BlackRock Variable Series Funds II NPORT-P BlackRock High Yield V.I. Fund (Sep 2019 report)

Schedule of Investments  (unaudited) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 0.8%
Chemicals — 0.3%
Element Solutions, Inc.(a)		153,824	$	1,565,928
Containers & Packaging — 0.0%
Crown Holdings, Inc.(a)		5,071		334,990
Equity Real Estate Investment Trusts (REITs) — 0.1%
Gaming and Leisure Properties, Inc.		12,660		484,118
Hotels, Restaurants & Leisure — 0.1%
Stars Group, Inc. (The)(a)		39,805		595,791
Media — 0.1%
Clear Channel Outdoor Holdings, Inc.(a)		146,145		368,285
Metals & Mining — 0.2%
Constellium SE, Class A(a)		80,736		1,026,155
Total Common Stocks — 0.8% (Cost: $5,108,141)				4,375,267
	Par (000)
Corporate Bonds — 85.6%
Aerospace & Defense — 4.3%
Arconic, Inc.:
5.40%, 04/15/21	USD	16		16,553
5.87%, 02/23/22		335		356,775
5.13%, 10/01/24		1,234		1,314,210
BBA US Holdings, Inc., 5.38%, 05/01/26(b)		537		563,850
Bombardier, Inc.(b):
8.75%, 12/01/21		1,205		1,301,400
5.75%, 03/15/22		236		239,835
6.13%, 01/15/23		668		680,358
7.50%, 12/01/24		94		94,000
7.50%, 03/15/25		1,052		1,050,685
7.88%, 04/15/27		3,020		3,007,467
BWX Technologies, Inc., 5.38%, 07/15/26(b)		368		386,860
F-Brasile SpA, Series XR, 7.38%, 08/15/26(b)		741		770,640
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(b)		711		758,992
TransDigm UK Holdings plc, 6.88%, 05/15/26		765		822,375
TransDigm, Inc.:
6.00%, 07/15/22		58		58,870
6.50%, 05/15/25		548		568,550
6.25%, 03/15/26(b)		9,462		10,159,822
Triumph Group, Inc., 6.25%, 09/15/24(b)		1,053		1,095,331
				23,246,573
Air Freight & Logistics — 0.1%
XPO Logistics, Inc., 6.75%, 08/15/24(b)		378		410,130
Auto Components — 1.6%
Allison Transmission, Inc.(b):
5.00%, 10/01/24		16		16,350
5.88%, 06/01/29		1,108		1,202,180
Icahn Enterprises LP:
6.75%, 02/01/24		203		211,120
4.75%, 09/15/24(b)		122		121,878
6.38%, 12/15/25		306		321,763
6.25%, 05/15/26(b)		1,253		1,314,084
Panther BF Aggregator 2 LP(b):
6.25%, 05/15/26		2,087		2,196,567
8.50%, 05/15/27		3,219		3,259,238
				8,643,180

Security	Par (000)		Value
Automobiles — 0.1%
Tesla, Inc., 5.30%, 08/15/25(b)	USD	396	$	355,905
Banks — 0.6%
Banco Espirito Santo SA(a)(c):
2.63%, 05/08/17	EUR	100		20,709
4.75%, 01/15/18		100		20,709
4.00%, 01/21/19		100		20,709
Barclays plc:
4.38%, 09/11/24	USD	850		878,850
5.20%, 05/12/26		200		212,457
CIT Bank NA, (SOFR + 1.72%), 2.97%, 09/27/25(d)		728		727,782
CIT Group, Inc.:
5.00%, 08/15/22		30		31,782
5.00%, 08/01/23		446		474,990
6.13%, 03/09/28		132		154,440
HSBC Holdings plc, (USD Swap Rate 5 Year + 3.75%), 6.00%(d)(e)		465		478,262
				3,020,690
Building Products — 0.6%(b)
Advanced Drainage Systems, Inc., 5.00%, 09/30/27		541		548,433
Builders FirstSource, Inc., 6.75%, 06/01/27		166		178,865
CPG Merger Sub LLC, 8.00%, 10/01/21		604		604,000
JELD-WEN, Inc.:
4.63%, 12/15/25		200		200,756
4.88%, 12/15/27		4		3,960
Masonite International Corp.:
5.75%, 09/15/26		45		47,475
5.38%, 02/01/28		221		230,392
PGT Escrow Issuer, Inc., 6.75%, 08/01/26		165		177,788
Standard Industries, Inc.:
5.38%, 11/15/24		474		488,220
6.00%, 10/15/25		746		782,151
				3,262,040
Capital Markets — 0.2%
Credit Suisse Group AG(b)(d)(e):
(USD Swap Semi 5 Year + 4.60%), 7.50%		200		213,750
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%		700		724,500
MSCI, Inc., 4.75%, 08/01/26(b)		62		64,945
Owl Rock Capital Corp., 5.25%, 04/15/24		282		296,712
				1,299,907
Chemicals — 2.1%
Atotech Alpha 2 BV, 8.75%, (8.75% Cash or 9.50% PIK), 06/01/23(b)(f)		610		605,425
Atotech Alpha 3 BV, 6.25%, 02/01/25(b)		2,554		2,566,770
Axalta Coating Systems LLC, 4.88%, 08/15/24(b)		748		772,310
Blue Cube Spinco LLC:
9.75%, 10/15/23		937		1,021,330
10.00%, 10/15/25		408		456,690
Chemours Co. (The):
6.63%, 05/15/23		559		552,013
4.00%, 05/15/26	EUR	290		289,039
5.38%, 05/15/27	USD	158		136,280
Element Solutions, Inc., 5.88%, 12/01/25(b)		2,340		2,445,060
Gates Global LLC, 6.00%, 07/15/22(b)		516		514,065
GCP Applied Technologies, Inc., 5.50%, 04/15/26(b)		283		288,660
NOVA Chemicals Corp., 4.88%, 06/01/24(b)		81		83,296
PQ Corp., 5.75%, 12/15/25(b)		899		925,970
TPC Group, Inc., 10.50%, 08/01/24(b)		750		781,875

1

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
W.R. Grace & Co., 5.63%, 10/01/24(b)	USD	154	$	165,935
				11,604,718
Commercial Services & Supplies — 2.2%
ACCO Brands Corp., 5.25%, 12/15/24(b)		104		107,640
ADT Security Corp. (The):
3.50%, 07/15/22		11		11,041
4.13%, 06/15/23		262		265,930
4.88%, 07/15/32(b)		947		828,625
Advanced Disposal Services, Inc., 5.63%, 11/15/24(b)		146		152,387
APX Group, Inc.:
8.75%, 12/01/20		361		354,682
7.88%, 12/01/22		153		152,090
8.50%, 11/01/24(b)		202		204,020
Aramark Services, Inc.:
5.00%, 04/01/25(b)		53		54,723
4.75%, 06/01/26		507		520,942
5.00%, 02/01/28(b)		832		865,280
Clean Harbors, Inc.(b):
4.88%, 07/15/27		416		434,200
5.13%, 07/15/29		547		579,820
GFL Environmental, Inc.(b):
7.00%, 06/01/26		860		905,150
8.50%, 05/01/27		1,249		1,384,829
Harland Clarke Holdings Corp., 8.38%, 08/15/22(b)		175		143,500
IAA, Inc., 5.50%, 06/15/27(b)		689		726,895
KAR Auction Services, Inc., 5.13%, 06/01/25(b)		295		305,325
Matthews International Corp., 5.25%, 12/01/25(b)		254		240,665
Mobile Mini, Inc., 5.88%, 07/01/24		1,268		1,306,040
Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/25(b)		116		114,550
Prime Security Services Borrower LLC(b):
5.25%, 04/15/24		528		542,018
5.75%, 04/15/26		437		455,048
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(b)		381		397,669
Waste Pro USA, Inc., 5.50%, 02/15/26(b)		635		654,660
				11,707,729
Communications Equipment — 0.7%
CommScope, Inc.(b):
5.50%, 03/01/24		1,122		1,154,258
6.00%, 03/01/26		740		765,752
Nokia OYJ:
4.38%, 06/12/27		187		195,415
6.63%, 05/15/39		583		685,025
ViaSat, Inc., 5.63%, 04/15/27(b)		1,099		1,153,950
				3,954,400
Construction & Engineering — 0.2%(b)
Brand Industrial Services, Inc., 8.50%, 07/15/25		602		568,890
New Enterprise Stone & Lime Co., Inc.:
10.13%, 04/01/22		158		162,345
6.25%, 03/15/26		99		101,228
				832,463
Consumer Finance — 2.0%
Ally Financial, Inc.:
4.13%, 03/30/20		100		100,625
3.88%, 05/21/24		310		320,788
8.00%, 11/01/31		3,598		4,974,235
Credit Acceptance Corp., 6.63%, 03/15/26(b)		250		267,500
Global Aircraft Leasing Co. Ltd., 6.50%, (6.50% Cash or 7.25% PIK), 09/15/24(b)(f)		1,224		1,236,240

Security	Par (000)		Value
Consumer Finance (continued)
Navient Corp.:
5.00%, 10/26/20	USD	47	$	47,587
6.63%, 07/26/21		373		391,650
6.50%, 06/15/22		65		69,225
5.50%, 01/25/23		108		111,510
7.25%, 09/25/23		313		340,231
6.13%, 03/25/24		295		305,971
5.88%, 10/25/24		116		116,870
6.75%, 06/25/25		120		123,750
6.75%, 06/15/26		488		500,200
Springleaf Finance Corp.:
6.13%, 05/15/22		45		48,038
5.63%, 03/15/23		14		14,910
6.88%, 03/15/25		288		317,340
7.13%, 03/15/26		815		904,100
6.63%, 01/15/28		348		374,204
				10,564,974
Containers & Packaging — 2.2%
Ardagh Packaging Finance plc(b):
4.13%, 08/15/26		739		743,619
4.75%, 07/15/27	GBP	100		125,704
Berry Global, Inc., 4.88%, 07/15/26(b)	USD	791		817,617
Crown Americas LLC:
4.75%, 02/01/26		430		449,887
4.25%, 09/30/26		374		387,090
Graphic Packaging International LLC, 4.75%, 07/15/27(b)		203		213,150
Greif, Inc., 6.50%, 03/01/27(b)		60		63,630
Intertape Polymer Group, Inc., 7.00%, 10/15/26(b)		181		188,693
LABL Escrow Issuer LLC, 6.75%, 07/15/26(b)		934		973,695
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)		2,329		2,392,931
Reynolds Group Issuer, Inc.(b):
5.13%, 07/15/23		592		606,060
7.00%, 07/15/24		723		749,209
Sealed Air Corp.(b):
5.13%, 12/01/24		20		21,400
6.88%, 07/15/33		31		36,270
Trivium Packaging Finance BV(b)(g):
5.50%, 08/15/26		1,544		1,623,053
8.50%, 08/15/27		2,182		2,359,287
				11,751,295
Distributors — 0.7%(b)
American Builders & Contractors Supply Co., Inc.:
5.75%, 12/15/23		358		368,740
5.88%, 05/15/26		478		500,705
Core & Main Holdings LP, 8.63%, (8.63% Cash or 9.38% PIK), 09/15/24(f)		748		753,610
Core & Main LP, 6.13%, 08/15/25		1,721		1,716,697
Performance Food Group, Inc., 5.50%, 10/15/27		438		460,995
				3,800,747
Diversified Consumer Services — 0.6%
BidFair MergeRight, Inc., 7.38%, 10/15/27(b)		600		611,292
frontdoor, Inc., 6.75%, 08/15/26(b)		872		954,857
Graham Holdings Co., 5.75%, 06/01/26(b)		172		184,900
Laureate Education, Inc., 8.25%, 05/01/25(b)		171		185,963
Service Corp. International, 5.13%, 06/01/29		519		554,681
ServiceMaster Co. LLC (The), 5.13%, 11/15/24(b)		851		882,913
				3,374,606

2

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services — 1.5%(b)
Allied Universal Holdco LLC:
6.63%, 07/15/26	USD	2,565	$	2,709,281
9.75%, 07/15/27		404		421,017
Fairstone Financial, Inc., 7.88%, 07/15/24		147		153,523
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26	EUR	650		762,347
6.25%, 05/15/26	USD	115		123,336
8.25%, 11/15/26		1,561		1,722,954
Verscend Escrow Corp., 9.75%, 08/15/26		2,266		2,412,995
				8,305,453
Diversified Telecommunication Services — 6.0%
Altice France SA(b):
6.25%, 05/15/24		246		253,872
7.38%, 05/01/26		2,780		2,980,744
8.13%, 02/01/27		1,881		2,076,154
5.50%, 01/15/28		1,562		1,581,681
CCO Holdings LLC(b):
4.00%, 03/01/23		169		171,746
5.75%, 02/15/26		52		54,964
5.13%, 05/01/27		935		975,907
5.88%, 05/01/27		22		23,265
5.00%, 02/01/28		1,039		1,074,066
5.38%, 06/01/29		2,827		3,010,755
CenturyLink, Inc.:
Series W, 6.75%, 12/01/23		571		625,245
Series Y, 7.50%, 04/01/24		465		520,033
5.63%, 04/01/25		685		710,687
Series P, 7.60%, 09/15/39		220		214,500
Series U, 7.65%, 03/15/42		220		213,950
Cincinnati Bell, Inc.(b):
7.00%, 07/15/24		1,031		953,675
8.00%, 10/15/25		296		259,000
Embarq Corp., 8.00%, 06/01/36		790		781,112
Frontier Communications Corp., 8.00%, 04/01/27(b)		3,136		3,311,616
Intelsat Jackson Holdings SA:
5.50%, 08/01/23		1,219		1,137,205
8.50%, 10/15/24(b)		1,640		1,651,792
9.75%, 07/15/25(b)		1,304		1,362,028
Level 3 Financing, Inc.:
5.38%, 08/15/22		160		160,900
5.13%, 05/01/23		226		228,339
5.38%, 05/01/25		110		113,937
5.25%, 03/15/26		121		125,822
4.63%, 09/15/27(b)		343		346,104
Level 3 Parent LLC, 5.75%, 12/01/22		99		99,396
Qualitytech LP, 4.75%, 11/15/25(b)		529		544,870
Qwest Corp., 6.75%, 12/01/21		197		212,910
Sable International Finance Ltd., 5.75%, 09/07/27(b)		200		206,690
Sprint Capital Corp.:
6.88%, 11/15/28		686		747,877
8.75%, 03/15/32		1,030		1,270,454
Telecom Italia Capital SA:
6.38%, 11/15/33		241		265,100
6.00%, 09/30/34		606		645,390
7.20%, 07/18/36		29		33,785
7.72%, 06/04/38		95		114,950
Telecom Italia SpA, 5.30%, 05/30/24(b)		947		1,021,292
Telesat Canada(b):
8.88%, 11/15/24		203		217,514
6.50%, 10/15/27		243		246,949
Virgin Media Finance plc, 5.75%, 01/15/25(b)		1,347		1,387,410

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Virgin Media Secured Finance plc(b):
5.25%, 01/15/26	USD	200	$	204,974
5.50%, 05/15/29		400		417,500
				32,556,160
Electric Utilities — 0.5%
Edison International, 5.75%, 06/15/27		70		78,594
NextEra Energy Operating Partners LP(b):
4.25%, 07/15/24		816		840,480
4.25%, 09/15/24		193		199,031
4.50%, 09/15/27		151		154,398
Vistra Operations Co. LLC(b):
3.55%, 07/15/24		335		337,223
5.50%, 09/01/26		3		3,139
5.63%, 02/15/27		204		214,822
4.30%, 07/15/29		816		837,222
				2,664,909
Electrical Equipment — 0.2%(b)
Sensata Technologies BV:
5.63%, 11/01/24		422		458,925
5.00%, 10/01/25		48		51,300
Vertiv Group Corp., 9.25%, 10/15/24		747		719,921
				1,230,146
Electronic Equipment, Instruments & Components — 0.2%
CDW LLC:
5.00%, 09/01/23		169		173,293
5.00%, 09/01/25		222		230,602
4.25%, 04/01/28		177		180,558
Itron, Inc., 5.00%, 01/15/26(b)		34		35,030
Sensata Technologies, Inc., 4.38%, 02/15/30(b)		312		311,610
				931,093
Energy Equipment & Services — 1.5%
Apergy Corp., 6.38%, 05/01/26		370		367,225
Archrock Partners LP, 6.88%, 04/01/27(b)		211		223,915
Nabors Industries, Inc., 4.63%, 09/15/21		338		319,410
Noble Holding International Ltd.:
7.75%, 01/15/24		34		22,100
7.88%, 02/01/26(b)		929		668,880
Pacific Drilling SA, 8.38%, 10/01/23(b)		1,017		854,280
Rowan Cos., Inc., 4.88%, 06/01/22		891		668,250
Tervita Corp., 7.63%, 12/01/21(b)		994		1,010,153
Transocean Pontus Ltd., 6.13%, 08/01/25(b)		120		121,952
Transocean Poseidon Ltd., 6.88%, 02/01/27(b)		284		295,360
Transocean, Inc.:
6.50%, 11/15/20		9		9,180
8.51%, 12/15/21(g)		31		31,775
9.00%, 07/15/23(b)		1,464		1,504,260
7.25%, 11/01/25(b)		281		247,631
7.50%, 01/15/26(b)		221		196,690
USA Compression Partners LP:
6.88%, 04/01/26		797		826,888
6.88%, 09/01/27(b)		488		503,860
Valaris plc, 4.70%, 03/15/21		52		45,240
				7,917,049
Entertainment — 0.7%
Lions Gate Capital Holdings LLC(b):
6.38%, 02/01/24		339		358,452
5.88%, 11/01/24		386		396,615
Netflix, Inc.:
5.38%, 02/01/21		60		61,800
4.88%, 04/15/28		109		110,902
5.88%, 11/15/28		1,636		1,777,187

3

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Entertainment (continued)
5.38%, 11/15/29(b)	USD	1,189	$	1,239,532
				3,944,488
Equity Real Estate Investment Trusts (REITs) — 2.2%
Brookfield Property REIT, Inc., 5.75%, 05/15/26(b)		748		781,660
CyrusOne LP, 5.38%, 03/15/27		54		57,577
GLP Capital LP:
3.35%, 09/01/24		150		150,855
5.25%, 06/01/25		320		352,490
5.38%, 04/15/26		172		189,176
4.00%, 01/15/30		695		698,454
Iron Mountain, Inc.(b):
4.88%, 09/15/27		400		409,072
4.88%, 09/15/29		569		577,706
iStar, Inc., 5.25%, 09/15/22		75		76,594
MGM Growth Properties Operating Partnership LP:
5.63%, 05/01/24		669		733,391
4.50%, 09/01/26		675		715,500
5.75%, 02/01/27(b)		202		226,806
4.50%, 01/15/28		1,165		1,208,687
MPT Operating Partnership LP:
5.00%, 10/15/27		1,319		1,381,653
4.63%, 08/01/29		894		920,820
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(b)		763		784,967
SBA Communications Corp.:
4.00%, 10/01/22		858		875,160
4.88%, 09/01/24		1,085		1,122,975
Service Properties Trust:
4.35%, 10/01/24		281		284,460
4.75%, 10/01/26		281		282,633
VICI Properties 1 LLC, 8.00%, 10/15/23		200		218,698
				12,049,334
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc.:
6.63%, 06/15/24		163		170,742
5.75%, 03/15/25		431		443,219
5.88%, 02/15/28(b)		843		892,265
				1,506,226
Food Products — 1.6%(b)
Chobani LLC, 7.50%, 04/15/25		861		824,407
Darling Ingredients, Inc., 5.25%, 04/15/27		192		201,600
JBS Investments II GmbH, 7.00%, 01/15/26		200		215,798
JBS USA LUX SA:
5.88%, 07/15/24		715		736,486
5.75%, 06/15/25		1,250		1,302,275
6.75%, 02/15/28		350		387,516
6.50%, 04/15/29		1,283		1,424,104
5.50%, 01/15/30		1,276		1,352,534
Post Holdings, Inc.:
5.50%, 03/01/25		349		365,578
5.00%, 08/15/26		46		47,707
5.75%, 03/01/27		337		357,287
5.63%, 01/15/28		165		174,900
5.50%, 12/15/29		808		842,340
Simmons Foods, Inc., 7.75%, 01/15/24		415		449,238
				8,681,770
Gas Utilities — 0.1%
Superior Plus LP, 7.00%, 07/15/26(b)		647		682,598

Security	Par (000)		Value
Health Care Equipment & Supplies — 1.0%
Hill-Rom Holdings, Inc., 4.38%, 09/15/27(b)	USD	136	$	139,040
Hologic, Inc.(b):
4.38%, 10/15/25		279		285,975
4.63%, 02/01/28		150		155,437
Immucor, Inc., 11.13%, 02/15/22(b)		284		287,195
Ortho-Clinical Diagnostics, Inc., 6.63%, 05/15/22(b)		3,179		3,104,929
Sotera Health Holdings LLC, 6.50%, 05/15/23(b)		899		918,104
Teleflex, Inc.:
4.88%, 06/01/26		314		327,345
4.63%, 11/15/27		51		53,231
				5,271,256
Health Care Providers & Services — 5.3%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22		231		232,732
AHP Health Partners, Inc., 9.75%, 07/15/26(b)		529		560,836
Centene Corp., 5.38%, 06/01/26(b)		2,402		2,513,092
Community Health Systems, Inc.(b):
8.63%, 01/15/24		1,267		1,308,177
8.00%, 03/15/26		1,341		1,337,648
Eagle Holding Co. II LLC(b)(f):
7.63%, (7.63% Cash or 8.38% PIK), 05/15/22		108		108,810
7.75%, (7.75% Cash or 8.50% PIK), 05/15/22		541		545,734
Encompass Health Corp., 5.75%, 11/01/24		171		172,787
Envision Healthcare Corp., 8.75%, 10/15/26(b)		330		201,300
HCA, Inc.:
5.38%, 02/01/25		598		653,315
5.88%, 02/15/26		37		41,359
5.38%, 09/01/26		217		238,418
5.63%, 09/01/28		1,575		1,755,022
5.88%, 02/01/29		1,645		1,847,713
MEDNAX, Inc.(b):
5.25%, 12/01/23		343		348,660
6.25%, 01/15/27		1,426		1,415,205
Molina Healthcare, Inc.:
5.38%, 11/15/22(g)		63		66,783
4.88%, 06/15/25(b)		1,136		1,141,680
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(b)		1,203		1,108,264
NVA Holdings, Inc., 6.88%, 04/01/26(b)		314		333,232
Polaris Intermediate Corp., 8.50%, (8.50% Cash or 9.25% PIK), 12/01/22(b)(f)		1,005		854,250
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(b)		901		958,439
Surgery Center Holdings, Inc.(b):
6.75%, 07/01/25		736		660,560
10.00%, 04/15/27		622		631,330
Team Health Holdings, Inc., 6.38%, 02/01/25(b)		358		247,378
Tenet Healthcare Corp.:
8.13%, 04/01/22		1,613		1,744,540
4.63%, 09/01/24(b)		536		551,372
4.88%, 01/01/26(b)		2,135		2,191,044
6.25%, 02/01/27(b)		1,403		1,461,295
5.13%, 11/01/27(b)		1,677		1,732,928
Vizient, Inc., 6.25%, 05/15/27(b)		579		620,978
WellCare Health Plans, Inc.:
5.25%, 04/01/25		242		251,982
5.38%, 08/15/26(b)		722		770,591
				28,607,454
Health Care Technology — 0.3%
IQVIA, Inc.:
3.25%, 03/15/25	EUR	224		250,253
5.00%, 10/15/26(b)	USD	472		494,420

4

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Technology (continued)
5.00%, 05/15/27(b)	USD	681	$	713,347
				1,458,020
Hotels, Restaurants & Leisure — 5.0%
1011778 BC ULC(b):
4.25%, 05/15/24		22		22,640
5.00%, 10/15/25		2,550		2,636,828
3.88%, 01/15/28		658		662,185
Aramark International Finance SARL, 3.13%, 04/01/25	EUR	506		567,729
Boyne USA, Inc., 7.25%, 05/01/25(b)	USD	276		300,730
Cedar Fair LP, 5.25%, 07/15/29(b)		728		778,960
Churchill Downs, Inc.(b):
5.50%, 04/01/27		1,081		1,147,049
4.75%, 01/15/28		806		826,150
Eldorado Resorts, Inc.:
6.00%, 04/01/25		131		138,205
6.00%, 09/15/26		167		182,865
Golden Nugget, Inc., 6.75%, 10/15/24(b)		2,553		2,597,677
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24		7		7,131
5.13%, 05/01/26		680		714,000
4.88%, 01/15/30(b)		1,645		1,736,873
Hilton Worldwide Finance LLC, 4.88%, 04/01/27		190		200,117
IRB Holding Corp., 6.75%, 02/15/26(b)		204		205,020
KFC Holding Co.(b):
5.25%, 06/01/26		395		418,107
4.75%, 06/01/27		96		99,960
Marriott Ownership Resorts, Inc., 6.50%, 09/15/26		66		71,115
MGM Resorts International:
6.63%, 12/15/21		1,351		1,463,606
7.75%, 03/15/22		491		549,311
6.00%, 03/15/23		77		84,831
Sabre GLBL, Inc.(b):
5.38%, 04/15/23		229		233,580
5.25%, 11/15/23		333		342,157
Scientific Games International, Inc.:
5.00%, 10/15/25(b)		1,014		1,046,245
3.38%, 02/15/26	EUR	500		556,420
8.25%, 03/15/26(b)	USD	1,819		1,929,686
Six Flags Entertainment Corp.(b):
4.88%, 07/31/24		1,595		1,650,825
5.50%, 04/15/27		814		867,911
Station Casinos LLC, 5.00%, 10/01/25(b)		290		294,292
Viking Cruises Ltd.(b):
6.25%, 05/15/25		101		105,545
5.88%, 09/15/27		1,866		1,977,214
Wyndham Destinations, Inc.(g):
5.40%, 04/01/24		12		12,660
5.75%, 04/01/27		230		248,400
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(b)		203		212,643
Wynn Las Vegas LLC, 5.25%, 05/15/27(b)		147		151,043
Wynn Resorts Finance LLC, 5.13%, 10/01/29(b)		771		807,931
Yum! Brands, Inc.:
4.75%, 01/15/30(b)		997		1,029,562
5.35%, 11/01/43		10		9,600
				26,886,803
Household Durables — 1.1%
Brookfield Residential Properties, Inc., 6.25%, 09/15/27(b)		373		374,865
Installed Building Products, Inc., 5.75%, 02/01/28(b)		205		211,406

Security	Par (000)		Value
Household Durables (continued)
Lennar Corp.:
6.63%, 05/01/20	USD	255	$	260,737
4.88%, 12/15/23		50		53,125
5.25%, 06/01/26		355		383,844
4.75%, 11/29/27		396		424,710
Mattamy Group Corp.(b):
6.88%, 12/15/23		188		195,520
6.50%, 10/01/25		212		222,600
MDC Holdings, Inc., 6.00%, 01/15/43		187		193,077
Meritage Homes Corp.:
7.15%, 04/15/20		70		71,497
5.13%, 06/06/27		274		289,070
PulteGroup, Inc.:
6.38%, 05/15/33		396		438,214
6.00%, 02/15/35		244		259,860
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)		651		714,472
Tempur Sealy International, Inc., 5.50%, 06/15/26		14		14,595
Toll Brothers Finance Corp., 3.80%, 11/01/29		276		271,689
TRI Pointe Group, Inc.:
5.88%, 06/15/24		123		130,995
5.25%, 06/01/27		385		385,963
Williams Scotsman International, Inc.(b):
7.88%, 12/15/22		231		241,395
6.88%, 08/15/23		889		931,228
				6,068,862
Household Products — 0.2%
Energizer Holdings, Inc.(b):
6.38%, 07/15/26		140		149,959
7.75%, 01/15/27		359		399,998
Spectrum Brands, Inc.:
5.75%, 07/15/25		391		408,005
5.00%, 10/01/29(b)		294		299,145
				1,257,107
Independent Power and Renewable Electricity Producers — 1.8%
Calpine Corp.:
5.38%, 01/15/23		1,761		1,783,012
5.88%, 01/15/24(b)		230		235,175
5.50%, 02/01/24		100		101,000
5.75%, 01/15/25		1,398		1,422,465
5.25%, 06/01/26(b)		1,146		1,186,110
Clearway Energy Operating LLC:
5.38%, 08/15/24		364		373,100
5.75%, 10/15/25(b)		437		459,943
NRG Energy, Inc.:
3.75%, 06/15/24(b)		224		230,498
6.63%, 01/15/27		1,175		1,272,936
5.75%, 01/15/28		418		449,350
4.45%, 06/15/29(b)		726		756,396
5.25%, 06/15/29(b)		671		721,526
Pattern Energy Group, Inc., 5.88%, 02/01/24(b)		649		664,414
Talen Energy Supply LLC:
6.50%, 06/01/25		78		59,280
10.50%, 01/15/26(b)		72		62,100
				9,777,305
Insurance — 1.4%
Acrisure LLC, 8.13%, 02/15/24(b)		526		566,765
Alliant Holdings Intermediate LLC, 8.25%, 08/01/23(b)		1,946		1,987,352
AmWINS Group, Inc., 7.75%, 07/01/26(b)		202		217,150
Ardonagh Midco 3 plc, 8.63%, 07/15/23(b)		652		629,180
CNO Financial Group, Inc., 5.25%, 05/30/29		526		575,970

5

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)	USD	886	$	910,365
HUB International Ltd., 7.00%, 05/01/26(b)		2,433		2,499,178
				7,385,960
Interactive Media & Services — 0.1%(b)
Match Group, Inc., 5.63%, 02/15/29		164		175,890
Rackspace Hosting, Inc., 8.63%, 11/15/24		221		203,298
				379,188
Internet & Direct Marketing Retail — 0.1%
Go Daddy Operating Co. LLC, 5.25%, 12/01/27(b)		357		375,296
IT Services — 1.8%
Banff Merger Sub, Inc., 9.75%, 09/01/26(b)		3,113		2,971,358
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(b)		505		518,888
Gartner, Inc., 5.13%, 04/01/25(b)		594		621,473
Tempo Acquisition LLC, 6.75%, 06/01/25(b)		1,444		1,487,320
WEX, Inc., 4.75%, 02/01/23(b)		301		304,010
Zayo Group LLC:
6.00%, 04/01/23		440		451,550
6.38%, 05/15/25		620		638,476
5.75%, 01/15/27(b)		2,764		2,825,637
				9,818,712
Leisure Products — 0.4%
Mattel, Inc., 6.75%, 12/31/25(b)		1,820		1,899,061
Life Sciences Tools & Services — 1.0%(b)
Avantor, Inc.:
6.00%, 10/01/24		2,742		2,938,135
9.00%, 10/01/25		1,859		2,082,080
Charles River Laboratories International, Inc., 5.50%, 04/01/26		466		495,698
				5,515,913
Machinery — 1.8%
Amsted Industries, Inc., 5.63%, 07/01/27(b)		230		242,650
Colfax Corp.(b):
6.00%, 02/15/24		669		708,036
6.38%, 02/15/26		659		709,043
EnPro Industries, Inc., 5.75%, 10/15/26		608		648,280
Grinding Media, Inc., 7.38%, 12/15/23(b)		1,011		965,505
Manitowoc Co., Inc. (The), 9.00%, 04/01/26(b)		465		455,700
Mueller Water Products, Inc., 5.50%, 06/15/26(b)		476		497,420
Navistar International Corp., 6.63%, 11/01/25(b)		900		913,500
RBS Global, Inc., 4.88%, 12/15/25(b)		815		837,331
SPX FLOW, Inc., 5.63%, 08/15/24(b)		374		386,155
Stevens Holding Co., Inc., 6.13%, 10/01/26(b)		341		362,739
Terex Corp., 5.63%, 02/01/25(b)		795		815,869
Titan Acquisition Ltd., 7.75%, 04/15/26(b)		1,469		1,377,187
Wabash National Corp., 5.50%, 10/01/25(b)		654		642,555
				9,561,970
Media — 6.9%
Altice Financing SA(b):
6.63%, 02/15/23		1,073		1,101,166
7.50%, 05/15/26		1,302		1,383,362
Altice Luxembourg SA(b):
7.75%, 05/15/22		320		326,800
7.63%, 02/15/25		1,311		1,366,717
10.50%, 05/15/27		1,742		1,963,234
AMC Networks, Inc.:
4.75%, 12/15/22		222		225,121
4.75%, 08/01/25		590		608,438
Clear Channel Worldwide Holdings, Inc.(b):
9.25%, 02/15/24		1,994		2,190,728
5.13%, 08/15/27		2,967		3,091,169

Security	Par (000)		Value
Media (continued)
CSC Holdings LLC:
5.13%, 12/15/21(b)	USD	327	$	327,066
5.38%, 07/15/23(b)		1,248		1,280,760
5.25%, 06/01/24		327		351,525
7.75%, 07/15/25(b)		636		683,827
6.63%, 10/15/25(b)		390		417,417
10.88%, 10/15/25(b)		1,771		2,005,569
5.50%, 05/15/26(b)		208		218,899
5.38%, 02/01/28(b)		200		210,750
6.50%, 02/01/29(b)		1,476		1,640,537
5.75%, 01/15/30(b)		931		973,007
Diamond Sports Group LLC, 5.38%, 08/15/26(b)		1,353		1,403,738
DISH DBS Corp.:
6.75%, 06/01/21		519		546,144
5.88%, 07/15/22		1,577		1,640,080
5.00%, 03/15/23		625		631,437
5.88%, 11/15/24		863		855,449
Entercom Media Corp., 6.50%, 05/01/27(b)		212		221,540
GCI LLC, 6.63%, 06/15/24(b)		735		792,881
Gray Television, Inc.(b):
5.13%, 10/15/24		37		38,341
7.00%, 05/15/27		393		431,789
iHeartCommunications, Inc.:
6.38%, 05/01/26		509		549,225
5.25%, 08/15/27(b)		498		517,920
MDC Partners, Inc., 6.50%, 05/01/24(b)		103		93,859
Meredith Corp., 6.88%, 02/01/26		144		146,340
Midcontinent Communications, 5.38%, 08/15/27(b)		268		282,070
Outfront Media Capital LLC, 5.00%, 08/15/27(b)		1,213		1,273,165
Radiate Holdco LLC(b):
6.88%, 02/15/23		90		92,587
6.63%, 02/15/25		537		540,813
Sirius XM Radio, Inc.(b):
4.63%, 07/15/24		224		232,250
5.38%, 07/15/26		19		19,947
5.00%, 08/01/27		1,179		1,217,317
5.50%, 07/01/29		1,037		1,106,998
TEGNA, Inc., 5.50%, 09/15/24(b)		79		81,370
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b)		800		838,000
Univision Communications, Inc., 5.13%, 05/15/23(b)		456		457,425
Videotron Ltd., 5.13%, 04/15/27(b)		429		453,668
WMG Acquisition Corp., 5.50%, 04/15/26(b)		182		191,100
Ziggo Bond Co. BV(b):
5.88%, 01/15/25		750		770,625
6.00%, 01/15/27		565		589,719
Ziggo BV, 5.50%, 01/15/27(b)		825		859,815
				37,241,704
Metals & Mining — 2.6%
Big River Steel LLC, 7.25%, 09/01/25(b)		412		434,660
Constellium SE(b):
5.75%, 05/15/24		352		361,680
6.63%, 03/01/25		1,343		1,400,077
5.88%, 02/15/26		1,478		1,540,815
Freeport-McMoRan, Inc.:
3.55%, 03/01/22		733		734,832
3.88%, 03/15/23		1,630		1,642,225
5.00%, 09/01/27		178		177,130
5.25%, 09/01/29		487		485,478
5.45%, 03/15/43		3,363		3,030,063
Kaiser Aluminum Corp., 5.88%, 05/15/24		173		180,112
New Gold, Inc., 6.25%, 11/15/22(b)		942		944,543

6

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining (continued)
Novelis Corp.(b):
6.25%, 08/15/24	USD	1,220	$	1,274,900
5.88%, 09/30/26		1,104		1,157,765
Steel Dynamics, Inc.:
5.25%, 04/15/23		333		338,828
4.13%, 09/15/25		257		259,570
5.00%, 12/15/26		64		67,040
				14,029,718
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.00%, 12/15/21		255		263,288
Oil, Gas & Consumable Fuels — 7.4%
Aker BP ASA, 4.75%, 06/15/24(b)		338		353,041
Antero Midstream Partners LP, 5.38%, 09/15/24		200		179,940
Antero Resources Corp., 5.38%, 11/01/21		268		258,620
Ascent Resources Utica Holdings LLC, 10.00%, 04/01/22(b)		476		475,857
Berry Petroleum Co. LLC, 7.00%, 02/15/26(b)		252		241,290
Brazos Valley Longhorn LLC, 6.88%, 02/01/25		298		256,280
California Resources Corp., 8.00%, 12/15/22(b)		30		14,850
Callon Petroleum Co.:
6.13%, 10/01/24		360		354,600
6.38%, 07/01/26		466		454,746
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23		328		310,780
8.25%, 07/15/25		396		387,922
Centennial Resource Production LLC, 6.88%, 04/01/27(b)		316		315,210
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24		263		302,266
5.88%, 03/31/25		497		552,977
5.13%, 06/30/27		1,157		1,266,192
Cheniere Energy Partners LP:
5.63%, 10/01/26		782		829,819
4.50%, 10/01/29(b)		961		983,824
Chesapeake Energy Corp.:
6.63%, 08/15/20		389		390,945
4.88%, 04/15/22		1,080		872,100
5.75%, 03/15/23		451		345,015
7.00%, 10/01/24		258		185,115
8.00%, 03/15/26(b)		245		167,825
CNX Resources Corp., 5.88%, 04/15/22		2,052		1,969,920
Comstock Resources, Inc., 9.75%, 08/15/26		333		278,318
CONSOL Energy, Inc., 11.00%, 11/15/25(b)		1,295		1,291,762
Covey Park Energy LLC, 7.50%, 05/15/25(b)		438		350,400
Crestwood Midstream Partners LP:
6.25%, 04/01/23(g)		238		244,248
5.63%, 05/01/27(b)		515		525,784
CrownRock LP, 5.63%, 10/15/25(b)		1,599		1,608,962
DCP Midstream Operating LP:
5.38%, 07/15/25		246		261,990
5.13%, 05/15/29		135		137,531
6.45%, 11/03/36(b)		269		280,433
6.75%, 09/15/37(b)		706		743,065
Denbury Resources, Inc.(b):
9.00%, 05/15/21		562		521,255
9.25%, 03/31/22		318		278,250
Endeavor Energy Resources LP(b):
5.50%, 01/30/26		859		893,360
5.75%, 01/30/28		497		528,062
EnLink Midstream LLC, 5.38%, 06/01/29		121		115,555
EnLink Midstream Partners LP:
4.40%, 04/01/24		498		479,599
4.15%, 06/01/25		38		35,245
4.85%, 07/15/26		86		81,700

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.60%, 04/01/44		USD  255	$	208,462
5.05%, 04/01/45		324		259,200
5.45%, 06/01/47		23		18,745
Extraction Oil & Gas, Inc.(b):
7.38%, 05/15/24		1,017		666,135
5.63%, 02/01/26		508		311,150
Genesis Energy LP:
6.00%, 05/15/23		130		130,487
5.63%, 06/15/24		68		65,110
6.50%, 10/01/25		127		123,825
6.25%, 05/15/26		148		142,820
Great Western Petroleum LLC, 9.00%, 09/30/21(b)		726		631,620
Hess Infrastructure Partners LP, 5.63%, 02/15/26(b)		316		330,220
Indigo Natural Resources LLC, 6.88%, 02/15/26(b)		423		381,229
Matador Resources Co., 5.88%, 09/15/26		478		478,908
MEG Energy Corp.(b):
6.38%, 01/30/23		376		362,840
7.00%, 03/31/24		106		102,290
6.50%, 01/15/25		1,269		1,294,380
Murphy Oil Corp.:
5.75%, 08/15/25		135		137,025
5.63%, 12/01/42(g)		165		145,200
NGPL PipeCo LLC, 7.77%, 12/15/37(b)		374		484,441
Northern Oil and Gas, Inc., 8.50%, (8.50% Cash or 9.50% PIK), 05/15/23(f)		81		83,448
NuStar Logistics LP, 6.00%, 06/01/26		366		396,122
Parkland Fuel Corp., 5.88%, 07/15/27(b)		338		354,667
Parsley Energy LLC(b):
6.25%, 06/01/24		120		124,200
5.38%, 01/15/25		1,182		1,196,775
5.25%, 08/15/25		395		400,810
PBF Holding Co. LLC, 7.25%, 06/15/25		194		201,032
PDC Energy, Inc.:
1.13%, 09/15/21(h)		32		29,491
6.13%, 09/15/24		31		30,923
5.75%, 05/15/26		241		237,409
QEP Resources, Inc.:
5.38%, 10/01/22		829		792,980
5.25%, 05/01/23		130		120,577
5.63%, 03/01/26		362		312,334
Range Resources Corp.:
5.75%, 06/01/21		360		357,300
5.88%, 07/01/22		136		130,220
5.00%, 08/15/22		267		250,312
SM Energy Co.:
6.13%, 11/15/22		509		487,800
5.00%, 01/15/24		180		161,550
5.63%, 06/01/25		19		16,289
6.75%, 09/15/26		180		157,500
6.63%, 01/15/27		47		40,537
Southwestern Energy Co.:
6.20%, 01/23/25(g)		260		228,795
7.75%, 10/01/27		119		103,753
SRC Energy, Inc., 6.25%, 12/01/25		10		9,900
Sunoco LP:
4.88%, 01/15/23		279		286,324
5.50%, 02/15/26		47		49,053
6.00%, 04/15/27		195		207,671
5.88%, 03/15/28		185		196,331
Tallgrass Energy Partners LP(b):
4.75%, 10/01/23		42		42,000
5.50%, 09/15/24		612		608,940

7

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.50%, 01/15/28	USD	749	$	732,073
Targa Resources Partners LP:
5.13%, 02/01/25		213		219,039
5.88%, 04/15/26		513		543,626
5.38%, 02/01/27		32		33,080
6.50%, 07/15/27(b)		759		828,137
5.00%, 01/15/28		597		603,746
6.88%, 01/15/29(b)		1,542		1,684,743
TerraForm Power Operating LLC(b):
4.25%, 01/31/23		22		22,440
6.63%, 06/15/25(g)		75		79,051
5.00%, 01/31/28		580		603,200
Whiting Petroleum Corp., 6.63%, 01/15/26		29		19,575
WPX Energy, Inc.:
8.25%, 08/01/23		217		244,125
5.25%, 09/15/24		220		223,850
5.75%, 06/01/26		213		218,325
5.25%, 10/15/27		247		248,235
				40,317,028
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23(b)		226		238,995
Personal Products — 0.0%(b)
Avon International Capital plc, 6.50%, 08/15/22		172		178,235
Coty, Inc., 6.50%, 04/15/26		72		69,840
				248,075
Pharmaceuticals — 2.3%
Bausch Health Americas, Inc., 8.50%, 01/31/27(b)		1,348		1,512,860
Bausch Health Cos., Inc.:
5.50%, 03/01/23(b)		216		218,700
4.50%, 05/15/23	EUR	643		707,706
5.88%, 05/15/23(b)	USD	158		159,975
7.00%, 03/15/24(b)		594		624,270
6.13%, 04/15/25(b)		222		230,047
5.50%, 11/01/25(b)		1,690		1,768,332
9.00%, 12/15/25(b)		849		953,003
5.75%, 08/15/27(b)		555		599,861
7.00%, 01/15/28(b)		1,242		1,337,758
7.25%, 05/30/29(b)		1,295		1,414,528
Catalent Pharma Solutions, Inc.(b):
4.88%, 01/15/26		662		681,033
5.00%, 07/15/27		524		543,650
Elanco Animal Health, Inc., 4.90%, 08/28/28		438		478,146
Par Pharmaceutical, Inc., 7.50%, 04/01/27(b)		1,428		1,308,405
				12,538,274
Professional Services — 0.9%(b)
Dun & Bradstreet Corp. (The):
6.88%, 08/15/26		1,547		1,686,230
10.25%, 02/15/27		1,161		1,284,356
Jaguar Holding Co. II, 6.38%, 08/01/23		2,001		2,068,534
				5,039,120
Real Estate Management & Development — 0.4%
Five Point Operating Co. LP, 7.88%, 11/15/25(b)		834		846,510
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)		416		427,960
Howard Hughes Corp. (The), 5.38%, 03/15/25(b)		619		643,760
Newmark Group, Inc., 6.13%, 11/15/23		152		164,894
WeWork Cos., Inc., 7.88%, 05/01/25(b)		314		266,508
				2,349,632
Road & Rail — 0.6%
Algeco Global Finance plc:
6.50%, 02/15/23	EUR	200		218,535

Security	Par (000)		Value
Road & Rail (continued)
8.00%, 02/15/23(b)	USD	200	$	199,560
Avis Budget Car Rental LLC, 5.75%, 07/15/27(b)		275		283,717
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(b)		279		289,462
Hertz Corp. (The), 7.63%, 06/01/22(b)		762		793,433
Uber Technologies, Inc.(b):
7.50%, 11/01/23		714		719,355
7.50%, 09/15/27		549		547,628
				3,051,690
Semiconductors & Semiconductor Equipment — 0.2%
Advanced Micro Devices, Inc., 7.50%, 08/15/22		79		89,369
Entegris, Inc., 4.63%, 02/10/26(b)		251		259,785
Qorvo, Inc., 5.50%, 07/15/26		432		456,300
Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/26(b)		400		426,000
				1,231,454
Software — 4.3%
ACI Worldwide, Inc., 5.75%, 08/15/26(b)		1,071		1,135,260
Ascend Learning LLC: 6.88%, 08/01/25(b)		1,721		1,786,415
CDK Global, Inc.:
4.88%, 06/01/27		1,065		1,108,878
5.25%, 05/15/29(b)		658		681,030
Change Healthcare Holdings LLC, 5.75%, 03/01/25(b)		1,572		1,595,580
Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/24(b)		1,594		1,723,210
Infor US, Inc., 6.50%, 05/15/22		3,691		3,750,979
Informatica LLC, 7.13%, 07/15/23(b)		1,233		1,254,578
Nuance Communications, Inc., 5.63%, 12/15/26		544		575,280
PTC, Inc., 6.00%, 05/15/24		209		218,928
RP Crown Parent LLC, 7.38%, 10/15/24(b)		1,036		1,077,440
Solera LLC, 10.50%, 03/01/24(b)		3,512		3,712,605
Sophia LP, 9.00%, 09/30/23(b)		215		220,106
SS&C Technologies, Inc., 5.50%, 09/30/27(b)		. 2,285		2,387,882
TIBCO Software, Inc., 11.38%, 12/01/21(b)		1,528		1,594,372
Veritas US, Inc., 7.50%, 02/01/23(b)		600		593,066
				23,415,609
Specialty Retail — 1.5%
Asbury Automotive Group, Inc., 6.00%, 12/15/24		863		893,205
eG Global Finance plc, 6.75%, 02/07/25(b)		820		800,525
Group 1 Automotive, Inc., 5.25%, 12/15/23(b)		. 45		46,237
L Brands, Inc.:
6.88%, 11/01/35		654		566,527
6.75%, 07/01/36		119		100,954
Murphy Oil USA, Inc., 4.75%, 09/15/29		501		512,272
Penske Automotive Group, Inc., 5.50%, 05/15/26		170		177,795
PetSmart, Inc.(b):
7.13%, 03/15/23		256		240,640
5.88%, 06/01/25		1,854		1,849,365
SRS Distribution, Inc., 8.25%, 07/01/26(b)		407		415,140
Staples, Inc.(b):
7.50%, 04/15/26		2,154		2,219,266
10.75%, 04/15/27		471		483,953
				8,305,879
Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC, 7.13%, 06/15/24(b)		1,129		1,189,966
NCR Corp.(b):
5.75%, 09/01/27		189		195,615
6.13%, 09/01/29		425		447,971
Western Digital Corp., 4.75%, 02/15/26		929		955,709

8

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Xerox Corp.:
4.80%, 03/01/35	USD	549	$	468,023
6.75%, 12/15/39		31		31,465
				3,288,749
Textiles, Apparel & Luxury Goods — 0.1%
William Carter Co. (The), 5.63%, 03/15/27(b)		593		634,510
Thrifts & Mortgage Finance — 0.4%(b)
Ladder Capital Finance Holdings LLLP, 5.25%, 10/01/25		772		789,370
Nationstar Mortgage Holdings, Inc.:
8.13%, 07/15/23		849		885,083
9.13%, 07/15/26		459		488,835
				2,163,288
Trading Companies & Distributors — 1.4%
Beacon Roofing Supply, Inc.(b):
4.88%, 11/01/25		278		272,398
4.50%, 11/15/26		143		144,430
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(b)		247		241,443
Fortress Transportation & Infrastructure Investors LLC(b):
6.75%, 03/15/22		113		118,085
6.50%, 10/01/25		225		231,187
HD Supply, Inc., 5.38%, 10/15/26(b)		2,612		2,765,455
Herc Holdings, Inc., 5.50%, 07/15/27(b)		930		967,200
United Rentals North America, Inc.:
5.50%, 07/15/25		603		627,421
4.63%, 10/15/25		585		596,985
5.88%, 09/15/26		379		404,128
6.50%, 12/15/26		187		203,737
5.50%, 05/15/27		399		422,940
5.25%, 01/15/30		516		540,835
				7,536,244
Wireless Telecommunication Services — 1.7%
Connect Finco SARL, 6.75%, 10/01/26(b)		2,400		2,445,000
Digicel International Finance Ltd., 8.75%, 05/25/24(b)		410		388,860
Gogo Intermediate Holdings LLC, 9.88%, 05/01/24(b)		1,015		1,086,050
Hughes Satellite Systems Corp., 5.25%, 08/01/26		250		267,500
Sprint Corp.:
7.88%, 09/15/23		642		705,211
7.13%, 06/15/24		765		824,517
7.63%, 02/15/25		836		919,600
7.63%, 03/01/26		737		813,464
T-Mobile USA, Inc.:
6.50%, 01/15/26		441		474,159
4.50%, 02/01/26		495		509,503
4.75%, 02/01/28		704		736,736
Xplornet Communications, Inc., 9.63%, (9.63% Cash or 10.63% PIK), 06/01/22(b)(f)		205		208,953
				9,379,553
Total Corporate Bonds — 85.6% (Cost: $453,823,507)				463,834,300

Security	Par (000)		Value
Floating Rate Loan Interests — 8.0%(i)
Aerospace & Defense — 0.1%
Atlantic Aviation FBO, Inc., Term Loan B, (LIBOR USD 1 Month + 3.75%), 5.80%, 12/06/25(j)	USD	79	$	79,896
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.19%, 11/28/21		208		206,126
				286,022
Airlines — 0.1%
WestJet Airlines Ltd., Term Loan, 08/07/26(k)		461		464,172
Auto Components — 0.1%
Panther BF Aggregator 2 LP, Term Loan B, (LIBOR USD 1 Month + 3.50%), 5.54%, 04/30/26		514		508,687
Building Products — 0.0%(k)
Advanced Drainage Systems, Inc., Term Loan, 09/18/26		42		42,157
CPG International, Inc., Term Loan, 05/05/24		67		66,310
				108,467
Capital Markets — 0.2%
Jefferies Finance LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 5.88%, 06/03/26		292		291,812
Travelport Finance (Luxembourg) SA, 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.10%, 05/29/26		546		492,456
				784,268
Chemicals — 0.3%
Alpha 3 BV, Term Loan, (LIBOR USD 3 Month + 3.00%), 5.10%, 01/31/24		851		838,526
Ascend Performance Materials LLC, Term Loan B, 08/14/26(k)		609		609,384
Invictus Co., Term Loan B26, (LIBOR USD 3 Month + 6.75%), 8.90%, 03/30/26(j)		74		67,620
Momentive Performance Materials, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.30%, 05/15/24		127		126,104
				1,641,634
Commercial Services & Supplies — 0.6%
Brand Energy & Infrastructure Services, Inc., Term Loan, 06/21/24(k)		2,537		2,473,791
Diamond (BC) BV, Term Loan, 09/06/24(k)		447		425,079
GFL Environmental, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.04%, 05/30/25		463		458,744
				3,357,614
Construction & Engineering — 0.1%
SRS Distribution, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.29%, 05/23/25		475		462,037
Containers & Packaging — 0.1%
BWAY Holding Co., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.59%, 04/03/24		255		249,109
Charter NEX US, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.50%), 5.54%, 05/16/24		130		129,486
				378,595
Diversified Consumer Services — 0.0%
TierPoint LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 5.79%, 05/06/24		195		180,565

9

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services — 0.2%(k)
Sotheby’s, Inc., Term Loan B, 01/22/27	USD	236	$	233,199
Triton Bidco, Term Loan B, 09/10/26		1,005		988,508
				1,221,707
Diversified Telecommunication Services — 0.2%
Altice France SA, Term Loan, (LIBOR USD 1 Month + 4.00%), 6.03%, 08/14/26		291		290,028
CenturyLink, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 4.79%, 01/31/25		814		807,942
				1,097,970
Energy Equipment & Services — 0.4%
McDermott International, Inc., Term Loan, 05/09/25(k)		1,905		1,197,535
Pioneer Energy Services Corp., Term Loan, (LIBOR USD 1 Month + 7.75%), 9.80%, 11/08/22(j)		1,007		956,650
				2,154,185
Entertainment — 0.0%
Renaissance Learning, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.29%, 05/24/25		97		95,023
Food & Staples Retailing — 0.1%
US Foods, Inc., Term Loan B, 08/14/26(k)		215		215,673
Food Products — 0.0%
Chobani LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 5.54%, 10/10/23		68		67,610
Health Care Equipment & Supplies — 0.2%
Immucor, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.10%, 06/15/21		1,238		1,234,859
Health Care Providers & Services — 0.5%
AHP Health Partners, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 6.54%, 06/30/25		231		231,364
Azalea TopCo, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 5.54%, 07/24/26		555		553,152
Envision Healthcare Corp., Term Loan, 10/10/25(k)		1,540		1,251,896
Gentiva Health Services, Inc., Term Loan U, (LIBOR USD 1 Month + 3.75%), 5.81%, 07/02/25		409		410,801
Quorum Health Corp., 1st Lien Term Loan, (LIBOR USD 3 Month + 6.75%), 9.01%, 04/29/22		325		319,089
				2,766,302
Health Care Technology — 0.2%
Athenahealth, Inc., Term Loan B, (LIBOR USD 3 Month + 4.50%), 6.68%, 02/05/26		1,217		1,211,980
Hotels, Restaurants & Leisure — 0.2%
Nascar Holdings, Inc., Term Loan, 07/27/26(k)		295		296,797
Stars Group Holdings BV, Term Loan, (LIBOR USD 3 Month + 3.50%), 5.60%, 07/10/25		758		761,061
				1,057,858
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., Term Loan, (LIBOR USD 1 Month + 2.50%), 4.54%, 08/12/26		126		126,103
Industrial Conglomerates — 0.2%
Vertiv Co., Term Loan B, 11/30/23(k)		1,313		1,247,361

Security	Par (000)		Value
Insurance — 0.3%
Alliant Holdings Intermediate LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.05%, 05/09/25	USD	81	$	79,543
Asurion LLC, 2nd Lien Term Loan B2, (LIBOR USD 1 Month + 6.50%), 8.54%, 08/04/25		681		691,556
Sedgwick, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.29%, 12/31/25		615		604,187
Sedgwick, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.00%), 6.04%, 09/03/26		371		371,348
				1,746,634
IT Services — 0.7%
CCC Information Services, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.75%), 8.79%, 04/28/25		40		40,260
CCC Information Services, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 4.80%, 04/29/24		129		128,802
DigiCert Holdings, Inc., Term Loan B, 08/07/26(k)		331		329,759
Mitchell International, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.29%, 11/29/24		203		193,803
Mitchell International, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 7.25%), 9.29%, 12/01/25(j)		123		111,627
Peak 10 Holding Corp., 2nd Lien Term Loan, (LIBOR USD 3 Month + 7.25%), 9.38%, 08/01/25		83		59,760
Peak 10 Holding Corp., Term Loan, (LIBOR USD 3 Month + 3.50%), 5.60%, 08/01/24		191		164,585
SS&C Technologies Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.29%, 04/16/25		265		265,668
Veritas US, Inc., Term Loan B1, (LIBOR USD 3 Month + 4.50%), 6.54% - 6.60%, 01/27/23		125		117,500
Verscend Holding Corp., Term Loan B, (LIBOR USD 1 Month + 4.50%), 6.54%, 08/27/25		2,082		2,087,320
				3,499,084
Life Sciences Tools & Services — 0.2%
Albany Molecular Research, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.29%, 08/30/24		122		120,356
Sotera Health Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.04%, 05/15/22		1,110		1,095,633
				1,215,989
Machinery — 0.3%
MHI Holdings LLC, Term Loan B, 09/20/26(j)(k)		352		351,120
Titan Acquisition Ltd., Term Loan, (LIBOR USD
1 Month + 3.00%), 5.04%, 03/28/25		1,184		1,135,252
				1,486,372
Media — 0.8%
Ascend Learning LLC, Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.04%, 07/12/24		75		75,106
Clear Channel Outdoor Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 5.54%, 08/21/26		1,267		1,269,712
Intelsat Jackson Holdings SA, Term Loan:
(LIBOR USD 1 Month + 3.75%), 5.80%, 11/27/23		117		117,156
(LIBOR USD 1 Month + 4.50%), 6.55%, 01/02/24		388		392,505

10

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
(LIBOR USD 6 Month + 6.63%), 6.63%, 01/02/24	USD	2,255	$	2,300,595
Xplornet Communications, Inc., Term Loan, (LIBOR USD 3 Month + 4.00%), 6.10%, 09/09/21(j)		254		252,933
				4,408,007
Multiline Retail — 0.1%
Neiman Marcus Group Ltd. LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 6.00%), 8.06%, 10/25/23		265		201,211
Oil, Gas & Consumable Fuels — 0.2%
BCP Raptor II LLC, Term Loan, (LIBOR USD 1 Month + 4.75%), 6.79%, 11/03/25		112		100,278
California Resources Corp., Term Loan, 12/31/21(k)		752		653,038
CNX Resources Corp., Term Loan, (LIBOR USD 1 Month + 4.50%), 6.55%, 11/28/22		321		318,171
Midcoast Operating LP, Term Loan, (LIBOR USD 3 Month + 5.50%), 7.60%, 06/30/25		51		49,940
				1,121,427
Pharmaceuticals — 0.2%
Bausch Health Cos., Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.04%, 06/02/25		429		430,897
Endo Pharmaceuticals, Inc., Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.31%, 04/29/24		375		340,828
Jaguar Holding Co. I, Term Loan, (LIBOR USD 1 Month + 2.50%), 4.54%, 08/18/22		116		115,737
				887,462
Professional Services — 0.1%
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B, (LIBOR USD 1 Month + 5.00%), 7.05%, 02/06/26		438		440,580
Road & Rail — 0.1%
Uber Technologies, Inc., Term Loan, (LIBOR USD 1 Month + 4.00%), 6.03%, 03/14/25		599		595,043
Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., Term Loan B, 09/19/26(k)		180		180,635
Software — 0.8%
Infor US, Inc., Term Loan, (LIBOR USD 3 Month + 2.75%), 4.85%, 02/01/22		207		206,955
Kronos, Inc., 2nd Lien Term Loan B, (LIBOR USD 3 Month + 8.25%), 10.50%, 11/01/24		569		576,824
Refinitiv US Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.75%), 5.79%, 10/01/25		2,833		2,847,553
SS&C Technologies Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.29%, 04/16/25		163		163,289
TIBCO Software, Inc., Term Loan, (LIBOR USD 1 Month + 4.00%), 6.07%, 06/30/26		301		301,126
Ultimate Software Group, Inc. (The), 1st Lien Term Loan, (LIBOR USD 1 Month + 3.75%), 5.79%, 05/04/26		136		137,031
				4,232,778

Security	Par (000)		Value
Wireless Telecommunication Services — 0.4%
Ligado Networks LLC, Term Loan, (LIBOR USD 3 Month + 12.50%), 0.00%, 12/07/20	USD	686	$	239,818
New LightSquared LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 0.00%), 0.00%, 12/07/20		2,628		2,053,036
				2,292,854
Total Floating Rate Loan Interests — 8.0% (Cost: $45,015,798)				42,976,768
Preferred Securities — 2.1%
Capital Trusts — 1.9%(e)(i)
Banks — 1.9%
Bank of America Corp.:
Series X, 6.25%		808		878,700
Series Z, 6.50%		584		649,700
Series AA, 6.10%		1,855		2,026,588
Series DD, 6.30%		240		270,000
CIT Group, Inc., Series A, 5.80%		295		299,425
JPMorgan Chase & Co.:
Series I, 5.74%		290		291,359
Series V, 5.64%		640		640,000
Series Q, 5.15%		190		195,700
Series S, 6.75%		240		266,400
Series U, 6.13%		99		107,274
Series FF, 5.00%		1,595		1,630,680
Series X, 6.10%		1,356		1,471,016
Wells Fargo & Co., Series U, 5.87%		1,376		1,516,627
				10,243,469
Capital Markets — 0.0%
Goldman Sachs Group, Inc. (The), Series P, 5.00%		207		203,212
Morgan Stanley, Series H, 5.91%		162		163,328
				366,540
Total Capital Trusts — 1.9% (Cost: $10,283,053)				10,610,009
	Shares
Trust Preferreds — 0.2%
Banks — 0.2%
GMAC Capital Trust I, Series 2, 7.94%, 02/15/40(i)		32,966		864,039
Total Trust Preferreds — 0.2% (Cost: $862,505)				864,039
Total Preferred Securities — 2.1% (Cost: $11,145,558)				11,474,048
Total Long-Term Investments — 96.5% (Cost: $515,093,004)				522,660,383

11

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 3.6%(l)
BlackRock Liquidity Funds,T-Fund, Institutional Class, 1.87%*		19,253,011	$	19,253,011
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Class, 1.77%		349,614		349,614
Total Short-Term Securities — 3.6% (Cost: $19,602,625)				19,602,625
Total Investments — 100.1% (Cost: $534,695,629)				542,263,008
Liabilities in Excess of Other Assets — (0.1)%				(560,130	)
Net Assets — 100.0%			$	541,702,878

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Issuer filed for bankruptcy and/or is in default.

^(d)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(e)  Perpetual security with no stated maturity date.

^(f)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(g)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(h)  Convertible security.

⁽ⁱ⁾  Variable rate security. Rate shown is the rate in effect as of period end.

^(j)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(k)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

^(l)  Annualized7-day yield as of period end.

* During the period ended September 30, 2019, investments in issuers considered to be an affiliate/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 09/30/19		Value at 09/30/19		Income		Net Realized Gain (Loss	) (a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Liquidity Funds,T-Fund, Institutional Class	21,772,561	(2,519,550	)	19,253,011	$	19,253,011	$	284,021	$	—		$	—

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

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.

12

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,119,268		EUR	2,830,000	State Street Bank and Trust Co.		10/03/19	$	34,475
USD	111,133		GBP	91,000	Standard Chartered Bank		10/03/19		(761	)
Net Unrealized Appreciation								$	33,714

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Termination Date	Credit Rating	(a)		Notional Amount (000	) (b)		Value		Upfront Premium Paid (Received	)		Unrealized Appreciation (Depreciation	)
CDX.NA.HY.33.V1	5.00	%	Quarterly	12/20/24	B		USD	9,611		$	659,360	$	646,604		$	12,756

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating (a)		Notional Amount (000	) (b)		Value			Upfront Premium Paid (Received	)		Unrealized Appreciation (Depreciation	)
CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank plc	12/20/23	NR	USD	312		$	(9,815	)	$	(20,219	)	$	10,404
Chesapeake Energy Corp.	5.00	%	Quarterly	Barclays Bank plc	12/20/23	B+	USD	116			(26,152	)		187			(26,339	)
Chesapeake Energy Corp.	5.00	%	Quarterly	Barclays Bank plc	12/20/23	B+	USD	208			(46,892	)		1,648			(48,540	)
CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank plc	06/20/25	NR	USD	567			(52,112	)		(86,127	)		34,015
										$	(134,971	)	$	(104,511	)	$	(30,460	)

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Glossary of Terms Used in this Report

Currency
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviations
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OTC	Over-the-counter
PIK	Payment-In-Kind
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SOFR	Secured Overnight Financing Rate

13

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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)

• 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 and derivative 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 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	4,375,267	$	—	$	—	$	4,375,267
Corporate Bonds(a)		—		463,834,300		—		463,834,300
Floating Rate Loan Interests:
Aerospace & Defense		—		206,126		79,896		286,022
Airlines		—		464,172		—		464,172
Auto Components		—		508,687		—		508,687
Building Products		—		108,467		—		108,467
Capital Markets		—		784,268		—		784,268
Chemicals		—		1,574,014		67,620		1,641,634
Commercial Services & Supplies		—		3,357,614		—		3,357,614
Construction & Engineering		—		462,037		—		462,037
Containers & Packaging		—		378,595		—		378,595
Diversified Consumer Services		—		180,565		—		180,565
Diversified Financial Services		—		1,221,707		—		1,221,707
Diversified Telecommunication Services		—		1,097,970		—		1,097,970
Energy Equipment & Services		—		1,197,535		956,650		2,154,185
Entertainment		—		95,023		—		95,023
Food & Staples Retailing		—		215,673		—		215,673
Food Products		—		67,610		—		67,610
Health Care Equipment & Supplies		—		1,234,859		—		1,234,859
Health Care Providers & Services		—		2,766,302		—		2,766,302
Health Care Technology		—		1,211,980		—		1,211,980
Hotels, Restaurants & Leisure		—		1,057,858		—		1,057,858
Independent Power and Renewable Electricity Producers		—		126,103		—		126,103
Industrial Conglomerates		—		1,247,361		—		1,247,361
Insurance		—		1,746,634		—		1,746,634
IT Services		—		3,387,457		111,627		3,499,084
Life Sciences Tools & Services		—		1,215,989		—		1,215,989
Machinery		—		1,135,252		351,120		1,486,372
Media		—		4,155,074		252,933		4,408,007
Multiline Retail		—		201,211		—		201,211
Oil, Gas & Consumable Fuels		—		1,121,427		—		1,121,427
Pharmaceuticals		—		887,462		—		887,462
Professional Services		—		440,580		—		440,580
Road & Rail		—		595,043		—		595,043
Semiconductors & Semiconductor Equipment		—		180,635		—		180,635

14

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock High Yield V.I. Fund

	Level 1		Level 2			Level 3		Total
Software	$	—	$	4,232,778		$	—	$	4,232,778
Wireless Telecommunication Services		—		2,292,854			—		2,292,854
Preferred Securities:
Banks		864,039		10,243,469			—		11,107,508
Capital Markets		—		366,540			—		366,540
Short-Term Securities		19,602,625		—			—		19,602,625
	$	24,841,931	$	515,601,231		$	1,819,846	$	542,263,008
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—	$	57,175		$	—	$	57,175
Foreign currency exchange contracts		—		34,475			—		34,475
Liabilities:
Credit contracts		—		(74,879	)		—		(74,879	)
Foreign currency exchange contracts		—		(761	)		—		(761	)
	$	—	$	16,010		$	—	$	16,010

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

^(b)  Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Floating Rate Loan Interests
Investments:
Assets:
Opening balance, as of December 31, 2018	$	6,063,675
Transfers into level 3		202,701
Transfers out of level 3		(1,215,122	)
Accrued discounts/premiums		12,176
Net realized loss		(29,953	)
Net change in unrealized appreciation(a)		118,795
Purchases		552,225
Sales		(3,884,651	)
Closing balance, as of September 30, 2019	$	1,819,846
Net change in unrealized depreciation on investments still held at September 30, 2019(a)	$	(55,881	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

15