BlackRock
Basic
Value
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
September
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
3.5%
Airbus
SE,
ADR
(a)
...................
60,660
$
1,302,370
BAE
Systems
plc,
ADR
(a)
..............
63,751
2,235,429
Huntington
Ingalls
Industries,
Inc.
........
19,498
4,318,807
L3Harris
Technologies,
Inc.
............
10,510
2,184,293
10,040,899
Auto
Components
—
0.8%
Lear
Corp.
(a)
......................
18,603
2,226,593
Automobiles
—
2.5%
General
Motors
Co.
.................
218,993
7,027,485
Banks
—
12.6%
Citigroup,
Inc.
.....................
199,791
8,325,291
Citizens
Financial
Group,
Inc.
..........
130,070
4,469,205
First
Citizens
BancShares
,
Inc.,
Class
A
....
10,806
8,617,029
JPMorgan
Chase
&
Co.
..............
29,020
3,032,590
Wells
Fargo
&
Co.
..................
282,949
11,380,209
35,824,324
Chemicals
—
1.3%
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
177,060
3,728,884
Communications
Equipment
—
3.6%
Ciena
Corp.
(a)(b)
....................
54,090
2,186,859
Cisco
Systems,
Inc.
.................
201,059
8,042,360
10,229,219
Containers
&
Packaging
—
1.8%
Sealed
Air
Corp.
...................
114,351
5,089,763
Diversified
Financial
Services
—
2.5%
Apollo
Global
Management,
Inc.
.........
110,648
5,145,132
Equitable
Holdings,
Inc.
..............
73,144
1,927,344
7,072,476
Diversified
Telecommunication
Services
—
1.7%
Verizon
Communications,
Inc.
..........
123,339
4,683,182
Electric
Utilities
—
0.7%
American
Electric
Power
Co.,
Inc.
........
21,661
1,872,594
Food
&
Staples
Retailing
—
1.4%
Walmart,
Inc.
......................
29,770
3,861,169
Food
Products
—
0.8%
Mondelez
International,
Inc.,
Class
A
......
39,090
2,143,305
Health
Care
Equipment
&
Supplies
—
4.5%
(a)
Dentsply
Sirona,
Inc.
................
51,596
1,462,747
Koninklijke
Philips
NV,
NYRS
...........
83,310
1,282,141
Medtronic
plc
.....................
49,340
3,984,205
Zimmer
Biomet
Holdings,
Inc.
..........
59,161
6,185,282
12,914,375
Health
Care
Providers
&
Services
—
10.8%
Cardinal
Health,
Inc.
.................
47,530
3,169,300
Cigna
Corp.
......................
27,312
7,578,261
Elevance
Health,
Inc.
................
13,947
6,335,285
Humana,
Inc.
.....................
15,006
7,280,761
Laboratory
Corp.
of
America
Holdings
(a)
....
31,164
6,382,699
30,746,306
Household
Durables
—
1.8%
Panasonic
Holdings
Corp.
.............
744,500
5,227,909
Security
Shares
Shares
Value
Insurance
—
5.3%
American
International
Group,
Inc.
.......
138,967
$
6,598,153
Fidelity
National
Financial,
Inc.
(a)
.........
128,185
4,640,297
Prudential
plc,
ADR
(a)
................
68,710
1,368,703
Willis
Towers
Watson
plc
..............
12,360
2,483,619
15,090,772
Interactive
Media
&
Services
—
1.8%
Meta
Platforms,
Inc.,
Class
A
(b)
..........
37,680
5,112,422
IT
Services
—
8.5%
Cognizant
Technology
Solutions
Corp.,
Class
A
96,628
5,550,312
Fidelity
National
Information
Services,
Inc.
..
13,849
1,046,569
Fiserv,
Inc.
(b)
......................
70,689
6,614,370
FleetCor
Technologies,
Inc.
(b)
...........
25,783
4,542,191
SS&C
Technologies
Holdings,
Inc.
.......
83,817
4,002,262
Visa,
Inc.,
Class
A
(a)
.................
13,120
2,330,768
24,086,472
Machinery
—
2.1%
Fortive
Corp.
......................
24,880
1,450,504
Komatsu
Ltd.
.....................
255,500
4,652,223
6,102,727
Media
—
3.0%
Comcast
Corp.,
Class
A
..............
175,678
5,152,636
Publicis
Groupe
SA,
ADR
(a)(b)
...........
273,790
3,230,722
8,383,358
Multiline
Retail
—
2.8%
Dollar
General
Corp.
................
7,882
1,890,576
Dollar
Tree,
Inc.
(b)
...................
44,749
6,090,339
7,980,915
Multi-Utilities
—
0.9%
Public
Service
Enterprise
Group,
Inc.
.....
43,154
2,426,549
Oil,
Gas
&
Consumable
Fuels
—
7.2%
BP
plc,
ADR
(a)
.....................
270,851
7,732,796
Enterprise
Products
Partners
LP
(a)
.......
134,580
3,200,312
EQT
Corp.
(a)
......................
145,445
5,926,884
Shell
plc
.........................
141,987
3,522,404
20,382,396
Personal
Products
—
1.9%
Unilever
plc,
ADR
(a)
.................
121,801
5,339,756
Pharmaceuticals
—
4.7%
AstraZeneca
plc
...................
24,411
2,683,489
Bayer
AG
(Registered)
...............
97,098
4,473,746
Sanofi,
ADR
(a)
.....................
165,755
6,302,005
13,459,240
Specialty
Retail
—
2.4%
Ross
Stores,
Inc.
...................
79,266
6,679,746
Technology
Hardware,
Storage
&
Peripherals
—
3.5%
Samsung
Electronics
Co.
Ltd.
..........
133,040
4,885,130
Western
Digital
Corp.
(b)
...............
152,540
4,965,177
9,850,307
Textiles,
Apparel
&
Luxury
Goods
—
2.1%
Ralph
Lauren
Corp.
(a)
................
71,541
6,075,977
Tobacco
—
1.6%
Altria
Group,
Inc.
...................
114,240
4,613,011
BlackRock
Basic
Value
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.6%
Rogers
Communications,
Inc.,
Class
B
....
47,457
$
1,828,057
Total
Common
Stocks
—
98.7%
(Cost:
$319,204,118)
.............................
280,100,188
Investment
Companies
SPDR
S&P
Biotech
ETF
(a)
.............
33,710
2,673,877
Total
Investment
Companies
—
0.9%
(Cost:
$2,605,176)
..............................
2,673,877
Total
Long-Term
Investments
—
99.6%
(Cost:
$321,809,294)
.............................
282,774,065
Short-Term
Securities
Money
Market
Funds
—
16.0%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.79%
...................
1,951,412
1,951,412
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.29%
(e)
.......................
43,413,968
43,413,968
Total
Short-Term
Securities
—
16.0%
(Cost:
$45,365,465)
..............................
45,365,380
Total
Investments
—
115.6%
(Cost:
$367,174,759
)
.............................
328,139,445
Liabilities
in
Excess
of
Other
Assets
—
(15.6)%
...........
(44,187,669)
Net
Assets
—
100.0%
..............................
$
283,951,776
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(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.
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
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
2,032,614
$
—
$
(81,202)
(a)
$
—
$
—
$
1,951,412
1,951,412
$
18,144
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
23,307,788
20,116,689
(a)
—
(10,424)
(85)
43,413,968
43,413,968
49,648
(b)
—
$
(10,424)
$
(85)
$
45,365,380
$
67,792
$
—
—
—
(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.
BlackRock
Basic
Value
V.I.
Fund
4
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
ETF
Exchange-Traded
Fund
NYRS
New
York
Registered
Shares
S&P
Standard
&
Poor's
SPDR
Standard
&
Poor’s
Depositary
Receipts
BlackRock
Basic
Value
V.I.
Fund
5
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
Common
Stocks
Aerospace
&
Defense
....................................
$
10,040,899
$
—
$
—
$
10,040,899
Auto
Components
......................................
2,226,593
—
—
2,226,593
Automobiles
..........................................
7,027,485
—
—
7,027,485
Banks
...............................................
35,824,324
—
—
35,824,324
Chemicals
............................................
3,728,884
—
—
3,728,884
Communications
Equipment
................................
10,229,219
—
—
10,229,219
Containers
&
Packaging
..................................
5,089,763
—
—
5,089,763
Diversified
Financial
Services
...............................
7,072,476
—
—
7,072,476
Diversified
Telecommunication
Services
........................
4,683,182
—
—
4,683,182
Electric
Utilities
........................................
1,872,594
—
—
1,872,594
Food
&
Staples
Retailing
..................................
3,861,169
—
—
3,861,169
Food
Products
.........................................
2,143,305
—
—
2,143,305
Health
Care
Equipment
&
Supplies
...........................
12,914,375
—
—
12,914,375
Health
Care
Providers
&
Services
............................
30,746,306
—
—
30,746,306
Household
Durables
.....................................
—
5,227,909
—
5,227,909
Insurance
............................................
15,090,772
—
—
15,090,772
Interactive
Media
&
Services
...............................
5,112,422
—
—
5,112,422
IT
Services
...........................................
24,086,472
—
—
24,086,472
Machinery
............................................
1,450,504
4,652,223
—
6,102,727
Media
...............................................
8,383,358
—
—
8,383,358
Multiline
Retail
.........................................
7,980,915
—
—
7,980,915
Multi-Utilities
..........................................
2,426,549
—
—
2,426,549
Oil,
Gas
&
Consumable
Fuels
...............................
16,859,992
3,522,404
—
20,382,396
Personal
Products
......................................
5,339,756
—
—
5,339,756
Pharmaceuticals
.......................................
6,302,005
7,157,235
—
13,459,240
Specialty
Retail
........................................
6,679,746
—
—
6,679,746
Technology
Hardware,
Storage
&
Peripherals
....................
4,965,177
4,885,130
—
9,850,307
Textiles,
Apparel
&
Luxury
Goods
............................
6,075,977
—
—
6,075,977
BlackRock
Basic
Value
V.I.
Fund
6
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
Level
1
Level
2
Level
3
Total
Tobacco
.............................................
$
4,613,011
$
—
$
—
$
4,613,011
Wireless
Telecommunication
Services
.........................
1,828,057
—
—
1,828,057
Investment
Companies
....................................
2,673,877
—
—
2,673,877
Short-Term
Securities
Money
Market
Funds
......................................
1,951,412
—
—
1,951,412
$
259,280,576
$
25,444,901
$
—
$
284,725,477
Investments
Valued
at
NAV
(a)
.....................................
43,413,968
$
—
$
328,139,445
$
—
(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.