Schedule

Investments

(unaudited)

March

31,

2025

BlackRock

Equity

Dividend

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Aerospace

Defense

—

3.9%

Airbus

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

8,383

1,476,126‌

Boeing

Co.

(The)

(a)

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

12,464

2,125,735‌

L3Harris

Technologies,

Inc.

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

27,611

5,779,259‌

RTX

Corp.

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

16,890

2,237,249‌

11,618,369‌

Air

Freight

Logistics

—

0.6%

FedEx

Corp.

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

7,042

1,716,699‌

Automobile

Components

—

0.4%

Lear

Corp.

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

13,305

1,173,767‌

Automobiles

—

0.7%

General

Motors

Co.

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

45,936

2,160,370‌

Banks

—

11.4%

Bank

America

Corp.

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

59,490

2,482,518‌

Citigroup,

Inc.

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

129,206

9,172,334‌

First

Citizens

BancShares,

Inc.

Class

......

3,857

7,151,341‌

JPMorgan

Chase

Co.

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

18,906

4,637,642‌

Wells

Fargo

Co.

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

145,298

10,430,943‌

33,874,778‌

Beverages

—

1.0%

Constellation

Brands,

Inc.

Class

(b)

........

5,630

1,033,218‌

Keurig

Pepper,

Inc.

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

53,216

1,821,051‌

2,854,269‌

Broadline

Retail

—

1.0%

Amazon.com,

Inc.

(a)

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

16,191

3,080,500‌

Building

Products

—

1.0%

Allegion

plc

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

6,950

906,697‌

Johnson

Controls

International

plc

.........

27,874

2,232,986‌

3,139,683‌

Capital

Markets

—

3.0%

Carlyle

Group,

Inc.

(The)

(b)

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

56,022

2,441,999‌

Charles

Schwab

Corp.

(The)

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

16,458

1,288,332‌

Intercontinental

Exchange,

Inc.

...........

30,591

5,276,948‌

9,007,279‌

Chemicals

—

2.9%

Air

Products

Chemicals,

Inc.

(b)

...........

8,801

2,595,591‌

Corteva,

Inc.

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

9,914

623,888‌

International

Flavors

Fragrances,

Inc.

......

29,025

2,252,630‌

PPG

Industries,

Inc.

(b)

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

27,771

3,036,759‌

8,508,868‌

Commercial

Services

Supplies

—

0.7%

Rentokil

Initial

plc

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

444,314

2,016,361‌

Communications

Equipment

—

1.7%

Cisco

Systems,

Inc.

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

83,201

5,134,334‌

Consumer

Staples

Distribution

Retail

—

1.3%

Dollar

General

Corp.

(b)

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

44,282

3,893,716‌

Containers

Packaging

—

1.3%

Crown

Holdings,

Inc.

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

11,299

1,008,549‌

Sealed

Air

Corp.

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

98,901

2,858,239‌

3,866,788‌

Diversified

Telecommunication

Services

—

1.1%

Verizon

Communications,

Inc.

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

70,218

3,185,088‌

Electric

Utilities

—

3.2%

American

Electric

Power

Co.,

Inc.

..........

14,829

1,620,365‌

Entergy

Corp.

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

14,661

1,253,369‌

Security

Value

Electric

Utilities

(continued)

Exelon

Corp.

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

74,110

3,414,989‌

PG&E

Corp.

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

189,002

3,247,054‌

9,535,777‌

Electrical

Equipment

—

0.2%

Acuity,

Inc.

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

2,352

619,399‌

Entertainment

—

2.1%

Electronic

Arts,

Inc.

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

27,199

3,930,799‌

Walt

Disney

Co.

(The)

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

22,307

2,201,701‌

6,132,500‌

Financial

Services

—

2.4%

Fidelity

National

Information

Services,

Inc.

....

58,591

4,375,576‌

Visa,

Inc.

Class

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

7,555

2,647,725‌

7,023,301‌

Food

Products

—

2.2%

Kraft

Heinz

Co.

(The)

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

146,197

4,448,775‌

Lamb

Weston

Holdings,

Inc.

(b)

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

42,099

2,243,876‌

6,692,651‌

Ground

Transportation

—

0.2%

Norfolk

Southern

Corp.

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

2,197

520,359‌

Health

Care

Equipment

Supplies

—

5.5%

Baxter

International,

Inc.

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

189,702

6,493,499‌

Becton

Dickinson

Co.

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

3,430

785,676‌

Koninklijke

Philips

(a)

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

93,486

2,379,978‌

Medtronic

plc

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

75,224

6,759,629‌

16,418,782‌

Health

Care

Providers

Services

—

9.1%

Cardinal

Health,

Inc.

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

62,091

8,554,277‌

Cigna

Group

(The)

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

8,220

2,704,380‌

CVS

Health

Corp.

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

124,319

8,422,612‌

Elevance

Health,

Inc.

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

7,425

3,229,578‌

Labcorp

Holdings,

Inc.

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

17,639

4,105,301‌

27,016,148‌

Health

Care

REITs

—

0.0%

Healthcare

Realty

Trust,

Inc.

Class

.......

7,272

122,897‌

Household

Durables

—

1.6%

Sony

Group

Corp.

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

183,800

4,650,693‌

Industrial

Conglomerates

—

0.6%

Honeywell

International,

Inc.

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

7,986

1,691,035‌

Industrial

REITs

—

0.3%

STAG

Industrial,

Inc.

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

22,800

823,536‌

Insurance

—

4.9%

American

International

Group,

Inc.

.........

50,892

4,424,550‌

Fidelity

National

Financial,

Inc.

Class

......

56,899

3,702,987‌

Willis

Towers

Watson

plc

(b)

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

18,885

6,382,186‌

14,509,723‌

Services

—

1.3%

Cognizant

Technology

Solutions

Corp.

Class

51,036

3,904,254‌

Leisure

Products

—

1.0%

Hasbro,

Inc.

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

48,003

2,951,704‌

Life

Sciences

Tools

Services

—

0.1%

Fortrea

Holdings,

Inc.

(a)

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

43,909

331,513‌

Machinery

—

2.3%

CNH

Industrial

(b)

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

211,604

2,598,497‌

Fortive

Corp.

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

19,178

1,403,446‌

Komatsu

Ltd.

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

28,100

822,856‌

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Equity

Dividend

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Machinery

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

...

10,432

1,891,843‌

6,716,642‌

Media

—

2.6%

Comcast

Corp.

Class

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

146,540

5,407,326‌

WPP

plc

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

306,281

2,327,438‌

7,734,764‌

Metals

Mining

—

0.5%

Teck

Resources

Ltd.

Class

(b)

...........

37,399

1,362,446‌

Multi-Utilities

—

1.5%

Dominion

Energy,

Inc.

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

23,461

1,315,458‌

Sempra

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

42,896

3,061,059‌

4,376,517‌

Oil,

Gas

Consumable

Fuels

—

5.9%

plc

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

1,073,809

6,025,631‌

Enterprise

Products

Partners

...........

89,957

3,071,132‌

Hess

Corp.

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

19,990

3,193,003‌

Shell

plc

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

144,537

5,261,194‌

17,550,960‌

Pharmaceuticals

—

2.0%

AstraZeneca

plc

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

11,975

1,758,467‌

Eli

Lilly

Co.

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

1,441

1,190,136‌

Sanofi

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

26,560

2,940,774‌

5,889,377‌

Professional

Services

—

3.7%

Leidos

Holdings,

Inc.

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

19,916

2,687,465‌

SS&C

Technologies

Holdings,

Inc.

(b)

........

98,245

8,206,405‌

10,893,870‌

Residential

REITs

—

0.7%

Mid-America

Apartment

Communities,

Inc.

(b)

...

13,401

2,245,740‌

Semiconductors

Semiconductor

Equipment

—

2.6%

Applied

Materials,

Inc.

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

4,333

628,805‌

Intel

Corp.

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

71,768

1,629,851‌

Microchip

Technology,

Inc.

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

28,131

1,361,822‌

Micron

Technology,

Inc.

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

4,772

414,639‌

NVIDIA

Corp.

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

7,593

822,929‌

STMicroelectronics

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

48,420

1,061,732‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(b)

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

10,188

1,691,208‌

7,610,986‌

Software

—

2.3%

Microsoft

Corp.

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

18,005

6,758,897‌

Specialized

REITs

—

1.2%

Crown

Castle,

Inc.

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

33,871

3,530,374‌

Technology

Hardware,

Storage

Peripherals

—

3.0%

Hewlett

Packard

Enterprise

Co.

...........

76,811

1,185,194‌

HP,

Inc.

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

120,918

3,348,219‌

Samsung

Electronics

Co.

Ltd.

GDR

(c)

(d)

......

4,547

4,466,155‌

8,999,568‌

Tobacco

—

1.1%

British

American

Tobacco

plc

ADR

(b)

........

77,164

3,192,275‌

Trading

Companies

Distributors

—

0.1%

WESCO

International,

Inc.

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

1,750

271,775‌

Total

Common

Stocks

—

(Cost:

254,348,920

)

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

285,309,332‌

Security

Value

Preferred

Securities

Preferred

Stocks

—

0.8%

Household

Products

—

0.8%

Henkel

Co.

KGaA

(Preference)

........

28,389

2,258,832‌

Total

Preferred

Securities

—

(Cost:

2,412,581

)

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

2,258,832‌

Total

Long-Term

Investments

—

97.0%

(Cost:

256,761,501

)

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

287,568,164‌

Short-Term

Securities

Money

Market

Funds

—

9.8%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

Agency

4.50

(g)

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

20,123,524

20,133,586‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.22

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

8,996,732

8,996,732‌

Total

Short-Term

Securities

—

(Cost:

29,130,836

)

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

29,130,318‌

Total

Investments

—

106

(Cost:

285,892,337

)

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

316,698,482‌

Liabilities

Excess

Other

Assets

—

(

6.8

)

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

(

20,226,879‌

)

Net

Assets

—

100.0%

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

296,471,603‌

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Equity

Dividend

V.I.

Fund

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

March

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(d)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(e)

Affiliate

the

Fund.

(f)

Annualized

7-day

yield

period

end.

(g)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

12/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

03/31/25

Held

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

10,863,366

9,269,410

(a)

—

1,328

(

518

)

20,133,586

20,123,524

10,916

(b)

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

11,477,942

—

(

2,481,210

)

(a)

—

8,996,732

108,308

—

1,328

(

518

)

29,130,318

119,224

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Equity

Dividend

V.I.

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds,

that

may

not

have

secondary

market,

and/

or may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major