Year

Note

....................................................

1,261

12/30/22

135,489

613,167

52,139,744

$

29,645,353

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

55,742,327

JPY

7,660,100,000

JPMorgan

Chase

Bank

NA

10/11/22

$

2,781,796

USD

38,143,704

JPY

5,239,050,000

JPMorgan

Chase

Bank

NA

10/17/22

1,900,721

MXN

239,105,456

USD

11,514,839

Deutsche

Bank

AG

10/20/22

321,922

MXN

13,026,851

USD

627,449

Morgan

Stanley

&

Co.

International

plc

10/20/22

17,436

USD

31,906,070

CNY

215,043,722

Deutsche

Bank

AG

10/20/22

1,777,948

USD

21,581,512

HKD

169,041,511

Deutsche

Bank

AG

10/20/22

37,866

USD

11,248,534

NOK

111,389,797

Deutsche

Bank

AG

10/20/22

1,017,867

USD

37,770,746

JPY

5,066,450,000

HSBC

Bank

plc

11/14/22

2,619,402

USD

44,285,909

EUR

44,156,627

Bank

of

America

NA

11/18/22

870,959

USD

21,446,651

HKD

167,906,966

JPMorgan

Chase

Bank

NA

11/18/22

34,847

USD

123,495,884

JPY

16,663,650,000

HSBC

Bank

plc

11/21/22

7,789,430

USD

66,255,927

JPY

8,984,900,000

HSBC

Bank

plc

11/28/22

3,817,826

USD

10,642,540

BRL

55,098,557

Goldman

Sachs

International

12/02/22

566,082

DKK

100,476,599

USD

12,973,846

JPMorgan

Chase

Bank

NA

12/15/22

346,822

SEK

49,099,743

USD

4,311,836

Deutsche

Bank

AG

12/15/22

132,415

SGD

4,195,386

USD

2,909,825

Citibank

NA

12/15/22

14,055

SGD

4,132,768

USD

2,872,681

HSBC

Bank

plc

12/15/22

7,559

SGD

4,195,386

USD

2,902,779

Morgan

Stanley

&

Co.

International

plc

12/15/22

21,101

USD

20,627,279

INR

1,655,277,232

Citibank

NA

12/15/22

477,406

USD

11,489,618

SEK

121,586,055

Deutsche

Bank

AG

12/15/22

484,287

USD

19,495,766

CNY

136,564,468

HSBC

Bank

plc

12/21/22

335,736

USD

5,890,229

CNY

41,926,061

JPMorgan

Chase

Bank

NA

12/21/22

7,992

BlackRock

Global

Allocation

V.I.

Fund

28

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

11,656,232

JPY

1,634,150,000

Bank

of

America

NA

01/06/23

$

233,437

USD

77,412,973

JPY

11,059,400,000

HSBC

Bank

plc

01/11/23

55,221

25,670,133

JPY

11,067,650,311

USD

76,554,839

HSBC

Bank

plc

10/05/22

(76,868)

IDR

78,555,979,861

USD

5,187,610

HSBC

Bank

plc

10/19/22

(58,140)

AUD

14,720,780

USD

10,172,945

JPMorgan

Chase

Bank

NA

10/20/22

(755,039)

AUD

21,350,599

USD

14,483,689

Morgan

Stanley

&

Co.

International

plc

10/20/22

(824,227)

CAD

12,091,272

USD

9,219,487

BNP

Paribas

SA

10/20/22

(466,625)

CAD

34,004,517

USD

26,308,379

Deutsche

Bank

AG

10/20/22

(1,692,538)

CNY

53,453,287

USD

7,662,023

Bank

of

America

NA

10/20/22

(173,094)

JPY

4,309,746,090

EUR

30,578,750

JPMorgan

Chase

Bank

NA

10/20/22

(179,506)

MXN

212,175,552

USD

10,513,823

Goldman

Sachs

International

10/20/22

(10,210)

AUD

76,473,601

USD

53,729,511

Barclays

Bank

plc

11/18/22

(4,782,468)

CHF

68,396,420

USD

72,538,976

JPMorgan

Chase

Bank

NA

11/18/22

(2,922,143)

EUR

149,361,731

USD

150,248,940

BNP

Paribas

SA

11/18/22

(3,395,963)

EUR

22,117,136

USD

22,634,195

Deutsche

Bank

AG

11/18/22

(888,549)

GBP

12,967,115

USD

15,680,149

JPMorgan

Chase

Bank

NA

11/18/22

(1,191,213)

JPY

2,993,324,897

USD

20,985,285

HSBC

Bank

plc

11/18/22

(207,863)

JPY

8,257,032,680

USD

61,837,055

Morgan

Stanley

&

Co.

International

plc

11/18/22

(4,522,910)

JPY

24,858,183,517

USD

173,485,752

UBS

AG

11/18/22

(938,836)

NOK

209,907,744

CHF

20,464,152

UBS

AG

11/18/22

(1,537,333)

KRW

24,356,865,934

USD

18,388,855

UBS

AG

11/23/22

(1,477,932)

BRL

83,664,274

USD

15,905,151

JPMorgan

Chase

Bank

NA

12/02/22

(604,577)

CHF

9,128,317

USD

9,386,164

Citibank

NA

12/15/22

(65,233)

DKK

25,434,998

USD

3,447,533

Morgan

Stanley

&

Co.

International

plc

12/15/22

(75,493)

GBP

8,224,023

EUR

9,434,790

UBS

AG

12/15/22

(106,476)

NZD

4,271,046

USD

2,574,748

Deutsche

Bank

AG

12/15/22

(183,471)

PLN

10,749,307

USD

2,256,324

Morgan

Stanley

&

Co.

International

plc

12/15/22

(114,257)

ZAR

38,715,425

USD

2,208,398

Morgan

Stanley

&

Co.

International

plc

12/15/22

(83,258)

CNY

44,301,718

USD

6,295,451

JPMorgan

Chase

Bank

NA

12/21/22

(79,908)

CNY

32,324,882

USD

4,625,373

Morgan

Stanley

&

Co.

International

plc

12/21/22

(90,184)

EUR

4,540,087

USD

4,517,614

Barclays

Bank

plc

12/21/22

(39,903)

EUR

6,810,130

USD

6,776,338

JPMorgan

Chase

Bank

NA

12/21/22

(59,772)

USD

7,625,917

CNY

54,859,166

Bank

of

America

NA

12/21/22

(70,838)

USD

37,399

CNY

270,336

Deutsche

Bank

AG

12/21/22

(529)

USD

6,670,801

EUR

6,804,530

BNP

Paribas

SA

12/21/22

(40,242)

USD

6,637,808

EUR

6,785,363

JPMorgan

Chase

Bank

NA

12/21/22

(54,330)

USD

6,383,863

GBP

5,958,987

Bank

of

America

NA

12/21/22

(277,792)

USD

53,301

GBP

49,790

Morgan

Stanley

&

Co.

International

plc

12/21/22

(2,360)

(28,050,080)

$

(2,379,947)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

GBP

Currency

...............

Down

and

Out

HSBC

Bank

plc

12/23/22

USD

1.00

USD

0.96

GBP

848

$

12,113

GBP

Currency

...............

One-Touch

HSBC

Bank

plc

12/23/22

USD

1.03

USD

1.03

GBP

848

139,068

$

151,181

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust

1

.........................

1,778

10/07/22

USD

295.00

USD

47,519

$

15,113

BlackRock

Global

Allocation

V.I.

Fund

29

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Invesco

QQQ

Trust

1

.........................

708

10/14/22

USD

295.00

USD

18,922

$

37,524

CBOE

Volatility

Index

.........................

90

10/19/22

USD

35.00

USD

285

20,238

Eli

Lilly

&

Co.

..............................

59

10/21/22

USD

330.00

USD

1,908

42,923

Invesco

DB

Agriculture

Fund

(a)

...................

1,180

10/21/22

USD

23.00

USD

2,362

8,850

Microsoft

Corp.

.............................

126

10/21/22

USD

270.00

USD

2,935

4,221

Microsoft

Corp.

.............................

161

10/21/22

USD

290.00

USD

3,750

1,288

SPDR

S&P

500

ETF

Trust

......................

914

10/21/22

USD

430.00

USD

32,646

2,285

Tesla,

Inc.

.................................

30

10/21/22

USD

316.67

USD

796

8,145

Tesla,

Inc.

.................................

180

10/21/22

USD

320.00

USD

4,775

42,750

Visa,

Inc.

.................................

118

10/21/22

USD

220.00

USD

2,096

885

Walt

Disney

Co.

(The)

........................

196

10/21/22

USD

130.00

USD

1,849

686

SPDR

S&P

500

ETF

Trust

......................

1,401

10/24/22

USD

400.00

USD

50,041

40,629

Abbott

Laboratories

..........................

249

11/18/22

USD

110.00

USD

2,409

14,567

Alphabet,

Inc.

..............................

431

11/18/22

USD

117.50

USD

4,144

23,705

Alphabet,

Inc.

..............................

470

11/18/22

USD

107.50

USD

4,519

89,300

Apple,

Inc.

................................

295

11/18/22

USD

170.00

USD

4,077

15,635

Aptiv

plc

..................................

166

11/18/22

USD

100.00

USD

1,298

16,600

BNP

Paribas

SA

............................

757

11/18/22

EUR

52.00

EUR

3,301

18,177

Dynatrace

,

Inc.

.............................

272

11/18/22

USD

45.00

USD

947

12,920

Eli

Lilly

&

Co.

..............................

202

11/18/22

USD

330.00

USD

6,532

274,720

Generac

Holdings,

Inc.

........................

101

11/18/22

USD

300.00

USD

1,799

4,293

LGF

Bancorp,

Inc.

...........................

100

11/18/22

USD

12.50

USD

70

2,250

Lululemon

Athletica

,

Inc.

.......................

156

11/18/22

USD

350.00

USD

4,361

26,130

Microsoft

Corp.

.............................

178

11/18/22

USD

280.00

USD

4,146

21,271

Societe

Generale

SA

.........................

1,182

11/18/22

EUR

26.00

EUR

2,413

8,109

SPDR

Gold

Shares

(a)

.........................

562

11/18/22

USD

170.00

USD

8,692

30,629

SPDR

S&P

500

ETF

Trust

......................

644

11/18/22

USD

410.00

USD

23,002

47,978

Tesla,

Inc.

.................................

72

11/18/22

USD

320.00

USD

1,910

54,540

Tesla,

Inc.

.................................

83

11/18/22

USD

300.00

USD

2,202

103,335

Tesla,

Inc.

.................................

110

11/18/22

USD

310.00

USD

2,918

109,175

Walt

Disney

Co.

(The)

........................

213

11/18/22

USD

120.00

USD

2,009

8,627

Western

Digital

Corp.

.........................

178

11/18/22

USD

65.00

USD

579

1,691

Alphabet,

Inc.

..............................

389

12/16/22

USD

115.00

USD

3,740

52,515

Amazon.com,

Inc.

...........................

361

12/16/22

USD

135.00

USD

4,079

89,528

Apple,

Inc.

................................

292

12/16/22

USD

165.00

USD

4,035

48,618

Charles

Schwab

Corp.

(The)

....................

331

12/16/22

USD

80.00

USD

2,379

65,373

Crowdstrike

Holdings,

Inc.

......................

97

12/16/22

USD

195.00

USD

1,599

74,205

Domino's

Pizza,

Inc.

..........................

55

12/16/22

USD

370.00

USD

1,706

26,125

Energy

Select

Sector

SPDR

Fund

................

359

12/16/22

USD

75.00

USD

2,586

160,653

General

Motors

Co.

..........................

359

12/16/22

USD

43.00

USD

1,152

11,668

HCA

Healthcare,

Inc.

.........................

140

12/16/22

USD

230.00

USD

2,573

28,350

iShares

China

Large-Cap

ETF

...................

3,191

12/16/22

USD

30.00

USD

8,252

127,640

LVMH

Moet

Hennessy

Louis

Vuitton

SE

............

42

12/16/22

EUR

680.00

EUR

2,564

47,336

Microsoft

Corp.

.............................

180

12/16/22

USD

270.00

USD

4,192

58,950

Palo

Alto

Networks,

Inc.

.......................

97

12/16/22

USD

190.00

USD

1,589

41,225

Salesforce,

Inc.

.............................

305

12/16/22

USD

165.00

USD

4,387

144,875

SAP

SE

..................................

171

12/16/22

USD

100.00

USD

1,389

9,833

Shell

plc

..................................

833

12/16/22

USD

55.00

USD

4,145

116,620

Siemens

AG

...............................

388

12/16/22

EUR

110.00

EUR

3,927

138,414

SPDR

Gold

Shares

(a)

.........................

478

12/16/22

USD

170.00

USD

7,393

56,643

SPDR

S&P

500

ETF

Trust

......................

911

12/16/22

USD

435.00

USD

32,539

41,451

Tesla,

Inc.

.................................

199

12/16/22

USD

300.00

USD

5,278

352,230

Visa,

Inc.

.................................

166

12/16/22

USD

210.00

USD

2,949

25,647

Walt

Disney

Co.

(The)

........................

213

12/16/22

USD

120.00

USD

2,009

16,827

Abbott

Laboratories

..........................

246

01/20/23

USD

125.00

USD

2,380

7,380

Abbott

Laboratories

..........................

416

01/20/23

USD

115.00

USD

4,025

39,104

Adobe,

Inc.

................................

44

01/20/23

USD

480.00

USD

1,211

1,936

Align

Technology,

Inc.

.........................

63

01/20/23

USD

290.00

USD

1,305

36,225

Alphabet,

Inc.

..............................

420

01/20/23

USD

125.00

USD

4,038

38,850

Booking

Holdings,

Inc.

........................

15

01/20/23

USD

2,600.00

USD

2,465

7,650

Dexcom

,

Inc.

..............................

305

01/20/23

USD

100.00

USD

2,456

96,075

Dynatrace

,

Inc.

.............................

273

01/20/23

USD

45.00

USD

950

31,395

Eli

Lilly

&

Co.

..............................

86

01/20/23

USD

340.00

USD

2,781

152,220

Eli

Lilly

&

Co.

..............................

86

01/20/23

USD

320.00

USD

2,781

234,350

BlackRock

Global

Allocation

V.I.

Fund

30

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Freeport-McMoRan,

Inc.

.......................

831

01/20/23

USD

35.00

USD

2,271

$

100,551

Humana,

Inc.

..............................

41

01/20/23

USD

500.00

USD

1,989

116,030

Humana,

Inc.

..............................

69

01/20/23

USD

550.00

USD

3,348

73,830

Intuit,

Inc.

.................................

46

01/20/23

USD

450.00

USD

1,782

71,300

Marathon

Oil

Corp.

..........................

1,135

01/20/23

USD

24.00

USD

2,563

271,265

Otis

Worldwide

Corp.

.........................

286

01/20/23

USD

85.00

USD

1,825

15,730

Salesforce,

Inc.

.............................

150

01/20/23

USD

200.00

USD

2,158

18,300

Salesforce,

Inc.

.............................

150

01/20/23

USD

210.00

USD

2,158

11,025

ServiceNow

,

Inc.

............................

51

01/20/23

USD

550.00

USD

1,926

17,850

SPDR

S&P

500

ETF

Trust

......................

637

01/20/23

USD

430.00

USD

22,752

78,033

TE

Connectivity

Ltd.

..........................

194

01/20/23

USD

135.00

USD

2,141

30,555

Tractor

Supply

Co.

...........................

111

01/20/23

USD

210.00

USD

2,063

65,490

Visa,

Inc.

.................................

194

01/20/23

USD

210.00

USD

3,446

51,895

Walt

Disney

Co.

(The)

........................

318

01/20/23

USD

120.00

USD

3,000

41,658

XPO

Logistics,

Inc.

..........................

191

01/20/23

USD

57.50

USD

850

30,560

4,483,172

Put

U.S.

Treasury

10

Year

Note

.....................

25

10/07/22

USD

111.50

USD

25

12,109

Apple,

Inc.

................................

626

10/21/22

USD

155.00

USD

8,651

1,068,895

Carnival

Corp.

..............................

207

10/21/22

USD

5.00

USD

146

1,863

Consumer

Staples

Select

Sector

SPDR

Fund

.........

2,021

10/21/22

USD

70.00

USD

13,486

702,298

Dollar

Tree,

Inc.

.............................

146

10/21/22

USD

130.00

USD

1,987

36,719

EQT

Corp.

................................

725

10/21/22

USD

30.00

USD

2,954

12,688

Ford

Motor

Co.

.............................

442

10/21/22

USD

10.00

USD

495

8,619

Intel

Corp.

................................

1,379

10/21/22

USD

28.00

USD

3,554

339,924

Invesco

QQQ

Trust

1

.........................

107

10/21/22

USD

250.00

USD

2,860

32,849

Invesco

QQQ

Trust

1

.........................

108

10/21/22

USD

255.00

USD

2,886

45,360

Invesco

QQQ

Trust

1

.........................

1,518

10/21/22

USD

268.00

USD

40,570

1,321,419

iShares

China

Large-Cap

ETF

...................

1,847

10/21/22

USD

28.00

USD

4,776

432,198

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

117

10/21/22

USD

69.00

USD

835

6,611

iShares

Russell

2000

ETF

......................

85

10/21/22

USD

160.00

USD

1,402

29,113

iShares

Russell

2000

ETF

......................

116

10/21/22

USD

150.00

USD

1,913

14,616

iShares

Russell

2000

ETF

......................

2,084

10/21/22

USD

164.00

USD

34,369

1,018,034

KB

Home

.................................

168

10/21/22

USD

22.00

USD

435

3,360

Netflix,

Inc.

................................

20

10/21/22

USD

185.00

USD

471

6,750

Sabre

Corp.

...............................

40

10/21/22

USD

4.50

USD

21

540

Sabre

Corp.

...............................

64

10/21/22

USD

5.00

USD

33

1,952

SPDR

S&P

500

ETF

Trust

......................

63

10/21/22

USD

350.00

USD

2,250

40,163

SPDR

S&P

500

ETF

Trust

......................

103

10/21/22

USD

340.00

USD

3,679

39,089

U.S.

Treasury

5

Year

Note

......................

25

10/21/22

USD

106.50

USD

2,500

8,398

VanEck

Semiconductor

ETF

....................

75

10/21/22

USD

175.00

USD

1,388

28,313

VanEck

Semiconductor

ETF

....................

90

10/21/22

USD

180.00

USD

1,666

47,925

SPDR

S&P

500

ETF

Trust

......................

3,555

10/28/22

USD

355.00

USD

126,977

3,306,150

BHP

Group

Ltd.

.............................

149

11/18/22

GBP

21.83

GBP

3,806

146,530

Carnival

Corp.

..............................

228

11/18/22

USD

5.00

USD

160

6,270

Frontier

Communications

Parent,

Inc.

..............

130

11/18/22

USD

20.00

USD

305

20,475

Invesco

Senior

Loan

ETF

......................

388

11/18/22

USD

19.00

USD

783

6,790

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

171

11/18/22

USD

69.00

USD

1,221

21,119

Rio

Tinto

plc

...............................

51

11/18/22

GBP

45.62

GBP

2,607

80,257

SPDR

S&P

500

ETF

Trust

......................

141

11/18/22

USD

300.00

USD

5,036

30,033

SPDR

S&P

500

ETF

Trust

......................

166

11/18/22

USD

365.00

USD

5,929

279,046

SPDR

S&P

500

ETF

Trust

......................

868

11/18/22

USD

360.00

USD

31,003

1,257,732

Vertiv

Holdings

Co.

..........................

40

11/18/22

USD

7.50

USD

39

1,100

Ally

Financial,

Inc.

...........................

241

12/16/22

USD

20.00

USD

671

9,640

Ford

Motor

Co.

.............................

205

12/16/22

USD

8.00

USD

230

3,793

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

77

12/16/22

USD

70.00

USD

550

16,555

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

125

12/16/22

USD

62.00

USD

892

6,063

SPDR

S&P

500

ETF

Trust

......................

117

12/16/22

USD

345.00

USD

4,179

144,203

SPDR

S&P

500

ETF

Trust

......................

138

12/16/22

USD

365.00

USD

4,929

277,380

SPDR

S&P

500

ETF

Trust

......................

864

12/16/22

USD

350.00

USD

30,860

1,208,304

Xerox

Holdings

Corp.

.........................

135

12/16/22

USD

13.00

USD

177

15,188

Xerox

Holdings

Corp.

.........................

167

12/16/22

USD

11.00

USD

218

7,098

BlackRock

Global

Allocation

V.I.

Fund

31

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

ConocoPhillips

.............................

337

01/20/23

USD

70.00

USD

3,449

$

50,382

Energy

Select

Sector

SPDR

Fund

................

570

01/20/23

USD

65.00

USD

4,105

212,325

EQT

Corp.

................................

570

01/20/23

USD

35.00

USD

2,323

185,250

Exxon

Mobil

Corp.

...........................

225

01/20/23

USD

75.00

USD

1,964

69,075

Pioneer

Natural

Resources

Co.

..................

100

01/20/23

USD

210.00

USD

2,165

206,500

Valero

Energy

Corp.

..........................

197

01/20/23

USD

90.00

USD

2,105

101,455

12,928,518

$

17,411,690

(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

USD

Currency

...........

Goldman

Sachs

International

—

10/27/22

CNH

6.80

USD

22,728

$

1,076,461

USD

Currency

...........

Goldman

Sachs

International

—

11/11/22

CNH

7.00

USD

27,807

633,706

S&P

500

Index

..........

Barclays

Bank

plc

4,393

12/16/22

USD

3,849.00

USD

15,752

286,044

1,996,211

Put

EUR

Currency

...........

Deutsche

Bank

AG

—

10/17/22

USD

0.94

EUR

34,431

68,687

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

10/20/22

USD

0.98

EUR

29,421

361,255

GBP

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

11/01/22

USD

1.06

GBP

9,257

78,552

USD

Currency

...........

Citibank

NA

—

11/14/22

JPY

140.00

USD

8,903

168,364

USD

Currency

...........

Citibank

NA

—

11/15/22

JPY

140.00

USD

8,012

155,463

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

11/25/22

CHF

0.95

EUR

20,174

147,348

979,669

$

2,975,880

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

%

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

Quarterly

Goldman

Sachs

International

10/19/22

USD

1.25

USD

8,945

$

8,263

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

Quarterly

Bank

of

America

NA

10/19/22

USD

90.00

USD

4,030

—

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

Quarterly

Barclays

Bank

plc

11/16/22

USD

90.00

USD

3,310

24,695

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

Quarterly

Goldman

Sachs

International

11/16/22

USD

90.00

USD

2,590

11,913

$

44,871

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

BlackRock

Global

Allocation

V.I.

Fund

32

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.26%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/27/22

2.26

%

USD

15,013

$

181

1-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.80

USD

391,953

6,663

6,844

Put

1-Year

Interest

Rate

Swap

(a)

.

3.75%

At

Termination

1

day

SOFR

At

Termination

Goldman

Sachs

International

02/09/23

3.75

USD

224,283

1,854,970

1-Year

Interest

Rate

Swap

(a)

.

2.47%

At

Termination

1

day

SONIA

At

Termination

Goldman

Sachs

International

04/03/23

2.47

GBP

150,217

5,314,904

1-Year

Interest

Rate

Swap

(a)

.

1.00%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

05/02/23

1.00

EUR

166,336

3,479,896

10,649,770

$

10,656,614

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

GBP

Currency

...............

Down

and

In

Morgan

Stanley

&

Co.

International

11/01/22

USD

1.03

USD

0.98

GBP

9,257

$

(40,632)

GBP

Currency

...............

One-Touch

HSBC

Bank

12/23/22

USD

1.00

USD

1.00

GBP

848

(95,428)

(136,060)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust

1

..........................

1,778

10/07/22

USD

310.00

USD

47,519

$

(2,667)

Invesco

QQQ

Trust

1

..........................

708

10/14/22

USD

315.00

USD

18,922

(3,186)

CBOE

Volatility

Index

..........................

90

10/19/22

USD

55.00

USD

285

(4,487)

ConocoPhillips

..............................

261

10/21/22

USD

125.00

USD

2,671

(6,395)

Costco

Wholesale

Corp.

........................

56

10/21/22

USD

580.00

USD

2,645

(448)

Crowdstrike

Holdings,

Inc.

.......................

144

10/21/22

USD

230.00

USD

2,373

(1,800)

EQT

Corp.

.................................

725

10/21/22

USD

42.00

USD

2,954

(145,000)

Invesco

DB

Agriculture

Fund

(a)

....................

1,180

10/21/22

USD

27.00

USD

2,362

(5,900)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.............

35

10/21/22

EUR

750.00

EUR

2,136

(3,567)

Palo

Alto

Networks,

Inc.

........................

135

10/21/22

USD

213.33

USD

2,211

(3,375)

SPDR

S&P

500

ETF

Trust

.......................

1,828

10/21/22

USD

440.00

USD

65,293

(2,742)

Alcoa

Corp.

................................

254

11/18/22

USD

65.00

USD

855

(1,397)

Alphabet,

Inc.

...............................

431

11/18/22

USD

130.00

USD

4,144

(6,465)

Apple,

Inc.

.................................

295

11/18/22

USD

185.00

USD

4,077

(4,425)

BHP

Group

Ltd.

..............................

75

11/18/22

GBP

26.00

GBP

1,916

(24,429)

Boston

Scientific

Corp.

.........................

712

11/18/22

USD

45.00

USD

2,758

(14,240)

Microsoft

Corp.

..............................

178

11/18/22

USD

305.00

USD

4,146

(4,450)

Rio

Tinto

plc

................................

26

11/18/22

GBP

56.00

GBP

1,329

(17,730)

SPDR

Gold

Shares

(a)

..........................

562

11/18/22

USD

185.00

USD

8,692

(4,215)

SPDR

S&P

500

ETF

Trust

.......................

644

11/18/22

USD

430.00

USD

23,002

(13,202)

Tesla,

Inc.

..................................

83

11/18/22

USD

350.00

USD

2,202

(27,598)

Tesla,

Inc.

..................................

110

11/18/22

USD

360.00

USD

2,918

(27,390)

Alphabet,

Inc.

...............................

389

12/16/22

USD

150.00

USD

3,740

(2,918)

BlackRock

Global

Allocation

V.I.

Fund

33

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Amazon.com,

Inc.

............................

361

12/16/22

USD

150.00

USD

4,079

$

(30,144)

Apple,

Inc.

.................................

292

12/16/22

USD

180.00

USD

4,035

(14,600)

Dexcom

,

Inc.

...............................

275

12/16/22

USD

110.00

USD

2,215

(26,125)

Energy

Select

Sector

SPDR

Fund

.................

359

12/16/22

USD

85.00

USD

2,586

(50,978)

iShares

China

Large-Cap

ETF

....................

3,191

12/16/22

USD

34.00

USD

8,252

(98,921)

Microsoft

Corp.

..............................

180

12/16/22

USD

295.00

USD

4,192

(18,990)

Salesforce,

Inc.

..............................

305

12/16/22

USD

185.00

USD

4,387

(48,343)

Shell

plc

...................................

833

12/16/22

USD

65.00

USD

4,145

(16,660)

SPDR

Gold

Shares

(a)

..........................

478

12/16/22

USD

185.00

USD

7,393

(13,623)

Tesla,

Inc.

..................................

199

12/16/22

USD

350.00

USD

5,278

(123,380)

UnitedHealth

Group,

Inc.

........................

87

12/16/22

USD

600.00

USD

4,394

(21,402)

EQT

Corp.

.................................

570

01/20/23

USD

50.00

USD

2,323

(155,325)

Exxon

Mobil

Corp.

............................

450

01/20/23

USD

95.00

USD

3,929

(191,250)

Merck

&

Co.,

Inc.

.............................

401

01/20/23

USD

100.00

USD

3,453

(29,073)

Valero

Energy

Corp.

...........................

394

01/20/23

USD

120.00

USD

4,210

(257,085)

(1,423,925)

Put

Alphabet,

Inc.

...............................

412

10/21/22

USD

105.00

USD

3,961

(385,220)

Amazon.com,

Inc.

............................

355

10/21/22

USD

120.00

USD

4,012

(320,388)

Apple,

Inc.

.................................

283

10/21/22

USD

150.00

USD

3,911

(361,533)

Apple,

Inc.

.................................

626

10/21/22

USD

135.00

USD

8,651

(255,095)

Consumer

Staples

Select

Sector

SPDR

Fund

..........

2,021

10/21/22

USD

65.00

USD

13,486

(154,607)

Costco

Wholesale

Corp.

........................

79

10/21/22

USD

490.00

USD

3,731

(193,155)

Dollar

Tree,

Inc.

..............................

146

10/21/22

USD

120.00

USD

1,987

(13,505)

Equinix

,

Inc.

................................

35

10/21/22

USD

590.00

USD

1,991

(110,250)

Home

Depot,

Inc.

(The)

........................

139

10/21/22

USD

280.00

USD

3,836

(148,035)

Intercontinental

Exchange,

Inc.

...................

225

10/21/22

USD

90.00

USD

2,033

(56,250)

Intuit,

Inc.

..................................

51

10/21/22

USD

390.00

USD

1,975

(93,075)

Intuit,

Inc.

..................................

167

10/21/22

USD

370.00

USD

6,468

(172,010)

Intuitive

Surgical,

Inc.

..........................

107

10/21/22

USD

180.00

USD

2,006

(65,270)

Invesco

DB

Agriculture

Fund

(a)

....................

1,180

10/21/22

USD

19.00

USD

2,362

(11,800)

Invesco

QQQ

Trust

1

..........................

107

10/21/22

USD

200.00

USD

2,860

(1,445)

Invesco

QQQ

Trust

1

..........................

108

10/21/22

USD

225.00

USD

2,886

(6,426)

Invesco

QQQ

Trust

1

..........................

1,518

10/21/22

USD

245.00

USD

40,570

(336,996)

iShares

China

Large-Cap

ETF

....................

1,847

10/21/22

USD

25.00

USD

4,776

(101,585)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

116

10/21/22

USD

68.00

USD

828

(4,292)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

155

10/21/22

USD

65.00

USD

1,107

(1,705)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

973

10/21/22

USD

70.00

USD

6,946

(80,759)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

1,566

10/21/22

USD

72.00

USD

11,180

(264,654)

iShares

Russell

2000

ETF

.......................

85

10/21/22

USD

140.00

USD

1,402

(3,825)

iShares

Russell

2000

ETF

.......................

2,084

10/21/22

USD

152.00

USD

34,369

(323,020)

Mastercard

,

Inc.

.............................

69

10/21/22

USD

290.00

USD

1,962

(83,145)

Microsoft

Corp.

..............................

126

10/21/22

USD

230.00

USD

2,935

(84,735)

Microsoft

Corp.

..............................

332

10/21/22

USD

250.00

USD

7,732

(613,370)

Netflix,

Inc.

.................................

20

10/21/22

USD

150.00

USD

471

(1,280)

SPDR

S&P

500

ETF

Trust

.......................

63

10/21/22

USD

325.00

USD

2,250

(10,868)

SPDR

S&P

500

ETF

Trust

.......................

103

10/21/22

USD

310.00

USD

3,679

(9,116)

Tesla,

Inc.

..................................

30

10/21/22

USD

233.33

USD

796

(21,375)

Tesla,

Inc.

..................................

561

10/21/22

USD

240.00

USD

14,881

(492,278)

UnitedHealth

Group,

Inc.

........................

89

10/21/22

USD

480.00

USD

4,495

(51,398)

VanEck

Semiconductor

ETF

.....................

75

10/21/22

USD

140.00

USD

1,388

(1,575)

VanEck

Semiconductor

ETF

.....................

90

10/21/22

USD

170.00

USD

1,666

(23,445)

Visa,

Inc.

..................................

115

10/21/22

USD

180.00

USD

2,043

(75,325)

Visa,

Inc.

..................................

118

10/21/22

USD

185.00

USD

2,096

(111,805)

Walt

Disney

Co.

(The)

.........................

196

10/21/22

USD

110.00

USD

1,849

(307,720)

SPDR

S&P

500

ETF

Trust

.......................

701

10/24/22

USD

330.00

USD

25,038

(169,993)

SPDR

S&P

500

ETF

Trust

.......................

3,555

10/28/22

USD

325.00

USD

126,977

(865,643)

Abbott

Laboratories

...........................

249

11/18/22

USD

95.00

USD

2,409

(95,865)

Alcoa

Corp.

................................

254

11/18/22

USD

45.00

USD

855

(305,435)

Alphabet,

Inc.

...............................

431

11/18/22

USD

95.00

USD

4,144

(221,965)

Alphabet,

Inc.

...............................

470

11/18/22

USD

90.00

USD

4,519

(157,450)

Apple,

Inc.

.................................

295

11/18/22

USD

135.00

USD

4,077

(205,763)

Aptiv

plc

...................................

166

11/18/22

USD

82.50

USD

1,298

(145,250)

BlackRock

Global

Allocation

V.I.

Fund

34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

BHP

Group

Ltd.

..............................

149

11/18/22

GBP

19.60

GBP

3,806

$

(58,799)

BNP

Paribas

SA

.............................

757

11/18/22

EUR

45.00

EUR

3,301

(245,568)

Dynatrace

,

Inc.

..............................

272

11/18/22

USD

35.00

USD

947

(84,320)

Eli

Lilly

&

Co.

...............................

92

11/18/22

USD

270.00

USD

2,975

(23,368)

Generac

Holdings,

Inc.

.........................

101

11/18/22

USD

220.00

USD

1,799

(470,660)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

171

11/18/22

USD

63.00

USD

1,221

(4,959)

Lululemon

Athletica

,

Inc.

........................

156

11/18/22

USD

290.00

USD

4,361

(378,300)

Microsoft

Corp.

..............................

178

11/18/22

USD

220.00

USD

4,146

(138,840)

Northrop

Grumman

Corp.

.......................

49

11/18/22

USD

430.00

USD

2,305

(47,285)

Rio

Tinto

plc

................................

51

11/18/22

GBP

41.65

GBP

2,607

(36,859)

Societe

Generale

SA

..........................

1,182

11/18/22

EUR

21.00

EUR

2,413

(187,085)

SPDR

S&P

500

ETF

Trust

.......................

139

11/18/22

USD

350.00

USD

4,965

(147,827)

SPDR

S&P

500

ETF

Trust

.......................

141

11/18/22

USD

250.00

USD

5,036

(8,883)

SPDR

S&P

500

ETF

Trust

.......................

322

11/18/22

USD

340.00

USD

11,501

(247,618)

SPDR

S&P

500

ETF

Trust

.......................

868

11/18/22

USD

330.00

USD

31,003

(479,136)

Tesla,

Inc.

..................................

83

11/18/22

USD

220.00

USD

2,202

(83,000)

Tesla,

Inc.

..................................

182

11/18/22

USD

240.00

USD

4,828

(291,200)

Walt

Disney

Co.

(The)

.........................

427

11/18/22

USD

95.00

USD

4,028

(261,538)

Air

Products

and

Chemicals,

Inc.

..................

94

12/16/22

USD

220.00

USD

2,188

(74,260)

Alphabet,

Inc.

...............................

389

12/16/22

USD

90.00

USD

3,740

(167,270)

Amazon.com,

Inc.

............................

361

12/16/22

USD

100.00

USD

4,079

(164,255)

Apple,

Inc.

.................................

292

12/16/22

USD

130.00

USD

4,035

(189,070)

Charles

Schwab

Corp.

(The)

.....................

331

12/16/22

USD

65.00

USD

2,379

(83,578)

Crowdstrike

Holdings,

Inc.

.......................

97

12/16/22

USD

150.00

USD

1,599

(110,580)

Domino's

Pizza,

Inc.

...........................

55

12/16/22

USD

290.00

USD

1,706

(76,725)

Energy

Select

Sector

SPDR

Fund

.................

359

12/16/22

USD

60.00

USD

2,586

(60,492)

General

Motors

Co.

...........................

359

12/16/22

USD

33.00

USD

1,152

(122,958)

HCA

Healthcare,

Inc.

..........................

140

12/16/22

USD

160.00

USD

2,573

(84,000)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.............

42

12/16/22

EUR

550.00

EUR

2,564

(75,738)

Microsoft

Corp.

..............................

178

12/16/22

USD

215.00

USD

4,146

(149,075)

Microsoft

Corp.

..............................

180

12/16/22

USD

220.00

USD

4,192

(175,950)

Palo

Alto

Networks,

Inc.

........................

97

12/16/22

USD

150.00

USD

1,589

(71,295)

Salesforce,

Inc.

..............................

305

12/16/22

USD

130.00

USD

4,387

(199,013)

SAP

SE

...................................

171

12/16/22

USD

80.00

USD

1,389

(76,095)

Shell

plc

...................................

833

12/16/22

USD

45.00

USD

4,145

(152,023)

Siemens

AG

................................

388

12/16/22

EUR

88.00

EUR

3,927

(105,332)

SPDR

S&P

500

ETF

Trust

.......................

117

12/16/22

USD

315.00

USD

4,179

(65,579)

SPDR

S&P

500

ETF

Trust

.......................

138

12/16/22

USD

340.00

USD

4,929

(149,730)

SPDR

S&P

500

ETF

Trust

.......................

911

12/16/22

USD

370.00

USD

32,539

(2,063,415)

SPDR

S&P

500

ETF

Trust

.......................

1,037

12/16/22

USD

310.00

USD

37,040

(510,204)

Tesla,

Inc.

..................................

199

12/16/22

USD

220.00

USD

5,278

(276,610)

Visa,

Inc.

..................................

166

12/16/22

USD

170.00

USD

2,949

(122,425)

Walt

Disney

Co.

(The)

.........................

213

12/16/22

USD

95.00

USD

2,009

(152,295)

Abbott

Laboratories

...........................

246

01/20/23

USD

105.00

USD

2,380

(268,140)

Abbott

Laboratories

...........................

416

01/20/23

USD

95.00

USD

4,025

(229,840)

Adobe,

Inc.

.................................

44

01/20/23

USD

400.00

USD

1,211

(547,800)

Align

Technology,

Inc.

..........................

63

01/20/23

USD

230.00

USD

1,305

(249,480)

Alphabet,

Inc.

...............................

420

01/20/23

USD

100.00

USD

4,038

(401,100)

Alphabet,

Inc.

...............................

560

01/20/23

USD

80.00

USD

5,384

(142,800)

Amazon.com,

Inc.

............................

720

01/20/23

USD

80.00

USD

8,136

(130,320)

Booking

Holdings,

Inc.

.........................

15

01/20/23

USD

2,000.00

USD

2,465

(583,500)

Comcast

Corp.

..............................

831

01/20/23

USD

30.00

USD

2,437

(249,300)

Dexcom

,

Inc.

...............................

305

01/20/23

USD

80.00

USD

2,456

(271,450)

Dynatrace

,

Inc.

..............................

273

01/20/23

USD

35.00

USD

950

(111,930)

Eli

Lilly

&

Co.

...............................

86

01/20/23

USD

280.00

USD

2,781

(63,210)

Eli

Lilly

&

Co.

...............................

86

01/20/23

USD

260.00

USD

2,781

(38,485)

Exxon

Mobil

Corp.

............................

225

01/20/23

USD

65.00

USD

1,964

(30,600)

Freeport-McMoRan,

Inc.

........................

831

01/20/23

USD

25.00

USD

2,271

(200,271)

Humana,

Inc.

...............................

41

01/20/23

USD

390.00

USD

1,989

(24,600)

Humana,

Inc.

...............................

69

01/20/23

USD

440.00

USD

3,348

(102,120)

Intuit,

Inc.

..................................

46

01/20/23

USD

370.00

USD

1,782

(131,560)

Marathon

Oil

Corp.

...........................

1,135

01/20/23

USD

21.00

USD

2,563

(240,053)

Microsoft

Corp.

..............................

230

01/20/23

USD

200.00

USD

5,357

(142,025)

Otis

Worldwide

Corp.

..........................

286

01/20/23

USD

65.00

USD

1,825

(132,990)

BlackRock

Global

Allocation

V.I.

Fund

35

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Salesforce,

Inc.

..............................

300

01/20/23

USD

160.00

USD

4,315

$

(675,750)

ServiceNow

,

Inc.

.............................

51

01/20/23

USD

450.00

USD

1,926

(426,615)

TE

Connectivity

Ltd.

...........................

194

01/20/23

USD

110.00

USD

2,141

(160,050)

Tractor

Supply

Co.

............................

111

01/20/23

USD

165.00

USD

2,063

(75,480)

Valero

Energy

Corp.

...........................

197

01/20/23

USD

75.00

USD

2,105

(41,075)

Visa,

Inc.

..................................

194

01/20/23

USD

180.00

USD

3,446

(254,625)

Walt

Disney

Co.

(The)

.........................

318

01/20/23

USD

100.00

USD

3,000

(341,055)

XPO

Logistics,

Inc.

...........................

191

01/20/23

USD

45.00

USD

850

(104,095)

iShares

Semiconductor

ETF

.....................

69

03/17/23

USD

290.00

USD

2,199

(147,315)

(22,710,545)

$

(24,134,470)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Goldman

Sachs

International

10/27/22

CNH

7.05

USD

22,728

$

(373,262)

USD

Currency

.............................

Goldman

Sachs

International

10/27/22

CNH

7.05

USD

22,728

(373,262)

USD

Currency

.............................

Goldman

Sachs

International

11/11/22

CNH

7.15

USD

27,807

(291,515)

–

(1,038,039)

–

Put

EUR

Currency

.............................

Deutsche

Bank

AG

10/13/22

USD

0.98

EUR

22,665

(181,721)

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

10/20/22

USD

0.96

EUR

29,421

(134,259)

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

11/25/22

CHF

0.91

EUR

20,174

(40,126)

–

(356,106)

–

$

(1,394,145)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

1.00

%

Quarterly

Goldman

Sachs

International

10/19/22

NR

USD

1.45

USD

8,945

$

(2,495)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

39.V1

5.00

Quarterly

Barclays

Bank

plc

11/16/22

NR

USD

85.00

USD

3,310

(9,357)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

38.V2

5.00

Quarterly

Goldman

Sachs

International

11/16/22

NR

USD

85.00

USD

2,590

(4,151)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

ITRAXX

EUROPE

CROSSOVER

Index

Series

37.V1

5.00

Quarterly

Barclays

Bank

plc

10/19/22

NR

EUR

575.00

EUR

11,400

(215,694)

$

(231,697)

(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.

BlackRock

Global

Allocation

V.I.

Fund

36

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

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

2-Year

Interest

Rate

Swap

(a)

.

2.47%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

10/27/22

2.47

%

USD

55,617

$

(59)

2-Year

Interest

Rate

Swap

(a)

.

1.40%

Semi-Annual

1

day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

02/15/23

1.40

USD

153,627

(16,125)

1-Year

Interest

Rate

Swap

(a)

.

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.40

USD

391,953

(4,205)

1-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.60

USD

391,953

(5,279)

(25,668)

Put

5-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.91%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/04/22

2.91

USD

59,204

(2,471,658)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.05%

Semi-Annual

Goldman

Sachs

International

10/26/22

3.05

USD

27,956

(1,270,355)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.88%

Semi-Annual

Citibank

NA

10/31/22

2.88

USD

28,398

(1,676,346)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.92%

Semi-Annual

Goldman

Sachs

International

11/02/22

2.92

USD

28,572

(1,600,550)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.90%

Semi-Annual

Goldman

Sachs

International

11/10/22

2.90

USD

45,637

(2,646,602)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.20%

Semi-Annual

Goldman

Sachs

International

11/23/22

3.20

USD

26,841

(1,016,501)

1-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

At

Termination

4.40%

At

Termination

Goldman

Sachs

International

02/09/23

4.40

USD

448,566

(1,839,831)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.60%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

02/15/23

2.60

USD

119,522

(3,698,511)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

2.70%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

02/15/23

2.70

USD

119,522

(3,488,072)

1-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

At

Termination

4.50%

At

Termination

Morgan

Stanley

&

Co.

International

plc

03/07/23

4.50

USD

221,727

(881,584)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

4.03%

Semi-Annual

Goldman

Sachs

International

03/08/23

4.03

USD

224,184

(2,186,088)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.27%

Semi-Annual

Goldman

Sachs

International

03/23/23

3.27

USD

88,948

(3,762,301)

1-Year

Interest

Rate

Swap

(a)

.

1

day

SONIA

At

Termination

3.22%

At

Termination

Goldman

Sachs

International

04/03/23

3.22

GBP

300,434

(8,442,604)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/06/23

3.40

USD

29,597

(1,088,609)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.45%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/18/23

3.45

USD

29,134

(1,029,446)

1-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

1.75%

Annual

Goldman

Sachs

International

05/02/23

1.75

EUR

332,672

(4,705,975)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.75%

Semi-Annual

Citibank

NA

05/05/23

3.75

USD

28,491

(720,547)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.57%

Semi-Annual

Goldman

Sachs

International

05/11/23

3.57

USD

54,181

(1,720,200)

(44,245,780)

$

(44,271,448)

(a)

Forward

settling

swaption.

BlackRock

Global

Allocation

V.I.

Fund

37

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

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)

Avis

Budget

Car

Rental

LLC

............

5.00

%

Quarterly

12/20/26

USD

3,496

$

3,170

$

(425,949)

$

429,119

CDX.NA.HY.37.V2

...................

5.00

Quarterly

12/20/26

USD

12,207

45,018

(782,975)

827,993

ITRAXX.EUROPE.CROSSOVER.36.V1

....

5.00

Quarterly

12/20/26

EUR

20,640

468,134

(1,820,664)

2,288,798

CDX.NA.HY.38.V2

...................

5.00

Quarterly

06/20/27

USD

3,458

73,000

54,829

18,171

CDX.NA.IG.39.V1

...................

1.00

Quarterly

12/20/27

USD

12,843

40,157

(19,207)

59,364

$

629,479

$

(2,993,966)

$

3,623,445

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)

CDX.NA.HY.39.V1

.....

5.00

%

Quarterly

12/20/27

B+

USD

78,273

$

(3,092,703)

$

(3,213,267)

$

120,564

ITRAXX.EUROPE.

CROSSOVER.38.V1

.

5.00

Quarterly

12/20/27

BB-

EUR

19,984

(1,008,024)

(717,759)

(290,265)

$

(4,100,727)

$

(3,931,026)

$

(169,701)

(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)

28

day

MXIBTIIE

Monthly

4.42%

Monthly

N/A

02/28/23

MXN

277,141

$

(351,974)

$

—

$

(351,974)

28

day

MXIBTIIE

Monthly

4.50%

Monthly

N/A

03/03/23

MXN

277,054

(343,380)

—

(343,380)

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

196,638

(762,673)

—

(762,673)

28

day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

196,638

(735,829)

—

(735,829)

1

day

SOFR

Annual

2.65%

Annual

N/A

05/02/24

USD

348,580

(7,167,284)

71,362

(7,238,646)

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/06/24

USD

48,057

3,102,224

—

3,102,224

1

day

SONIA

At

Termination

4.26%

At

Termination

09/06/23

(a)

09/06/24

GBP

123,559

(1,866,757)

—

(1,866,757)

2.00%

Annual

1

day

SOFR

Annual

02/17/23

(a)

02/17/25

USD

43,216

1,787,192

—

1,787,192

2.72%

Annual

1

day

SOFR

Annual

N/A

05/02/25

USD

405,600

11,894,274

(101,475)

11,995,749

28

day

MXIBTIIE

Monthly

6.48%

Monthly

N/A

08/12/26

MXN

164,793

(781,618)

—

(781,618)

28

day

MXIBTIIE

Monthly

6.43%

Monthly

N/A

08/13/26

MXN

227,511

(1,097,155)

—

(1,097,155)

28

day

MXIBTIIE

Monthly

6.47%

Monthly

N/A

08/13/26

MXN

226,282

(1,077,404)

—

(1,077,404)

28

day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/14/26

MXN

184,468

(891,102)

—

(891,102)

28

day

MXIBTIIE

Monthly

6.44%

Monthly

N/A

08/14/26

MXN

111,918

(536,091)

—

(536,091)

28

day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/17/26

MXN

166,177

(801,950)

—

(801,950)

1

day

SOFR

Annual

2.67%

Annual

N/A

05/02/27

USD

46,232

(2,091,662)

(32,100)

(2,059,562)

1.08%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/30

USD

5,328

1,030,341

695,716

334,625

0.02%

Annual

6

month

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

29,481

6,757,322

—

6,757,322

1

day

SOFR

Annual

2.65%

Annual

N/A

05/02/32

USD

188,456

(13,215,070)

165,936

(13,381,006)

2.58%

Annual

1

day

SOFR

Annual

N/A

05/24/32

USD

34,955

2,707,115

(33,768)

2,740,883

2.60%

Annual

1

day

SOFR

Annual

N/A

05/26/32

USD

6,042

458,506

—

458,506

1

day

SOFR

Annual

3.47%

Annual

N/A

10/04/32

USD

25,548

—

—

—

2.61%

Annual

1

day

SOFR

Annual

N/A

05/02/42

USD

4,522

476,233

10,799

465,434

2.43%

Annual

1

day

SOFR

Annual

N/A

05/02/52

USD

129,868

15,456,658

(286,158)

15,742,816

$

11,949,916

$

490,312

$

11,459,604

BlackRock

Global

Allocation

V.I.

Fund

38

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

08/15/32

EUR

3,450

$

85,873

$

—

$

85,873

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

..........

5.00

%

Quarterly

Barclays

Bank

plc

06/20/23

USD

2,962

$

(19,234)

$

119,983

$

(139,217)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

95

18,423

10,972

7,451

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/24

USD

95

18,423

10,981

7,442

Staples,

Inc.

.............

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

185

23,529

18,720

4,809

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

190

56,320

54,140

2,180

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

06/20/27

USD

220

(6,434)

(10,140)

3,706

Ford

Motor

Co.

...........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

USD

500

(14,622)

(47,275)

32,653

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

316

6,600

5,898

702

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

237

4,941

4,714

227

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

237

4,941

4,714

227

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

390

10,925

5,653

5,272

Ford

Motor

Co.

...........

5.00

Quarterly

Citibank

NA

12/20/27

USD

835

(20,014)

(50,124)

30,110

$

–

$

–

$

–

$

83,798

$

128,236

$

(44,438)

$

–

$

–

$

–

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

9.39%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

82,238

$

(875,255)

$

—

$

(875,255)

1

day

BZDIOVER

At

Termination

9.42%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

89,716

(938,441)

—

(938,441)

1

day

BZDIOVER

At

Termination

9.54%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

89,385

(869,977)

—

(869,977)

1

day

BZDIOVER

At

Termination

8.65%

At

Termination

Goldman

Sachs

International

01/04/27

BRL

3,043

(68,766)

—

(68,766)

$

(2,752,439)

$

—

$

(2,752,439)

OTC

Total

Return

Swap

s

-

Future

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

161,040

BNP

Paribas

SA

10/17/22

USD

161

$

(455,259)

$

—

$

(455,259)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

58,852

Barclays

Bank

plc

10/26/22

USD

59

6,595

—

6,595

BlackRock

Global

Allocation

V.I.

Fund

39

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(72,228)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$2,885

of

net

dividends

and

financing

fees.

OTC

Total

Return

Swaps

-

Future

(continued)

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

212,017

BNP

Paribas

SA

12/16/22

USD

212

$

(747,951)

$

—

$

(747,951)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

7,800

Citibank

NA

12/16/22

USD

8

(22,091)

—

(22,091)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

189,258

Goldman

Sachs

International

12/16/22

USD

189

(598,055)

—

(598,055)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

104,146

JPMorgan

Chase

Bank

NA

12/16/22

USD

104

(295,064)

—

(295,064)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

USD

124,876

Merrill

Lynch

International

&

Co.

12/16/22

USD

125

(381,460)

—

(381,460)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

.

USD

(101,660)

Citibank

NA

12/16/22

USD

102

480,053

—

480,053

SPDR®

Bloomberg

High

Yield

Bond

ETF

.............

USD

23,463

Barclays

Bank

plc

12/16/22

USD

23

(95,935)

—

(95,935)

SPDR®

Bloomberg

High

Yield

Bond

ETF

.............

USD

153,770

BNP

Paribas

SA

12/16/22

USD

154

(697,826)

—

(697,826)

SPDR®

Bloomberg

High

Yield

Bond

ETF

.............

USD

36,720

Citibank

NA

12/16/22

USD

37

(139,231)

—

(139,231)

SPDR®

Bloomberg

High

Yield

Bond

ETF

.............

USD

39,970

Goldman

Sachs

International

12/16/22

USD

40

(284,620)

—

(284,620)

Pitney

Bowes,

Inc.

.........

USD

(6,594)

Citibank

NA

12/27/22

USD

7

528

—

528

$

(3,230,316)

$

—

$

(3,230,316)

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Citibank

NA

(b)

01/25/21-05/31/23

$

(16,813,312)

$

700,684

(c)

$

(16,040,400)

0.4

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(23,429,669)

2,440,193

(e)

(20,992,361)

0.5

$

3,140,877

$

(37,032,761)

(b)

(d)

Range:

15-216

basis

points

15-400

basis

points

Benchmarks:

USD

–

1D

Overnight

Bank

Funding

Rate(0BFR01)

USD

–

1D

Overnight

Bank

Funding

Rate(0BFR01)

BlackRock

Global

Allocation

V.I.

Fund

40

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

period

end,

termination

dates

January

25,

2021-May

31,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

China

Bilibili

,

Inc.,

Class

Z

........

(36,040)

$

(553,518)

3.4

%

China

Overseas

Land

&

Investment

Ltd.

........

(232,500)

(604,854)

3.8

China

Vanke

Co.

Ltd.

.......

(405,953)

(730,227)

4.6

Kanzhun

Ltd.,

ADR

........

(7,046)

(118,936)

0.7

Kuaishou

Technology

.......

(32,700)

(209,743)

1.3

Longfor

Group

Holdings

Ltd.

..

(97,000)

(278,055)

1.7

Microport

Scientific

Corp.

....

(89,700)

(152,866)

1.0

Prosus

NV

..............

(9,383)

(488,166)

3.0

Sunny

Optical

Technology

Group

Co.

Ltd.

..............

(11,400)

(108,341)

0.7

(3,244,706)

Germany

Beiersdorf

AG

............

(6,937)

(681,646)

4.3

Siemens

Healthineers

AG

....

(12,341)

(529,373)

3.3

(1,211,019)

Italy

Leonardo

SpA

...........

(24,023)

(170,092)

1.1

Nexi

SpA

...............

(25,559)

(206,469)

1.3

(376,561)

Japan

Money

Forward,

Inc.

.......

(15,400)

(323,637)

2.0

Open

House

Group

Co.

Ltd.

..

(7,900)

(266,889)

1.7

(590,526)

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(2,896)

(135,697)

0.9

HYBE

Co.

Ltd.

...........

(1,930)

(179,365)

1.1

Kakao

Corp.

.............

(7,827)

(307,988)

1.9

NCSoft

Corp.

............

(1,156)

(276,511)

1.7

(899,561)

Spain

Ferrovial

SA

.............

(9,861)

(223,831)

1.4

Sweden

Electrolux

AB,

Class

B

......

(28,887)

(300,234)

1.9

Fastighets

AB

Balder,

Class

B

.

(107,675)

(429,805)

2.7

Sagax

AB,

Class

B

........

(5,568)

(91,666)

0.5

Sweco

AB,

Class

B

........

(5,620)

(47,142)

0.3

(868,847)

Switzerland

Adecco

Group

AG

(Registered)

(9,305)

(256,814)

1.6

United

Kingdom

BT

Group

plc

............

(98,105)

(131,883)

0.8

Just

Eat

Takeaway.com

NV

...

(34,448)

(534,349)

3.3

Rolls-Royce

Holdings

plc

....

(135,340)

(103,650)

0.7

(769,882)

United

States

Caesars

Entertainment,

Inc.

..

(2,690)

(86,779)

0.5

CarMax,

Inc.

............

(3,234)

(213,509)

1.3

Coinbase

Global,

Inc.,

Class

A

(9,021)

(581,764)

3.6

EPAM

Systems,

Inc.

.......

(445)

(161,175)

1.0

Etsy,

Inc.

...............

(2,145)

(214,779)

1.3

Illumina,

Inc.

............

(3,378)

(644,489)

4.0

Lamb

Weston

Holdings,

Inc.

..

(5,179)

(400,751)

2.5

Las

Vegas

Sands

Corp.

.....

(18,515)

(694,683)

4.3

Shares

Value

%

of

Basket

Value

United

States

(continued)

Lennar

Corp.,

Class

A

......

(3,868)

$

(288,359)

1.8

%

Norwegian

Cruise

Line

Holdings

Ltd.

................

(49,575)

(563,172)

3.5

Paramount

Global,

Class

B

...

(32,484)

(618,495)

3.9

PPG

Industries,

Inc.

.......

(4,102)

(454,050)

2.8

PulteGroup,

Inc.

..........

(20,157)

(755,888)

4.7

Quanta

Services,

Inc.

......

(2,476)

(315,418)

2.0

Snap,

Inc.,

Class

A

........

(20,342)

(199,758)

1.3

Take-Two

Interactive

Software,

Inc.

.................

(3,968)

(432,512)

2.7

Teledyne

Technologies,

Inc.

..

(2,054)

(693,163)

4.3

Viatris

,

Inc.

..............

(32,853)

(279,908)

1.8

(7,598,652)

Total

Reference

Entity

—

Short

............

(16,040,399)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(16,040,399)

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

period

end,

termination

dates

February

8,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

Australia

Allkem

Ltd.

..............

(33,541)

(296,620)

1.4

AMP

Ltd.

...............

(584,048)

(409,393)

1.9

IDP

Education

Ltd.

........

(17,057)

(286,532)

1.4

OZ

Minerals

Ltd.

..........

(20,630)

(341,288)

1.6

Pilbara

Minerals

Ltd.

.......

(137,003)

(395,286)

1.9

(1,729,119)

Brazil

Alpargatas

SA

(Preference)

..

(4,480)

(17,764)

0.1

Localiza

Rent

a

Car

SA

.....

(44,627)

(502,634)

2.4

Magazine

Luiza

SA

........

(898,591)

(751,276)

3.6

(1,271,674)

Canada

Shaw

Communications,

Inc.,

Class

B

..............

(22,773)

(553,766)

2.6

China

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(394,000)

(207,355)

1.0

Country

Garden

Holdings

Co.

Ltd.

................

(764,575)

(176,617)

0.9

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

..........

(33,200)

(133,124)

0.6

Geely

Automobile

Holdings

Ltd.

(143,000)

(195,694)

0.9

Li

Ning

Co.

Ltd.

...........

(38,500)

(292,134)

1.4

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

..............

(255,500)

(406,524)

1.9

Xiaomi

Corp.,

Class

B

......

(1,033,400)

(1,170,193)

5.6

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.

..............

(84,200)

(352,443)

1.7

(2,934,084)

Finland

Orion

OYJ,

Class

B

........

(9,728)

(409,622)

2.0

France

Alstom

SA

..............

(14,801)

(239,418)

1.1

BlackRock

Global

Allocation

V.I.

Fund

41

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Shares

Value

%

of

Basket

Value

Germany

Vonovia

SE

.............

(8,805)

$

(190,028)

0.9

%

Hong

Kong

CK

Asset

Holdings

Ltd.

.....

(63,500)

(381,215)

1.8

Japan

Hitachi

Metals

Ltd.

........

(19,300)

(290,363)

1.4

Olympus

Corp.

...........

(25,000)

(480,943)

2.3

Tokyo

Electric

Power

Co.

Holdings,

Inc.

..........

(42,600)

(136,177)

0.6

(907,483)

Netherlands

Aegon

NV

..............

(134,993)

(536,597)

2.6

Poland

CD

Projekt

SA

...........

(13,773)

(275,809)

1.3

InPost

SA

..............

(56,848)

(330,768)

1.6

(606,577)

South

Korea

Delivery

Hero

SE

.........

(12,933)

(472,406)

2.2

Iljin

Materials

Co.

Ltd.

......

(4,914)

(171,798)

0.8

POSCO

Chemical

Co.

Ltd.

...

(8,426)

(871,690)

4.2

(1,515,894)

Sweden

Swedish

Match

AB

........

(42,585)

(421,239)

2.0

Shares

Value

%

of

Basket

Value

Switzerland

Bachem

Holding

AG

.......

(1,263)

$

(79,433)

0.4

%

United

Kingdom

Informa

plc

..............

(25,327)

(144,767)

0.7

Ocado

Group

plc

.........

(43,158)

(223,967)

1.1

(368,734)

United

States

Broadridge

Financial

Solutions,

Inc.

.................

(2,955)

(426,466)

2.0

DISH

Network

Corp.,

Class

A

.

(60,764)

(840,366)

4.0

Dollar

Tree,

Inc.

..........

(5,398)

(734,668)

3.5

DXC

Technology

Co.

.......

(26,276)

(643,236)

3.1

Fiserv,

Inc.

..............

(3,206)

(299,985)

1.4

International

Business

Machines

Corp.

...............

(8,525)

(1,012,855)

4.8

Marvell

Technology,

Inc.

.....

(12,505)

(536,590)

2.6

Nielsen

Holdings

plc

.......

(28,154)

(780,429)

3.7

PACCAR,

Inc.

...........

(7,496)

(627,340)

3.0

PerkinElmer,

Inc.

.........

(5,699)

(685,761)

3.3

Ross

Stores,

Inc.

.........

(11,835)

(997,335)

4.7

STERIS

plc

.............

(6,038)

(1,003,999)

4.8

Zoom

Video

Communications,

Inc.,

Class

A

...........

(3,512)

(258,448)

1.2

(8,847,478)

Total

Reference

Entity

—

Short

............

(20,992,361)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(20,992,361)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.05

%

1

day

SOFR

.........................................

Secured

Overnight

Financing

Rate

2.59

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

2.19

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

9.55

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

3.78

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

1.90

BlackRock

Global

Allocation

V.I.

Fund

42

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

REMIC

Real

Estate

Mortgage

Investment

Conduit

S&P

Standard

&

Poor's

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

BlackRock

Global

Allocation

V.I.

Fund

43

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

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

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/

or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

63,774,128

$

—

$

63,774,128

Common

Stocks

Argentina

............................................

488,390

—

—

488,390

Australia

.............................................

—

29,192,241

49

29,192,290

Belgium

.............................................

—

736,296

—

736,296

Brazil

...............................................

2,336,437

322,876

—

2,659,313

Canada

.............................................

39,728,379

—

—

39,728,379

Cayman

Islands

........................................

1,631,778

—

—

1,631,778

Chile

...............................................

1,307,344

—

—

1,307,344

China

...............................................

2,954,235

69,028,752

—

71,982,987

Denmark

.............................................

—

6,930,058

—

6,930,058

Finland

..............................................

—

1,469,453

—

1,469,453

France

..............................................

—

74,639,739

—

74,639,739

Germany

............................................

—

100,161,351

—

100,161,351

Hong

Kong

...........................................

—

10,740,542

—

10,740,542

India

...............................................

—

811,504

5,668,797

6,480,301

Ireland

..............................................

—

792,915

—

792,915

Israel

...............................................

11,979,217

355,636

—

12,334,853

Italy

................................................

—

10,421,920

—

10,421,920

Japan

...............................................

—

42,231,958

—

42,231,958

Jordan

..............................................

—

157,452

—

157,452

Macau

..............................................

—

112,558

—

112,558

Mexico

..............................................

1,303,503

—

—

1,303,503

Netherlands

...........................................

8,380,480

60,286,635

1,522,497

70,189,612

Norway

..............................................

—

1,466,647

—

1,466,647

Poland

..............................................

—

176,600

—

176,600

Saudi

Arabia

..........................................

—

112,363

—

112,363

South

Africa

...........................................

—

4,493,339

—

4,493,339

South

Korea

..........................................

—

21,954,293

—

21,954,293

BlackRock

Global

Allocation

V.I.

Fund

44

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Level

1

Level

2

Level

3

Total

Spain

...............................................

$

—

$

13,877,492

$

—

$

13,877,492

Sweden

.............................................

—

20,519,121

—

20,519,121

Switzerland

...........................................

—

16,447,691

—

16,447,691

Taiwan

..............................................

—

16,523,655

—

16,523,655

United

Arab

Emirates

....................................

—

—

3

3

United

Kingdom

........................................

6,897,799

79,586,912

3,748,891

90,233,602

United

States

..........................................

1,441,321,430

14,702,824

19,123,698

1,475,147,952

Corporate

Bonds

Australia

.............................................

—

43,809

34,192,414

34,236,223

Belgium

.............................................

—

2,181,810

—

2,181,810

Canada

.............................................

—

10,648,051

—

10,648,051

China

...............................................

—

2,535,867

5

2,535,872

France

..............................................

—

1,145,234

—

1,145,234

Germany

............................................

—

12,964,045

—

12,964,045

Hong

Kong

...........................................

—

1,768,042

—

1,768,042

India

...............................................

—

2,271,754

—

2,271,754

Indonesia

............................................

—

1,283,553

—

1,283,553

Italy

................................................

—

11,544,986

—

11,544,986

Japan

...............................................

—

3,083,004

—

3,083,004

Luxembourg

..........................................

—

7,471,488

—

7,471,488

Macau

..............................................

—

637,025

—

637,025

Malaysia

.............................................

—

1,048,931

—

1,048,931

Netherlands

...........................................

—

2,664,513

—

2,664,513

Philippines

...........................................

—

595,106

—

595,106

Saudi

Arabia

..........................................

—

238,500

—

238,500

Singapore

............................................

—

558,863

—

558,863

South

Korea

..........................................

—

1,203,146

—

1,203,146

Spain

...............................................

—

1,733,022

—

1,733,022

Sweden

.............................................

—

1,947,280

—

1,947,280

Switzerland

...........................................

—

3,054,997

—

3,054,997

Thailand

.............................................

—

1,051,280

—

1,051,280

Turkey

..............................................

—

—

2,007,320

2,007,320

United

Arab

Emirates

....................................

—

1,123,344

—

1,123,344

United

Kingdom

........................................

—

28,431,119

—

28,431,119

United

States

..........................................

—

277,147,015

13,869,383

291,016,398

Vietnam

.............................................

—

306,619

—

306,619

Zambia

..............................................

—

1,373,307

—

1,373,307

Floating

Rate

Loan

Interests

Belgium

.............................................

—

3,804,616

—

3,804,616

Canada

.............................................

—

5,942,587

—

5,942,587

France

..............................................

—

6,508,781

—

6,508,781

Germany

............................................

—

2,491,130

—

2,491,130

Jersey,

Channel

Islands

...................................

—

—

3,552,598

3,552,598

Luxembourg

..........................................

—

5,581,002

7,968,601

13,549,603

Netherlands

...........................................

—

10,764,066

4,690,035

15,454,101

Spain

...............................................

—

—

6,117,698

6,117,698

Sweden

.............................................

—

1,914,895

—

1,914,895

United

Kingdom

........................................

—

775,700

8,508,623

9,284,323

United

States

..........................................

—

37,369,041

56,236,549

93,605,590

Foreign

Government

Obligations

..............................

—

33,929,033

—

33,929,033

Investment

Companies

....................................

100,456,133

—

—

100,456,133

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

1,724,839

—

1,724,839

Cayman

Islands

........................................

—

1,841,018

—

1,841,018

United

States

..........................................

—

129,616,637

26,153,371

155,770,008

Other

Interests

..........................................

—

—

10,465,413

10,465,413

Preferred

Securities

Brazil

...............................................

586,220

—

5,391,833

5,978,053

China

...............................................

—

—

13,817,330

13,817,330

Germany

............................................

4,070,439

1,085,333

8,353,430

13,509,202

India

...............................................

—

—

4,009,708

4,009,708

Israel

...............................................

—

—

2,474,684

2,474,684

Jersey,

Channel

Islands

...................................

—

—

5,490,514

5,490,514

Sweden

.............................................

—

—

404,869

404,869

United

States

..........................................

16,429,044

12,326,002

78,123,855

106,878,901

U.S.

Government

Sponsored

Agency

Securities

....................

—

76,782,662

—

76,782,662

BlackRock

Global

Allocation

V.I.

Fund

45

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Level

1

Level

2

Level

3

Total

U.S.

Treasury

Obligations

...................................

$

—

$

494,999,995

$

—

$

494,999,995

Warrants

..............................................

407,230

43,865

18,733

469,828

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

407,783,624

—

407,783,624

Money

Market

Funds

......................................

194,203,540

—

—

194,203,540

Time

Deposits

..........................................

—

5,554,986

—

5,554,986

U.S.

Treasury

Obligations

...................................

—

21,153,963

—

21,153,963

Options

Purchased

Credit

contracts

..........................................

—

44,871

—

44,871

Equity

contracts

..........................................

17,058,560

618,667

—

17,677,227

Foreign

currency

exchange

contracts

...........................

—

2,841,017

—

2,841,017

Interest

rate

contracts

......................................

20,507

10,656,614

—

10,677,121

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

56,726

56,726

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(29,720,438)

—

(29,720,438)

Investment

Sold

Short

Common

Stocks

France

..............................................

—

(1,357,744)

—

(1,357,744)

Hong

Kong

...........................................

—

(1,421,777)

—

(1,421,777)

United

Kingdom

........................................

—

(1,330,997)

—

(1,330,997)

United

States

..........................................

(1,634,492)

—

—

(1,634,492)

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(6,376)

(6,376)

$

1,849,926,173

$

2,284,406,649

$

321,961,251

$

4,456,294,073

Investments

Valued

at

NAV

(b)

.....................................

155,189,347

$

—

$

4,611,483,420

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

3,838,789

$

—

$

3,838,789

Equity

contracts

...........................................

21,744,951

7,640,167

—

29,385,118

Foreign

currency

exchange

contracts

............................

—

25,670,133

—

25,670,133

Interest

rate

contracts

.......................................

26,514,094

43,384,751

—

69,898,845

Other

contracts

...........................................

—

85,873

—

85,873

Liabilities

Credit

contracts

...........................................

—

(661,179)

—

(661,179)

Equity

contracts

...........................................

(25,122,735)

(3,957,545)

—

(29,080,280)

Foreign

currency

exchange

contracts

............................

—

(29,580,285)

—

(29,580,285)

Interest

rate

contracts

.......................................

(21,397,489)

(78,949,034)

—

(100,346,523)

$

1,738,821

$

(32,528,330

)

$

—

$

(30,789,5

0

9

)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

BlackRock

Global

Allocation

V.I.

Fund

46

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Other

Interests

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Unfunded

SPAC

PIPE

Commitments

Warrants

Total

Investments

Assets

Opening

balance,

as

of

December

31,

2021

.....................

$

4,780,029

$

38,133,909

$

68,065,985

$

89,245,526

$

28,174,886

$

8,360,924

$

168,352,966

$

17,356

$

280,649

$

298,493

$

405,710,723

Transfers

into

Level

3

............

—

—

4,800

726,726

6,870,873

—

—

—

—

97,781

7,700,180

Transfers

out

of

Level

3

...........

(4,780,029)

—

—

(10,179,294)

—

—

—

—

—

—

(14,959,323)

Other

(a)

.....................

—

7,855,139

—

—

—

(7,855,139)

—

—

—

—

Accrued

discounts/premiums

........

—

—

(766,848)

167,027

7,319

—

—

—

—

—

(592,502)

Net

realized

gain

(loss)

...........

—

(1,623,902)

(258,432)

(205,436)

(120,872)

—

5,941,857

—

—

4,103

3,737,318

Net

change

in

unrealized

appreciation

(depreciation)

(b)

..............

—

(21,057,846)

(1,637,108)

(6,226,664)

(1,139,174)

2,104,489

(25,159,501)

32,994

(280,649)

(377,817)

(53,741,276)

Purchases

....................

—

11,574,996

4,293,966

57,218,885

3,364,208

—

6,918,297

—

—

—

83,370,352

Sales

.......................

—

(4,818,361)

(19,633,241)

(43,672,666)

(11,003,869)

—

(30,132,257)

—

—

(3,827)

(109,264,221)

Closing

balance,

as

of

September

30,

2022

.....................

$

—

$

30,063,935

$

50,069,122

$

87,074,104

$

26,153,371

$

10,465,413

$

118,066,223

$

50,350

$

—

$

18,733

$

321,961,251

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2022

(b)

........

$

—

$

(9,452,470)

$

(986,435)

$

(6,226,664)

$

(1,139,174)

$

2,104,489

$

(25,159,501)

$

32,994

$

—

$

(203,900)

$

(41,030,661)

(a)

Certain

Level

3

investments

were

re-classified

between

Common

Stocks

and

Preferred

Securities.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

September

30,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Allocation

V.I.

Fund

47

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$59,197,712

.

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

Assets

Common

Stocks

.............................

$

30,063,929

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

3.40x

–

16.50x

5.69x

Volatility

47%

–

69%

59%

Time

to

Exit

1.4

–

1.7

years

1.5

years

Corporate

Bonds

(b)

............................

44,697,017

Income

Discount

Rate

9%

–

16%

15%

Estimated

Recovery

Value

31%

—

Floating

Rate

Loan

Interests

59,462,037

Income

Discount

Rate

4%

–

16%

11%

Credit

Spread

315

-

445

379

Other

Interests

..............................

10,465,413

Income

Discount

Rate

6%

—

Preferred

Stocks

(c)

............................

118,066,223

Market

Revenue

Multiple

0.09x

–

29.00x

12.59x

EBITDA

Multiple

3.75x

—

Gross

Profit

Multiple

30.50x

—

Time

to

Exit

1.5

–

5.0

years

3.9

years

Volatility

50%

–

90%

67%

Market

Adjustment

Multiple

1.00x

—

Income

Discount

Rate

12%

—

Warrants

..................................

8,920

Market

Volatility

43%

-

71%

52%

Discount

Rate

0.5

–

0.8

years

0.7

years

$262,763,539

(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,

2022,

the

valuation

technique

for

investments

classified

as

Corporate

Bonds

amounting

to

$3,658,560

changed

to

Discount

Cash

Flow

approach.

The

investments

were

previously

valued

utilizing

a

recent

transaction.

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,

2022,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$7,775,752

changed

to

Discount

Cash

Flow

approach.

The

investments

were

previously

valued

utilizing

a

recent

transaction.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

The

fund

value

obtain

certain

of

its

Level

3

investments

using

recent

prior

transaction

prices

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtain

using

report

prior

transaction

prices,

for

which

inputs

are

unobservable,

is

$17,731,729

as

of

September

30,

2022.