BlackRock Variable Series Funds II NPORT-P BlackRock U.S. Government Bond V.I. Fund (Sep 2019 report)

Schedule of Investments  (unaudited)  September 30, 2019 BlackRock U.S. Government Bond V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities — 2.3%(a)
Dryden XXVIII Senior Loan Fund, Series 2013- 28A, Class A1LR, (LIBOR USD 3 Month + 1.20%), 3.36%, 08/15/30(b)	USD		700	$	700,218
LMREC, Inc., Series 2016-CRE2, Class A, (LIBOR USD 1 Month + 1.70%), 3.74%, 11/24/31(b)			37		37,462
Progress Residential Trust, Series 2017-SFR1, Class A, 2.77%, 08/17/34			100		99,903
Romark WM-R Ltd., Series 2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 3.31%, 04/20/31(b)			500		494,574
Total Asset-Backed Securities — 2.3% (Cost: $1,336,923)					1,332,157
Foreign Government Obligations — 0.7%
Colombia — 0.1%
Republic of Colombia:
10.00%, 07/24/24	COP		115,300		39,882
6.25%, 11/26/25			84,500		25,282
				65,164
France — 0.2%
Republic of France, 1.75%, 05/25/66(a)	EUR		93		141,725
Mexico — 0.3%
United Mexican States:
6.50%, 06/09/22	MXN		12		60,995
8.00%, 12/07/23			4		19,914
8.00%, 09/05/24			3		16,844
10.00%, 12/05/24			9		54,849
				152,602
Russia — 0.1%
Russian Federation, 8.50%, 09/17/31	RUB		4,158		71,688
Total Foreign Government Obligations — 0.7% (Cost: $433,317)					431,179
Non-Agency Mortgage-Backed Securities — 4.4%
Collateralized Mortgage Obligations — 0.6%
Seasoned Credit Risk Transfer Trust:
Series 2018-2, Class MA, 3.50%, 11/25/57	USD		112		116,323
Series 2018-3, Class MA, 3.50%, 08/25/57			143		149,156
Series 2019-2, Class MA, 3.50%, 08/25/58			81		84,994
				350,473
Commercial Mortgage-Backed Securities — 3.1%
AREIT Trust, Series 2018-CRE1, Class A, 2.88%, 02/14/35(a)(c)			9		8,829
Commercial Mortgage Trust, Series 2017- PANW, Class A, 3.24%, 10/10/29(a)			440		458,390
CSAIL Commercial Mortgage Trust, Series 2019-C17, Class C, 3.93%, 09/15/52			85		88,361
Hudson Yards Mortgage Trust, Series 2019- 30HY, Class D, 3.56%, 07/10/39(a)(c)			101		105,146
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4, 3.39%, 06/13/52			80		85,975
Morgan Stanley Capital I Trust:
Series 2018-SUN, Class A, 2.93%, 07/15/35(a)(c)			145		144,817
Series 2019-H6, Class A4, 3.42%, 06/15/52			131		140,831
Series 2019-H7, Class A4, 3.26%, 07/15/52			173		183,806
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/13/49(a)			290		291,459

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
RAIT Trust, Series 2017-FL7, Class A, 2.98%, 06/15/37(a)(c)	USD		29	$	28,814
UBS Commercial Mortgage Trust, Series 2019- C17, Class A4, 2.92%, 09/15/52			273		281,189
				1,817,617
Interest Only Commercial Mortgage-Backed Securities — 0.7%(c)
Core Industrial Trust(a):
Series 2015-TEXW, Class XA, 0.90%, 02/10/34			3,275		48,594
Series 2015-WEST, Class XA, 1.08%, 02/10/37			1,570		71,193
CSAIL Commercial Mortgage Trust, Series 2019-C16, Class XA, 1.73%, 06/15/52			1,743		213,779
UBS Commercial Mortgage Trust, Series 2019- C17, Class XA, 1.00%, 09/15/52			1,020		117,951
				451,517
Total Non-Agency Mortgage-Backed Securities — 4.4% (Cost: $2,587,286)					2,619,607
U.S. Government Sponsored Agency Securities — 79.1%
Agency Obligations — 1.0%
Federal Home Loan Bank, 4.00%, 04/10/28			500		584,776
Collateralized Mortgage Obligations — 2.6%
Federal Home Loan Mortgage Corp., Series 4901, Class BF, (LIBOR USD 1 Month + 0.40%), 2.43%, 07/25/49(b)			248		248,217
Federal National Mortgage Association:
Series 2011-8, Class ZA, 4.00%, 02/25/41			235		249,857
Series 2019-39, Class LF, (LIBOR USD 1 Month + 0.45%), 2.47%, 08/25/49(b)			212		211,922
Government National Mortgage Association(b):
Series 2019-21, Class FL, (LIBOR USD 1 Month + 0.45%), 2.49%, 02/20/49			351		351,623
Series 2019-89, Class FH, (LIBOR USD 1 Month + 0.40%), 2.44%, 07/20/49			352		351,785
Government National Mortgage Association Variable Rate Notes, Series 2014-107, Class WX, 6.82%, 07/20/39(d)			138		157,232
				1,570,636
Commercial Mortgage-Backed Securities — 1.1%
Federal Home Loan Mortgage Corp. Variable Rate Notes(d):
Series 2019-SB60, Class A10F, 3.31%, 01/25/29			221		233,302
Series 2019-SB61, Class A10F, 3.17%, 01/25/29			184		192,963
Federal National Mortgage Association ACES Variable Rate Notes, Series 2019-M1, Class A2, 3.67%, 09/25/28(d)			118		130,438
Government National Mortgage Association:
Series 2019-7, Class V, 3.00%, 05/16/35			22		23,443
Series 2019-53, Class V, 2.75%, 08/16/31			56		58,461
				638,607
Interest Only Commercial Mortgage-Backed Securities — 2.1%
Federal Home Loan Mortgage Corp. Variable Rate Notes, Series 2015-K718, Class X2A, 0.10%, 02/25/48(a)(d)			20,978		37,493
Federal National Mortgage Association ACES Variable Rate Notes, Series 2015-M1, Class X2, 0.64%, 09/25/24(d)			4,584		101,488

1

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Government National Mortgage Association Variable Rate Notes:
Series 2002-83, 0.00%, 10/16/42(d)	USD		903	$	1
Series 2003-17, 0.00%, 03/16/43(d)			2,065		—
Series 2003-109, 0.00%, 11/16/43(d)			1,704		67
Series 2016-22, 0.77%, 11/16/55(d)			2,545		131,242
Series 2016-45, 1.01%, 02/16/58(d)			1,965		136,290
Series 2016-92, 1.01%, 04/16/58(d)			681		47,910
Series 2016-113, (LIBOR USD 1 Month + 0.00%), 1.18%, 02/16/58(b)			1,459		131,206
Series 2016-119, (LIBOR USD 1 Month + 0.00%), 1.12%, 04/16/58(b)			3,115		226,532
Series 2016-151, 1.09%, 06/16/58(d)			976		75,220
Series 2017-30, 0.74%, 08/16/58(d)			732		43,054
Series 2017-44, 0.70%, 04/17/51(d)			744		41,372
Series 2017-53, 0.69%, 11/16/56(d)			2,010		110,664
Series 2017-61, 0.77%, 05/16/59(d)			504		34,349
Series 2017-64, 0.72%, 11/16/57(d)			845		53,068
Series 2017-72, 0.68%, 04/16/57(d)			1,316		78,502
				1,248,458
Mortgage-Backed Securities — 72.3%
Federal Home Loan Mortgage Corp.:
2.50%, 03/01/30 - 04/01/31			216		218,725
3.00%, 09/01/27 - 12/01/46			522		537,563
3.50%, 04/01/31 - 01/01/48			2,232		2,351,075
4.00%, 08/01/40 - 08/01/47			477		510,011
4.50%, 02/01/39 - 07/01/47			258		279,548
5.00%, 10/01/41 - 11/01/41			169		185,655
5.50%, 06/01/41			112		126,511
8.00%, 12/01/29 - 07/01/30			26		30,795
Federal National Mortgage Association:
3.00%, 02/01/44			70		72,404
3.13%, 09/01/27			122		130,820
3.16%, 03/01/27			187		198,932
3.50%, 11/01/46			198		205,629
4.00%, 01/01/41			11		11,723
Government National Mortgage Association:
3.00%, 02/15/45 - 12/20/46			1,593		1,642,456
3.00%, 10/15/49(e)			75		76,960
3.50%, 01/15/42 - 10/20/46			2,808		2,938,518
3.50%, 10/15/49(e)			631		653,443
4.00%, 09/20/40 - 01/15/48			470		497,493
4.00%, 10/15/49 - 11/15/49(e)			1,639		1,703,946
4.50%, 12/20/39 - 07/20/48			1,231		1,340,846
4.50%, 10/15/49 - 11/15/49(e)			1,275		1,331,253
5.00%, 12/15/38 - 07/20/42			103		115,573
5.00%, 10/15/49 - 11/15/49(e)			414		436,245
5.50%, 01/15/34			533		603,755
Uniform Mortgage-Backed Securities:
2.00%, 10/01/31 - 03/01/32			125		124,108
2.50%, 04/01/30 - 02/01/33			709		718,317
2.50%, 10/25/34(e)			380		383,229
3.00%, 04/01/29 - 03/01/47			3,715		3,827,507
3.00%, 10/25/34 - 10/25/49(e)			4,027		4,088,404
3.50%, 04/01/29 - 01/01/48			3,223		3,396,177
3.50%, 10/25/49 - 11/25/49(e)			2,601		2,668,377
4.00%, 01/01/26 - 08/01/49			3,635		3,889,067
4.00%, 10/25/49 - 11/25/49(e)			2,820		2,926,857
4.50%, 05/01/24 - 05/01/48			525		565,174
4.50%, 10/25/49 - 11/25/49(e)			1,989		2,094,827
5.00%, 09/01/35 - 08/01/41			226		248,655
5.00%, 10/25/49(e)			877		939,281
5.50%, 05/01/34 - 12/01/39			233		262,240
6.00%, 04/01/35 - 06/01/41			256		294,154

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
6.50%, 05/01/40	USD		45	$	52,238
				42,678,491
Total U.S. Government Sponsored Agency Securities — 79.1% (Cost: $46,014,146)					46,720,968
U.S. Treasury Obligations — 50.7%
U.S. Treasury Bonds:
4.25%, 05/15/39			170		234,148
4.50%, 08/15/39			170		241,779
4.38%, 11/15/39			170		238,471
3.13%, 02/15/43			660		787,179
2.88%, 05/15/43 - 11/15/46			1,290		1,485,684
3.63%, 08/15/43			660		851,220
3.75%, 11/15/43			660		868,132
3.00%, 02/15/48			630		748,002
2.25%, 08/15/49(f)			895		920,487
U.S. Treasury Inflation Linked Notes, 0.50%, 04/15/24(f)			3,083		3,119,415
U.S. Treasury Notes:
2.00%, 07/31/20			2,520		2,522,658
2.50%, 12/31/20(f)			1,890		1,906,242
1.75%, 04/30/22 - 07/31/24			4,830		4,860,640
2.13%, 12/31/22 - 05/15/25			2,650		2,710,820
2.75%, 05/31/23(f)			1,260		1,312,369
2.13%, 07/31/24(f)			1,260		1,292,140
2.00%, 02/15/25(f)			1,580		1,613,266
1.50%, 08/15/26(f)			1,830		1,815,417
2.25%, 08/15/27(f)			1,260		1,317,241
2.88%, 08/15/28			380		417,822
3.13%, 11/15/28			380		426,609
1.63%, 08/15/29(f)			215		214,009
Total U.S. Treasury Obligations — 50.7% (Cost: $28,733,359)					29,903,750
Total Long-Term Investments — 137.2% (Cost: $79,105,031)					81,007,661
Short-Term Securities — 15.1%
Commercial Paper — 0.9%
Macquarie Bank Ltd., 3.27%, 10/11/19(a)(g)			500		499,660
Total Commercial Paper — 0.9% (Cost: $499,558)					499,660
		Shares
Money Market Funds — 2.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.87%(h)*			1,420,307		1,420,307
Total Money Market Funds — 2.4% (Cost: $1,420,307)					1,420,307

2

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Government Sponsored Agency Securities — 11.8%
Federal Home Loan Bank Discount Notes, 1.88%, 11/22/19(g)	USD		7,000	$	6,980,991
Total U.S. Government Sponsored Agency Securities — 11.8% (Cost: $6,981,012)					6,980,991
Total Short-Term Securities — 15.1% (Cost: $8,900,877)					8,900,958
Total Options Purchased — 0.0% (Cost: $52,504)					11,726
Total Investments Before Options Written and TBA Sale Commitments — 152.3% (Cost: $88,058,412)					89,920,345
Total Options Written — (0.1)% (Premium Received — $74,635)					(91,247	)
TBA Sale Commitments — (26.4)%(e)
Mortgage-Backed Securities — (26.4)%
Government National Mortgage Association:
3.00%, 10/15/49			376		(385,826	)

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 10/15/49 - 12/15/49	USD		1,598	$	(1,654,398	)
4.00%, 10/15/49			607		(630,724	)
4.50%, 10/15/49			97		(101,364	)
5.00%, 10/15/49			233		(245,651	)
Uniform Mortgage-Backed Securities:
2.50%, 10/25/34 - 11/25/34			1,036		(1,044,440	)
3.00%, 10/25/34 - 11/25/49			7,732		(7,845,430	)
3.50%, 10/25/34 - 10/25/49			949		(973,622	)
4.00%, 10/25/34 - 10/25/49			920		(955,104	)
4.50%, 10/25/49			500		(526,477	)
5.00%, 10/25/49			861		(922,144	)
5.50%, 10/25/49			88		(95,257	)
6.00%, 10/25/49			160		(177,025	)
Total TBA Sale Commitments — (26.4)% (Proceeds: $15,539,358)					(15,557,462	)
Total Investments Net of Options Written and TBA Sale Commitments — 125.8% (Cost: $72,444,419)					74,271,636
Liabilities in Excess of Other Assets — (25.8)%					(15,238,833	)
Net Assets — 100.0%				$	59,032,803

^(a)  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.

^(b)  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.

^(c)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

^(e)  Represents or includes a TBA transaction.

^(f)  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

^(g)  Rates are discount rates or a range of discount rates as of period end.

^(h)  Annualized 7-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	2,138,766	(718,459	)	1,420,307	$	1,420,307	$	25,678	$	—		$	—

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

3

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

Bank of America Securities, Inc.

2.50

%

09/30/19

10/01/19

$

1,615,550

$

1,615,662

U.S. Treasury Obligations

Overnight

Bank of America Securities, Inc.

2.50

09/30/19

10/01/19

1,918,350

1,918,483

U.S. Treasury Obligations

Overnight

Bank of America Securities, Inc.

2.50

09/30/19

10/01/19

1,818,563

1,818,689

U.S. Treasury Obligations

Overnight

Bank of America Securities, Inc.

2.50

09/30/19

10/01/19

1,296,225

1,296,315

U.S. Treasury Obligations

Overnight

Bank of America Securities, Inc.

2.50

09/30/19

10/01/19

1,323,000

1,323,092

U.S. Treasury Obligations

Overnight

Bank of America Securities, Inc.

2.50

09/30/19

10/01/19

1,319,850

1,319,942

U.S. Treasury Obligations

Overnight

Deutsche Bank Securities, Inc.

1.85

09/30/19

10/01/19

3,128,578

3,128,739

U.S. Treasury Obligations

Overnight

Deutsche Bank Securities, Inc.

1.90

09/30/19

10/01/19

214,194

214,205

U.S. Treasury Obligations

Overnight

Deutsche Bank Securities, Inc.

2.10

09/30/19

10/01/19

917,375

917,429

U.S. Treasury Obligations

Overnight

$

13,551,685

$

13,552,556

4

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro-BTP		1		12/06/19	$	159	$	767
90-day Eurodollar		7		12/16/19		1,716		(272	)
U.S. Treasury 10 Year Note		19		12/19/19		2,476		1,878
U.S. Treasury 10 Year Ultra Note		5		12/19/19		712		2,333
U.S. Treasury Long Bond		1		12/19/19		162		(4,168	)
U.S. Treasury Ultra Bond		1		12/19/19		192		(5,775	)
U.S. Treasury 2 Year Note		28		12/31/19		6,034		3,683
90-day Eurodollar		16		03/16/20		3,933		3,915
								2,361
Short Contracts
Euro-Bund		1		12/06/19		190		(1,015	)
Euro-Buxl		1		12/06/19		237		4,114
U.S. Treasury 5 Year Note		11		12/31/19		1,311		(3,298	)
								(199	)
							$	2,162

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	41,698	USD	10,000	Citibank NA		10/02/19	$	36
USD	272,230	EUR	247,000	State Street Bank and Trust Co.		10/03/19		2,992
INR	360,700	USD	5,000	BNP Paribas SA		10/07/19		94
USD	5,000	KRW	5,958,689	UBS AG		10/10/19		29
USD	7,385	COP	25,405,900	Citibank NA		10/23/19		92
USD	20,767	COP	71,226,950	Credit Suisse International		10/23/19		320
USD	10,000	COP	34,539,500	Deutsche Bank AG		10/23/19		85
USD	17,038	COP	58,729,900	JPMorgan Chase Bank NA		10/23/19		178
USD	22,906	COP	78,398,450	Natwest Markets plc		10/23/19		400
TWD	309,954	USD	10,000	Morgan Stanley & Co. International plc		10/30/19		6
USD	10,000	TWD	309,439	UBS AG		10/30/19		11
BRL	41,685	USD	10,000	Barclays Bank plc		11/04/19		8
BRL	83,896	USD	20,000	JPMorgan Chase Bank NA		11/04/19		142
BRL	83,899	USD	20,000	UBS AG		11/04/19		143
USD	152,851	MXN	2,995,000	BNP Paribas SA		11/06/19		2,024
USD	20,000	MXN	394,778	Citibank NA		11/06/19		119
USD	20,000	RUB	1,293,115	Citibank NA		11/06/19		154
USD	88,965	IDR	1,272,358,901	UBS AG		12/18/19		118
USD	85,000	JPY	9,135,460	BNP Paribas SA		12/18/19		19
USD	15,000	JPY	1,612,140	Royal Bank of Canada		12/18/19		3
USD	89,176	RUB	5,793,890	Citibank NA		12/18/19		787
USD	89,176	ZAR	1,317,896	State Street Bank and Trust Co.		12/18/19		3,038
								10,798
BRL	41,278	USD	10,000	BNP Paribas SA		10/02/19		(65	)
BRL	81,558	USD	20,000	Citibank NA		10/02/19		(371	)
USD	20,000	BRL	83,736	JPMorgan Chase Bank NA		10/02/19		(153	)
USD	20,000	BRL	83,736	UBS AG		10/02/19		(153	)
USD	5,000	INR	357,950	Morgan Stanley & Co. International plc		10/07/19		(55	)
ARS	147,900	USD	3,000	JPMorgan Chase Bank NA		10/15/19		(680	)
USD	3,000	ARS	207,000	BNP Paribas SA		10/15/19		(247	)
USD	3,000	ARS	210,000	Goldman Sachs International		10/15/19		(294	)
COP	34,110,000	USD	10,000	Barclays Bank plc		10/23/19		(208	)
USD	10,000	TWD	312,500	BNP Paribas SA		10/30/19		(88	)

5

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund

Forward Foreign Currency Exchange Contracts  (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	10,000	BRL	41,667	BNP Paribas SA		11/04/19	$	(4	)
IDR	141,720,000	USD	10,000	Citibank NA		11/06/19		(44	)
MXN	391,884	USD	20,000	BNP Paribas SA		11/06/19		(264	)
RUB	1,926,426	USD	30,000	Goldman Sachs International		11/06/19		(435	)
USD	22,000	MXN	439,204	Citibank NA		11/06/19		(118	)
USD	73,376	RUB	4,846,868	Morgan Stanley & Co. International plc		11/06/19		(1,011	)
ARS	153,600	USD	3,000	BNP Paribas SA		11/13/19		(708	)
BRL	379,719	USD	93,000	UBS AG		12/18/19		(2,044	)
IDR	1,257,431,310	USD	88,965	Deutsche Bank AG		12/18/19		(1,161	)
JPY	12,680,347	USD	118,000	Citibank NA		12/18/19		(43	)
RUB	5,804,148	USD	89,176	Goldman Sachs International		12/18/19		(631	)
USD	93,000	BRL	389,388	JPMorgan Chase Bank NA		12/18/19		(272	)
ZAR	1,309,771	USD	89,176	Natwest Markets plc		12/18/19		(3,569	)
								(12,618	)
Net Unrealized Depreciation							$	(1,820	)

OTC Currency Options Purchased

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)		Value
Put
USD Currency	BNP Paribas SA		12/17/19		JPY	106.00	USD	300	$	2,228
USD Currency	Royal Bank of Canada		12/17/19		JPY	106.00	USD	35		260
USD Currency	Deutsche Bank AG		12/20/19		JPY	106.00	USD	311		2,415
									$	4,903

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Call

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.70%

Semi-Annual

Bank of America NA

03/17/20

1.70

%

USD

97

$

2,457

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.70%

Semi-Annual

Bank of America NA

03/17/20

1.70

%

USD

34

861

3,318

Put

5-Year Interest Rate Swap

2.13%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

11/25/19

2.13

%

USD

1,900

157

2-Year Interest Rate Swap

2.00%

Semi-Annual

3 monthLIBOR

Quarterly

JPMorgan Chase Bank NA

01/22/20

2.00

%

USD

4,700

1,685

5-Year Interest Rate Swap

2.72%

Semi-Annual

3 month LIBOR

Quarterly

Barclays Bank plc

02/03/20

2.72

%

USD

700

22

10-Year Interest Rate Swap

3.20%

Semi-Annual

3 month LIBOR

Quarterly

Citibank NA

02/20/20

3.20

%

USD

850

33

10-Year Interest Rate Swap

3.20%

Semi-Annual

3 month LIBOR

Quarterly

Citibank NA

02/20/20

3.20

%

USD

850

33

10-Year Interest Rate Swap

1.70%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

03/17/20

1.70

%

USD

97

1,166

10-Year Interest Rate Swap

1.70%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

03/17/20

1.70

%

USD

34

409

3,505

$

6,823

6

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
90-day Eurodollar December 2019 Futures		14		12/16/19	USD	98.25	USD	3,500	$	(1,575)
90-day Eurodollar March 2020 Futures		24		03/16/20	USD	98.00	USD	6,000		(21,900)
									$	(23,475)

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Call

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.62%

Semi-Annual

Bank of America NA

11/06/19

1.62

%

USD

600

$

(7,145)

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.22%

Semi-Annual

Bank of America NA

11/14/19

1.22

%

USD

800

(1,524)

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.18%

Semi-Annual

Barclays Bank plc

12/04/19

1.18

%

USD

900

(2,368)

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.62%

Semi-Annual

Bank of America NA

12/11/19

1.62

%

USD

600

(9,070)

2-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.89%

Semi-Annual

Citibank NA

05/01/20

1.89

%

USD

4,300

(41,357)

(61,464)

Put

5-Year Interest Rate Swap

2.33%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

11/25/19

2.33

%

USD

2,960

(50)

10-Year Interest Rate Swap

1.62%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

12/11/19

1.62

%

USD

600

(6,258)

(6,308)

$

(67,772)

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund
Reference	Frequency	Rate	Frequency	Termination Date		Notional     Amount (000)		Value		Upfront Premium Paid         (Received)		Unrealized Appreciation     (Depreciation)
0.81%	At Termination	1 month HICPXT	At Termination		09/15/24	EUR	900	$	(695)	$	—	$	(695)
1 month HICPXT	At Termination	0.99%	At Termination		09/15/29	EUR	900		1,355		—		1,355
								$	660	$	—	$	660

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
28 day MXIBTIIE	Monthly	8.21%	Monthly		N/A			10/07/20		MXN	1,486	$	842	$	—	$	842
3 month LIBOR	Quarterly	1.37%	Semi-Annual		N/A			11/30/20		USD	1,350		(2,763)		10,421		(13,184	)
1.37%	Semi-Annual	3 month LIBOR	Quarterly		N/A			11/30/20		USD	2,470		5,055		—		5,055
3 month LIBOR	Quarterly	2.38%	Semi-Annual		N/A			05/03/21		USD	1,460		24,390		—		24,390
6.86%	Monthly	28 day MXIBTIIE	Monthly		07/24/20	(a)		07/23/21		MXN	265		(77)		—		(77	)
6.90%	Monthly	28 day MXIBTIIE	Monthly		07/27/20	(a)		07/26/21		MXN	370		(115)		—		(115	)
6.78%	Monthly	28 day MXIBTIIE	Monthly		08/07/20	(a)		08/06/21		MXN	1,171		(302)		—		(302	)
6 month GBP LIBOR	Semi-Annual	0.75%	Semi-Annual		N/A			09/24/21		GBP	1,200		2,450		—		2,450
6 month GBP LIBOR	Semi-Annual	0.73%	Semi-Annual		N/A			09/26/21		GBP	1,195		1,824		—		1,824
7.23%	Monthly	28 day MXIBTIIE	Monthly		N/A			07/18/22		MXN	288		(253)		—		(253	)

7

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
7.23%	Monthly	28 day MXIBTIIE	Monthly		N/A			07/19/22	MXN	144	$	(127	)	$	—	$	(127	)
7.22%	Monthly	28 day MXIBTIIE	Monthly		N/A			07/20/22	MXN	55		(48	)		—		(48	)
7.21%	Monthly	28 day MXIBTIIE	Monthly		N/A			07/25/22	MXN	77		(67	)		—		(67	)
7.20%	Monthly	28 day MXIBTIIE	Monthly		N/A			08/03/22	MXN	527		(443	)		—		(443	)
28 day MXIBTIIE	Monthly	7.00%	Monthly		N/A			08/11/22	MXN	669		392			—		392
7.11%	Monthly	28 day MXIBTIIE	Monthly		N/A			10/14/22	MXN	424		(338	)		—		(338	)
7.11%	Monthly	28 day MXIBTIIE	Monthly		N/A			10/14/22	MXN	321		(258	)		—		(258	)
2.50%	Semi-Annual	3 month LIBOR	Quarterly		N/A			01/29/23	USD	1,035		(32,535	)		—		(32,535	)
28 day MXIBTIIE	Monthly	8.13%	Monthly		N/A			02/02/24	MXN	380		1,181			—		1,181
28 day MXIBTIIE	Monthly	8.14%	Monthly		N/A			02/05/24	MXN	273		855			—		855
3 month LIBOR	Quarterly	2.61%	Semi-Annual		N/A			02/07/24	USD	700		32,606			—		32,606
2.71%	Semi-Annual	3 month LIBOR	Quarterly		N/A			03/18/24	USD	1,700		(87,950	)		—		(87,950	)
28 day MXIBTIIE	Monthly	6.73%	Monthly		N/A			08/09/24	MXN	226		86			—		86
28 day MXIBTIIE	Monthly	6.67%	Monthly		N/A			08/12/24	MXN	496		131			—		131
28 day MXIBTIIE	Monthly	6.72%	Monthly		N/A			08/13/24	MXN	427		154			—		154
3 month LIBOR	Quarterly	2.13%	Semi-Annual		N/A			08/25/25	USD	15		525			—		525
3.07%	Semi-Annual	3 month LIBOR	Quarterly		N/A			08/31/25	USD	4,230		(379,443	)		—		(379,443	)
3.04%	Semi-Annual	3 month LIBOR	Quarterly		N/A			08/31/25	USD	1,700		(149,442	)		—		(149,442	)
2.85%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/21/28	USD	300		(35,646	)		—		(35,646	)
3 month LIBOR	Quarterly	1.45%	Semi-Annual		N/A			08/19/29	USD	200		(2,586	)		—		(2,586	)
3 month LIBOR	Quarterly	1.47%	Semi-Annual		N/A			09/09/29	USD	200		(2,065	)		—		(2,065	)
1.59%	Semi-Annual	3 month LIBOR	Quarterly		N/A			09/12/29	USD	150		(122	)		—		(122	)
1.61%	Semi-Annual	3 monthLIBOR	Quarterly		10/01/19	(a)		10/01/29	USD	400		(1,067	)		—		(1,067	)
											$	(625,156	)	$	10,421	$	(635,577	)

^(a)  Forward swap.

OTC Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of Colombia		1.00	%	Quarterly	Citibank NA	12/20/24		USD	49	$	(170	)	$	(186	)	$	16
United Mexican States		1.00	%	Quarterly	Citibank NA	12/20/24		USD	23		177			182			(5	)
United Mexican States		1.00	%	Quarterly	Citibank NA	12/20/24		USD	10		77			63			14
										$	84		$	59		$	25

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1 day BZDIOVER	At Termination	6.35%	At Termination	JPMorgan Chase Bank NA		01/02/23	BRL	211	$	590		$	—	$	590
1 day BZDIOVER	At Termination	8.27%	At Termination	JPMorgan Chase Bank NA		01/02/23	BRL	134		2,796			—		2,796
28 day MXIBTIIE	Monthly	6.32%	Monthly	Goldman Sachs International		08/06/25	MXN	640		(441	)		—		(441	)
6.31%	Monthly	28 day MXIBTIIE	Monthly	Deutsche Bank AG		08/11/25	MXN	810	$	577		$	—	$	577
									$	3,522		$	—	$	3,522

8

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond V.I. Fund

OTC Interest Rate Swaps (continued) 

The following reference rates, and their values as of period end, are used for security descriptions:

Reference Index		Reference Rate
1 day BZDIOVER	Overnight Brazil CETIP — Interbank Rate		0.02%
1 month HICPXT	Harmonized Index Of Consumer Prices Excluding Tobacco		0.19%
28 day MXIBTIIE	Mexico Interbank TIIE 28-Day		8.00%
3 month LIBOR	London Interbank Offered Rate		2.09%
6 month GBP LIBOR	London Interbank Offered Rate		0.83%

Glossary of Terms Used in this Report

Currency
ARS	Argentine Peso
BRL	Brazilian Real
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
RUB	New Russian Ruble
TWD	Taiwan New Dollar
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviations
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank TIIE 28-Day
OTC	Over-the-counter
TBA	To-be-announced

9

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock U.S. Government Bond 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(a)	$	—		$	81,007,661		$	—	$	81,007,661
Short-Term Securities:
Commercial Paper		—			499,660			—		499,660
Money Market Funds		1,420,307			—			—		1,420,307
U.S. Government Sponsored Agency Securities		—			6,980,991			—		6,980,991
Options Purchased:
Foreign currency exchange contracts		—			4,903			—		4,903
Interest rate contracts		—			6,823			—		6,823
Liabilities:
Investments:
TBA Sale Commitments		—			(15,557,462	)		—		(15,557,462	)
	$	1,420,307		$	72,942,576		$	—	$	74,362,883
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	30		$	—	$	30
Foreign currency exchange contracts		—			10,798			—		10,798
Interest rate contracts		16,690			74,454			—		91,144
Other contracts		—			1,355			—		1,355
Liabilities:
Credit contracts		—			(5	)		—		(5	)
Foreign currency exchange contracts		—			(12,618	)		—		(12,618	)
Interest rate contracts		(38,003	)		(774,281	)		—		(812,284	)
Other contracts		—			(695	)		—		(695	)
	$	(21,313	)	$	(700,962	)	$	—	$	(722,275	)

^(a)  See above Schedule of Investments for values in each security type. Investments categorized as Level 2 are included in security type.

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, Reverse Repurchase Agreements of $13,552,556 are categorized as Level 2 within the disclosure hierarchy.

10