BlackRock Variable Series Funds II NPORTP BlackRock Total Return V.I. Fund (Sep 2019 report)

Schedule of Investments (unaudited)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities — 7.7%
Accredited Mortgage Loan Trust, Series2006-1, Class M2, (LIBOR USD 1 Month + 0.34%), 2.36%, 04/25/36^(a)	USD	190	$	102,702
ACE Securities Corp. Home Equity Loan Trust^(a):
Series2003-OP1, Class A2, (LIBOR USD 1 Month + 0.72%), 2.74%, 12/25/33		122		120,092
Series2007-HE4, Class A2A, (LIBOR USD 1 Month + 0.13%), 2.15%, 05/25/37		97		26,780
Adams Mill CLO Ltd., Series2014-1A, Class A2R, (LIBOR USD 3 Month + 1.10%), 3.40%, 07/15/26^(a)(b)		185		185,180
Ajax Mortgage Loan Trust^(b):
Series2017-D, Class A, 3.75%, 12/25/57		354		364,522
Series2018-A, Class A, 3.85%, 04/25/58^(c)		339		333,196
Series2018-A, Class B, 0.00%, 04/25/58^(c)		90		52,210
Series2018-B, Class A, 3.75%, 02/26/57^(c)		277		277,327
Series2018-B, Class B, 0.00%, 02/26/57^(c)		107		30,000
Series2018-D, Class A, 3.75%, 08/25/58^(c)(d)		379		380,219
Series2018-D, Class B, 0.00%, 08/25/58^(c)(d)		110		61,485
Series2018-E, Class A, 4.38%, 06/25/58^(d)		213		215,243
Series2018-E, Class B, 5.25%, 06/25/58^(d)		100		104,068
Series2018-E, Class C, 0.00%, 06/25/58^(c)(d)		98		29,530
Series2018-F, Class A, 4.38%, 11/25/58^(c)(d)		706		711,133
Series2018-F, Class B, 5.25%, 11/25/58^(c)(d)		111		110,123
Series2018-F, Class C, 0.00%, 11/25/58^(c)		249		121,121
Series2018-G, Class A, 4.38%, 06/25/57^(c)(d)		641		645,136
Series2018-G, Class B, 5.25%, 06/25/57^(c)(d)		103		101,785
Series2018-G, Class C, 5.25%, 06/25/57^(c)		227		214,840
Series2019-A, Class A, 3.75%, 08/25/57^(d)		661		660,360
Series2019-A, Class B, 5.25%, 08/25/57^(c)(d)		100		98,570
Series2019-A, Class C, 0.00%, 08/25/57		185		157,875
Series2019-B, Class A, 3.75%, 01/25/59^(d)		1,090		1,091,896
Series2019-B, Class B, 5.25%, 01/25/59^(d)		117		114,711
Series2019-B, Class C, 0.00%, 01/25/59^(c)		299		245,911
Allegro CLOII-S Ltd., Series2014-1RA, Class A1, (LIBOR USD 3 Month + 1.08%), 3.36%, 10/21/28^(a)(b)		500		498,977
Allegro CLO V Ltd., Series2017-1A, Class A, (LIBOR USD 3 Month + 1.24%), 3.56%, 10/16/30^(a)(b)		250		250,229
ALM V Ltd.^(a)(b):
Series2012-5A, Class A1R3, (LIBOR USD 3 Month + 0.91%), 3.21%, 10/18/27		290		289,755
Series2012-5A, Class A2R3, (LIBOR USD 3 Month + 1.25%), 3.55%, 10/18/27		250		247,732
Series2012-5A, Class BR3, (LIBOR USD 3 Month + 1.65%), 3.95%, 10/18/27		250		246,192
ALM VII R Ltd., Series2013-7RA, Class A1R, (LIBOR USD 3 Month + 1.41%), 3.71%, 10/15/28^(a)(b)		250		249,922
ALM VIII Ltd., Series2013-8A, Class A1R, (LIBOR USD 3 Month + 1.49%), 3.79%, 10/15/28^(a)(b)		380		380,121
ALM XII Ltd., Series2015-12A, Class A1R2, (LIBOR USD 3 Month + 0.89%), 3.21%, 04/16/27^(a)(b)		230		229,697
ALM XVI Ltd., Series2015-16A, Class A2R2, (LIBOR USD 3 Month + 1.50%), 3.80%, 07/15/27^(a)(b)		255		254,209
American Homes 4 Rent Trust, Series 2014- SFR3, Class A, 3.68%, 12/17/36^(b)		183		191,945
AMMC CLO 19 Ltd., Series2016-19A, Class C, (LIBOR USD 3 Month + 2.80%), 5.10%, 10/15/28^(a)(b)		100		100,232


Security	Par (000)		Value

Asset-Backed Securities (continued)
Anchorage Capital CLO1-R Ltd., Series 2018- 1RA, Class A1, (LIBOR USD 3 Month + 0.99%), 3.29%, 04/13/31^(a)(b)	USD	310	$	306,219
Anchorage Capital CLO4-R Ltd.^(a)(b):
Series2014-4RA, Class A, (LIBOR USD 3 Month + 1.05%), 3.31%, 01/28/31		250		249,163
Series2014-4RA, Class C, (LIBOR USD 3 Month + 1.85%), 4.11%, 01/28/31		250		240,983
Anchorage Capital CLO5-R Ltd.^(a)(b):
Series2014-5RA, Class B, (LIBOR USD 3 Month + 1.45%), 3.75%, 01/15/30		500		492,074
Series2014-5RA, Class C, (LIBOR USD 3 Month + 1.85%), 4.15%, 01/15/30		250		246,760
Anchorage Capital CLO 6 Ltd., Series2015-6A, Class AR, (LIBOR USD 3 Month + 1.27%), 3.57%, 07/15/30^(a)(b)		250		249,859
Anchorage Capital CLO 7 Ltd., Series2015-7A, Class AR, (LIBOR USD 3 Month + 0.96%), 3.26%, 10/15/27^(a)(b)		750		748,726
Anchorage Capital CLO Ltd., Series2013-1A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.55%, 10/13/30^(a)(b)		250		249,483
Apidos CLO XII, Series2013-12A, Class AR, (LIBOR USD 3 Month + 1.08%), 3.38%, 04/15/31^(a)(b)		500		497,587
Apidos CLO XV, Series2013-15A, Class A1RR, (LIBOR USD 3 Month + 1.01%), 3.29%, 04/20/31^(a)(b)		500		494,454
Arbor Realty Collateralized Loan Obligation Ltd., Series2017-FL3, Class A, (LIBOR USD 1 Month + 0.99%), 3.02%, 12/15/27^(a)(b)		130		129,947
Arbor Realty Commercial Real Estate Notes Ltd., Series2017-FL2, Class A, (LIBOR USD 1 Month + 0.99%), 3.02%, 08/15/27^(a)(b)		250		249,969
Ares XXXVII CLO Ltd., Series2015-4A, Class A1R, (LIBOR USD 3 Month + 1.17%), 3.47%, 10/15/30^(a)(b)		250		249,685
Argent Mortgage Loan Trust, Series2005-W1, Class A2, (LIBOR USD 1 Month + 0.48%), 2.50%, 05/25/35^(a)		50		46,464
Avery Point V CLO Ltd., Series2014-5A, Class AR, (LIBOR USD 3 Month + 0.98%), 3.28%, 07/17/26^(a)(b)		181		180,616
Avery Point VI CLO Ltd., Series2015-6A, Class BR, (LIBOR USD 3 Month + 1.50%), 3.79%, 08/05/27^(a)(b)		250		248,300
B2R Mortgage Trust, Series2015-2, Class A, 3.34%, 11/15/48^(b)		25		24,861
Babson CLO Ltd., Series2015-2A, Class AR, (LIBOR USD 3 Month + 1.19%), 3.47%, 10/20/30^(a)(b)		260		259,178
BankAmerica Manufactured Housing Contract Trust, Series1998-2, Class B1, 7.58%, 12/10/25^(d)		300		174,734
Battalion CLO X Ltd., Series2016-10A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.53%, 01/24/29^(a)(b)		940		941,923
Bayview Financial Revolving Asset Trust^(a)(b):
Series2004-B, Class A1, (LIBOR USD 1 Month + 1.00%), 3.04%, 05/28/39		124		114,488
Series2005-A, Class A1, (LIBOR USD 1 Month + 1.00%), 3.04%, 02/28/40		165		159,658
Series2005-E, Class A1, (LIBOR USD 1 Month + 1.00%), 3.04%, 12/28/40		65		64,351


			1

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
BCMSC Trust^(d):
Series2000-A, Class A2, 7.58%, 06/15/30	USD	40	$	13,152
Series2000-A, Class A3, 7.83%, 06/15/30		37		12,624
Series2000-A, Class A4, 8.29%, 06/15/30		27		9,672
BDS Ltd., Series2019-FL3, Class A, (LIBOR USD 1 Month + 1.40%), 3.42%, 12/15/35^(a)(b)		200		200,432
Bear Stearns Asset-Backed Securities I Trust^(a):
Series2007-FS1, Class 1A3, (LIBOR USD 1 Month + 0.17%), 2.19%, 05/25/35		79		85,074
Series2007-HE2, Class 23A, (LIBOR USD 1 Month + 0.14%), 2.16%, 03/25/37		47		49,646
Series2007-HE3, Class 1A4, (LIBOR USD 1 Month + 0.35%), 2.37%, 04/25/37		196		172,109
Bear Stearns Asset-Backed Securities Trust, Series2005-4, Class M2, (LIBOR USD 1 Month + 1.20%), 3.22%, 01/25/36^(a)		5		4,781
Benefit Street Partners CLO VI Ltd.,Series 2015-VIA, Class A1R, (LIBOR USD 3 Month + 1.24%), 3.54%, 10/18/29^(a)(b)		250		249,745
BlueMountain CLO Ltd.^(a)(b):
Series2013-1A, Class A1R2, (LIBOR USD 3 Month + 1.23%), 3.51%, 01/20/29		310		310,252
Series2013-2A, Class A1R, (LIBOR USD 3 Month + 1.18%), 3.46%, 10/22/30		500		499,554
Carrington Mortgage Loan Trust^(a):
Series 2006-FRE2, Class A2, (LIBOR USD 1 Month + 0.12%), 2.14%, 10/25/36		64		49,771
Series 2006-FRE2, Class A3, (LIBOR USD 1 Month + 0.16%), 2.18%, 10/25/36		128		99,867
Series 2006-FRE2, Class A5, (LIBOR USD 1 Month + 0.08%), 2.10%, 03/25/35		22		16,680
Series2006-NC4, Class A3, (LIBOR USD 1 Month + 0.16%), 2.18%, 10/25/36		79		73,497
Series 2007-RFC1, Class A4, (LIBOR USD 1 Month + 0.22%), 2.24%, 10/25/36		100		83,845
CBAM Ltd., Series2017-1A, Class A1, (LIBOR USD 3 Month + 1.25%), 3.53%, 07/20/30^(a)(b)		250		249,126
C-BASS Trust, Series2006-CB7, Class A4, (LIBOR USD 1 Month + 0.16%), 2.18%, 10/25/36^(a)		58		44,504
Cedar Funding II CLO Ltd.^(a)(b):
Series2013-1A, Class A1R, (LIBOR USD 3 Month + 1.23%), 3.33%, 06/09/30		250		249,851
Series2013-1A, Class BR, (LIBOR USD 3 Month + 1.75%), 3.85%, 06/09/30		250		249,070
Cedar Funding VI CLO Ltd., Series2016-6A, Class AR, (LIBOR USD 3 Month + 1.09%), 3.37%, 10/20/28^(a)(b)		430		429,447
Cedar Funding VIII CLO Ltd., Series2017-8A, Class A1, (LIBOR USD 3 Month + 1.25%), 3.55%, 10/17/30^(a)(b)		510		509,901
CIFC Funding Ltd.^(a)(b):
Series2013-2A, Class A1LR, (LIBOR USD 3 Month + 1.21%), 3.51%, 10/18/30		230		230,121
Series2014-4RA, Class A1A, (LIBOR USD 3 Month + 1.13%), 3.43%, 10/17/30		540		539,469
Citicorp Residential Mortgage Trust,Series 2007-2, Class M1, 5.01%, 06/25/37^(e)		100		98,269
Citigroup Mortgage Loan Trust^(a):
Series 2007-AHL2, Class A3B, (LIBOR USD 1 Month + 0.20%), 2.22%, 05/25/37		241		175,748
Series 2007-AHL2, Class A3C, (LIBOR USD 1 Month + 0.27%), 2.29%, 05/25/37		109		80,480


Security	Par (000)		Value

Asset-Backed Securities (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class M3, (LIBOR USD 1 Month + 0.32%), 2.34%, 11/25/36^(a)	USD	100	$	88,700
Conseco Finance Corp.:
Series1997-3, Class M1, 7.53%, 03/15/28^(d)		49		49,239
Series1997-6, Class M1, 7.21%, 01/15/29^(d)		32		32,232
Series1998-8, Class M1, 6.98%, 09/01/30^(d)		109		97,388
Series1999-5, Class A5, 7.86%, 03/01/30^(d)		30		20,880
Series1999-5, Class A6, 7.50%, 03/01/30^(d)		32		21,358
Series2001-D, Class B1, (LIBOR USD 1 Month + 2.50%), 4.53%, 11/15/32^(a)		74		72,022
Conseco Finance Securitizations Corp.:
Series2000-1, Class A5, 8.06%, 09/01/29^(d)		56		24,254
Series2000-4, Class A6, 8.31%, 05/01/32^(d)		151		63,969
Series2000-5, Class A7, 8.20%, 05/01/31		144		80,565
Countrywide Asset-Backed Certificates^(a):
Series2003-BC3, Class A2, (LIBOR USD 1 Month + 0.62%), 2.64%, 09/25/33		106		104,341
Series2006-S10, Class A3, (LIBOR USD 1 Month + 0.32%), 2.34%, 10/25/36		32		30,932
Series 2006-SPS1, Class A, (LIBOR USD 1 Month + 0.22%), 2.24%, 12/25/25		2		1,923
Credit-Based Asset Servicing & Securitization LLC:
Series2006-CB2, Class AF4, 3.43%, 12/25/36^(e)		15		13,340
Series2006-MH1, Class B1, 6.25%, 10/25/36^(b)(e)		100		103,159
Series2006-SL1, Class A2, 6.06%, 09/25/36^(b)(e)		85		11,723
Series2007-CB6, Class A4, (LIBOR USD 1 Month + 0.34%), 2.36%, 07/25/37^(a)(b)		54		36,805
CWABS Asset-Backed Certificates Trust:
Series2005-16, Class 1AF, 4.72%, 04/25/36^(d)		130		129,238
Series2005-16, Class 2AF3, 4.52%, 05/25/36^(d)		25		25,302
Series2006-11, Class 3AV2, (LIBOR USD 1 Month + 0.16%), 2.18%, 09/25/46^(a)		8		8,130
CWABS Revolving Home Equity Loan Trust,Series 2004-U, Class 2A, (LIBOR USD 1 Month + 0.27%), 2.30%, 03/15/34^(a)		23		21,860
CWABS, Inc. Asset-Backed Certificates Trust, Series2004-5, Class A, (LIBOR USD 1 Month + 0.90%), 2.92%, 10/25/34^(a)		109		107,765
CWHEQ Home Equity Loan Trust, Series 2006-S5, Class A5, 6.16%, 06/25/35		13		13,947
CWHEQ Revolving Home Equity Loan Resuritization Trust^(a)(b):
Series2006-RES, Class 4Q1B, (LIBOR USD 1 Month + 0.30%), 2.33%, 12/15/33		19		17,598
Series2006-RES, Class 5B1B, (LIBOR USD 1 Month + 0.19%), 2.22%, 05/15/35^(c)		9		8,835
CWHEQ Revolving Home Equity Loan Trust^(a):
Series2005-B, Class 2A, (LIBOR USD 1 Month + 0.18%), 2.21%, 05/15/35		15		14,948
Series2006-C, Class 2A, (LIBOR USD 1 Month + 0.18%), 2.21%, 05/15/36		105		102,753
Series2006-H, Class 1A, (LIBOR USD 1 Month + 0.15%), 2.18%, 11/15/36		65		55,008
DCP Rights LLC, Series2014-1A, Class A, 5.46%, 10/25/44^(b)(c)		210		210,590
Dorchester Park CLO DAC, Series2015-1A, Class BR, (LIBOR USD 3 Month + 1.45%), 3.73%, 04/20/28^(a)(b)		250		246,963


2

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
Dryden 53 CLO Ltd., Series2017-53A, Class A, (LIBOR USD 3 Month + 1.12%), 3.42%, 01/15/31^(a)(b)	USD	800	$	796,912
Dryden XXV Senior Loan Fund, Series 2012- 25A, Class ARR, (LIBOR USD 3 Month + 0.90%), 3.20%, 10/15/27^(a)(b)		250		250,007
First Franklin Mortgage Loan Trust^(a):
Series 2004-FFH3, Class M3, (LIBOR USD 1 Month + 1.05%), 3.07%, 10/25/34		33		30,344
Series 2006-FF16, Class 2A3, (LIBOR USD 1 Month + 0.14%), 2.16%, 12/25/36		719		410,333
Series 2006-FF17, Class A5, (LIBOR USD 1 Month + 0.15%), 2.17%, 12/25/36		597		523,192
Series 2006-FFH1, Class M2, (LIBOR USD 1 Month + 0.40%), 2.42%, 01/25/36		95		59,220
Flatiron CLO Ltd., Series2015-1A, Class AR, (LIBOR USD 3 Month + 0.89%), 3.19%, 04/15/27^(a)(b)		237		236,804
Fremont Home Loan Trust, Series2006-3, Class 1A1, (LIBOR USD 1 Month + 0.14%), 2.16%, 02/25/37^(a)		241		183,048
GE-WMC Asset-Backed Pass-Through Certificates^(a):
Series2005-2, Class A2C, (LIBOR USD 1 Month + 0.25%), 2.27%, 12/25/35		18		17,406
Series2005-2, Class M1, (LIBOR USD 1 Month + 0.44%), 2.46%, 12/25/35		171		139,214
GSAA Home Equity Trust, Series2007-2, Class AF3, 5.92%, 03/25/37^(d)		28		9,435
GSAMP Trust^(a):
Series2007-H1, Class A1B, (LIBOR USD 1 Month + 0.20%), 2.22%, 01/25/47		28		17,136
Series2007-HS1, Class M6, (LIBOR USD 1 Month + 2.25%), 4.27%, 02/25/47		40		41,418
Halcyon Loan Advisors Funding Ltd.,Series 2015-2A, Class AR, (LIBOR USD 3 Month + 1.08%), 3.36%, 07/25/27^(a)(b)		430		429,528
Highbridge Loan Management Ltd.,Series 6A-2015, Class A1R, (LIBOR USD 3 Month + 1.00%), 3.29%, 02/05/31^(a)(b)		250		247,594
Home Equity Asset Trust, Series2007-1, Class 2A3, (LIBOR USD 1 Month + 0.15%), 2.17%, 05/25/37^(a)		90		75,042
Home Equity Mortgage Loan Asset-Backed Trust^(a):
Series2004-A, Class M2, (LIBOR USD 1 Month + 2.03%), 4.04%, 07/25/34		25		25,437
Series2007-A, Class 2A2, (LIBOR USD 1 Month + 0.19%), 2.21%, 04/25/37		69		50,885
Series2007-B, Class 2A3, (LIBOR USD 1 Month + 0.20%), 2.22%, 07/25/37		118		80,231
Home Equity Mortgage Trust, Series2006-2, Class 1A1, 5.87%, 07/25/36^(e)		69		20,397
Home Loan Mortgage Loan Trust, Series 2005- 1, Class A3, (LIBOR USD 1 Month + 0.72%), 2.75%, 04/15/36^(a)		23		21,366
ICG US CLO Ltd., Series2015-1A, Class A1R, (LIBOR USD 3 Month + 1.14%), 3.44%, 10/19/28^(a)(b)		250		249,492
Invitation Homes Trust, Series 2018-SFR3, Class A, (LIBOR USD 1 Month + 1.00%), 3.02%, 07/17/37^(a)(b)		125		124,964
Irwin Home Equity Loan Trust, Series2006-3, Class 2A3, 6.53%, 09/25/37^(b)(e)		41		40,971


Security	Par (000)		Value

Asset-Backed Securities (continued)
JPMorgan Mortgage Acquisition Trust,Series 2006-CW1, Class M1, (LIBOR USD 1 Month + 0.27%), 2.29%, 05/25/36^(a)	USD	100	$	96,062
LCM 26 Ltd., Series 26A, Class A1, (LIBOR USD 3 Month + 1.07%), 3.35%, 01/20/31^(a)(b)		280		278,826
LCM XX LP, Series 20A, Class AR, (LIBOR USD 3 Month + 1.04%), 3.32%, 10/20/27^(a)(b)		250		250,181
LCM XXIV Ltd., Series 24A, Class A, (LIBOR USD 3 Month + 1.31%), 3.59%, 03/20/30^(a)(b)		250		250,542
Legacy Mortgage Asset Trust^(b):
Series2019-GS2, Class A1, 3.75%, 01/25/59^(e)		111		113,047
Series2019-SL1, Class A, 4.00%, 12/28/54^(d)		424		424,715
Lehman ABS Manufactured Housing Contract Trust, Series2001-B, Class M1, 6.63%, 04/15/40^(d)		81		86,293
Litigation Fee Residual Funding LLC,Series 2015-1, 4.00%, 10/30/27^(c)		64		63,424
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, (LIBOR USD 1 Month + 1.13%), 3.16%, 05/15/28^(a)(b)		250		250,187
Long Beach Mortgage Loan Trust^(a):
Series2006-2, Class 1A, (LIBOR USD 1 Month + 0.18%), 2.20%, 03/25/46		228		184,570
Series2006-4, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.18%, 05/25/36		366		157,088
Series2006-4, Class 2A4, (LIBOR USD 1 Month + 0.26%), 2.28%, 05/25/36		407		180,350
Series2006-9, Class 2A2, (LIBOR USD 1 Month + 0.11%), 2.13%, 10/25/36		54		22,519
Series2006-9, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.18%, 10/25/36		328		139,598
Series2006-9, Class 2A4, (LIBOR USD 1 Month + 0.23%), 2.25%, 10/25/36		122		52,594
Series2006-10, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.18%, 11/25/36		83		39,254
Series2006-10, Class 2A4, (LIBOR USD 1 Month + 0.22%), 2.24%, 11/25/36		62		29,836
Madison Avenue Manufactured Housing Contract Trust, Series2002-A, Class B2, (LIBOR USD 1 Month + 3.25%), 5.27%, 03/25/32^(a)		36		36,440
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (LIBOR USD 3 Month + 1.16%), 3.42%, 07/23/29^(a)(b)		250		250,308
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (LIBOR USD 3 Month + 0.95%), 3.25%, 04/19/30^(a)(b)		580		579,269
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (LIBOR USD 3 Month + 1.19%), 3.47%, 10/21/30^(a)(b)		510		510,252
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (LIBOR USD 3 Month + 1.20%), 3.46%, 07/29/30^(a)(b)		270		270,180
Marathon CRE Ltd., Series2018-FL1, Class A, (LIBOR USD 1 Month + 1.15%), 3.18%, 06/15/28^(a)(b)		100		100,020
Marble Point CLO XI Ltd., Series2017-2A, Class A, (LIBOR USD 3 Month + 1.18%), 3.48%, 12/18/30^(a)(b)		250		249,012
Mariner CLO 5 Ltd., Series2018-5A, Class A, (LIBOR USD 3 Month + 1.11%), 3.39%, 04/25/31^(a)(b)		250		248,666


			3

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
Mariner CLO LLC, Series2017-4A, Class A, (LIBOR USD 3 Month + 1.21%), 3.48%, 10/26/29^(a)(b)		USD 250	$	249,515
MASTR Specialized Loan Trust, Series2006-3, Class A, (LIBOR USD 1 Month + 0.26%), 2.28%, 06/25/46^(a)(b)		17		16,384
Merrill Lynch Mortgage Investors Trust^(a):
Series 2006-OPT1, Class M1, (LIBOR USD 1 Month + 0.26%), 2.28%, 08/25/37		35		18,055
Series2006-RM3, Class A2B, (LIBOR USD 1 Month + 0.09%), 2.11%, 06/25/37		27		8,031
Morgan Stanley ABS Capital I, Inc. Trust^(a):
Series2005-HE1, Class A2MZ, (LIBOR USD 1 Month + 0.60%), 2.62%, 12/25/34		155		155,030
Series2005-HE5, Class M4, (LIBOR USD 1 Month + 0.87%), 2.89%, 09/25/35		131		73,702
Series2007-NC1, Class A1, (LIBOR USD 1 Month + 0.13%), 2.15%, 11/25/36		457		275,340
MP CLO III Ltd., Series2013-1A, Class AR, (LIBOR USD 3 Month + 1.25%), 3.53%, 10/20/30^(a)(b)		250		249,375
MP CLO VIII Ltd., Series2015-2A, Class AR, (LIBOR USD 3 Month + 0.91%), 3.17%, 10/28/27^(a)(b)		270		270,006
Navient Private Education Loan Trust^(a)(b):
Series2014-AA, Class A2B, (LIBOR USD 1 Month + 1.25%), 3.28%, 02/15/29		288		291,291
Series2014-CTA, Class B, (LIBOR USD 1 Month + 1.75%), 3.78%, 10/17/44		200		202,036
Neuberger Berman Loan Advisers CLO Ltd., Series2017-26A, Class A, (LIBOR USD 3 Month + 1.17%), 3.47%, 10/18/30^(a)(b)		250		249,565
Oakwood Mortgage Investors, Inc.^(d):
Series2001-D, Class A2, 5.26%, 01/15/19		21		15,454
Series2001-D, Class A4, 6.93%, 09/15/31		12		10,117
Series2002-B, Class M1, 7.62%, 06/15/32		79		67,211
OCP CLO Ltd.^(a)(b):
Series2016-12A, Class A1R, (LIBOR USD 3 Month + 1.12%), 3.42%, 10/18/28		216		216,149
Series2017-13A, Class A1A, (LIBOR USD 3 Month + 1.26%), 3.56%, 07/15/30		300		300,145
Series2017-14A, Class B, (LIBOR USD 3 Month + 1.95%), 4.09%, 11/20/30		250		243,568
Octagon Investment Partners XIX Ltd.,Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.10%), 3.40%, 04/15/26^(a)(b)		171		171,170
Octagon Investment Partners XVI Ltd.,Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.02%), 3.32%, 07/17/30^(a)(b)		250		246,856
Octagon Investment Partners XVII Ltd.,Series 2013-1A, Class A1R2, (LIBOR USD 3 Month + 1.00%), 3.28%, 01/25/31^(a)(b)		250		248,400
OFSI Fund VI Ltd., Series2014-6A, Class A2R, (LIBOR USD 3 Month + 1.13%), 3.43%, 03/20/25^(a)(b)		201		200,719
OFSI Fund VII Ltd., Series2014-7A, Class AR, (LIBOR USD 3 Month + 0.90%), 3.20%, 10/18/26^(a)(b)		139		138,720
OHA Loan Funding Ltd., Series2013-2A, Class AR, (LIBOR USD 3 Month + 1.04%), 3.19%, 05/23/31^(a)(b)		225		223,957
Option One Mortgage Accep Corp. Asset- Backed Certificates, Series2003-4, Class A2, (LIBOR USD 1 Month + 0.64%), 2.66%, 07/25/33^(a)		168		166,300


Security	Par (000)		Value

Asset-Backed Securities (continued)
Option One Mortgage Loan Trust:
Series2007-CP1, Class 2A3, (LIBOR USD 1 Month + 0.21%), 2.23%, 03/25/37^(a)	USD	90	$	62,225
Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37^(e)		97		93,771
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37^(e)		254		252,222
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37^(e)		422		431,504
Origen Manufactured Housing Contract Trust, Series2007-B, Class A1, (LIBOR USD 1 Month + 1.20%), 3.23%, 10/15/37^(a)(b)(c)		75		73,981
Ownit Mortgage Loan Trust, Series2006-2, Class A2C, 6.00%, 01/25/37^(e)		70		67,707
OZLM Funding III Ltd., Series2013-3A, Class BR, (LIBOR USD 3 Month + 3.00%), 5.28%, 01/22/29^(a)(b)		320		319,944
OZLM Funding IV Ltd., Series2013-4A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.53%, 10/22/30^(a)(b)		390		387,787
OZLM XIV Ltd., Series2015-14A, Class A2AR, (LIBOR USD 3 Month + 1.70%), 4.00%, 01/15/29^(a)(b)		250		248,581
Palmer Square CLO Ltd.^(a)(b):
Series2014-1A, Class A1R2, (LIBOR USD 3 Month + 1.13%), 3.43%, 01/17/31		250		249,458
Series2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 3.33%, 04/18/31		250		248,323
Series2018-2A, Class A1A, (LIBOR USD 3 Month + 1.10%), 3.42%, 07/16/31		420		416,983
Park Avenue Institutional Advisers CLO Ltd.^(a)(b):
Series2017-1A, Class A1, (LIBOR USD 3 Month + 1.22%), 3.40%, 11/14/29		280		279,339
Series2017-1A, Class A2, (LIBOR USD 3 Month + 1.70%), 3.88%, 11/14/29		300		298,776
Progress Residential Trust^(b):
Series 2015-SFR3, Class A, 3.07%, 11/12/32		197		196,951
Series 2017-SFR1, Class A, 2.77%, 08/17/34		100		99,903
Series 2018-SFR1, Class F, 4.78%, 03/17/35		100		101,494
PRPM LLC, Series2017-1A, Class A1, 4.25%, 01/25/22^(b)(e)		24		23,622
Race Point IX CLO Ltd., Series2015-9A, Class A1AR, (LIBOR USD 3 Month + 1.21%), 3.51%, 10/15/30^(a)(b)		500		500,000
Race Point X CLO Ltd., Series2016-10A, Class A1R, (LIBOR USD 3 Month + 1.10%), 3.38%, 07/25/31^(a)(b)		250		247,762
Regatta VI Funding Ltd., Series2016-1A, Class AR, (LIBOR USD 3 Month + 1.08%), 3.36%, 07/20/28^(a)(b)		330		329,445
Rockford Tower CLO Ltd.^(a)(b):
Series2017-1A, Class A, (LIBOR USD 3 Month + 1.37%), 3.67%, 04/15/29		250		250,020
Series2017-1A, Class B, (LIBOR USD 3 Month + 1.80%), 4.10%, 04/15/29		250		249,116
Series2017-2A, Class B, (LIBOR USD 3 Month + 1.75%), 4.05%, 10/15/29		250		248,297
Series2017-2A, Class C, (LIBOR USD 3 Month + 2.30%), 4.60%, 10/15/29		250		246,587
Series2017-3A, Class A, (LIBOR USD 3 Month + 1.19%), 3.47%, 10/20/30		250		249,518


4

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
RomarkWM-R Ltd., Series2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 3.31%, 04/20/31^(a)(b)	USD	250	$	247,287
RR 3 Ltd., Series2018-3A, Class A1R2, (LIBOR USD 3 Month + 1.09%), 3.39%, 01/15/30^(a)(b)		1,250		1,241,437
Securitized Asset-Backed Receivables LLC Trust^(a):
Series2006-WM4, Class A1, (LIBOR USD 1 Month + 0.19%), 2.21%, 11/25/36^(b)		98		57,521
Series2006-WM4, Class A2A, (LIBOR USD 1 Month + 0.08%), 2.10%, 11/25/36		47		17,808
Series2006-WM4, Class A2C, (LIBOR USD 1 Month + 0.16%), 2.18%, 11/25/36		141		54,315
SG Mortgage Securities Trust, Series 2006- OPT2, Class A3D, (LIBOR USD 1 Month + 0.21%), 2.23%, 10/25/36^(a)		100		81,806
Silver Creek CLO Ltd., Series2014-1A, Class AR, (LIBOR USD 3 Month + 1.24%), 3.52%, 07/20/30^(a)(b)		250		250,038
SLM Private Credit Student Loan Trust,Series 2004-B, Class A3, (LIBOR USD 3 Month + 0.33%), 2.45%, 03/15/24^(a)		211		209,538
SMB Private Education Loan Trust,Series 2015-B, Class B, 3.50%, 12/17/40^(b)		100		102,657
Sound Point CLO XXIII Ltd., Series2019-2A, Class A1, (LIBOR USD 3 Month + 1.40%), 3.88%, 04/15/32^(a)(b)		800		799,462
Soundview Home Loan Trust, Series 2004- WMC1, Class M2, (LIBOR USD 1 Month + 0.80%), 2.81%, 01/25/35^(a)		2		1,665
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004- 23XS, Class 2A1, (LIBOR USD 1 Month + 0.30%), 2.32%, 01/25/35^(a)		102		101,400
Symphony CLO XII Ltd., Series2013-12A, Class AR, (LIBOR USD 3 Month + 1.03%), 3.33%, 10/15/25^(a)(b)		193		193,289
TCI-Flatiron CLO Ltd., Series2017-1A, Class A, (LIBOR USD 3 Month + 1.20%), 3.32%, 11/18/30^(a)(b)		250		249,726
Towd Point Mortgage Trust^(b)(d):
Series2019-SJ2, Class A2, 4.25%, 11/25/58		140		144,339
Series2019-SJ2, Class M1, 4.50%, 11/25/58		340		354,508
Tricon American Homes Trust, Series 2018- SFR1, Class E, 4.56%, 05/17/37^(b)		100		105,847
Union Pacific Railroad Co. Pass-Through Trust, Series2014-1, 3.23%, 05/14/26		94		98,605
Venture 35 CLO Ltd., Series2018-35A, Class AS, (LIBOR USD 3 Month + 1.15%), 3.43%, 10/22/31^(a)(b)		100		99,893
Venture XVIII CLO Ltd., Series2014-18A, Class AR, (LIBOR USD 3 Month + 1.22%), 3.52%, 10/15/29^(a)(b)		315		315,576
Voya CLO Ltd.^(a)(b):
Series2017-4A, Class A1, (LIBOR USD 3 Month + 1.13%), 3.43%, 10/15/30		250		249,574
Series2019-1A, Class A, (LIBOR USD 3 Month + 1.17%), 3.81%, 04/15/29		225		224,996
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (LIBOR USD 1 Month + 0.13%), 2.15%, 07/25/37^(a)(b)		80		74,750
WaMu Asset-Backed Certificates Trust^(a):
Series2007-HE2, Class 2A3, (LIBOR USD 1 Month + 0.25%), 2.27%, 04/25/37		529		278,115


Security	Par (000)		Value

Asset-Backed Securities (continued)
Series2007-HE2, Class 2A4, (LIBOR USD 1 Month + 0.36%), 2.38%, 04/25/37	USD	33	$	17,731
Washington Mutual Asset-Backed CertificatesTrust^(a):
Series2006-HE4, Class 2A2, (LIBOR USD 1 Month + 0.18%), 2.20%, 09/25/36		159		73,269
Series2006-HE5, Class 1A, (LIBOR USD 1 Month + 0.16%), 2.17%, 10/25/36		172		137,638
Series2007-HE2, Class 2A2, (LIBOR USD 1 Month + 0.22%), 2.24%, 02/25/37		204		85,251
Wellfleet CLO Ltd., Series2017-1A, Class A1, (LIBOR USD 3 Month + 1.32%), 3.60%, 04/20/29^(a)(b)		250		249,900
Yale Mortgage Loan Trust, Series2007-1, Class A, (LIBOR USD 1 Month + 0.40%), 2.42%, 06/25/37^(a)(b)		93		38,604
York CLO 2 Ltd., Series2015-1A, Class AR, (LIBOR USD 3 Month + 1.15%), 3.43%, 01/22/31^(a)(b)		250		248,582


Total Asset-Backed Securities — 7.7% (Cost: $48,758,130)				48,546,110


Corporate Bonds — 35.0%

Aerospace & Defense — 1.4%
Airbus SE, 3.95%, 04/10/47^(b)		175		202,731
BAE Systems Holdings, Inc.^(b):
3.80%, 10/07/24		8		8,402
3.85%, 12/15/25		255		268,117
4.75%, 10/07/44		8		9,381
Boeing Co. (The):
3.25%, 02/01/35		52		53,883
3.38%, 06/15/46		30		30,093
3.85%, 11/01/48		137		149,191
3.83%, 03/01/59		79		84,219
General Dynamics Corp., 3.75%, 05/15/28		143		159,151
L3Harris Technologies, Inc.:
2.70%, 04/27/20		28		28,056
3.85%, 06/15/23^(b)		670		705,741
3.83%, 04/27/25		34		36,310
3.85%, 12/15/26^(b)		435		467,286
4.40%, 06/15/28		480		539,252
4.40%, 06/15/28^(b)		80		89,876
4.85%, 04/27/35		8		9,471
5.05%, 04/27/45		175		219,573
Lockheed Martin Corp.:
2.90%, 03/01/25		60		62,118
3.55%, 01/15/26		44		47,174
3.60%, 03/01/35		575		621,599
4.50%, 05/15/36		10		12,009
4.07%, 12/15/42		19		21,929
3.80%, 03/01/45		103		114,729
4.70%, 05/15/46		10		12,694
Northrop Grumman Corp.:
2.93%, 01/15/25		370		381,412
3.25%, 01/15/28		575		603,461
4.75%, 06/01/43		23		28,171
3.85%, 04/15/45		100		110,259
4.03%, 10/15/47		67		75,994
Raytheon Co.:
7.20%, 08/15/27		45		60,067
7.00%, 11/01/28		360		476,833
4.20%, 12/15/44		85		100,946
Rockwell Collins, Inc., 3.20%, 03/15/24		23		23,889
Rolls-Royce plc, 2.13%, 06/18/21	EUR	100		112,913


			5

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Aerospace & Defense (continued)
Textron, Inc.:
3.65%, 03/15/27	USD	130	$	135,647
3.90%, 09/17/29		225		240,913
United Technologies Corp.:
1.95%, 11/01/21		598		597,529
1.15%, 05/18/24	EUR	200		226,984
4.13%, 11/16/28	USD	540		610,948
5.40%, 05/01/35		95		121,391
6.13%, 07/15/38		195		268,014
5.70%, 04/15/40		5		6,662
4.50%, 06/01/42		311		372,437
4.15%, 05/15/45		60		68,817

				8,576,272

Air Freight & Logistics — 0.2%
FedEx Corp.:
0.45%, 08/05/25	EUR	200		218,139
3.30%, 03/15/27	USD	15		15,382
4.90%, 01/15/34		30		34,417
3.90%, 02/01/35		48		49,108
3.88%, 08/01/42		248		239,524
United Parcel Service, Inc.:
2.50%, 04/01/23		18		18,242
3.40%, 03/15/29		157		168,001
2.50%, 09/01/29		225		224,139
4.25%, 03/15/49		15		17,330

				984,282

Airlines — 0.6%
Air Canada Pass-Through Trust^(b):
Series2015-2, Class B, 5.00%, 12/15/23		65		67,671
Series2017-1, Class B, 3.70%, 01/15/26		1		904
Series2017-1, Class AA, 3.30%, 01/15/30		91		93,938
American Airlines Group, Inc., 4.63%, 03/01/20^(b)		103		103,644
American Airlines Pass-Through Trust:
Series2014-1, Class B, 4.38%, 10/01/22		4		3,739
Series2015-1, Class B, 3.70%, 05/01/23		35		35,521
Series2015-2, Class B, 4.40%, 09/22/23		258		266,279
Series2016-1, Class B, 5.25%, 01/15/24		189		200,796
Series2017-1, Class B, 4.95%, 02/15/25		57		60,608
Series2017-2, Class B, 3.70%, 10/15/25		72		72,309
Series2016-3, Class B, 3.75%, 10/15/25		3		3,524
Series2015-2, Class AA, 3.60%, 09/22/27		43		44,609
Series2019-1, Class B, 3.85%, 02/15/28		235		237,367
Series2016-2, Class AA, 3.20%, 06/15/28		77		79,190
Series2016-3, Class AA, 3.00%, 10/15/28		198		201,879
Series2017-1, Class AA, 3.65%, 02/15/29		60		64,249
Series2017-2, Class AA, 3.35%, 10/15/29		89		91,530
Series2019-1, Class AA, 3.15%, 02/15/32		215		220,829
Continental Airlines Pass-Through Trust, Series2012-1, Class B, 6.25%, 04/11/20		2		1,728
Delta Air Lines Pass-Through Trust, Series2019-1, Class AA, 3.20%, 04/25/24		215		224,611
Delta Air Lines, Inc., 2.88%, 03/13/20		871		872,859
Gol Finance, Inc., 7.00%, 01/31/25^(b)		95		92,640
Turkish Airlines Pass-Through Trust, Series2015-1, Class A, 4.20%, 03/15/27^(b)		31		28,560
United Airlines Pass-Through Trust:
Series2014-1, Class B, 4.75%, 04/11/22		14		14,568
Series2014-2, Class B, 4.63%, 09/03/22		22		22,605
Series2016-2, Class B, 3.65%, 10/07/25		12		12,568
Series2016-1, Class B, 3.65%, 01/07/26		20		20,368
Series2018-1, Class B, 4.60%, 03/01/26		74		76,622
Series2015-1, Class AA, 3.45%, 12/01/27		39		40,983
Series2019-2, Class B, 3.50%, 05/01/28		119		119,196


Security	Par (000)		Value

Airlines (continued)
Series2016-1, Class AA, 3.10%, 07/07/28	USD	13	$	12,822
Series2016-2, Class AA, 2.88%, 10/07/28		80		80,387
Series2018-1, Class AA, 3.50%, 03/01/30		38		40,086
Series2019-2, Class AA, 2.70%, 05/01/32		130		129,641
US Airways Pass-Through Trust:
Series2012-2, Class B, 6.75%, 06/03/21		7		7,350
Series2013-1, Class B, 5.38%, 11/15/21		26		27,205

				3,673,385

Auto Components — 0.0%
Lear Corp., 5.25%, 05/15/49		15		15,429


Automobiles — 0.4%
BMW US Capital LLC, 2.80%, 04/11/26^(b)		84		85,077
Daimler Finance North America LLC^(b):
3.10%, 05/04/20		340		341,965
2.30%, 02/12/21		150		150,116
3.35%, 05/04/21		430		437,084
3.75%, 11/05/21		150		154,225
General Motors Co.:
5.00%, 04/01/35		88		88,329
6.60%, 04/01/36		120		137,488
6.25%, 10/02/43		63		69,019
5.40%, 04/01/48		18		18,031
Hyundai Capital America^(b):
2.55%, 04/03/20		786		787,719
3.95%, 02/01/22		305		313,202
Toyota Motor Corp., 2.76%, 07/02/29		115		118,924

				2,701,179

Banks — 7.9%
ABN AMRO Bank NV, 2.65%, 01/19/21^(b)		275		276,218
Australia & New Zealand Banking Group Ltd., 2.63%, 11/09/22		250		254,236
Banco Santander SA:
3.85%, 04/12/23		200		208,418
2.71%, 06/27/24		200		202,196
3.31%, 06/27/29		400		413,252
Bangkok Bank PCL, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.73%, 09/25/34^(a)		200		202,740
Bank of America Corp.:
2.63%, 10/19/20		175		176,110
2.63%, 04/19/21		3		3,027
(LIBOR USD 3 Month + 0.66%), 2.37%, 07/21/21^(a)		485		485,765
(LIBOR USD 3 Month + 0.63%), 2.33%, 10/01/21^(a)		1,835		1,837,057
(LIBOR USD 3 Month + 0.63%), 3.50%, 05/17/22^(a)		285		290,654
3.30%, 01/11/23		92		95,051
(LIBOR USD 3 Month + 0.93%), 2.82%, 07/21/23^(a)		370		375,623
4.13%, 01/22/24		20		21,526
4.00%, 04/01/24		114		122,203
4.20%, 08/26/24		6		6,436
4.00%, 01/22/25		85		90,256
(LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/25^(a)		217		226,137
Series L, 3.95%, 04/21/25		192		203,468
3.88%, 08/01/25		8		8,622
(LIBOR USD 3 Month + 0.81%), 3.37%, 01/23/26^(a)		10		10,401
4.45%, 03/03/26		414		451,173
3.50%, 04/19/26		213		226,137
4.25%, 10/22/26		43		46,427


6

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
(LIBOR USD 3 Month + 1.06%), 3.56%, 04/23/27^(a)	USD	5	$	5,274
(LIBOR USD 3 Month + 1.58%), 3.82%, 01/20/28^(a)		637		683,784
Series FF, (LIBOR USD 3 Month + 2.93%), 5.87%^(a)(f)		290		313,200
(LIBOR USD 3 Month + 1.51%), 3.71%, 04/24/28^(a)		955		1,015,718
(LIBOR USD 3 Month + 1.37%), 3.59%, 07/21/28^(a)		36		38,007
(LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/28^(a)		1,765		1,843,368
(LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/29^(a)		302		327,219
(LIBOR USD 3 Month + 1.31%), 4.27%, 07/23/29^(a)		8		8,899
(LIBOR USD 3 Month + 1.21%), 3.97%, 02/07/30^(a)		57		62,290
(LIBOR USD 3 Month + 1.18%), 3.19%, 07/23/30^(a)		55		56,723
Series L, 4.75%, 04/21/45		3		3,611
Bank of East Asia Ltd. (The), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.26%), 5.87%^(a)(f)		250		255,375
Bank of Montreal:
3.10%, 07/13/20		7		7,060
Series D, 3.10%, 04/13/21		52		52,892
1.90%, 08/27/21		10		9,985
2.90%, 03/26/22		85		86,633
Series E, 3.30%, 02/05/24		16		16,650
2.50%, 06/28/24		59		59,626
Banque Federative du Credit Mutuel SA, 0.13%, 02/05/24	EUR	200		218,884
Barclays plc:
(LIBOR USD 3 Month + 1.90%), 4.97%, 05/16/29^(a)	USD	380		416,874
4.95%, 01/10/47		200		219,538
BNP Paribas SA:
(USD Swap Semi 5 Year + 6.31%), 7.63%^(a)(b)(f)		200		210,750
3.50%, 03/01/23^(b)		400		412,857
(LIBOR USD 3 Month + 2.24%), 4.70%, 01/10/25^(a)(b)		400		432,382
(USD Swap Semi 5 Year + 5.15%), 7.38%^(a)(b)(f)		210		234,675
1.50%, 05/25/28	EUR	325		393,258
Citibank NA:
(LIBOR USD 3 Month + 0.53%), 3.16%, 02/19/22^(a)	USD	365		369,799
(LIBOR USD 3 Month + 0.60%), 2.84%, 05/20/22^(a)		400		404,079
3.65%, 01/23/24		1,265		1,341,616
Citigroup, Inc.:
2.75%, 04/25/22		2		2,030
4.05%, 07/30/22		1		1,047
(LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/25^(a)		36		37,300
4.40%, 06/10/25		267		287,396
5.50%, 09/13/25		4		4,535
4.45%, 09/29/27		265		289,135
(LIBOR USD 3 Month + 1.56%), 3.89%, 01/10/28^(a)		655		701,608
(LIBOR USD 3 Month + 1.39%), 3.67%, 07/24/28^(a)		822		870,210


Security	Par (000)		Value

Banks (continued)
(LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/28^(a)	USD	10	$	10,458
8.13%, 07/15/39		3		4,918
4.65%, 07/23/48		7		8,567
Citizens Bank NA, 2.25%, 03/02/20		544		544,169
Cooperatieve Rabobank UA, 1.38%, 02/03/27	EUR	190		227,375
Credit Agricole SA, (USD Swap Semi 5 Year + 6.19%), 8.12%^(a)(b)(f)	USD	450		529,312
Credit Suisse Group Funding Guernsey Ltd., 3.75%, 03/26/25		310		325,583
Danske Bank A/S^(b):
5.00%, 01/12/22		400		420,540
3.88%, 09/12/23		210		217,717
5.38%, 01/12/24		400		439,372
Emirates NBD PJSC, (USD Swap Semi 6 Year + 3.66%), 6.13%^(a)(f)		200		209,500
Fifth Third Bancorp, 3.65%, 01/25/24		100		105,412
HSBC Holdings plc^(a):
(LIBOR USD 3 Month + 1.21%), 3.80%, 03/11/25		220		229,247
(USD Swap Rate 5 Year + 3.75%), 6.00%^(f)		380		390,838
(LIBOR USD 3 Month + 1.55%), 4.04%, 03/13/28		660		700,887
HSBC USA, Inc., 2.35%, 03/05/20		655		655,873
ING Groep NV:
4.10%, 10/02/23		455		482,984
3.55%, 04/09/24		200		208,940
4.63%, 01/06/26^(b)		200		221,448
JPMorgan Chase & Co.:
2.20%, 10/22/19		370		370,006
4.25%, 10/15/20		10		10,233
2.55%, 03/01/21		340		341,908
4.63%, 05/10/21		187		194,353
4.35%, 08/15/21		18		18,725
(LIBOR USD 3 Month + 0.61%), 3.51%, 06/18/22^(a)		275		281,204
2.97%, 01/15/23		360		366,513
3.20%, 01/25/23		155		160,074
(LIBOR USD 3 Month + 0.70%), 3.21%, 04/01/23^(a)		1,181		1,209,779
(LIBOR USD 3 Month + 0.94%), 2.78%, 04/25/23^(a)		73		73,931
3.38%, 05/01/23		10		10,342
2.70%, 05/18/23		361		367,069
3.88%, 02/01/24		40		42,619
(LIBOR USD 3 Month + 0.73%), 3.56%, 04/23/24^(a)		117		122,008
(LIBOR USD 3 Month + 0.89%), 3.80%, 07/23/24^(a)		454		478,821
3.88%, 09/10/24		69		73,418
(LIBOR USD 3 Month + 1.00%), 4.02%, 12/05/24^(a)		845		900,996
3.13%, 01/23/25		116		120,113
(LIBOR USD 3 Month + 1.16%), 3.22%, 03/01/25^(a)		15		15,530
3.90%, 07/15/25		6		6,469
(SOFR + 1.16%), 2.30%, 10/15/25^(a)		315		313,809
4.13%, 12/15/26		11		12,002
4.25%, 10/01/27		24		26,367
(LIBOR USD 3 Month + 1.34%), 3.78%, 02/01/28^(a)		913		976,801
(LIBOR USD 3 Month + 1.38%), 3.54%, 05/01/28^(a)		1,329		1,401,382
(LIBOR USD 3 Month + 0.95%), 3.51%, 01/23/29^(a)		53		56,023


			7

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
(LIBOR USD 3 Month + 1.12%), 4.01%, 04/23/29^(a)	USD	16	$	17,476
(LIBOR USD 3 Month + 1.26%), 4.20%, 07/23/29^(a)		227		251,584
(LIBOR USD 3 Month + 1.16%), 3.70%, 05/06/30^(a)		15		16,072
(SOFR + 1.51%), 2.74%, 10/15/30^(a)		625		620,610
(LIBOR USD 3 Month + 1.36%), 3.88%, 07/24/38^(a)		95		104,961
Kasikornbank PCL, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.34%, 10/02/31^(a)		200		198,523
KeyBank NA, 3.38%, 03/07/23		250		259,926
KeyCorp, 4.15%, 10/29/25		95		103,957
Lloyds Banking Group plc, 3.75%, 01/11/27		310		321,497
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21		35		35,788
3.00%, 02/22/22		85		86,512
3.46%, 03/02/23		935		968,566
3.76%, 07/26/23		35		36,794
3.41%, 03/07/24		435		452,857
3.29%, 07/25/27		70		73,141
Mizuho Financial Group, Inc.:
2.27%, 09/13/21		200		199,877
2.95%, 02/28/22		1,183		1,199,936
(LIBOR USD 3 Month + 1.10%), 2.55%, 09/13/25^(a)		360		359,011
3.66%, 02/28/27		200		214,283
(LIBOR USD 3 Month + 1.31%), 2.87%, 09/13/30^(a)		200		199,162
Nordea Bank Abp, 2.13%, 05/29/20^(b)		310		310,136
Royal Bank of Scotland Group plc, (LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/23^(a)		200		202,662
Samba Funding Ltd., 2.75%, 10/02/24		200		198,700
Santander UK Group Holdings plc, 2.88%, 08/05/21		370		371,322
Santander UK plc, 5.00%, 11/07/23^(b)		760		807,014
Shinhan Financial Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 3.34%, 02/05/30^(a)		200		202,580
Societe Generale SA, 0.00%, 05/27/22	EUR	500		546,054
Standard Chartered plc, (LIBOR USD 3 Month + 1.15%), 4.25%, 01/20/23^(a)(b)	USD	545		563,475
Sumitomo Mitsui Financial Group, Inc., 3.04%, 07/16/29		400		409,152
SunTrust Banks, Inc.:
2.80%, 05/17/22		185		188,220
3.20%, 04/01/24		3		3,119
Svenska Handelsbanken AB, 2.40%, 10/01/20		250		251,017
Toronto-Dominion Bank (The):
1.80%, 07/13/21		166		165,537
3.50%, 07/19/23		84		88,580
0.38%, 04/25/24	EUR	320		352,771
2.65%, 06/12/24	USD	122		124,300
UBS Group Funding Switzerland AG^(b):
2.95%, 09/24/20		205		206,768
(LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/23^(a)		510		515,501
(USD Swap Semi 5 Year + 4.34%), 7.00%^(a)(f)		490		520,380
4.13%, 09/24/25		470		507,773
US Bancorp:
2.95%, 07/15/22		172		175,995
2.40%, 07/30/24		309		312,973
3.10%, 04/27/26		17		17,658


Security	Par (000)		Value

Banks (continued)
Series X, 3.15%, 04/27/27	USD	8	$	8,479
US Bank NA, (LIBOR USD 3 Month + 0.29%), 3.10%, 05/21/21^(a)		265		266,643
Washington Mutual Escrow Bonds^(c)(g)(h):
0.00%, 11/06/09		300		—
0.00%, 09/19/17⁽ⁱ⁾		250		—
0.00%, 09/29/17		500		—
Wells Fargo & Co.:
2.60%, 07/22/20		77		77,364
2.55%, 12/07/20		95		95,510
3.00%, 01/22/21		370		374,090
2.50%, 03/04/21		521		523,446
4.60%, 04/01/21		26		26,948
2.10%, 07/26/21		13		12,987
3.50%, 03/08/22		270		278,605
2.63%, 07/22/22		695		702,716
3.75%, 01/24/24		795		841,221
3.30%, 09/09/24		19		19,835
3.00%, 02/19/25		30		30,765
3.55%, 09/29/25		34		35,934
3.00%, 04/22/26		236		241,984
3.00%, 10/23/26		144		147,886
(LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/27^(a)		48		49,597
(LIBOR USD 3 Month + 1.31%), 3.58%, 05/22/28^(a)		906		959,793
4.15%, 01/24/29		108		119,748
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.49%), 3.33%, 07/23/21^(a)		540		544,764

				49,931,590

Beverages — 0.6%
Anheuser-Busch Cos. LLC:
4.70%, 02/01/36		1,213		1,401,134
4.90%, 02/01/46		201		239,839
Anheuser-Busch InBev Worldwide, Inc.:
4.75%, 01/23/29		1,080		1,255,242
4.95%, 01/15/42		20		23,591
3.75%, 07/15/42		10		10,350
Coca-Cola Co. (The):
2.20%, 05/25/22		13		13,107
2.88%, 10/27/25		63		65,929
2.25%, 09/01/26		70		70,370
Keurig Dr Pepper, Inc.:
3.55%, 05/25/21		89		90,902
4.06%, 05/25/23		21		22,209
3.43%, 06/15/27		28		28,885
Molson Coors Brewing Co., 4.20%, 07/15/46		60		60,631
PepsiCo, Inc.:
4.45%, 04/14/46		66		82,222
3.45%, 10/06/46		174		187,521
4.00%, 05/02/47		101		118,288

				3,670,220

Biotechnology — 0.5%
AbbVie, Inc.:
3.60%, 05/14/25		65		67,606
4.50%, 05/14/35		578		619,400
4.70%, 05/14/45		3		3,209
4.88%, 11/14/48		50		55,162
Amgen, Inc.:
4.40%, 05/01/45		361		407,960
4.66%, 06/15/51		18		21,075
Baxalta, Inc., 5.25%, 06/23/45		39		50,438
Celgene Corp.:
2.25%, 08/15/21		25		25,001


8

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Biotechnology (continued)
2.75%, 02/15/23	USD	305	$	310,439
3.25%, 02/20/23		575		595,249
3.63%, 05/15/24		3		3,168
Gilead Sciences, Inc.:
2.55%, 09/01/20		135		135,651
3.50%, 02/01/25		348		367,409
3.65%, 03/01/26		40		42,873
4.60%, 09/01/35		147		174,272
5.65%, 12/01/41		20		26,299
4.80%, 04/01/44		63		75,346
4.50%, 02/01/45		34		39,346
4.75%, 03/01/46		20		23,805

				3,043,708

Building Products — 0.1%
Holcim US Finance SARL & Cie SCS, 5.15%, 09/12/23^(b)		240		257,914
Johnson Controls International plc:
4.63%, 07/02/44^(e)		80		86,964
5.13%, 09/14/45		5		5,834
4.50%, 02/15/47		2		2,205
Owens Corning:
3.95%, 08/15/29		75		76,258
4.30%, 07/15/47		5		4,541

				433,716

Capital Markets — 2.0%
ARI Investments LLC, (LIBOR USD 1 Month + 2.90%), 4.96%, 01/06/25^(a)(c)		833		833,441
Bank of New York Mellon Corp. (The):
Series E, (LIBOR USD 3 Month + 3.42%), 4.95%^(a)(f)		200		201,000
2.95%, 01/29/23		13		13,350
3.40%, 05/15/24		2		2,104
2.80%, 05/04/26		8		8,216
(LIBOR USD 3 Month + 1.07%), 3.44%, 02/07/28^(a)		293		310,686
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, 0.38%, 09/03/27	EUR	200		211,258
Charles Schwab Corp. (The), 3.20%, 03/02/27	USD	140		146,516
CME Group, Inc.:
3.00%, 09/15/22		2		2,064
3.75%, 06/15/28		44		49,168
Coastal Emerald Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.45%), 4.30%^(a)(f)		200		199,700
Credit Suisse Group AG^(a)(b):
(LIBOR USD 3 Month + 1.20%), 3.00%, 12/14/23		610		616,156
(LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/24		325		342,233
Deutsche Bank AG:
2.70%, 07/13/20		422		421,136
2.95%, 08/20/20		100		99,959
4.25%, 02/04/21		155		156,732
4.25%, 10/14/21		130		132,063
Goldman Sachs Group, Inc. (The):
2.55%, 10/23/19		750		750,090
2.75%, 09/15/20		65		65,349
5.25%, 07/27/21		14		14,754
2.35%, 11/15/21		498		498,523
5.75%, 01/24/22		30		32,322
(LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/23^(a)		115		116,487


Security	Par (000)		Value

Capital Markets (continued)
(LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/23^(a)	USD	22	$	22,295
3.75%, 05/22/25		32		33,864
(LIBOR USD 3 Month + 1.17%), 3.33%, 05/15/26^(a)		230		231,182
3.50%, 11/16/26		240		249,324
3.85%, 01/26/27		455		482,469
(LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/28^(a)		565		592,637
(LIBOR USD 3 Month + 1.16%), 3.81%, 04/23/29^(a)		80		84,937
(LIBOR USD 3 Month + 1.30%), 4.22%, 05/01/29^(a)		120		130,991
(LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/38^(a)		140		150,748
(LIBOR USD 3 Month + 1.43%), 4.41%, 04/23/39^(a)		35		39,529
Intercontinental Exchange, Inc.:
2.75%, 12/01/20		11		11,085
2.35%, 09/15/22		2		2,016
4.00%, 10/15/23		8		8,538
3.75%, 12/01/25		312		335,883
3.10%, 09/15/27		17		17,805
3.75%, 09/21/28		280		306,725
Joy Treasure Assets Holdings, Inc., 3.50%, 09/24/29		200		198,456
Moody’s Corp.:
2.75%, 12/15/21		9		9,119
4.88%, 02/15/24		19		20,935
Morgan Stanley:
3.13%, 01/23/23		6		6,154
3.75%, 02/25/23		164		171,469
3.70%, 10/23/24		209		221,304
6.25%, 08/09/26		283		343,127
3.63%, 01/20/27		1,079		1,142,492
(LIBOR USD 3 Month + 1.34%), 3.59%, 07/22/28^(a)		730		769,548
(LIBOR USD 3 Month + 1.14%), 3.77%, 01/24/29^(a)		601		642,335
Northern Trust Corp.:
3.15%, 05/03/29		19		20,105
(LIBOR USD 3 Month + 1.13%), 3.38%, 05/08/32^(a)		80		82,101
Nuveen LLC, 4.00%, 11/01/28^(b)		20		22,336
State Street Corp.:
(LIBOR USD 3 Month + 0.77%), 3.78%, 12/03/24^(a)		56		59,275
2.65%, 05/19/26		150		153,851
UBS Group AG, (LIBOR USD 3 Month + 1.47%), 3.13%, 08/13/30^(a)(b)		200		201,362
Volvo Treasury AB, (EURIBOR 3 Month + 0.65%), 0.22%, 09/13/21^(a)	EUR	400		438,783

				12,426,087

Chemicals — 0.4%
CNAC HK Finbridge Co. Ltd., 4.63%, 03/14/23	USD	200		209,812
Cydsa SAB de CV, 6.25%, 10/04/27^(b)		300		304,969
Dow Chemical Co. (The):
9.00%, 04/01/21		135		147,372
3.00%, 11/15/22		85		86,603
4.55%, 11/30/25^(b)		89		97,764
3.63%, 05/15/26^(b)		272		283,903
4.38%, 11/15/42		222		230,448
4.63%, 10/01/44		35		37,846
DuPont de Nemours, Inc.:
4.49%, 11/15/25		479		529,349


			9

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
5.42%, 11/15/48	USD	279	$	353,225
RPM International, Inc., 4.25%, 01/15/48		19		18,545
Sherwin-Williams Co. (The):
4.00%, 12/15/42		20		20,708
4.50%, 06/01/47		70		78,443
3.80%, 08/15/49		20		20,416

				2,419,403

Commercial Services & Supplies — 0.4%
Conservation Fund (The), 3.47%, 12/15/29		102		103,737
RELX Capital, Inc.:
3.50%, 03/16/23		355		367,775
1.30%, 05/12/25	EUR	260		300,457
4.00%, 03/18/29	USD	261		284,874
Republic Services, Inc.:
3.55%, 06/01/22		40		41,442
4.75%, 05/15/23		305		330,350
2.90%, 07/01/26		131		134,784
3.38%, 11/15/27		40		42,557
3.95%, 05/15/28		215		237,893
Waste Management, Inc.:
3.13%, 03/01/25		40		41,949
3.45%, 06/15/29		5		5,400
3.90%, 03/01/35		91		100,352
4.00%, 07/15/39		299		339,611
4.15%, 07/15/49		130		151,494

				2,482,675

Communications Equipment — 0.1%
Cisco Systems, Inc., 2.95%, 02/28/26		54		56,883
Motorola Solutions, Inc., 4.60%, 05/23/29		420		457,700

				514,583

Construction Materials — 0.0%
Cemex SAB de CV, 3.72%, 03/15/20^(j)		24		23,892


Consumer Finance — 1.0%
American Express Co.:
2.50%, 08/01/22		100		101,004
3.70%, 08/03/23		195		205,445
3.40%, 02/22/24		70		73,208
4.20%, 11/06/25		150		164,841
3.13%, 05/20/26		455		472,972
American Express Credit Corp.:
Series F, 2.60%, 09/14/20		2		2,010
2.25%, 05/05/21		145		145,515
2.70%, 03/03/22		9		9,157
American Honda Finance Corp., 2.15%, 09/10/24		185		184,210
Capital One Financial Corp.:
3.45%, 04/30/21		2		2,036
4.75%, 07/15/21		192		200,469
3.90%, 01/29/24		554		585,303
4.25%, 04/30/25		2		2,164
3.75%, 03/09/27		261		273,971
3.80%, 01/31/28		36		37,979
Discover Financial Services, 4.10%, 02/09/27		74		78,742
Ford Motor Credit Co. LLC:
3.20%, 01/15/21		200		200,267
5.75%, 02/01/21		430		444,540
3.22%, 01/09/22		1,070		1,068,916
2.98%, 08/03/22		235		233,067
General Motors Financial Co., Inc.:
4.20%, 11/06/21		66		68,089
3.55%, 07/08/22		21		21,430
3.50%, 11/07/24		85		85,962
4.00%, 01/15/25		370		379,867


Security	Par (000)		Value

Consumer Finance (continued)
4.35%, 04/09/25	USD	67	$	69,790
5.25%, 03/01/26		19		20,610
4.00%, 10/06/26		18		18,214
5.65%, 01/17/29		2		2,204
Hyundai Capital Services, Inc., 3.00%, 08/29/22^(b)		250		251,953
Synchrony Financial:
2.70%, 02/03/20		48		48,054
4.38%, 03/19/24		140		148,558
4.25%, 08/15/24		11		11,595
4.50%, 07/23/25		6		6,403
Tarjeta Naranja SA, (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.50%), 13.88%, 04/11/22^(a)(b)		108		17,455
Toyota Motor Credit Corp., 3.05%, 01/11/28		103		108,802
Volkswagen International Finance NV:
1.88%, 03/30/27	EUR	200		230,371
3.30%, 03/22/33		200		259,368

				6,234,541

Containers & Packaging — 0.0%
International Paper Co., 6.00%, 11/15/41	USD	180		219,667


Diversified Consumer Services — 0.1%
American University (The), 3.67%, 04/01/49		265		292,146
George Washington University (The), Series 2018, 4.13%, 09/15/48		112		133,675
President & Fellows of Harvard College, 5.63%, 10/01/38		229		321,489
University of Southern California, 3.03%, 10/01/39		75		77,265
Wesleyan University, 4.78%, 07/01/2116		45		53,913

				878,488

Diversified Financial Services — 0.3%
AXA Equitable Holdings, Inc.:
3.90%, 04/20/23		30		31,312
5.00%, 04/20/48		65		70,064
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 400				418,608
ORIX Corp., 2.90%, 07/18/22		155		157,608
Shell International Finance BV:
1.88%, 05/10/21		70		70,007
3.25%, 05/11/25		125		132,247
1.25%, 05/12/28	EUR	160		190,203
4.13%, 05/11/35	USD	317		366,345
6.38%, 12/15/38		76		111,093
3.63%, 08/21/42		43		46,282
4.55%, 08/12/43		64		78,695
4.00%, 05/10/46		13		14,966
Siemens Financieringsmaatschappij NV:
1.25%, 02/28/31	EUR	220		260,927
0.50%, 09/05/34		60		63,957
Woodside Finance Ltd., 3.65%, 03/05/25^(b)	USD	16		16,491

				2,028,805

Diversified Telecommunication Services — 1.5%
AT&T, Inc.:
0.00%, 11/27/22^(b)(i)		1,000		925,653
3.60%, 07/15/25		50		52,634
3.80%, 02/15/27		69		73,025
4.10%, 02/15/28		3		3,243
4.35%, 03/01/29		196		216,480
4.30%, 02/15/30		945		1,039,762
4.50%, 05/15/35		255		279,784
4.90%, 08/15/37		10		11,342
6.00%, 08/15/40		327		407,784


10

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Telecommunication Services (continued)
5.35%, 09/01/40	USD	14	$	16,404
6.38%, 03/01/41		22		28,323
5.15%, 03/15/42		62		71,044
4.30%, 12/15/42		24		25,045
4.65%, 06/01/44		24		25,865
4.80%, 06/15/44		97		107,296
4.35%, 06/15/45		549		576,920
4.85%, 07/15/45		146		162,851
4.75%, 05/15/46		44		48,794
5.15%, 11/15/46		47		54,308
5.45%, 03/01/47		23		27,824
Deutsche Telekom International Finance BV, 3.60%, 01/19/27^(b)		225		237,581
Orange SA, 1.38%, 09/04/49	EUR	200		207,007
Telstra Corp. Ltd., 3.50%, 09/21/22		465		561,064
Verizon Communications, Inc.:
2.63%, 08/15/26	USD	2		2,026
4.13%, 03/16/27		1,804		1,991,931
4.50%, 08/10/33		313		363,437
4.40%, 11/01/34		102		116,682
4.27%, 01/15/36		1,327		1,492,139
5.25%, 03/16/37		11		13,619
4.81%, 03/15/39		27		32,361
4.75%, 11/01/41		18		21,348
4.13%, 08/15/46		83		92,471
4.67%, 03/15/55		3		3,599

				9,289,646

Electric Utilities — 2.6%
AEP Texas, Inc.:
3.95%, 06/01/28		394		434,948
Series G, 4.15%, 05/01/49		4		4,603
AEP Transmission Co. LLC:
3.75%, 12/01/47		40		43,639
4.25%, 09/15/48		76		89,413
3.15%, 09/15/49		65		63,942
Alabama Power Co.:
Series13-A, 3.55%, 12/01/23		35		36,993
4.15%, 08/15/44		130		147,479
3.75%, 03/01/45		150		161,673
Series A, 4.30%, 07/15/48		74		86,509
3.45%, 10/01/49		100		103,135
Alliant Energy Finance LLC, 3.75%, 06/15/23^(b)		65		67,945
Appalachian Power Co., 4.60%, 03/30/21		170		175,042
Baltimore Gas & Electric Co.:
2.80%, 08/15/22		370		376,258
3.50%, 08/15/46		86		89,293
3.75%, 08/15/47		85		91,753
4.25%, 09/15/48		105		122,392
3.20%, 09/15/49		105		103,892
CenterPoint Energy Houston Electric LLC, 3.95%, 03/01/48		85		96,993
Commonwealth Edison Co., 2.55%, 06/15/26		57		57,789
Dayton Power & Light Co. (The), 3.95%, 06/15/49^(b)		178		195,453
DTE Electric Co., Series A, 4.05%, 05/15/48		275		318,886
Duke Energy Carolinas LLC:
3.35%, 05/15/22		2		2,068
3.05%, 03/15/23		45		46,559
3.95%, 11/15/28		72		80,378
2.45%, 08/15/29		230		230,172
5.30%, 02/15/40		75		97,227
3.70%, 12/01/47		115		124,846
3.95%, 03/15/48		52		58,581
3.20%, 08/15/49		160		160,434


Security	Par (000)		Value

Electric Utilities (continued)
Duke Energy Florida LLC:
3.80%, 07/15/28	USD	100	$	110,158
6.40%, 06/15/38		165		242,326
3.40%, 10/01/46		90		92,944
Duke Energy Ohio, Inc., 3.65%, 02/01/29		425		464,998
Duke Energy Progress LLC:
3.00%, 09/15/21		75		76,390
3.25%, 08/15/25		162		170,863
3.70%, 09/01/28		400		439,042
3.45%, 03/15/29		45		48,569
4.10%, 03/15/43		105		118,502
4.20%, 08/15/45		102		118,171
3.60%, 09/15/47		10		10,605
Enexis Holding NV, 0.75%, 07/02/31	EUR	250		282,346
Entergy Arkansas LLC, 4.20%, 04/01/49	USD	4		4,630
Entergy Corp., 2.95%, 09/01/26		31		31,479
Entergy Louisiana LLC:
5.40%, 11/01/24		65		75,230
4.20%, 09/01/48		185		216,734
4.20%, 04/01/50		45		52,899
ESB Finance DAC, 1.13%, 06/11/30	EUR	105		122,628
Eversource Energy:
2.80%, 05/01/23	USD	140		141,949
Series N, 3.80%, 12/01/23		17		17,976
Exelon Corp.:
4.95%, 06/15/35		28		32,774
4.45%, 04/15/46		85		96,110
FirstEnergy Transmission LLC^(b):
4.35%, 01/15/25		555		598,741
4.55%, 04/01/49		180		211,739
Florida Power & Light Co.:
(LIBOR USD 3 Month + 0.40%), 2.64%, 05/06/22^(a)		1,095		1,095,301
3.25%, 06/01/24		2		2,100
4.05%, 06/01/42		14		16,146
3.70%, 12/01/47		32		35,477
3.95%, 03/01/48		250		289,001
3.15%, 10/01/49		165		167,892
Greenko Investment Co., 4.88%, 08/16/23		200		197,812
Indiana Michigan Power Co., Series J, 3.20%, 03/15/23		750		774,911
Interstate Power & Light Co.:
3.60%, 04/01/29		3		3,217
3.50%, 09/30/49		20		20,097
Kansas City Power & Light Co.:
3.15%, 03/15/23		25		25,829
4.20%, 03/15/48		45		52,700
MidAmerican Energy Co., 4.40%, 10/15/44		161		193,080
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28^(b)		56		61,736
Mong Duong Finance Holdings BV, 5.13%, 05/07/29		250		252,813
Northern States Power Co.:
2.15%, 08/15/22		370		370,162
3.40%, 08/15/42		245		256,605
4.00%, 08/15/45		60		68,522
3.60%, 09/15/47		20		21,710
4.20%, 09/01/48		65		74,630
2.90%, 03/01/50		60		58,007
NSTAR Electric Co.:
3.20%, 05/15/27		76		79,994
3.25%, 05/15/29		35		37,322
Ohio Power Co.:
Series G, 6.60%, 02/15/33		140		194,118
4.00%, 06/01/49		115		130,782


			11

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric Utilities (continued)
Oklahoma Gas & Electric Co., 3.30%, 03/15/30	USD	385	$	400,765
Oncor Electric Delivery Co. LLC:
3.70%, 11/15/28^(b)		235		258,763
4.55%, 12/01/41		67		81,743
3.80%, 09/30/47		101		111,815
4.10%, 11/15/48		7		8,242
3.80%, 06/01/49^(b)		11		12,332
3.10%, 09/15/49^(b)		95		95,195
PacifiCorp:
4.10%, 02/01/42		230		261,884
4.13%, 01/15/49		60		69,561
4.15%, 02/15/50		35		40,864
Public Service Electric & Gas Co.:
2.38%, 05/15/23		35		35,442
3.00%, 05/15/27		38		39,569
3.65%, 09/01/28		210		230,044
3.20%, 05/15/29		49		52,088
RTE Reseau de Transport d’Electricite SADIR, 1.13%, 09/09/49	EUR	100		106,737
Southern California Edison Co., 3.88%, 06/01/21	USD	36		36,817
Southwestern Electric Power Co., Series M, 4.10%, 09/15/28		105		116,335
Southwestern Public Service Co., 3.75%, 06/15/49		11		12,130
Stoneway Capital Corp., 10.00%, 03/01/27^(b)		133		76,132
Tampa Electric Co.:
4.30%, 06/15/48		30		35,087
4.45%, 06/15/49		175		211,236
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25^(b)		320		340,156
Union Electric Co., 3.50%, 03/15/29		155		168,449
Virginia Electric & Power Co.:
Series C, 2.75%, 03/15/23		210		214,375
3.45%, 02/15/24		93		97,302
Series A, 3.50%, 03/15/27		275		293,361
4.00%, 01/15/43		170		188,484
4.45%, 02/15/44		9		10,581
Series B, 4.20%, 05/15/45		43		49,043
Series C, 4.00%, 11/15/46		237		264,786
Vistra Operations Co. LLC, 4.30%, 07/15/29^(b)		361		370,389
Wisconsin Power & Light Co., 3.00%, 07/01/29		34		35,455

				16,251,224

Electrical Equipment — 0.1%
Eaton Capital Unlimited Co., 0.70%, 05/14/25	EUR	145		161,061
Schneider Electric SE, 0.25%, 09/09/24		300		331,598

				492,659

Electronic Equipment, Instruments & Components — 0.0%
Corning, Inc.:
3.70%, 11/15/23	USD	35		36,613
4.38%, 11/15/57		75		77,230
Tyco Electronics Group SA:
3.45%, 08/01/24		30		31,328
3.13%, 08/15/27		65		66,824

				211,995

Energy Equipment & Services — 0.0%
Halliburton Co.:
7.45%, 09/15/39		4		5,698
4.75%, 08/01/43		8		8,631
Hilong Holding Ltd., 8.25%, 09/26/22		200		202,000
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21^(b)		30		29,677


Security	Par (000)		Value

Energy Equipment & Services (continued)
Odebrecht Offshore Drilling Finance Ltd., 6.72%, 12/01/22^(b)	USD	25	$	24,179

				270,185

Entertainment — 0.2%
NBCUniversal Media LLC:
5.95%, 04/01/41		145		199,498
4.45%, 01/15/43		164		190,129
Viacom, Inc.:
6.88%, 04/30/36		120		156,865
5.85%, 09/01/43		5		6,132
Walt Disney Co. (The)^(b):
6.20%, 12/15/34		36		51,213
6.40%, 12/15/35		142		204,579
6.65%, 11/15/37		74		111,212
4.75%, 09/15/44		30		38,865
Warner Media LLC, 7.63%, 04/15/31		80		108,582

				1,067,075

Equity Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp.:
2.25%, 01/15/22		28		28,037
3.00%, 06/15/23		50		51,146
3.38%, 05/15/24		106		110,174
2.95%, 01/15/25		15		15,317
4.00%, 06/01/25		80		85,506
3.38%, 10/15/26		59		61,360
2.75%, 01/15/27		125		124,798
3.13%, 01/15/27		16		16,322
3.95%, 03/15/29		80		86,160
3.80%, 08/15/29		162		172,903
CC Holdings GS V LLC, 3.85%, 04/15/23		80		83,848
Crown Castle International Corp.:
3.40%, 02/15/21		3		3,041
4.88%, 04/15/22		16		17,009
5.25%, 01/15/23		52		56,616
3.20%, 09/01/24		365		374,924
3.70%, 06/15/26		155		163,418
4.00%, 03/01/27		27		29,046
3.65%, 09/01/27		68		71,999
3.80%, 02/15/28		6		6,381
4.30%, 02/15/29		10		11,041
3.10%, 11/15/29		455		456,436
Realty Income Corp.:
4.13%, 10/15/26		120		132,174
3.00%, 01/15/27		35		36,064

				2,193,720

Food & Staples Retailing — 0.4%
Alimentation Couche-Tard, Inc., 3.55%, 07/26/27^(b)		435		452,205
Walgreens Boots Alliance, Inc.:
3.45%, 06/01/26		855		882,949
4.80%, 11/18/44		8		8,449
Walmart, Inc.:
3.55%, 06/26/25		151		163,015
3.70%, 06/26/28		265		293,699
3.25%, 07/08/29		90		97,225
3.95%, 06/28/38		255		298,720
4.00%, 04/11/43		100		117,267

				2,313,529

Food Products — 0.1%
Campbell Soup Co., 8.88%, 05/01/21		100		109,258
Mondelez International, Inc., 4.00%, 02/01/24		22		23,434
Tyson Foods, Inc.:
4.00%, 03/01/26		34		36,866


12

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food Products (continued)
3.55%, 06/02/27	USD	167	$	176,956
4.35%, 03/01/29		24		27,169
4.55%, 06/02/47		34		38,130
5.10%, 09/28/48		17		20,653

				432,466

Gas Utilities — 0.0%
Atmos Energy Corp., 4.13%, 10/15/44		79		91,411
Dominion Energy Gas Holdings LLC:
4.80%, 11/01/43		45		53,706
4.60%, 12/15/44		135		159,454

				304,571

Health Care Equipment & Supplies — 0.3%
Abbott Laboratories, 3.75%, 11/30/26		725		789,846
Baxter International, Inc., 1.70%, 08/15/21		20		19,837
Becton Dickinson and Co.:
2.68%, 12/15/19		59		59,014
3.30%, 03/01/23		170		173,203
4.69%, 12/15/44		24		27,863
DH Europe Finance II SARL, 0.20%, 03/18/26	EUR	190		206,457
Edwards Lifesciences Corp., 4.30%, 06/15/28	USD	41		46,184
Medtronic Global Holdings SCA, 0.38%, 03/07/23	EUR	230		253,628
Medtronic, Inc.:
3.15%, 03/15/22	USD	20		20,616
3.50%, 03/15/25		47		50,449
4.38%, 03/15/35		408		491,004

				2,138,101

Health Care Providers & Services — 1.3%
Aetna, Inc.:
4.50%, 05/15/42		258		272,267
4.13%, 11/15/42		14		14,017
4.75%, 03/15/44		60		65,753
Anthem, Inc.:
3.50%, 08/15/24		31		32,490
3.65%, 12/01/27		19		19,965
4.10%, 03/01/28		12		12,961
2.88%, 09/15/29		60		59,371
Baylor Scott & White Holdings, 4.19%, 11/15/45		40		47,134
CHRISTUS Health, Series C, 4.34%, 07/01/28		113		127,866
Cigna Corp.:
4.38%, 10/15/28		340		371,510
4.80%, 08/15/38		3		3,362
Cigna Holding Co., 3.25%, 04/15/25		316		325,355
CommonSpirit Health:
3.35%, 10/01/29		159		160,759
4.35%, 11/01/42		30		32,156
4.19%, 10/01/49		105		108,076
CVS Health Corp.:
3.70%, 03/09/23		52		54,129
4.10%, 03/25/25		328		350,456
2.88%, 06/01/26		27		27,062
4.30%, 03/25/28		8		8,651
4.78%, 03/25/38		3		3,285
5.13%, 07/20/45		722		818,359
Dignity Health:
2.64%, 11/01/19		86		86,002
3.81%, 11/01/24		80		84,608
Express Scripts Holding Co.:
2.60%, 11/30/20		50		50,217
3.90%, 02/15/22		145		150,399
3.05%, 11/30/22		9		9,195
3.40%, 03/01/27		5		5,165


Security	Par (000)		Value

Health Care Providers & Services (continued)
HCA, Inc.:
4.75%, 05/01/23	USD	279	$	298,848
5.00%, 03/15/24		200		218,390
5.25%, 04/15/25		741		824,167
5.25%, 06/15/26		3		3,340
4.50%, 02/15/27		29		31,093
4.13%, 06/15/29		436		457,227
Laboratory Corp. of America Holdings, 2.63%, 02/01/20		63		63,044
Montefiore Obligated Group, Series18-C, 5.25%, 11/01/48		114		133,498
Ochsner Clinic Foundation, 5.90%, 05/15/45		21		29,094
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48		16		20,524
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23		309		324,577
Sutter Health, Series 2018, 3.70%, 08/15/28		104		113,021
Toledo Hospital (The), 5.75%, 11/15/38		177		208,689
UnitedHealth Group, Inc.:
3.50%, 02/15/24		112		117,950
3.75%, 07/15/25		705		758,035
3.70%, 12/15/25		30		32,299
3.10%, 03/15/26		142		148,427
3.45%, 01/15/27		28		29,786
2.95%, 10/15/27		20		20,674
3.85%, 06/15/28		137		149,981
2.88%, 08/15/29		35		35,722
5.80%, 03/15/36		15		20,006
3.50%, 08/15/39		180		187,378
4.63%, 11/15/41		125		147,870
4.75%, 07/15/45		42		51,045
3.75%, 10/15/47		108		114,270
4.25%, 06/15/48		10		11,481
4.45%, 12/15/48		76		89,874
3.88%, 08/15/59		15		15,905

				7,956,785

Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp.:
3.70%, 01/30/26		214		229,703
2.63%, 09/01/29		51		50,769
6.30%, 03/01/38		34		46,472
3.70%, 02/15/42		55		56,523
3.63%, 05/01/43		114		115,951
4.88%, 12/09/45		20		24,183
4.45%, 03/01/47		73		83,821
4.45%, 09/01/48		60		69,357
3.63%, 09/01/49		417		421,506

				1,098,285

Household Products — 0.0%
Clorox Co. (The), 3.10%, 10/01/27		45		46,938
Procter & Gamble Co. (The), 0.63%, 10/30/24	EUR	220		247,374

				294,312

Independent Power and Renewable Electricity Producers — 0.0%
NRG Energy, Inc.^(b):
3.75%, 06/15/24		USD 19		19,551
4.45%, 06/15/29		85		88,559

				108,110

Industrial Conglomerates — 0.3%
3M Co.:
3.00%, 08/07/25		125		131,131
2.25%, 09/19/26		55		55,002
3.38%, 03/01/29		20		21,514
2.38%, 08/26/29		195		193,959


			13

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Industrial Conglomerates (continued)
General Electric Co.:
5.88%, 01/14/38	USD	32	$	38,476
6.88%, 01/10/39		14		18,521
4.13%, 10/09/42		27		27,017
Honeywell International, Inc.:
1.30%, 02/22/23	EUR	940		1,071,947
3.81%, 11/21/47	USD	65		74,822

				1,632,389

Insurance — 0.7%
Allianz Finance II BV, 0.25%, 06/06/23	EUR	900		993,903
Ambac Assurance Corp., 5.10%, 06/07/20^(b)	USD	15		21,563
Ambac LSNI LLC, (LIBOR USD 3 Month + 5.00%), 7.10%, 02/12/23^(a)(b)		99		99,807
Aon Corp.:
4.50%, 12/15/28		480		541,756
3.75%, 05/02/29		260		277,394
Aon plc, 4.75%, 05/15/45		57		66,948
Berkshire Hathaway Finance Corp.:
4.40%, 05/15/42		50		59,640
4.20%, 08/15/48		30		35,167
4.25%, 01/15/49		10		11,839
Brighthouse Financial, Inc., 4.70%, 06/22/47		15		13,382
Hartford Financial Services Group, Inc. (The):
4.30%, 04/15/43		35		38,857
3.60%, 08/19/49		35		35,222
Marsh & McLennan Cos., Inc.:
3.50%, 12/29/20		108		109,724
4.05%, 10/15/23		105		111,763
3.50%, 06/03/24		316		333,267
3.50%, 03/10/25		135		142,717
1.35%, 09/21/26	EUR	110		127,065
4.38%, 03/15/29	USD	217		245,426
4.35%, 01/30/47		26		29,946
4.20%, 03/01/48		152		171,373
4.90%, 03/15/49		35		43,845
MetLife, Inc., 4.13%, 08/13/42		25		27,849
Metropolitan Life Global Funding I, 0.38%, 04/09/24	EUR	315		348,036
Principal Financial Group, Inc., 3.70%, 05/15/29	USD	105		113,085
Travelers Cos., Inc. (The):
6.75%, 06/20/36		35		51,146
6.25%, 06/15/37		2		2,832
4.60%, 08/01/43		53		65,169
4.10%, 03/04/49		52		60,763
Trinity Acquisition plc, 4.40%, 03/15/26		80		86,755
Willis North America, Inc.:
3.60%, 05/15/24		411		427,093
3.88%, 09/15/49		25		24,450

				4,717,782

Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., 3.60%, 11/28/24		220		230,582
Amazon.com, Inc., 3.88%, 08/22/37		290		333,653
Expedia Group, Inc.:
3.80%, 02/15/28		30		31,397
3.25%, 02/15/30^(b)		315		314,102

				909,734

IT Services — 1.2%
Fidelity National Information Services, Inc.:
3.63%, 10/15/20		7		7,093
1.10%, 07/15/24	EUR	620		704,300
5.00%, 10/15/25	USD	88		99,999
3.00%, 08/15/26		521		536,447
3.75%, 05/21/29		34		36,883


Security	Par (000)		Value

IT Services (continued)
4.50%, 08/15/46	USD	38	$	44,052
4.75%, 05/15/48		160		194,080
Fiserv, Inc.:
3.85%, 06/01/25		65		69,485
3.20%, 07/01/26		737		762,718
4.20%, 10/01/28		288		318,586
3.50%, 07/01/29		230		241,987
1.63%, 07/01/30	EUR	135		158,205
Global Payments, Inc.:
2.65%, 02/15/25	USD	90		90,417
3.20%, 08/15/29		350		354,932
IBM Credit LLC, 3.45%, 11/30/20		210		213,662
International Business Machines Corp.:
2.90%, 11/01/21		100		101,921
3.00%, 05/15/24		235		243,650
3.30%, 05/15/26		860		906,888
4.70%, 02/19/46		100		121,432
Mastercard, Inc.:
1.10%, 12/01/22	EUR	500		564,992
2.95%, 11/21/26	USD	50		52,604
2.95%, 06/01/29		345		361,878
3.65%, 06/01/49		75		84,955
PayPal Holdings, Inc.:
2.40%, 10/01/24		65		65,352
2.65%, 10/01/26		75		75,517
Total System Services, Inc.:
3.80%, 04/01/21		62		63,303
3.75%, 06/01/23		85		88,461
4.00%, 06/01/23		12		12,596
4.80%, 04/01/26		455		505,527
Visa, Inc.:
4.15%, 12/14/35		158		190,336
4.30%, 12/14/45		95		117,890

				7,390,148

Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc.:
3.88%, 07/15/23		34		35,732
3.05%, 09/22/26		366		373,778
2.75%, 09/15/29		75		74,173
Thermo Fisher Scientific, Inc.:
2.95%, 09/19/26		708		729,429
3.20%, 08/15/27		10		10,454
2.60%, 10/01/29		315		313,777
5.30%, 02/01/44		5		6,376

				1,543,719

Machinery — 0.0%
CNH Industrial NV, 3.85%, 11/15/27		40		41,221


Media — 1.0%
Charter Communications Operating LLC:
4.50%, 02/01/24		230		247,094
4.91%, 07/23/25		239		262,172
4.20%, 03/15/28		125		131,458
5.05%, 03/30/29		39		43,632
6.38%, 10/23/35		375		454,063
6.48%, 10/23/45		598		727,662
5.38%, 05/01/47		47		51,210
5.75%, 04/01/48		90		102,600
Comcast Corp.:
3.30%, 10/01/20		562		569,652
3.13%, 07/15/22		7		7,226
3.38%, 02/15/25		45		47,450
3.15%, 03/01/26		376		393,704
2.35%, 01/15/27		30		29,873


14

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
3.15%, 02/15/28	USD	86	$	89,635
4.15%, 10/15/28		47		52,721
4.25%, 10/15/30		85		96,687
4.25%, 01/15/33		145		166,761
4.20%, 08/15/34		55		62,857
5.65%, 06/15/35		1		1,305
4.40%, 08/15/35		76		88,526
6.50%, 11/15/35		140		196,152
3.20%, 07/15/36		546		558,600
4.60%, 10/15/38		109		130,211
4.65%, 07/15/42		70		83,533
3.40%, 07/15/46		227		232,135
3.97%, 11/01/47		52		57,107
4.70%, 10/15/48		123		150,606
4.00%, 11/01/49		6		6,664
4.95%, 10/15/58		5		6,355
Cox Communications, Inc.^(b):
3.15%, 08/15/24		557		570,425
3.35%, 09/15/26		32		33,051
Discovery Communications LLC:
5.00%, 09/20/37		87		93,525
5.20%, 09/20/47		140		153,083
Fox Corp., 4.03%, 01/25/24^(b)		100		106,327
Time Warner Cable LLC:
5.00%, 02/01/20		58		58,469
4.00%, 09/01/21		22		22,509
5.50%, 09/01/41		113		121,679
4.50%, 09/15/42		9		8,856

				6,215,575

Metals & Mining — 0.2%
Anglo American Capital plc^(b):
3.63%, 09/11/24		270		278,930
4.75%, 04/10/27		220		237,245
ArcelorMittal:
3.60%, 07/16/24		28		28,285
4.55%, 03/11/26		99		103,584
Barrick Gold Corp.:
3.85%, 04/01/22		108		112,001
5.25%, 04/01/42		46		55,808
Barrick PD Australia Finance Pty. Ltd., 5.95%, 10/15/39		66		85,090
BHP Billiton Finance USA Ltd.:
4.13%, 02/24/42		49		56,427
5.00%, 09/30/43		46		59,387
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22		200		201,850
Newmont Goldcorp Corp., 2.80%, 10/01/29		125		123,535
Nucor Corp.:
5.20%, 08/01/43		40		49,911
4.40%, 05/01/48		18		20,711
Steel Dynamics, Inc., 5.13%, 10/01/21		110		110,392
Teck Resources Ltd., 6.13%, 10/01/35		16		18,231

				1,541,387

Multiline Retail — 0.0%
Dollar General Corp.:
3.88%, 04/15/27		43		46,087
4.13%, 05/01/28		9		9,841

				55,928

Multi-Utilities — 0.2%
Ameren Illinois Co., 3.80%, 05/15/28		120		133,384
Berkshire Hathaway Energy Co., 5.15%, 11/15/43		19		24,029
Black Hills Corp., 3.95%, 01/15/26		42		44,392


Security	Par (000)		Value

Multi-Utilities (continued)
Consumers Energy Co.:
3.38%, 08/15/23	USD	2	$	2,095
3.80%, 11/15/28		25		27,833
3.95%, 07/15/47		30		34,213
4.05%, 05/15/48		45		52,181
3.75%, 02/15/50		161		179,684
3.10%, 08/15/50		85		85,603
DTE Energy Co., Series D, 3.70%, 08/01/23		130		136,313
Engie SA:
0.00%, 03/04/27	EUR	100		107,662
1.38%, 06/21/39		100		118,768

				946,157

Oil, Gas & Consumable Fuels — 3.1%
Andeavor Logistics LP, 5.50%, 10/15/19	USD	245		245,258
BP Capital Markets America, Inc.:
3.79%, 02/06/24		168		178,545
3.80%, 09/21/25		322		347,387
3.12%, 05/04/26		105		109,473
3.94%, 09/21/28		20		22,163
BP Capital Markets plc:
2.32%, 02/13/20		46		46,049
1.53%, 09/26/22	EUR	475		542,344
3.28%, 09/19/27	USD	7		7,368
Chevron Corp., 2.90%, 03/03/24		80		83,006
Cimarex Energy Co.:
4.38%, 06/01/24		89		93,518
3.90%, 05/15/27		187		190,397
Citgo Holding, Inc., 9.25%, 08/01/24^(b)		22		23,375
Concho Resources, Inc., 3.75%, 10/01/27		150		155,904
Continental Resources, Inc., 3.80%, 06/01/24		168		171,201
Devon Energy Corp., 5.85%, 12/15/25		200		237,720
Enbridge, Inc.:
2.90%, 07/15/22		55		56,038
3.70%, 07/15/27		187		198,433
5.50%, 12/01/46		55		69,710
(LIBOR USD 3 Month + 3.42%), 5.50%, 07/15/77^(a)		475		478,074
Energy Transfer Operating LP:
5.88%, 01/15/24		298		331,274
4.20%, 04/15/27		5		5,268
5.50%, 06/01/27		183		207,027
5.80%, 06/15/38		97		111,007
6.50%, 02/01/42		375		449,805
5.15%, 03/15/45		120		125,952
6.13%, 12/15/45		20		23,464
5.30%, 04/15/47		164		176,407
Enterprise Products Operating LLC:
3.75%, 02/15/25		25		26,637
3.13%, 07/31/29		34		34,816
Series D, 6.88%, 03/01/33		22		30,202
5.95%, 02/01/41		73		93,376
4.45%, 02/15/43		176		192,425
4.85%, 03/15/44		25		28,702
5.10%, 02/15/45		226		266,075
EOG Resources, Inc., 3.90%, 04/01/35		20		22,272
Exxon Mobil Corp.:
1.90%, 08/16/22		12		12,052
2.71%, 03/06/25		264		272,622
2.28%, 08/16/26		294		296,296
3.00%, 08/16/39		10		10,002
3.57%, 03/06/45		10		10,867
3.10%, 08/16/49		210		210,832
Hess Corp., 6.00%, 01/15/40		60		69,506


			15

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners LP:
4.25%, 09/01/24	USD	64	$	68,624
5.80%, 03/15/35		55		64,591
6.50%, 02/01/37		145		180,097
6.95%, 01/15/38		51		66,576
6.38%, 03/01/41		33		40,454
5.00%, 03/01/43		220		241,416
Kinder Morgan, Inc.:
3.05%, 12/01/19		320		320,178
3.15%, 01/15/23		490		501,566
4.30%, 03/01/28		308		334,030
5.05%, 02/15/46		151		167,469
Marathon Petroleum Corp.:
4.75%, 12/15/23		106		114,981
5.13%, 12/15/26		9		10,116
4.75%, 09/15/44		15		16,120
5.85%, 12/15/45		65		73,947
MPLX LP:
(LIBOR USD 3 Month + 0.90%), 3.00%, 09/09/21^(a)		260		260,863
(LIBOR USD 3 Month + 1.10%), 3.20%, 09/09/22^(a)		355		356,120
4.88%, 12/01/24		540		592,774
5.25%, 01/15/25^(b)		40		42,222
4.13%, 03/01/27		668		704,459
4.25%, 12/01/27^(b)		860		909,872
NGPL PipeCo LLC, 4.38%, 08/15/22^(b)		47		48,720
Northwest Pipeline LLC, 4.00%, 04/01/27		335		353,403
Occidental Petroleum Corp.:
2.60%, 08/13/21		63		63,410
2.70%, 08/15/22		361		364,359
3.50%, 06/15/25		95		97,671
3.20%, 08/15/26		85		85,761
3.50%, 08/15/29		90		91,278
0.00%, 10/10/36⁽ⁱ⁾		2,000		987,760
4.40%, 04/15/46		84		85,559
4.20%, 03/15/48		25		24,772
Petrobras Global Finance BV, 7.25%, 03/17/44		235		280,898
Plains All American Pipeline LP, 3.65%, 06/01/22		6		6,154
ReNew Power Synthetic, 6.67%, 03/12/24		200		202,562
Sabine Pass Liquefaction LLC:
5.63%, 04/15/23^(e)		184		199,929
5.75%, 05/15/24		460		512,721
5.63%, 03/01/25		651		730,968
5.88%, 06/30/26		273		312,803
Spectra Energy Partners LP:
3.38%, 10/15/26		3		3,105
5.95%, 09/25/43		50		63,374
4.50%, 03/15/45		89		96,797
Suncor Energy, Inc.:
3.60%, 12/01/24		85		89,654
6.80%, 05/15/38		70		98,153
6.50%, 06/15/38		7		9,639
4.00%, 11/15/47		34		36,528
Sunoco Logistics Partners Operations LP:
5.30%, 04/01/44		10		10,564
5.35%, 05/15/45		57		61,158
5.40%, 10/01/47		7		7,638
Texas Eastern Transmission LP, 3.50%, 01/15/28^(b)		475		493,926
Total Capital International SA:
2.75%, 06/19/21		10		10,128
2.88%, 02/17/22		10		10,226
2.43%, 01/10/25		80		80,900


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
1.38%, 10/04/29	EUR	100	$	121,161
Total Capital SA, 5.13%, 03/26/24		70		94,313
TransCanada PipeLines Ltd.:
4.88%, 01/15/26	USD	495		555,664
4.25%, 05/15/28		115		127,126
4.63%, 03/01/34		14		15,906
5.85%, 03/15/36		33		40,685
4.75%, 05/15/38		69		78,717
6.10%, 06/01/40		151		194,890
5.10%, 03/15/49		2		2,401
Transcontinental Gas Pipe Line Co. LLC:
7.85%, 02/01/26		162		205,481
4.00%, 03/15/28		246		263,063
4.60%, 03/15/48		55		60,902
Valero Energy Corp.:
3.65%, 03/15/25		39		41,266
3.40%, 09/15/26		266		272,023
4.35%, 06/01/28		25		27,138
Western Midstream Operating LP:
4.00%, 07/01/22		90		91,088
4.65%, 07/01/26		100		98,806
Williams Cos., Inc. (The):
4.55%, 06/24/24		44		47,357
3.75%, 06/15/27		249		257,189
Series A, 7.50%, 01/15/31		15		19,708
5.75%, 06/24/44		110		126,940

				19,591,666

Paper & Forest Products — 0.1%
Georgia-Pacific LLC:
5.40%, 11/01/20^(b)		177		183,092
3.73%, 07/15/23^(b)		184		193,270
3.60%, 03/01/25^(b)		40		42,431
7.38%, 12/01/25		97		122,914
7.75%, 11/15/29		60		85,647
8.88%, 05/15/31		13		20,596

				647,950

Pharmaceuticals — 1.0%
Allergan Funding SCS:
3.85%, 06/15/24		14		14,772
3.80%, 03/15/25		487		509,952
4.55%, 03/15/35		269		285,559
Bayer US Finance II LLC, 4.25%, 12/15/25^(b)		200		213,671
Bristol-Myers Squibb Co.^(b):
3.20%, 06/15/26		761		798,377
3.40%, 07/26/29		100		106,812
4.13%, 06/15/39		5		5,666
Eli Lilly & Co., 4.15%, 03/15/59		160		188,390
GlaxoSmithKline Capital plc, 3.38%, 06/01/29		55		59,014
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28		330		364,186
Johnson & Johnson, 2.45%, 03/01/26		55		55,964
Merck & Co., Inc.:
3.60%, 09/15/42		25		27,551
3.70%, 02/10/45		89		100,372
Merck Financial Services GmbH, 0.01%, 12/15/23	EUR	800		873,870
Mylan, Inc.:
5.40%, 11/29/43	USD	46		48,395
5.20%, 04/15/48		74		78,337
Novartis Capital Corp.:
2.40%, 09/21/22		10		10,158
3.40%, 05/06/24		171		181,742
3.00%, 11/20/25		159		167,357
3.10%, 05/17/27		116		123,269
4.40%, 05/06/44		15		18,555


16

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Pfizer, Inc., 4.30%, 06/15/43	USD	4	$	4,688
Roche Finance Europe BV, 0.50%, 02/27/23	EUR	455		507,730
Shire Acquisitions Investments Ireland DAC:
2.88%, 09/23/23	USD	170		173,306
3.20%, 09/23/26		469		483,913
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28^(b)		600		702,357
Wyeth LLC:
6.45%, 02/01/24		45		53,040
5.95%, 04/01/37		336		456,402

				6,613,405

Real Estate Management & Development — 0.3%
Central China Real Estate Ltd.:
6.50%, 03/05/21		200		197,922
6.75%, 11/08/21		200		196,196
China Aoyuan Group Ltd., 7.95%, 02/19/23		200		204,500
CIFI Holdings Group Co. Ltd., 5.50%, 01/23/22		200		197,500
Easy Tactic Ltd., 8.13%, 07/11/24		200		187,712
Ronshine China Holdings Ltd., 8.95%, 01/22/23		200		198,750
Scenery Journey Ltd., 11.00%, 11/06/20		200		199,750
Yuzhou Properties Co. Ltd.:
6.00%, 10/25/23		200		182,750
8.50%, 02/26/24		200		195,875
Zhenro Properties Group Ltd., 8.70%, 08/03/22		200		196,730

				1,957,685

Road & Rail — 0.6%
Burlington Northern Santa Fe LLC:
3.00%, 03/15/23		89		91,737
6.15%, 05/01/37		69		97,090
5.05%, 03/01/41		160		200,124
4.95%, 09/15/41		25		31,014
5.15%, 09/01/43		175		223,979
4.90%, 04/01/44		6		7,554
4.55%, 09/01/44		78		93,642
4.05%, 06/15/48		45		51,623
CSX Corp.:
4.25%, 03/15/29		90		101,622
6.15%, 05/01/37		75		98,622
3.80%, 11/01/46		20		21,010
4.30%, 03/01/48		192		216,178
4.75%, 11/15/48		45		54,258
4.50%, 03/15/49		60		70,548
3.35%, 09/15/49		135		131,886
4.25%, 11/01/66		59		62,583
Norfolk Southern Corp.:
3.85%, 01/15/24		90		95,910
3.65%, 08/01/25		96		102,608
2.90%, 06/15/26		295		304,297
4.84%, 10/01/41		50		60,026
3.95%, 10/01/42		20		21,605
4.45%, 06/15/45		45		51,790
3.94%, 11/01/47		5		5,429
4.10%, 05/15/49		5		5,591
4.05%, 08/15/52		112		122,387
Penske Truck Leasing Co. LP^(b):
2.70%, 03/14/23		5		5,040
3.95%, 03/10/25		225		237,660
4.45%, 01/29/26		80		86,390
3.40%, 11/15/26		20		20,441
4.20%, 04/01/27		103		109,604
Ryder System, Inc.:
3.45%, 11/15/21		21		21,495
2.80%, 03/01/22		3		3,038
3.40%, 03/01/23		120		123,973


Security	Par (000)		Value

Road & Rail (continued)
Union Pacific Corp.:
3.15%, 03/01/24	USD	150	$	155,775
2.75%, 03/01/26		175		177,736
3.38%, 02/01/35		202		208,549
3.60%, 09/15/37		221		232,957
3.55%, 08/15/39		44		46,066
4.75%, 09/15/41		30		35,194
4.50%, 09/10/48		52		62,049
3.80%, 10/01/51		35		37,426
3.88%, 02/01/55		134		139,786
3.95%, 08/15/59		52		55,171

				4,081,463

Semiconductors & Semiconductor Equipment — 0.9%
Analog Devices, Inc., 3.50%, 12/05/26		105		109,967
Applied Materials, Inc.:
3.30%, 04/01/27		335		356,464
5.10%, 10/01/35		140		177,439
5.85%, 06/15/41		20		27,297
4.35%, 04/01/47		220		268,458
Broadcom Corp.:
2.38%, 01/15/20		38		37,998
3.88%, 01/15/27		669		671,823
Broadcom, Inc.^(b):
3.13%, 04/15/21		40		40,384
4.25%, 04/15/26		395		407,998
Intel Corp., 4.80%, 10/01/41		120		151,341
KLA Corp., 4.10%, 03/15/29		225		248,235
KLA-Tencor Corp., 5.00%, 03/15/49		120		147,749
Lam Research Corp.:
2.75%, 03/15/20		121		121,187
3.75%, 03/15/26		228		243,491
4.00%, 03/15/29		35		38,670
4.88%, 03/15/49		117		143,036
NVIDIA Corp., 3.20%, 09/16/26		508		534,100
NXP BV^(b):
4.13%, 06/01/21		450		461,713
3.88%, 09/01/22		200		206,402
4.63%, 06/01/23		300		319,338
3.88%, 06/18/26		30		31,593
5.55%, 12/01/28		3		3,480
4.30%, 06/18/29		157		167,723
QUALCOMM, Inc.:
4.65%, 05/20/35		93		109,562
4.80%, 05/20/45		5		5,971
4.30%, 05/20/47		103		115,140
Texas Instruments, Inc.:
2.25%, 05/01/23		90		90,980
2.25%, 09/04/29		120		118,138
4.15%, 05/15/48		60		73,530

				5,429,207

Software — 0.6%
Autodesk, Inc., 3.50%, 06/15/27		468		483,535
Dassault Systemes SE, 0.00%, 09/16/22	EUR	200		218,782
Microsoft Corp.:
3.50%, 02/12/35	USD	321		354,754
4.20%, 11/03/35		7		8,373
3.45%, 08/08/36		639		706,361
3.70%, 08/08/46		595		677,184
Oracle Corp.:
2.50%, 10/15/22		33		33,491
3.40%, 07/08/24		70		73,813
2.65%, 07/15/26		370		377,780
4.30%, 07/08/34		3		3,476
3.90%, 05/15/35		211		232,974


			17

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
3.85%, 07/15/36	USD	67	$	73,595
3.80%, 11/15/37		14		15,242
5.38%, 07/15/40		84		109,237
4.50%, 07/08/44		2		2,386
4.13%, 05/15/45		78		88,305
4.00%, 07/15/46		211		235,924
SAP SE, 0.75%, 12/10/24	EUR	200		226,979

				3,922,191

Specialty Retail — 0.2%
Home Depot, Inc. (The):
2.80%, 09/14/27	USD	55		57,534
3.90%, 12/06/28		85		95,502
2.95%, 06/15/29		102		107,043
5.88%, 12/16/36		67		92,658
5.40%, 09/15/40		80		106,466
5.95%, 04/01/41		28		40,084
4.20%, 04/01/43		40		46,992
4.88%, 02/15/44		35		45,119
4.25%, 04/01/46		2		2,395
3.90%, 06/15/47		14		16,029
3.50%, 09/15/56		75		79,793
Lowe’s Cos., Inc.:
4.38%, 09/15/45		150		165,743
3.70%, 04/15/46		55		55,384
4.05%, 05/03/47		55		58,708

				969,450

Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.:
1.00%, 11/10/22	EUR	455		514,711
3.00%, 02/09/24	USD	183		190,681
3.35%, 02/09/27		22		23,521
3.85%, 05/04/43		1,004		1,125,719
3.45%, 02/09/45		32		33,918
4.38%, 05/13/45		2		2,421
4.65%, 02/23/46		10		12,574
Hewlett Packard Enterprise Co.^(e):
3.60%, 10/15/20		2		2,026
4.40%, 10/15/22		20		21,186
HP, Inc., 3.75%, 12/01/20		3		3,049
Seagate HDD Cayman, 4.25%, 03/01/22		22		22,719

				1,952,525

Textiles, Apparel & Luxury Goods — 0.1%
LVMH Moet Hennessy Louis Vuitton SE, 0.13%, 02/28/23	EUR	500		549,054


Thrifts & Mortgage Finance — 0.1%
BPCE SA, 2.70%, 10/01/29^(b)	USD	491		487,724


Tobacco — 0.6%
Altria Group, Inc.:
1.00%, 02/15/23	EUR	110		121,918
4.40%, 02/14/26	USD	335		358,232
4.80%, 02/14/29		292		319,865
5.80%, 02/14/39		14		16,214
4.50%, 05/02/43		92		92,281
5.38%, 01/31/44		356		395,741
6.20%, 02/14/59		22		25,795
BAT Capital Corp., 3.22%, 09/06/26		115		113,551
BAT International Finance plc:
3.95%, 06/15/25^(b)		590		614,201
3.13%, 03/06/29	EUR	155		189,888
Philip Morris International, Inc.:
2.13%, 05/10/23	USD	85		84,719
2.88%, 05/01/24		150		153,820


Security	Par (000)		Value

Tobacco (continued)
4.50%, 03/20/42	USD	5	$	5,551
3.88%, 08/21/42		8		8,179
Reynolds American, Inc.:
4.45%, 06/12/25		820		874,571
5.85%, 08/15/45		210		232,381

				3,606,907

Trading Companies & Distributors — 0.0%
BOC Aviation Ltd., 3.00%, 09/11/29		200		196,410
GATX Corp., 2.60%, 03/30/20		59		59,055

				255,465

Wireless Telecommunication Services — 0.2%
Sprint Spectrum Co. LLC, 3.36%, 09/20/21^(b)(e)		396		396,983
Vodafone Group plc:
3.75%, 01/16/24		153		161,103
4.13%, 05/30/25		118		127,410
4.38%, 05/30/28		18		19,881
5.00%, 05/30/38		3		3,428
4.38%, 02/19/43		84		86,776
5.25%, 05/30/48		342		396,424
5.13%, 06/19/59		4		4,581

				1,196,586


Total Corporate Bonds — 35.0% (Cost: $210,990,465)				220,935,903


Floating Rate Loan Interests — 0.5%^(k)

Air Freight & Logistics — 0.0%
XPO Logistics, Inc., Term Loan B, 02/24/25^(l)		78		77,927


Banks — 0.1%
Goldman Sachs Bank USA, Term Loan, (LIBOR USD 6 Month + 1.90%), 4.10%, 09/17/22^(c)		385		384,198


Building Products — 0.0%^(l)
Advanced Drainage Systems, Inc., Term Loan, 09/18/26		48		48,180
Jeld-Wen, Inc., Term Loan, 12/14/24		152		151,534

				199,714

Capital Markets — 0.0%
Goldman Sachs Lending Partners LLC, Term Loan, (LIBOR USD 6 Month + 1.75%), 3.95%, 09/17/22^(c)		161		160,305


Construction Materials — 0.0%
Foundation Building Materials, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.04%, 08/13/25		134		133,820


Diversified Financial Services — 0.0%
Triton Bidco, Term Loan B, 09/10/26^(l)		102		100,326


Health Care Providers & Services — 0.1%
Acadia Healthcare Co., Term Loan B2, 02/16/23^(l)		309		309,241


Media — 0.1%^(l)
CSC Holdings LLC, Term Loan, 04/27/27^(c)		181		180,997
Lamar Media Corp., Term Loan B, 03/14/25		19		19,411

				200,408

Oil, Gas & Consumable Fuels — 0.0%
CITGO Holding, Inc., Term Loan, (LIBOR USD 1 Month + 7.00%), 9.04%, 08/01/23		46		46,805
Midcoast Operating LP, Term Loan, (LIBOR USD 3 Month + 5.50%), 7.60%, 06/30/25		129		126,287

				173,092


18

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Thrifts & Mortgage Finance — 0.2%^(c)(l)
Caliber Home Loans, Inc., Term Loan, 04/24/21	USD	471	$	470,185
Roundpoint Mortgage Servicing Corp., Term Loan, 08/08/20		841		842,169

				1,312,354


Total Floating Rate Loan Interests — 0.5% (Cost: $3,054,445)				3,051,385


Foreign Agency Obligations — 0.7%

Colombia — 0.0%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(b)		200		209,400


India — 0.0%
Power Finance Corp. Ltd., 4.50%, 06/18/29		200		208,938


Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23		200		220,562


Mexico — 0.4%
Petroleos Mexicanos:
6.38%, 02/04/21		224		233,800
(LIBOR USD 3 Month + 3.65%), 5.79%, 03/11/22^(a)		44		45,755
6.88%, 08/04/26		103		110,725
6.49%, 01/23/27^(b)		46		47,955
6.50%, 03/13/27		1,611		1,673,577
5.35%, 02/12/28		140		133,963
7.69%, 01/23/50^(b)		463		481,555

				2,727,330

Netherlands — 0.1%
TenneT Holding BV, 1.25%, 10/24/33	EUR	205		242,694


Norway — 0.1%
Telenor ASA:
0.00%, 09/25/23		100		109,453
0.75%, 05/31/26		520		587,849

				697,302

South Africa — 0.0%
Eskom Holdings SOC Ltd., 6.75%, 08/06/23^(b)	USD	200		205,617


Total Foreign Agency Obligations — 0.7% (Cost: $4,438,279)				4,511,843


Foreign Government Obligations — 3.2%

Argentina — 0.1%
Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/20	ARS	2,541		15,859
Republic of Argentina:
7.50%, 04/22/26	USD	150		65,625
5.88%, 01/11/28		335		137,350
7.13%, 07/06/36		150		64,500
6.88%, 01/11/48		224		94,640

				377,974

Brazil — 0.1%
Federative Republic of Brazil, 4.50%, 05/30/29		356		371,019


Colombia — 0.5%
Republic of Colombia:
10.00%, 07/24/24	COP	2,454,600		849,045
6.25%, 11/26/25		1,796,200		537,420


Security	Par (000)		Value

Colombia (continued)
3.88%, 04/25/27	USD	1,408	$	1,494,240

				2,880,705

Ecuador — 0.1%
Republic of Ecuador, 9.50%, 03/27/30^(b)		232		234,668


Egypt — 0.1%
Arab Republic of Egypt:
15.90%, 07/02/24	EGP	550		35,610
16.10%, 05/07/29		5,041		337,996
5.63%, 04/16/30	EUR	117		127,285
6.38%, 04/11/31^(b)		132		149,583
6.88%, 04/30/40	USD	185		180,260

				830,734

France — 0.3%
Republic of France, 1.75%, 05/25/66^(b)	EUR	1,115		1,699,598


Hungary — 0.1%
Republic of Hungary, 5.38%, 03/25/24	USD	414		467,302


Indonesia — 0.3%
Republic of Indonesia:
4.10%, 04/24/28		270		291,431
8.25%, 05/15/29	IDR	9,034,000		677,252
6.63%, 05/15/33		1,064,000		67,910
8.38%, 03/15/34		4,623,000		343,102
7.50%, 06/15/35		1,360,000		94,097
8.38%, 04/15/39		7,876,000		581,753

				2,055,545

Mexico — 0.9%
United Mexican States:
6.50%, 06/09/22	MXN	253		1,275,292
8.00%, 12/07/23		79		419,755
8.00%, 09/05/24		62		331,276
10.00%, 12/05/24		186		1,078,754
4.15%, 03/28/27	USD	2,233		2,365,863

				5,470,940

Nigeria — 0.0%
Federal Republic of Nigeria, 13.98%, 02/23/28	NGN	19,895		53,704


Panama — 0.1%
Republic of Panama, 3.88%, 03/17/28	USD	626		680,188


Peru — 0.1%
Republic of Peru, 4.13%, 08/25/27		548		614,959


Philippines — 0.1%
Republic of the Philippines, 3.00%, 02/01/28 .		810		848,912


Russia — 0.2%
Russian Federation, 8.50%, 09/17/31	RUB	84,415		1,455,392


South Africa — 0.0%
Republic of South Africa, 5.75%, 09/30/49	USD	229		228,256


Turkey — 0.0%
Republic of Turkey, 7.63%, 04/26/29		200		212,750


United Arab Emirates — 0.1%
Emirate of Abu Dhabi United Arab Emirates:
2.13%, 09/30/24^(b)		200		198,750
2.50%, 09/30/29		200		198,650
2.50%, 09/30/29^(b)		230		228,447
3.13%, 09/30/49		200		193,999

				819,846


			19

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Uruguay — 0.1%
Oriental Republic of Uruguay, 4.38%, 10/27/27	USD	683	$	750,620


Total Foreign Government Obligations — 3.2% (Cost: $19,974,110)				20,053,112


	Shares

Investment Companies — 2.6%
BlackRock Allocation Target Shares- BATS Series A*		1,635,282		16,549,058


Total Investment Companies — 2.6% (Cost: $16,500,000)				16,549,058


	Par (000)

Municipal Bonds — 5.3%
Aldine Independent School District (Permanent School Fund Guarantee Program (The)), Series2019F-1, GO, 5.00%, 02/15/43		40		49,136
American Municipal Power, Inc. (Combined Hydroelectric Project);
Series 2010B, RB, 7.83%, 02/15/41		50		79,735
Series 2009B, RB, 6.45%, 02/15/44		30		43,306
Arizona Health Facilities Authority (Banner Health), Series 2007B, RB, VRDN, 2.36%, 10/01/19^(m)		35		34,178
Bay Area Toll Authority;
Series2019F-1, RB, 2.43%, 04/01/26		285		286,653
Series2010S-1, RB, 6.92%, 04/01/40		90		134,186
Series2010S-1, RB, 7.04%, 04/01/50		600		1,006,224
Berks County Industrial Development Authority (Tower Health Project), Series 2017, RB, 5.00%, 11/01/47		60		69,182
Buckeye Tobacco Settlement Financing Authority, Series2007A-2, RB, 5.88%, 06/01/47		180		180,227
California Health Facilities Financing Authority (Cedars- Sinai Medical Center);
Series 2016A, RB, 5.00%, 08/15/33		40		48,997
Series 2017A, RB, 5.00%, 08/15/47		60		70,046
California State Public Works Board (Various Capital Projects), Series 2009G,Sub-SeriesG-2, RB, 8.36%, 10/01/34		35		55,407
Canaveral Port Authority;
Series 2018A, RB, 5.00%, 06/01/45		80		94,581
Series 2018B, RB, 5.00%, 06/01/48		80		96,180
Central Puget Sound Regional Transit Authority, Series2015S-1, RB, 5.00%, 11/01/50		60		70,354
Central Texas Regional Mobility Authority;
Series 2015A, RB, 5.00%, 01/01/45		30		34,156
Series 2016, RB, 5.00%, 01/01/46		30		34,392
Chesapeake Bay Bridge & Tunnel District (Parallel Thimble Shoal Tunnel Project);
Series 2016, RB, 5.00%, 07/01/41		30		35,355
Series 2016, RB, 5.00%, 07/01/51		25		28,712
City of Atlanta, Series 2015, RB, 5.00%, 11/01/40		30		35,060
City of Aurora;
Series 2016, RB, 5.00%, 08/01/41		120		144,542
Series 2016, RB, 5.00%, 08/01/46		130		153,952
City of Austin Water & Wastewater System, Series 2014, RB, 5.00%, 11/15/43		60		68,387


Security	Par (000)		Value

Municipal Bonds (continued)
City of New York;
Series 2019D,Sub-SeriesD-2, GO, 3.76%, 12/01/27	USD	115	$	127,222
Series 2019A,Sub-SeriesA-3, GO, 2.85%, 08/01/31		220		225,551
Series 2019A,Sub-SeriesA-3, GO, 2.90%, 08/01/32		370		382,480
Series2010F-1, GO, 6.27%, 12/01/37		170		245,188
Series 2018F,Sub-SeriesF-1, GO, 5.00%, 04/01/43		375		460,582
City of Riverside, Series 2010A, RB, 7.61%, 10/01/40		50		80,315
City of San Antonio Electric & Gas Systems, Series 2010A, RB, 5.81%, 02/01/41		160		230,045
Colorado Health Facilities Authority (Catholic Health Initiatives);
Series 2011A, RB, 5.25%, 02/01/31⁽ⁿ⁾		25		26,280
Series2019A-2, RB, 5.00%, 08/01/44		520		618,088
Commonwealth Financing Authority;
Series 2018A, RB, 3.86%, 06/01/38		80		87,963
Series 2016A, RB, 4.14%, 06/01/38		60		68,450
Series 2019A, RB, 3.81%, 06/01/41		460		508,953
Commonwealth of Massachusetts, Series 2019H, GO, 2.90%, 09/01/49		175		170,709
Connecticut Housing Finance Authority, Series 2015A, RB, 3.75%, 11/15/40		1,350		1,396,845
Connecticut State Health & Educational Facilities Authority (Hartford Healthcare Corp.);
Series 2015F, RB, 5.00%, 07/01/45		60		68,033
Series 2015L, RB, 5.00%, 07/01/45		90		103,408
Contra Costa Community College District, Series 2010B, GO, 6.50%, 08/01/34		10		13,535
County of Miami-Dade;
Series 2017D, RB, 3.35%, 10/01/29		20		21,119
Series 2019E, RB, 2.53%, 10/01/30		235		232,403
Series 2017D, RB, 3.45%, 10/01/30		35		37,125
Series 2017D, RB, 3.50%, 10/01/31		30		31,838
Series 2018C, RB, 4.06%, 10/01/31		55		61,324
Series 2015A, RB, 5.00%, 10/01/38		10		11,555
Series 2017B, RB, 5.00%, 10/01/40		60		71,400
Dallas Area Rapid Transit;
Series 2016A, RB, 5.00%, 12/01/41		60		71,066
Series 2016A, RB, 5.00%, 12/01/46		90		106,119
Dallas/Fort Worth International Airport,Series 2019A-2, RB, 3.14%, 11/01/45		100		100,959
DuBois Hospital Authority (Penn Highlands Healthcare), Series 2018, RB, 5.00%, 07/15/43		60		71,063
Dutchess County Local Development Corp. (Health Quest Systems, Inc. Project), Series 2016B, RB, 5.00%, 07/01/46		100		116,623
Grant County Public Utility District No. 2 (The Priest Rapids Project), Series 2015M, RB, 4.58%, 01/01/40		15		17,664
Great Lakes Water Authority Water Supply System, Series 2016C, RB, 5.25%, 07/01/33		20		24,156
Health & Educational Facilities Authority of the State of Missouri (Saint Luke’s Health System, Inc.);
Series 2016, RB, 5.00%, 11/15/29		25		29,892
Series 2016A, RB, 3.65%, 01/15/46		20		22,064
Series 2016B, RB, 3.09%, 09/15/51		120		118,642


20

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds (continued)
Idaho Health Facilities Authority (Trinity Health Credit Group), Series 2017A, RB, 5.00%, 12/01/47		USD 50	$	59,967
Indiana Finance Authority (CWA Authority Project);
Series 2015A, RB, 5.00%, 10/01/45		130		147,813
Series 2016A, RB, 5.00%, 10/01/46		420		495,037
Indiana Housing & Community Development Authority, Series 2018A, RB, 3.80%, 07/01/38		30		32,039
JobsOhio Beverage System, Series 2013B, RB, 3.99%, 01/01/29		340		373,633
Kansas City Industrial Development Authority (Kansas City International Airport Terminal Modernization Project), Series 2019B, RB, 5.00%, 03/01/49		130		156,022
Kentucky Economic Development Finance Authority (Owensboro Health, Inc.), Series 2015A, RB, 5.25%, 06/01/50		30		33,875
Lexington County Health Services District, Inc., Series 2016, RB, 5.00%, 11/01/41		30		34,700
Los Angeles Community College District, Series 2010E, GO, 6.60%, 08/01/42		185		289,418
Los Angeles Department of Water & Power System (Water System Revenue Bonds), Series 2010A, RB, 6.60%, 07/01/50		85		139,224
Los Angeles Unified School District, Series 2010I, GO, 6.76%, 07/01/34		375		527,040
Louisiana Public Facilities Authority, Series 2018E, RB, 5.00%, 07/01/48		50		59,430
Maryland Community Development Administration, Series 2018A, RB, 3.85%, 09/01/33		60		65,869
Massachusetts Development Finance Agency (Partners Healthcare System Issue);
Series2018J-2, RB, 5.00%, 07/01/43		80		95,849
Series 2017L, RB, 5.00%, 07/01/44		100		116,290
Series 2016Q, RB, 5.00%, 07/01/47		50		59,576
Series2018J-2, RB, 5.00%, 07/01/48		70		83,250
Massachusetts Housing Finance Agency;
Series 2014B, RB, 4.50%, 12/01/39		25		26,094
Series 2014B, RB, 4.60%, 12/01/44		40		42,866
Series 2015A, RB, 4.50%, 12/01/48		40		42,210
Massachusetts Port Authority, Series 2016B, RB, 5.00%, 07/01/43		50		58,468
Massachusetts Water Resources Authority, Series 2016C, RB, 5.00%, 08/01/40		30		36,165
Metropolitan Atlanta Rapid Transit Authority;
Series 2018A, RB, 4.00%, 07/01/25		60		68,728
Series 2015A, RB, 5.00%, 07/01/41		110		129,502
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center);
Series 2016A, RB, 5.00%, 07/01/40		40		46,650
Series 2016A, RB, 5.00%, 07/01/46		60		69,691
Metropolitan Transportation Authority;
Series 2010A, RB, 6.67%, 11/15/39		55		80,653
Series 2009C, RB, 7.34%, 11/15/39		520		835,250
Series 2019C, RB, 5.00%, 11/15/40		120		148,662
Series2010C-1, RB, 6.69%, 11/15/40		30		43,436
Series 2019C, RB, 5.00%, 11/15/41		80		100,172
Series 2019C, RB, 5.00%, 11/15/42		150		185,001
Series 2019C, RB, 5.00%, 11/15/43		100		124,924
Metropolitan Washington Airports Authority,
Series 2016A, RB, 5.00%, 10/01/32		90		107,711


Security	Par (000)		Value
Municipal Bonds (continued)
Metropolitan Washington Airports Authority Dulles Toll Road (Dulles Metrorail and Capital Improvement Project), Series 2009D, RB, 7.46%, 10/01/46		USD 30	$	49,658
Michigan Finance Authority (Henry Ford Health System);
Series 2016, RB, 5.00%, 11/15/41		30		35,429
Series2017A-MI, RB, 5.00%, 12/01/47		120		131,135
Michigan State Housing Development Authority;
Series 2018B, RB, 3.55%, 10/01/33		30		32,203
Series 2018A, RB, 4.00%, 10/01/43		30		32,522
Series 2018A, RB, 4.05%, 10/01/48		20		21,516
Series 2018A, RB, 4.15%, 10/01/53		80		86,303
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Corp.), Series 2016A, RB, 5.00%, 09/01/46		60		67,190
Municipal Electric Authority of Georgia;
Series 2010A, RB, 6.64%, 04/01/57		40		54,919
, RB, 6.66%, 04/01/57		75		107,539
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Project), Series 2017A, RB, 5.00%, 08/15/47		60		71,321
New Jersey Transportation Trust Fund Authority;
Series 2010C, RB, 5.75%, 12/15/28		140		162,039
Series 2010C, RB, 6.10%, 12/15/28		135		140,627
Series 2016A,Sub-SeriesA-1, RB, 5.00%, 06/15/29		30		35,152
New Jersey Turnpike Authority, Series 2009F, RB, 7.41%, 01/01/40		565		905,452
New Orleans Aviation Board (North Terminal Project), Series 2015B, RB, 5.00%, 01/01/40		50		56,348
New York City Housing Development Corp.; Series2018C-1-A, RB, 3.70%, 11/01/38		40		42,224
Series2018C-1-B, RB, 3.85%, 11/01/43		110		114,133
Series2018C-1-A, RB, 4.00%, 11/01/53		120		126,305
New York City Transitional Finance Authority Building Aid,Series 2015S-2, RB, 5.00%, 07/15/40		30		35,086
New York City Transitional Finance Authority Future Tax Secured; Series 2014A,Sub-Series A-2, RB, 3.65%, 11/01/24		165		174,882
Series 2018,Sub-SeriesC-4, RB, 3.55%, 05/01/25		170		182,126
Series 2014A,Sub-SeriesA-2, RB, 3.75%, 11/01/25		165		175,139
Series 2017F,Sub-SeriesF-2, RB, 3.05%, 05/01/27		160		167,827
Series 2019C,Sub-SeriesC-3, RB, 3.35%, 11/01/30		255		272,139
Series 2019B,Sub-SeriesB-3, RB, 3.90%, 08/01/31		210		231,792
New York City Water & Sewer System;
Series 2010AA, RB, 5.75%, 06/15/41		35		50,400
Series 2010EE, RB, 6.01%, 06/15/42		25		36,788
Series 2020AA, RB, 5.38%, 06/15/43⁽ⁿ⁾		135		141,619
Series 2020AA, RB, 5.38%, 06/15/43		65		67,949
Series 2011AA, RB, 5.44%, 06/15/43		60		84,082
Series 2011EE, RB, 5.50%, 06/15/43⁽ⁿ⁾		240		252,146
Series 2011CC, RB, 5.88%, 06/15/44		40		59,522
New York Convention Center Development Corp.;
Series 2015, RB, 5.00%, 11/15/40		30		35,888
Series 2016A, RB, 5.00%, 11/15/46		90		109,130


			21

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds (continued)
New York State Dormitory Authority, Series 2010H, RB, 5.39%, 03/15/40	USD	60	$	79,769
New York State Urban Development Corp.;
Series 2017B, RB, 3.12%, 03/15/25		65		68,442
Series 2019B, RB, 3.25%, 03/15/25		100		106,060
Series 2019B, RB, 3.35%, 03/15/26		395		422,014
Series 2017D, RB, 3.32%, 03/15/29		140		148,488
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment Project);
Series 2016A, RB, 5.00%, 07/01/46		30		33,051
Series 2016A, RB, 5.25%, 01/01/50		340		379,919
North Carolina Turnpike Authority, Series 2018, RB, 5.00%, 01/01/35		60		74,046
Orange County Local Transportation Authority, Series 2010A, RB, 6.91%, 02/15/41		75		109,454
Oregon School Boards Association;
Series 2005A, GO, 4.76%, 06/30/28		220		248,926
Series 2002B, GO, 5.55%, 06/30/28		290		343,418
Series 2003B, GO, 5.68%, 06/30/28		210		254,010
Pennsylvania Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement Project (The)), Series 2015, RB, 5.00%, 06/30/23		310		342,069
Pennsylvania Turnpike Commission; Series2016A-1, RB, 5.00%, 12/01/46		50		58,676
Series 2017B,Sub-SeriesB-1, RB, 5.25%, 06/01/47		100		118,194
Series 2018B, RB, 5.00%, 12/01/48		90		108,447
Port Authority of New York & New Jersey;
Series 165, RB, 5.65%, 11/01/40		95		130,053
Series 181, RB, 4.96%, 08/01/46		235		310,167
Series 174, RB, 4.46%, 10/01/62		105		134,000
Port of Seattle, Series 2018A, RB, 5.00%, 05/01/43		30		35,147
Public Finance Authority (Denver International Airport Great Hall Project), Series 2017, RB, 5.00%, 09/30/49		210		213,736
Public Power Generation Agency, Series 2016A, RB, 5.00%, 01/01/35		40		47,087
Putnam County Development Authority, Series 2018A, RB, 5.00%, 03/15/42		130		157,544
Royal Oak Hospital Finance Authority (William Beaumont Hospital Obligated Group), Series 2014D, RB, 5.00%, 09/01/39		40		44,895
Sacramento County Sanitation Districts Financing Authority, Series 2035B, RB, VRDN, 1.96%, 12/02/19^(m)		330		314,204
Salt Lake City Corp.;
Series 2017A, RB, 5.00%, 07/01/47		105		123,245
Series 2017B, RB, 5.00%, 07/01/47		50		59,726
Salt River Project Agricultural Improvement & Power District, Series 2015A, RB, 5.00%, 12/01/45		180		209,189
San Antonio Water System, Series 2015B, RB, 5.00%, 05/15/39		30		35,039
San Diego Public Facilities Financing Authority, Series 2016A, RB, 5.00%, 05/15/39		50		60,836
San Francisco City & County Airport Comm- San Francisco International Airport, Series 2016B, RB, 5.00%, 05/01/46		110		128,550
San Jose Redevelopment Agency Successor Agency;
Series2017A-T, 2.96%, 08/01/24		250		261,000
Series2017A-T, 3.18%, 08/01/26		85		90,358


Security	Par (000)		Value
Municipal Bonds (continued)
South Carolina Public Service Authority;
Series 2016D, RB, 2.39%, 12/01/23	USD	472	$	482,757
Series 2012E, RB, 3.72%, 12/01/23		80		83,624
Series 2010C, RB, 6.45%, 01/01/50		136		211,366
State of California;
Series 2018A, GO, 5.00%, 10/01/25		160		194,261
Series 2019, GO, 2.65%, 04/01/26		425		436,594
Series 2009, GO, 7.50%, 04/01/34		60		91,975
Series 2018, GO, 4.60%, 04/01/38		815		923,387
Series 2009, GO, 7.55%, 04/01/39		85		140,022
Series 2009, GO, 7.30%, 10/01/39		85		132,439
Series 2009, GO, 7.35%, 11/01/39		340		534,806
State of Colorado, Series 2018N, COP, 5.00%, 03/15/38		1,030		1,273,204
State of Connecticut;
Series 2017A, GO, 2.99%, 01/15/23		150		153,705
Series 2017A, GO, 3.31%, 01/15/26		155		163,161
Series 2008A, GO, 5.85%, 03/15/32		245		321,896
State of Illinois, Series 2003, GO, 5.10%, 06/01/33		580		627,276
State of Maryland, Series 2019A, GO, 5.00%, 08/01/30		130		171,206
State of Minnesota, Series 2018A, GO, 5.00%, 08/01/36		170		214,589
State of Ohio;
Series 2017A, GO, 5.00%, 05/01/36		90		106,220
Series 2017A, GO, 5.00%, 05/01/37		70		82,578
State of Oregon, Series 2003, GO, 5.89%, 06/01/27		335		406,328
State of Washington;
Series2016A-1, GO, 5.00%, 08/01/40		100		117,687
Series 2018B, GO, 5.00%, 08/01/40		40		48,814
Series 2018B, GO, 5.00%, 08/01/41		40		48,770
State of Wisconsin;
Series 2017C, RB, 3.15%, 05/01/27		65		68,989
Series 2017B, GO, 5.00%, 05/01/36		50		58,950
Series 2017B, GO, 5.00%, 05/01/38		50		58,711
Sumter Landing Community Development District, Series 2016, RB, 4.17%, 10/01/47.		100		116,071
Tennessee Housing Development Agency (Residential Finance Program);
Series2018-3, RB, 3.75%, 07/01/38		30		32,022
Series2018-3, RB, 3.85%, 07/01/43		20		21,132
Series2018-3, RB, 3.95%, 01/01/49		10		10,657
Texas A&M University, Series 2017B, RB, 2.84%, 05/15/27		75		77,975
Texas Municipal Gas Acquisition & Supply Corp. I, Series 2008D, RB, 6.25%, 12/15/26		30		34,926
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), RB, 5.00%, 06/30/58		290		338,871
Texas Water Development Board (State Water Plan projects), Series 2017A, RB, 5.00%, 04/15/23		140		157,793
Tobacco Settlement Finance Authority, Series 2007A, RB, 7.47%, 06/01/47		125		129,099
TSASC, Inc., Series 2017A, RB, 5.00%, 06/01/41		60		67,022
University of California;
Series 2017AX, RB, 3.06%, 07/01/25		520		546,109
Series 2019BD, RB, 3.35%, 07/01/29		255		275,872
Series 2013AJ, RB, 4.60%, 05/15/31		300		348,834
Series 2015AO, RB, 5.00%, 05/15/32		80		95,948


22

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Municipal Bonds (continued)
Series 2009R, RB, 5.77%, 05/15/43	USD	165	$	224,030
Series 2012AD, RB, 4.86%, 05/15/12		20		26,471
University of California Medical Center;
Series 2016L, RB, 5.00%, 05/15/47		50		58,149
Series 2009F, RB, 6.58%, 05/15/49		75		112,080
Virginia Small Business Financing Authority (Transform 66 P3 Project);
Series 2017, RB, 5.00%, 12/31/52		90		103,812
Series 2017, RB, 5.00%, 12/31/56		80		92,034
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group);
Series 2016A, RB, 5.00%, 06/01/20		30		30,687
Series 2016A, RB, 5.00%, 06/01/21		30		31,699
Series 2016A, RB, 5.00%, 06/01/22		30		32,678
Series 2016A, RB, 5.00%, 06/01/23		25		28,017
Series 2016A, RB, 5.00%, 06/01/24		25		28,773


Total Municipal Bonds — 5.3% (Cost: $31,373,235)				33,499,187


Non-Agency Mortgage-Backed Securities — 4.3%

Collateralized Mortgage Obligations — 1.5%
Alternative Loan Trust:
Series 2005-22T1, Class A1, 2.37%, 06/25/35^(d)		158		136,927
Series2005-72, Class A3, 2.62%, 01/25/36^(d)		76		66,455
Series2005-76, Class 2A1, 3.45%, 02/25/36^(d)		26		24,104
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36		66		50,999
Series 2006-15CB, Class A1, 6.50%, 06/25/36		11		8,006
Series 2006-OA14, Class 1A1, 4.18%, 11/25/46^(d)		93		82,519
Series 2006-OA16, Class A4C, 2.36%, 10/25/46^(d)		147		89,386
Series2006-OA6, Class 1A2, 2.23%, 07/25/46^(d)		40		39,489
Series2006-OA8, Class 1A1, 2.21%, 07/25/46^(d)		14		13,970
Series 2006-OC10, Class 2A3, 2.25%, 11/25/36^(d)		57		47,226
Series2006-OC7, Class 2A3, 2.27%, 07/25/46^(d)		83		67,972
Series2007-3T1, Class 1A1, 6.00%, 04/25/37		14		9,641
Series2007-OA3, Class 1A1, 2.16%, 04/25/47^(d)		24		23,063
American Home Mortgage Assets Trust^(d):
Series2006-3, Class 2A11, 3.42%, 10/25/46		66		59,164
Series2006-4, Class 1A12, 2.23%, 10/25/46		80		55,477
Series2006-5, Class A1, 3.37%, 11/25/46		126		61,937
Series2007-1, Class A1, 3.15%, 02/25/47		67		41,309
APS Resecuritization Trust^(b)(d):
Series2016-1, Class 1MZ, 4.02%, 07/31/57		245		92,049
Series2016-3, Class 3A, 4.87%, 09/27/46		205		207,736
Series2016-3, Class 4A, 4.62%, 04/27/47^(c)		42		41,124
Banc of America Funding Trust^(b)(d):
Series2014-R2, Class 1C, 0.00%, 11/26/36		146		34,660
Series2016-R2, Class 1A1, 4.70%, 05/01/33^(c)		88		91,836
Bear Stearns Mortgage Funding Trust^(d):
Series2006-SL1, Class A1, 2.30%, 08/25/36		55		54,454


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Series2007-AR2, Class A1, 2.19%, 03/25/37	USD	163	$	152,995
Series2007-AR3, Class 1A1, 2.16%, 03/25/37		18		17,243
Series2007-AR4, Class 1A1, 2.22%, 09/25/47		71		68,183
Series2007-AR4, Class 2A1, 2.23%, 06/25/37		23		22,670
Chase Mortgage Finance Trust, Series 2007- S6, Class 1A1, 6.00%, 12/25/37		904		655,773
CHL Mortgage Pass-Through Trust:Series 2006-OA4, Class A1, 3.41%, 04/25/46^(d)		156		75,349
Series2006-OA5, Class 3A1, 2.22%, 04/25/46^(d)		26		25,199
Series2007-15, Class 2A2, 6.50%, 09/25/37		248		183,029
Citicorp Mortgage Securities Trust:
Series2007-9, Class 1A1, 6.25%, 12/25/37		67		59,526
Series2008-2, Class 1A1, 6.50%, 06/25/38		99		86,546
Credit Suisse Mortgage Capital Certificates^(b):
Series 2009-12R, Class 3A1, 6.50%, 10/27/37		281		159,544
Series 2019-RPL4, Class A1, 3.83%, 08/26/58		393		397,663
CSFB Mortgage-Backed Pass-Through Certificates,Series 2005-10, Class 10A1, 3.37%, 11/25/35^(d)		45		13,687
CSMC Trust^(b)(d): Series2009-5R, Class 4A4, 4.25%, 06/25/36		76		70,527
Series2014-11R, Class 16A1, 4.00%, 09/27/47		50		50,488
Series2015-6R, Class 5A1, 2.51%, 03/27/36		3		2,916
Series2015-6R, Class 5A2, 2.51%, 03/27/36		60		46,310
Series2019-JR1, Class A1, 4.10%, 09/27/66		1,748		1,752,295
DeutscheAlt-A Securities Mortgage Loan Trust,Series 2007-OA4, Class A2A, 2.19%, 08/25/47^(d)		157		110,328
DeutscheAlt-B Securities Mortgage Loan Trust,Series 2006-AB3, Class A8, 6.36%, 07/25/36^(d)		13		12,071
GreenPoint Mortgage Funding Trust,Series 2006-AR2, Class 4A1, 4.45%, 03/25/36^(d)		27		27,297
GSMPS Mortgage Loan Trust^(b)(d): Series2005-RP1, Class 1AF, 2.37%, 01/25/35		50		45,765
Series2005-RP2, Class 1AF, 2.37%, 03/25/35		59		54,396
Series2006-RP1, Class 1AF1, 2.37%, 01/25/36		45		38,763
GSR Mortgage Loan Trust, Series2007-1F, Class 2A4, 5.50%, 01/25/37		12		13,657
HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, 2.31%, 07/19/47^(d)		165		151,415
IndyMac INDX Mortgage Loan Trust^(d): Series 2007-AR19, Class 3A1, 3.72%, 09/25/37		89		63,821
Series 2007-FLX5, Class 2A2, 2.26%, 08/25/37		160		142,723
Lehman XS Trust, Series2007-20N, Class A1, 3.17%, 12/25/37^(d)		32		31,549
LSTAR Securities Investment Trust^(b)(d): Series2019-1, Class A1, 3.79%, 03/01/24		153		153,127


			23

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Series2019-2, Class A1, 3.59%, 04/01/24	USD	190	$	190,422
MASTR Resecuritization Trust, Series2008-3, Class A1, 2.58%, 08/25/37^(b)(c)(d)		28		22,142
MCM Trust^(b)(c):
Series 2018-NPL1, Class A, 4.00%, 05/28/58		121		121,039
Series 2018-NPL2, Class A, 4.00%, 10/25/28^(e)		863		869,500
Series 2018-NPL2, Class B, 0.00%, 10/25/28		1,000		221,300
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, 2.23%, 04/25/37^(d)		224		196,400
Mortgage Loan Resecuritization Trust, Series2009-RS1, Class A85, 2.44%, 04/16/36^(b)(d)		407		352,739
New Residential Mortgage Loan Trust^(b):
Series2019-2A, Class A1, 4.25%, 12/25/57^(d)		99		102,989
Series 2019-RPL1, Class A1, 4.33%, 02/26/24^(e)		778		783,440
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series2007-2, Class A4, 2.44%, 06/25/37^(d)		17		13,706
RALI Trust, Series2007-QH9, Class A1, 3.65%, 11/25/37^(d)		39		36,039
Reperforming Loan REMIC Trust, Series 2005- R3, Class AF, 2.42%, 09/25/35^(b)(d)		6		5,618
Seasoned Credit Risk Transfer Trust^(d):
Series2017-3, Class M2, 4.75%, 07/25/56^(b)		100		100,683
Series2018-1, Class BX, 5.32%, 05/25/57		20		10,337
Series2018-1, Class M, 4.75%, 05/25/57		20		20,377
Series2018-3, Class M, 4.75%, 08/25/57^(b)		90		91,674
STACR Trust, Series 2018-DNA2, Class M2, 4.17%, 12/25/30^(b)(d)		47		47,787
Structured Adjustable Rate Mortgage Loan Trust, Series2006-3, Class 4A, 4.03%, 04/25/36^(d)		70		58,923
Structured Asset Mortgage Investments II Trust^(d):
Series2006-AR4, Class 3A1, 2.21%, 06/25/36		96		92,984
Series2006-AR5, Class 2A1, 2.23%, 05/25/46		61		52,657
WaMu Mortgage Pass-Through Certificates Trust, Series2005-AR2, Class B1, 2.55%, 01/25/45^(d)		97		75,062
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust:
Series2006-4, Class 1A1, 6.00%, 04/25/36		90		84,280
Series2006-4, Class 3A1, 6.50%, 05/25/36^(e)		44		40,163

				9,674,619

Commercial Mortgage-Backed Securities — 2.5%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.78%, 06/05/37^(b)(d)		200		199,444
280 Park Avenue Mortgage Trust^(b)(d):
Series 2017-280P, Class D, 3.56%, 09/15/34		100		100,187
Series 2017-280P, Class E, 4.15%, 09/15/34		150		150,467
AOA Mortgage Trust, Series 2015-1177, Class C, 3.11%, 12/13/29^(b)(d)		100		100,638
Ashford Hospitality Trust, Series 2018-ASHF, Class D, 4.13%, 04/15/35^(b)(d)		36		36,090
BAMLL Commercial Mortgage Securities Trust^(b)^(d):
Series 2015-200P, Class F, 3.72%, 04/14/33		300		302,851


Security	Par (000)		Value

Commercial Mortgage-Backed Securities (continued)
Series2016-ISQ, Class E, 3.73%, 08/14/34	USD	200	$	200,405
Series2017-SCH, Class CL, 3.53%, 11/15/32		100		99,989
Series2017-SCH, Class DL, 4.03%, 11/15/32		100		99,989
Series 2018-DSNY, Class D, 3.73%, 09/15/34		650		652,031
Banc of America Commercial Mortgage Trust, Series2007-1, Class AMFX, 5.48%, 01/15/49^(d)		10		10,144
Bancorp Commercial Mortgage Trust (The), Series2018-CR3, Class A, 2.88%, 01/15/33^(b)(d)		68		68,030
Bayview Commercial Asset Trust^(b)(d):
Series2005-2A, Class A1, 2.33%, 08/25/35		52		50,068
Series2005-4A, Class A1, 2.32%, 01/25/36		47		45,401
Series2005-4A, Class M1, 2.47%, 01/25/36		34		33,178
Series2006-1A, Class A2, 2.38%, 04/25/36		12		11,466
Series2006-3A, Class A1, 2.27%, 10/25/36		22		20,821
Series2006-3A, Class A2, 2.32%, 10/25/36		18		17,389
Series2007-2A, Class A1, 2.29%, 07/25/37		33		31,526
Series2007-4A, Class A1, 2.47%, 09/25/37		175		166,174
BBCMS Mortgage Trust, Series 2018-TALL, Class A, 2.75%, 03/15/37^(b)(d)		35		34,913
BBCMS Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35^(b)		100		104,130
Bear Stearns Commercial Mortgage Securities Trust, Series2007-T26, Class AM, 5.51%, 01/12/45^(d)		29		28,963
Benchmark Mortgage Trust, Series2019-B10, Class 3CCA, 4.03%, 03/15/62^(b)(d)		198		210,197
BHMS, Series 2018-ATLS, Class A, 3.28%, 07/15/35^(b)(d)		140		139,999
BWAY Mortgage Trust^(b):
Series 2013-1515, Class A2, 3.45%, 03/10/33		150		158,917
Series 2013-1515, Class C, 3.45%, 03/10/33		105		108,492
BX Commercial Mortgage Trust, Series 2018- IND, Class H, 5.03%, 11/15/35^(b)(d)		416		417,110
BXP Trust^(b)(d):
Series2017-CC, Class D, 3.67%, 08/13/37		60		61,746
Series2017-CC, Class E, 3.67%, 08/13/37		110		110,477
Series2017-GM, Class D, 3.54%, 06/13/39		200		206,884
Series2017-GM, Class E, 3.54%, 06/13/39		50		50,022
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 3.78%, 12/15/37^(b)(d)		218		219,087
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.67%, 04/10/29^(b)(d)		20		20,449
CD Mortgage Trust:
Series2006-CD3, Class AM, 5.65%, 10/15/48		19		19,167
Series2017-CD3, Class A4, 3.63%, 02/10/50		30		32,503
CFCRE Commercial Mortgage Trust, Series2016-C3, Class A3, 3.87%, 01/10/48		10		10,834
CFK Trust, Series2019-FAX, Class D, 4.64%, 01/15/39^(b)(d)		126		144,320
CGBAM Commercial Mortgage Trust, Series 2015-SMRT, Class E, 3.91%, 04/10/28^(b)(d)		100		100,448
CGDBB Commercial Mortgage Trust^(b)(d):
Series 2017-BIOC, Class A, 2.82%, 07/15/32		190		190,000
Series 2017-BIOC, Class D, 3.63%, 07/15/32		110		110,000


24

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series 2017-BIOC, Class E, 4.18%, 07/15/32	USD	270	$	270,000
Citigroup Commercial Mortgage Trust^(d):
Series2016-C1, Class C, 5.12%, 05/10/49		40		44,501
Series 2016-GC37, Class C, 5.08%, 04/10/49		20		21,806
Series2016-P3, Class C, 4.99%, 04/15/49		10		10,966
CLNS Trust, Series 2017-IKPR, Class E, 5.55%, 06/11/32^(b)(d)		63		63,039
Commercial Mortgage Trust:
Series2005-C6, Class F, 5.91%, 06/10/44^(b)^(d)		81		82,332
Series 2014-CR14, Class A4, 4.24%, 02/10/47^(d)		30		32,363
Series 2014-CR16, Class A4, 4.05%, 04/10/47		177		190,049
Series 2014-CR17, Class A5, 3.98%, 05/10/47		59		63,348
Series 2014-CR19, Class A5, 3.80%, 08/10/47		50		53,514
Series 2014-LC15, Class A4, 4.01%, 04/10/47		50		53,606
Series 2014-UBS4, Class C, 4.80%, 08/10/47^(d)		50		52,356
Series 2015-CR23, Class CMD, 3.81%, 05/10/48^(b)(d)		350		350,574
Series 2015-CR25, Class A4, 3.76%, 08/10/48		100		107,671
Series 2015-LC19, Class A4, 3.18%, 02/10/48		59		61,648
Series 2015-LC19, Class C, 4.39%, 02/10/48^(d)		10		10,590
Series 2015-LC19, Class D, 2.87%, 02/10/48^(b)		10		9,549
Series 2015-LC21, Class C, 4.44%, 07/10/48^(d)		150		158,819
Series 2016-667M, Class D, 3.28%, 10/10/36^(b)(d)		100		101,373
Core Industrial Trust^(b):
Series 2015-TEXW, Class A, 3.08%, 02/10/34		99		101,443
Series 2015-WEST, Class A, 3.29%, 02/10/37		540		581,905
CSAIL Commercial Mortgage Trust, Series2015-C2, Class A4, 3.50%, 06/15/57		50		52,992
CSMC Trust^(b):
Series 2015-GLPB, Class A, 3.64%, 11/15/34		99		103,682
Series 2017-PFHP, Class A, 2.98%, 12/15/30^(d)		60		59,925
Series 2017-TIME, Class A, 3.65%, 11/13/39		100		106,193
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37^(b)(d)		100		98,693
DBUBS Mortgage Trust^(b):
Series 2017-BRBK, Class A, 3.45%, 10/10/34		140		147,089
Series 2017-BRBK, Class E, 3.65%, 10/10/34^(d)		310		312,592
Series 2017-BRBK, Class F, 3.65%, 10/10/34^(d)		80		79,579
Eleven Madison Mortgage Trust, Series 2015- 11MD, Class A, 3.67%, 09/10/35^(b)(d)		100		107,084
Exantas Capital Corp. Ltd.^(b)(d):
Series 2018-RSO6, Class A, 2.85%, 06/15/35		115		114,566


Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series 2019-RSO7, Class AS, 3.52%, 04/15/36	USD	160	$	160,173
GPMT Ltd., Series2018-FL1, Class A, 2.94%, 11/21/35^(b)(d)		59		59,036
GRACE Mortgage Trust, Series 2014-GRCE, Class F, 3.71%, 06/10/28^(b)(d)		330		332,999
GS Mortgage Securities Corp. II^(b):
Series 2005-ROCK, Class A, 5.37%, 05/03/32		100		115,116
Series 2013-KING, Class D, 3.55%, 12/10/27^(d)		124		123,850
Series 2013-KING, Class E, 3.55%, 12/10/27^(d)		460		459,137
GS Mortgage Securities Corp. Trust^(b):
Series 2017-500K, Class D, 3.33%, 07/15/32^(d)		10		10,003
Series 2017-500K, Class E, 3.53%, 07/15/32^(d)		20		20,025
Series 2017-500K, Class F, 3.83%, 07/15/32^(d)		110		110,275
Series 2017-GPTX, Class A, 2.86%, 05/10/34		100		100,402
GS Mortgage Securities Trust:
Series 2015-GC32, Class C, 4.56%, 07/10/48^(d)		30		32,113
Series2017-GS6, Class A3, 3.43%, 05/10/50		150		160,487
Series2017-GS7, Class A4, 3.43%, 08/10/50		76		81,026
Series2017-GS7, Class D, 3.00%, 08/10/50^(b)		20		19,120
HMH Trust, Series2017-NSS, Class A, 3.06%, 07/05/31^(b)		110		111,738
IMT Trust^(b):
Series 2017-APTS, Class AFX, 3.48%, 06/15/34		100		104,943
Series 2017-APTS, Class EFX, 3.61%, 06/15/34^(d)		100		99,886
JPMBB Commercial Mortgage Securities Trust:
Series2014-C21, Class A5, 3.77%, 08/15/47		50		53,399
Series2015-C33, Class D1, 4.27%, 12/15/48^(b)(d)		100		100,267
JPMCC Commercial Mortgage Securities Trust:
Series2017-JP5, Class C, 4.05%, 03/15/50^(d)		110		114,983
Series2017-JP5, Class D, 4.80%, 03/15/50^(b)(d)		100		105,228
Series2017-JP7, Class B, 4.05%, 09/15/50		10		10,814
JPMDB Commercial Mortgage Securities Trust^(d):
Series2017-C5, Class C, 4.51%, 03/15/50		300		323,504
Series2017-C5, Class D, 4.72%, 03/15/50^(b)		70		72,438
JPMorgan Chase Commercial Mortgage Securities Trust:
Series2012-CBX, Class A4FL, 3.32%, 06/15/45^(b)(d)		98		98,472
Series2014-C20, Class A5, 3.80%, 07/15/47		70		74,750
Series2015-JP1, Class D, 4.39%, 01/15/49^(d)		50		51,077
Series2015-UES, Class D, 3.74%, 09/05/32^(b)(d)		130		130,488
Series2015-UES, Class E, 3.74%, 09/05/32^(b)(d)		100		100,105
Series 2016-NINE, Class A, 2.95%, 10/06/38^(b)(d)		150		154,679


			25

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Lehman Brothers Small Balance Commercial Mortgage Trust, Series2007-1A, Class 1A, 2.27%, 03/25/37^(b)(d)	USD	39	$	38,226
LSTAR Commercial Mortgage Trust, Series2015-3, Class AS, 3.30%, 04/20/48^(b)(d)		100		102,170
Madison Avenue Trust, Series 2013-650M, Class D, 4.17%, 10/12/32^(b)(d)		101		101,878
Morgan Stanley Bank of America Merrill Lynch Trust:
Series2014-C16, Class A5, 3.89%, 06/15/47		140		149,557
Series2015-C26, Class D, 3.06%, 10/15/48^(b)		46		43,738
Morgan Stanley Capital I Trust:
Series2007-T27, Class AJ, 6.14%, 06/11/42^(d)		75		79,719
Series2015-MS1, Class D, 4.17%, 05/15/48^(b)(d)		100		96,544
Series2017-CLS, Class F, 4.63%, 11/15/34^(b)^(d)		211		211,659
Series2017-H1, Class D, 2.55%, 06/15/50^(b)		140		127,357
Series 2019-AGLN, Class D, 3.78%, 03/15/34^(b)(d)		150		150,000
Series 2019-AGLN, Class F, 4.63%, 03/15/34^(b)(d)		150		150,000
Natixis Commercial Mortgage Securities Trust, Series2018-FL1, Class MCR1, 4.55%, 06/15/35^(b)(d)		85		85,240
Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 4.08%, 05/10/39^(b)(d)		190		195,429
PFP Ltd.^(b)(d):
Series2019-5, Class A, 3.00%, 04/14/36		63		63,032
Series2019-5, Class AS, 3.45%, 04/14/36		40		40,053
Prima Capital CRE Securitization Ltd., Series2015-4A, Class C, 4.00%, 08/24/49^(b)(c)		100		101,970
USDC, Series 2018-USDC, Class E, 4.64%, 05/13/38^(b)(d)		50		52,848
Velocity Commercial Capital Loan Trust^(d):
Series2016-2, Class M4, 7.23%, 10/25/46		100		107,550
Series2017-2, Class M3, 4.24%, 11/25/47^(b)		152		154,319
Series2017-2, Class M4, 5.00%, 11/25/47^(b)		76		77,433
Wells Fargo Commercial Mortgage Trust:
Series2015-C27, Class C, 3.89%, 02/15/48		20		20,232
Series2015-C31, Class A4, 3.70%, 11/15/48		50		53,850
Series 2015-NXS2, Class A5, 3.77%, 07/15/58^(d)		110		118,569
Series 2015-NXS4, Class A4, 3.72%, 12/15/48		20		21,563
Series2015-P2, Class A4, 3.81%, 12/15/48		70		75,951
Series2015-P2, Class D, 3.24%, 12/15/48^(b)		78		70,301
Series2017-C39, Class C, 4.12%, 09/15/50		20		21,234
Series2017-C39, Class D, 4.50%, 09/15/50^(b)(d)		83		84,698
Series2017-C41, Class D, 2.60%, 11/15/50^(b)(d)		60		53,317
Series 2017-HSDB, Class A, 2.89%, 12/13/31^(b)(d)		151		150,557
Series2018-C44, Class A5, 4.21%, 05/15/51		770		868,922
WFRBS Commercial Mortgage Trust:
Series2011-C3, Class A3FL, 2.97%, 03/15/44^(b)(d)		2		1,762
Series2014-C21, Class A5, 3.68%, 08/15/47		60		63,762

				15,702,766


Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.3%^(d)
BAMLL Commercial Mortgage Securities Trust, Series2016-SS1, Class XA, 0.70%, 12/15/35^(b)	USD	15,000	$	495,750
Banc of America Commercial Mortgage Trust, Series 2017-BNK3, Class XB, 0.78%, 02/15/50		1,000		43,045
BBCMS Trust, Series 2015-SRCH, Class XA, 1.12%, 08/10/35^(b)		1,030		61,357
BB-UBS Trust, Series 2012-SHOW, Class XA, 0.73%, 11/05/36^(b)		3,475		103,518
Benchmark Mortgage Trust:
Series2018-B8, Class XA, 0.83%, 01/15/52		4,993		252,618
Series2019-B9, Class XA, 1.21%, 03/15/52		1,048		85,499
CFCRE Commercial Mortgage Trust, Series2016-C4, Class XB, 0.89%, 05/10/58		170		7,601
Commercial Mortgage Trust:
Series2015-3BP, Class XA, 0.17%, 02/10/35^(b)		1,916		9,791
Series 2015-CR25, Class XA, 1.05%, 08/10/48		213		8,844
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class XB, 0.22%, 11/15/50		1,430		23,690
JPMBB Commercial Mortgage Securities Trust:
Series2014-C22, Class XA, 1.01%, 09/15/47		1,227		42,106
Series2014-C23, Class XA, 0.81%, 09/15/47		1,301		32,153
JPMDB Commercial Mortgage Securities Trust, Series2016-C4, Class XC, 0.75%, 12/15/49^(b)		1,800		83,305
JPMorgan Chase Commercial Mortgage Securities Trust, Series2016-JP3, Class XC, 0.75%, 08/15/49^(b)		900		40,149
Morgan Stanley Bank of America Merrill Lynch Trust:
Series2014-C19, Class XF, 1.35%, 12/15/47^(b)		130		6,414
Series2015-C26, Class XD, 1.49%, 10/15/48^(b)		120		8,784
Series2016-C31, Class XA, 1.56%, 11/15/49		965		70,924
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.69%, 03/15/49^(b)		1,000		90,460
Series2017-H1, Class XD, 2.36%, 06/15/50^(b)		110		15,971
Series2019-L2, Class XA, 1.20%, 03/15/52		385		31,471
One Market Plaza Trust^(b):
Series 2017-1MKT, Class XCP, 0.22%, 02/10/32		1,880		6,467
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32^(c)		376		4
UBS Commercial Mortgage Trust, Series 2018- C14, Class XA, 1.18%, 12/15/51		1,155		86,035
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class XD, 1.40%, 08/15/49^(b)		1,000		71,510

				1,677,466

Principal Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series2017-3, Class B, 0.00%, 07/25/56^(b)(i)		118		9,856


TotalNon-Agency Mortgage-Backed Securities — 4.3% (Cost: $26,433,102)				27,064,707


26

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Beneficial Interest (000)		Value
Other Interests — 0.0%^(o)

Capital Markets — 0.0%^(c)(g)(h)
Lehman Brothers Holdings Capital Trust VII	USD	185	$	—
Lehman Brothers Holdings, Inc.		1,365		—


Total Other Interests — 0.0%				—


	Par (000)
Capital Trusts — 0.3%

Banks — 0.1%
JPMorgan Chase & Co., Series FF, 5.00%^(f)(k)		435		444,731


Capital Markets — 0.1%^(f)(k)
Bank of New York Mellon Corp. (The), Series F, 4.62%		310		316,808
State Street Corp.:
Series F, 5.25%		205		208,587
Series H, 5.63%		335		346,635

				872,030

Entertainment — 0.1%
NBCUniversal Enterprise, Inc., 5.25%^(b)(f)		620		638,600


Total Capital Trusts — 0.3% (Cost: $1,923,276)				1,955,361


U.S. Government Sponsored Agency Securities — 51.7%

Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class B1, (LIBOR USD 1 Month + 4.45%), 6.47%, 03/25/30^(a)		250		275,869


Commercial Mortgage-Backed Securities — 0.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K076, Class A2, 3.90%, 04/25/28		42		47,372
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Variable Rate Notes, Series KL4F, Class A2AS, 3.68%, 10/25/25^(k)		71		76,152
Federal Home Loan Mortgage Corp. Variable Rate Notes^(k):
Series2017-K64, Class B, 4.12%, 05/25/50^(b)		20		21,551
Series2018-K77, Class B, 4.30%, 05/25/51^(b)		20		21,672
Series 2018-K732, Class B, 4.19%, 05/25/25^(b)		100		105,665
Series 2018-SB52, Class A10F, 3.48%, 06/25/28		78		81,658
Series 2018-SB53, Class A10F, 3.66%, 06/25/28		47		50,958
Government National Mortgage Association:
Series2015-97, Class VA, 2.25%, 12/16/38		33		32,131
Series2016-158, Class VA, 2.00%, 03/16/35		87		84,082

				521,241

Interest Only Commercial Mortgage-Backed Securities — 0.0%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Variable Rate Notes, Series KW03, Class X1, 0.98%, 06/25/27^(k)		267		13,372
Federal National Mortgage Association ACES Variable Rate Notes, Series2013-M5, Class X2, 2.16%, 01/25/22^(k)		222		5,075


Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Government National Mortgage Association Variable Rate Notes:
Series2013-63, 0.79%, 09/16/51^(k)	USD	585	$	29,646
Series2013-191, 0.73%, 11/16/53^(k)		97		3,108
Series2015-48, 0.69%, 02/16/50^(k)		191		8,234
Series2015-173, 0.88%, 09/16/55^(k)		218		13,466
Series2016-26, 0.96%, 02/16/58^(k)		581		39,971
Series2016-67, 1.17%, 07/16/57^(k)		150		11,616
Series2016-87, 1.00%, 08/16/58^(k)		264		17,815
Series2016-110, 1.03%, 05/16/58^(k)		194		14,392
Series2016-113, (LIBOR USD 1 Month + 0.00%), 1.18%, 02/16/58^(a)		281		25,263
Series2016-125, 1.04%, 12/16/57^(k)		275		20,848
Series2016-128, 0.95%, 09/16/56^(k)		151		11,064
Series2016-152, 0.91%, 08/15/58^(k)		521		37,520
Series2016-162, 1.00%, 09/16/58^(k)		123		9,693

				261,083

Mortgage-Backed Securities — 51.5%
Federal Home Loan Mortgage Corp.:
2.50%, 02/01/24 - 04/01/31		627		635,647
3.00%, 09/01/27 - 04/01/47		5,244		5,395,542
3.50%, 09/01/30 - 01/01/48		8,837		9,306,946
4.00%, 08/01/40 - 08/01/47		2,628		2,803,296
4.50%, 02/01/39 - 04/01/49		6,945		7,505,539
5.00%, 10/01/41 - 11/01/41		169		185,655
5.50%, 02/01/35 - 06/01/41		195		220,546
Federal National Mortgage Association:
4.00%, 01/01/41		30		31,973
6.00%, 07/01/39		155		175,194
Government National Mortgage Association:
3.00%, 02/15/45 - 12/20/46		5,721		5,901,114
3.00%, 10/15/49 - 11/15/49^(p)		9,220		9,455,238
3.50%, 01/15/42 - 11/20/46		14,547		15,210,164
3.50%, 10/15/49^(p)		2,418		2,505,360
4.00%, 04/20/39 - 06/20/47		1,282		1,355,407
4.00%, 10/15/49 - 11/15/49^(p)		13,624		14,163,851
4.50%, 12/20/39 - 09/20/48		2,743		2,909,029
4.50%, 10/15/49 - 11/15/49^(p)		4,530		4,731,303
5.00%, 12/15/38 - 07/20/44		174		193,799
5.00%, 10/15/49 - 11/15/49^(p)		3,612		3,806,074
Uniform Mortgage-Backed Securities:
2.00%, 10/01/31 - 03/01/32		583		578,339
2.50%, 09/01/27 - 02/01/33		3,155		3,194,302
2.50%, 10/25/34 - 10/25/49^(p)		2,867		2,857,971
3.00%, 04/01/28 - 11/01/48		12,041		12,383,806
3.00%, 10/25/34 - 10/25/49^(p)		13,792		14,026,075
3.50%, 03/01/29 - 01/01/48		13,273		13,978,164
3.50%, 10/25/34 - 11/25/49^(p)		62,762		64,388,313
4.00%, 08/01/31 - 08/01/48		17,122		18,347,756
4.00%, 10/25/49 - 11/25/49^(p)		54,616		56,688,892
4.50%, 02/01/25 - 05/01/49		16,932		18,426,871
4.50%, 09/25/49 - 11/25/49^(p)		26,799		28,195,637
5.00%, 02/01/35 - 06/01/45		1,134		1,246,859
5.00%, 10/25/49^(p)		1,605		1,718,980
5.50%, 02/01/35 - 03/01/40		582		653,669
5.50%, 10/25/49^(p)		987		1,068,389
6.00%, 04/01/35 - 06/01/41		319		367,117
6.00%, 10/25/49^(p)		172		190,302
6.50%, 05/01/40		128		146,998

				324,950,117


Total U.S. Government Sponsored Agency Securities — 51.7% (Cost: $322,211,707)				326,008,310


			27

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
U.S. Treasury Obligations — 17.5%
U.S. Treasury Bonds:
4.25%, 05/15/39	USD	431	$	593,635
4.50%, 08/15/39		431		612,980
4.38%, 11/15/39		431		604,595
3.13%, 02/15/43		1,623		1,935,744
2.88%, 05/15/43 - 05/15/49		3,287		3,787,202
3.63%, 08/15/43		1,623		2,093,226
3.75%, 11/15/43		1,623		2,134,816
3.00%, 02/15/48		1,559		1,851,008
2.25%, 08/15/49		2,365		2,432,347
U.S. Treasury Inflation Linked Notes, 0.50%, 04/15/24		25,925		26,235,574
U.S. Treasury Notes:
2.00%, 07/31/20 - 02/15/25		10,178		10,267,114
2.50%, 12/31/20		4,699		4,739,382
1.13%, 07/31/21		7,049		6,978,785
1.75%, 07/31/21 - 07/31/24		15,820		15,901,696
1.50%, 01/31/22 - 08/15/26		10,796		10,742,976
2.13%, 12/31/22 - 05/15/25		9,722		9,953,054
2.75%, 05/31/23		3,139		3,269,465
2.25%, 08/15/27		3,139		3,281,604
2.88%, 08/15/28		942		1,035,758
3.13%, 11/15/28		942		1,057,542
1.63%, 08/15/29		807		803,280


Total U.S. Treasury Obligations — 17.5% (Cost: $107,367,509)				110,311,783


Total Long-Term Investments — 128.8% (Cost: $793,024,270)				812,486,759


Short-Term Securities — 1.1%

Borrowed Bond Agreements — 0.0%
Credit Suisse Securities USA LLC, 1.25%, Open (Purchased on 09/17/19 to be repurchased at USD 38,301, collateralized by YPF SA, 8.50%, due at 03/23/21, par and fair value of USD 44,000 and $37,972, respectively)^(q)(r)		38		38,280


Total Borrowed Bond Agreements — 0.0% (Cost: $38,280)				38,280


Foreign Government Obligations — 0.1%

Egypt — 0.1%
Arab Republic of Egypt Treasury Bills^(s):
19.82%, 11/05/19	EGP	1,475		89,155
16.37%, 05/05/20		2,575		144,929

				234,084

Nigeria — 0.0%
Federal Republic of Nigeria Treasury Bills^(s):
14.25%, 10/03/19	NGN	5,685		15,478
12.22%, 11/28/19		11,370		30,753
14.60%, 01/16/20		11,370		30,203
11.09%, 01/30/20		19,898		52,593
13.47%, 05/28/20		11,370		28,723


Security	Par (000)		Value
Nigeria (continued)
12.34%, 07/30/20	NGN	5,685	$	13,988

				171,738

Total Foreign Government Obligations — 0.1% (Cost: $399,406)				405,822


	Shares
Money Market Funds — 1.0%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 1.87%^(t)*		6,347,992		6,347,992


Total Money Market Funds — 1.0% (Cost: $6,347,992)				6,347,992


Total Short-Term Securities — 1.1% (Cost: $6,785,678)				6,792,094


Total Options Purchased — 0.0% (Cost: $249,252)				224,570


Total Investments Before Options Written, Borrowed Bonds and TBA Sale Commitments — 129.9% (Cost: $800,059,200)				819,503,423


Total Options Written — (0.0)% (Premium Received — $60,578)				(56,181	)


	Par (000)
Borrowed Bonds — (0.0)%

Foreign Agency Obligations — (0.0)%
YPF SA, 8.50%, 03/23/21	USD	44		(37,972	)


Total Foreign Agency Obligations — (0.0)% (Proceeds: $42,999)				(37,972	)


Total Borrowed Bonds — (0.0)% (Proceeds: $42,999)				(37,972	)


TBA Sale Commitments — (10.6)%^(p)

Mortgage-Backed Securities — (10.6)%
Government National Mortgage Association:
3.00%, 10/15/49		1,782		(1,828,056	)
4.00%, 10/15/49		4,351		(4,524,265	)
4.50%, 10/15/49		1,981		(2,072,054	)
5.00%, 10/15/49		1,806		(1,904,060	)
Uniform Mortgage-Backed Securities:
2.50%, 10/25/34 - 11/25/34		322		(324,415	)
4.00%, 10/25/34 - 10/25/49		15,446		(16,028,143	)
4.50%, 09/25/49 - 10/25/49		15,800		(16,610,564	)
3.00%, 10/25/49		2,581		(2,619,868	)
3.50%, 10/25/49		20,442		(20,967,423	)


Total TBA Sale Commitments — (10.6)% (Proceeds: $66,823,237)				(66,878,848	)


Total Investments Net of Options Written, Borrowed Bonds and TBA Sale Commitments — 119.3% (Cost: $733,132,386)				752,530,422

Liabilities in Excess of Other Assets — (19.3)%				(121,763,461	)


Net Assets — 100.0%			$	630,766,961


28

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

^(a)	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.

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

^(d)	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.

^(e)	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.

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

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

^(h)	Non-income producing security.

⁽ⁱ⁾	Zero-coupon bond.

^(j)	Convertible security.

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

^(l)	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.

^(m)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

⁽ⁿ⁾	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(o)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

^(p)	Represents or includes a TBA transaction.

^(q)	Certain agreements have no stated maturity and can be terminated by either party at any time.

^(r)	The amount to be repurchased assumes the maturity will be the day after the period end.

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

^(t)	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, and/or related parties of the Fund were as follows:


Affiliated Persons and/or Related Parties	Shares Held at 12/31/18	Shares Purchased	Shares Sold		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^(b)	22,894,841	—	(16,546,849	)	6,347,992	$	6,347,992	$	393,890	$	—		$	—
BlackRock Allocation Target Shares- BATS Series A	—	1,635,282	—		1,635,282		16,549,058		274,821		—			49,058

						$	22,897,050	$	668,711	$	—		$	49,058

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

^(b)	Represents net shares purchased (sold).

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.


			29

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return 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		15		12/06/19	$	2,384	$	10,421
Euro-Schatz		9		12/06/19		1,102		(106	)
U.S. Treasury 10 Year Ultra Note		139		12/19/19		19,794		(72,191	)
U.S. Treasury Ultra Bond		159		12/19/19		30,513		(403,101	)
U.S. Treasury 2 Year Note		73		12/31/19		15,732		22,243
U.S. Treasury 5 Year Note		150		12/31/19		17,872		44,267

								(398,467	)

Short Contracts
Euro-Bobl		60		12/06/19		8,871		45,797
Euro-Bund		26		12/06/19		4,938		502
Euro-Buxl		16		12/06/19		3,793		51,774
U.S. Treasury 10 Year Note		355		12/19/19		46,261		35,075
U.S. Treasury Long Bond		14		12/19/19		2,272		(12,460	)

								120,688

							$	(277,779	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	145,150	EUR	100,000	Deutsche Bank AG		10/01/19	$	565
BRL	4,182,539	EUR	912,000	BNP Paribas SA		10/02/19		12,606
BRL	29,338	USD	7,000	Citibank NA		10/02/19		61
USD	125,000	BRL	514,225	Morgan Stanley & Co. International plc		10/02/19		1,238
USD	17,154,626	EUR	15,520,000	Bank of America NA		10/03/19		237,316
USD	855,562	EUR	772,000	BNP Paribas SA		10/03/19		14,056
USD	1,176,082	EUR	1,063,000	Citibank NA		10/03/19		17,377
USD	589,443	EUR	533,000	Goldman Sachs International		10/03/19		8,454
USD	3,445,523	EUR	3,126,000	State Street Bank and Trust Co.		10/03/19		38,081
INR	6,131,900	USD	85,000	BNP Paribas SA		10/07/19		1,598
USD	47,000	ARS	2,340,600	Citibank NA		10/07/19		10,042
EGP	1,508,452	USD	91,000	BNP Paribas SA		10/09/19		1,460
EGP	2,815,540	USD	169,000	Morgan Stanley & Co. International plc		10/09/19		3,578
USD	15,000	ARS	894,000	JPMorgan Chase Bank NA		10/09/19		907
USD	25,000	ARS	1,515,000	Morgan Stanley & Co. International plc		10/09/19		1,118
USD	270,626	EUR	245,148	Westpac Banking Corp.		10/09/19		3,285
TRY	558,781	USD	96,000	UBS AG		10/10/19		2,667
USD	96,000	KRW	114,384,000	BNP Paribas SA		10/10/19		577
USD	138,500	KRW	165,055,685	UBS AG		10/10/19		804
USD	15,000	ARS	903,750	Goldman Sachs International		10/15/19		825
USD	189,000	SGD	260,741	BNP Paribas SA		10/15/19		325
USD	125,000	CLP	88,762,500	Citibank NA		10/16/19		3,233
USD	125,000	CLP	88,862,500	Citibank NA		10/23/19		3,077
USD	156,838	COP	539,523,050	Citibank NA		10/23/19		1,958
USD	442,261	COP	1,516,819,750	Credit Suisse International		10/23/19		6,829
USD	488,023	COP	1,677,171,550	JPMorgan Chase Bank NA		10/23/19		6,559
USD	127,000	COP	439,674,000	Morgan Stanley & Co. International plc		10/23/19		783
USD	612,720	COP	2,092,907,550	Natwest Markets plc		10/23/19		11,911
USD	94,000	ZAR	1,384,133	Morgan Stanley & Co. International plc		10/23/19		2,880
ZAR	4,693,738	USD	308,829	Citibank NA		10/23/19		170
USD	126,000	RUB	8,099,280	Bank of America NA		10/25/19		1,498
TWD	3,874,500	USD	125,000	HSBC Bank plc		10/30/19		79
BRL	146,799	USD	35,000	JPMorgan Chase Bank NA		11/04/19		244
RUB	20,446,050	USD	310,000	JPMorgan Chase Bank NA		11/06/19		3,794
RUB	26,795,470	USD	403,000	Morgan Stanley & Co. International plc		11/06/19		8,241


30

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	122,664	EUR	112,000	JPMorgan Chase Bank NA		11/06/19	$	246
USD	3,192,632	MXN	62,557,067	BNP Paribas SA		11/06/19		42,276
USD	443,000	MXN	8,720,771	HSBC Bank plc		11/06/19		3,825
USD	606,500	RUB	39,259,618	Bank of America NA		11/06/19		3,966
USD	201,500	RUB	12,955,443	Citibank NA		11/06/19		2,668
USD	30,000	ARS	2,107,500	Goldman Sachs International		11/29/19		77
USD	1,504,520	EUR	1,160,000	Deutsche Bank AG		12/13/19		233,077
CAD	837,838	AUD	916,000	Citibank NA		12/18/19		13,447
CAD	1,326	USD	1,000	Citibank NA		12/18/19		2
CHF	124,821	EUR	114,000	JPMorgan Chase Bank NA		12/18/19		933
EUR	1,045,000	CAD	1,515,391	JPMorgan Chase Bank NA		12/18/19		613
JPY	82,947,879	ZAR	11,334,000	Bank of America NA		12/18/19		30,804
NOK	5,165,000	SEK	5,503,974	Bank of America NA		12/18/19		6,296
USD	171,000	AUD	249,282	BNP Paribas SA		12/18/19		2,329
USD	57,000	CHF	56,318	BNP Paribas SA		12/18/19		175
USD	637,409	EUR	572,000	JPMorgan Chase Bank NA		12/18/19		10,156
USD	55,000	EUR	49,879	Natwest Markets plc		12/18/19		302
USD	170,000	GBP	136,907	JPMorgan Chase Bank NA		12/18/19		1,119
USD	925,000	JPY	99,415,300	BNP Paribas SA		12/18/19		205
USD	200,000	JPY	21,499,778	Citibank NA		12/18/19		2
USD	125,000	JPY	13,434,500	Royal Bank of Canada		12/18/19		28
USD	2,000	NOK	18,074	Bank of America NA		12/18/19		11
USD	510,253	NZD	801,000	BNP Paribas SA		12/18/19		7,770
USD	577,098	NZD	916,000	Citibank NA		12/18/19		2,473
USD	1,514,264	EUR	1,160,000	Deutsche Bank AG		02/25/20		235,814
JPY	154,610,000	USD	1,432,635	JPMorgan Chase Bank NA		03/16/20		14,303
USD	1,543,322	JPY	154,610,000	HSBC Bank plc		03/16/20		96,383

								1,117,496

CAD	1,508,539	EUR	1,045,000	JPMorgan Chase Bank NA		10/01/19		(349	)
EUR	1,145,000	CAD	1,657,388	Deutsche Bank AG		10/01/19		(3,007	)
BRL	1,910,012	USD	467,000	Citibank NA		10/02/19		(7,305	)
BRL	656,240	USD	160,000	Morgan Stanley & Co. International plc		10/02/19		(2,058	)
EUR	915,000	BRL	4,200,553	BNP Paribas SA		10/02/19		(13,671	)
USD	410,000	BRL	1,708,552	BNP Paribas SA		10/02/19		(1,209	)
USD	35,000	BRL	146,521	JPMorgan Chase Bank NA		10/02/19		(264	)
USD	64,000	BRL	266,618	Morgan Stanley & Co. International plc		10/02/19		(169	)
USD	30,000	ARS	1,995,000	JPMorgan Chase Bank NA		10/04/19		(1,580	)
USD	34,000	ARS	2,227,000	Morgan Stanley & Co. International plc		10/04/19		(1,252	)
ARS	2,994,600	USD	62,000	BNP Paribas SA		10/07/19		(14,716	)
ARS	870,000	USD	15,000	Goldman Sachs International		10/07/19		(1,263	)
ARS	925,600	USD	16,000	Morgan Stanley & Co. International plc		10/07/19		(1,385	)
USD	85,000	INR	6,107,250	HSBC Bank plc		10/07/19		(1,250	)
KRW	114,968,697	USD	96,000	BNP Paribas SA		10/10/19		(89	)
USD	96,000	TRY	559,717	UBS AG		10/10/19		(2,833	)
ARS	3,451,000	USD	70,000	JPMorgan Chase Bank NA		10/15/19		(15,873	)
SGD	260,823	USD	189,000	BNP Paribas SA		10/15/19		(265	)
USD	30,000	ARS	2,070,000	BNP Paribas SA		10/15/19		(2,467	)
USD	85,000	ARS	5,890,000	Goldman Sachs International		10/15/19		(7,381	)
CLP	111,449,590	USD	157,000	Natwest Markets plc		10/16/19		(4,110	)
CLP	60,182,500	USD	83,125	JPMorgan Chase Bank NA		10/23/19		(552	)
CLP	30,338,438	USD	41,875	UBS AG		10/23/19		(249	)
COP	525,294,000	USD	154,000	Barclays Bank plc		10/23/19		(3,204	)
COP	419,500,000	USD	125,000	Citibank NA		10/23/19		(4,575	)
COP	318,824,500	USD	94,000	UBS AG		10/23/19		(2,475	)
USD	303,631	ZAR	4,693,738	HSBC Bank plc		10/23/19		(5,368	)
ZAR	1,391,651	USD	94,000	Bank of America NA		10/23/19		(2,385	)
EUR	114,000	USD	125,960	Citibank NA		10/28/19		(1,439	)
USD	125,000	TWD	3,906,250	BNP Paribas SA		10/30/19		(1,104	)
BRL	1,411,860	USD	341,000	Citibank NA		11/04/19		(2,033	)
BRL	414,180	USD	100,000	Deutsche Bank AG		11/04/19		(562	)
BRL	524,160	USD	126,000	JPMorgan Chase Bank NA		11/04/19		(157	)
USD	45,000	ARS	3,335,250	BNP Paribas SA		11/04/19		(6,114	)


			31

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	94,000	BRL	393,973	Citibank NA		11/04/19		$	(587	)
EUR	112,000	USD	123,471	JPMorgan Chase Bank NA		11/06/19			(1,053	)
IDR	6,664,490,000	USD	469,000	BNP Paribas SA		11/06/19			(820	)
IDR	4,492,524,000	USD	317,000	Citibank NA		11/06/19			(1,400	)
MXN	9,503,187	USD	485,000	BNP Paribas SA		11/06/19			(6,423	)
USD	835,861	IDR	12,021,356,210	Bank of America NA		11/06/19			(8,639	)
USD	236,357	IDR	3,404,009,850	BNP Paribas SA		11/06/19			(2,775	)
USD	652,233	IDR	9,466,469,628	Citibank NA		11/06/19			(12,787	)
USD	469,000	IDR	6,929,475,000	JPMorgan Chase Bank NA		11/06/19			(17,796	)
USD	469,000	MXN	9,363,022	Citibank NA		11/06/19			(2,519	)
USD	1,497,104	RUB	98,899,738	Morgan Stanley & Co. International plc		11/06/19			(20,751	)
ARS	3,596,750	USD	70,000	HSBC Bank plc		11/13/19			(16,338	)
USD	34,000	ARS	2,524,500	Morgan Stanley & Co. International plc		11/29/19			(1,844	)
EUR	1,160,000	USD	1,419,283	JPMorgan Chase Bank NA		12/13/19			(147,840	)
AUD	916,000	CAD	833,711	Citibank NA		12/18/19			(10,328	)
AUD	1,145,000	NZD	1,237,462	JPMorgan Chase Bank NA		12/18/19			(1,548	)
AUD	48,749	USD	33,000	JPMorgan Chase Bank NA		12/18/19			(15	)
BRL	3,433,803	USD	841,000	UBS AG		12/18/19			(18,482	)
CHF	55,003	USD	56,000	JPMorgan Chase Bank NA		12/18/19			(502	)
EUR	114,000	CHF	124,425	Citibank NA		12/18/19			(533	)
EUR	343,000	USD	380,006	Bank of America NA		12/18/19			(3,873	)
EUR	95,224	USD	106,000	BNP Paribas SA		12/18/19			(1,578	)
EUR	229,500	USD	254,957	HSBC Bank plc		12/18/19			(3,288	)
EUR	340,000	USD	376,825	JPMorgan Chase Bank NA		12/18/19			(3,981	)
EUR	229,500	USD	254,805	Standard Chartered Bank		12/18/19			(3,136	)
JPY	134,325,712	USD	1,250,000	Citibank NA		12/18/19			(457	)
JPY	9,640,710	USD	90,000	UBS AG		12/18/19			(319	)
NOK	1,533,337	USD	172,000	BNP Paribas SA		12/18/19			(3,246	)
NZD	271,108	USD	172,000	BNP Paribas SA		12/18/19			(1,928	)
NZD	801,000	USD	509,437	Deutsche Bank AG		12/18/19			(6,953	)
NZD	916,000	USD	575,834	JPMorgan Chase Bank NA		12/18/19			(1,208	)
SEK	5,537,820	NOK	5,165,000	JPMorgan Chase Bank NA		12/18/19			(2,839	)
SEK	1,186,389	USD	123,000	BNP Paribas SA		12/18/19			(1,828	)
SEK	455,095	USD	47,000	Natwest Markets plc		12/18/19			(519	)
USD	841,000	BRL	3,521,242	JPMorgan Chase Bank NA		12/18/19			(2,463	)
USD	172,000	CAD	227,883	BNP Paribas SA		12/18/19			(234	)
USD	171,000	JPY	18,393,919	BNP Paribas SA		12/18/19			(106	)
ZAR	10,604,000	JPY	76,679,115	BNP Paribas SA		12/18/19			(20,202	)
ZAR	730,000	JPY	5,270,642	JPMorgan Chase Bank NA		12/18/19			(1,316	)
EUR	1,160,000	USD	1,429,520	JPMorgan Chase Bank NA		02/25/20			(151,070	)

									(596,237	)

	Net Unrealized Appreciation						��	$	521,259

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Expiration
Date

Exercise
Price

Barrier
Price/Range

Notional
Amount (000)

Value

Put

USD Currency

Up and In

Deutsche Bank AG

11/07/19

BRL 3.90

BRL 4.10

USD 560

627

OTC Currency Options Purchased

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount (000)

Value

Call

EUR Currency

BNP Paribas SA

10/11/19

USD

1.14

EUR

112

—

USD Currency

BNP Paribas SA

10/11/19

BRL

4.07

USD

424

10,621

EUR Currency

Morgan Stanley & Co. International plc

10/23/19

CHF

1.13

EUR

1,145


32

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

OTC Currency Options Purchased (continued)

Description

Counterparty

Expiration
Date

Exercise
Price

Notional
Amount (000)

Value

USD Currency

Morgan Stanley & Co. International plc

11/14/19

TWD

30.75

USD

251

2,537

13,194

Put

USD Currency

Citibank NA

10/04/19

ZAR

14.75

USD

119

USD Currency

Morgan Stanley & Co. International plc

10/04/19

ZAR

14.40

USD

125

—

USD Currency

Deutsche Bank AG

10/07/19

BRL

3.93

USD

238

EUR Currency

UBS AG

10/11/19

USD

1.12

EUR

225

5,170

USD Currency

Deutsche Bank AG

10/18/19

RUB

66.25

USD

190

3,978

USD Currency

BNP Paribas SA

10/29/19

BRL

4.08

USD

129

727

USD Currency

Morgan Stanley & Co. International plc

10/29/19

BRL

4.08

USD

129

724

USD Currency

Bank of America NA

10/30/19

MXN

20.15

USD

193

4,201

USD Currency

HSBC Bank plc

10/30/19

MXN

20.00

USD

481

7,822

USD Currency

Morgan Stanley & Co. International plc

10/30/19

MXN

19.50

USD

769

3,043

USD Currency

BNP Paribas SA

11/04/19

BRL

4.12

USD

129

1,290

USD Currency

HSBC Bank plc

11/14/19

BRL

4.08

USD

250

2,027

USD Currency

Bank of America NA

11/18/19

INR

71.50

USD

187

2,500

USD Currency

Bank of America NA

11/18/19

RUB

64.50

USD

187

1,459

USD Currency

JPMorgan Chase Bank NA

11/22/19

BRL

3.40

USD

368

—

USD Currency

JPMorgan Chase Bank NA

11/22/19

BRL

3.65

USD

883

USD Currency

BNP Paribas SA

12/17/19

JPY

106.00

USD

4,900

36,389

USD Currency

Royal Bank of Canada

12/17/19

JPY

106.00

USD

575

4,270

USD Currency

Deutsche Bank AG

12/20/19

JPY

106.00

USD

4,832

37,525

111,169

124,363

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

2,507

63,495

10-Year Interest Rate Swap

3 month LIBOR

Quarterly

1.70%

Semi-Annual

Bank of America NA

03/17/20

1.70

USD

159

4,027

67,522

Put

10-Year Interest Rate Swap

1.70%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

03/17/20

1.70

USD

2,507

30,146

10-Year Interest Rate Swap

1.70%

Semi-Annual

3 month LIBOR

Quarterly

Bank of America NA

03/17/20

1.70

USD

159

1,912

32,058

$ 99,580

OTC Currency Options Written


Description	Counterparty	Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Deutsche Bank AG		10/07/19	BRL	4.20	USD	119	$	(492	)
EUR Currency	UBS AG		10/11/19	USD	1.14	EUR	112		—
USD Currency	BNP Paribas SA		10/11/19	BRL	4.22	USD	849		(3,303	)
USD Currency	Deutsche Bank AG		10/18/19	RUB	70.00	USD	95		(4	)
USD Currency	BNP Paribas SA		10/29/19	BRL	4.30	USD	64		(351	)
USD Currency	Morgan Stanley & Co. International plc		10/29/19	BRL	4.30	USD	64		(351	)
USD Currency	BNP Paribas SA		11/04/19	BRL	4.30	USD	64		(428	)
USD Currency	Deutsche Bank AG		11/07/19	BRL	4.10	USD	100		(2,720	)
USD Currency	Bank of America NA		11/18/19	RUB	66.00	USD	94		(931	)


			33

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

OTC Currency Options Written (continued)


Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
USD Currency	JPMorgan Chase Bank NA		11/22/19		BRL	3.95		USD	276	$	(15,929	)

											(24,509	)

Put
USD Currency	Citibank NA		10/04/19		ZAR	14.40		USD	179		—
USD Currency	Deutsche Bank AG		10/07/19		BRL	3.80		USD	238		—
EUR Currency	UBS AG		10/11/19		USD	1.10		EUR	169		(942	)
USD Currency	BNP Paribas SA		10/11/19		BRL	3.95		USD	424		(12	)
USD Currency	Morgan Stanley & Co. International plc		10/29/19		BRL	3.92		USD	129		(74	)
USD Currency	BNP Paribas SA		10/29/19		BRL	3.92		USD	129		(74	)
USD Currency	Bank of America NA		10/30/19		MXN	19.65		USD	289		(1,872	)
USD Currency	HSBC Bank plc		10/30/19		MXN	19.50		USD	769		(3,019	)
USD Currency	BNP Paribas SA		11/04/19		BRL	4.00		USD	193		(512	)
USD Currency	HSBC Bank plc		11/14/19		BRL	3.99		USD	375		(1,220	)
USD Currency	Bank of America NA		11/18/19		RUB	62.90		USD	281		(522	)
USD Currency	Bank of America NA		11/18/19		INR	70.50		USD	281		(1,644	)
USD Currency	JPMorgan Chase Bank NA		11/22/19		BRL	3.50		USD	1,104		(2	)
USD Currency	BNP Paribas SA		12/17/19		JPY	102.00		USD	5,475		(11,161	)
USD Currency	Deutsche Bank AG		12/20/19		JPY	102.00		USD	4,832		(10,618	)

											(31,672	)

										$	(56,181	)

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.IG.33.V1		1.00	%		Quarterly		12/20/24		USD	6,894	$	(139,159	)	$	(143,746	)	$	4,587
ITRAXX.EUR.Main.32.V1		1.00	%		Quarterly		12/20/24		EUR	14,709		(378,526	)		(369,230	)		(9,296	)

											$	(517,685	)	$	(512,976	)	$	(4,709	)

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	9,619	$	(7,410	)	$	—	$	(7,410	)
1 month HICPXT	At Termination	0.99%	At Termination		09/15/29		EUR	9,619		14,472			—		14,472

									$	7,062		$	—	$	7,062

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	22,534	$	12,767		$	—	$	12,767
6.86%	Monthly	28 day MXIBTIIE	Monthly		07/24/20	^(a)		07/23/21	MXN	5,597		(1,643	)		—		(1,643	)
6.90%	Monthly	28 day MXIBTIIE	Monthly		07/27/20	^(a)		07/26/21	MXN	7,812		(2,436	)		—		(2,436	)
6.78%	Monthly	28 day MXIBTIIE	Monthly		08/07/20	^(a)		08/06/21	MXN	24,720		(6,384	)		—		(6,384	)


34

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

Centrally Cleared Interest Rate Swaps (continued)


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)
6 month GBP LIBOR	Semi-Annual	0.75%	Semi-Annual		N/A		09/24/21	GBP	12,785	$	26,108		$	—	$	26,108
6 month GBP LIBOR	Semi-Annual	0.73%	Semi-Annual		N/A		09/26/21	GBP	12,725		19,415			—		19,415
7.23%	Monthly	28 day MXIBTIIE	Monthly		N/A		07/18/22	MXN	6,068		(5,333	)		—		(5,333	)
7.23%	Monthly	28 day MXIBTIIE	Monthly		N/A		07/19/22	MXN	3,034		(2,669	)		—		(2,669	)
7.22%	Monthly	28 day MXIBTIIE	Monthly		N/A		07/20/22	MXN	1,167		(1,014	)		—		(1,014	)
7.21%	Monthly	28 day MXIBTIIE	Monthly		N/A		07/25/22	MXN	1,633		(1,416	)		—		(1,416	)
7.20%	Monthly	28 day MXIBTIIE	Monthly		N/A		08/03/22	MXN	11,114		(9,340	)		—		(9,340	)
28 day MXIBTIIE	Monthly	7.00%	Monthly		N/A		08/11/22	MXN	14,122		8,285			—		8,285
7.11%	Monthly	28 day MXIBTIIE	Monthly		N/A		10/14/22	MXN	5,081		(4,052	)		—		(4,052	)
7.11%	Monthly	28 day MXIBTIIE	Monthly		N/A		10/14/22	MXN	3,855		(3,102	)		—		(3,102	)
28 day MXIBTIIE	Monthly	8.13%	Monthly		N/A		02/02/24	MXN	7,278		22,616			—		22,616
28 day MXIBTIIE	Monthly	8.14%	Monthly		N/A		02/05/24	MXN	5,230		16,389			—		16,389
28 day MXIBTIIE	Monthly	6.73%	Monthly		N/A		08/09/24	MXN	4,769		1,835			—		1,835
28 day MXIBTIIE	Monthly	6.67%	Monthly		N/A		08/12/24	MXN	10,494		2,757			—		2,757
28 day MXIBTIIE	Monthly	6.72%	Monthly		N/A		08/13/24	MXN	9,029		3,248			—		3,248
28 day MXIBTIIE	Monthly	6.32%	Monthly		N/A		07/17/25	MXN	1,733		(1,143	)		—		(1,143	)
3 month LIBOR	Quarterly	2.13%	Semi-Annual		N/A		08/25/25	USD	60		2,101			—		2,101
2.27%	Semi-Annual	3 month LIBOR	Quarterly		N/A		09/11/25	USD	91		(3,946	)		—		(3,946	)
2.91%	Semi-Annual	3 month LIBOR	Quarterly		N/A		08/23/26	USD	125		(11,582	)		—		(11,582	)
3.16%	Semi-Annual	3 month LIBOR	Quarterly		N/A		10/03/28	USD	152		(22,088	)		—		(22,088	)

										$	39,373		$	—	$	39,373

^(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)
United Mexican States		1.00	%	Quarterly	JPMorgan Chase Bank NA	06/20/20	USD	135	$	(705	)	$	177		$	(882	)
United Mexican States		1.00	%	Quarterly	Bank of America NA	09/20/20	USD	135		(864	)		337			(1,201	)
Federative Republic of Brazil		1.00	%	Quarterly	Barclays Bank plc	12/20/23	USD	142		479			5,306			(4,827	)
Argentine Republic		5.00	%	Quarterly	Morgan Stanley & Co. International plc	12/20/24	USD	108		64,874			61,991			2,883
CDX.NA.EM.32.V1		1.00	%	Quarterly	Citibank NA	12/20/24	USD	328		17,167			15,996			1,171
Federative Republic of Brazil		1.00	%	Quarterly	Citibank NA	12/20/24	USD	250		4,444			4,340			104
Federative Republic of Brazil		1.00	%	Quarterly	Citibank NA	12/20/24	USD	1,491		26,495			25,872			623
Federative Republic of Brazil		1.00	%	Quarterly	Goldman Sachs International	12/20/24	USD	155		2,756			2,938			(182	)
Federative Republic of Brazil		1.00	%	Quarterly	Goldman Sachs International	12/20/24	USD	982		17,464			18,623			(1,159	)
Republic of Colombia		1.00	%	Quarterly	Citibank NA	12/20/24	USD	46		(159	)		(174	)		15
Republic of Colombia		1.00	%	Quarterly	Citibank NA	12/20/24	USD	671		(2,321	)		(2,546	)		225
Republic of Colombia		1.00	%	Quarterly	Morgan Stanley & Co. International plc	12/20/24	USD	360		(1,245	)		(1,433	)		188
Republic of Colombia		1.00	%	Quarterly	Morgan Stanley & Co. International plc	12/20/24	USD	20		(69	)		(80	)		11
Republic of South Africa		1.00	%	Quarterly	Goldman Sachs International	12/20/24	USD	731		32,250			29,494			2,756
Republic of the Philippines		1.00	%	Quarterly	Citibank NA	12/20/24	USD	1,046		(27,203	)		(27,609	)		406
Republic of Turkey		1.00	%	Quarterly	Goldman Sachs International	12/20/24	USD	508		58,804			65,986			(7,182	)
State of Qatar		1.00	%	Quarterly	JPMorgan Chase Bank NA	12/20/24	USD	172		(4,019	)		(4,467	)		448
United Mexican States		1.00	%	Quarterly	Citibank NA	12/20/24	USD	160		1,229			1,015			214
United Mexican States		1.00	%	Quarterly	Citibank NA	12/20/24	USD	277		2,127			2,185			(58	)
United Mexican States		1.00	%	Quarterly	Citibank NA	12/20/24	USD	1,709		13,123			13,480			(357	)
United Mexican States		1.00	%	Quarterly	Citibank NA	12/20/24	USD	1,000		7,679			6,341			1,338
CMBX.NA.9.AAA-		0.50	%	Monthly	Credit Suisse International	09/17/58	USD	150		(1,923	)		1,742			(3,665	)
CMBX.NA.9.AAA-		0.50	%	Monthly	Deutsche Bank AG	09/17/58	USD	120		(1,538	)		1,410			(2,948	)
CMBX.NA.9.AAA-		0.50	%	Monthly	Morgan Stanley & Co. International plc	09/17/58	USD	90		(1,154	)		1,047			(2,201	)
CMBX.NA.9.AAA-		0.50	%	Monthly	Morgan Stanley & Co. International plc	09/17/58	USD	230		(2,949	)		2,878			(5,827	)
CMBX.NA.9.AAA-		0.50	%	Monthly	Morgan Stanley & Co. International plc	09/17/58	USD	100		(1,282	)		1,161			(2,443	)


			35

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

OTC Credit Default Swaps — Buy Protection (continued)


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)
CMBX.NA.9.BBB-		3.00	%		Monthly		Morgan Stanley & Co. International plc		09/17/58		USD	8	$	217		$	450		$	(233	)
CMBX.NA.6.AAA-		0.50	%		Monthly		Deutsche Bank AG		05/11/63		USD	380		(1,641	)		(144	)		(1,497	)
CMBX.NA.6.AAA-		0.50	%		Monthly		Deutsche Bank AG		05/11/63		USD	161		(697	)		(12	)		(685	)
CMBX.NA.6.BBB-		3.00	%		Monthly		JPMorgan Securities LLC		05/11/63		USD	30		2,526			2,797			(271	)

													$	203,865		$	229,101		$	(25,236	)

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)
United Mexican States	1.00	%	Quarterly	Bank of America NA	06/20/20	BBB+		USD	135		$	706		$	(204	)	$	910
United Mexican States	1.00	%	Quarterly	JPMorgan Chase Bank NA	09/20/20	BBB+		USD	135			864			(294	)		1,158
Republic of Turkey	1.00	%	Quarterly	Goldman Sachs International	12/20/24	B+		USD	127			(14,701	)		(16,497	)		1,796
CMBX.NA.3.AM	0.50	%	Monthly	Credit Suisse International	12/13/49	NR		USD	5			(17	)		(464	)		447
CMBX.NA.9.BBB-	3.00	%	Monthly	Deutsche Bank AG	09/17/58	NR		USD	37			(1,002	)		(4,338	)		3,336
CMBX.NA.9.BBB-	3.00	%	Monthly	Morgan Stanley & Co. International plc	09/17/58	NR		USD	8			(217	)		(478	)		261
CMBX.NA.10.A	2.00	%	Monthly	Deutsche Bank AG	11/17/59	A-		USD	120			464			(5,045	)		5,509
CMBX.NA.10.A	2.00	%	Monthly	Deutsche Bank AG	11/17/59	A-		USD	60			232			(2,568	)		2,800
CMBX.NA.10.BBB-	3.00	%	Monthly	JPMorgan Securities LLC	11/17/59	NR		USD	10			(328	)		(835	)		507
CMBX.NA.6.BBB-	3.00	%	Monthly	Credit Suisse International	05/11/63	BBB-		USD	30			(2,527	)		(2,312	)		(215	)

											$	(16,526	)	$	(33,035	)	$	16,509

^(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 Interest Rate Swaps


Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency	Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
3.27%	Semi-Annual	3 month LIBOR	Quarterly	Deutsche Bank AG		05/16/21	USD	470	$	(16,315	)	$	—	$	(16,315	)
1 day BZDIOVER	At Termination	6.35%	At Termination	JPMorgan Chase Bank NA		01/02/23	BRL	4,521		12,650			—		12,650
1 day BZDIOVER	At Termination	8.27%	At Termination	JPMorgan Chase Bank NA		01/02/23	BRL	2,627		54,762			—		54,762
5.73%	Monthly	28 day MXIBTIIE	Monthly	Bank of America NA		01/03/25	MXN	672		1,292			—		1,292
28 day MXIBTIIE	Monthly	6.43%	Monthly	Bank of America NA		06/06/25	MXN	541		(220	)		—		(220	)
28 day MXIBTIIE	Monthly	6.33%	Monthly	Citibank NA		06/09/25	MXN	271		(172	)		—		(172	)
28 day MXIBTIIE	Monthly	6.33%	Monthly	Citibank NA		07/17/25	MXN	864		(559	)		—		(559	)


36

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund

OTC Interest Rate Swaps (continued)


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	Counterparty		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
6.31%	Monthly	28 day MXIBTIIE	Monthly		Deutsche Bank AG		08/11/25	MXN	3,395	$	2,416		$	—	$	2,416
28 day MXIBTIIE	Monthly	6.27%	Monthly		Bank of America NA		12/05/25	MXN	122		(106	)		—		(106	)

										$	53,748		$	—	$	53,748

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 TIIE28-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

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CLP		Chilean Peso

COP		Colombian Peso

EGP		Egyptian Pound

EUR		Euro

GBP		British Pound

IDR		Indonesian Rupiah

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

NGN		Nigerian Naira

NOK		Norwegian Krone

NZD		New Zealand Dollar

RUB		New Russian Ruble

SEK		Swedish Krona

SGD		Singapore Dollar

TRY		Turkish Lira

TWD		Taiwan New Dollar

USD		United States Dollar

ZAR		South African Rand


			37

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund


Portfolio Abbreviations

ABS		Asset-Backed Security

BZDIOVER		Overnight Brazil CETIP — Interbank Rate

CLO		Collateralized Loan Obligation

COP		Certificates of Participation

CSMC		Credit Suisse Mortgage Capital

CWABS		Countrywide Asset-Backed Certificates

DAC		Designated Activity Company

EURIBOR		Euro Interbank Offered Rate

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MXIBTIIE		Mexico Interbank TIIE28-Day

OTC		Over-the-counter

PCL		Public Company Limited

PJSC		Public Joint Stock Company

RB		Revenue Bonds

REMIC		Real Estate Mortgage Investment Conduit

SCA		Svenska Cellulosa Aktiebolaget

SOFR		Secured Overnight Financing Rate

TBA		To-be-announced

VRDN		Variable Rate Demand Notes

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:
Asset-Backed Securities	$	—	$	44,776,694	$	3,769,416	$	48,546,110
Corporate Bonds:
Aerospace & Defense		—		8,576,272		—		8,576,272
Air Freight & Logistics		—		984,282		—		984,282
Airlines		—		3,673,385		—		3,673,385
Auto Components		—		15,429		—		15,429
Automobiles		—		2,701,179		—		2,701,179
Banks		—		49,931,590		—		49,931,590
Beverages		—		3,670,220		—		3,670,220
Biotechnology		—		3,043,708		—		3,043,708
Building Products		—		433,716		—		433,716


38

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund


	Level 1		Level 2		Level 3		Total
Capital Markets	$	—	$	11,592,646	$	833,441	$	12,426,087
Chemicals		—		2,419,403		—		2,419,403
Commercial Services & Supplies		—		2,482,675		—		2,482,675
Communications Equipment		—		514,583		—		514,583
Construction Materials		—		23,892		—		23,892
Consumer Finance		—		6,234,541		—		6,234,541
Containers & Packaging		—		219,667		—		219,667
Diversified Consumer Services		—		878,488		—		878,488
Diversified Financial Services		—		2,028,805		—		2,028,805
Diversified Telecommunication Services		—		9,289,646		—		9,289,646
Electric Utilities		—		16,251,224		—		16,251,224
Electrical Equipment		—		492,659		—		492,659
Electronic Equipment, Instruments & Components		—		211,995		—		211,995
Energy Equipment & Services		—		270,185		—		270,185
Entertainment		—		1,067,075		—		1,067,075
Equity Real Estate Investment Trusts (REITs)		—		2,193,720		—		2,193,720
Food & Staples Retailing		—		2,313,529		—		2,313,529
Food Products		—		432,466		—		432,466
Gas Utilities		—		304,571		—		304,571
Health Care Equipment & Supplies		—		2,138,101		—		2,138,101
Health Care Providers & Services		—		7,956,785		—		7,956,785
Hotels, Restaurants & Leisure		—		1,098,285		—		1,098,285
Household Products		—		294,312		—		294,312
Independent Power and Renewable Electricity Producers		—		108,110		—		108,110
Industrial Conglomerates		—		1,632,389		—		1,632,389
Insurance		—		4,717,782		—		4,717,782
Internet & Direct Marketing Retail		—		909,734		—		909,734
IT Services		—		7,390,148		—		7,390,148
Life Sciences Tools & Services		—		1,543,719		—		1,543,719
Machinery		—		41,221		—		41,221
Media		—		6,215,575		—		6,215,575
Metals & Mining		—		1,541,387		—		1,541,387
Multiline Retail		—		55,928		—		55,928
Multi-Utilities		—		946,157		—		946,157
Oil, Gas & Consumable Fuels		—		19,591,666		—		19,591,666
Paper & Forest Products		—		647,950		—		647,950
Pharmaceuticals		—		6,613,405		—		6,613,405
Real Estate Management & Development		—		1,957,685		—		1,957,685
Road & Rail		—		4,081,463		—		4,081,463
Semiconductors & Semiconductor Equipment		—		5,429,207		—		5,429,207
Software		—		3,922,191		—		3,922,191
Specialty Retail		—		969,450		—		969,450
Technology Hardware, Storage & Peripherals		—		1,952,525		—		1,952,525
Textiles, Apparel & Luxury Goods		—		549,054		—		549,054
Thrifts & Mortgage Finance		—		487,724		—		487,724
Tobacco		—		3,606,907		—		3,606,907
Trading Companies & Distributors		—		255,465		—		255,465
Wireless Telecommunication Services		—		1,196,586		—		1,196,586
Floating Rate Loan Interests:
Air Freight & Logistics		—		77,927		—		77,927
Banks		—		—		384,198		384,198
Building Products		—		199,714		—		199,714
Capital Markets		—		—		160,305		160,305
Construction Materials		—		133,820		—		133,820
Diversified Financial Services		—		100,326		—		100,326
Health Care Providers & Services		—		309,241		—		309,241
Media		—		19,411		180,997		200,408
Oil, Gas & Consumable Fuels		—		173,092		—		173,092
Thrifts & Mortgage Finance		—		—		1,312,354		1,312,354
Foreign Agency Obligations^(a)		—		4,511,843		—		4,511,843
Foreign Government Obligations^(a)		—		20,053,112		—		20,053,112
Investment Companies		16,549,058		—		—		16,549,058
Municipal Bonds		—		33,499,187		—		33,499,187
Non-Agency Mortgage-Backed Securities		—		25,595,792		1,468,915		27,064,707
Capital Trusts^(a)		—		1,955,361		—		1,955,361
U.S. Government Sponsored Agency Securities		—		326,008,310		—		326,008,310


			39

Schedule of Investments (unaudited) (continued)

September 30, 2019

BlackRock Total Return V.I. Fund


	Level 1			Level 2			Level 3		Total
U.S. Treasury Obligations	$	—		$	110,311,783		$	—	$	110,311,783
Short-Term Securities:
Borrowed Bond Agreements		—			38,280			—		38,280
Foreign Government Obligations^(a)		—			405,822			—		405,822
Money Market Funds		6,347,992			—			—		6,347,992
Options Purchased:
Foreign currency exchange contracts		—			124,990			—		124,990
Interest rate contracts		—			99,580			—		99,580
Liabilities:
Investments:
Borrowed Bonds		—			(37,972	)		—		(37,972	)
TBA Sale Commitments		—			(66,878,848	)		—		(66,878,848	)

	$	22,897,050		$	721,579,927		$	8,109,626	$	752,586,603

Derivative Financial Instruments^(b)
Assets:
Credit contracts	$	—		$	31,693		$	—	$	31,693
Foreign currency exchange contracts		—			1,117,496			—		1,117,496
Interest rate contracts		210,079			186,641			—		396,720
Other contracts		—			14,472			—		14,472
Liabilities:
Credit contracts		—			(45,129	)		—		(45,129	)
Foreign currency exchange contracts		—			(652,418	)		—		(652,418	)
Interest rate contracts		(487,858	)		(93,520	)		—		(581,378	)
Other contracts		—			(7,410	)		—		(7,410	)

	$	(277,779	)	$	551,825		$	—	$	274,046

^(a)

See above Schedule of Investments for values in each industry or country.

^(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.

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:


	Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			U.S. Government Sponsored Agency Securities			Total
Investments:
Assets:
Opening balance, as of December 31, 2018	$	1,026,437		$	894,031		$	3,465,229		$	3,137,920		$	81,630		$	8,605,247
Transfers into level 3		2,471,279			—			—			—			—			2,471,279
Transfers out of level 3		(20,381	)		—			—			(426,147	)		(81,630	)		(528,158	)
Other^(a)		808,297			—			—			(808,297	)		—			—
Accrued discounts/premiums		5,562			—			—			28,271			—			33,833
Net realized gain		25,034			—			4,587			18,685			—			48,306
Net change in unrealized appreciation (depreciation)^(b)		80,283			—			(117	)		(57,081	)		—			23,085
Purchases		338,440			—			576,915			—			—			915,355
Sales		(965,535	)		(60,590	)		(2,008,760	)		(424,436	)		—			(3,459,321	)

Closing balance, as of September 30, 2019	$	3,769,416		$	833,441		$	2,037,854		$	1,468,915		$	—		$	8,109,626

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2019^(b)	$	78,827		$	—		$	(117	)	$	(57,181	)	$	—		$	21,529

^(a)

Certain Level 3 investments werere-classified between Asset-Backed Securities andNon-Agency Mortgage-Backed Securities.

^(b)

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.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.


40

BlackRock Variable Series Funds II NPORT-PBlackRock Total Return V.I. Fund (Sep 2019 report)