BlackRock Variable Series Funds II NPORT-P BlackRock U.S. Government Bond V.I. Fund (Mar 2020 report)

Schedule of Investments  (unaudited) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities — 1.6%(a)
Dryden XXVIII Senior Loan Fund, Series 2013- 28A, Class A1LR, (LIBOR USD 3 Month + 1.20%), 2.89%, 08/15/30(b)	USD	700	$	660,081
LMREC, Inc., Series 2016-CRE2, Class A, (LIBOR USD 1 Month + 1.70%), 3.33%, 11/24/31(b)		13		12,531
Progress Residential Trust, Series 2017-SFR1, Class A, 2.77%, 08/17/34		100		98,292
RomarkWM-R Ltd., Series2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 2.85%, 04/20/31(b)		500		457,424
Total Asset-Backed Securities — 1.6% (Cost: $1,312,210)				1,228,328
Foreign Government Obligations — 0.3%
Colombia — 0.0%
Titulos de Tesoreria, 7.25%, 10/18/34	COP	10,900		2,653
Panama — 0.3%
Republic of Panama, 4.00%, 09/22/24	USD	200		208,687
Russia — 0.0%
Russian Federation, 8.50%, 09/17/31	RUB	2,242		32,497
Total Foreign Government Obligations — 0.3% (Cost: $250,976)				243,837
Non-Agency Mortgage-Backed Securities — 3.3%
Collateralized Mortgage Obligations — 0.4%
Seasoned Credit Risk Transfer Trust:
Series2018-2, Class MA, 3.50%, 11/25/57	USD	103		109,039
Series2018-3, Class MA, 3.50%, 08/25/57		133		140,176
Series2019-2, Class MA, 3.50%, 08/25/58		77		81,391
				330,606
Commercial Mortgage-Backed Securities — 2.5%
BANK:
Series 2020-BN26, Class A4, 2.40%, 03/15/63		129		127,145
Series 2020-BN26, Class B, 2.91%, 03/15/63(c)		155		130,047
Benchmark Mortgage Trust, Series2020-B17, Class A5, 2.29%, 03/15/53		95		93,095
BX Commercial Mortgage Trust, Series 2019- XL, Class D, 2.15%, 10/15/36(a)(c)		287		256,486
BX Trust, Series 2019-OC11, Class A, 3.20%, 12/09/41(a)		300		270,876
Commercial Mortgage Trust, Series 2017- PANW, Class A, 3.24%, 10/10/29(a)		440		433,463
CSAIL Commercial Mortgage Trust, Series2019-C17, Class C, 3.93%, 09/15/52		85		61,645
Hudson Yards Mortgage Trust, Series 2019- 30HY, Class D, 3.44%, 07/10/39(a)(c)		101		94,204
KKR Industrial Portfolio Trust, Series2020-AIP, Class A, 2.04%, 03/15/37(a)(c)		39		34,809
Morgan Stanley Capital I Trust, Series 2018- SUN, Class A, 1.60%, 07/15/35(a)(c)		145		116,951
One Bryant Park Trust, Series2019-OBP, Class A, 2.52%, 09/15/54(a)		290		288,991
				1,907,712

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.4%(c)
CSAIL Commercial Mortgage Trust, Series2019-C16, Class XA, 1.57%, 06/15/52	USD	1,739	$	190,725
UBS Commercial Mortgage Trust, Series 2019-C17, Class XA, 1.64%, 10/15/52		1,017		103,418
				294,143
TotalNon-Agency Mortgage-Backed Securities — 3.3% (Cost: $2,717,978)				2,532,461
U.S. Government Sponsored Agency Securities — 61.4%
Agency Obligations — 0.8%
Federal Home Loan Bank, 4.00%, 04/10/28		500		616,042
Collateralized Mortgage Obligations — 1.8%
Federal Home Loan Mortgage Corp. Variable Rate Notes, Series 4901, Class BF, (LIBOR USD 1 Month + 0.40%), 1.10%, 07/25/49(b)		225		222,332
Federal National Mortgage Association, Series2011-8, Class ZA, 4.00%, 02/25/41		205		226,134
Federal National Mortgage Association Variable Rate Notes, Series2019-39, Class LF, (LIBOR USD 1 Month + 0.45%), 1.40%, 08/25/49(b)		199		197,288
Government National Mortgage Association Variable Rate Notes:
Series2014-107, Class WX, 6.81%, 07/20/39(c)		128		151,858
Series2019-21, Class FL, (LIBOR USD 1 Month + 0.45%), 1.22%, 02/20/49(b)		291		288,847
Series2019-89, Class FH, (LIBOR USD 1 Month + 0.40%), 1.17%, 07/20/49(b)		294		291,787
				1,378,246
Commercial Mortgage-Backed Securities — 2.9%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K074, Class A2, 3.60%, 01/25/28		100		115,243
Federal Home Loan Mortgage Corp. Variable Rate Notes(c):
Series 2019-SB60, Class A10F, 3.31%, 01/25/29		221		230,530
Series 2019-SB61, Class A10F, 3.17%, 01/25/29		182		190,855
Series K081, Class A2, 3.90%, 08/25/28		296		352,663
Series K082, Class A2, 3.92%, 09/25/28		200		237,370
Series K084, Class A2, 3.78%, 10/25/28		186		218,216
Series K085, Class A2, 4.06%, 10/25/28		204		243,812
Series K086, Class A2, 3.86%, 11/25/28		220		260,794
Federal National Mortgage Association ACES, Series2020-M5, Class A2, 2.21%, 01/25/30		280		290,034
Government National Mortgage Association, Series2019-7, Class V, 3.00%, 05/16/35		22		23,111
				2,162,628
Interest Only Commercial Mortgage-Backed Securities — 1.0%
Federal Home Loan Mortgage Corp., Series 2015-K718, Class X2A, 0.10%, 02/25/48(a)		20,776		26,753
Government National Mortgage Association Variable Rate Notes(c):
Series2002-83, 0.00%, 10/16/42		886		1
Series2003-17, 0.00%, 03/16/43		1,008		40
Series2003-109, 0.00%, 11/16/43		1,666		65
Series2016-22, 0.77%, 11/16/55		2,522		118,442
Series2016-45, 0.98%, 02/16/58		1,771		109,212
Series2016-92, 0.96%, 04/16/58		621		38,466
Series2016-113, 1.15%, 02/16/58		1,349		102,092
Series2016-151, 1.07%, 06/16/58		929		63,838

1

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Series2017-30, 0.71%, 08/16/58	USD	682	$	34,757
Series2017-44, 0.70%, 04/17/51		735		36,975
Series2017-53, 0.69%, 11/16/56		1,990		98,992
Series2017-61, 0.76%, 05/16/59		499		30,558
Series2017-64, 0.70%, 11/16/57		796		44,180
Series2017-72, 0.68%, 04/16/57		1,295		69,276
				773,647
Mortgage-Backed Securities — 54.9%
Federal Home Loan Mortgage Corp.:
2.50%, 03/01/30 - 04/01/31		195		203,429
3.00%, 09/01/27 - 12/01/46		480		507,023
3.50%, 04/01/31 - 01/01/48		641		686,776
4.00%, 08/01/40 - 12/01/45		229		249,414
4.50%, 02/01/39 - 07/01/47		228		249,837
5.00%, 10/01/41 - 11/01/41		150		165,816
5.50%, 06/01/41		101		114,820
8.00%, 12/01/29 - 07/01/30		22		25,899
Federal National Mortgage Association:
3.00%, 02/01/44		66		70,231
3.50%, 11/01/46		179		192,534
4.00%, 01/01/41		10		10,415
Government National Mortgage Association:
2.50%, 04/15/50(d)		231		241,413
3.00%, 02/15/45 - 12/20/46		1,761		1,885,240
3.00%, 04/15/50(d)		601		635,299
3.50%, 01/15/42 - 10/20/46		2,474		2,637,483
3.50%, 04/15/50(d)		561		591,289
4.00%, 09/20/40 - 01/15/48		742		799,185
4.00%, 04/15/50(d)		601		637,944
4.50%, 12/20/39 - 12/20/49		1,391		1,521,385
4.50%, 04/15/50(d)		223		236,659
5.00%, 12/15/38 - 07/20/42		94		104,248
5.00%, 04/15/50(d)		126		134,032
5.50%, 01/15/34		483		548,704
Uniform Mortgage-Backed Securities:
2.00%, 10/01/31 - 03/01/32		115		118,099
2.00%, 04/25/35(d)		14		14,373
2.50%, 04/01/30 - 02/01/33		646		673,900
2.50%, 04/25/35 - 04/25/50(d)		3,472		3,597,054
3.00%, 04/01/29 - 03/01/47		3,808		4,024,787
3.00%, 04/25/35 - 04/25/50(d)		1,799		1,884,962
3.50%, 04/01/29 - 01/01/48		2,481		2,660,447
3.50%, 04/25/35 - 04/25/50(d)		5,799		6,128,337
4.00%, 01/01/26 - 03/01/50		2,735		2,967,595
4.00%, 04/25/50(d)		3,573		3,810,307
4.50%, 05/01/24 - 05/01/48		465		507,456
4.50%, 04/25/50(d)		2,275		2,448,024
5.00%, 09/01/35 - 08/01/41		205		226,616
5.00%, 04/25/50(d)		3		3,236
5.50%, 05/01/34 - 12/01/39		203		229,827
6.00%, 04/01/35 - 06/01/41		234		269,359
6.50%, 05/01/40		42		48,839
				42,062,293
Total U.S. Government Sponsored Agency Securities — 61.4% (Cost: $45,689,679)				46,992,856
U.S. Treasury Obligations — 45.2%
U.S. Treasury Bonds:
4.25%, 05/15/39		170		264,416
4.50%, 08/15/39		170		272,445
4.38%, 11/15/39		170		269,304
3.13%, 02/15/43		660		903,994
2.88%, 05/15/43 - 11/15/46		1,290		1,723,417
3.63%, 08/15/43		660		974,377

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
3.75%, 11/15/43	USD	660	$	993,609
3.00%, 02/15/48		630		874,617
2.25%, 08/15/49		895		1,090,327
U.S. Treasury Inflation Linked Notes:
0.50%, 04/15/24		5,898		5,983,050
0.13%, 10/15/24		898		908,531
U.S. Treasury Notes:
2.00%, 07/31/20 - 02/15/25		4,100		4,239,443
2.50%, 12/31/20		1,890		1,924,551
1.75%, 07/31/21 - 07/31/24		3,965		4,142,939
2.13%, 12/31/22 - 05/15/25		3,910		4,189,343
2.75%, 05/31/23		1,260		1,357,404
1.50%, 08/15/26		1,830		1,942,731
2.25%, 08/15/27		1,260		1,413,710
2.88%, 08/15/28		380		449,350
3.13%, 11/15/28		380		458,746
1.63%, 08/15/29		215		233,351
Total U.S. Treasury Obligations — 45.2% (Cost: $31,623,238)				34,609,655
Total Long-Term Investments — 111.8% (Cost: $81,594,081)				85,607,137
	Shares
Short-Term Securities — 13.9%
Money Market Funds — 3.4%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 0.21%(e)*		2,625,109		2,625,109
Total Money Market Funds — 3.4% (Cost: $2,625,109)				2,625,109
		Par
	(000)
U.S. Government Sponsored Agency Securities — 10.5%
Federal Home Loan Bank Discount Notes, 0.01%, 07/20/20(f)		8,000		7,997,800
Total U.S. Government Sponsored Agency Securities — 10.5% (Cost: $7,999,755)				7,997,800
Total Short-Term Securities — 13.9% (Cost: $10,624,864)				10,622,909
Total Options Purchased — 0.0% (Cost: $18,339)				1,646
Total Investments Before Options Written and TBA Sale Commitments — 125.7% (Cost: $92,237,284)				96,231,692
Total Options Written — (0.4)% (Premium Received — $44,601)				(252,936	)
TBA Sale Commitments — (15.7)%(d)
Mortgage-Backed Securities — (15.7)%
Government National Mortgage Association:
2.50%, 04/15/50		45		(47,029	)
3.00%, 04/15/50		245		(258,982	)
3.50%, 04/15/50		413		(434,799	)
4.50%, 04/15/50		459		(487,114	)
Uniform Mortgage-Backed Securities:
2.00%, 04/25/35		14		(14,373	)

2

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 04/25/35 - 04/25/50	USD	3,276	$	(3,393,866	)
3.00%, 04/25/35 - 04/25/50		1,368		(1,433,047	)
3.50%, 04/25/35 - 04/25/50		2,776		(2,933,454	)
4.00%, 04/25/35 - 04/25/50		2,594		(2,764,681	)
5.50%, 04/25/50		88		(96,322	)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
6.00%, 04/25/50	USD	160	$	(177,231	)
Total TBA Sale Commitments — (15.7)% (Proceeds: $11,922,302)				(12,040,898	)
Total Investments Net of Options Written and TBA Sale Commitments — 109.6% (Cost: $80,270,381)				83,937,858
Liabilities in Excess of Other Assets — (9.6)%				(7,353,844	)
Net Assets — 100.0%			$	76,584,014

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

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

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

^(d)  Represents or includes a TBA transaction.

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

^(f)  Rates are discount rates or a range of discount rates 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)		1,258,784		1,366,325			—		2,625,109	$	2,625,109	$	5,582	$	—	$	—
					��

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

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

3

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
U.S. Treasury 10 Year Note		19		06/19/20	$	2,635	$	13,322
U.S. Treasury 10 Year Ultra Note		2		06/19/20		312		2,294
U.S. Treasury Long Bond		6		06/19/20		1,074		16,605
U.S. Treasury Ultra Bond		9		06/19/20		1,997		56,210
U.S. Treasury 2 Year Note		71		06/30/20		15,647		5,256
								93,687
Short Contracts
U.S. Treasury 5 Year Note		21		06/30/20		2,633		(1,180	)
							$	92,507

Forward Foreign Currency Exchange Contracts

Currency             Purchased		Currency                 Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	10,000	BRL	47,988	Citibank NA		04/02/20	$	765
USD	413,732	EUR	369,000	UBS AG		04/03/20		6,750
RUB	786,796	USD	10,000	Goldman Sachs International		04/13/20		13
USD	10,000	KRW	11,890,800	Barclays Bank plc		04/13/20		234
USD	10,000	ZAR	161,780	Bank of America NA		04/14/20		972
AUD	10,000	USD	6,055	Goldman Sachs International		04/27/20		97
USD	10,000	CAD	14,037	Goldman Sachs International		04/27/20		23
USD	2,728	COP	11,073,000	Natwest Markets plc		06/16/20		17
AUD	305,548	CAD	260,007	Citibank NA		06/17/20		3,090
AUD	260,000	CAD	221,200	JPMorgan Chase Bank NA		06/17/20		2,663
CNH	1,469,762	USD	207,000	JPMorgan Chase Bank NA		06/17/20		36
CNY	1,282,113	USD	180,000	HSBC Bank plc		06/17/20		603
GBP	532,080	EUR	584,000	Natwest Markets plc		06/17/20		15,795
USD	756,000	CNY	5,305,457	Citibank NA		06/17/20		8,654
USD	109,174	RUB	7,386,161	Citibank NA		06/17/20		15,705
								55,417
BRL	46,539	USD	10,000	JPMorgan Chase Bank NA		04/02/20		(1,043	)
KRW	12,026,000	USD	10,000	BNP Paribas SA		04/13/20		(123	)
MXN	233,665	USD	10,000	UBS AG		04/13/20		(171	)
RUB	775,350	USD	10,000	Goldman Sachs International		04/13/20		(133	)
USD	10,000	KRW	12,290,100	Deutsche Bank AG		04/13/20		(94	)
USD	10,000	RUB	804,700	Citibank NA		04/13/20		(241	)
ZAR	161,507	USD	10,000	HSBC Bank plc		04/14/20		(987	)
USD	10,999	EUR	10,000	Bank of America NA		04/16/20		(36	)
USD	11,019	EUR	10,000	JPMorgan Chase Bank NA		04/16/20		(16	)
ZAR	161,355	USD	10,000	State Street Bank and Trust Co.		04/17/20		(1,000	)
USD	10,000	COP	40,675,000	Natwest Markets plc		04/20/20		—
CNY	70,883	USD	10,000	Natwest Markets plc		04/24/20		(8	)
KZT	381,500	USD	1,000	Citibank NA		04/24/20		(159	)
KZT	384,000	USD	1,000	Goldman Sachs International		04/24/20		(154	)
USD	6,055	AUD	10,000	JPMorgan Chase Bank NA		04/27/20		(97	)
CNY	979,455	USD	138,000	Bank of America NA		06/17/20		(30	)
CNY	1,634,348	USD	231,000	HSBC Bank plc		06/17/20		(780	)
JPY	1,051,852	USD	10,000	Deutsche Bank AG		06/17/20		(185	)
RUB	405,000	USD	5,307	Bank of America NA		06/17/20		(182	)
RUB	1,990,000	USD	26,696	Barclays Bank plc		06/17/20		(1,513	)
RUB	1,252,869	USD	16,661	Credit Suisse International		06/17/20		(806	)

4

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency             Purchased		Currency                 Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
RUB	216,788	USD	2,833	Goldman Sachs International		06/17/20	$	(90	)
								(7,848	)
Net Unrealized Appreciation							$	47,569

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

Put

10-Year Interest Rate Swap(a)

2.11

%

Semi-Annual

3 month LIBOR

Quarterly

Citibank NA

08/17/20

2.11

%

USD

1,800

$

573

^(a) Forward settling swaption.

Interest Rate Caps Purchased

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)			Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
2Y-10Y CMS Index Cap		0.50	%	Citibank NA		05/06/20		USD	6,834	$	1,073	$	2,563	$	(1,490	)

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
U.S. Treasury 10 Year Note		4		05/22/20		USD	133.50		USD	400	$	(21,750	)
U.S. Treasury 10 Year Note		7		05/22/20		USD	136.50		USD	700		(19,469	)
U.S. Treasury 10 Year Note		12		05/22/20		USD	132.50		USD	1,200		(76,688	)
											$	(117,907	)

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Call

2-Year Interest Rate Swap(a)

3 month LIBOR

Quarterly

1.89%

Semi-Annual

Citibank NA

05/01/20

1.89%

USD

4,300

$

(127,495

)

10-Year Interest Rate Swap(a)

3 month LIBOR

Quarterly

0.35%

Semi-Annual

Deutsche Bank AG

09/30/20

0.35

USD

600

(6,073

)

(133,568

)

Put

2-Year Interest Rate Swap(a)

0.60%

Semi-Annual

3 month LIBOR

Quarterly

Deutsche Bank AG

09/25/20

0.60

USD

4,600

(1,461

)

$

(135,029

)

^(a) Forward settling swaption.

5

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund		Termination Date					Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency			Notional Amount (000)
1.37%		Semi-Annual	3 month LIBOR	Quarterly		11/30/20		USD	2,470	$	(16,966	)	$	—	$	(16,966	)
3 month LIBOR		Quarterly	1.37%	Semi-Annual		11/30/20		USD	1,350		9,273			12,014		(2,741	)
28 day MXIBTIIE		Monthly	6.88%	Monthly		12/15/20		MXN	1,043		287			—		287
28 day MXIBTIIE		Monthly	6.88%	Monthly		12/16/20		MXN	2,018		556			—		556
3 month LIBOR		Quarterly	2.38%	Semi-Annual		05/03/21		USD	1,460		37,947			—		37,947
28 day MXIBTIIE		Monthly	6.52%	Monthly		12/14/21		MXN	1,583		832			—		832
28 day MXIBTIIE		Monthly	6.51%	Monthly		12/15/21		MXN	1,349		701			—		701
28 day MXIBTIIE		Monthly	7.00%	Monthly		08/11/22		MXN	669		778			—		778
7.11%		Monthly	28 day MXIBTIIE	Monthly		10/14/22		MXN	321		(427	)		—		(427	)
7.11%		Monthly	28 day MXIBTIIE	Monthly		10/14/22		MXN	424		(560	)		—		(560	)
28 day MXIBTIIE		Monthly	6.77%	Monthly		03/09/23		MXN	704		730			—		730
28 day MXIBTIIE		Monthly	6.36%	Monthly		03/23/23		MXN	1,468		843			—		843
3 month LIBOR		Quarterly	2.61%	Semi-Annual		02/07/24		USD	700		58,555			—		58,555
2.71%		Semi-Annual	3 month LIBOR	Quarterly		03/18/24		USD	1,700		(154,045	)		—		(154,045	)
28 day MXIBTIIE		Monthly	6.73%	Monthly		08/09/24		MXN	226		199			—		199
28 day MXIBTIIE		Monthly	6.67%	Monthly		08/12/24		MXN	496		388			—		388
28 day MXIBTIIE		Monthly	6.72%	Monthly		08/13/24		MXN	427		366			—		366
28 day MXIBTIIE		Monthly	6.59%	Monthly		11/08/24		MXN	314		170			—		170
2.85%		Semi-Annual	3 month LIBOR	Quarterly		12/21/28		USD	300		(58,583	)		—		(58,583	)
3 month LIBOR		Quarterly	1.45%	Semi-Annual		08/19/29		USD	200		13,734			—		13,734
3 month LIBOR		Quarterly	1.47%	Semi-Annual		09/09/29		USD	200		14,590			—		14,590
1.59%		Semi-Annual	3 month LIBOR	Quarterly		09/12/29		USD	150		(12,706	)		—		(12,706	)
1.61%		Semi-Annual	3 month LIBOR	Quarterly		10/01/29		USD	400		(35,265	)		—		(35,265	)
28 day MXIBTIIE		Monthly	7.14%	Monthly		03/15/30		MXN	464		192			—		192
1.66%		Semi-Annual	3 month LIBOR	Quarterly		03/16/30		USD	1,400		(132,502	)		—		(132,502	)
										$	(270,913	)	$	12,014	$	(282,927	)

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund											Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty		Termination Date			Notional Amount (000)	Value
1 day BZDIOVER	At Termination	4.53%	At Termination		UBS AG		01/03/22	BRL	511	$	822		$	—	$	822
1 day BZDIOVER	At Termination	5.69%	At Termination		UBS AG		01/03/22	BRL	230		1,269			—		1,269
28 day MXIBTIIE	Monthly	6.32%	Monthly		Goldman Sachs International		08/06/25	MXN	640		(154	)		—		(154	)
6.31%	Monthly	28 day MXIBTIIE	Monthly		Deutsche Bank AG		08/11/25	MXN	810		220			—		220
1 day BZDIOVER	At Termination	7.20%	At Termination		Citibank NA		01/04/27	BRL	133		(491	)		—		(491	)
1 day BZDIOVER	At Termination	7.40%	At Termination		JPMorgan Chase Bank NA		01/04/27	BRL	122		222			—		222
1 day BZDIOVER	At Termination	7.45%	At Termination		JPMorgan Chase Bank NA		01/04/27	BRL	44		108			—		108
1 day BZDIOVER	At Termination	7.52%	At Termination		JPMorgan Chase Bank NA		01/04/27	BRL	22		74			—		74
1 day BZDIOVER	At Termination	7.55%	At Termination		Citibank NA		01/04/27	BRL	87		330			—		330
										$	2,400		$	—	$	2,400

6

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund

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		0.01	%
28 day MXIBTIIE	Mexico Interbank TIIE28-Day		6.71
3 month LIBOR	London Interbank Offered Rate		1.45

Glossary of Terms Used in this Report

Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan Offshore
CNY	Chinese Yuan
COP	Colombian Peso
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
KRW	South Korean Won
KZT	Kazakhstani Tenge
MXN	Mexican Peso
RUB	New Russian Ruble
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviations
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank TIIE28-Day
OTC	Over-the-counter
TBA	To-be-announced

7

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock U.S. Government Bond V.I. Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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(a)	$	—		$	85,607,137		$	—	$	85,607,137
Short-Term Securities:
Money Market Funds		2,625,109			—			—		2,625,109
U.S. Government Sponsored Agency Securities		—			7,997,800			—		7,997,800
Options Purchased:
Interest rate contracts		—			1,646			—		1,646
Liabilities:
Investments:
TBA Sale Commitments		—			(12,040,898	)		—		(12,040,898	)
	$	2,625,109		$	81,565,685		$	—	$	84,190,794
Derivative Financial Instruments(b)
Assets:
Foreign currency exchange contracts	$	—		$	55,417		$	—	$	55,417
Interest rate contracts		93,687			133,913			—		227,600
Liabilities:
Foreign currency exchange contracts		—			(7,848	)		—		(7,848	)
Interest rate contracts		(119,087	)		(549,469	)		—		(668,556	)
	$	(25,400	)	$	(367,987	)	$	—	$	(393,387	)

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

8