BlackRock Variable Series Funds II NPORT-P BlackRock High Yield V.I. Fund (Mar 2020 report)

Schedule of Investments  (unaudited) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks — 0.8%
Aerospace & Defense — 0.0%
Bombardier, Inc., Class B(a)			216,793	$	70,092
Chemicals — 0.3%
Element Solutions, Inc.(a)			153,824		1,285,969
Energy Equipment & Services — 0.0%
McDermott International, Inc.(a)			11,895		690
Equity Real Estate Investment Trusts (REITs) — 0.3%
Gaming and Leisure Properties, Inc.			18,489		512,330
VICI Properties, Inc.			45,913		763,992
					1,276,322
Life Sciences Tools & Services — 0.0%
PPD, Inc.(a)			1,969		35,068
Media — 0.0%
Clear Channel Outdoor Holdings, Inc.(a)			146,145		93,533
Metals & Mining — 0.1%
Constellium SE, Class A(a)			80,736		420,635
Pharmaceuticals — 0.1%
Bausch Health Cos., Inc.(a)			31,341		485,785
Total Common Stocks — 0.8% (Cost: $6,168,414)					3,668,094
		Par (000)
Corporate Bonds — 87.0%
Aerospace & Defense — 4.3%
Arconic, Inc.:
5.40%, 04/15/21	USD		16		15,862
5.87%, 02/23/22			335		329,874
5.13%, 10/01/24			864		853,200
Bombardier, Inc.(b):
8.75%, 12/01/21			1,205		1,001,656
5.75%, 03/15/22			236		178,770
6.13%, 01/15/23			668		470,940
7.50%, 12/01/24			148		99,900
7.50%, 03/15/25			311		222,210
7.88%, 04/15/27			2,115		1,411,445
BWX Technologies, Inc., 5.38%, 07/15/26(b)			368		353,280
F-Brasile SpA, Series XR, 7.38%, 08/15/26(b)			741		737,295
General Dynamics Corp., 4.25%, 04/01/50			140		176,287
Huntington Ingalls Industries, Inc.(b):
3.84%, 05/01/25			370		380,902
4.20%, 05/01/30			610		632,274
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(b)			719		657,885
Moog, Inc., 4.25%, 12/15/27(b)			477		430,492
Northrop Grumman Corp., 5.25%, 05/01/50			160		216,366
Signature Aviation US Holdings, Inc.(b):
5.38%, 05/01/26			269		260,257
4.00%, 03/01/28			482		435,150
SSL Robotics LLC, 9.75%, 12/31/23(b)			307		316,210
TransDigm UK Holdings plc, 6.88%, 05/15/26			765		711,450
TransDigm, Inc., 6.25%, 03/15/26(b)			9,251		9,216,309
					19,108,014

Security		Par (000)		Value
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(b)	USD		198	$	193,604
Auto Components — 1.7%
Allison Transmission, Inc.(b):
5.00%, 10/01/24			16		15,520
5.88%, 06/01/29			861		809,340
Dealer Tire LLC, 8.00%, 02/01/28(b)			472		377,600
Icahn Enterprises LP:
6.75%, 02/01/24			49		47,285
4.75%, 09/15/24			271		249,241
6.25%, 05/15/26			612		578,340
5.25%, 05/15/27			733		677,109
Panther BF Aggregator 2 LP(b):
6.25%, 05/15/26			2,324		2,196,180
8.50%, 05/15/27			2,775		2,420,910
					7,371,525
Automobiles — 0.1%
Tesla, Inc., 5.30%, 08/15/25(b)			504		472,500
Banks — 0.5%
Banco Espirito Santo SA(a)(c):
4.75%, 01/15/18	EUR		100		17,647
2.63%, 05/08/18			100		17,646
4.00%, 01/21/19			100		17,646
Barclays plc:
4.38%, 09/11/24	USD		850		847,020
5.20%, 05/12/26			200		205,480
BNP Paribas SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.94%), 4.50%(b)(d)(e)			325		250,250
CIT Group, Inc.:
5.00%, 08/15/22			30		29,100
5.00%, 08/01/23			396		380,996
HSBC Holdings plc, (USD Swap Rate 5 Year + 3.75%), 6.00%(d)(e)			465		440,588
					2,206,373
Building Products — 0.5%(b)
Advanced Drainage Systems, Inc., 5.00%, 09/30/27			545		485,050
Builders FirstSource, Inc., 5.00%, 03/01/30			316		284,400
CPG Merger Sub LLC, 8.00%, 10/01/21			604		586,121
JELD-WEN, Inc.:
4.63%, 12/15/25			200		176,000
4.88%, 12/15/27			4		3,530
Masonite International Corp.:
5.75%, 09/15/26			45		44,100
5.38%, 02/01/28			117		114,988
Standard Industries, Inc.:
5.38%, 11/15/24			206		198,790
6.00%, 10/15/25			366		359,705
					2,252,684
Capital Markets — 1.5%
AG Issuer LLC, 6.25%, 03/01/28(b)			38		31,920
Altice France Holding SA, 10.50%, 05/15/27(b)			3,124		3,295,820
Credit Suisse Group AG(b)(d)(e):
(USD Swap Semi 5 Year + 4.60%), 7.50%			200		184,320
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%			700		614,390
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.29%), 5.10%			235		181,538
Goldman Sachs Group, Inc. (The), Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%(d)(e)			1,170		1,041,300

1

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Capital Markets (continued)
MSCI, Inc.(b):
4.75%, 08/01/26	USD		62	$	61,070
4.00%, 11/15/29			188		186,755
3.63%, 09/01/30			72		68,310
Owl Rock Capital Corp.:
5.25%, 04/15/24			146		141,614
4.00%, 03/30/25			195		150,358
3.75%, 07/22/25			866		718,359
State Street Corp., (SOFR + 2.65%), 3.15%, 03/30/31(b)(e)			35		35,803
					6,711,557
Chemicals — 2.4%
Atotech Alpha 2 BV, 8.75%, (8.75% Cash or 9.50% PIK), 06/01/23(b)(f)			1,010		909,000
Atotech Alpha 3 BV, 6.25%, 02/01/25(b)			2,554		2,352,872
Axalta Coating Systems LLC, 4.88%, 08/15/24(b)			748		718,080
Blue Cube Spinco LLC:
9.75%, 10/15/23			567		588,971
10.00%, 10/15/25			290		305,979
Chemours Co. (The):
6.63%, 05/15/23			617		524,450
5.38%, 05/15/27			70		53,540
Ecolab, Inc., 4.80%, 03/24/30			220		247,123
Element Solutions, Inc., 5.88%, 12/01/25(b)			2,148		2,105,040
Gates Global LLC, 6.25%, 01/15/26(b)			753		666,405
GCP Applied Technologies, Inc., 5.50%, 04/15/26(b)			306		284,580
NOVA Chemicals Corp., 4.88%, 06/01/24(b)			81		71,078
OCI NV, 5.25%, 11/01/24(b)			277		238,220
PQ Corp.(b):
6.75%, 11/15/22			32		32,161
5.75%, 12/15/25			912		820,800
Valvoline, Inc., 4.25%, 02/15/30(b)			449		420,893
W.R. Grace & Co., 5.63%, 10/01/24(b)			206		202,848
					10,542,040
Commercial Services & Supplies — 3.2%
ACCO Brands Corp., 5.25%, 12/15/24(b)			104		99,840
ADT Security Corp. (The):
3.50%, 07/15/22			11		10,725
4.13%, 06/15/23			184		179,858
4.88%, 07/15/32(b)			867		736,690
Advanced Disposal Services, Inc., 5.63%, 11/15/24(b)			146		147,825
Allied Universal Holdco LLC(b):
6.63%, 07/15/26			2,877		2,826,653
9.75%, 07/15/27			1,113		1,048,891
APX Group, Inc.:
7.88%, 12/01/22			115		108,139
8.50%, 11/01/24(b)			202		184,327
6.75%, 02/15/27(b)			455		377,650
Aramark Services, Inc.:
5.00%, 04/01/25(b)			53		50,170
4.75%, 06/01/26			72		67,846
5.00%, 02/01/28(b)			338		314,549
Clean Harbors, Inc.(b):
4.88%, 07/15/27			233		228,084
5.13%, 07/15/29			400		372,000
Garda World Security Corp.(b):
4.63%, 02/15/27			509		455,555
9.50%, 11/01/27			376		336,106
GFL Environmental, Inc.(b):
7.00%, 06/01/26			1,195		1,156,659
5.13%, 12/15/26			851		829,725
8.50%, 05/01/27			632		634,970

Security		Par (000)		Value
Commercial Services & Supplies (continued)
IAA, Inc., 5.50%, 06/15/27(b)	USD		617	$	596,947
KAR Auction Services, Inc., 5.13%, 06/01/25(b)			347		331,385
Mobile Mini, Inc., 5.88%, 07/01/24			1,268		1,214,110
Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/25(b)			196		181,790
Prime Security Services Borrower LLC(b):
5.25%, 04/15/24			135		133,352
5.75%, 04/15/26			42		41,160
6.25%, 01/15/28			686		591,675
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(b)			381		380,044
Vericast Corp., 8.38%, 08/15/22(b)			175		134,969
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			692		642,037
					14,413,731
Communications Equipment — 0.5%
CommScope, Inc.(b):
5.50%, 03/01/24			495		500,940
6.00%, 03/01/26			170		169,745
Nokia OYJ:
4.38%, 06/12/27			187		181,390
6.63%, 05/15/39			451		456,863
ViaSat, Inc., 5.63%, 04/15/27(b)			980		967,750
					2,276,688
Construction & Engineering — 0.2%(b)
Brand Industrial Services, Inc., 8.50%, 07/15/25			930		730,236
New Enterprise Stone & Lime Co., Inc.:
10.13%, 04/01/22			158		157,605
6.25%, 03/15/26			99		91,080
					978,921
Consumer Finance — 1.7%
Ally Financial, Inc., 8.00%, 11/01/31			1,863		2,158,658
Ford Motor Credit Co. LLC:
5.88%, 08/02/21			348		341,040
2.98%, 08/03/22			396		368,280
4.14%, 02/15/23			248		229,847
3.81%, 01/09/24			379		342,995
4.13%, 08/04/25			650		576,550
Global Aircraft Leasing Co. Ltd., 6.50%, (6.50% Cash or 7.25% PIK), 09/15/24(b)(f)			954		611,447
Navient Corp.:
5.00%, 10/26/20			47		46,295
7.25%, 09/25/23			211		204,683
6.13%, 03/25/24			176		162,800
5.88%, 10/25/24			116		106,720
6.75%, 06/25/25			140		128,800
6.75%, 06/15/26			138		126,960
5.00%, 03/15/27			24		20,633
Springleaf Finance Corp.:
6.13%, 05/15/22			45		45,463
6.88%, 03/15/25			256		257,823
7.13%, 03/15/26			447		442,530
6.63%, 01/15/28			547		516,915
5.38%, 11/15/29			153		139,995
Toyota Motor Credit Corp., 3.38%, 04/01/30			560		565,471
					7,393,905
Containers & Packaging — 2.3%
ARD Finance SA, 6.50%, (6.50% Cash or 0.00% PIK), 06/30/27(b)(f)			1,389		1,193,012
Ardagh Packaging Finance plc(b):
4.13%, 08/15/26			673		669,635
4.75%, 07/15/27	GBP		100		113,342
5.25%, 08/15/27	USD		518		530,950

2

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging (continued)
Berry Global, Inc., 4.88%, 07/15/26(b)	USD		114	$	115,140
Crown Americas LLC:
4.75%, 02/01/26			220		225,434
4.25%, 09/30/26			702		691,470
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			78		79,950
Graphic Packaging International LLC(b):
4.75%, 07/15/27			128		125,184
3.50%, 03/15/28			207		186,238
Intertape Polymer Group, Inc., 7.00%, 10/15/26(b)			181		172,855
LABL Escrow Issuer LLC, 6.75%, 07/15/26(b)			608		559,360
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)			1,379		1,268,680
Reynolds Group Issuer, Inc.(b):
5.13%, 07/15/23			176		174,240
7.00%, 07/15/24			205		208,331
Sealed Air Corp.(b):
5.13%, 12/01/24			20		20,100
6.88%, 07/15/33			31		31,061
Silgan Holdings, Inc., 4.13%, 02/01/28(b)			319		294,278
Trivium Packaging Finance BV(b)(g):
5.50%, 08/15/26			1,503		1,495,485
8.50%, 08/15/27			2,182		2,192,910
					10,347,655
Distributors — 0.7%(b)
American Builders & Contractors Supply Co., Inc.:
5.88%, 05/15/26			201		191,453
4.00%, 01/15/28			220		200,200
Core & Main Holdings LP, 8.63%, (8.63% Cash or 9.38% PIK), 09/15/24(f)			953		871,995
Core & Main LP, 6.13%, 08/15/25			1,202		1,117,860
Wolverine Escrow LLC:
8.50%, 11/15/24			444		354,086
9.00%, 11/15/26			517		420,062
					3,155,656
Diversified Consumer Services — 0.4%
frontdoor, Inc., 6.75%, 08/15/26(b)			302		289,165
Graham Holdings Co., 5.75%, 06/01/26(b)			172		168,560
Laureate Education, Inc., 8.25%, 05/01/25(b)			171		170,145
Service Corp. International, 5.13%, 06/01/29			310		316,200
ServiceMaster Co. LLC (The), 5.13%, 11/15/24(b)			234		231,075
Sotheby’s, 7.38%, 10/15/27(b)			600		477,750
					1,652,895
Diversified Financial Services — 1.6%(b)
Fairstone Financial, Inc., 7.88%, 07/15/24			289		271,660
MPH Acquisition Holdings LLC, 7.13%, 06/01/24			1,711		1,488,673
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26	EUR		650		709,716
6.25%, 05/15/26	USD		473		488,373
8.25%, 11/15/26			1,296		1,367,280
Verscend Escrow Corp., 9.75%, 08/15/26			2,929		2,923,493
					7,249,195
Diversified Telecommunication Services — 6.9%
Altice France SA(b):
7.38%, 05/01/26			2,980		2,958,097
8.13%, 02/01/27			1,721		1,794,142
5.50%, 01/15/28			1,055		987,797
CCO Holdings LLC(b):
4.00%, 03/01/23			4		3,985
5.75%, 02/15/26			52		52,658
5.00%, 02/01/28			754		755,885

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
5.38%, 06/01/29	USD		896	$	920,730
4.75%, 03/01/30			656		652,720
4.50%, 08/15/30			1,643		1,610,140
4.50%, 05/01/32			1,831		1,785,591
CenturyLink, Inc.:
Series W, 6.75%, 12/01/23			365		387,922
Series Y, 7.50%, 04/01/24			448		490,560
5.13%, 12/15/26(b)			1,640		1,640,000
4.00%, 02/15/27(b)			666		646,020
Series P, 7.60%, 09/15/39			593		575,210
Series U, 7.65%, 03/15/42			815		790,550
Cincinnati Bell, Inc., 7.00%, 07/15/24(b)			562		565,512
Front Range BidCo, Inc.(b):
4.00%, 03/01/27			507		484,819
6.13%, 03/01/28			1,460		1,387,000
Frontier Communications Corp., 8.00%, 04/01/27(b)			2,062		2,033,709
Intelsat Jackson Holdings SA, 5.50%, 08/01/23			1,503		984,465
Level 3 Financing, Inc.:
5.38%, 08/15/22			135		135,675
5.38%, 05/01/25			110		109,450
5.25%, 03/15/26			53		52,967
4.63%, 09/15/27(b)			217		215,676
Qualitytech LP, 4.75%, 11/15/25(b)			549		529,785
Qwest Corp., 6.75%, 12/01/21			197		204,151
Sable International Finance Ltd., 5.75%, 09/07/27(b)			200		180,000
Sprint Capital Corp.:
6.88%, 11/15/28			1,196		1,366,071
8.75%, 03/15/32			1,356		1,793,310
Telecom Italia Capital SA:
6.38%, 11/15/33			261		264,915
6.00%, 09/30/34			707		699,930
7.20%, 07/18/36			159		164,565
7.72%, 06/04/38			287		303,419
Telecom Italia SpA, 5.30%, 05/30/24(b)			947		951,792
Telesat Canada(b):
4.88%, 06/01/27			812		775,298
6.50%, 10/15/27			52		49,920
Virgin Media Finance plc, 5.75%, 01/15/25(b)			947		918,590
Virgin Media Secured Finance plc, 5.50%, 05/15/29(b)			400		398,560
					30,621,586
Electric Utilities — 0.6%
Edison International, 4.95%, 04/15/25			125		124,711
NextEra Energy Operating Partners LP(b):
4.25%, 07/15/24			395		385,125
4.25%, 09/15/24			143		139,425
4.50%, 09/15/27			22		21,450
NRG Energy, Inc.:
3.75%, 06/15/24(b)			224		219,746
6.63%, 01/15/27			38		39,520
5.75%, 01/15/28			8		8,160
4.45%, 06/15/29(b)			726		734,518
5.25%, 06/15/29(b)			360		370,800
Vistra Operations Co. LLC(b):
3.55%, 07/15/24			83		78,007
5.00%, 07/31/27			106		107,590
4.30%, 07/15/29			336		297,901
					2,526,953
Electrical Equipment — 0.1%
Sensata Technologies BV(b):
5.63%, 11/01/24			187		182,325

3

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electrical Equipment (continued)
5.00%, 10/01/25	USD		184	$	174,340
					356,665
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC, 5.50%, 12/01/24			214		223,050
Itron, Inc., 5.00%, 01/15/26(b)			34		32,300
Sensata Technologies, Inc., 4.38%, 02/15/30(b)			397		357,300
					612,650
Energy Equipment & Services — 0.5%
Apergy Corp., 6.38%, 05/01/26			370		284,900
Archrock Partners LP(b):
6.88%, 04/01/27			208		147,701
6.25%, 04/01/28			74		51,060
Nabors Industries Ltd.(b):
7.25%, 01/15/26			351		119,340
7.50%, 01/15/28			271		86,720
Nabors Industries, Inc., 4.63%, 09/15/21			36		22,680
Pacific Drilling SA, 8.38%, 10/01/23(b)			531		143,370
Tervita Corp., 7.63%, 12/01/21(b)			845		591,500
Transocean, Inc.:
6.50%, 11/15/20			9		7,155
8.37%, 12/15/21(g)			31		17,982
8.00%, 02/01/27(b)			542		257,450
USA Compression Partners LP:
6.88%, 04/01/26			442		276,250
6.88%, 09/01/27			716		443,920
					2,450,028
Entertainment — 0.9%
Lions Gate Capital Holdings LLC(b):
6.38%, 02/01/24			393		345,840
5.88%, 11/01/24			150		128,250
Live Nation Entertainment, Inc., 4.75%, 10/15/27(b)			237		210,930
Netflix, Inc.:
4.88%, 04/15/28			109		112,270
5.88%, 11/15/28			1,539		1,644,421
5.38%, 11/15/29(b)			842		873,701
4.88%, 06/15/30(b)			537		545,136
					3,860,548
Equity Real Estate Investment Trusts (REITs) — 3.8%
Brookfield Property REIT, Inc., 5.75%, 05/15/26(b)			318		258,019
Crown Castle International Corp.:
3.30%, 07/01/30			245		242,989
4.15%, 07/01/50			190		187,910
GLP Capital LP:
5.25%, 06/01/25			320		296,000
5.38%, 04/15/26			172		152,461
4.00%, 01/15/30			645		542,316
Iron Mountain, Inc.(b):
4.88%, 09/15/27			189		183,330
4.88%, 09/15/29			698		655,687
iStar, Inc., 5.25%, 09/15/22			75		69,187
MGM Growth Properties Operating Partnership LP:
5.63%, 05/01/24			495		475,200
4.50%, 09/01/26			532		441,560
5.75%, 02/01/27			202		175,740
4.50%, 01/15/28			1,220		1,037,000
MPT Operating Partnership LP:
5.00%, 10/15/27			1,760		1,707,200
4.63%, 08/01/29			764		710,520
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(b)			803		602,250

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
SBA Communications Corp.:
4.00%, 10/01/22	USD		563	$	562,831
4.88%, 09/01/24			945		957,994
3.88%, 02/15/27(b)			1,180		1,182,950
Uniti Group LP(b):
6.00%, 04/15/23			507		461,370
7.88%, 02/15/25			779		716,197
VICI Properties LP(b):
3.50%, 02/15/25			689		642,493
4.25%, 12/01/26			1,765		1,619,387
3.75%, 02/15/27			751		707,818
4.63%, 12/01/29			746		680,635
4.13%, 08/15/30			1,919		1,796,664
					17,065,708
Food & Staples Retailing — 0.7%
Albertsons Cos., Inc.:
6.63%, 06/15/24			163		165,445
4.63%, 01/15/27(b)			524		521,380
5.88%, 02/15/28(b)			668		679,890
4.88%, 02/15/30(b)			445		443,888
Sysco Corp.:
5.65%, 04/01/25			210		218,623
5.95%, 04/01/30			260		272,958
6.60%, 04/01/40			310		334,241
6.60%, 04/01/50			310		325,034
					2,961,459
Food Products — 2.2%
Chobani LLC, 7.50%, 04/15/25(b)			1,149		1,045,590
Darling Ingredients, Inc., 5.25%, 04/15/27(b)			161		156,122
General Mills, Inc., 2.88%, 04/15/30			40		39,920
JBS Investments II GmbH, 7.00%, 01/15/26(b)			200		199,316
JBS USA LUX SA(b):
5.88%, 07/15/24			618		625,725
5.75%, 06/15/25			696		702,960
6.75%, 02/15/28			203		216,292
6.50%, 04/15/29			1,174		1,259,350
5.50%, 01/15/30			392		404,740
Kraft Heinz Foods Co.:
5.00%, 07/15/35			189		187,906
6.88%, 01/26/39			414		473,543
4.63%, 10/01/39(b)			179		160,301
6.50%, 02/09/40			280		305,528
5.00%, 06/04/42			125		118,348
5.20%, 07/15/45			459		441,279
4.38%, 06/01/46			695		626,068
4.88%, 10/01/49(b)			1,418		1,289,337
Post Holdings, Inc.(b):
5.75%, 03/01/27			6		6,148
5.63%, 01/15/28			165		167,475
5.50%, 12/15/29			204		211,609
4.63%, 04/15/30			589		563,968
Simmons Foods, Inc., 7.75%, 01/15/24(b)			415		415,000
					9,616,525
Gas Utilities — 0.1%
Superior Plus LP, 7.00%, 07/15/26(b)			500		487,500
Health Care Equipment & Supplies — 0.8%
Hologic, Inc.(b):
4.38%, 10/15/25			68		67,340
4.63%, 02/01/28			502		503,255
Immucor, Inc., 11.13%, 02/15/22(b)			284		255,600
Ortho-Clinical Diagnostics, Inc.(b):
6.63%, 05/15/22			831		785,295
7.25%, 02/01/28			1,956		1,681,964

4

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
Teleflex, Inc.:
4.88%, 06/01/26	USD		286	$	283,140
4.63%, 11/15/27			51		50,944
					3,627,538
Health Care Providers & Services — 5.8%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			176		167,751
AHP Health Partners, Inc., 9.75%, 07/15/26(b)			694		600,554
Centene Corp.(b):
5.25%, 04/01/25			242		243,210
5.38%, 06/01/26			458		471,790
5.38%, 08/15/26			602		614,040
4.25%, 12/15/27			1,306		1,279,880
4.63%, 12/15/29			2,470		2,482,350
3.38%, 02/15/30			649		603,570
Community Health Systems, Inc.(b):
8.63%, 01/15/24			1,154		1,139,217
6.63%, 02/15/25			482		445,850
8.00%, 03/15/26			1,992		1,892,400
Encompass Health Corp., 5.75%, 11/01/24			109		109,512
HCA, Inc.:
5.38%, 02/01/25			298		304,705
5.88%, 02/15/26			37		38,942
5.63%, 09/01/28			1,678		1,756,363
5.88%, 02/01/29			1,074		1,135,755
3.50%, 09/01/30			1,991		1,806,258
LifePoint Health, Inc., 4.38%, 02/15/27(b)			127		119,634
MEDNAX, Inc.(b):
5.25%, 12/01/23			343		279,545
6.25%, 01/15/27			509		408,473
Molina Healthcare, Inc.:
5.38%, 11/15/22(g)			63		61,425
4.88%, 06/15/25(b)			525		511,875
Polaris Intermediate Corp., 8.50%, (8.50% Cash or 9.25% PIK), 12/01/22(b)(f)			742		575,004
Radiology Partners, Inc., 9.25%, 02/01/28(b)			318		275,308
Surgery Center Holdings, Inc.(b):
6.75%, 07/01/25			1,130		813,600
10.00%, 04/15/27			786		550,200
Tenet Healthcare Corp.:
8.13%, 04/01/22			1,635		1,557,337
4.63%, 09/01/24(b)			406		388,867
4.88%, 01/01/26(b)			2,150		2,047,875
6.25%, 02/01/27(b)			1,063		1,036,425
5.13%, 11/01/27(b)			1,297		1,235,393
Vizient, Inc., 6.25%, 05/15/27(b)			689		672,061
					25,625,169
Health Care Technology — 0.2%
IQVIA, Inc.:
3.25%, 03/15/25	EUR		224		240,877
5.00%, 10/15/26(b)	USD		298		303,960
5.00%, 05/15/27(b)			559		571,578
					1,116,415
Hotels, Restaurants & Leisure — 3.6%
1011778 BC ULC(b):
4.25%, 05/15/24			22		21,945
5.00%, 10/15/25			1,631		1,557,589
3.88%, 01/15/28			453		430,350
4.38%, 01/15/28			847		782,543
Aramark International Finance SARL, 3.13%, 04/01/25	EUR		506		467,035
Boyne USA, Inc., 7.25%, 05/01/25(b)	USD		276		263,580
Cedar Fair LP, 5.25%, 07/15/29(b)			328		277,160
Churchill Downs, Inc.(b): 5.50%, 04/01/27			669		630,646

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
4.75%, 01/15/28	USD		856	$	744,720
Eldorado Resorts, Inc.:
6.00%, 04/01/25			131		117,900
6.00%, 09/15/26			167		150,718
Golden Nugget, Inc., 6.75%, 10/15/24(b)			1,759		1,107,977
Hilton Domestic Operating Co., Inc.:
5.13%, 05/01/26			378		355,320
4.88%, 01/15/30			1,344		1,142,400
Hilton Worldwide Finance LLC, 4.88%, 04/01/27			85		80,750
IRB Holding Corp., 6.75%, 02/15/26(b)			201		158,371
KFC Holding Co., 5.25%, 06/01/26(b)			177		176,752
Las Vegas Sands Corp.:
2.90%, 06/25/25			83		75,245
3.50%, 08/18/26			75		68,601
3.90%, 08/08/29			48		41,369
Marriott Ownership Resorts, Inc., 6.50%, 09/15/26			66		57,420
McDonald’s Corp., 4.20%, 04/01/50			100		111,854
MGM Resorts International:
7.75%, 03/15/22			712		705,250
6.00%, 03/15/23			631		608,915
5.75%, 06/15/25			41		36,695
Motion Bondco DAC, 6.63%, 11/15/27(b)			200		140,000
Scientific Games International, Inc.:
5.00%, 10/15/25(b)			870		756,900
3.38%, 02/15/26	EUR		500		424,837
8.25%, 03/15/26(b)	USD		1,382		884,632
7.00%, 05/15/28(b)			382		234,930
7.25%, 11/15/29(b)			193		120,625
Six Flags Entertainment Corp.(b):
4.88%, 07/31/24			336		284,760
5.50%, 04/15/27			307		258,648
Station Casinos LLC, 4.50%, 02/15/28(b)			392		317,520
Viking Cruises Ltd., 6.25%, 05/15/25(b)			67		42,880
Wyndham Destinations, Inc.(g):
5.40%, 04/01/24			12		10,140
5.75%, 04/01/27			230		192,050
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(b)			203		176,610
Wynn Las Vegas LLC, 5.25%, 05/15/27(b)			483		437,115
Wynn Resorts Finance LLC, 5.13%, 10/01/29(b)			777		707,070
Yum! Brands, Inc.:
7.75%, 04/01/25(b)			524		550,200
4.75%, 01/15/30(b)			371		348,740
5.35%, 11/01/43			10		8,500
					16,067,262
Household Durables — 1.4%
Ashton Woods USA LLC, 6.63%, 01/15/28(b)			116		91,640
Brookfield Residential Properties, Inc.(b):
6.25%, 09/15/27			431		373,849
4.88%, 02/15/30			474		360,098
Installed Building Products, Inc., 5.75%, 02/01/28(b)			205		195,263
K. Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b)			521		532,722
Lennar Corp.:
6.63%, 05/01/20			255		254,681
4.88%, 12/15/23			50		49,000
5.25%, 06/01/26			355		361,213
4.75%, 11/29/27			601		599,497
Mattamy Group Corp.(b):
5.25%, 12/15/27			246		228,780
4.63%, 03/01/30			299		257,140
MDC Holdings, Inc., 6.00%, 01/15/43			187		176,809

5

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Household Durables (continued)
Meritage Homes Corp., 5.13%, 06/06/27	USD		240	$	225,600
PulteGroup, Inc.:
5.00%, 01/15/27			39		38,914
7.88%, 06/15/32			20		22,000
6.38%, 05/15/33			512		517,479
6.00%, 02/15/35			244		245,830
Shea Homes LP, 4.75%, 02/15/28(b)			306		261,247
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)			204		189,469
Tempur Sealy International, Inc., 5.50%, 06/15/26			14		12,252
TRI Pointe Group, Inc.:
5.88%, 06/15/24			123		114,265
5.25%, 06/01/27			385		342,534
Williams Scotsman International, Inc.(b):
7.88%, 12/15/22			208		202,904
6.88%, 08/15/23			889		808,990
					6,462,176
Household Products — 0.2%
Energizer Holdings, Inc.(b):
6.38%, 07/15/26			250		252,500
7.75%, 01/15/27			236		243,953
Procter & Gamble Co. (The), 3.60%, 03/25/50			215		264,194
Spectrum Brands, Inc.:
5.75%, 07/15/25			118		110,330
5.00%, 10/01/29(b)			209		177,650
					1,048,627
Independent Power and Renewable Electricity Producers — 1.2%
Calpine Corp.:
5.50%, 02/01/24			72		68,400
5.75%, 01/15/25			899		831,575
5.25%, 06/01/26(b)			496		471,200
4.50%, 02/15/28(b)			820		794,785
5.13%, 03/15/28(b)			1,989		1,829,880
Clearway Energy Operating LLC:
5.75%, 10/15/25			351		347,490
4.75%, 03/15/28(b)			341		316,278
Pattern Energy Group, Inc., 5.88%, 02/01/24(b)			649		644,249
Talen Energy Supply LLC:
6.50%, 06/01/25			106		68,614
10.50%, 01/15/26(b)			72		51,840
					5,424,311
Industrial Conglomerates — 0.1%
3M Co., 3.70%, 04/15/50			225		254,303
Insurance — 1.3%
Acrisure LLC, 8.13%, 02/15/24(b)			334		325,333
Aflac, Inc., 3.60%, 04/01/30			480		486,161
AIA Group Ltd., 3.38%, 04/07/30(b)			205		205,895
Alliant Holdings Intermediate LLC, 6.75%, 10/15/27(b)			1,533		1,435,501
AmWINS Group, Inc., 7.75%, 07/01/26(b)			316		309,680
Ardonagh Midco 3 plc, 8.63%, 07/15/23(b)			652		580,280
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)			687		632,040
HUB International Ltd., 7.00%, 05/01/26(b)			1,601		1,584,990
NFP Corp., 8.00%, 07/15/25(b)			295		269,925
					5,829,805
Interactive Media & Services — 0.2%(b)
Match Group, Inc.:
5.63%, 02/15/29			164		156,620
4.13%, 08/01/30			399		356,606
Rackspace Hosting, Inc., 8.63%, 11/15/24			374		335,665
Twitter, Inc., 3.88%, 12/15/27			263		252,973
					1,101,864

Security		Par (000)		Value
Internet & Direct Marketing Retail — 0.1%
Go Daddy Operating Co. LLC, 5.25%, 12/01/27(b)	USD		325	$	327,990
IT Services — 1.5%
Banff Merger Sub, Inc., 9.75%, 09/01/26(b)			3,287		2,892,560
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(b)			505		494,900
Mastercard, Inc., 3.85%, 03/26/50			165		202,199
Presidio Holdings, Inc.(b):
4.88%, 02/01/27			629		562,955
8.25%, 02/01/28			365		321,656
Science Applications International Corp., 4.88%, 04/01/28(b)			408		391,680
Tempo Acquisition LLC, 6.75%, 06/01/25(b)			1,511		1,382,656
WEX, Inc., 4.75%, 02/01/23(b)			301		288,960
					6,537,566
Leisure Products — 0.4%
Mattel, Inc.:
6.75%, 12/31/25(b)			978		994,528
5.88%, 12/15/27(b)			433		445,038
6.20%, 10/01/40			40		33,100
5.45%, 11/01/41			186		146,940
					1,619,606
Life Sciences Tools & Services — 0.7%(b)
Avantor, Inc.:
6.00%, 10/01/24			1,591		1,666,891
9.00%, 10/01/25			779		820,053
Charles River Laboratories International, Inc.:
5.50%, 04/01/26			193		198,790
4.25%, 05/01/28			676		651,596
					3,337,330
Machinery — 1.7%
Amsted Industries, Inc., 5.63%, 07/01/27(b)			230		223,770
Colfax Corp.(b):
6.00%, 02/15/24			213		205,545
6.38%, 02/15/26			511		503,335
Deere & Co., 3.75%, 04/15/50			105		119,861
EnPro Industries, Inc., 5.75%, 10/15/26			768		739,200
Grinding Media, Inc., 7.38%, 12/15/23(b)			1,008		940,262
Husky III Holding Ltd., 13.00%, (13.00% Cash or 13.75% PIK), 02/15/25(b)(f)			564		414,247
Manitowoc Co., Inc. (The), 9.00%, 04/01/26(b)			178		157,530
Mueller Water Products, Inc., 5.50%, 06/15/26(b)			476		460,530
Navistar International Corp., 6.63%, 11/01/25(b)			517		430,403
RBS Global, Inc., 4.88%, 12/15/25(b)			524		489,940
SPX FLOW, Inc., 5.63%, 08/15/24(b)			374		362,780
Stevens Holding Co., Inc., 6.13%, 10/01/26(b)			457		451,477
Terex Corp., 5.63%, 02/01/25(b)			205		192,721
Titan Acquisition Ltd., 7.75%, 04/15/26(b)			1,409		1,176,515
Wabash National Corp., 5.50%, 10/01/25(b)			674		535,830
					7,403,946
Media — 6.1%
Altice Financing SA(b):
7.50%, 05/15/26			2,118		2,052,130
5.00%, 01/15/28			1,031		912,435
AMC Networks, Inc.:
4.75%, 12/15/22			147		142,546
5.00%, 04/01/24			69		66,240
4.75%, 08/01/25			71		69,047
Block Communications, Inc., 4.88%, 03/01/28(b)			231		214,830
Clear Channel Worldwide Holdings, Inc.(b):
9.25%, 02/15/24			908		778,610
5.13%, 08/15/27			2,451		2,319,259
Comcast Corp., 3.75%, 04/01/40			180		203,202

6

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
CSC Holdings LLC:
5.25%, 06/01/24	USD		357	$	357,889
7.75%, 07/15/25(b)			850		884,000
10.88%, 10/15/25(b)			1,776		1,920,300
5.50%, 05/15/26(b)			398		411,671
5.38%, 02/01/28(b)			200		204,000
6.50%, 02/01/29(b)			936		1,009,467
5.75%, 01/15/30(b)			999		1,007,451
Diamond Sports Group LLC, 5.38%, 08/15/26(b)			908		737,768
DISH DBS Corp.:
6.75%, 06/01/21			614		622,596
5.88%, 07/15/22			1,471		1,432,489
5.00%, 03/15/23			625		598,000
7.75%, 07/01/26			656		674,040
DISH Network Corp.(h):
2.38%, 03/15/24			88		69,740
3.38%, 08/15/26			705		572,355
Entercom Media Corp., 6.50%, 05/01/27(b)			469		406,858
Fox Corp., 3.05%, 04/07/25			30		29,953
GCI LLC, 6.63%, 06/15/24(b)			735		727,650
Gray Television, Inc., 5.13%, 10/15/24(b)			37		36,168
iHeartCommunications, Inc., 4.75%, 01/15/28(b)			130		117,000
Lamar Media Corp., 4.00%, 02/15/30(b)			108		100,440
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)			600		591,000
Meredith Corp., 6.88%, 02/01/26			308		270,208
Midcontinent Communications, 5.38%, 08/15/27(b)			307		297,242
Outfront Media Capital LLC, 5.00%, 08/15/27(b)			620		570,400
Radiate Holdco LLC(b):
6.88%, 02/15/23			201		182,910
6.63%, 02/15/25			589		500,650
Sirius XM Radio, Inc.(b):
4.63%, 07/15/24			149		151,224
5.38%, 07/15/26			19		19,378
5.00%, 08/01/27			482		489,182
5.50%, 07/01/29			729		743,580
TEGNA, Inc.(b):
5.50%, 09/15/24			79		75,050
4.63%, 03/15/28			54		47,453
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b)			800		744,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27(b)			1,144		966,680
Univision Communications, Inc.(b):
5.13%, 05/15/23			334		295,590
5.13%, 02/15/25			235		200,338
Videotron Ltd., 5.13%, 04/15/27(b)			429		429,000
WMG Acquisition Corp., 5.50%, 04/15/26(b)			182		177,905
Ziggo Bond Co. BV(b):
6.00%, 01/15/27			296		287,120
5.13%, 02/28/30			371		363,580
Ziggo BV(b):
5.50%, 01/15/27			378		378,000
4.88%, 01/15/30			529		515,212
					26,973,836
Metals & Mining — 3.1%
Allegheny Technologies, Inc., 5.88%, 12/01/27			287		238,928
Anglo American Capital plc(b):
5.38%, 04/01/25			585		591,146
5.63%, 04/01/30			860		872,146
Arconic Corp., 6.13%, 02/15/28(b)			335		342,537
Big River Steel LLC, 7.25%, 09/01/25(b)			704		640,640
Cleveland-Cliffs, Inc., 6.75%, 03/15/26(b)			217		193,130
Constellium SE(b):
5.75%, 05/15/24			352		314,195

Security		Par (000)		Value
Metals & Mining (continued)
6.63%, 03/01/25	USD		858	$	772,200
5.88%, 02/15/26			1,478		1,285,860
Freeport-McMoRan, Inc.:
3.55%, 03/01/22			97		93,726
3.88%, 03/15/23			1,229		1,161,405
4.25%, 03/01/30			477		414,990
5.45%, 03/15/43			3,788		3,390,260
Kaiser Aluminum Corp., 4.63%, 03/01/28(b)			363		322,163
New Gold, Inc.(b):
6.25%, 11/15/22			725		704,156
6.38%, 05/15/25			231		214,686
Novelis Corp.(b):
5.88%, 09/30/26			886		869,489
4.75%, 01/30/30			1,610		1,432,900
					13,854,557
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Starwood Property Trust, Inc., 5.00%, 12/15/21			255		233,325
Oil, Gas & Consumable Fuels — 5.5%
Apache Corp., 3.25%, 04/15/22			16		12,013
Ascent Resources Utica Holdings LLC, 10.00%, 04/01/22(b)			931		544,635
Baytex Energy Corp., 8.75%, 04/01/27(b)			497		189,605
Buckeye Partners LP:
4.13%, 03/01/25(b)			201		169,443
3.95%, 12/01/26			85		69,674
4.50%, 03/01/28(b)			275		225,500
5.85%, 11/15/43			208		139,298
5.60%, 10/15/44			270		170,100
Callon Petroleum Co.:
6.25%, 04/15/23			797		189,288
6.13%, 10/01/24			549		97,447
8.25%, 07/15/25			396		63,360
6.38%, 07/01/26			404		67,670
Centennial Resource Production LLC, 6.88%, 04/01/27(b)			322		78,890
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27			169		150,090
Cheniere Energy Partners LP:
5.63%, 10/01/26			514		472,880
4.50%, 10/01/29(b)			594		516,780
Chesapeake Energy Corp., 11.50%, 01/01/25(b)			847		143,990
Cimarex Energy Co., 4.38%, 06/01/24			28		22,065
CNX Resources Corp., 5.88%, 04/15/22			1,399		1,280,085
Comstock Resources, Inc.:
7.50%, 05/15/25(b)			438		284,700
9.75%, 08/15/26			185		131,775
Continental Resources, Inc., 5.00%, 09/15/22			39		24,880
Crestwood Midstream Partners LP:
6.25%, 04/01/23(g)			266		149,013
5.63%, 05/01/27(b)			517		284,200
CrownRock LP, 5.63%, 10/15/25(b)			1,723		895,960
CVR Energy, Inc.(b):
5.25%, 02/15/25			391		304,002
5.75%, 02/15/28			130		97,175
DCP Midstream Operating LP:
5.38%, 07/15/25			191		130,415
5.13%, 05/15/29			84		52,916
6.45%, 11/03/36(b)			269		129,039
6.75%, 09/15/37(b)			706		381,240
Denbury Resources, Inc., 9.00%, 05/15/21(b)			399		116,708
Diamondback Energy, Inc., 3.50%, 12/01/29			30		20,398
Endeavor Energy Resources LP(b):
5.50%, 01/30/26			828		571,494
5.75%, 01/30/28			553		376,040

7

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream LLC, 5.38%, 06/01/29	USD		121	$	62,920
EnLink Midstream Partners LP:
4.40%, 04/01/24			443		223,582
4.15%, 06/01/25			27		13,087
4.85%, 07/15/26			28		13,768
5.60%, 04/01/44			255		86,062
5.05%, 04/01/45			41		14,953
EQT Corp.:
3.90%, 10/01/27			98		67,591
7.00%, 02/01/30(g)			28		20,860
Extraction Oil & Gas, Inc.(b):
7.38%, 05/15/24			1,004		178,210
5.63%, 02/01/26			481		79,365
Genesis Energy LP:
6.00%, 05/15/23			299		216,880
5.63%, 06/15/24			342		239,400
6.50%, 10/01/25			127		91,795
7.75%, 02/01/28			235		163,607
Great Western Petroleum LLC, 9.00%, 09/30/21(b)			708		453,120
Hess Midstream Operations LP(b):
5.63%, 02/15/26			302		213,232
5.13%, 06/15/28			144		101,203
Holly Energy Partners LP, 5.00%, 02/01/28(b)			360		301,500
Indigo Natural Resources LLC, 6.88%, 02/15/26(b)			760		501,600
Matador Resources Co., 5.88%, 09/15/26			392		114,856
MEG Energy Corp.(b):
7.00%, 03/31/24			29		13,376
6.50%, 01/15/25			666		421,245
7.13%, 02/01/27			521		257,437
MPLX LP, 6.38%, 05/01/24(b)			162		145,324
Murphy Oil Corp.:
5.75%, 08/15/25			32		17,123
5.87%, 12/01/42(g)			46		18,856
NGPL PipeCo LLC, 7.77%, 12/15/37(b)			307		305,623
NuStar Logistics LP, 6.00%, 06/01/26			311		230,140
Occidental Petroleum Corp.:
Series 1, 4.10%, 02/01/21			218		185,297
4.85%, 03/15/21			173		145,232
2.60%, 08/13/21			333		261,836
2.70%, 08/15/22			242		172,557
Parkland Fuel Corp., 5.88%, 07/15/27(b)			418		391,833
Parsley Energy LLC(b):
5.38%, 01/15/25			864		667,423
5.25%, 08/15/25			395		300,200
5.63%, 10/15/27			54		38,070
4.13%, 02/15/28			410		278,800
PBF Holding Co. LLC:
7.25%, 06/15/25			144		96,523
6.00%, 02/15/28(b)			178		117,480
PDC Energy, Inc.:
1.13%, 09/15/21(h)			321		261,824
6.13%, 09/15/24			143		76,326
6.25%, 12/01/25			10		4,899
5.75%, 05/15/26			293		164,080
QEP Resources, Inc.:
5.38%, 10/01/22			870		408,900
5.25%, 05/01/23			130		48,100
5.63%, 03/01/26			288		105,120
Range Resources Corp.:
5.88%, 07/01/22			52		37,440
5.00%, 08/15/22			349		261,645
5.00%, 03/15/23			346		252,580
Sabine Pass Liquefaction LLC, 6.25%, 03/15/22			105		101,861

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
SM Energy Co.:
1.50%, 07/01/21(h)	USD		1,079	$	389,652
6.13%, 11/15/22			340		143,864
5.00%, 01/15/24			328		108,240
5.63%, 06/01/25			19		5,178
6.75%, 09/15/26			90		27,000
6.63%, 01/15/27			47		13,680
Southwestern Energy Co., 4.10%, 03/15/22			374		280,500
Sunoco LP:
4.88%, 01/15/23			279		266,445
5.50%, 02/15/26			6		5,192
6.00%, 04/15/27			95		81,700
5.88%, 03/15/28			185		153,550
Tallgrass Energy Partners LP(b):
5.50%, 09/15/24			568		312,400
6.00%, 03/01/27			170		90,100
5.50%, 01/15/28			26		13,520
Targa Resources Partners LP:
5.13%, 02/01/25			213		181,561
5.88%, 04/15/26			337		279,710
5.38%, 02/01/27			32		26,336
6.50%, 07/15/27			829		706,722
5.00%, 01/15/28			748		602,937
6.88%, 01/15/29			431		346,955
5.50%, 03/01/30(b)			584		451,082
TerraForm Power Operating LLC(b):
4.25%, 01/31/23			28		27,790
5.00%, 01/31/28			670		702,026
4.75%, 01/15/30			543		526,710
Viper Energy Partners LP, 5.38%, 11/01/27(b)			193		162,120
WPX Energy, Inc.:
8.25%, 08/01/23			217		159,495
5.25%, 09/15/24			220		134,200
5.75%, 06/01/26			345		196,650
5.25%, 10/15/27			72		39,600
4.50%, 01/15/30			728		395,304
					24,327,728
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23(b)			226		218,090
Pharmaceuticals — 2.3%
Bausch Health Americas, Inc.(b):
9.25%, 04/01/26			100		105,680
8.50%, 01/31/27			1,439		1,503,755
Bausch Health Cos., Inc.:
5.50%, 03/01/23(b)			162		158,760
4.50%, 05/15/23	EUR		643		678,614
5.88%, 05/15/23(b)	USD		21		20,895
7.00%, 03/15/24(b)			93		94,743
6.13%, 04/15/25(b)			365		359,525
5.50%, 11/01/25(b)			217		219,235
9.00%, 12/15/25(b)			931		981,460
5.75%, 08/15/27(b)			454		467,439
7.00%, 01/15/28(b)			826		847,806
5.00%, 01/30/28(b)			363		343,652
7.25%, 05/30/29(b)			860		892,508
5.25%, 01/30/30(b)			382		361,204
Catalent Pharma Solutions, Inc.(b):
4.88%, 01/15/26			664		644,080
5.00%, 07/15/27			338		327,860
Elanco Animal Health, Inc., 5.65%, 08/28/28(g)			257		270,968
Endo DAC, 6.00%, 07/15/23(b)			324		234,699
Par Pharmaceutical, Inc., 7.50%, 04/01/27(b)			1,816		1,806,920
					10,319,803

8

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Professional Services — 1.0%(b)
ASGN, Inc., 4.63%, 05/15/28	USD		459	$	426,365
Dun & Bradstreet Corp. (The):
6.88%, 08/15/26			1,036		1,077,440
10.25%, 02/15/27			860		911,600
Jaguar Holding Co. II, 6.38%, 08/01/23			1,866		1,898,655
					4,314,060
Real Estate Management & Development — 0.2%
Five Point Operating Co. LP, 7.88%, 11/15/25(b)			274		235,640
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)			257		232,600
Howard Hughes Corp. (The), 5.38%, 03/15/25(b)			255		246,713
Newmark Group, Inc., 6.13%, 11/15/23			206		209,549
					924,502
Road & Rail — 0.4%(b)
Ashtead Capital, Inc.:
5.25%, 08/01/26			200		190,500
4.00%, 05/01/28			310		267,220
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24			395		355,500
Uber Technologies, Inc.:
7.50%, 11/01/23			335		325,808
8.00%, 11/01/26			314		311,645
7.50%, 09/15/27			286		282,339
					1,733,012
Semiconductors & Semiconductor Equipment — 0.3%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			79		83,740
Entegris, Inc., 4.63%, 02/10/26(b)			188		178,600
NVIDIA Corp.:
2.85%, 04/01/30			45		46,963
3.50%, 04/01/40			105		111,401
3.50%, 04/01/50			115		125,043
3.70%, 04/01/60			75		83,833
Qorvo, Inc.:
5.50%, 07/15/26			225		235,181
4.38%, 10/15/29(b)			136		126,480
Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/26(b)			400		392,000
					1,383,241
Software — 5.9%
ACI Worldwide, Inc., 5.75%, 08/15/26(b)			1,008		997,920
Ascend Learning LLC:
6.88%, 08/01/25(b)			1,457		1,413,290
Camelot Finance SA, 4.50%, 11/01/26(b)			919		891,430
Castle US Holding Corp., 9.50%, 02/15/28(b)			536		509,200
CDK Global, Inc.:
4.88%, 06/01/27			922		945,050
5.25%, 05/15/29(b)			350		357,000
Change Healthcare Holdings LLC, 5.75%, 03/01/25(b)			903		830,760
Fair Isaac Corp., 4.00%, 06/15/28(b)			276		261,510
Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/24(b)			1,555		1,590,438
Nuance Communications, Inc., 5.63%, 12/15/26			504		490,483
Open Text Corp., 3.88%, 02/15/28(b)			671		630,740
Open Text Holdings, Inc., 4.13%, 02/15/30(b)			552		519,018
Oracle Corp.:
2.95%, 04/01/30			2,598		2,615,888
3.60%, 04/01/40			1,421		1,421,137
3.60%, 04/01/50			2,842		2,842,072
3.85%, 04/01/60			2,842		2,860,389
PTC, Inc.:
6.00%, 05/15/24			209		215,065
3.63%, 02/15/25(b)			270		252,450
4.00%, 02/15/28(b)			290		278,487

Security		Par (000)		Value
Software (continued)
RP Crown Parent LLC, 7.38%, 10/15/24(b)	USD		1,049	$	999,487
Solera LLC, 10.50%, 03/01/24(b)			3,457		3,387,860
Sophia LP, 9.00%, 09/30/23(b)			193		193,000
SS&C Technologies, Inc., 5.50%, 09/30/27(b)			1,327		1,383,013
Veritas US, Inc., 7.50%, 02/01/23(b)			326		286,880
					26,172,567
Specialty Retail — 1.2%
Asbury Automotive Group, Inc.(b):
4.50%, 03/01/28			270		229,500
4.75%, 03/01/30			227		192,950
eG Global Finance plc(b):
6.75%, 02/07/25			620		508,400
8.50%, 10/30/25			399		355,110
Group 1 Automotive, Inc., 5.25%, 12/15/23(b)			45		46,181
Home Depot, Inc. (The):
2.70%, 04/15/30			95		96,597
3.30%, 04/15/40			135		138,289
L Brands, Inc.:
6.88%, 11/01/35			654		483,960
6.75%, 07/01/36			119		85,680
Murphy Oil USA, Inc., 4.75%, 09/15/29			479		449,063
Penske Automotive Group, Inc., 5.50%, 05/15/26			170		155,074
PetSmart, Inc.(b):
7.13%, 03/15/23			512		476,800
5.88%, 06/01/25			639		629,415
SRS Distribution, Inc., 8.25%, 07/01/26(b)			628		477,280
Staples, Inc., 7.50%, 04/15/26(b)			1,289		1,139,154
					5,463,453
Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC, 7.13%, 06/15/24(b)			441		455,332
NCR Corp.(b):
5.75%, 09/01/27			250		227,500
6.13%, 09/01/29			293		273,633
Western Digital Corp., 4.75%, 02/15/26			1,137		1,154,055
Xerox Corp., 4.80%, 03/01/35			331		268,110
					2,378,630
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc.:
3.25%, 03/27/40			635		665,507
3.38%, 03/27/50			315		343,634
William Carter Co. (The), 5.63%, 03/15/27(b)			186		179,955
					1,189,096
Thrifts & Mortgage Finance — 0.5%(b)
Ladder Capital Finance Holdings LLLP, 4.25%, 02/01/27			1,339		1,057,810
Nationstar Mortgage Holdings, Inc.:
8.13%, 07/15/23			465		454,677
9.13%, 07/15/26			293		265,165
6.00%, 01/15/27			520		442,000
					2,219,652
Trading Companies & Distributors — 1.0%
Beacon Roofing Supply, Inc.(b):
4.88%, 11/01/25			416		375,440
4.50%, 11/15/26			143		131,960
HD Supply, Inc., 5.38%, 10/15/26(b)			1,834		1,782,868
Herc Holdings, Inc., 5.50%, 07/15/27(b)			812		755,160
United Rentals North America, Inc.:
5.50%, 07/15/25			385		377,300
4.63%, 10/15/25			200		192,000
5.88%, 09/15/26			276		279,533
6.50%, 12/15/26			187		189,805
5.25%, 01/15/30			30		29,991

9

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Trading Companies & Distributors (continued)
4.00%, 07/15/30	USD		271	$	242,545
					4,356,602
Wireless Telecommunication Services — 1.9%
Connect Finco SARL, 6.75%, 10/01/26(b)			3,390		2,800,987
Gogo Intermediate Holdings LLC, 9.88%, 05/01/24(b)			789		623,310
Hughes Satellite Systems Corp., 5.25%, 08/01/26			200		198,000
Sprint Corp.:
7.88%, 09/15/23			642		704,646
7.13%, 06/15/24			306		335,881
7.63%, 02/15/25			1,110		1,226,550
7.63%, 03/01/26			457		517,233
T-Mobile USA, Inc.:
6.50%, 01/15/26			441		463,050
4.50%, 02/01/26			328		335,380
4.75%, 02/01/28			560		583,408
Xplornet Communications, Inc., 9.63%, (9.63% Cash or 10.63% PIK), 06/01/22(b)(f)			205		190,984
Ypso Finance Bis SA, 6.00%, 02/15/28(b)			481		423,126
					8,402,555
Total Corporate Bonds — 87.0% (Cost: $429,618,390)					387,135,182
Floating Rate Loan Interests — 9.1%(i)
Aerospace & Defense — 0.0%
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 6.74%, 11/28/21			207		165,196
Auto Components — 0.1%
Panther BF Aggregator 2 LP, Term Loan B, (LIBOR USD 1 Month + 3.50%), 4.44%, 04/30/26(j)			436		396,548
Automobiles — 0.0%
Dealer Tire LLC, Term Loan B1, (LIBOR USD 1 Month + 4.25%), 5.24%, 12/12/25			128		103,421
Building Products — 0.0%
CPG Merger Sub LLC, Term Loan, (LIBOR USD 3 Month + 3.75%), 5.93%, 05/05/24			195		161,530
Capital Markets — 0.1%
Jefferies Finance LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 4.25%, 06/03/26			334		276,077
Chemicals — 0.4%
Alpha 3 BV, Term Loan, 01/31/24(j)(k)			1,372		1,248,673
Ascend Performance Materials LLC, Term Loan B, (LIBOR USD 3 Month + 5.25%), 6.70%, 08/14/26(j)			606		509,002
Invictus Co., Term Loan B26, (LIBOR USD 3 Month + 6.75%), 8.53%, 03/30/26(j)			74		51,450
Momentive Performance Materials, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 4.24%, 05/15/24			126		101,598
					1,910,723
Commercial Services & Supplies — 0.6%
Advanced Disposal Services, Inc., Term Loan, 11/10/23(k)			71		70,182
Brand Energy & Infrastructure Services, Inc., Term Loan, (LIBOR USD 3 Month + 4.25%), 5.70% - 6.12%, 06/21/24			2,378		1,890,008
Diamond (BC) BV, Term Loan, (LIBOR USD 3 Month + 3.00%), 4.78%, 09/06/24			471		348,452

Security		Par (000)		Value
Commercial Services & Supplies (continued)
GFL Environmental, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 3.99% - 4.00%, 05/30/25	USD		230	$	221,771
Tempo Acquisition LLC, Term Loan, 05/01/24(k)			56		49,804
					2,580,217
Construction & Engineering — 0.1%
SRS Distribution, Inc., Term Loan B,
(LIBOR USD 1 Month + 3.00%), 3.99% - 4.07%, 05/23/25			682		574,389
Containers & Packaging — 0.1%
BWAY Holding Co., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.08%, 04/03/24			512		415,095
Charter NEX US, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.50%), 4.49%, 05/16/24			128		110,302
					525,397
Diversified Consumer Services — 0.1%
Maverick Purchaser Sub LLC, Term Loan, (LIBOR USD 1 Month + 4.00%), 4.99%, 01/29/27			114		104,880
Sotheby’s, Inc., Term Loan B, (LIBOR USD 1 Month + 5.50%), 6.50%, 01/15/27			459		352,732
TierPoint LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 4.75%, 05/06/24			194		169,759
					627,371
Diversified Financial Services — 0.2%
Advisor Group Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 5.00%), 5.99%, 07/31/26			159		116,704
Deerfield Dakota Holding LLC, Term Loan, 12/30/30(j)(k)			145		121,424
Triton Bidco, Term Loan B, 09/23/26(k)			653		510,913
VS Buyer LLC, Term Loan B, (LIBOR USD 3 Month + 3.25%), 4.86%, 02/28/27(j)			122		116,510
					865,551
Diversified Telecommunication Services — 1.2%
Altice France SA, Term Loan, (LIBOR USD 1 Month + 4.00%), 4.70%, 08/14/26			290		274,331
CenturyLink, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 3.24%, 03/15/27			826		766,257
Frontier Communications Corp., Term Loan B, 06/15/24(k)			1,233		1,166,746
Ligado Networks LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 0.00%), 11.20% (11.20% Cash or 0.00% PIK), 12/07/20(f)(j)			1,617		957,296
Ligado Networks LLC, Term Loan, 13.50%, 12/07/20(l)			737		103,655
Zayo Group LLC, Term Loan, 03/09/27(k)			2,147		2,018,180
					5,286,465
Energy Equipment & Services — 0.4%
McDermott International, Inc., Term Loan, 10/21/20(k)			250		225,547
Mcdermott Technology, Term Loan, (LIBOR USD 6 Month + 9.00%), 10.65%, 10/23/20			479		432,875
Pioneer Energy Services Corp., Term Loan, (LIBOR USD 3 Month + 6.75%), 10.00%, 11/08/22(j)			1,007		946,580
					1,605,002
Entertainment — 0.0%
Renaissance Learning, Inc., Term Loan, 05/24/25(k)			9		7,269

10

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food Products — 0.1%
Chobani LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 4.50%, 10/10/23	USD		282	$	250,092
Health Care Equipment & Supplies — 0.5%
Immucor, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 6.45%, 06/15/21			1,675		1,431,821
Sotera Health Holdings LLC, Term Loan, (LIBOR USD 1 Month + 4.50%), 5.50%, 11/20/26			797		690,151
					2,121,972
Health Care Providers & Services — 0.5%
AHP Health Partners, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 5.50%, 06/30/25			226		198,656
Azalea TopCo, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 4.49%, 07/24/26(j)			260		236,563
Envision Healthcare Corp., Term Loan, (LIBOR USD 1 Month + 3.75%), 4.74%, 10/10/25			1,532		773,886
Gentiva Health Services, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 4.25%, 07/02/25(j)			269		251,258
Ortho-Clinical Diagnostics, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 4.77%, 06/30/25			240		203,466
Quorum Health Corp., 1st Lien Term Loan, (LIBOR USD 3 Month + 6.75%), 8.53%, 04/29/22			308		249,936
Regionalcare Hospital, Term Loan B, 11/16/25(k)			172		158,429
WCG Purchaser Corp., Term Loan, (LIBOR USD 3 Month + 4.00%), 5.87%, 01/08/27(j)			319		299,860
					2,372,054
Health Care Technology — 0.2%
Athenahealth, Inc., Term Loan B, (LIBOR USD 3 Month + 4.50%), 5.28%, 02/05/26(j)			1,025		953,110
Hotels, Restaurants & Leisure — 0.1%
Stars Group Holdings BV, Term Loan, 07/10/25(k)			235		223,157
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., Term Loan, (LIBOR USD 1 Month + 2.00%), 2.99%, 08/12/26(j)			26		24,507
Industrial Conglomerates — 0.2%(j)
PSAV Holdings LLC, 2nd Lien Term Loan, (LIBOR USD 3 Month + 7.25%), 9.01%, 09/01/25			504		302,432
Vertiv Group Corp., Term Loan, 03/02/27(k)			565		485,900
					788,332
Insurance — 0.5%
Alliant Holdings Intermediate LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 3.99%, 05/09/25			81		72,992
Asurion LLC, 2nd Lien Term Loan B2, (LIBOR USD 1 Month + 6.50%), 7.49%, 08/04/25			681		620,561
Asurion LLC, Term Loan B4, 08/04/22(k)			118		110,973
Hub International Ltd., Term Loan B, (LIBOR USD 3 Month + 4.00%), 5.69%, 04/25/25			312		292,704
Sedgwick, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 4.24%, 12/31/25			835		734,455
Sedgwick, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.00%), 4.99%, 09/03/26			369		330,905
					2,162,590

Security		Par (000)		Value
IT Services — 0.7%
Boxer Parent Co., Inc., Term Loan B, 10/02/25(k)	USD		244	$	201,361
Camelot U.S. Acquisition 1 Co., Term Loan B, (LIBOR USD 1 Month + 3.25%), 4.24%, 10/30/26(j)			283		266,293
CCC Information Services, Inc., Term Loan, 04/29/24(k)			165		149,887
Mitchell International, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 4.24%, 11/29/24			217		179,237
Mitchell International, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 7.25%), 8.24%, 12/01/25			123		92,000
Peak 10 Holding Corp., 2nd Lien Term Loan, (LIBOR USD 3 Month + 7.25%), 8.71%, 08/01/25			83		31,401
Peak 10 Holding Corp., Term Loan, (LIBOR USD 3 Month + 3.50%), 4.95%, 08/01/24			190		133,087
Pug LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 4.49%, 02/12/27(j)			294		250,198
Solera LLC, Term Loan B1, 03/03/23(k)			205		191,596
SS&C Technologies Holdings, Inc., Term
Loan B, (LIBOR USD 1 Month + 1.75%), 2.74%, 04/16/25			183		170,513
Verscend Holding Corp., Term Loan B, (LIBOR USD 1 Month + 4.50%), 5.49%, 08/27/25(j)			1,501		1,410,984
					3,076,557
Machinery — 0.4%
Ingersoll-Rand Services Co., Term Loan, (LIBOR USD 1 Month + 1.75%), 2.74%, 03/01/27			139		129,965
MHI Holdings LLC, Term Loan B, (LIBOR USD 1 Month + 5.00%), 5.99%, 09/21/26			351		289,674
Titan Acquisition Ltd., Term Loan, (LIBOR USD 3 Month + 3.00%), 4.45%, 03/28/25			1,452		1,183,237
					1,602,876
Media — 0.9%
Ascend Learning LLC, Term Loan B, 07/12/24(k)			74		65,310
Clear Channel Outdoor Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 4.49%, 08/21/26			1,144		961,333
Intelsat Jackson Holdings SA, Term Loan:
(LIBOR USD 3 Month + 3.75%), 5.68%, 11/27/23			117		106,525
(LIBOR USD 6 Month + 4.50%), 6.43%, 01/02/24			388		354,906
6.63%, 01/02/24(l)			2,255		2,080,053
Learfield Communications LLC, Term
Loan, (LIBOR USD 1 Month + 3.25%), 4.25%, 12/01/23			124		81,080
Terrier Media Buyer, Inc., Term Loan, 12/17/26(k)			250		221,014
Xplornet Communications, Inc., Term Loan, (LIBOR USD 3 Month + 4.00%), 5.45%, 09/09/21(j)			247		237,035
					4,107,256
Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp., Term Loan, (LIBOR USD 3 Month + 10.38%), 11.99%, 12/31/21			752		35,460
Chesapeake Energy Corp., Term Loan, (LIBOR USD 1 Month + 8.00%), 9.00%, 06/24/24			2,254		867,790
CNX Resources Corp., Term Loan, (LIBOR USD 1 Month + 4.50%), 5.49%, 11/28/22			218		141,922
					1,045,172

11

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals — 0.3%
Bausch Health Cos., Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 3.61%, 06/02/25	USD		411	$	389,127
Endo Pharmaceuticals, Inc., Term Loan B, (LIBOR USD 1 Month + 4.25%), 5.25%, 04/29/24			602		537,360
Jaguar Holding Co. I, Term Loan, 08/18/22(k)			364		346,651
					1,273,138
Professional Services — 0.1%
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B, 02/06/26(j)(k)			629		563,562
Road & Rail — 0.1%
Uber Technologies, Inc., Term Loan, 03/14/25(k)			215		198,242
Software — 0.8%
Castle US Holding Corp., Term Loan, (LIBOR USD 1 Month + 3.75%), 4.74%, 01/29/27(j)			358		283,940
Infor US, Inc., Term Loan, 02/01/22(k)			197		189,075
Informatica LLC, Term Loan:
7.13%, 02/25/25(j)(l)			707		622,160
(LIBOR USD 1 Month + 3.25%), 4.24%, 02/25/27			331		285,213
Kronos, Inc., 1st Lien Term Loan B, 11/01/23(k)			97		87,824
Kronos, Inc., 2nd Lien Term Loan B, (LIBOR USD 3 Month + 8.25%), 10.01%, 11/01/24			569		521,204
Refinitiv US Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 4.24%, 10/01/25			311		297,444
RP Crown Parent LLC, 1st Lien Term Loan, 10/12/23(j)(k)			62		58,883
SS&C Technologies Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 2.74%, 04/16/25			119		111,035
TIBCO Software, Inc., 1st Lien Term Loan, 06/30/26(j)(k)			453		425,486
TIBCO Software, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 7.25%), 8.24%, 03/03/28(j)			303		281,790
Ultimate Software Group, Inc. (The), 1st Lien Term Loan, 05/04/26(k)			169		157,215
					3,321,269
Specialty Retail — 0.1%
PetSmart, Inc., Term Loan, 03/11/22(k)			607		580,522
Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., Term Loan, (LIBOR USD 3 Month + 3.25%), 4.87%, 05/27/24			408		315,485
Sprint Communications, Inc., Term Loan, 02/02/24(j)(k)			303		300,348
					615,833
Total Floating Rate Loan Interests — 9.1% (Cost: $48,939,908)					40,365,397

Security		Par (000)		Value
Capital Trusts — 2.5%
Banks — 2.5%(d)(i)
Bank of America Corp.:
Series X, 6.25%	USD		808	$	820,120
Series Z, 6.50%			584		616,120
Series AA, 6.10%			1,714		1,731,140
Series DD, 6.30%			98		102,900
CIT Group, Inc., Series A, 5.80%			295		256,650
Citigroup, Inc., Series V, 4.70%			1,050		899,430
JPMorgan Chase & Co.:
Series I, 5.24%			197		175,874
Series V, 5.23%			640		555,520
Series Q, 5.15%			190		180,500
Series S, 6.75%			240		250,800
Series U, 6.13%			99		94,050
Series FF, 5.00%			1,865		1,751,682
Series X, 6.10%			1,356		1,381,764
Series HH, 4.60%			959		839,317
Wells Fargo & Co., Series U, 5.87%			1,503		1,525,545
					11,181,412
Capital Markets — 0.0%
Morgan Stanley, Series H, 5.44%(d)(i)			162		136,485
Total Capital Trusts — 2.5% (Cost: $12,132,417)					11,317,897
Total Long-Term Investments — 99.4% (Cost: $496,859,129)					442,486,570
		Shares
Short-Term Securities — 2.6%(m)
BlackRock Liquidity Funds,T-Fund, Institutional Class, 0.21%*			11,353,534		11,353,534
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Class, 0.27%			59,495		59,495
Total Short-Term Securities — 2.6% (Cost: $11,413,029)					11,413,029
Total Investments — 102.0% (Cost: $508,272,158)					453,899,599
Liabilities in Excess of Other Assets — (2.0)%					(8,761,848	)
Net Assets — 100.0%				$	445,137,751

^(a) Non-income producing security.

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

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

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

^(e)  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.

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

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

^(h)  Convertible security.

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

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

12

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund

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

^(l)  Fixed rate.

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

* Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized  Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class(b)	17,457,639	—	(6,104,105	)	11,353,534	$	11,353,534	$	47,862	$	—		$	—

^(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.

13

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield 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)
Short Contracts
U.S. Treasury Long Bond		15		06/19/20	$	2,686	$	(3,072)
U.S. Treasury Ultra Bond		34		06/19/20		7,544		(1,455)
							$	(4,527)

Forward Foreign Currency Exchange Contracts

Currency   Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	403,000	USD	284,322	Goldman Sachs International		04/03/20	$	2,044
GBP	88,000	USD	109,262	Natwest Markets plc		04/03/20		45
USD	301,934	CAD	403,000	HSBC Bank plc		04/03/20		15,567
USD	113,446	GBP	88,000	Standard Chartered Bank		04/03/20		4,140
USD	2,938,781	EUR	2,660,000	UBS AG		05/05/20		1,120
								22,916
EUR	2,660,000	USD	2,934,778	UBS AG		04/03/20		(980)
USD	2,930,192	EUR	2,664,000	HSBC Bank plc		04/03/20		(8,017)
USD	284,429	CAD	403,000	Goldman Sachs International		05/05/20		(2,048)
USD	109,349	GBP	88,000	Natwest Markets plc		05/05/20		(38)
								(11,083)
Net Unrealized Appreciation							$	11,833

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Termination Date

Credit Rating (a)

Notional Amount (000)

(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.NA.HY.34.V1

5.00

%

Quarterly

06/20/25

B-

USD    12,140

$

(759,123)

$

(489,601)

$

(269,522)

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

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

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating (a)		Notional Amount (000)	(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank plc	12/20/23	NR	USD	312		$	(19,876)	$	(17,818)	$	(2,058)
Chesapeake Energy Corp.	5.00		Quarterly	Barclays Bank plc	12/20/23	CCC-	USD	116			(101,500)		165		(101,665)
Chesapeake Energy Corp.	5.00		Quarterly	Barclays Bank plc	12/20/23	CCC-	USD	208			(181,998)		1,452		(183,450)
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank plc	06/20/25	NR	USD	567			(61,667)		(78,582)		16,915
										$	(365,041)	$	(94,783)	$	(270,258)

^(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.

14

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund

Glossary of Terms Used in this Report

Currency
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviations
DAC	Designated Activity Company
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OTC	Over-the-counter
PIK	Payment-In-Kind
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 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 annual report.

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

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	70,092	$	—	$	—	$	70,092
Chemicals		1,285,969		—		—		1,285,969
Energy Equipment & Services		—		690		—		690
Equity Real Estate Investment Trusts (REITs)		1,276,322		—		—		1,276,322
Life Sciences Tools & Services		35,068		—		—		35,068
Media		93,533		—		—		93,533
Metals & Mining		420,635		—		—		420,635
Pharmaceuticals		485,785		—		—		485,785
Corporate Bonds(a)		—		387,135,182		—		387,135,182
Floating Rate Loan Interests:
Aerospace & Defense		—		165,196		—		165,196
Auto Components		—		—		396,548		396,548
Automobiles		—		103,421		—		103,421
Building Products		—		161,530		—		161,530
Capital Markets		—		276,077		—		276,077
Chemicals		—		101,598		1,809,125		1,910,723
Commercial Services & Supplies		—		2,580,217		—		2,580,217
Construction & Engineering		—		574,389		—		574,389

15

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund

	Level 1			Level 2			Level 3		Total
Containers & Packaging	$	—		$	525,397		$	—	$	525,397
Diversified Consumer Services		—			627,371			—		627,371
Diversified Financial Services		—			627,617			237,934		865,551
Diversified Telecommunication Services		—			4,329,169			957,296		5,286,465
Energy Equipment & Services		—			658,422			946,580		1,605,002
Entertainment		—			7,269			—		7,269
Food Products		—			250,092			—		250,092
Health Care Equipment & Supplies		—			2,121,972			—		2,121,972
Health Care Providers & Services		—			1,584,373			787,681		2,372,054
Health Care Technology		—			—			953,110		953,110
Hotels, Restaurants & Leisure		—			223,157			—		223,157
Independent Power and Renewable Electricity Producers		—			—			24,507		24,507
Industrial Conglomerates		—			—			788,332		788,332
Insurance		—			2,162,590			—		2,162,590
IT Services		—			1,149,082			1,927,475		3,076,557
Machinery		—			1,602,876			—		1,602,876
Media		—			3,870,221			237,035		4,107,256
Oil, Gas & Consumable Fuels		—			1,045,172			—		1,045,172
Pharmaceuticals		—			1,273,138			—		1,273,138
Professional Services		—			—			563,562		563,562
Road & Rail		—			198,242			—		198,242
Software		—			1,649,010			1,672,259		3,321,269
Specialty Retail		—			580,522			—		580,522
Wireless Telecommunication Services		—			315,485			300,348		615,833
Capital Trusts(a)		—			11,317,897			—		11,317,897
Short-Term Securities		11,413,029			—			—		11,413,029
	$	15,080,433		$	427,217,374		$	11,601,792	$	453,899,599
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	16,915		$	—	$	16,915
Foreign currency exchange contracts		—			22,916			—		22,916
Liabilities:
Credit contracts		—			(556,695	)		—		(556,695	)
Foreign currency exchange contracts		—			(11,083	)		—		(11,083	)
Interest rate contracts		(4,527	)		—			—		(4,527	)
	$	(4,527	)	$	(527,947	)	$	—	$	(532,474	)

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

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

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

	Floating Rate Loan Interests
Investments:
Assets:
Opening balance, as of December 31, 2019	$	2,178,848
Transfers into level 3(a)		7,822,915
Transfers out of level 3		(117,453)
Accrued discounts/premiums		34,904
Net realized loss		(11,226)
Net change in unrealized depreciation(b)		(1,244,631)
Purchases		4,446,655
Sales		(1,508,220)
Closing balance, as of March 31, 2020	$	11,601,792
Net change in unrealized depreciation on investments still held at March 31, 2020(b)	$	(1,244,631)

16

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock High Yield V.I. Fund

^(a)  As of December 31, 2019, the Fund used observable inputs in determining the value of certain investments. As of March 31, 2020, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2020 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.

17