Schedule of Investments  (unaudited) March 31, 2019 BlackRock Basic Value V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.0%
Auto Components — 0.7%
Lear Corp.		21,884	$	2,969,878
Banks — 11.6%
Citigroup, Inc.		183,064		11,390,242
JPMorgan Chase & Co.		155,747		15,766,269
Regions Financial Corp.		357,669		5,061,016
Wells Fargo & Co.		346,778		16,756,313
				48,973,840
Beverages — 4.2%
Molson Coors Brewing Co., Class B		197,383		11,773,896
PepsiCo, Inc.		46,939		5,752,374
				17,526,270
Biotechnology — 2.0%
Biogen, Inc.(a)		11,257		2,660,929
Gilead Sciences, Inc.		90,375		5,875,279
				8,536,208
Building Products — 1.3%
Masco Corp.		137,280		5,396,477
Capital Markets — 2.8%
E*TRADE Financial Corp.		75,088		3,486,336
Morgan Stanley		133,286		5,624,669
State Street Corp.		40,314		2,653,064
				11,764,069
Chemicals — 2.7%
Akzo Nobel NV, ADR(b)		91,884		2,714,253
DowDuPont, Inc.		163,429		8,712,400
				11,426,653
Communications Equipment — 4.6%
Cisco Systems, Inc.		359,187		19,392,506
Consumer Finance — 1.5%
Ally Financial, Inc.		85,185		2,341,736
Capital One Financial Corp.		41,170		3,363,177
SLM Corp.(b)		60,108		595,670
				6,300,583
Diversified Financial Services — 0.4%
AXA Equitable Holdings, Inc.		82,758		1,666,746
Diversified Telecommunication Services — 4.5%
AT&T, Inc.		109,300		3,427,648
Verizon Communications, Inc.(b)		260,448		15,400,290
				18,827,938
Electric Utilities — 4.4%
Exelon Corp.		183,770		9,212,390

Security	Shares		Value
Electric Utilities (continued)
FirstEnergy Corp.		226,786	$	9,436,566
				18,648,956
Electrical Equipment — 2.3%
ABB Ltd., ADR(b)		328,204		6,193,209
Hubbell, Inc.		30,303		3,575,148
				9,768,357
Food & Staples Retailing — 2.1%
Kroger Co. (The)		120,024		2,952,591
Walgreens Boots Alliance, Inc.		94,771		5,996,161
				8,948,752
Food Products — 3.1%
Conagra Brands, Inc.		149,541		4,148,267
JM Smucker Co. (The)		19,118		2,227,247
Kellogg Co.		119,292		6,844,975
				13,220,489
Health Care Equipment & Supplies — 7.6%
Baxter International, Inc.		73,229		5,954,250
Koninklijke Philips NV, NYRS(b)		191,545		7,826,529
Medtronic plc		54,252		4,941,272
Zimmer Biomet Holdings, Inc.		104,614		13,359,208
				32,081,259
Health Care Providers & Services — 1.9%
Laboratory Corp. of America Holdings(a)		53,225		8,142,361
Hotels, Restaurants & Leisure — 0.5%
Carnival Corp.		38,750		1,965,400
Independent Power and Renewable Electricity Producers — 2.6%
AES Corp.		606,066		10,957,673
Industrial Conglomerates — 0.3%
General Electric Co.		119,776		1,196,562
Insurance — 5.0%
American International Group, Inc.		63,760		2,745,506
Assured Guaranty Ltd.		85,737		3,809,295
Brighthouse Financial, Inc.(a)		56,274		2,042,183
Hartford Financial Services Group, Inc. (The)		96,568		4,801,361
MetLife, Inc.		83,660		3,561,406
Willis Towers Watson plc		24,291		4,266,714
				21,226,465
Media — 4.7%
Comcast Corp., Class A		299,088		11,957,538
DISH Network Corp., Class A(a)		110,950		3,516,006
Interpublic Group of Cos., Inc. (The)(b)		193,982		4,075,562
				19,549,106
Metals & Mining — 1.0%
Freeport-McMoRan, Inc.		314,860		4,058,545
Multiline Retail — 1.2%
Dollar Tree, Inc.(a)		48,320		5,075,533
Oil, Gas & Consumable Fuels — 9.4%
BP plc, ADR(b)		279,370		12,214,056
ConocoPhillips		117,354		7,832,206

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Schedule of Investments  (unaudited) (continued) March 31, 2019 BlackRock Basic Value V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Oil Corp.		147,268	$	2,460,848
Marathon Petroleum Corp.		51,804		3,100,469
Suncor Energy, Inc.		163,048		5,287,647
Williams Cos., Inc. (The)		304,369		8,741,478
				39,636,704
Pharmaceuticals — 7.5%
Novartis AG, ADR		141,839		13,636,402
Pfizer, Inc.		419,586		17,819,817
				31,456,219
Road & Rail — 1.1%
Norfolk Southern Corp.		25,520		4,769,433
Semiconductors & Semiconductor Equipment — 2.2%
QUALCOMM, Inc.		158,187		9,021,405
Software — 1.4%
Oracle Corp.		112,300		6,031,633
Specialty Retail — 0.7%
Lowe’s Cos., Inc.		24,850		2,720,330
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.		15,364		2,918,392
Wireless Telecommunication Services — 1.0%
Telephone & Data Systems, Inc.		137,496		4,225,252
United States Cellular Corp.(a)		3,016		138,465
				4,363,717
Total Common Stocks — 97.0% (Cost: $370,893,775)				408,538,459
Total Long-Term Investments — 97.0% (Cost: $370,893,775)				408,538,459

Security	Shares		Value
Short-Term Securities — 6.0%(c)
BlackRock Liquidity Funds, T-Fund, Institutional Class,   2.37%(e)		10,846,689	$	10,846,689
JPMorgan US Treasury Plus Money Market Fund, Agency Class,   2.26%		6,855		6,855
SL Liquidity Series, LLC, Money Market Series,   2.67%(d)(e)		14,364,107		14,368,416
Total Short-Term Securities — 6.0% (Cost: $25,221,960)				25,221,960
Total Investments — 103.0% (Cost: $396,115,735)				433,760,419
Liabilities in Excess of Other Assets — (3.0)%				(12,573,053	)
Net Assets — 100.0%			$	421,187,366

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Annualized 7-day yield as of period end.

^(d)  Security was purchased with the cash collateral from loaned securities.

^(e)  During the period ended March 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 12/31/18		Net Activity			Shares Held at 03/31/19		Value at 03/31/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		16,423,075		(5,576,386	)		10,846,689	$	10,846,689	$	78,957		$	—	$	—
SL Liquidity Series, LLC, Money Market Series		18,439,265		(4,075,158	)		14,364,107		14,368,416		18,089	(b)		8,796		14
								$	25,215,105	$	97,046		$	8,796	$	14

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Glossary of Terms Used in this Report

Portfolio Abbreviations

ADR — American Depositary Receipt

NYRS — New York Registered Shares

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Schedule of Investments  (unaudited) (continued) March 31, 2019 BlackRock Basic Value V.I. Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments 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 investments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments
Common Stocks(a)	$	408,538,459	$	—	$	—	$	408,538,459
Short-Term Securities		10,853,544		—		—		10,853,544
Subtotal	$	419,392,003	$	—	$	—	$	419,392,003
Investments valued at NAV(b)								14,368,416
Total Investments							$	433,760,419

^(a)  See above Schedule of Investments for values in each industry.

^(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.

During the period ended March 31, 2019, there were no transfers between levels.

3