BlackRock

Basic

Value

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.2%

Aerospace

&

Defense

—

5.2%

BAE

Systems

plc,

ADR

(a)(b)

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

282,509

$

8,636,300

Huntington

Ingalls

Industries,

Inc.

........

20,430

3,944,216

Raytheon

Technologies

Corp.

..........

73,490

6,317,200

18,897,716

Auto

Components

—

0.8%

Lear

Corp.

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

19,500

3,051,360

Automobiles

—

2.9%

General

Motors

Co.

(c)

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

195,551

10,307,493

Banks

—

10.7%

Citigroup,

Inc.

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

209,364

14,693,165

First

Citizens

BancShares

,

Inc.,

Class

A

(a)

..

9,240

7,790,891

Wells

Fargo

&

Co.

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

349,138

16,203,495

38,687,551

Beverages

—

0.6%

Coca-Cola

Co.

(The)

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

43,050

2,258,834

Capital

Markets

—

4.0%

Apollo

Global

Management,

Inc.

.........

102,020

6,283,412

Morgan

Stanley

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

82,717

8,049,191

14,332,603

Chemicals

—

1.9%

Axalta

Coating

Systems

Ltd.

(c)

..........

231,210

6,749,020

Communications

Equipment

—

3.1%

Cisco

Systems,

Inc.

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

204,302

11,120,158

Consumer

Finance

—

2.3%

Capital

One

Financial

Corp.

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

51,307

8,310,195

Diversified

Financial

Services

—

1.5%

Equitable

Holdings,

Inc.

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

180,750

5,357,430

Electric

Utilities

—

1.9%

American

Electric

Power

Co.,

Inc.

........

35,650

2,894,067

Edison

International

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

32,824

1,820,747

Exelon

Corp.

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

40,990

1,981,457

6,696,271

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.0%

CyrusOne

,

Inc.

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

47,420

3,670,782

Food

Products

—

2.0%

Danone

SA

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

107,470

7,327,084

Health

Care

Equipment

&

Supplies

—

3.5%

Dentsply

Sirona,

Inc.

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

77,960

4,525,578

Zimmer

Biomet

Holdings,

Inc.

..........

56,450

8,262,022

12,787,600

Health

Care

Providers

&

Services

—

8.3%

Anthem,

Inc.

(a)

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

23,510

8,764,528

Cigna

Corp.

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

36,813

7,368,490

CVS

Health

Corp.

(a)

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

75,170

6,378,926

Laboratory

Corp.

of

America

Holdings

(c)

....

26,253

7,388,645

29,900,589

Household

Durables

—

0.7%

Panasonic

Corp.

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

196,900

2,440,654

Industrial

Conglomerates

—

1.1%

General

Electric

Co.

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

39,500

4,069,685

Security

Shares

Shares

Value

Insurance

—

4.1%

American

International

Group,

Inc.

.......

195,240

$

10,716,724

Fidelity

National

Financial,

Inc.

..........

90,560

4,105,990

14,822,714

IT

Services

—

6.4%

Cognizant

Technology

Solutions

Corp.,

Class

A

80,436

5,969,155

Fidelity

National

Information

Services,

Inc.

..

14,510

1,765,577

Fiserv,

Inc.

(a)(c)

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

66,780

7,245,630

FleetCor

Technologies,

Inc.

(c)

...........

30,800

8,047,116

23,027,478

Machinery

—

1.8%

Komatsu

Ltd.

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

268,500

6,430,152

Media

—

2.3%

Comcast

Corp.,

Class

A

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

148,108

8,283,680

Metals

&

Mining

—

1.2%

Steel

Dynamics,

Inc.

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

75,434

4,411,380

Multiline

Retail

—

1.9%

Dollar

General

Corp.

(a)

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

8,260

1,752,276

Dollar

Tree,

Inc.

(c)

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

53,057

5,078,616

6,830,892

Multi-Utilities

—

2.0%

NiSource,

Inc.

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

115,020

2,786,935

Public

Service

Enterprise

Group,

Inc.

.....

45,220

2,753,898

Sempra

Energy

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

13,460

1,702,690

7,243,523

Oil,

Gas

&

Consumable

Fuels

—

5.9%

BP

plc,

ADR

(a)(b)

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

245,241

6,702,437

ConocoPhillips

(a)

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

100,181

6,789,266

EQT

Corp.

(c)

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

189,050

3,867,963

Marathon

Petroleum

Corp.

(a)

...........

64,121

3,963,319

21,322,985

Personal

Products

—

1.9%

Unilever

plc,

ADR

(a)(b)

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

127,649

6,921,129

Pharmaceuticals

—

4.4%

Bayer

AG

(Registered)

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

100,400

5,449,261

Sanofi,

ADR

(a)(b)

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

173,700

8,374,077

Viatris

,

Inc.

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

162,942

2,207,864

16,031,202

Professional

Services

—

1.7%

CACI

International,

Inc.,

Class

A

(a)(c)

......

23,530

6,167,213

Real

Estate

Management

&

Development

—

1.3%

Howard

Hughes

Corp.

(The)

(c)

..........

53,960

4,738,228

Software

—

2.7%

CDK

Global,

Inc.

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

51,390

2,186,645

SS&C

Technologies

Holdings,

Inc.

.......

111,330

7,726,302

9,912,947

Specialty

Retail

—

1.4%

Ross

Stores,

Inc.

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

44,880

4,885,188

Textiles,

Apparel

&

Luxury

Goods

—

4.6%

(a)

Gildan

Activewear

,

Inc.

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

231,796

8,462,872

Ralph

Lauren

Corp.

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

74,975

8,325,224

16,788,096

Tobacco

—

1.9%

British

American

Tobacco

plc,

ADR

(a)(b)

.....

191,930

6,771,290

BlackRock

Basic

Value

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

2.2%

Rogers

Communications,

Inc.,

Class

B

(a)

...

168,580

$

7,872,657

Total

Common

Stocks

—

99.2%

(Cost:

$321,333,320)

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

358,425,779

Total

Long-Term

Investments

—

99.2%

(Cost:

$321,333,320)

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

358,425,779

Security

Shares

Shares

Value

Short-Term

Securities

—

10.3%

(d)(e)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

265,575

$

265,575

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(f)

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

36,993,260

37,004,358

Total

Short-Term

Securities

—

10.3%

(Cost:

$37,269,933)

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

37,269,933

Total

Investments

—

109.5%

(Cost:

$358,603,253

)

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

395,695,712

Liabilities

in

Excess

of

Other

Assets

—

(9.5)%

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

(34,215,088)

Net

Assets

—

100.0%

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

$

361,480,624

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

U.S.

dollar

denominated

security

issued

by

foreign

domiciled

entity.

(c)

Non-income

producing

security.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

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,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/21

Shares

Held

at

09/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,793,464

$

—

$

(1,527,889)

$

—

$

—

$

265,575

265,575

$

277

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

23,859,305

13,144,026

—

1,027

—

37,004,358

36,993,260

31,839

(b)

—

$

1,027

$

—

$

37,269,933

$

32,116

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BlackRock

Basic

Value

V.I.

Fund

4

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

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

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

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:

Common

Stocks:

Aerospace

&

Defense

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

$

18,897,716

$

—

$

—

$

18,897,716

Auto

Components

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

3,051,360

—

—

3,051,360

Automobiles

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

10,307,493

—

—

10,307,493

Banks

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

38,687,551

—

—

38,687,551

Beverages

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

2,258,834

—

—

2,258,834

Capital

Markets

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

14,332,603

—

—

14,332,603

Chemicals

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

6,749,020

—

—

6,749,020

Communications

Equipment

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

11,120,158

—

—

11,120,158

Consumer

Finance

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

8,310,195

—

—

8,310,195

Diversified

Financial

Services

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

5,357,430

—

—

5,357,430

Electric

Utilities

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

6,696,271

—

—

6,696,271

Equity

Real

Estate

Investment

Trusts

(REITs)

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

3,670,782

—

—

3,670,782

Food

Products

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

—

7,327,084

—

7,327,084

Health

Care

Equipment

&

Supplies

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

12,787,600

—

—

12,787,600

Health

Care

Providers

&

Services

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

29,900,589

—

—

29,900,589

Household

Durables

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

—

2,440,654

—

2,440,654

Industrial

Conglomerates

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

4,069,685

—

—

4,069,685

Insurance

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

14,822,714

—

—

14,822,714

IT

Services

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

23,027,478

—

—

23,027,478

Machinery

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

—

6,430,152

—

6,430,152

Media

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

8,283,680

—

—

8,283,680

Metals

&

Mining

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

4,411,380

—

—

4,411,380

Multiline

Retail

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

6,830,892

—

—

6,830,892

Multi-Utilities

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

7,243,523

—

—

7,243,523

Oil,

Gas

&

Consumable

Fuels

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

21,322,985

—

—

21,322,985

Personal

Products

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

6,921,129

—

—

6,921,129

Pharmaceuticals

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

10,581,941

5,449,261

—

16,031,202

BlackRock

Basic

Value

V.I.

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Fair

Value

Hierarchy

as

of

Period

End

Level

1

Level

2

Level

3

Total

Professional

Services

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

$

6,167,213

$

—

$

—

$

6,167,213

Real

Estate

Management

&

Development

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

4,738,228

—

—

4,738,228

Software

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

9,912,947

—

—

9,912,947

Specialty

Retail

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

4,885,188

—

—

4,885,188

Textiles,

Apparel

&

Luxury

Goods

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

16,788,096

—

—

16,788,096

Tobacco

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

6,771,290

—

—

6,771,290

Wireless

Telecommunication

Services

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

7,872,657

—

—

7,872,657

Short-Term

Securities

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

265,575

—

—

265,575

$

337,044,203

$

21,647,151

$

—

$

358,691,354

Investments

Valued

at

NAV

(a)

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

37,004,358

$

—

$

395,695,712

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.