Schedule

of

Investments

(unaudited)

March

31,

2025

BlackRock

Basic

Value

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

4.0%

Boeing

Co.

(The)

(a)

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

19,997

$

3,410,489

L3Harris

Technologies,

Inc.

(b)

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

31,694

6,633,871

RTX

Corp.

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

12,396

1,641,974

11,686,334

Automobile

Components

—

1.9%

Aptiv

plc

(a)

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

81,338

4,839,611

Lear

Corp.

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

9,764

861,380

5,700,991

Automobiles

—

1.4%

General

Motors

Co.

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

88,247

4,150,256

Banks

—

9.8%

Citigroup,

Inc.

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

125,701

8,923,514

First

Citizens

BancShares,

Inc.

,

Class

A

......

4,547

8,430,684

JPMorgan

Chase

&

Co.

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

5,656

1,387,417

Wells

Fargo

&

Co.

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

141,721

10,174,150

28,915,765

Broadline

Retail

—

2.7%

(a)

Amazon.com,

Inc.

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

30,307

5,766,210

PDD

Holdings,

Inc.

,

ADR

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

17,588

2,081,540

7,847,750

Building

Products

—

0.5%

Johnson

Controls

International

plc

.........

17,634

1,412,660

Capital

Markets

—

3.0%

Carlyle

Group,

Inc.

(The)

(b)

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

29,026

1,265,243

Charles

Schwab

Corp.

(The)

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

18,987

1,486,303

Intercontinental

Exchange,

Inc.

...........

34,874

6,015,765

8,767,311

Chemicals

—

2.1%

International

Flavors

&

Fragrances,

Inc.

......

40,342

3,130,943

PPG

Industries,

Inc.

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

26,680

2,917,458

6,048,401

Commercial

Services

&

Supplies

—

1.0%

Rentokil

Initial

plc

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

659,746

2,994,022

Communications

Equipment

—

1.0%

Cisco

Systems,

Inc.

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

47,109

2,907,096

Consumer

Staples

Distribution

&

Retail

—

1.8%

Dollar

Tree,

Inc.

(a)

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

72,530

5,444,827

Containers

&

Packaging

—

1.5%

Sealed

Air

Corp.

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

149,707

4,326,532

Diversified

Telecommunication

Services

—

0.5%

Verizon

Communications,

Inc.

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

34,222

1,552,310

Electric

Utilities

—

1.0%

Entergy

Corp.

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

19,593

1,675,006

PG&E

Corp.

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

73,386

1,260,771

2,935,777

Entertainment

—

2.0%

Electronic

Arts,

Inc.

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

40,753

5,889,624

Financial

Services

—

5.1%

Fidelity

National

Information

Services,

Inc.

....

97,676

7,294,444

Visa,

Inc.

,

Class

A

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

7,609

2,666,650

Voya

Financial,

Inc.

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

73,140

4,955,966

14,917,060

Security

Shares

Shares

Value

Food

Products

—

2.2%

Kraft

Heinz

Co.

(The)

(b)

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

213,041

$

6,482,838

Health

Care

Equipment

&

Supplies

—

4.7%

Baxter

International,

Inc.

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

236,303

8,088,652

Koninklijke

Philips

NV,

NYRS

,

ADR

(a)

(b)

......

55,238

1,403,045

Medtronic

plc

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

49,128

4,414,642

13,906,339

Health

Care

Providers

&

Services

—

10.9%

Cardinal

Health,

Inc.

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

77,669

10,700,458

Cigna

Group

(The)

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

4,990

1,641,710

CVS

Health

Corp.

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

142,981

9,686,963

Elevance

Health,

Inc.

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

11,159

4,853,718

Labcorp

Holdings,

Inc.

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

22,839

5,315,549

32,198,398

Household

Durables

—

1.8%

Sony

Group

Corp.

,

ADR

(b)

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

211,068

5,359,017

Insurance

—

5.1%

American

International

Group,

Inc.

.........

74,110

6,443,123

Fidelity

National

Financial,

Inc.

,

Class

A

......

108,471

7,059,293

Willis

Towers

Watson

plc

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

4,605

1,556,260

15,058,676

IT

Services

—

1.7%

Cognizant

Technology

Solutions

Corp.

,

Class

A

.

66,640

5,097,960

Life

Sciences

Tools

&

Services

—

0.2%

Fortrea

Holdings,

Inc.

(a)

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

62,635

472,894

Machinery

—

1.1%

CNH

Industrial

NV

(b)

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

140,854

1,729,687

Fortive

Corp.

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

19,409

1,420,351

3,150,038

Media

—

4.2%

Comcast

Corp.

,

Class

A

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

185,912

6,860,153

WPP

plc

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

742,747

5,644,155

12,504,308

Metals

&

Mining

—

0.5%

Teck

Resources

Ltd.

,

Class

B

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

39,391

1,434,888

Multi-Utilities

—

3.1%

Dominion

Energy,

Inc.

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

94,645

5,306,745

Sempra

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

52,757

3,764,740

9,071,485

Oil,

Gas

&

Consumable

Fuels

—

7.4%

BP

plc

,

ADR

(b)

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

233,625

7,894,189

Enterprise

Products

Partners

LP

...........

50,978

1,740,389

Hess

Corp.

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

44,316

7,078,594

Shell

plc

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

136,096

4,953,939

21,667,111

Pharmaceuticals

—

2.9%

AstraZeneca

plc

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

9,456

1,388,565

Sanofi

SA

,

ADR

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

127,151

7,051,794

8,440,359

Professional

Services

—

4.6%

Dun

&

Bradstreet

Holdings,

Inc.

...........

576,015

5,149,574

Leidos

Holdings,

Inc.

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

9,737

1,313,911

SS&C

Technologies

Holdings,

Inc.

(b)

........

84,783

7,081,924

13,545,409

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Basic

Value

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

2.4%

Advanced

Micro

Devices,

Inc.

(a)

...........

22,680

$

2,330,143

STMicroelectronics

NV,

NYRS

,

ADR

........

214,070

4,700,977

7,031,120

Technology

Hardware,

Storage

&

Peripherals

—

4.7%

HP,

Inc.

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

97,836

2,709,079

Samsung

Electronics

Co.

Ltd.

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

154,277

6,116,384

Western

Digital

Corp.

(a)

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

123,446

4,990,922

13,816,385

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Swatch

Group

AG

(The)

,

ADR

(b)

...........

313,133

2,677,287

Tobacco

—

1.9%

British

American

Tobacco

plc

,

ADR

(b)

........

135,761

5,616,433

Total

Long-Term

Investments

—

99

.6

%

(Cost:

$

268,557,120

)

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

293,027,661

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.9%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.50

%

(e)

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

18,244,525

$

18,253,648

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.22

%

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

1,999,275

1,999,275

Total

Short-Term

Securities

—

6

.9

%

(Cost:

$

20,252,923

)

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

20,252,923

Total

Investments

—

106

.5

%

(Cost:

$

288,810,043

)

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

313,280,584

Liabilities

in

Excess

of

Other

Assets

—

(

6.5

)

%

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

(

19,001,944

)

Net

Assets

—

100.0%

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

$

294,278,640

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/25

Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

27,525,720

$

—

$

(

9,272,638

)

(a)

$

(

165

)

$

731

$

18,253,648

18,244,525

$

36,682

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

4,327,006

—

(

2,327,731

)

(a)

—

—

1,999,275

1,999,275

28,556

—

$

(

165

)

$

731

$

20,252,923

$

65,238

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Basic

Value

V.I.

Fund

4

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (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,

that

may

not

have

a

secondary

market,

and/

or may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

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

$

11,686,334

$

—

$

—

$

11,686,334

Automobile

Components

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

5,700,991

—

—

5,700,991

Automobiles

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

4,150,256

—

—

4,150,256

Banks

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

28,915,765

—

—

28,915,765

Broadline

Retail

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

7,847,750

—

—

7,847,750

Building

Products

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

1,412,660

—

—

1,412,660

Capital

Markets

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

8,767,311

—

—

8,767,311

Chemicals

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

6,048,401

—

—

6,048,401

Commercial

Services

&

Supplies

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

—

2,994,022

—

2,994,022

Communications

Equipment

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

2,907,096

—

—

2,907,096

Consumer

Staples

Distribution

&

Retail

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

5,444,827

—

—

5,444,827

Containers

&

Packaging

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

4,326,532

—

—

4,326,532

Diversified

Telecommunication

Services

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

1,552,310

—

—

1,552,310

Electric

Utilities

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

2,935,777

—

—

2,935,777

Entertainment

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

5,889,624

—

—

5,889,624

Financial

Services

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

14,917,060

—

—

14,917,060

Food

Products

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

6,482,838

—

—

6,482,838

Health

Care

Equipment

&

Supplies

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

13,906,339

—

—

13,906,339

Health

Care

Providers

&

Services

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

32,198,398

—

—

32,198,398

Household

Durables

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

5,359,017

—

—

5,359,017

Insurance

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

15,058,676

—

—

15,058,676

IT

Services

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

5,097,960

—

—

5,097,960

Life

Sciences

Tools

&

Services

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

472,894

—

—

472,894

Machinery

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

3,150,038

—

—

3,150,038

Media

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

6,860,153

5,644,155

—

12,504,308

Metals

&

Mining

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

1,434,888

—

—

1,434,888

Multi-Utilities

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

9,071,485

—

—

9,071,485

Oil,

Gas

&

Consumable

Fuels

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

16,713,172

4,953,939

—

21,667,111

Pharmaceuticals

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

7,051,794

1,388,565

—

8,440,359

Professional

Services

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

13,545,409

—

—

13,545,409

Semiconductors

&

Semiconductor

Equipment

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

7,031,120

—

—

7,031,120

Technology

Hardware,

Storage

&

Peripherals

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

7,700,001

6,116,384

—

13,816,385

Textiles,

Apparel

&

Luxury

Goods

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

2,677,287

—

—

2,677,287

Tobacco

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

5,616,433

—

—

5,616,433

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Basic

Value

V.I.

Fund

5

Level

1

Level

2

Level

3

Total

Short-Term

Securities

Money

Market

Funds

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

$

20,252,923

$

—

$

—

$

20,252,923

$

292,183,519

$

21,097,065

$

—

$

313,280,584

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

NYRS

New

York

Registered

Shares

Fair

Value

Hierarchy

as

of

Period

End

(continued)