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

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

Security	Par (000)			Value
Asset-Backed Securities — 5.9%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (LIBOR USD 1 Month + 0.34%), 1.29%, 04/25/36(a)		USD	190	$	80,518
ACE Securities Corp. Home Equity Loan Trust(a):
Series 2003-OP1, Class A2, (LIBOR USD 1 Month + 0.72%), 1.67%, 12/25/33			122		95,633
Series 2007-HE4, Class A2A, (LIBOR USD 1 Month + 0.13%), 1.08%, 05/25/37			94		19,603
Adams Mill CLO Ltd., Series 2014-1A, Class A2R, (LIBOR USD 3 Month + 1.10%), 2.93%, 07/15/26(a)(b)			174		173,201
Ajax Mortgage Loan Trust(b):
Series 2017-D, Class A, 3.75%, 12/25/57(c)			317		269,072
Series 2018-A, Class A, 3.85%, 04/25/58(c)			320		284,767
Series 2018-A, Class B, 0.00%, 04/25/58(c)			89		52,608
Series 2018-B, Class A, 3.75%, 02/26/57(c)			202		202,078
Series 2018-B, Class B, 0.00%, 02/26/57(c)			93		26,262
Series 2018-D, Class A, 3.75%, 08/25/58(c)(d)			364		323,969
Series 2018-D, Class B, 0.00%, 08/25/58(c)(d)			109		61,691
Series 2018-E, Class A, 4.38%, 06/25/58(d)			202		202,629
Series 2018-E, Class B, 5.25%, 06/25/58(c)(d)			100		70,000
Series 2018-E, Class C, 0.00%, 06/25/58(c)(d)			97		29,392
Series 2018-F, Class A, 4.38%, 11/25/58(c)(d)			647		549,556
Series 2018-F, Class B, 5.25%, 11/25/58(c)(d)			111		77,928
Series 2018-F, Class C, 0.00%, 11/25/58(c)			244		119,688
Series 2018-G, Class A, 4.38%, 06/25/57(c)(d)			581		578,536
Series 2018-G, Class B, 5.25%, 06/25/57(c)(d)			103		98,880
Series 2018-G, Class C, 0.00%, 06/25/57(c)			227		214,830
Series 2019-A, Class A, 3.75%, 08/25/57(d)			567		563,412
Series 2019-A, Class B, 5.25%, 08/25/57(c)(d)			100		98,320
Series 2019-A, Class C, 0.00%, 08/25/57(c)			185		146,622
Series 2019-B, Class A, 3.75%, 01/25/59(d)			970		962,662
Series 2019-B, Class B, 5.25%, 01/25/59(c)(d)			117		115,104
Series 2019-B, Class C, 0.00%, 01/25/59(c)			299		245,964
Allegro CLO II-S Ltd., Series 2014-1RA, Class A1, (LIBOR USD 3 Month + 1.08%), 2.90%, 10/21/28(a)(b)			500		480,519
Allegro CLO V Ltd., Series 2017-1A, Class A, (LIBOR USD 3 Month + 1.24%), 3.08%, 10/16/30(a)(b)			250		234,476
ALM VII R Ltd., Series 2013-7RA, Class A1R, (LIBOR USD 3 Month + 1.41%), 3.24%, 10/15/28(a)(b)			250		240,051
ALM XVI Ltd., Series 2015-16A, Class A2R2, (LIBOR USD 3 Month + 1.50%), 3.33%, 07/15/27(a)(b)			255		222,371
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.68%, 12/17/36(b)			181		176,197
Anchorage Capital CLO 1-R Ltd., Series 2018- 1RA, Class A1, (LIBOR USD 3 Month + 0.99%), 2.84%, 04/13/31(a)(b)			310		287,882
Anchorage Capital CLO 4-R Ltd.(a)(b):
Series 2014-4RA, Class A, (LIBOR USD 3 Month + 1.05%), 2.85%, 01/28/31			250		236,300
Series 2014-4RA, Class C, (LIBOR USD 3 Month + 1.85%), 3.65%, 01/28/31			250		204,968
Anchorage Capital CLO 5-R Ltd.(a)(b):
Series 2014-5RA, Class B, (LIBOR USD 3 Month + 1.45%), 3.28%, 01/15/30			500		433,810
Series 2014-5RA, Class C, (LIBOR USD 3 Month + 1.85%), 3.68%, 01/15/30			250		205,643
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, (LIBOR USD 3 Month + 1.27%), 3.10%, 07/15/30(a)(b)			250		233,879

Security	Par (000)			Value
Asset-Backed Securities (continued)
Anchorage Capital CLO Ltd., Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.10%, 10/13/30(a)(b)		USD	250	$	233,912
Apidos CLO XII, Series 2013-12A, Class AR, (LIBOR USD 3 Month + 1.08%), 2.91%, 04/15/31(a)(b)			500		449,514
Apidos CLO XV, Series 2013-15A, Class A1RR, (LIBOR USD 3 Month + 1.01%), 2.83%, 04/20/31(a)(b)			500		463,482
Arbor Realty CLO Ltd., Series 2017-FL3, Class A, (LIBOR USD 1 Month + 0.99%), 1.69%, 12/15/27(a)(b)			130		122,198
Ares XXXVII CLO Ltd., Series 2015-4A, Class A1R, (LIBOR USD 3 Month + 1.17%), 3.00%, 10/15/30(a)(b)			250		234,054
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (LIBOR USD 1 Month + 0.48%), 1.43%, 05/25/35(a)			49		38,717
Avery Point V CLO Ltd., Series 2014-5A, Class AR, (LIBOR USD 3 Month + 0.98%), 2.82%, 07/17/26(a)(b)			126		122,689
Avery Point VI CLO Ltd., Series 2015-6A, Class BR, (LIBOR USD 3 Month + 1.50%), 3.24%, 08/05/27(a)(b)			250		216,788
B2R Mortgage Trust, Series 2015-2, Class A, 3.34%, 11/15/48(b)			17		17,218
Babson CLO Ltd., Series 2015-2A, Class AR, (LIBOR USD 3 Month + 1.19%), 3.01%, 10/20/30(a)(b)			260		243,448
BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.52%, 12/10/25(d)			300		149,528
Battalion CLO X Ltd., Series 2016-10A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.05%, 01/24/29(a)(b)			940		903,636
Bayview Financial Revolving Asset Trust(a)(b):
Series 2004-B, Class A1, (LIBOR USD 1 Month + 1.00%), 1.94%, 05/28/39			114		100,896
Series 2005-A, Class A1, (LIBOR USD 1 Month + 1.00%), 1.94%, 02/28/40			149		133,324
Series 2005-E, Class A1, (LIBOR USD 1 Month + 1.00%), 1.94%, 12/28/40			59		51,161
BCMSC Trust(d):
Series 2000-A, Class A2, 7.58%, 06/15/30			40		12,640
Series 2000-A, Class A3, 7.83%, 06/15/30			37		12,132
Series 2000-A, Class A4, 8.29%, 06/15/30			27		9,295
BDS Ltd., Series 2019-FL3, Class A, (LIBOR USD 1 Month + 1.40%), 2.20%, 12/15/35(a)(b)			200		184,313
Bear Stearns Asset-Backed Securities I Trust(a):
Series 2007-FS1, Class 1A3, (LIBOR USD 1 Month + 0.17%), 1.12%, 05/25/35			70		71,352
Series 2007-HE2, Class 23A, (LIBOR USD 1 Month + 0.14%), 1.09%, 03/25/37			45		43,252
Series 2007-HE3, Class 1A4, (LIBOR USD 1 Month + 0.35%), 1.30%, 04/25/37			195		131,041
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, (LIBOR USD 1 Month + 1.20%), 2.15%, 01/25/36(a)			3		3,335
Benefit Street Partners CLO VI Ltd., Series 2015-VIA, Class A1R, (LIBOR USD 3 Month + 1.24%), 3.06%, 10/18/29(a)(b)			250		237,790
BlueMountain CLO Ltd.(a)(b):
Series 2013-1A, Class A1R2, (LIBOR USD 3 Month + 1.23%), 3.05%, 01/20/29			310		297,999
Series 2013-2A, Class A1R, (LIBOR USD 3 Month + 1.18%), 2.98%, 10/22/30			500		469,531

1

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

Security	Par (000)			Value
Asset-Backed Securities (continued)
California Street CLO XII Ltd., Series 2013-12A, Class AR, (LIBOR USD 3 Month + 1.03%), 2.86%, 10/15/25(a)(b)		USD	130	$	128,731
Carrington Mortgage Loan Trust(a):
Series 2006-NC4, Class A3, (LIBOR USD 1 Month + 0.16%), 1.11%, 10/25/36			72		63,281
Series 2007-RFC1, Class A4, (LIBOR USD 1 Month + 0.22%), 1.17%, 10/25/36			100		46,354
CBAM Ltd., Series 2017-1A, Class A1, (LIBOR USD 3 Month + 1.25%), 3.07%, 07/20/30(a)(b)			250		236,224
C-BASS Trust, Series 2006-CB7, Class A4, (LIBOR USD 1 Month + 0.16%), 1.11%, 10/25/36(a)			56		39,570
Cedar Funding II CLO Ltd.(a)(b):
Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.23%), 2.23%, 06/09/30			250		234,512
Series 2013-1A, Class BR, (LIBOR USD 3 Month + 1.75%), 2.75%, 06/09/30			250		217,543
Cedar Funding VI CLO Ltd., Series 2016-6A, Class AR, (LIBOR USD 3 Month + 1.09%), 2.91%, 10/20/28(a)(b)			430		412,378
Cedar Funding VIII CLO Ltd., Series 2017-8A, Class A1, (LIBOR USD 3 Month + 1.25%), 3.09%, 10/17/30(a)(b)			510		480,477
CIFC Funding Ltd.(a)(b):
Series 2013-2A, Class A1LR, (LIBOR USD 3 Month + 1.21%), 3.04%, 10/18/30			230		216,073
Series 2014-4RA, Class A1A, (LIBOR USD 3 Month + 1.13%), 2.97%, 10/17/30			540		512,410
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.02%, 06/25/37(e)			100		87,025
Citigroup Mortgage Loan Trust(a):
Series 2007-AHL2, Class A3B, (LIBOR USD 1 Month + 0.20%), 1.15%, 05/25/37			231		163,158
Series 2007-AHL2, Class A3C, (LIBOR USD 1 Month + 0.27%), 1.22%, 05/25/37			105		74,635
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class M3, (LIBOR USD 1 Month + 0.32%), 1.27%, 11/25/36(a)			100		70,209
Conseco Finance Corp.:
Series 1997-3, Class M1, 7.53%, 03/15/28(d)			44		42,354
Series 1997-6, Class M1, 7.21%, 01/15/29(d)			29		27,847
Series 1998-8, Class M1, 6.98%, 09/01/30(d)			107		88,343
Series 1999-5, Class A5, 7.86%, 03/01/30(d)			29		17,308
Series 1999-5, Class A6, 7.50%, 03/01/30(d)			31		17,681
Series 2001-D, Class B1, (LIBOR USD 1 Month + 2.50%), 3.20%, 11/15/32(a)			74		63,288
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29(d)			56		20,570
Series 2000-4, Class A6, 8.31%, 05/01/32(d)			151		56,716
Series 2000-5, Class A7, 8.20%, 05/01/31			143		71,330
Countrywide Asset-Backed Certificates(a):
Series 2006-S10, Class A3, (LIBOR USD 1 Month + 0.32%), 1.27%, 10/25/36			28		26,273
Series 2006-SPS1, Class A, (LIBOR USD 1 Month + 0.22%), 1.17%, 12/25/25			2		1,756
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.30%, 12/25/36(e)			14		11,537
Series 2006-MH1, Class B1, 6.25%, 10/25/36(b)(e)			100		94,246
Series 2006-SL1, Class A2, 6.06%, 09/25/36(b)(e)			83		9,807
Series 2007-CB6, Class A4, (LIBOR USD 1 Month + 0.34%), 1.29%, 07/25/37(a)(b)			52		30,788

Security	Par (000)			Value
Asset-Backed Securities (continued)
CWABS Asset-Backed Certificates Trust:
Series 2005-16, Class 1AF, 4.65%, 04/25/36(d)		USD	124	$	110,376
Series 2005-16, Class 2AF3, 4.47%, 05/25/36(d)			22		20,896
Series 2006-11, Class 3AV2, (LIBOR USD 1 Month + 0.16%), 1.11%, 09/25/46(a)			7		6,876
CWABS Revolving Home Equity Loan Trust, Series2004-U, Class 2A, (LIBOR USD 1 Month + 0.27%), 0.97%, 03/15/34(a)			21		18,964
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-5, Class A, (LIBOR USD 1 Month + 0.90%), 1.85%, 10/25/34(a)			107		94,360
CWHEQ Home Equity Loan Trust, Series 2006-S5, Class A5, 6.16%, 06/25/35			10		11,077
CWHEQ Revolving Home Equity Loan
Resuritization Trust(a)(b):
Series 2006-RES, Class 4Q1B, (LIBOR USD 1 Month + 0.30%), 1.00%, 12/15/33			16		15,564
Series 2006-RES, Class 5B1B, (LIBOR USD 1 Month + 0.19%), 0.89%, 05/15/35(c)			8		7,450
CWHEQ Revolving Home Equity Loan Trust(a):
Series 2005-B, Class 2A, (LIBOR USD 1 Month + 0.18%), 0.88%, 05/15/35			13		12,503
Series 2006-C, Class 2A, (LIBOR USD 1 Month + 0.18%), 0.88%, 05/15/36			90		80,776
Series 2006-H, Class 1A, (LIBOR USD 1 Month + 0.15%), 0.85%, 11/15/36			57		43,744
Dorchester Park CLO DAC, Series 2015-1A, Class BR, (LIBOR USD 3 Month + 1.45%), 3.27%, 04/20/28(a)(b)			250		217,326
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (LIBOR USD 3 Month + 1.12%), 2.95%, 01/15/31(a)(b)			800		744,540
Dryden XXV Senior Loan Fund, Series 2012- 25A, Class ARR, (LIBOR USD 3 Month + 0.90%), 2.73%, 10/15/27(a)(b)			246		231,141
First Franklin Mortgage Loan Trust(a):
Series 2004-FFH3, Class M3, (LIBOR USD 1 Month + 1.05%), 2.00%, 10/25/34			33		23,759
Series 2006-FF16, Class 2A3, (LIBOR USD 1 Month + 0.14%), 1.09%, 12/25/36			697		364,439
Series 2006-FF17, Class A5, (LIBOR USD 1 Month + 0.15%), 1.10%, 12/25/36			573		463,645
Series 2006-FFH1, Class M2, (LIBOR USD 1 Month + 0.40%), 1.35%, 01/25/36			91		43,356
Flatiron CLO Ltd., Series 2015-1A, Class AR, (LIBOR USD 3 Month + 0.89%), 2.72%, 04/15/27(a)(b)			192		186,872
Fremont Home Loan Trust, Series 2006-3, Class 1A1, (LIBOR USD 1 Month + 0.14%), 1.09%, 02/25/37(a)			227		153,321
GE-WMC Asset-Backed Pass-Through Certificates(a):
Series 2005-2, Class A2C, (LIBOR USD 1 Month + 0.25%), 1.20%, 12/25/35			15		14,557
Series 2005-2, Class M1, (LIBOR USD 1 Month + 0.44%), 1.39%, 12/25/35			168		100,821
GSAA Home Equity Trust, Series 2007-2, Class AF3, 5.92%, 03/25/37(d)			28		7,535
GSAMP Trust(a):
Series 2007-H1, Class A1B, (LIBOR USD 1 Month + 0.20%), 1.15%, 01/25/47			28		14,622
Series 2007-HS1, Class M6, (LIBOR USD 1 Month + 2.25%), 3.20%, 02/25/47			40		33,391

2

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

Security	Par (000)			Value
Asset-Backed Securities (continued)
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class AR, (LIBOR USD 3 Month + 1.08%), 2.87%, 07/25/27(a)(b)		USD	325	$	315,361
Highbridge Loan Management Ltd., Series 6A-2015, Class A1R, (LIBOR USD 3 Month + 1.00%), 2.74%, 02/05/31(a)(b)			250		229,445
Home Equity Asset Trust, Series 2007-1, Class 2A3, (LIBOR USD 1 Month + 0.15%), 1.10%, 05/25/37(a)			90		69,847
Home Equity Mortgage Loan Asset-Backed Trust(a):
Series 2004-A, Class M2, (LIBOR USD 1 Month + 2.03%), 2.97%, 07/25/34			24		21,106
Series 2007-A, Class 2A2, (LIBOR USD 1 Month + 0.19%), 1.14%, 04/25/37			67		44,399
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36(e)			66		17,854
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (LIBOR USD 1 Month + 0.72%), 1.42%, 04/15/36(a)			21		17,951
ICG US CLO Ltd., Series 2015-1A, Class A1R, (LIBOR USD 3 Month + 1.14%), 2.96%, 10/19/28(a)(b)			250		240,972
Invitation Homes Trust, Series 2018-SFR3, Class A, (LIBOR USD 1 Month + 1.00%), 1.80%, 07/17/37(a)(b)			122		112,761
Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, 6.53%, 09/25/37(b)(e)			36		33,284
JPMorgan Mortgage Acquisition Trust, Series 2006-CW1, Class M1, (LIBOR USD 1 Month + 0.27%), 1.22%, 05/25/36(a)			100		86,374
LCM 26 Ltd., Series 26A, Class A1, (LIBOR USD 3 Month + 1.07%), 2.89%, 01/20/31(a)(b)			280		261,168
LCM XX LP, Series 20A, Class AR, (LIBOR USD 3 Month + 1.04%), 2.86%, 10/20/27(a)(b)			250		234,772
LCM XXIV Ltd., Series 24A, Class A, (LIBOR USD 3 Month + 1.31%), 3.13%, 03/20/30(a)(b)			250		235,912
Legacy Mortgage Asset Trust(b):
Series 2019-GS2, Class A1, 3.75%, 01/25/59(e)			103		92,314
Series 2019-SL1, Class A, 4.00%, 12/28/54(d)			349		348,360
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(d)			74		75,280
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/30/27(c)			51		51,117
Long Beach Mortgage Loan Trust(a):
Series 2006-2, Class 1A, (LIBOR USD 1 Month + 0.18%), 1.13%, 03/25/46			219		153,251
Series 2006-4, Class 2A3, (LIBOR USD 1 Month + 0.16%), 1.11%, 05/25/36			359		136,492
Series 2006-9, Class 2A2, (LIBOR USD 1 Month + 0.11%), 1.06%, 10/25/36			52		18,855
Series 2006-9, Class 2A3, (LIBOR USD 1 Month + 0.16%), 1.11%, 10/25/36			321		117,443
Series 2006-9, Class 2A4, (LIBOR USD 1 Month + 0.23%), 1.18%, 10/25/36			119		44,542
Series 2006-10, Class 2A3, (LIBOR USD 1 Month + 0.16%), 1.11%, 11/25/36			81		32,441
Series 2006-10, Class 2A4, (LIBOR USD 1 Month + 0.22%), 1.17%, 11/25/36			61		24,760
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (LIBOR USD 1 Month + 3.25%), 4.20%, 03/25/32(a)			31		30,468

Security	Par (000)			Value
Asset-Backed Securities (continued)
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (LIBOR USD 3 Month + 1.16%), 2.97%, 07/23/29(a)(b)		USD	250	$	238,426
Madison Park Funding XIII Ltd., Series 2014- 13A, Class AR2, (LIBOR USD 3 Month + 0.95%), 2.77%, 04/19/30(a)(b)			580		497,114
Madison Park Funding XVIII Ltd., Series 2015- 18A, Class A1R, (LIBOR USD 3 Month + 1.19%), 3.01%, 10/21/30(a)(b)			510		479,147
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (LIBOR USD 3 Month + 1.20%), 2.97%, 07/29/30(a)(b)			270		253,645
Marble Point CLO XI Ltd., Series 2017-2A, Class A, (LIBOR USD 3 Month + 1.18%), 3.00%, 12/18/30(a)(b)			250		232,549
Mariner CLO 5 Ltd., Series 2018-5A, Class A, (LIBOR USD 3 Month + 1.11%), 2.90%, 04/25/31(a)(b)			250		229,570
Mariner CLO Ltd., Series 2017-4A, Class A, (LIBOR USD 3 Month + 1.21%), 3.00%, 10/26/29(a)(b)			250		238,198
MASTR Specialized Loan Trust, Series 2006-3, Class A, (LIBOR USD 1 Month + 0.26%), 1.21%, 06/25/46(a)(b)			16		14,087
Merrill Lynch Mortgage Investors Trust(a):
Series 2006-OPT1, Class M1, (LIBOR USD 1 Month + 0.26%), 1.21%, 08/25/37			34		12,255
Series 2006-RM3, Class A2B, (LIBOR USD 1 Month + 0.09%), 1.04%, 06/25/37			27		6,594
Morgan Stanley ABS Capital I, Inc. Trust(a):
Series 2005-HE1, Class A2MZ, (LIBOR USD 1 Month + 0.60%), 1.55%, 12/25/34			155		131,171
Series 2005-HE5, Class M4, (LIBOR USD 1 Month + 0.87%), 1.82%, 09/25/35			126		52,108
Series 2007-NC1, Class A1, (LIBOR USD 1 Month + 0.13%), 1.08%, 11/25/36			447		194,818
MP CLO III Ltd., Series 2013-1A, Class AR, (LIBOR USD 3 Month + 1.25%), 3.07%, 10/20/30(a)(b)			250		233,983
MP CLO VIII Ltd., Series 2015-2A, Class AR, (LIBOR USD 3 Month + 0.91%), 2.71%, 10/28/27(a)(b)			267		257,912
Navient Private Education Loan Trust, Series 2014-AA, Class A2B, (LIBOR USD 1 Month + 1.25%), 1.95%, 02/15/29(a)(b)			237		235,588
Neuberger Berman Loan Advisers CLO Ltd., Series 2017-26A, Class A, (LIBOR USD 3 Month + 1.17%), 2.99%, 10/18/30(a)(b)			250		234,864
Oakwood Mortgage Investors, Inc.(d):
Series 2001-D, Class A2, 5.26%, 01/15/19			20		13,437
Series 2001-D, Class A4, 6.93%, 09/15/31			12		8,776
Series 2002-B, Class M1, 7.62%, 06/15/32			79		55,377
OCP CLO Ltd.(a)(b):
Series 2016-12A, Class A1R, (LIBOR USD 3 Month + 1.12%), 2.94%, 10/18/28			216		202,812
Series 2017-13A, Class A1A, (LIBOR USD 3 Month + 1.26%), 3.09%, 07/15/30			300		282,713
Series 2017-14A, Class B, (LIBOR USD 3 Month + 1.95%), 3.64%, 11/20/30			250		203,364
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.10%), 2.93%, 04/15/26(a)(b)			74		74,116
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.02%), 2.86%, 07/17/30(a)(b)			250		230,933

3

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

Security	Par (000)			Value
Asset-Backed Securities (continued)
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (LIBOR USD 3 Month + 1.00%), 2.79%, 01/25/31(a)(b)		USD	250	$	232,051
OFSI Fund VI Ltd., Series 2014-6A, Class A2R, (LIBOR USD 3 Month + 1.13%), 2.96%, 03/20/25(a)(b)			84		76,475
OFSI Fund VII Ltd., Series 2014-7A, Class AR, (LIBOR USD 3 Month + 0.90%), 2.72%, 10/18/26(a)(b)			65		64,760
OHA Loan Funding Ltd., Series 2013-2A, Class AR, (LIBOR USD 3 Month + 1.04%), 2.72%, 05/23/31(a)(b)			225		208,567
Option One Mortgage Acceptance Corp. Asset- Backed Certificates, Series 2003-4, Class A2, (LIBOR USD 1 Month + 0.64%), 1.59%, 07/25/33(a)			163		143,173
Option One Mortgage Loan Trust:
Series 2007-CP1, Class 2A3, (LIBOR USD 1 Month + 0.21%), 1.16%, 03/25/37(a)			90		46,233
Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37(e)			91		78,441
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37(e)			239		206,945
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37(e)			399		366,539
Origen Manufactured Housing Contract Trust, Series 2007-B, Class A1, (LIBOR USD 1 Month + 1.20%), 1.90%, 10/15/37(a)(b)(c)			68		65,934
Ownit Mortgage Loan Trust, Series 2006-2, Class A2C, 6.00%, 01/25/37(e)			70		59,603
OZLM Funding IV Ltd., Series 2013-4A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.05%, 10/22/30(a)(b)			390		365,212
OZLM XIV Ltd., Series 2015-14A, Class A2AR, (LIBOR USD 3 Month + 1.70%), 3.53%, 01/15/29(a)(b)			250		230,155
Palmer Square CLO Ltd.(a)(b):
Series 2014-1A, Class A1R2, (LIBOR USD 3 Month + 1.13%), 2.97%, 01/17/31			250		235,523
Series 2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 2.85%, 04/18/31			250		227,152
Series 2018-2A, Class A1A, (LIBOR USD 3 Month + 1.10%), 2.94%, 07/16/31			420		394,040
Park Avenue Institutional Advisers CLO Ltd.(a)(b):
Series 2017-1A, Class A1, (LIBOR USD 3 Month + 1.22%), 2.92%, 11/14/29			280		267,333
Series 2017-1A, Class A2, (LIBOR USD 3 Month + 1.70%), 3.40%, 11/14/29			300		259,375
Progress Residential Trust(b):
Series 2015-SFR3, Class A, 3.07%, 11/12/32			197		196,018
Series 2017-SFR1, Class A, 2.77%, 08/17/34			100		98,292
Series 2018-SFR1, Class F, 4.78%, 03/17/35			100		86,531
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, (LIBOR USD 3 Month + 1.21%), 3.04%, 10/15/30(a)(b)			500		470,427
Race Point X CLO Ltd., Series 2016-10A, Class A1R, (LIBOR USD 3 Month + 1.10%), 2.89%, 07/25/31(a)(b)			250		231,795
Regatta VI Funding Ltd., Series 2016-1A, Class AR, (LIBOR USD 3 Month + 1.08%), 2.90%, 07/20/28(a)(b)			330		309,619

Security	Par (000)			Value
Asset-Backed Securities (continued)
Rockford Tower CLO Ltd., Series 2017-3A, Class A, (LIBOR USD 3 Month + 1.19%), 3.01%, 10/20/30(a)(b)		USD	250	$	233,453
Romark WM-R Ltd., Series 2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 2.85%, 04/20/31(a)(b)			250		228,712
RR 3 Ltd., Series 2018-3A, Class A1R2, (LIBOR USD 3 Month + 1.09%), 2.92%, 01/15/30(a)(b)			1,250		1,165,554
Securitized Asset-Backed Receivables LLC Trust(a):
Series 2006-WM4, Class A1, (LIBOR USD 1 Month + 0.19%), 1.14%, 11/25/36(b)			96		50,771
Series 2006-WM4, Class A2A, (LIBOR USD 1 Month + 0.08%), 1.03%, 11/25/36			46		15,296
Series 2006-WM4, Class A2C, (LIBOR USD 1 Month + 0.16%), 1.11%, 11/25/36			139		47,199
SG Mortgage Securities Trust, Series 2006- OPT2, Class A3D, (LIBOR USD 1 Month + 0.21%), 1.16%, 10/25/36(a)			100		61,047
Silver Creek CLO Ltd., Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.24%), 3.06%, 07/20/30(a)(b)			250		239,799
SLM Private Credit Student Loan Trust, Series 2004-B, Class A3, (LIBOR USD 3 Month + 0.33%), 1.07%, 03/15/24(a)			172		169,030
SMB Private Education Loan Trust, Series 2015-B, Class B, 3.50%, 12/17/40(b)			100		102,251
Sound Point CLO XXIII Ltd., Series 2019-2A, Class A1, (LIBOR USD 3 Month + 1.40%), 3.23%, 04/15/32(a)(b)			800		746,633
Soundview Home Loan Trust, Series 2004- WMC1, Class M2, (LIBOR USD 1 Month + 0.80%), 1.74%, 01/25/35(a)			2		1,338
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, (LIBOR USD 1 Month + 0.30%), 1.25%, 01/25/35(a)			63		61,844
TCI-Flatiron CLO Ltd., Series 2017-1A, Class A, (LIBOR USD 3 Month + 1.20%), 2.89%, 11/18/30(a)(b)			250		234,353
Towd Point Mortgage Trust(b)(d):
Series 2019-SJ2, Class A2, 4.25%, 11/25/58			140		139,155
Series 2019-SJ2, Class M1, 4.50%, 11/25/58			340		339,541
Tricon American Homes Trust, Series 2018- SFR1, Class E, 4.56%, 05/17/37(b)			100		88,700
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26			94		96,580
Venture 35 CLO Ltd., Series 2018-35A, Class AS, (LIBOR USD 3 Month + 1.15%), 2.95%, 10/22/31(a)(b)			100		93,945
Venture XVIII CLO Ltd., Series 2014-18A, Class AR, (LIBOR USD 3 Month + 1.22%), 3.05%, 10/15/29(a)(b)			315		299,370
Voya CLO Ltd., Series 2017-4A, Class A1, (LIBOR USD 3 Month + 1.13%), 2.96%, 10/15/30(a)(b)			250		234,612
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (LIBOR USD 1 Month + 0.13%), 1.08%, 07/25/37(a)(b)			73		64,795
WaMu Asset-Backed Certificates Trust(a):
Series 2007-HE2, Class 2A3, (LIBOR USD 1 Month + 0.25%), 1.20%, 04/25/37			513		221,652
Series 2007-HE2, Class 2A4, (LIBOR USD 1 Month + 0.36%), 1.31%, 04/25/37			32		14,231

4

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

Security	Par (000)			Value
Asset-Backed Securities (continued)
Washington Mutual Asset-Backed CertificatesTrust(a):
Series 2006-HE4, Class 2A2, (LIBOR USD 1 Month + 0.18%), 1.13%, 09/25/36		USD	157	$	61,761
Series 2006-HE5, Class 1A, (LIBOR USD 1 Month + 0.16%), 1.10%, 10/25/36			163		115,785
Yale Mortgage Loan Trust, Series 2007-1, Class A, (LIBOR USD 1 Month + 0.40%), 1.35%, 06/25/37(a)(b)			90		31,618
York CLO-2 Ltd., Series 2015-1A, Class AR, (LIBOR USD 3 Month + 1.15%), 2.95%, 01/22/31(a)(b)			250		234,697
Total Asset-Backed Securities — 5.9% (Cost: $41,492,780)					38,130,602
Corporate Bonds — 32.1%
Aerospace & Defense — 1.2%
BAE Systems Holdings, Inc.(b):
3.80%, 10/07/24			48		49,867
3.85%, 12/15/25			265		269,459
4.75%, 10/07/44			8		8,216
Boeing Co. (The), 3.83%, 03/01/59			33		29,434
General Dynamics Corp.:
3.75%, 05/15/28			150		159,419
4.25%, 04/01/50			58		73,033
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30(b)			274		284,005
L3Harris Technologies, Inc.:
3.83%, 04/27/25			34		35,373
3.85%, 12/15/26(b)			435		448,569
4.40%, 06/15/28			515		548,215
4.40%, 06/15/28(b)			165		175,641
4.85%, 04/27/35			8		8,656
Lockheed Martin Corp.:
3.60%, 03/01/35			520		568,617
4.50%, 05/15/36			10		10,569
3.80%, 03/01/45			68		73,818
Northrop Grumman Corp.:
2.55%, 10/15/22			60		59,984
2.93%, 01/15/25			508		515,649
3.25%, 01/15/28			658		683,740
5.25%, 05/01/50			152		205,548
Raytheon Co.:
7.20%, 08/15/27			45		55,243
7.00%, 11/01/28			360		467,631
4.20%, 12/15/44			62		69,564
Rockwell Collins, Inc., 3.20%, 03/15/24			307		315,610
Textron, Inc.:
3.65%, 03/15/27			130		127,298
3.90%, 09/17/29			235		229,629
TransDigm, Inc.:
6.25%, 03/15/26(b)			892		888,655
6.38%, 06/15/26			106		101,495
7.50%, 03/15/27			62		59,749
5.50%, 11/15/27(b)			276		247,710
United Technologies Corp.:
4.13%, 11/16/28			427		468,740
5.40%, 05/01/35			95		116,669
4.45%, 11/16/38			21		23,905
4.15%, 05/15/45			10		10,865
					7,390,575
Air Freight & Logistics — 0.2%
FedEx Corp.:
3.10%, 08/05/29			62		60,869

Security	Par (000)			Value
Air Freight & Logistics (continued)
3.88%, 08/01/42		USD	231	$	202,170
5.10%, 01/15/44			15		14,879
4.40%, 01/15/47			2		1,806
United Parcel Service, Inc.:
3.40%, 03/15/29			328		344,195
2.50%, 09/01/29			185		177,975
5.20%, 04/01/40			253		310,010
XPO Logistics, Inc.(b):
6.13%, 09/01/23			45		44,044
6.75%, 08/15/24			110		107,558
					1,263,506
Airlines — 0.4%
Air Canada Pass-Through Trust(b):
Series 2015-2, Class B, 5.00%, 12/15/23			61		57,445
Series 2017-1, Class B, 3.70%, 01/15/26			1		752
Series 2017-1, Class AA, 3.30%, 01/15/30			89		85,039
American Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.38%, 10/01/22			3		3,132
Series 2015-1, Class B, 3.70%, 05/01/23			33		29,455
Series 2015-2, Class B, 4.40%, 09/22/23			241		203,711
Series 2016-1, Class B, 5.25%, 01/15/24			190		191,256
Series 2017-1, Class B, 4.95%, 02/15/25			54		46,832
Series 2017-2, Class B, 3.70%, 10/15/25			68		57,881
Series 2016-3, Class B, 3.75%, 10/15/25			3		2,631
Series 2015-2, Class AA, 3.60%, 09/22/27			41		38,873
Series 2016-1, Class AA, 3.58%, 01/15/28			108		102,735
Series 2019-1, Class B, 3.85%, 02/15/28			229		175,832
Series 2016-2, Class AA, 3.20%, 06/15/28			75		81,741
Series 2016-3, Class AA, 3.00%, 10/15/28			193		181,842
Series 2017-1, Class AA, 3.65%, 02/15/29			59		55,996
Series 2019-1, Class AA, 3.15%, 02/15/32			212		190,668
Continental Airlines Pass-Through Trust, Series 2012-1, Class B, 6.25%, 04/11/20			2		1,705
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/24			215		209,889
Gol Finance SA, 7.00%, 01/31/25(b)			55		23,375
Transportes Aereos Portugueses SA, 5.63%, 12/02/24(b)		EUR	100		63,984
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 03/15/27(b)		USD	30		24,656
United Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.75%, 04/11/22			13		12,597
Series 2014-2, Class B, 4.63%, 09/03/22			20		19,022
Series 2016-2, Class B, 3.65%, 10/07/25			12		10,982
Series 2016-1, Class B, 3.65%, 01/07/26			19		15,438
Series 2018-1, Class B, 4.60%, 03/01/26			70		60,375
Series 2015-1, Class AA, 3.45%, 12/01/27			38		38,344
Series 2019-2, Class B, 3.50%, 05/01/28			158		132,105
Series 2016-1, Class AA, 3.10%, 07/07/28			12		11,275
Series 2016-2, Class AA, 2.88%, 10/07/28			77		71,671
Series 2018-1, Class AA, 3.50%, 03/01/30			37		36,260
Series 2019-2, Class AA, 2.70%, 05/01/32			130		116,972
US Airways Pass-Through Trust:
Series 2012-2, Class B, 6.75%, 06/03/21			7		6,528
Series 2013-1, Class B, 5.38%, 11/15/21			25		23,994
					2,384,993
Auto Components — 0.0%
American Axle & Manufacturing, Inc., 6.25%, 04/01/25			74		61,050
Aptiv plc, 5.40%, 03/15/49			30		26,066
Lear Corp., 5.25%, 05/15/49			4		3,472
					90,588

5

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

Security	Par (000)			Value
Automobiles — 0.5%
BMW US Capital LLC, 2.80%, 04/11/26(b)		USD	84	$	83,119
Daimler Finance North America LLC(b):
3.10%, 05/04/20			340		339,409
2.30%, 02/12/21			150		146,119
3.35%, 05/04/21			430		425,648
3.75%, 11/05/21			150		148,724
General Motors Co.:
6.60%, 04/01/36			91		79,137
6.25%, 10/02/43			75		59,228
6.75%, 04/01/46			92		73,498
Hyundai Capital America(b):
2.55%, 04/03/20			786		785,715
3.95%, 02/01/22			305		303,284
2.38%, 02/10/23			601		575,524
					3,019,405
Banks — 7.0%
ABN AMRO Bank NV, 2.65%, 01/19/21(b)			275		274,505
Australia & New Zealand Banking Group Ltd., 2.63%, 11/09/22			250		254,010
Banco Bradesco SA, 3.20%, 01/27/25(b)			660		605,550
Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26(b)			325		290,672
Banco Santander SA:
2.71%, 06/27/24			400		392,338
3.31%, 06/27/29			400		392,637
Bangkok Bank PCL, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.73%, 09/25/34(a)			200		172,071
Bank of America Corp.:
(LIBOR USD 3 Month + 0.66%), 2.37%, 07/21/21(a)			485		484,672
(LIBOR USD 3 Month + 0.63%), 2.33%, 10/01/21(a)			1,835		1,832,287
(LIBOR USD 3 Month + 0.63%), 3.50%, 05/17/22(a)			285		288,386
(LIBOR USD 3 Month + 0.93%), 2.82%, 07/21/23(a)			280		281,151
4.20%, 08/26/24			114		121,252
4.00%, 01/22/25			167		175,749
(LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/25(a)			120		123,746
Series L, 3.95%, 04/21/25			265		278,591
(LIBOR USD 3 Month + 0.64%), 2.01%, 02/13/26(a)			85		83,211
4.45%, 03/03/26			374		402,812
(LIBOR USD 3 Month + 1.06%), 3.56%, 04/23/27(a)			121		126,618
(LIBOR USD 3 Month + 1.58%), 3.82%, 01/20/28(a)			924		957,588
Series FF, (LIBOR USD 3 Month + 2.93%), 5.87%(a)(f)			290		293,869
(LIBOR USD 3 Month + 1.51%), 3.71%, 04/24/28(a)			1,007		1,029,629
(LIBOR USD 3 Month + 1.37%), 3.59%, 07/21/28(a)			61		62,377
(LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/28(a)			1,724		1,778,372
(LIBOR USD 3 Month + 1.31%), 4.27%, 07/23/29(a)			334		361,075
(LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/51(a)			74		84,707
Bank of East Asia Ltd. (The), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.26%), 5.87%(a)(f)			250		248,333

Security	Par (000)			Value
Banks (continued)
Bank of Montreal:
2.90%, 03/26/22		USD	85	$	86,089
Series E, 3.30%, 02/05/24			318		328,129
2.50%, 06/28/24			45		43,976
Barclays plc:
4.38%, 01/12/26			220		221,100
(LIBOR USD 3 Month + 1.90%), 4.97%, 05/16/29(a)			219		234,216
BBVA Bancomer SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.31%), 5.87%, 09/13/34(a)(b)			200		161,875
BNP Paribas SA(b):
3.50%, 03/01/23			400		401,250
(LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/25(a)			403		398,070
(SOFR + 1.51%), 3.05%, 01/13/31(a)			450		420,788
Citigroup, Inc.:
(LIBOR USD 3 Month + 0.95%), 2.88%, 07/24/23(a)			230		231,769
4.40%, 06/10/25			232		242,575
3.40%, 05/01/26			80		83,350
4.45%, 09/29/27			216		225,509
(LIBOR USD 3 Month + 1.56%), 3.89%, 01/10/28(a)			964		991,499
(LIBOR USD 3 Month + 1.39%), 3.67%, 07/24/28(a)			880		911,053
(LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/28(a)			27		27,011
(SOFR + 3.91%), 4.41%, 03/31/31(a)			125		137,335
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22			856		867,342
Danske Bank A/S(b):
5.00%, 01/12/22			400		410,735
3.88%, 09/12/23			210		207,268
5.38%, 01/12/24			300		309,315
Discover Bank, 4.65%, 09/13/28			745		740,575
Emirates NBD Bank PJSC, (USD Swap Semi 6 Year + 3.66%), 6.13%(a)(f)			200		168,875
Fifth Third Bancorp, 3.65%, 01/25/24			100		103,975
HSBC Holdings plc(a):
(LIBOR USD 3 Month + 1.35%), 4.29%, 09/12/26			202		201,566
(LIBOR USD 3 Month + 1.55%), 4.04%, 03/13/28			460		467,785
(LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/30			335		343,152
ING Groep NV:
4.10%, 10/02/23			910		933,931
3.55%, 04/09/24			200		200,965
4.63%, 01/06/26(b)			200		210,750
Itau Unibanco Holding SA(b):
2.90%, 01/24/23			250		236,500
3.25%, 01/24/25			250		229,425
JPMorgan Chase & Co.:
4.25%, 10/15/20			14		14,160
2.55%, 03/01/21			344		344,823
4.63%, 05/10/21			179		183,955
2.30%, 08/15/21			753		752,221
4.35%, 08/15/21			32		32,819
2.97%, 01/15/23			194		197,143
(LIBOR USD 3 Month + 0.70%), 3.21%, 04/01/23(a)			1,105		1,124,023
(LIBOR USD 3 Month + 0.94%), 2.78%, 04/25/23(a)			73		73,941
3.38%, 05/01/23			10		10,452
2.70%, 05/18/23			231		237,076

6

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

Security	Par (000)			Value
Banks (continued)
(LIBOR USD 3 Month + 0.73%), 3.56%, 04/23/24(a)		USD	117	$	122,438
(LIBOR USD 3 Month + 0.89%), 3.80%, 07/23/24(a)			392		410,303
3.88%, 09/10/24			85		89,629
(LIBOR USD 3 Month + 1.00%), 4.02%, 12/05/24(a)			1,450		1,536,386
(LIBOR USD 3 Month + 1.16%), 3.22%, 03/01/25(a)			416		431,902
(SOFR + 1.16%), 2.30%, 10/15/25(a)			335		333,328
2.95%, 10/01/26			736		759,284
(LIBOR USD 3 Month + 1.25%), 3.96%, 01/29/27(a)			713		766,771
(LIBOR USD 3 Month + 1.34%), 3.78%, 02/01/28(a)			1,127		1,192,731
(LIBOR USD 3 Month + 1.38%), 3.54%, 05/01/28(a)			1,605		1,651,637
(LIBOR USD 3 Month + 1.16%), 3.70%, 05/06/30(a)			40		42,897
(SOFR + 3.79%), 4.49%, 03/24/31(a)			76		87,856
(LIBOR USD 3 Month + 1.36%), 3.88%, 07/24/38(a)			85		94,883
Kasikornbank PCL, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.34%, 10/02/31(a)			200		181,500
KeyBank NA, 2.30%, 09/14/22			250		248,847
KeyCorp:
4.15%, 10/29/25			8		8,371
4.10%, 04/30/28			84		88,391
2.55%, 10/01/29			81		72,309
Lloyds Banking Group plc:
3.90%, 03/12/24			210		212,514
3.75%, 01/11/27			212		214,020
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21			35		35,302
3.00%, 02/22/22			85		86,609
2.67%, 07/25/22			211		210,295
3.46%, 03/02/23			1,115		1,143,764
3.76%, 07/26/23			859		887,833
Mizuho Financial Group, Inc.:
2.27%, 09/13/21			200		197,715
2.95%, 02/28/22			1,383		1,387,785
(LIBOR USD 3 Month + 1.10%), 2.55%, 09/13/25(a)			719		710,039
(LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/26(a)			200		195,972
3.66%, 02/28/27			200		200,720
Santander UK Group Holdings plc, 2.88%, 08/05/21			370		365,438
Shinhan Financial Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 3.34%, 02/05/30(a)			200		204,375
Sumitomo Mitsui Financial Group, Inc.:
2.70%, 07/16/24			395		394,701
2.35%, 01/15/25			501		497,465
3.04%, 07/16/29			200		198,585
Truist Bank, 2.80%, 05/17/22			185		187,269
US Bancorp:
2.95%, 07/15/22			172		173,847
2.40%, 07/30/24			309		308,863
3.10%, 04/27/26			17		17,190
US Bank NA, (LIBOR USD 3 Month + 0.29%), 3.10%, 05/21/21(a)			265		265,433
Washington Mutual Escrow Bonds(c)(g)(h):
0.00%, 11/06/09			300		—
0.00%, 09/19/17(i)			250		—

Security	Par (000)			Value
Banks (continued)
0.00%, 09/29/17		USD	500	$	—
Wells Fargo & Co.:
4.60%, 04/01/21			136		138,952
2.10%, 07/26/21			3		2,990
3.50%, 03/08/22			256		260,976
2.63%, 07/22/22			206		206,668
3.75%, 01/24/24			544		574,913
(LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/25(a)			394		388,173
3.00%, 04/22/26			396		402,909
3.00%, 10/23/26			621		634,750
(LIBOR USD 3 Month + 1.31%), 3.58%, 05/22/28(a)			590		599,991
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.49%), 3.33%, 07/23/21(a)			540		540,903
					45,110,996
Beverages — 0.5%
Anheuser-Busch Cos. LLC, 4.70%, 02/01/36 .			1,165		1,220,037
Anheuser-Busch InBev Worldwide, Inc.:
3.50%, 01/12/24			220		229,940
4.75%, 01/23/29			1,070		1,181,119
4.38%, 04/15/38			70		70,466
Keurig Dr Pepper, Inc., 3.55%, 05/25/21			89		90,044
Molson Coors Beverage Co., 5.00%, 05/01/42			130		126,032
PepsiCo, Inc.:
4.45%, 04/14/46			4		5,169
3.45%, 10/06/46			65		72,962
4.00%, 05/02/47			91		109,090
					3,104,859
Biotechnology — 0.5%
AbbVie, Inc.:
2.95%, 11/21/26(b)			263		264,206
3.20%, 11/21/29(b)			505		507,075
4.50%, 05/14/35			400		453,714
4.05%, 11/21/39(b)			61		62,745
4.70%, 05/14/45			268		301,015
4.88%, 11/14/48			80		92,810
4.25%, 11/21/49(b)			50		53,117
Amgen, Inc.:
2.20%, 02/21/27			46		45,538
2.45%, 02/21/30			295		290,145
4.40%, 05/01/45			361		423,766
Gilead Sciences, Inc.:
3.50%, 02/01/25			212		223,694
4.60%, 09/01/35			41		50,778
4.80%, 04/01/44			111		142,396
4.50%, 02/01/45			65		79,009
4.75%, 03/01/46			49		62,574
					3,052,582
Building Products — 0.1%
Johnson Controls International plc:
4.63%, 07/02/44(e)			50		48,798
5.13%, 09/14/45			5		5,775
Masonite International Corp., 5.38%, 02/01/28(b)			54		53,071
Owens Corning:
3.95%, 08/15/29			157		148,208
4.30%, 07/15/47			5		4,267
Standard Industries, Inc.(b):
6.00%, 10/15/25			25		24,570
5.00%, 02/15/27			53		48,230
4.75%, 01/15/28			22		20,261
Summit Materials LLC, 6.13%, 07/15/23			53		52,470
					405,650

7

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

Security	Par (000)			Value
Capital Markets — 1.8%
Bank of New York Mellon Corp. (The)(a):
Series E, (LIBOR USD 3 Month + 3.42%), 4.95%(f)		USD	200	$	174,000
(LIBOR USD 3 Month + 1.07%), 3.44%, 02/07/28			293		296,689
Charles Schwab Corp. (The), 3.20%, 01/25/28			166		167,979
Deutsche Bank AG:
2.70%, 07/13/20			422		413,715
2.95%, 08/20/20			100		99,096
4.25%, 02/04/21			155		148,843
E*TRADE Financial Corp., 3.80%, 08/24/27			30		29,050
Goldman Sachs Group, Inc. (The):
2.35%, 11/15/21			460		459,439
5.75%, 01/24/22			43		45,557
3.63%, 02/20/24			90		93,844
4.00%, 03/03/24			412		430,617
3.85%, 07/08/24			14		14,597
3.50%, 01/23/25			266		271,942
3.50%, 04/01/25			510		521,335
3.75%, 05/22/25			190		196,678
(LIBOR USD 3 Month + 1.17%), 2.86%, 05/15/26(a)			230		211,429
3.85%, 01/26/27			365		376,344
(LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/28(a)			955		980,557
Huarong Finance Co. Ltd.:
3.25%, 11/13/24			200		192,563
3.88%, 11/13/29			200		194,938
Intercontinental Exchange, Inc.:
2.35%, 09/15/22			2		2,000
4.00%, 10/15/23			8		8,381
3.75%, 12/01/25			42		44,352
3.10%, 09/15/27			17		17,248
3.75%, 09/21/28			206		219,051
Joy Treasure Assets Holdings, Inc., 3.50%, 09/24/29			200		201,500
Moody’s Corp.:
4.88%, 02/15/24			59		63,769
3.25%, 01/15/28			103		104,292
Morgan Stanley:
3.75%, 02/25/23			117		121,293
(LIBOR USD 3 Month + 1.40%), 3.20%, 10/24/23(a)			157		151,584
(LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/24(a)			165		168,981
3.70%, 10/23/24			159		166,728
(SOFR + 1.15%), 2.72%, 07/22/25(a)			443		443,866
4.00%, 07/23/25			50		52,703
3.63%, 01/20/27			1,518		1,624,128
(LIBOR USD 3 Month + 1.34%), 3.59%, 07/22/28(a)			110		111,691
(LIBOR USD 3 Month + 1.14%), 3.77%, 01/24/29(a)			117		123,257
(LIBOR USD 3 Month + 1.63%), 4.43%, 01/23/30(a)			370		410,756
(SOFR + 3.12%), 3.62%, 04/01/31(a)			63		65,894
Northern Trust Corp., 3.15%, 05/03/29			107		110,700
State Street Corp.:
2.65%, 05/19/26			150		152,243
(SOFR + 2.65%), 3.15%, 03/30/31(a)(b)			5		5,115
UBS Group AG(b):
2.95%, 09/24/20			205		205,343
(LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/23(a)			510		505,717

Security	Par (000)			Value
Capital Markets (continued)
(USD Swap Semi 5 Year + 4.34%), 7.00%(a)(f)		USD	490	$	460,600
4.13%, 09/24/25			470		488,201
4.13%, 04/15/26			232		235,028
					11,583,633
Chemicals — 0.3%
CNAC HK Finbridge Co. Ltd., 4.63%, 03/14/23			200		205,750
Dow Chemical Co. (The):
9.00%, 04/01/21			135		141,673
4.55%, 11/30/25			89		92,559
3.63%, 05/15/26			96		93,933
1.88%, 03/15/40		EUR	370		324,565
5.25%, 11/15/41		USD	21		21,231
DuPont de Nemours, Inc., 4.49%, 11/15/25			604		650,470
LYB International Finance BV, 4.88%, 03/15/44			115		124,084
LYB International Finance III LLC, 4.20%, 10/15/49			55		53,934
Methanex Corp., 5.25%, 12/15/29			119		89,104
RPM International, Inc., 5.25%, 06/01/45			62		71,670
Sherwin-Williams Co. (The):
2.95%, 08/15/29			125		122,579
4.00%, 12/15/42			20		20,909
3.30%, 05/15/50			17		15,916
					2,028,377
Commercial Services & Supplies — 0.5%
Aramark Services, Inc.:
4.75%, 06/01/26			52		49,000
5.00%, 02/01/28(b)			125		116,327
Clean Harbors, Inc., 4.88%, 07/15/27(b)			57		55,797
Conservation Fund A Nonprofit Corp. (The), Series 2019, 3.47%, 12/15/29			58		64,772
KAR Auction Services, Inc., 5.13%, 06/01/25(b)			106		101,230
Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/25(b)			53		49,158
RELX Capital, Inc.:
3.50%, 03/16/23			355		369,626
4.00%, 03/18/29			239		246,671
Republic Services, Inc.:
3.55%, 06/01/22			40		40,793
4.75%, 05/15/23			305		322,072
2.90%, 07/01/26			131		132,645
3.38%, 11/15/27			40		40,606
3.95%, 05/15/28			381		411,921
Waste Management, Inc.:
2.95%, 06/15/24			516		524,591
3.13%, 03/01/25			40		41,414
4.00%, 07/15/39			340		369,524
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			55		51,029
					2,987,176
Communications Equipment — 0.1%
Motorola Solutions, Inc.:
4.60%, 02/23/28			5		5,095
4.60%, 05/23/29			416		419,578
5.50%, 09/01/44			235		236,907
					661,580
Construction Materials — 0.0%
US Concrete, Inc., 6.38%, 06/01/24			51		46,028
Consumer Finance — 0.6%
American Express Co.:
2.50%, 08/01/22			100		100,648
3.70%, 08/03/23			87		90,227
3.40%, 02/22/24			113		117,842
2.50%, 07/30/24			369		373,264

8

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

Security	Par (000)			Value
Consumer Finance (continued)
4.20%, 11/06/25		USD	62	$	67,854
3.13%, 05/20/26			438		453,800
American Express Credit Corp.:
Series F, 2.60%, 09/14/20			2		1,999
2.25%, 05/05/21			175		175,461
Capital One Financial Corp.:
3.45%, 04/30/21			2		2,003
3.50%, 06/15/23			39		38,737
3.75%, 04/24/24			10		10,063
Discover Financial Services:
4.50%, 01/30/26			149		151,977
4.10%, 02/09/27			44		43,118
Ford Motor Credit Co. LLC:
3.20%, 01/15/21			200		193,250
5.75%, 02/01/21			200		194,000
General Motors Financial Co., Inc.:
5.10%, 01/17/24			167		153,358
4.00%, 01/15/25			355		315,451
4.35%, 04/09/25			257		222,975
Hyundai Capital Services, Inc., 3.00%, 08/29/22(b)			250		248,437
Navient Corp.:
5.88%, 03/25/21			62		60,531
6.63%, 07/26/21			74		75,850
6.50%, 06/15/22			100		97,900
7.25%, 09/25/23			58		56,263
5.88%, 10/25/24			55		50,600
6.75%, 06/25/25			57		52,440
6.75%, 06/15/26			55		50,600
Synchrony Financial:
4.38%, 03/19/24			140		137,721
4.25%, 08/15/24			11		10,589
Toyota Motor Credit Corp., 3.38%, 04/01/30			244		246,384
					3,793,342
Containers & Packaging — 0.1%
Ball Corp.:
5.25%, 07/01/25			22		23,921
4.88%, 03/15/26			17		17,680
International Paper Co.:
5.00%, 09/15/35			47		53,819
6.00%, 11/15/41			97		124,703
4.80%, 06/15/44			43		42,612
4.40%, 08/15/47			73		72,998
Owens-Brockway Glass Container, Inc.(b):
5.00%, 01/15/22			55		54,725
5.88%, 08/15/23			78		76,440
					466,898
Distributors — 0.0%(b)
American Builders & Contractors Supply Co., Inc.:
5.88%, 05/15/26			67		63,817
4.00%, 01/15/28			90		81,900
Performance Food Group, Inc., 5.50%, 10/15/27			118		109,445
					255,162
Diversified Consumer Services — 0.2%
American University (The), 3.67%, 04/01/49			265		285,096
Claremont Mckenna College, Series 2019,
3.38%, 01/01/50			184		190,523
George Washington University (The), Series 2018, 4.13%, 09/15/48			81		80,557
President & Fellows of Harvard College, 5.63%, 10/01/38			229		305,887

Security	Par (000)			Value
Diversified Consumer Services (continued)
University of Southern California, 3.03%, 10/01/39		USD	50	$	48,140
Wesleyan University, 4.78%, 07/01/2116			45		54,334
					964,537
Diversified Financial Services — 0.3%
Banco Votorantim SA, 4.00%, 09/24/22(b)			200		193,625
Coastal Emerald Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.45%), 4.30%(a)(f)			200		185,375
Equitable Holdings, Inc., 3.90%, 04/20/23 GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35			30 400		29,732 426,832
MDGH - GMTN BV:
2.50%, 11/07/24(b)			200		193,000
3.70%, 11/07/49			200		185,800
ORIX Corp., 2.90%, 07/18/22			155		158,997
Shell International Finance BV:
3.88%, 11/13/28			128		139,764
3.63%, 08/21/42			12		12,287
4.38%, 05/11/45			337		389,277
4.00%, 05/10/46			75		83,281
					1,997,970
Diversified Telecommunication Services — 1.4%
Altice France SA, 7.38%, 05/01/26(b)			516		512,207
AT&T, Inc.:
0.00%, 11/27/22(b)(i)			1,000		927,328
3.80%, 02/15/27			69		72,002
4.25%, 03/01/27			93		98,782
4.10%, 02/15/28			38		39,872
4.30%, 02/15/30			61		65,507
4.50%, 05/15/35			1,097		1,169,152
3.15%, 09/04/36		EUR	200		224,702
5.15%, 03/15/42		USD	150		172,440
4.80%, 06/15/44			432		471,075
4.85%, 07/15/45			156		165,938
5.15%, 11/15/46			67		78,693
CCO Holdings LLC(b):
5.75%, 02/15/26			226		228,859
5.50%, 05/01/26			134		136,010
5.13%, 05/01/27			288		288,749
5.88%, 05/01/27			71		73,130
5.00%, 02/01/28			305		305,762
5.38%, 06/01/29			138		141,809
4.75%, 03/01/30			159		158,205
Deutsche Telekom International Finance BV, 3.60%, 01/19/27(b)			225		232,690
Level 3 Financing, Inc.:
5.13%, 05/01/23			58		56,984
5.25%, 03/15/26			82		81,949
4.63%, 09/15/27(b)			22		21,866
Oi SA, 10.00%, (10.00% Cash or 4.00% PIK), 07/27/25(j)			89		60,743
Verizon Communications, Inc.:
4.13%, 03/16/27			1,281		1,424,269
3.00%, 03/22/27			10		10,535
4.40%, 11/01/34			159		185,576
4.27%, 01/15/36			756		878,041
2.88%, 01/15/38		EUR	200		224,050
4.00%, 03/22/50		USD	180		212,874
					8,719,799
Electric Utilities — 2.5%
Adani Transmission Ltd., 4.25%, 05/21/36			200		187,012
AEP Texas, Inc.:
3.95%, 06/01/28			440		459,792

9

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

Security	Par (000)			Value
Electric Utilities (continued)
Series H, 3.45%, 01/15/50		USD	91	$	79,208
AEP Transmission Co. LLC:
3.75%, 12/01/47			40		39,963
4.25%, 09/15/48			76		78,356
3.80%, 06/15/49			155		166,782
3.15%, 09/15/49			115		115,460
Series M, 3.65%, 04/01/50			77		79,307
Alabama Power Co.:
Series 13-A, 3.55%, 12/01/23			35		36,130
4.15%, 08/15/44			30		28,149
3.75%, 03/01/45			150		154,289
Series A, 4.30%, 07/15/48			147		165,980
3.45%, 10/01/49			138		140,218
Baltimore Gas & Electric Co.:
2.80%, 08/15/22			327		332,188
3.50%, 08/15/46			86		85,845
3.75%, 08/15/47			85		90,690
4.25%, 09/15/48			105		119,862
3.20%, 09/15/49			125		113,565
CenterPoint Energy Houston Electric LLC, 3.95%, 03/01/48			85		94,880
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 3.00%, 12/10/29			200		202,250
Dayton Power & Light Co. (The), 3.95%, 06/15/49(b)			178		179,490
DTE Electric Co., Series A, 4.05%, 05/15/48 .			265		297,687
Duke Energy Carolinas LLC:
3.05%, 03/15/23			45		46,078
3.95%, 11/15/28			72		79,659
2.45%, 08/15/29			230		225,357
2.45%, 02/01/30			247		245,273
3.75%, 06/01/45			56		61,305
3.70%, 12/01/47			115		125,257
3.95%, 03/15/48			52		58,533
3.20%, 08/15/49			116		115,924
Duke Energy Florida LLC:
3.80%, 07/15/28			100		107,557
2.50%, 12/01/29			550		539,724
6.40%, 06/15/38			107		155,633
3.40%, 10/01/46			90		92,266
4.20%, 07/15/48			34		38,084
Duke Energy Ohio, Inc., 3.65%, 02/01/29			425		455,549
Duke Energy Progress LLC:
3.00%, 09/15/21			75		76,205
3.25%, 08/15/25			187		199,308
3.70%, 09/01/28			400		427,526
3.45%, 03/15/29			115		121,555
4.10%, 03/15/43			105		116,046
4.20%, 08/15/45			92		104,690
Edison International:
2.40%, 09/15/22			42		40,541
3.55%, 11/15/24			48		47,671
Entergy Corp., 2.95%, 09/01/26			5		4,715
Entergy Louisiana LLC:
5.40%, 11/01/24			65		73,617
4.20%, 09/01/48			256		287,193
2.90%, 03/15/51			30		26,286
Exelon Corp., 5.63%, 06/15/35			34		39,008
FirstEnergy Corp.:
2.05%, 03/01/25			52		48,672
2.65%, 03/01/30			88		82,034
Series C, 3.40%, 03/01/50			193		182,185
FirstEnergy Transmission LLC(b):
4.35%, 01/15/25			555		577,477
5.45%, 07/15/44			42		47,299

Security	Par (000)			Value
Electric Utilities (continued)
4.55%, 04/01/49		USD	180	$	179,669
Florida Power & Light Co.:
(LIBOR USD 3 Month + 0.40%), 2.14%, 05/06/22(a)			1,095		1,032,642
3.25%, 06/01/24			2		2,031
2.85%, 04/01/25			70		72,982
3.70%, 12/01/47			52		57,300
3.95%, 03/01/48			289		344,429
3.15%, 10/01/49			184		190,585
ITC Holdings Corp., 2.70%, 11/15/22			10		9,915
MidAmerican Energy Co.:
3.10%, 05/01/27			35		35,969
3.65%, 04/15/29			211		226,369
4.25%, 07/15/49			131		152,207
3.15%, 04/15/50			120		121,975
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28(b)			40		42,052
Mong Duong Finance Holdings BV, 5.13%, 05/07/29			250		208,081
Northern States Power Co.:
2.15%, 08/15/22			370		367,478
3.40%, 08/15/42			205		189,739
4.00%, 08/15/45			59		60,374
2.90%, 03/01/50			88		83,712
NRG Energy, Inc.:
7.25%, 05/15/26			110		115,225
6.63%, 01/15/27			133		138,320
5.75%, 01/15/28			88		89,760
5.25%, 06/15/29(b)			80		82,400
NSTAR Electric Co.:
3.20%, 05/15/27			76		76,637
3.25%, 05/15/29			35		36,073
Ohio Power Co.:
Series G, 6.60%, 02/15/33			140		194,108
4.00%, 06/01/49			99		102,026
Oncor Electric Delivery Co. LLC:
3.70%, 11/15/28			267		285,678
4.55%, 12/01/41			9		10,317
3.80%, 09/30/47			101		101,070
3.80%, 06/01/49			11		11,577
3.10%, 09/15/49			151		146,455
Public Service Electric & Gas Co.:
2.38%, 05/15/23			35		35,088
3.00%, 05/15/25			16		16,437
3.65%, 09/01/28			210		221,726
3.20%, 05/15/29			102		108,023
Southern California Edison Co.:
3.88%, 06/01/21			36		35,681
2.25%, 06/01/30			98		88,480
Southern Co. (The), 2.75%, 06/15/20			220		220,190
Stoneway Capital Corp., 10.00%, 03/01/27(b)(g)(h)			133		18,971
Tampa Electric Co.:
4.30%, 06/15/48			30		32,068
4.45%, 06/15/49			175		189,205
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25(b)			511		535,816
Virginia Electric & Power Co.:
Series C, 2.75%, 03/15/23			210		211,530
Series A, 3.50%, 03/15/27			205		214,506
4.00%, 01/15/43			170		180,161
Series B, 4.20%, 05/15/45			43		46,693
Series C, 4.00%, 11/15/46			57		61,209
4.60%, 12/01/48			4		4,540
3.30%, 12/01/49			4		3,994

10

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

Security	Par (000)			Value
Electric Utilities (continued)
Vistra Operations Co. LLC(b):
5.50%, 09/01/26		USD	108	$	111,240
5.63%, 02/15/27			140		144,375
5.00%, 07/31/27			140		142,100
4.30%, 07/15/29			381		337,799
					15,822,317
Electronic Equipment, Instruments & Components — 0.0%
Corning, Inc.:
3.70%, 11/15/23			35		36,979
4.38%, 11/15/57			75		77,425
Tyco Electronics Group SA:
3.45%, 08/01/24			30		30,622
3.13%, 08/15/27			65		67,098
					212,124
Energy Equipment & Services — 0.0%
Hilong Holding Ltd., 8.25%, 09/26/22			200		130,000
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21(b)			21		19,154
Odebrecht Offshore Drilling Finance Ltd., 6.72%, 12/01/22(b)			22		17,571
					166,725
Entertainment — 0.1%
NBCUniversal Media LLC:
5.95%, 04/01/41			22		30,188
4.45%, 01/15/43			50		63,088
Netflix, Inc.:
5.88%, 02/15/25			18		19,008
4.38%, 11/15/26			22		22,330
4.88%, 04/15/28			36		37,080
5.88%, 11/15/28			43		45,945
6.38%, 05/15/29			18		19,615
5.38%, 11/15/29(b)			20		20,753
4.88%, 06/15/30(b)			22		22,333
Walt Disney Co. (The):
5.40%, 10/01/43			30		40,026
4.75%, 09/15/44			75		94,161
2.75%, 09/01/49			28		27,540
4.70%, 03/23/50			287		375,039
					817,106
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.:
3.00%, 06/15/23			132		132,173
2.75%, 01/15/27			66		63,677
3.95%, 03/15/29			143		148,640
3.80%, 08/15/29			305		308,752
ARI FCP Investments LP, (LIBOR USD 1 Month + 2.90%), 3.92%, 01/06/25(a)(c)			779		779,327
Boston Properties LP:
3.85%, 02/01/23			67		67,281
3.13%, 09/01/23			133		132,875
CC Holdings GS V LLC, 3.85%, 04/15/23			80		79,747
Crown Castle International Corp.:
3.40%, 02/15/21			3		3,020
4.88%, 04/15/22			16		16,447
3.20%, 09/01/24			451		449,594
4.45%, 02/15/26			32		33,914
3.70%, 06/15/26			261		266,693
3.80%, 02/15/28			83		84,848
4.30%, 02/15/29			196		203,040
3.10%, 11/15/29			430		411,915
4.15%, 07/01/50			54		53,406
Equinix, Inc., 2.63%, 11/18/24			296		282,313

Security	Par (000)			Value
Equity Real Estate Investment Trusts (REITs) (continued)
ESH Hospitality, Inc.(b):
5.25%, 05/01/25		USD	136	$	114,240
4.63%, 10/01/27			17		13,260
MGM Growth Properties Operating Partnership LP:
5.63%, 05/01/24			239		229,440
4.50%, 09/01/26			66		54,780
5.75%, 02/01/27			107		93,090
MPT Operating Partnership LP:
5.25%, 08/01/26			11		10,792
5.00%, 10/15/27			150		145,500
4.63%, 08/01/29			20		18,600
National Retail Properties, Inc., 2.50%, 04/15/30			159		141,459
Prologis Euro Finance LLC, 1.50%, 09/10/49 .		EUR	100		80,045
Realty Income Corp.:
4.13%, 10/15/26		USD	112		110,344
3.00%, 01/15/27			35		33,153
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(b)			92		69,000
Service Properties Trust, 4.35%, 10/01/24			56		41,106
VICI Properties LP(b):
3.50%, 02/15/25			81		75,532
4.25%, 12/01/26			28		25,690
3.75%, 02/15/27			17		16,023
4.63%, 12/01/29			22		20,072
4.13%, 08/15/30			22		20,598
					4,830,386
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc.:
3.50%, 02/15/23(b)			83		81,713
6.63%, 06/15/24			105		106,575
5.75%, 03/15/25			269		271,798
7.50%, 03/15/26(b)			138		148,736
4.63%, 01/15/27(b)			30		29,850
5.88%, 02/15/28(b)			102		103,816
4.88%, 02/15/30(b)			22		21,945
Alimentation Couche-Tard, Inc., 3.55%, 07/26/27(b)			382		373,644
Walmart, Inc.:
3.55%, 06/26/25			209		228,108
3.70%, 06/26/28			383		429,818
					1,796,003
Food Products — 0.2%
BRF GmbH, 4.35%, 09/29/26(b)			200		169,781
Campbell Soup Co., 8.88%, 05/01/21			100		104,690
Darling Ingredients, Inc., 5.25%, 04/15/27(b)			54		52,364
General Mills, Inc., 2.88%, 04/15/30			14		13,972
JBS USA LUX SA(b):
5.75%, 06/15/25			88		88,880
6.75%, 02/15/28			102		108,679
6.50%, 04/15/29			159		170,559
5.50%, 01/15/30			28		28,910
Lamb Weston Holdings, Inc.(b):
4.63%, 11/01/24			89		87,665
4.88%, 11/01/26			89		90,547
Pilgrim’s Pride Corp., 5.88%, 09/30/27(b)			190		189,316
Post Holdings, Inc.(b):
5.75%, 03/01/27			147		150,632
5.63%, 01/15/28			108		109,620
5.50%, 12/15/29			85		88,171
Simmons Foods, Inc., 5.75%, 11/01/24(b)			57		51,745
					1,505,531

11

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

Security	Par (000)			Value
Gas Utilities — 0.0%
Atmos Energy Corp., 3.38%, 09/15/49		USD	95	$	91,752
Dominion Energy Gas Holdings LLC:
4.80%, 11/01/43			45		45,575
4.60%, 12/15/44			46		45,915
Piedmont Natural Gas Co., Inc., 3.64%, 11/01/46			25		24,702
					207,944
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories, 3.75%, 11/30/26			256		285,696
Baxter International, Inc., 1.70%, 08/15/21			20		19,938
Becton Dickinson and Co., 3.30%, 03/01/23			170		171,364
Boston Scientific Corp.:
3.45%, 03/01/24			448		459,583
4.55%, 03/01/39			19		20,866
DH Europe Finance II SARL, 1.80%, 09/18/49		EUR	200		175,882
Edwards Lifesciences Corp., 4.30%, 06/15/28		USD	102		111,116
Medtronic Global Holdings SCA, 1.75%, 07/02/49		EUR	100		94,519
Teleflex, Inc., 4.63%, 11/15/27		USD	52		51,943
					1,390,907
Health Care Providers & Services — 1.7%
Aetna, Inc.:
4.50%, 05/15/42			79		82,190
4.13%, 11/15/42			4		3,966
Anthem, Inc.:
3.35%, 12/01/24			86		87,550
2.38%, 01/15/25			62		61,390
4.10%, 03/01/28			30		32,106
2.88%, 09/15/29			11		10,717
Centene Corp.:
6.13%, 02/15/24			29		29,888
5.25%, 04/01/25(b)			94		94,470
5.38%, 06/01/26(b)			194		199,841
5.38%, 08/15/26(b)			81		82,620
4.25%, 12/15/27(b)			266		260,680
4.63%, 12/15/29(b)			79		79,395
CHRISTUS Health, Series C, 4.34%, 07/01/28			113		128,643
Cigna Corp.:
3.90%, 02/15/22(b)			65		66,535
3.75%, 07/15/23			7		7,197
3.50%, 06/15/24(b)			161		163,248
3.25%, 04/15/25(b)			192		195,817
3.40%, 03/01/27(b)			59		59,711
4.38%, 10/15/28			574		616,014
CommonSpirit Health:
3.35%, 10/01/29			101		94,904
4.35%, 11/01/42			30		29,368
4.19%, 10/01/49			105		98,629
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49			61		62,102
CVS Health Corp.:
4.10%, 03/25/25			602		636,815
3.88%, 07/20/25			12		12,606
3.75%, 04/01/30			755		777,390
4.78%, 03/25/38			109		120,526
5.13%, 07/20/45			433		498,214
5.05%, 03/25/48			26		29,706
DaVita, Inc., 5.00%, 05/01/25			157		156,794
Encompass Health Corp.:
4.50%, 02/01/28			53		51,940
4.75%, 02/01/30			55		53,900
HCA, Inc.:
4.75%, 05/01/23			356		364,721
5.00%, 03/15/24			543		562,216

Security	Par (000)			Value
Health Care Providers & Services (continued)
5.38%, 02/01/25		USD	58	$	59,305
5.25%, 04/15/25			644		675,409
5.88%, 02/15/26			34		35,785
5.25%, 06/15/26			41		43,000
5.38%, 09/01/26			22		22,660
5.63%, 09/01/28			34		35,588
5.88%, 02/01/29			22		23,265
Humana, Inc., 4.88%, 04/01/30			150		160,826
Molina Healthcare, Inc., 5.38%, 11/15/22(e)			76		74,100
Ochsner Clinic Foundation, 5.90%, 05/15/45		.	21		28,387
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48			16		20,119
RWJ Barnabas Health, Inc., 3.48%, 07/01/49			56		56,581
Select Medical Corp., 6.25%, 08/15/26(b)			62		62,000
Sutter Health, Series 2018, 3.70%, 08/15/28			104		109,129
Tenet Healthcare Corp.:
4.63%, 07/15/24			154		147,070
4.63%, 09/01/24(b)			64		61,299
5.13%, 05/01/25			301		287,455
4.88%, 01/01/26(b)			222		211,455
6.25%, 02/01/27(b)			331		322,725
5.13%, 11/01/27(b)			34		32,385
UnitedHealth Group, Inc.:
2.38%, 08/15/24			48		49,101
3.75%, 07/15/25			1,163		1,256,807
3.70%, 12/15/25			30		32,311
3.10%, 03/15/26			122		128,785
2.95%, 10/15/27			324		338,469
2.88%, 08/15/29			25		26,173
5.80%, 03/15/36			46		59,911
6.50%, 06/15/37			11		15,196
4.63%, 11/15/41			17		21,011
4.20%, 01/15/47			416		488,936
					10,697,052
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC(b):
5.00%, 10/15/25			304		290,317
3.88%, 01/15/28			17		16,150
Boyd Gaming Corp.:
6.38%, 04/01/26			74		64,010
6.00%, 08/15/26			68		58,480
Caesars Resort Collection LLC, 5.25%, 10/15/25(b)			182		131,440
Cedar Fair LP:
5.38%, 04/15/27			109		93,740
5.25%, 07/15/29(b)			110		92,950
Churchill Downs, Inc.(b):
5.50%, 04/01/27			132		124,433
4.75%, 01/15/28			66		57,420
Eldorado Resorts, Inc., 6.00%, 09/15/26			60		54,150
Hilton Domestic Operating Co., Inc.:
5.13%, 05/01/26			127		119,380
4.88%, 01/15/30			22		18,700
Hilton Worldwide Finance LLC:
4.63%, 04/01/25			96		89,280
4.88%, 04/01/27			64		60,800
Marriott Ownership Resorts, Inc., 6.50%, 09/15/26			83		72,210
McDonald’s Corp.:
3.70%, 02/15/42			37		38,306
3.63%, 05/01/43			62		59,797
4.45%, 09/01/48			213		236,044
3.63%, 09/01/49			324		326,898
MGM Resorts International:
5.75%, 06/15/25			15		13,425

12

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

Security	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
4.63%, 09/01/26		USD	9	$	7,653
5.50%, 04/15/27			15		13,650
NCL Corp. Ltd., 3.63%, 12/15/24(b)			13		8,291
Scientific Games International, Inc., 5.00%, 10/15/25(b)			118		102,660
Station Casinos LLC, 5.00%, 10/01/25(b)			60		49,969
Viking Cruises Ltd., 5.88%, 09/15/27(b)			92		53,830
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(b)			53		46,110
Wynn Las Vegas LLC(b):
5.50%, 03/01/25			243		225,990
5.25%, 05/15/27			121		109,505
Wynn Resorts Finance LLC, 5.13%, 10/01/29(b)			100		91,000
					2,726,588
Household Durables — 0.1%
Brookfield Residential Properties, Inc., 6.25%, 09/15/27(b)			131		113,629
Century Communities, Inc., 6.75%, 06/01/27 .			58		49,149
Lennar Corp.:
4.75%, 04/01/21			41		40,590
4.13%, 01/15/22			49		48,633
4.50%, 04/30/24			57		55,860
4.75%, 05/30/25			11		10,505
4.75%, 11/29/27			20		19,950
Mattamy Group Corp.(b):
6.50%, 10/01/25			29		30,667
5.25%, 12/15/27			11		10,230
Newell Brands, Inc., 4.10%, 04/01/23(e)			91		92,360
PulteGroup, Inc.:
5.50%, 03/01/26			16		15,736
5.00%, 01/15/27			13		12,971
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)			11		10,217
Tempur Sealy International, Inc., 5.50%, 06/15/26			131		114,645
					625,142
Household Products — 0.0%
Clorox Co. (The), 3.10%, 10/01/27			31		32,293
Spectrum Brands, Inc., 5.75%, 07/15/25			96		89,760
					122,053
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 5.50%, 02/01/24			56		53,200
Industrial Conglomerates — 0.1%
3M Co., 3.38%, 03/01/29			26		27,790
General Electric Co.:
5.88%, 01/14/38			238		274,214
6.88%, 01/10/39			50		61,855
Honeywell International, Inc., 2.70%, 08/15/29			293		293,911
					657,770
Insurance — 0.4%
Ambac Assurance Corp., 5.10%, 06/07/20(b)			15		20,486
Ambac LSNI LLC, (LIBOR USD 3 Month + 5.00%), 6.45%, 02/12/23(a)(b)			83		79,243
Aon Corp.:
4.50%, 12/15/28			469		519,251
3.75%, 05/02/29			647		681,813
Aon plc, 4.25%, 12/12/42			30		30,341
Hartford Financial Services Group, Inc. (The):
4.30%, 04/15/43			35		36,284
3.60%, 08/19/49			38		34,961
Marsh & McLennan Cos., Inc.:
3.50%, 12/29/20			108		108,800
4.05%, 10/15/23			105		109,216

Security	Par (000)			Value
Insurance (continued)
3.88%, 03/15/24		USD	116	$	119,987
3.50%, 06/03/24			316		322,789
3.50%, 03/10/25			135		139,890
MetLife, Inc., 4.72%, 12/15/44(e)			52		58,099
Principal Financial Group, Inc., 3.70%, 05/15/29			189		195,017
Travelers Cos., Inc. (The):
6.75%, 06/20/36			5		7,012
6.25%, 06/15/37			2		2,820
Trinity Acquisition plc, 4.40%, 03/15/26			80		83,341
Willis North America, Inc.:
3.60%, 05/15/24			36		37,150
3.88%, 09/15/49			45		46,354
					2,632,854
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., 3.60%, 11/28/24 .			220		230,857
Amazon.com, Inc., 3.88%, 08/22/37			245		292,670
Expedia Group, Inc.:
3.80%, 02/15/28			103		89,032
3.25%, 02/15/30			345		288,798
					901,357
IT Services — 0.7%
Fidelity National Information Services, Inc.:
3.00%, 08/15/26			141		142,147
3.75%, 05/21/29			34		36,966
2.95%, 05/21/39		EUR	200		221,474
Fiserv, Inc.:
3.85%, 06/01/25		USD	55		57,996
3.20%, 07/01/26			735		759,158
3.50%, 07/01/29			561		583,547
Global Payments, Inc.:
3.80%, 04/01/21			62		62,388
3.75%, 06/01/23			85		87,786
4.00%, 06/01/23			12		12,429
4.80%, 04/01/26			149		148,259
IBM Credit LLC, 3.45%, 11/30/20			210		212,386
International Business Machines Corp.:
3.00%, 05/15/24			100		105,353
3.30%, 05/15/26			805		860,297
1.20%, 02/11/40		EUR	200		186,261
Mastercard, Inc.:
3.30%, 03/26/27		USD	195		212,457
2.95%, 06/01/29			210		223,515
3.35%, 03/26/30			231		255,816
3.85%, 03/26/50			13		15,931
PayPal Holdings, Inc., 2.65%, 10/01/26			130		127,264
Visa, Inc.:
3.15%, 12/14/25			271		295,162
2.70%, 04/15/40			121		120,109
3.65%, 09/15/47			50		56,847
					4,783,548
Leisure Products — 0.0%
Hasbro, Inc.:
2.60%, 11/19/22			131		129,270
3.90%, 11/19/29			50		44,617
					173,887
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc.:
3.88%, 07/15/23			34		35,075
3.05%, 09/22/26			366		384,868
2.75%, 09/15/29			171		165,403
Avantor, Inc., 6.00%, 10/01/24(b)			44		46,099
Charles River Laboratories International, Inc.(b): 5.50%, 04/01/26			43		44,290

13

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

Security	Par (000)			Value
Life Sciences Tools & Services (continued)
4.25%, 05/01/28		USD	11	$	10,603
Thermo Fisher Scientific, Inc.:
4.50%, 03/25/30			35		39,345
1.88%, 10/01/49		EUR	300		259,359
					985,042
Machinery — 0.2%
CNH Industrial Capital LLC, 4.38%, 11/06/20 .		USD	480		475,481
Colfax Corp., 6.00%, 02/15/24(b)			65		62,725
Otis Worldwide Corp., 2.06%, 04/05/25(b)			174		170,056
Parker-Hannifin Corp., 3.25%, 06/14/29			300		302,400
Terex Corp., 5.63%, 02/01/25(b)			128		120,333
					1,130,995
Media — 1.4%
AMC Networks, Inc.:
5.00%, 04/01/24			104		99,840
4.75%, 08/01/25			84		81,690
Charter Communications Operating LLC:
Series USD, 4.50%, 02/01/24			320		329,717
4.91%, 07/23/25			345		366,250
4.20%, 03/15/28			15		15,340
6.38%, 10/23/35			371		440,352
6.48%, 10/23/45			447		539,225
5.75%, 04/01/48			425		481,900
4.80%, 03/01/50			267		277,833
Clear Channel Worldwide Holdings, Inc.,
5.13%, 08/15/27(b)			138		130,583
Comcast Corp.:
3.15%, 03/01/26			376		394,028
2.35%, 01/15/27			30		29,790
3.15%, 02/15/28			86		89,897
3.40%, 04/01/30			505		547,369
4.25%, 01/15/33			155		181,086
4.40%, 08/15/35			66		79,175
3.20%, 07/15/36			111		115,955
4.60%, 10/15/38			141		172,586
1.25%, 02/20/40		EUR	200		187,709
3.75%, 04/01/40		USD	60		67,734
3.40%, 07/15/46			238		257,159
4.70%, 10/15/48			331		428,811
4.05%, 11/01/52			145		172,545
4.95%, 10/15/58			5		6,767
Cox Communications, Inc.(b):
3.15%, 08/15/24			557		568,535
3.35%, 09/15/26			22		22,203
3.50%, 08/15/27			9		8,786
Diamond Sports Group LLC(b):
5.38%, 08/15/26			68		55,251
6.63%, 08/15/27			200		133,750
Discovery Communications LLC:
5.00%, 09/20/37			258		250,592
4.88%, 04/01/43			47		43,947
5.20%, 09/20/47			175		176,325
Fox Corp., 3.05%, 04/07/25			12		11,981
Gray Television, Inc.(b):
5.88%, 07/15/26			78		75,098
7.00%, 05/15/27			89		88,555
iHeartCommunications, Inc.:
6.38%, 05/01/26			90		85,163
5.25%, 08/15/27(b)			81		70,875
4.75%, 01/15/28(b)			11		9,900
Lamar Media Corp.:
5.75%, 02/01/26			72		73,080
3.75%, 02/15/28(b)			13		12,186
Meredith Corp., 6.88%, 02/01/26			140		122,822

Security	Par (000)			Value
Media (continued)
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(b)		USD	127	$	124,143
Outfront Media Capital LLC(b):
5.00%, 08/15/27			146		134,320
4.63%, 03/15/30			11		9,790
Sirius XM Radio, Inc.(b):
4.63%, 07/15/24			159		161,374
5.38%, 04/15/25			83		83,829
5.38%, 07/15/26			86		87,711
5.00%, 08/01/27			163		165,429
5.50%, 07/01/29			135		137,700
TEGNA, Inc.(b):
4.63%, 03/15/28			22		19,333
5.00%, 09/15/29			25		22,570
Time Warner Cable LLC:
4.00%, 09/01/21			22		22,043
6.55%, 05/01/37			50		56,093
5.50%, 09/01/41			52		54,318
4.50%, 09/15/42			9		8,451
ViacomCBS, Inc.:
6.88%, 04/30/36			122		137,420
4.38%, 03/15/43			150		132,933
5.85%, 09/01/43			32		32,787
					8,692,634
Metals & Mining — 0.2%
ArcelorMittal SA:
3.60%, 07/16/24			152		138,545
6.13%, 06/01/25			10		9,899
4.55%, 03/11/26			80		71,743
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22			200		192,500
FMG Resources August 2006 Pty. Ltd.(b):
4.75%, 05/15/22			80		79,700
5.13%, 03/15/23			53		51,940
5.13%, 05/15/24			81		79,785
4.50%, 09/15/27			13		11,570
Freeport-McMoRan, Inc.:
5.00%, 09/01/27			13		12,069
5.25%, 09/01/29			13		12,250
Minera Mexico SA de CV, 4.50%, 01/26/50(b).			200		168,000
Newmont Corp.:
2.80%, 10/01/29			176		163,622
2.25%, 10/01/30			48		44,600
Nucor Corp., 3.95%, 05/01/28			56		55,117
Steel Dynamics, Inc., 3.45%, 04/15/30			104		94,116
Teck Resources Ltd., 6.13%, 10/01/35			81		74,371
					1,259,827
Multi-Utilities — 0.1%
Ameren Illinois Co.:
3.80%, 05/15/28			120		129,523
3.25%, 03/15/50			199		199,092
Consumers Energy Co.:
3.38%, 08/15/23			2		2,082
3.95%, 07/15/47			21		24,365
4.05%, 05/15/48			45		51,950
3.75%, 02/15/50			300		324,614
3.10%, 08/15/50			85		82,762
3.50%, 08/01/51			120		130,286
					944,674
Oil, Gas & Consumable Fuels — 1.8%
Boardwalk Pipelines LP, 4.80%, 05/03/29			53		39,935
BP Capital Markets America, Inc.:
3.79%, 02/06/24			208		213,234
3.80%, 09/21/25			171		174,979
3.41%, 02/11/26			24		23,980
3.12%, 05/04/26			105		105,704

14

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

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
3.94%, 09/21/28		USD	20	$	21,363
BP Capital Markets plc:
3.81%, 02/10/24			177		178,508
3.28%, 09/19/27			7		7,040
Buckeye Partners LP, 3.95%, 12/01/26			13		10,656
Cameron LNG LLC(b):
3.30%, 01/15/35			245		212,035
3.40%, 01/15/38			401		313,472
3.70%, 01/15/39			36		31,900
Cheniere Corpus Christi Holdings LLC:
5.88%, 03/31/25			552		462,370
5.13%, 06/30/27			501		444,942
Cheniere Energy Partners LP:
5.25%, 10/01/25			74		68,080
5.63%, 10/01/26			55		50,600
4.50%, 10/01/29(b)			34		29,580
Cimarex Energy Co., 4.38%, 06/01/24			69		54,376
Citgo Holding, Inc., 9.25%, 08/01/24(b)			75		61,125
Concho Resources, Inc., 3.75%, 10/01/27			150		127,215
CrownRock LP, 5.63%, 10/15/25(b)			58		30,160
DCP Midstream Operating LP:
5.38%, 07/15/25			19		12,973
5.13%, 05/15/29			13		8,190
Diamondback Energy, Inc., 3.50%, 12/01/29 .			450		305,965
Enbridge Energy Partners LP, 7.38%, 10/15/45			36		39,584
Enbridge, Inc., 2.90%, 07/15/22			55		49,715
Endeavor Energy Resources LP(b):
5.50%, 01/30/26			24		16,565
5.75%, 01/30/28			49		33,320
Energy Transfer Operating LP:
6.63%, 10/15/36			30		27,803
5.80%, 06/15/38			64		55,476
5.30%, 04/15/47			178		135,256
6.00%, 06/15/48			2		1,678
Energy Transfer Partners LP, 5.00%, 10/01/22			140		127,489
Enterprise Products Operating LLC:
3.13%, 07/31/29			4		3,679
Series D, 6.88%, 03/01/33			41		47,166
4.45%, 02/15/43			176		166,250
5.10%, 02/15/45			272		267,457
EOG Resources, Inc., 4.15%, 01/15/26			34		34,800
Exxon Mobil Corp., 2.28%, 08/16/26			312		317,580
Kinder Morgan Energy Partners LP:
6.50%, 02/01/37			266		274,003
6.95%, 01/15/38			51		53,045
6.38%, 03/01/41			43		43,232
Marathon Petroleum Corp.:
4.75%, 12/15/23			76		71,966
4.75%, 09/15/44			55		41,816
5.85%, 12/15/45			65		53,887
Matador Resources Co., 5.88%, 09/15/26			24		7,032
MPLX LP:
4.13%, 03/01/27			458		390,260
4.25%, 12/01/27(b)			220		177,704
NGPL PipeCo LLC(b):
4.38%, 08/15/22			102		97,346
7.77%, 12/15/37			52		51,767
Northwest Pipeline LLC, 4.00%, 04/01/27			365		361,848
Occidental Petroleum Corp., 0.00%, 10/10/36(i)			1,520		589,000
Parsley Energy LLC(b):
5.38%, 01/15/25			50		38,624
5.63%, 10/15/27			56		39,480
PDC Energy, Inc., 5.75%, 05/15/26			13		7,280
ReNew Power Synthetic, 6.67%, 03/12/24			200		159,063

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction LLC:
5.63%, 04/15/23(e)		USD	184	$	171,212
5.63%, 03/01/25			1,379		1,265,773
5.88%, 06/30/26			273		247,010
5.00%, 03/15/27			157		133,402
4.20%, 03/15/28			145		124,416
Seven Generations Energy Ltd., 5.38%, 09/30/25(b)			16		8,920
SM Energy Co.:
5.63%, 06/01/25			11		2,997
6.75%, 09/15/26			11		3,300
6.63%, 01/15/27			11		3,202
Suncor Energy, Inc.:
6.80%, 05/15/38			69		71,716
6.50%, 06/15/38			44		45,116
Sunoco LP:
4.88%, 01/15/23			48		45,840
5.50%, 02/15/26			39		33,746
6.00%, 04/15/27			29		24,940
Targa Resources Partners LP:
6.75%, 03/15/24			49		43,120
5.13%, 02/01/25			52		44,325
5.88%, 04/15/26			108		89,640
5.38%, 02/01/27			54		44,442
6.50%, 07/15/27			87		74,167
5.00%, 01/15/28			17		13,703
6.88%, 01/15/29			87		70,035
5.50%, 03/01/30(b)			22		16,993
Texas Eastern Transmission LP(b):
3.50%, 01/15/28			455		417,062
4.15%, 01/15/48			46		38,564
Total Capital International SA:
2.75%, 06/19/21			10		10,083
2.88%, 02/17/22			20		20,107
3.70%, 01/15/24			102		106,697
3.75%, 04/10/24			120		125,830
2.43%, 01/10/25			200		200,053
TransCanada PipeLines Ltd.:
4.88%, 01/15/26			257		280,878
4.63%, 03/01/34			20		19,202
5.85%, 03/15/36			33		35,219
Transcontinental Gas Pipe Line Co. LLC:
7.85%, 02/01/26			234		266,418
4.00%, 03/15/28			246		220,831
4.60%, 03/15/48			89		88,219
Valero Energy Corp., 3.40%, 09/15/26			203		182,111
Western Midstream Operating LP:
4.00%, 07/01/22			90		58,035
(LIBOR USD 3 Month + 0.85%), 2.70%, 01/13/23(a)			50		26,375
Williams Cos., Inc. (The):
Series A, 7.50%, 01/15/31			15		17,429
4.85%, 03/01/48			83		77,383
WPX Energy, Inc.:
5.75%, 06/01/26			52		29,640
5.25%, 10/15/27			13		7,150
4.50%, 01/15/30			20		10,860
					11,585,714
Paper & Forest Products — 0.1%
Georgia-Pacific LLC:
5.40%, 11/01/20(b)			177		178,691
3.73%, 07/15/23(b)			184		193,453
3.60%, 03/01/25(b)			40		42,257
7.38%, 12/01/25			97		122,639
7.75%, 11/15/29			60		85,547

15

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

Security	Par (000)			Value
Paper & Forest Products (continued)
8.88%, 05/15/31		USD	13	$	19,864
					642,451
Pharmaceuticals — 1.1%
Allergan Funding SCS:
3.85%, 06/15/24			14		14,661
3.80%, 03/15/25			487		498,612
4.55%, 03/15/35			269		295,863
Bausch Health Americas, Inc.(b):
9.25%, 04/01/26			154		162,747
8.50%, 01/31/27			180		188,100
Bausch Health Cos., Inc.(b):
5.50%, 11/01/25			154		155,586
9.00%, 12/15/25			157		165,509
5.75%, 08/15/27			46		47,362
7.00%, 01/15/28			74		75,954
7.25%, 05/30/29			76		78,873
Bristol-Myers Squibb Co.(b):
2.25%, 08/15/21			25		25,146
2.75%, 02/15/23			305		315,330
3.25%, 02/20/23			575		603,782
3.63%, 05/15/24			3		3,170
3.20%, 06/15/26			884		938,448
3.90%, 02/20/28			46		51,124
Elanco Animal Health, Inc.(e):
4.66%, 08/27/21			41		40,791
5.02%, 08/28/23			81		81,938
5.65%, 08/28/28			16		16,870
Eli Lilly & Co., 1.70%, 11/01/49		EUR	100		91,965
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28		USD	465		522,314
Johnson & Johnson, 2.95%, 03/03/27			30		32,937
Merck & Co., Inc., 3.40%, 03/07/29			220		239,659
Novartis Capital Corp.:
3.40%, 05/06/24			169		180,999
2.20%, 08/14/30			91		93,148
Pfizer, Inc.:
3.00%, 06/15/23			16		16,304
3.45%, 03/15/29			310		341,103
Shire Acquisitions Investments Ireland DAC:
2.88%, 09/23/23			409		411,972
3.20%, 09/23/26			469		474,432
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28			600		683,982
Wyeth LLC, 5.95%, 04/01/37			231		327,356
					7,176,037
Professional Services — 0.0%
Equifax, Inc., 2.60%, 12/01/24			166		156,899
Real Estate Management & Development — 0.4%
Central China Real Estate Ltd.:
6.50%, 03/05/21			200		186,098
6.75%, 11/08/21			200		172,040
China Aoyuan Group Ltd., 7.95%, 02/19/23			200		183,392
China Resources Land Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.14%), 3.75%(a)(f)			200		200,250
CIFI Holdings Group Co. Ltd., 5.50%, 01/23/22			200		186,986
Easy Tactic Ltd., 8.13%, 07/11/24			200		163,625
Howard Hughes Corp. (The), 5.38%, 03/15/25(b)			106		102,555
Kaisa Group Holdings Ltd., 11.95%, 10/22/22			200		172,375
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		179,654
Ronshine China Holdings Ltd., 8.95%, 01/22/23			200		184,950
Scenery Journey Ltd., 11.00%, 11/06/20			200		190,625
Sunac China Holdings Ltd., 7.50%, 02/01/24			200		179,850

Security	Par (000)			Value
Real Estate Management & Development (continued)
Vanke Real Estate Hong Kong Co. Ltd., 3.15%, 05/12/25		USD	200	$	191,822
Yuzhou Properties Co. Ltd.:
6.00%, 10/25/23			200		164,516
8.50%, 02/26/24			200		177,625
Zhenro Properties Group Ltd., 8.70%, 08/03/22			200		161,334
					2,797,697
Road & Rail — 0.5%
Burlington Northern Santa Fe LLC:
6.15%, 05/01/37			11		14,330
5.05%, 03/01/41			85		102,166
4.95%, 09/15/41			25		30,403
4.40%, 03/15/42			85		96,503
Canadian Pacific Railway Co., 2.05%, 03/05/30			34		31,607
CSX Corp.:
4.25%, 03/15/29			233		261,168
6.15%, 05/01/37			15		18,499
4.30%, 03/01/48			286		313,437
4.75%, 11/15/48			55		63,317
4.50%, 03/15/49			44		50,601
4.25%, 11/01/66			59		58,718
Norfolk Southern Corp.:
3.85%, 01/15/24			33		34,349
3.65%, 08/01/25			86		88,803
2.90%, 06/15/26			242		246,963
2.55%, 11/01/29			6		5,804
4.84%, 10/01/41			30		35,095
4.45%, 06/15/45			45		49,858
4.10%, 05/15/49			25		26,694
3.40%, 11/01/49			161		156,232
4.05%, 08/15/52			87		93,400
Penske Truck Leasing Co. LP, 3.35%, 11/01/29(b)			20		19,981
Rumo Luxembourg SARL, 5.88%, 01/18/25(b).			200		187,500
Union Pacific Corp.:
3.15%, 03/01/24			10		10,395
2.75%, 03/01/26			175		176,153
3.38%, 02/01/35			73		75,032
3.60%, 09/15/37			191		197,251
4.50%, 09/10/48			5		5,660
3.95%, 08/15/59			79		83,640
3.84%, 03/20/60(b)			137		142,988
3.75%, 02/05/70			220		226,891
					2,903,438
Semiconductors & Semiconductor Equipment — 0.8%
Applied Materials, Inc.:
5.10%, 10/01/35			30		40,365
4.35%, 04/01/47			43		54,840
Broadcom Corp., 3.88%, 01/15/27			964		920,975
Broadcom, Inc., 4.25%, 04/15/26(b)			381		374,564
KLA Corp.:
4.10%, 03/15/29			282		296,216
3.30%, 03/01/50			662		620,213
Lam Research Corp.:
3.75%, 03/15/26			280		297,006
4.88%, 03/15/49			88		113,494
NVIDIA Corp.:
3.20%, 09/16/26			543		604,568
2.85%, 04/01/30			110		114,798
3.50%, 04/01/50			164		178,322
3.70%, 04/01/60			84		93,894
NXP BV(b):
4.13%, 06/01/21			450		454,044
3.88%, 09/01/22			200		200,775

16

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

Security	Par (000)			Value
Semiconductors & Semiconductor Equipment (continued)
4.63%, 06/01/23		USD	300	$	308,780
3.88%, 06/18/26			30		29,184
5.55%, 12/01/28			53		59,652
4.30%, 06/18/29			261		267,467
QUALCOMM, Inc.:
4.80%, 05/20/45			71		92,764
4.30%, 05/20/47			128		153,596
					5,275,517
Software — 0.6%
Autodesk, Inc., 3.50%, 06/15/27			468		481,201
Microsoft Corp.:
3.50%, 02/12/35			331		389,255
4.20%, 11/03/35			91		113,323
3.45%, 08/08/36			241		268,502
3.75%, 05/01/43			58		67,508
3.70%, 08/08/46			80		96,035
Oracle Corp.:
2.65%, 07/15/26			385		392,928
3.90%, 05/15/35			501		541,624
3.85%, 07/15/36			103		108,298
3.80%, 11/15/37			84		86,533
3.60%, 04/01/40			395		395,038
3.60%, 04/01/50			790		790,020
					3,730,265
Specialty Retail — 0.1%
Home Depot, Inc. (The):
2.80%, 09/14/27			25		25,841
3.90%, 12/06/28			7		7,798
2.95%, 06/15/29			346		358,649
3.35%, 04/15/50			52		54,330
Lowe’s Cos., Inc.:
4.38%, 09/15/45			129		132,806
4.05%, 05/03/47			55		54,454
					633,878
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.:
3.85%, 05/04/43			309		367,314
3.45%, 02/09/45			46		52,082
3.85%, 08/04/46			18		21,684
4.25%, 02/09/47			33		42,226
Dell International LLC(b):
6.02%, 06/15/26			12		12,385
4.90%, 10/01/26			263		258,842
8.10%, 07/15/36			190		218,313
Hewlett Packard Enterprise Co.(e):
3.60%, 10/15/20			2		2,003
4.40%, 10/15/22			20		20,383
6.35%, 10/15/45			56		66,457
HP, Inc., 6.00%, 09/15/41			45		48,453
Seagate HDD Cayman, 4.25%, 03/01/22			22		22,048
					1,132,190
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc.(b):
4.63%, 05/15/24			96		95,040
4.88%, 05/15/26			20		19,602
NIKE, Inc., 3.38%, 03/27/50			90		98,181
Under Armour, Inc., 3.25%, 06/15/26			13		11,020
William Carter Co. (The), 5.63%, 03/15/27(b)			54		52,245
					276,088
Thrifts & Mortgage Finance — 0.1%(b)
BPCE SA, 2.70%, 10/01/29			491		465,318
Nationstar Mortgage Holdings, Inc.:
8.13%, 07/15/23			108		105,602

Security	Par (000)			Value
Thrifts & Mortgage Finance (continued)
9.13%, 07/15/26		USD	88	$	79,640
Quicken Loans, Inc.:
5.75%, 05/01/25			105		104,475
5.25%, 01/15/28			107		104,625
					859,660
Tobacco — 0.5%
Altria Group, Inc.:
3.80%, 02/14/24			254		257,451
4.40%, 02/14/26			349		367,264
4.80%, 02/14/29			281		292,453
5.80%, 02/14/39			471		515,614
6.20%, 02/14/59			22		24,199
BAT Capital Corp.:
3.22%, 09/06/26			82		77,972
4.70%, 04/02/27			270		274,365
4.91%, 04/02/30			205		210,000
4.54%, 08/15/47			136		123,779
Philip Morris International, Inc., 1.45%, 08/01/39		EUR	200		174,894
Reynolds American, Inc.:
4.45%, 06/12/25		USD	272		273,625
5.85%, 08/15/45			355		381,323
					2,972,939
Trading Companies & Distributors — 0.2%
Beacon Roofing Supply, Inc., 4.88%, 11/01/25(b)			134		120,935
BOC Aviation Ltd., 3.00%, 09/11/29			200		192,105
H&E Equipment Services, Inc., 5.63%, 09/01/25			209		193,848
HD Supply, Inc., 5.38%, 10/15/26(b)			64		62,216
Herc Holdings, Inc., 5.50%, 07/15/27(b)			134		124,620
United Rentals North America, Inc.:
4.63%, 10/15/25			80		76,800
5.88%, 09/15/26			110		111,408
6.50%, 12/15/26			123		124,845
5.50%, 05/15/27			110		111,017
3.88%, 11/15/27			17		16,065
4.88%, 01/15/28			177		171,690
5.25%, 01/15/30			17		16,995
					1,322,544
Wireless Telecommunication Services — 0.3%
Millicom International Cellular SA, 6.63%, 10/15/26(b)			200		188,000
Sprint Corp.:
7.63%, 02/15/25			176		194,480
7.63%, 03/01/26			177		200,329
Sprint Spectrum Co. LLC, 3.36%, 09/20/21(b)(e)			297		295,142
Vodafone Group plc:
3.75%, 01/16/24			249		259,223
4.13%, 05/30/25			118		125,639
5.00%, 05/30/38			74		79,923
4.38%, 02/19/43			102		105,200
5.25%, 05/30/48			335		403,743
					1,851,679
Total Corporate Bonds — 32.1% (Cost: $211,223,601)					205,780,318
Floating Rate Loan Interests — 0.6%(k)
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., Term Loan B, (LIBOR USD 3 Month + 2.00%), 3.61%, 02/24/25			269		254,065

17

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

Security	Par (000)			Value
Banks — 0.1%
Goldman Sachs Bank USA, Term Loan, (LIBOR USD 6 Month + 1.90%), 3.45% - 3.60%, 09/17/22(c)		USD	353	$	352,106
Building Products — 0.0%
Advanced Drainage Systems, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 3.81%, 07/31/26(c)			44		40,895
Jeld-Wen, Inc., Term Loan, (LIBOR USD 3 Month + 2.00%), 3.45%, 12/14/24			117		102,669
					143,564
Capital Markets — 0.0%
Goldman Sachs Lending Partners LLC, Term Loan, (LIBOR USD 6 Month + 1.75%), 3.45% - 3.60%, 09/17/22(c)			153		152,233
Construction Materials — 0.0%
Foundation Building Materials, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.00%), 3.99%, 08/13/25			133		114,982
Consumer Finance — 0.0%
Credito Realsab de CV., Term Loan, (LIBOR USD 6 Month + 3.75%), 5.45%, 11/06/21(c).			30		30,000
Diversified Financial Services — 0.0%
Triton Bidco, Term Loan B, (LIBOR USD 6 Month + 4.50%), 5.49%, 09/23/26			272		212,875
Health Care Providers & Services — 0.1%
Acadia Healthcare Co., Term Loan B2, (LIBOR USD 1 Month + 2.50%), 3.50%, 02/16/23			303		274,871
Select Medical Corp., Term Loan, (LIBOR USD 1 Month + 2.50%), 3.43%, 03/01/21(c)			45		42,257
					317,128
Hotels, Restaurants & Leisure — 0.0%
Aimbridge Acquisition, Inc., Term Loan B, (LIBOR USD 3 Month + 3.75%), 5.02%, 02/02/26(c)			156		109,090
Golden Nugget, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 2.50%), 3.49% - 3.70%, 10/04/23			185		143,417
					252,507
Media — 0.0%
CSC Holdings LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 3.11%, 04/15/27			181		172,549
Lamar Media Corp., 1st Lien Term Loan, (LIBOR USD 6 Month + 1.50%), 2.52%, 02/05/27			19		18,289
					190,838
Oil, Gas & Consumable Fuels — 0.1%
Buckeye Partners LP, Term Loan, (LIBOR USD 1 Month + 2.75%), 4.27%, 11/01/26			467		425,904
Pharmaceuticals — 0.1%
Grifols Worldwide Operations Ltd., Term Loan B, (LIBOR USD 3 Month + 2.00%), 2.68%, 11/15/27			287		270,156
Road & Rail — 0.0%
Genesee & Wyoming, Inc., Term Loan, (LIBOR USD 3 Month + 2.00%), 3.45%, 12/30/26			169		161,079

Security	Par (000)			Value
Thrifts & Mortgage Finance — 0.2%(c)
Caliber Home Loans, Inc., Term Loan, (LIBOR USD 6 Month + 3.25%), 4.69% - 4.94%, 04/24/21		USD	438	$	436,995
Roundpoint Mortgage Servicing Corp., Term Loan, (LIBOR USD 1 Month + 3.38%), 5.04%, 08/08/20			562		563,197
					1,000,192
Total Floating Rate Loan Interests — 0.6% (Cost: $4,179,057)					3,877,629
Foreign Agency Obligations — 0.3%
Colombia — 0.0%
Ecopetrol SA, 7.38%, 09/18/43			77		76,299
India — 0.0%
Power Finance Corp. Ltd., 4.50%, 06/18/29			200		177,500
Mexico — 0.3%
Petroleos Mexicanos:
5.50%, 01/21/21			20		19,245
6.50%, 03/13/27			919		675,609
5.95%, 01/28/31(b)			12		8,280
6.63%, 06/15/35			127		84,964
7.69%, 01/23/50(b)			680		462,400
6.95%, 01/28/60(b)			337		227,475
					1,477,973
Total Foreign Agency Obligations — 0.3% (Cost: $2,495,401)					1,731,772
Foreign Government Obligations — 1.6%
Argentina — 0.0%
Argentine Republic:
5.88%, 01/11/28			335		93,800
5.25%, 01/15/28		EUR	132		37,169
7.13%, 07/06/36		USD	150		39,281
6.88%, 01/11/48			224		59,570
					229,820
Colombia — 0.1%
Republic of Colombia:
3.88%, 04/25/27			528		519,915
5.20%, 05/15/49			250		262,735
Titulos de Tesoreria, 7.25%, 10/18/34		COP	232,700		56,636
					839,286
Egypt — 0.1%
Arab Republic of Egypt:
15.90%, 07/02/24		EGP	550		36,128
16.10%, 05/07/29			5,041		335,686
5.63%, 04/16/30		EUR	117		98,110
6.38%, 04/11/31(b)			132		115,056
					584,980
Hungary — 0.1%
Hungary Government Bond, 5.38%, 03/25/24 .		USD	414		457,211
Indonesia — 0.2%
Pertamina Persero PT, 4.18%, 01/21/50			200		171,071
Republic of Indonesia:
4.10%, 04/24/28			470		479,841
6.63%, 05/15/33		IDR	1,064,000		56,397
7.50%, 06/15/35			6,138,000		352,624

18

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

Security	Par (000)				Value
Indonesia (continued)
8.38%, 04/15/39		IDR		7,876,000	$	477,823
						1,537,756
Israel — 0.0%
State of Israel Government Bond, 3.88%, 07/03/50		USD		214		219,885
Mexico — 0.2%
United Mexican States:
4.15%, 03/28/27				933		949,911
4.50%, 01/31/50				530		527,085
						1,476,996
Panama — 0.2%
Republic of Panama:
3.88%, 03/17/28				626		671,190
4.50%, 04/01/56				208		226,200
						897,390
Peru — 0.1%
Republic of Peru, 4.13%, 08/25/27				548		617,356
Philippines — 0.2%
Republic of Philippines, 3.00%, 02/01/28				1,010		1,052,238
Russia — 0.2%
Russian Federation:
4.38%, 03/21/29				400		428,000
8.50%, 09/17/31		RUB		45,715		662,617
						1,090,617
Sri Lanka — 0.0%
Democratic Socialist Republic of Sri Lanka, 7.55%, 03/28/30		USD		200		110,250
Ukraine — 0.1%
Ukraine Government Bond:
6.75%, 06/20/26		EUR		100		97,331
9.75%, 11/01/28		USD		391		380,859
						478,190
United Arab Emirates — 0.0%
United Arab Emirates Government Bond, 3.13%, 09/30/49				200		186,000
Uruguay — 0.1%
Oriental Republic of Uruguay:
4.38%, 10/27/27				333		358,665
5.10%, 06/18/50				120		136,762
						495,427
Total Foreign Government Obligations — 1.6% (Cost: $11,279,470)						10,273,402
			Shares
Investment Companies — 4.9%
BlackRock Allocation Target Shares-BATS Series A*				3,450,690		31,228,746
Total Investment Companies — 4.9% (Cost: $34,850,000)						31,228,746

Security	Par (000)			Value
Municipal Bonds — 4.5%
American Municipal Power, Inc. (Combined Hydroelectric Project):
Series 2010B, RB, 7.83%, 02/15/41		USD	50	$	76,578
Series 2009B, RB, 6.45%, 02/15/44			30		41,723
Series 2010B, RB, 8.08%, 02/15/50			100		167,002
Arizona Health Facilities Authority (Banner Health), Series 2007B, RB, VRDN, 2.09%, 04/01/20(l)			35		32,187
Bay Area Toll Authority:
Series 2019F-1, RB, 2.43%, 04/01/26			285		297,380
Series 2010S-1, RB, 6.92%, 04/01/40			90		132,310
Series 2010S-1, RB, 7.04%, 04/01/50			410		674,327
Berks County Industrial Development Authority (Tower Health Project), Series 2017, RB, 5.00%, 11/01/47			60		65,725
California Health Facilities Financing Authority (Cedars- Sinai Medical Center):
Series 2019, RB, 2.93%, 06/01/32			40		39,078
Series 2016A, RB, 5.00%, 08/15/33			40		48,123
Series 2017A, RB, 5.00%, 08/15/47			60		67,690
California State Public Works Board (Various Capital Projects), Series 2009G, Sub-Series G-2, RB, 8.36%, 10/01/34			35		53,124
California State University, Series 2020B, RB, 2.98%, 11/01/51			380		369,390
Canaveral Port Authority:
Series 2018A, RB, 5.00%, 06/01/45			80		90,682
Series 2018B, RB, 5.00%, 06/01/48			80		91,886
Central Puget Sound Regional Transit Authority, Series 2015S-1, RB, 5.00%, 11/01/50			60		69,439
Chesapeake Bay Bridge & Tunnel District (Parallel Thimble Shoal Tunnel Project), Series 2016, RB, 5.00%, 07/01/51			25		27,738
City of Atlanta, Series 2015, RB, 5.00%, 11/01/40			30		34,767
City of New York:
Series 2019D, Sub-Series D-2, GO, 3.76%, 12/01/27			115		126,025
Series 2019A, Sub-Series A-3, GO, 2.85%, 08/01/31			220		211,662
Series 2019A, Sub-Series A-3, GO, 2.90%, 08/01/32			370		363,773
Series 2010F-1, GO, 6.27%, 12/01/37			85		111,883
Series 2018F, Sub-Series F-1, GO, 5.00%, 04/01/43			375		456,866
City of Riverside, Series 2010A, RB, 7.61%, 10/01/40			50		78,575
City of San Antonio Electric & Gas Systems:
Series 2010A, RB, 5.72%, 02/01/41			120		162,704
Series 2010A, RB, 5.81%, 02/01/41			160		221,200
Colorado Health Facilities Authority (Catholic Health Initiatives):
Series 2011A, RB, 5.25%, 02/01/31(m)			25		25,841
Series 2019A-2, RB, 5.00%, 08/01/44			120		129,038
Commonwealth Financing Authority:
Series 2018A, RB, 3.86%, 06/01/38			40		45,505
Series 2016A, RB, 4.14%, 06/01/38			60		73,574
Series 2019A, RB, 3.81%, 06/01/41			660		773,665
Commonwealth of Massachusetts:
Series 2009E, GO, 5.46%, 12/01/39			15		19,750
Series 2019H, GO, 2.90%, 09/01/49			80		74,914
Connecticut State Health & Educational Facilities Authority (Hartford Healthcare Corp.):
Series 2015F, RB, 5.00%, 07/01/45			60		66,923

19

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

Security	Par (000)			Value
Municipal Bonds (continued)
Series 2015L, RB, 5.00%, 07/01/45		USD	90	$	102,892
Contra Costa Community College District, Series 2010B, GO, 6.50%, 08/01/34			10		13,647
County of Broward Airport System:
Series 2019C, RB, 2.81%, 10/01/31			65		65,809
Series 2019C, RB, 2.91%, 10/01/32			60		61,106
County of Miami-Dade:
Series 2017D, RB, 3.35%, 10/01/29			20		21,527
Series 2019E, RB, 2.53%, 10/01/30			235		239,054
Series 2017D, RB, 3.45%, 10/01/30			35		37,747
Series 2017D, RB, 3.50%, 10/01/31			30		32,329
Series 2018C, RB, 4.06%, 10/01/31			55		60,567
Series 2015A, RB, 5.00%, 10/01/38			10		11,082
Series 2017B, RB, 5.00%, 10/01/40			60		67,372
Dallas Area Rapid Transit:
Series 2016A, RB, 5.00%, 12/01/41			60		70,370
Series 2016A, RB, 5.00%, 12/01/46			90		104,841
Dallas/Fort Worth International Airport, Series 2019A-2, RB, 3.14%, 11/01/45			100		98,813
DuBois Hospital Authority (Penn Highlands Healthcare), Series 2018, RB, 5.00%, 07/15/43			60		68,572
Dutchess County Local Development Corp. (Health Quest Systems, Inc. Project), Series 2016B, RB, 5.00%, 07/01/46			100		111,885
Foothill-Eastern Transportation Corridor Agency, Series 2019A, RB, 4.09%, 01/15/49			60		59,438
Grant County Public Utility District No. 2 (The Priest Rapids Project), Series 2015M, RB, 4.58%, 01/01/40			15		17,814
Great Lakes Water Authority Water Supply System, Series 2016C, RB, 5.25%, 07/01/33			20		24,009
Health & Educational Facilities Authority (Saint Luke’s Health System, Inc.):
Series 2016, RB, 5.00%, 11/15/29			25		29,424
Series 2020A, RB, 3.23%, 05/15/50(n)			100		103,367
Idaho Health Facilities Authority (Trinity Health Credit Group), Series 2017A, RB, 5.00%, 12/01/47			50		57,122
Indiana Finance Authority (CWA Authority Project):
Series 2015A, RB, 5.00%, 10/01/45			130		148,581
Series 2016A, RB, 5.00%, 10/01/46			420		481,555
Indiana Housing & Community Development Authority, Series 2018A, RB, 3.80%, 07/01/38			30		31,816
JobsOhio Beverage System:
Series 2013B, RB, 3.99%, 01/01/29			340		374,051
Series 2020B, RB, 2.83%, 01/01/38			55		53,611
Lexington County Health Services District, Inc., Series 2016, RB, 5.00%, 11/01/41			30		34,146
Los Angeles Community College District, Series 2010E, GO, 6.60%, 08/01/42			110		170,786
Los Angeles Unified School District, Series 2010I, GO, 6.76%, 07/01/34			375		509,258
Louisiana Public Facilities Authority, Series 2018E, RB, 5.00%, 07/01/48			50		57,750
Maryland Health & Higher Educational Facilities Authority:
Series 2015, RB, 5.00%, 08/15/25			80		91,701
Series 2015, RB, 5.00%, 08/15/27			50		57,202
Massachusetts Bay Transportation Authority, Series 2005A, RB, 5.00%, 07/01/31			40		53,991

Security	Par (000)			Value
Municipal Bonds (continued)
Massachusetts Development Finance Agency (Partners Healthcare System Issue):
Series 2018J-2, RB, 5.00%, 07/01/43		USD	80	$	92,036
Series 2017L, RB, 5.00%, 07/01/44			100		110,861
Series 2016Q, RB, 5.00%, 07/01/47			50		56,847
Series 2018J-2, RB, 5.00%, 07/01/48			70		80,078
Massachusetts Housing Finance Agency:
Series 2014B, RB, 4.50%, 12/01/39			25		25,964
Series 2014B, RB, 4.60%, 12/01/44			40		42,370
Series 2015A, RB, 4.50%, 12/01/48			40		41,846
Massachusetts School Building Authority:
Series 2019B, RB, 2.87%, 10/15/31			275		281,408
Series 2019B, RB, 2.97%, 10/15/32			170		173,793
Massachusetts Water Resources Authority, Series 2016C, RB, 5.00%, 08/01/40			30		35,381
Metropolitan Atlanta Rapid Transit Authority, Series 2015A, RB, 5.00%, 07/01/41			110		128,561
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center):
Series 2016A, RB, 5.00%, 07/01/40			40		44,236
Series 2016A, RB, 5.00%, 07/01/46			60		65,604
Metropolitan Transportation Authority:
Series 2010A, RB, 6.67%, 11/15/39			55		73,337
Series 2009C, RB, 7.34%, 11/15/39			120		170,806
Series 2019C, RB, 5.00%, 11/15/41			80		96,238
Metropolitan Washington Airports Authority Dulles Toll Road (Dulles Metrorail and Capital Improvement Project), Series 2009D, RB, 7.46%, 10/01/46			30		41,409
Michigan Finance Authority (Henry Ford Health System):
Series 2016, RB, 5.00%, 11/15/28			50		58,265
Series 2016, RB, 5.00%, 11/15/41			30		33,949
Series 2017A-MI, RB, 5.00%, 12/01/47(m)			120		131,926
Michigan State Housing Development Authority:
Series 2018B, RB, 3.55%, 10/01/33			30		32,170
Series 2018A, RB, 4.00%, 10/01/43			30		32,104
Series 2018A, RB, 4.05%, 10/01/48			20		21,419
Series 2018A, RB, 4.15%, 10/01/53			80		85,762
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Corp.), Series 2016A, RB, 5.00%, 09/01/46			60		65,331
Municipal Electric Authority of Georgia (Plant Vogtle Units 3&4 Units Project):
Series 2010A, RB, 6.64%, 04/01/57			40		52,862
Series 2010A, RB, 6.66%, 04/01/57			75		98,627
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Project), Series 2017A, RB, 5.00%, 08/15/47			60		69,085
New Jersey Transportation Trust Fund Authority:
Series 2010C, RB, 5.75%, 12/15/28			140		164,843
Series 2019B, RB, 4.13%, 06/15/42			95		93,339
New Jersey Turnpike Authority, Series 2009F, RB, 7.41%, 01/01/40			565		824,047
New Orleans Aviation Board (North Terminal Project), Series 2015B, RB, 5.00%, 01/01/40			50		54,197
New York City Housing Development Corp.:
Series 2018C-1-A, RB, 3.70%, 11/01/38			40		42,315
Series 2018C-1-B, RB, 3.85%, 11/01/43			110		116,041
Series 2018C-1-A, RB, 4.00%, 11/01/53			120		127,727

20

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

Security	Par (000)			Value
Municipal Bonds (continued)
New York City Transitional Finance Authority Future Tax Secured:
Series 2018, Sub-Series C-4, RB, 3.55%, 05/01/25		USD	170	$	182,611
Series 2014A, Sub-Series A-2, RB, 3.75%, 11/01/25			165		174,862
Series 2017F, Sub-Series F-2, RB, 3.05%, 05/01/27			160		167,850
Series 2019C, Sub-Series C-3, RB, 3.35%, 11/01/30			255		267,227
Series 2019B, Sub-Series B-3, RB, 3.90%, 08/01/31			210		226,874
New York City Water & Sewer System:
Series 2010AA, RB, 5.75%, 06/15/41			10		14,172
Series 2010EE, RB, 6.01%, 06/15/42			25		36,488
Series 2020AA, RB, 5.38%, 06/15/43(m)			135		139,337
Series 2020AA, RB, 5.38%, 06/15/43			65		66,780
Series 2011AA, RB, 5.44%, 06/15/43			120		165,154
Series 2011EE, RB, 5.50%, 06/15/43(m)			240		247,764
Series 2011CC, RB, 5.88%, 06/15/44			40		58,232
New York Convention Center Development Corp., Series 2015, RB, 5.00%, 11/15/40			30		33,727
New York State Dormitory Authority:
Series 2010H, RB, 5.39%, 03/15/40			60		78,503
Series 2019F, RB, 3.19%, 02/15/43			160		161,354
Series 2019B, RB, 3.14%, 07/01/43			120		121,584
New York State Urban Development Corp.:
Series 2019B, RB, 3.25%, 03/15/25			100		105,165
Series 2019B, RB, 3.35%, 03/15/26			395		418,542
Series 2019B, RB, 2.35%, 03/15/27			230		230,715
Series 2017D, RB, 3.32%, 03/15/29			140		147,937
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment Project):
Series 2016A, RB, 5.00%, 07/01/46			30		30,473
Series 2016A, RB, 5.25%, 01/01/50			340		353,056
Orange County Local Transportation Authority, Series 2010A, RB, 6.91%, 02/15/41			75		113,926
Oregon School Boards Association:
Series 2005A, GO, 4.76%, 06/30/28			220		230,058
Series 2002B, GO, 5.55%, 06/30/28			290		324,174
Series 2003B, GO, 5.68%, 06/30/28			210		256,421
Pennsylvania Turnpike Commission:
Series 2016A-1, RB, 5.00%, 12/01/46			50		56,847
Series 2018B, RB, 5.00%, 12/01/48			90		105,961
Port Authority of New York & New Jersey:
Series 165, RB, 5.65%, 11/01/40			95		122,853
Series 181, RB, 4.96%, 08/01/46			170		198,732
Series 174, RB, 4.46%, 10/01/62			95		104,838
Port of Seattle, Series 2018A, RB, 5.00%, 05/01/43			30		33,252
Regents of the University of California Medical Center Pooled, Series 2009F, RB, 6.58%, 05/15/49			55		78,017
Royal Oak Hospital Finance Authority (William
Beaumont Hospital Obligated Group), Series 2014D, RB, 5.00%, 09/01/39			40		44,366
Rutgers The State University of New Jersey, Series 2019R, RB, 3.27%, 05/01/43			175		173,770
Sacramento County Sanitation Districts
Financing Authority, Series 2035B, RB, VRDN, 1.59%, 06/01/20(l)			330		311,262
Sacramento Municipal Utility District, Series 2010W, RB, 6.16%, 05/15/36			1,045		1,418,619

Security	Par (000)			Value
Municipal Bonds (continued)
Salt River Project Agricultural Improvement & Power District, Series 2015A, RB, 5.00%, 12/01/45		USD	180	$	208,184
San Antonio Water System, Series 2015B, RB, 5.00%, 05/15/39			30		34,893
San Diego Public Facilities Financing Authority, Series 2016A, RB, 5.00%, 05/15/39			50		59,687
San Jose Redevelopment Agency Successor Agency, Series 2017A-T, 3.18%, 08/01/26 .			85		87,434
South Carolina Public Service Authority:
Series 2016D, RB, 2.39%, 12/01/23			257		260,981
Series 2012E, RB, 3.72%, 12/01/23			65		69,025
Series 2010C, RB, 6.45%, 01/01/50			136		211,694
State of California:
Series 2019, GO, 2.65%, 04/01/26			425		443,483
Series 2009, GO, 7.50%, 04/01/34			60		91,675
Series 2018, GO, 4.60%, 04/01/38			815		889,141
Series 2009, GO, 7.55%, 04/01/39			85		139,062
Series 2009, GO, 7.30%, 10/01/39			85		131,296
Series 2009, GO, 7.35%, 11/01/39			340		533,501
State of Colorado, Series 2018N, COP, 5.00%, 03/15/38			1,030		1,256,260
State of Connecticut:
Series 2017A, GO, 3.31%, 01/15/26			155		166,036
Series 2008A, GO, 5.85%, 03/15/32			210		258,460
State of Illinois, Series 2003, GO, 5.10%, 06/01/33			580		577,349
State of Minnesota, Series 2018A, GO, 5.00%, 08/01/36			170		213,030
State of New York, Series 2019B, GO, 2.80%, 02/15/32			205		203,171
State of Oregon, Series 2003, GO, 5.89%, 06/01/27			335		390,925
State of Texas, Series 2009A, GO, 5.52%, 04/01/39			405		549,759
State of Washington:
Series 2016A-1, GO, 5.00%, 08/01/40			100		116,726
Series 2018B, GO, 5.00%, 08/01/40			40		48,447
Sumter Landing Community Development District, Series 2016, RB, 4.17%, 10/01/47			100		105,405
Tennessee Housing Development Agency (Residential Finance Program):
Series 2018-3, RB, 3.75%, 07/01/38			30		32,211
Series 2018-3, RB, 3.85%, 07/01/43			20		21,375
Series 2018-3, RB, 3.95%, 01/01/49			10		10,642
Texas A&M University, Series 2017B, RB, 2.84%, 05/15/27			75		78,909
Texas Municipal Gas Acquisition & Supply Corp. I, Series 2008D, RB, 6.25%, 12/15/26			30		33,264
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), Series 2019, RB, 5.00%, 06/30/58			290		309,340
Tobacco Settlement Finance Authority, Series 2007A, RB, 7.47%, 06/01/47			125		120,436
TSASC, Inc., Series 2017A, RB, 5.00%, 06/01/41			60		62,798
University of California:
Series 2019BD, RB, 3.35%, 07/01/29			470		510,998
Series 2013AJ, RB, 4.60%, 05/15/31			300		349,860
Series 2009R, RB, 5.77%, 05/15/43			180		236,765
Series 2012AD, RB, 4.86%, 05/15/12			20		26,619
Virginia Small Business Financing Authority (Transform 66 P3 Project):
Series 2017, RB, 5.00%, 12/31/52			90		91,058

21

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

Security	Par (000)			Value
Municipal Bonds (continued)
Series 2017, RB, 5.00%, 12/31/56		USD	80	$	80,662
West Virginia Hospital Finance Authority (West Virginia United Health System Obligated Group):
Series 2016A, RB, 5.00%, 06/01/20			30		30,158
Series 2016A, RB, 5.00%, 06/01/21			30		31,114
Series 2016A, RB, 5.00%, 06/01/22			30		32,031
Series 2016A, RB, 5.00%, 06/01/23			25		27,418
Series 2016A, RB, 5.00%, 06/01/24			25		28,099
Total Municipal Bonds — 4.5% (Cost: $27,725,968)					28,669,950
Non-Agency Mortgage-Backed Securities — 3.0%
Collateralized Mortgage Obligations — 1.1%
Alternative Loan Trust:
Series 2005-22T1, Class A1, 1.30%, 06/25/35(d)			141		97,236
Series 2005-72, Class A3, 1.55%, 01/25/36(d)			68		55,343
Series 2005-76, Class 2A1, 2.97%, 02/25/36(d)			24		19,440
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36			61		42,867
Series 2006-15CB, Class A1, 6.50%, 06/25/36			10		6,669
Series 2006-OA14, Class 1A1, 3.70%, 11/25/46(d)			84		61,295
Series 2006-OA16, Class A4C, 1.29%, 10/25/46(d)			143		83,138
Series 2006-OA8, Class 1A1, 1.14%, 07/25/46(d)			13		9,401
Series 2006-OC10, Class 2A3, 1.18%, 11/25/36(d)			55		35,609
Series 2006-OC7, Class 2A3, 1.20%, 07/25/46(d)			82		62,646
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37			12		7,665
Series 2007-OA3, Class 1A1, 1.09%, 04/25/47(d)			23		18,544
American Home Mortgage Assets Trust(d):
Series 2006-3, Class 2A11, 2.91%, 10/25/46			63		45,084
Series 2006-4, Class 1A12, 1.16%, 10/25/46			74		43,421
Series 2006-5, Class A1, 2.89%, 11/25/46			123		48,499
Series 2007-1, Class A1, 2.67%, 02/25/47			64		27,746
APS Resecuritization Trust(b)(d):
Series 2016-1, Class 1MZ, 4.21%, 07/31/57			250		83,570
Series 2016-3, Class 3A, 3.80%, 09/27/46			181		172,151
Series 2016-3, Class 4A, 3.55%, 04/27/47			34		32,634
Banc of America Funding Trust, Series 2016- R2, Class 1A1, 4.70%, 05/01/33(b)(d)			84		78,487
Bear Stearns Mortgage Funding Trust(d):
Series 2006-SL1, Class A1, 1.23%, 08/25/36			49		46,071
Series 2007-AR2, Class A1, 1.12%, 03/25/37			153		129,291
Series 2007-AR3, Class 1A1, 1.09%, 03/25/37			17		13,714
Series 2007-AR4, Class 1A1, 1.15%, 09/25/47			65		56,453
Series 2007-AR4, Class 2A1, 1.16%, 06/25/37			22		18,747
Chase Mortgage Finance Trust, Series 2007- S6, Class 1A1, 6.00%, 12/25/37			857		554,283
CHL Mortgage Pass-Through Trust:
Series 2006-OA4, Class A1, 2.93%, 04/25/46(d)			152		61,515

Security	Par (000)				Value
Collateralized Mortgage Obligations (continued)
Series 2006-OA5, Class 3A1, 1.15%, 04/25/46(d)		USD	25		$	20,385
Series 2007-15, Class 2A2, 6.50%, 09/25/37			223			134,733
Citicorp Mortgage Securities Trust:
Series 2007-9, Class 1A1, 6.25%, 12/25/37			63			51,586
Series 2008-2, Class 1A1, 6.50%, 06/25/38			93			74,474
Credit Suisse Mortgage Capital Certificates(b):
Series 2009-12R, Class 3A1, 6.50%, 10/27/37			281			143,576
Series 2019-RPL4, Class A1, 3.55%, 08/26/58			379			393,370
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, 2.30%, 11/25/35(d)			45			9,127
CSMC Trust(b)(d):
Series 2009-5R, Class 4A4, 4.01%, 06/25/36			65			51,533
Series 2014-11R, Class 16A1, 3.94%, 09/27/47			42			39,727
Series 2015-6R, Class 5A1, 1.99%, 03/27/36			—	(o)		428
Series 2015-6R, Class 5A2, 1.99%, 03/27/36			60			47,234
Series 2019-JR1, Class A1, 4.10%, 09/27/66			1,501			1,487,006
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, 1.12%, 08/25/47(d)			142			84,864
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB3, Class A8, 6.36%, 07/25/36(d)			11			9,706
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, 3.97%, 03/25/36(d)			25			21,936
GSMPS Mortgage Loan Trust(b)(d):
Series 2005-RP1, Class 1AF, 1.30%, 01/25/35			47			38,797
Series 2005-RP2, Class 1AF, 1.30%, 03/25/35			55			45,840
Series 2006-RP1, Class 1AF1, 1.30%, 01/25/36			42			31,895
GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 01/25/37			10			10,704
HarborView Mortgage Loan Trust, Series 2007- 4, Class 2A2, 1.00%, 07/19/47(d)			158			116,865
IndyMac INDX Mortgage Loan Trust(d):
Series 2007-AR19, Class 3A1, 3.61%, 09/25/37			83			51,851
Series 2007-FLX5, Class 2A2, 1.19%, 08/25/37			147			110,300
Lehman XS Trust, Series 2007-20N, Class A1, 2.10%, 12/25/37(d)			29			23,544
LSTAR Securities Investment Trust, Series 2019-1, Class A1, 3.28%, 03/01/24(b)(d)			129			127,055
MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.06%, 08/25/37(b)(d)			26			15,118
MCM Trust(b):
Series 2018-NPL1, Class A, 4.00%, 05/28/58			53			53,189
Series 2018-NPL2, Class A, 4.00%, 10/25/28(c)(e)			374			377,713
Series 2018-NPL2, Class B, 0.00%, 10/25/28(c)			746			239,122
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, 1.16%, 04/25/37(d)			205			155,063
Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, 1.92%, 04/16/36(b)(d)			383			309,188

22

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

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25%, 12/25/57(b)(d)		USD	89	$	90,366
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2007-2, Class A4, 1.37%, 06/25/37(d)			16		11,516
RALI Trust, Series 2007-QH9, Class A1, 3.20%, 11/25/37(d)			36		25,313
Reperforming Loan REMIC Trust, Series 2005- R3, Class AF, 1.35%, 09/25/35(b)(d)			5		4,670
Seasoned Credit Risk Transfer Trust(d):
Series 2017-3, Class M2, 4.75%, 07/25/56(b)			100		86,639
Series 2018-1, Class BX, 3.98%, 05/25/57.			20		8,799
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.86%, 04/25/36(d)			67		46,764
Structured Asset Mortgage Investments II Trust(d):
Series 2006-AR4, Class 3A1, 1.14%, 06/25/36			92		72,566
Series 2006-AR5, Class 2A1, 1.16%, 05/25/46			57		44,400
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR2, Class B1, 1.48%, 01/25/45(d)			92		50,709
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust:
Series 2006-4, Class 1A1, 6.00%, 04/25/36			86		78,075
Series 2006-4, Class 3A1, 6.50%, 05/25/36(e)			41		34,633
					6,741,898
Commercial Mortgage-Backed Securities — 1.7%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37(b)(d)			200		149,865
280 Park Avenue Mortgage Trust(b)(d):
Series 2017-280P, Class D, 2.24%, 09/15/34			100		87,238
Series 2017-280P, Class E, 2.82%, 09/15/34			150		126,728
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29(b)(d)			100		99,010
Ashford Hospitality Trust, Series 2018-ASHF, Class D, 2.80%, 04/15/35(b)(d)			19		15,831
BAMLL Commercial Mortgage Securities Trust(b)(d):
Series 2015-200P, Class F, 3.60%, 04/14/33			300		219,408
Series 2016-ISQ, Class E, 3.61%, 08/14/34			200		135,971
Series 2017-SCH, Class CL, 2.20%, 11/15/32			100		86,320
Series 2017-SCH, Class DL, 2.70%, 11/15/32			100		79,754
Series 2018-DSNY, Class D, 2.40%, 09/15/34			650		508,907
Bancorp Commercial Mortgage Trust (The), Series 2018-CR3, Class A, 1.55%, 01/15/33(b)(d)			37		34,535
Bayview Commercial Asset Trust(b)(d):
Series 2005-2A, Class A1, 1.26%, 08/25/35			49		39,743
Series 2005-4A, Class A1, 1.25%, 01/25/36			44		38,526
Series 2005-4A, Class M1, 1.40%, 01/25/36			32		28,195
Series 2006-1A, Class A2, 1.31%, 04/25/36			11		8,301
Series 2006-3A, Class A1, 1.20%, 10/25/36			20		16,172
Series 2006-3A, Class A2, 1.25%, 10/25/36			16		13,307
Series 2007-2A, Class A1, 1.22%, 07/25/37			31		25,823
Series 2007-4A, Class A1, 1.40%, 09/25/37			155		114,867
BBCMS Mortgage Trust, Series 2018-TALL, Class A, 1.43%, 03/15/37(b)(d)			35		32,459

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
BBCMS Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35(b)		USD	100	$	97,916
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM, 5.44%, 01/12/45(d)			29		26,610
Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 3.90%, 03/15/62(b)(d)			148		103,172
BHMS, Series 2018-ATLS, Class A, 1.95%, 07/15/35(b)(d)			140		117,122
BWAY Mortgage Trust(b):
Series 2013-1515, Class A2, 3.45%, 03/10/33			150		153,658
Series 2013-1515, Class C, 3.45%, 03/10/33			105		98,554
BX Commercial Mortgage Trust, Series 2018- IND, Class H, 3.70%, 11/15/35(b)(d)			371		268,811
BXP Trust(b)(d):
Series 2017-CC, Class D, 3.55%, 08/13/37			60		50,978
Series 2017-CC, Class E, 3.55%, 08/13/37			110		70,637
Series 2017-GM, Class D, 3.42%, 06/13/39			200		190,914
Series 2017-GM, Class E, 3.42%, 06/13/39			50		43,766
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 2.45%, 12/15/37(b)(d)			218		199,318
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.49%, 04/10/29(b)(d).			20		19,308
CD Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48			18		18,761
Series 2017-CD3, Class A4, 3.63%, 02/10/50			30		32,086
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48			10		10,502
CFK Trust, Series 2019-FAX, Class D, 4.64%, 01/15/39(b)(d)			126		117,904
CGDBB Commercial Mortgage Trust(b)(d):
Series 2017-BIOC, Class A, 1.49%, 07/15/32			174		155,662
Series 2017-BIOC, Class D, 2.30%, 07/15/32			100		89,556
Series 2017-BIOC, Class E, 2.85%, 07/15/32			247		206,636
Citigroup Commercial Mortgage Trust(d):
Series 2016-GC37, Class C, 4.92%, 04/10/49			20		17,221
Series 2016-P3, Class C, 4.89%, 04/15/49.			10		8,581
Commercial Mortgage Trust:
Series 2005-C6, Class F, 5.73%, 06/10/44(b) (d)			74		73,216
Series 2014-CR14, Class A4, 4.24%, 02/10/47(d)			30		31,973
Series 2014-CR16, Class A4, 4.05%, 04/10/47			177		187,300
Series 2014-CR17, Class A5, 3.98%, 05/10/47			59		61,965
Series 2014-CR19, Class A5, 3.80%, 08/10/47			50		52,631
Series 2014-LC15, Class A4, 4.01%, 04/10/47			50		53,144
Series 2014-UBS4, Class C, 4.64%, 08/10/47(d)			50		44,224
Series 2015-CR25, Class A4, 3.76%, 08/10/48			100		105,511
Series 2015-LC19, Class A4, 3.18%, 02/10/48			59		61,274
Series 2015-LC21, Class C, 4.36%, 07/10/48(d)			150		127,507

23

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

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Series 2016-667M, Class D, 3.18%, 10/10/36(b)(d)		USD	100	$	83,921
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 06/15/57			50		51,782
CSMC Trust(b):
Series 2017-PFHP, Class A, 1.65%, 12/15/30(d)			60		50,731
Series 2017-TIME, Class A, 3.65%, 11/13/39			100		81,967
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.19%, 04/10/37(b)(d)			100		58,853
DBUBS Mortgage Trust(b):
Series 2017-BRBK, Class A, 3.45%, 10/10/34			140		138,212
Series 2017-BRBK, Class E, 3.53%, 10/10/34(d)			310		239,123
Series 2017-BRBK, Class F, 3.53%, 10/10/34(d)			80		56,285
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.55%, 09/10/35(b)(d).			100		98,847
Exantas Capital Corp. Ltd.(b)(d):
Series 2018-RSO6, Class A, 1.63%, 06/15/35			9		8,606
Series 2019-RSO7, Class AS, 2.30%, 04/15/36			160		147,472
GPMT Ltd., Series 2018-FL1, Class A, 1.67%, 11/21/35(b)(d)			26		24,340
GRACE Mortgage Trust, Series 2014-GRCE, Class F, 3.59%, 06/10/28(b)(d)			330		325,314
GS Mortgage Securities Corp. II, Series 2005- ROCK, Class A, 5.37%, 05/03/32(b)			100		106,503
GS Mortgage Securities Corp. Trust(b):
Series 2017-500K, Class D, 2.00%, 07/15/32(d)			10		8,852
Series 2017-500K, Class E, 2.20%, 07/15/32(d)			20		17,530
Series 2017-500K, Class F, 2.50%, 07/15/32(d)			110		91,249
Series 2017-GPTX, Class A, 2.86%, 05/10/34			100		97,123
GS Mortgage Securities Trust:
Series 2015-GC32, Class C, 4.43%, 07/10/48(d)			30		25,543
Series 2017-GS6, Class A3, 3.43%, 05/10/50			150		152,590
Series 2017-GS7, Class A4, 3.43%, 08/10/50			76		78,520
Series 2017-GS7, Class D, 3.00%, 08/10/50(b)			20		13,223
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31(b)			110		102,922
IMT Trust(b):
Series 2017-APTS, Class AFX, 3.48%, 06/15/34			100		98,442
Series 2017-APTS, Class EFX, 3.50%, 06/15/34(d)			100		83,617
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C21, Class A5, 3.77%, 08/15/47			50		52,788
Series 2015-C33, Class D1, 4.12%, 12/15/48(b)(d)			100		75,426
JPMCC Commercial Mortgage Securities Trust:
Series 2017-JP5, Class D, 4.63%, 03/15/50(b)(d)			100		80,137
Series 2017-JP7, Class B, 4.05%, 09/15/50			10		9,957

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2012-CBX, Class A4FL, 2.10%, 06/15/45(b)(d)		USD	95	$	95,894
Series 2014-C20, Class A5, 3.80%, 07/15/47			70		73,893
Series 2015-JP1, Class D, 4.24%, 01/15/49(d)			50		38,730
Series 2015-UES, Class D, 3.62%, 09/05/32(b)(d)			130		127,346
Series 2015-UES, Class E, 3.62%, 09/05/32(b)(d)			100		96,941
Series 2016-NINE, Class A, 2.85%, 09/06/38(b)(d)			150		153,510
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-1A, Class 1A, 1.77%, 03/25/37(b)(d)			30		28,228
LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.14%, 04/20/48(b)(d)			100		99,018
Madison Avenue Trust, Series 2013-650M, Class D, 4.03%, 10/12/32(b)(d)			101		99,819
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 06/15/47			140		145,723
Series 2015-C26, Class D, 3.06%, 10/15/48(b)			26		18,903
Morgan Stanley Capital I Trust:
Series 2007-T27, Class AJ, 5.95%, 06/11/42(d)			63		62,809
Series 2015-MS1, Class D, 4.03%, 05/15/48(b)(d)			100		78,202
Series 2017-CLS, Class F, 3.30%, 11/15/34(b)(d)			211		177,717
Series 2017-H1, Class D, 2.55%, 06/15/50(b)			140		89,704
Series 2019-AGLN, Class D, 2.45%, 03/15/34(b)(d)			150		126,217
Series 2019-AGLN, Class F, 3.30%, 03/15/34(b)(d)			150		116,250
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class MCR1, 4.01%, 06/15/35(b)(d)			85		78,247
Olympic Tower Mortgage Trust, Series 2017-
OT, Class E, 3.95%, 05/10/39(b)(d)			190		127,489
PFP Ltd.(b)(d):
Series 2019-5, Class A, 1.67%, 04/14/36			63		57,333
Series 2019-5, Class AS, 2.12%, 04/14/36			40		35,997
Prima Capital CRE Securitization Ltd., Series 2015-4A, Class C, 4.00%, 08/24/49(b)(c)			100		102,880
USDC, Series 2018-USDC, Class E, 4.49%, 05/13/38(b)(d)			50		41,406
Velocity Commercial Capital Loan Trust(d):
Series 2016-2, Class M4, 7.23%, 10/25/46			100		90,080
Series 2017-2, Class M3, 4.24%, 11/25/47(b)			140		112,865
Series 2017-2, Class M4, 5.00%, 11/25/47(b)			70		55,967
Wells Fargo Commercial Mortgage Trust:
Series 2015-C27, Class C, 3.89%, 02/15/48			20		16,696
Series 2015-C31, Class A4, 3.70%, 11/15/48			50		52,129
Series 2015-NXS2, Class A5, 3.77%, 07/15/58(d)			110		114,871
Series 2015-NXS4, Class A4, 3.72%, 12/15/48			20		20,941
Series 2015-P2, Class A4, 3.81%, 12/15/48			70		73,439
Series 2015-P2, Class D, 3.24%, 12/15/48(b)			78		56,824
Series 2017-C39, Class D, 4.35%, 09/15/50(b)(d)			83		60,736
Series 2017-C41, Class D, 2.60%, 11/15/50(b)(d)			60		37,656

24

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

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Series 2017-HSDB, Class A, 1.65%, 12/13/31(b)(d)		USD	151	$	141,295
Series 2018-C44, Class A5, 4.21%, 05/15/51			770		853,166
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A5, 3.68%, 08/15/47			60		63,081
					11,039,255
Interest Only Collateralized Mortgage Obligations — 0.0%
Banc of America Funding Trust, Series 2014- R2, Class 1C, 0.00%, 11/26/36(b)(d)			143		26,943
Interest Only Commercial Mortgage-Backed Securities — 0.2%(d)
BAMLL Commercial Mortgage Securities Trust, Series 2016-SS1, Class XA, 0.56%, 12/15/35(b)			15,000		444,900
Banc of America Commercial Mortgage Trust, Series 2017-BNK3, Class XB, 0.63%, 02/15/50			1,000		37,531
BBCMS Trust, Series 2015-SRCH, Class XA, 0.96%, 08/10/35(b)			1,030		55,311
BB-UBS Trust, Series 2012-SHOW, Class XA, 0.60%, 11/05/36(b)			3,475		90,058
Benchmark Mortgage Trust:
Series 2018-B8, Class XA, 0.67%, 01/15/52			4,989		222,311
Series 2019-B9, Class XA, 1.05%, 03/15/52			1,047		75,989
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XB, 0.73%, 05/10/58			170		6,865
Commercial Mortgage Trust:
Series 2015-3BP, Class XA, 0.06%, 02/10/35(b)			1,916		8,641
Series 2015-CR25, Class XA, 0.84%, 08/10/48			197		6,947
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class XB, 0.13%, 11/15/50			1,430		20,967
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class XA, 0.84%, 09/15/47			1,156		34,775
Series 2014-C23, Class XA, 0.63%, 09/15/47			1,196		27,188
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49(b)			1,800		72,971
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class XC, 0.75%, 08/15/49(b)			900		35,840
Morgan Stanley Bank of America Merrill Lynch Trust(b):
Series 2014-C19, Class XF, 1.21%, 12/15/47			130		6,309
Series 2015-C26, Class XD, 1.34%, 10/15/48			120		7,955
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.61%, 03/15/49(b)			1,000		83,500
Series 2017-H1, Class XD, 2.20%, 06/15/50(b)			110		14,536
Series 2019-L2, Class XA, 1.03%, 03/15/52			385		27,662
One Market Plaza Trust(b):
Series 2017-1MKT, Class XCP, 0.09%, 02/10/32			1,880		5,095
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32(c)			376		3
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class XD, 1.26%, 08/15/49(b)			1,000		65,260
					1,350,614

Security	Par (000)				Value
Principal Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(b)(i)		USD		117	$	11,325
Total Non-Agency Mortgage-Backed Securities — 3.0% (Cost: $21,046,723)						19,170,035
			Beneficial Interest (000)
Other Interests — 0.0%(p)
Capital Markets — 0.0%(c)(g)(h)
Lehman Brothers Holdings Capital Trust VII				185		—
Lehman Brothers Holdings, Inc.				1,365		—
Total Other Interests — 0.0%					—
			Par (000)
Capital Trusts — 0.3%
Banks — 0.1%
JPMorgan Chase & Co.(f)(k):
Series FF, 5.00%				365		342,823
Series HH, 4.60%				130		113,776
						456,599
Capital Markets — 0.1%(f)(k)
Bank of New York Mellon Corp. (The), Series F, 4.62%				310		279,775
State Street Corp.:
Series F, 5.25%				205		192,700
Series H, 5.63%				335		294,800
						767,275
Entertainment — 0.1%
NBCUniversal Enterprise, Inc., 5.25%(b)(f)				620		620,000
Total Capital Trusts — 0.3% (Cost: $1,977,872)						1,843,874
U.S. Government Sponsored Agency Securities — 40.3%
Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Variable Rate Notes, Series 2017-DNA3, Class B1, (LIBOR USD 1 Month + 4.45%), 5.40%, 03/25/30(a)				250		125,942
Commercial Mortgage-Backed Securities — 0.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Variable Rate Notes, Series KL4F, Class A2AS, 3.68%, 10/25/25(d)				71		79,927
Federal Home Loan Mortgage Corp. Variable Rate Notes(d):
Series 2017-K64, Class B, 3.98%, 05/25/50(b)				20		19,216
Series 2018-K77, Class B, 4.16%, 05/25/51(b)				20		19,184
Series 2018-K732, Class B, 4.06%, 05/25/25(b)				100		98,116
Series 2018-SB52, Class A10F, 3.48%, 06/25/28				75		79,128
Series 2018-SB53, Class A10F, 3.66%, 06/25/28				45		48,210
Government National Mortgage Association:
Series 2015-97, Class VA, 2.25%, 12/16/38				32		31,467
Series 2016-158, Class VA, 2.00%, 03/16/35				85		82,456
						457,704

25

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

Security	Par (000)			Value
Interest Only Commercial Mortgage-Backed Securities — 0.0%
Government National Mortgage Association Variable Rate Notes(d):
Series 2013-63, 0.79%, 09/16/51		USD	574	$	24,301
Series 2013-191, 0.72%, 11/16/53			94		2,590
Series 2015-48, 0.66%, 02/16/50			182		6,891
Series 2015-173, 0.87%, 09/16/55			212		12,014
Series 2016-26, 0.93%, 02/16/58			557		31,108
Series 2016-67, 1.11%, 07/16/57			112		7,185
Series 2016-110, 1.01%, 05/16/58			178		11,384
Series 2016-113, 1.15%, 02/16/58			260		19,658
Series 2016-125, 0.99%, 12/16/57			252		16,495
Series 2016-128, 0.95%, 09/16/56			145		9,612
Series 2016-152, 0.88%, 08/15/58			493		30,969
Series 2016-162, 0.98%, 09/16/58			120		8,513
					180,720
Mortgage-Backed Securities — 40.2%
Federal Home Loan Mortgage Corp.:
2.50%, 01/01/29 - 04/01/31			564		587,345
3.00%, 09/01/27 - 02/01/47			4,803		5,075,264
3.50%, 09/01/30 - 01/01/48			4,127		4,418,452
4.00%, 08/01/40 - 02/01/47			1,023		1,109,033
4.50%, 02/01/39 - 04/01/49			6,265		6,857,684
5.00%, 10/01/41 - 11/01/41			150		165,816
5.50%, 02/01/35 - 06/01/41			177		200,937
Federal National Mortgage Association:
4.00%, 01/01/41			26		28,406
6.00%, 07/01/39			144		169,159
Government National Mortgage Association:
2.50%, 04/15/50(q)			2,800		2,926,219
3.00%, 02/15/45 - 12/20/46			9,580		10,267,162
3.00%, 04/15/50(q)			14,895		15,744,534
3.50%, 01/15/42 - 11/20/46			12,777		13,618,072
3.50%, 04/15/50(q)			2,855		3,009,568
4.00%, 04/20/39 - 12/20/47			1,952		2,104,031
4.00%, 04/15/50(q)			6,218		6,605,189
4.50%, 12/20/39 - 07/20/49			3,112		3,330,878
4.50%, 04/15/50(q)			1,344		1,426,320
5.00%, 12/15/38 - 07/20/44			161		178,506
5.00%, 04/15/50(q)			1,436		1,527,545
Uniform Mortgage-Backed Securities:
2.00%, 10/01/31 - 03/01/32			535		550,572
2.00%, 04/25/35(q)			227		233,043
2.50%, 09/01/27 - 02/01/33			2,868		2,987,105
2.50%, 04/25/35 - 04/25/50(q)			22,394		23,200,570
3.00%, 04/01/28 - 03/01/47			8,869		9,376,321
3.00%, 04/25/35 - 04/25/50(q)			28,559		29,928,313
3.50%, 03/01/29 - 01/01/48			9,752		10,459,847
3.50%, 04/25/35 - 04/25/50(q)			28,602		30,223,037
4.00%, 08/01/31 - 03/01/50			10,207		11,033,531
4.00%, 04/25/50(q)			26,647		28,416,812
4.50%, 02/01/25 - 05/01/49			15,399		16,951,417
4.50%, 04/25/50(q)			9,352		10,063,262
5.00%, 02/01/35 - 06/01/45			1,017		1,124,772
5.00%, 04/25/50(q)			1,077		1,161,772
5.50%, 02/01/35 - 03/01/40			515		580,494
5.50%, 04/25/50(q)			987		1,080,341
6.00%, 04/01/35 - 06/01/41			292		336,267
6.00%, 04/25/50(q)			172		190,524
6.50%, 05/01/40			118		137,433
					257,385,553
Total U.S. Government Sponsored Agency Securities — 40.3% (Cost: $250,852,490)					258,149,919

Security	Par (000)			Value
U.S. Treasury Obligations — 24.6%
U.S. Treasury Bonds:
4.25%, 05/15/39		USD	359	$	558,385
4.50%, 08/15/39			359		575,340
4.38%, 11/15/39			359		568,707
3.13%, 02/15/43			1,345		1,842,230
2.88%, 05/15/43 - 05/15/49			2,742		3,666,394
3.63%, 08/15/43			1,345		1,985,661
3.75%, 11/15/43			1,345		2,024,855
3.00%, 02/15/48			1,292		1,793,659
2.25%, 08/15/49			3,231		3,936,141
2.38%, 11/15/49			2,614		3,256,676
U.S. Treasury Inflation Linked Notes:
0.50%, 04/15/24			56,612		57,429,848
0.13%, 10/15/24			11,895		12,040,002
0.25%, 01/15/25			8,981		9,061,628
U.S. Treasury Notes:
2.00%, 07/31/20 - 02/15/25			8,439		8,725,866
2.50%, 12/31/20			3,896		3,967,224
1.13%, 07/31/21			5,845		5,919,432
1.75%, 07/31/21 - 07/31/24			13,119		13,643,913
1.50%, 01/31/22 - 08/15/26			8,950		9,302,085
2.13%, 12/31/22 - 05/15/25			8,063		8,638,779
2.75%, 05/31/23			2,604		2,805,301
2.25%, 08/15/27			2,604		2,921,668
2.88%, 08/15/28			781		923,533
3.13%, 11/15/28			781		942,844
1.63%, 08/15/29			1,247		1,353,433
Total U.S. Treasury Obligations — 24.6% (Cost: $150,356,562)					157,883,604
Total Long-Term Investments — 118.1% (Cost: $757,479,936)					756,739,851
Short-Term Securities — 6.2%
Borrowed Bond Agreements — 0.1%(r)
Bank of America Securities, Inc., (0.45)%, 04/01/20 (Purchased on 03/31/20 to be repurchased at USD 36,153, collateralized by U.S. Treasury Bonds, 2.00%, due at 02/15/40, par and fair value of USD 31,000 and $35,913, respectively)			36		36,154
Bank of America Securities, Inc., (0.10)%, 04/01/20 (Purchased on 03/31/20 to be repurchased at USD 351,389, collateralized by U.S. Treasury Notes, 1.75%, due at 11/15/29, par and fair value of USD 318,000 and $349,353, respectively) .			351		351,390
Barclays Bank plc, (0.15)%, Open (Purchased on 03/11/20 to be repurchased at USD 99,006, collateralized by Petrobras Global Finance BV, 5.09%, due at 01/15/30, par and fair value of USD 99,000 and $88,357,respectively)(s)			99		99,000
Barclays Bank plc, 0.00%, Open (Purchased on 03/31/20 to be repurchased at USD 66,521, collateralized by Petrobras Global Finance BV, 5.09%, due at 01/15/30, par and fair value of USD 73,000 and $65,153,respectively)(s)			67		66,521
Total Borrowed Bond Agreements — 0.1% (Cost: $553,065)					553,065

26

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

Security	Par (000)				Value
Foreign Government Obligations — 0.1%
Egypt — 0.1%
Arab Republic of Egypt Treasury Bills, 16.04%, 07/28/20(t)		EGP		3,975	$	241,690
Nigeria — 0.0%
Nigeria OMO Bills(t):
12.80%, 05/28/20		NGN		11,370		29,137
11.74%, 07/30/20				5,685		14,721
						43,858
Total Foreign Government Obligations — 0.1% (Cost: $281,535)						285,548
			Shares
Money Market Funds — 6.0%(u)
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%*				38,459,166		38,459,166
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Class, 0.27%				8,895		8,895
Total Money Market Funds — 6.0% (Cost: $38,468,061)						38,468,061
Total Short-Term Securities — 6.2% (Cost: $39,302,661)						39,306,674
Total Options Purchased — 0.0% (Cost: $140,496)						180,228
Total Investments Before Options Written, Borrowed Bonds, TBA Sale Commitments and Investments Sold Short — 124.3% (Cost: $796,923,093)						796,226,753
Total Options Written — (0.0)% (Premium Received — $45,154)						(200,212	)
			Par (000)
Borrowed Bonds — (0.1)%
Corporate Bonds — (0.0)%
Petrobras Global Finance BV, 5.09%, 01/15/30		USD		99		(88,357	)
Total Corporate Bonds — (0.0)% (Proceeds: $98,816)						(88,357	)

Security	Par (000)			Value
U.S. Treasury Obligations — (0.1)%
U.S. Treasury Bonds, 2.00%, 02/15/50		USD	31	$	(35,913	)
U.S. Treasury Notes, 1.75%, 11/15/29			318		(349,353	)
					(385,266	)
Total U.S. Treasury Obligations — (0.1)% (Proceeds: $355,467)					(385,266	)
Total Borrowed Bonds — (0.1)% (Proceeds: $454,283)					(473,623	)
TBA Sale Commitments — (10.4)%(q)
Mortgage-Backed Securities — (10.4)%
Government National Mortgage Association:
2.50%, 04/15/50			1,872		(1,956,386	)
3.00%, 04/15/50			9,760		(10,317,006	)
3.50%, 04/15/50			526		(554,400	)
4.00%, 04/15/50			443		(470,623	)
4.50%, 04/15/50			100		(108,699	)
Uniform Mortgage-Backed Securities:
2.00%, 04/25/35			227		(233,043	)
3.00%, 04/25/35 - 05/25/50			15,869		(16,615,247	)
4.00%, 04/25/35 - 04/25/50			14,936		(15,922,136	)
2.50%, 04/25/50			16,950		(17,559,140	)
3.50%, 04/25/50			2,326		(2,458,167	)
4.50%, 04/25/50			272		(292,687	)
Total TBA Sale Commitments — (10.4)% (Proceeds: $65,735,660)					(66,487,534	)
Investments Sold Short — (0.0)%
U.S. Treasury Obligations — (0.0)%
U.S. Treasury Bonds, 2.00%, 02/15/50			8		(9,268	)
Total U.S. Treasury Obligations — (0.0)% (Proceeds: $9,347)					(9,268	)
Total Investments Sold Short — (0.0)% (Proceeds: $9,347)					(9,268	)
Total Investments Net of Options Written, Borrowed Bonds, TBA Sale Commitments and Investments Sold Short — 113.8% (Cost: $730,678,649)					729,056,116
Liabilities in Excess of Other Assets — (13.8)%					(88,228,044	)
Net Assets — 100.0%				$	640,828,072

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

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

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

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

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

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

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

^(h)  Non-income producing security.

⁽ⁱ⁾  Zero-coupon bond.

^(j)  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.

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

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

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

⁽ⁿ⁾  When-issued security.

^(o)  Amount is less than 500.

27

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

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

^(q)  Represents or includes a TBA transaction.

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

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

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

^(u)  Annualized 7-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)	4,269,478	34,189,688	—	38,459,166	$	38,459,166	$	95,403	$	—		$	—
BlackRock Allocation Target Shares- BATS Series A	2,726,552	724,138	—	3,450,690		31,228,746		322,283		—			(3,523,104	)
					$	69,687,912	$	417,686	$	—		$	(3,523,104	)

^(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 industry sub-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 industry sub-classifications for reporting ease.

28

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
U.S. Treasury 10 Year Ultra Note		68		06/19/20	$	10,610	$	446,196
U.S. Treasury Long Bond		29		06/19/20		5,193		40,106
U.S. Treasury Ultra Bond		147		06/19/20		32,616		3,393,828
U.S. Treasury 2 Year Note		198		06/30/20		43,636		267,802
U.S. Treasury 5 Year Note		230		06/30/20		28,833		126,520
								4,274,452
Short Contracts
Euro-Buxl		11		06/08/20		2,546		102,404
U.S. Treasury 10 Year Note		164		06/19/20		22,745		(159,513	)
								(57,109	)
							$	4,217,343

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
IDR	7,995,150,000	USD	489,000	JPMorgan Chase Bank NA		04/02/20	$	1,199
USD	457,500	BRL	2,212,082	Citibank NA		04/02/20		31,780
USD	73,500	BRL	369,999	Deutsche Bank AG		04/02/20		2,293
USD	169,000	BRL	765,587	Morgan Stanley & Co. International plc		04/02/20		21,661
USD	151,540	IDR	2,181,572,575	Bank of America NA		04/02/20		17,783
USD	151,540	IDR	2,186,573,546	BNP Paribas SA		04/02/20		17,477
USD	185,920	IDR	2,712,567,110	JPMorgan Chase Bank NA		04/02/20		19,607
USD	618,835	ZAR	10,926,708	Bank of America NA		04/02/20		7,909
USD	126,000	ZAR	2,188,018	Deutsche Bank AG		04/02/20		3,665
USD	159,000	ZAR	2,566,808	Morgan Stanley & Co. International plc		04/02/20		15,487
AUD	70,000	USD	42,280	JPMorgan Chase Bank NA		04/03/20		778
AUD	70,000	USD	42,890	Morgan Stanley & Co. International plc		04/03/20		167
EUR	150,000	JPY	17,510,145	Citibank NA		04/03/20		2,588
USD	92,138	AUD	140,000	Morgan Stanley & Co. International plc		04/03/20		6,024
USD	1,636,272	EUR	1,442,000	Goldman Sachs International		04/03/20		45,845
USD	67,200	EUR	59,000	Morgan Stanley & Co. International plc		04/03/20		2,127
USD	3,396,765	EUR	3,050,000	UBS AG		04/03/20		32,824
USD	124,000	BRL	635,387	JPMorgan Chase Bank NA		04/06/20		1,752
USD	153,000	KRW	181,152,000	BNP Paribas SA		04/06/20		4,203
USD	206,000	MXN	4,336,609	BNP Paribas SA		04/06/20		23,358
USD	169,000	MXN	3,432,151	Goldman Sachs International		04/06/20		24,451
CAD	192,816	USD	136,000	Morgan Stanley & Co. International plc		04/09/20		1,021
KRW	196,943,250	USD	161,000	BNP Paribas SA		04/09/20		758
KRW	122,608,000	USD	97,000	JPMorgan Chase Bank NA		04/09/20		3,703
USD	272,000	CAD	370,197	Morgan Stanley & Co. International plc		04/09/20		8,926
USD	136,000	ZAR	2,114,911	Citibank NA		04/09/20		17,880
USD	169,000	RUB	11,607,765	Citibank NA		04/10/20		21,342
USD	170,000	RUB	12,695,600	JPMorgan Chase Bank NA		04/10/20		8,504
JPY	17,665,673	USD	161,000	Citibank NA		04/13/20		3,367
JPY	7,560,531	USD	68,000	HSBC Bank plc		04/13/20		2,346
JPY	52,863,684	USD	483,000	JPMorgan Chase Bank NA		04/13/20		8,861
JPY	17,620,548	USD	161,000	UBS AG		04/13/20		2,948
RUB	19,748,500	USD	250,000	Citibank NA		04/13/20		1,318
USD	171,000	JPY	17,463,133	BNP Paribas SA		04/13/20		8,517
USD	709,000	JPY	73,561,028	JPMorgan Chase Bank NA		04/13/20		24,563
USD	168,000	JPY	17,879,568	Morgan Stanley & Co. International plc		04/13/20		1,642
USD	168,000	JPY	17,900,927	Standard Chartered Bank		04/13/20		1,444
USD	166,000	RUB	11,942,870	Bank of America NA		04/13/20		14,016
USD	137,000	RUB	9,918,800	Deutsche Bank AG		04/13/20		10,774

29

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

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	341,000	ZAR	5,624,492	JPMorgan Chase Bank NA		04/14/20	$	27,122
USD	137,000	ZAR	2,240,470	UBS AG		04/14/20		11,969
IDR	3,633,869,012	USD	219,503	Deutsche Bank AG		04/15/20		3,751
USD	696,110	IDR	10,198,014,000	HSBC Bank plc		04/15/20		69,575
USD	92,705	IDR	1,357,668,000	JPMorgan Chase Bank NA		04/15/20		9,294
EUR	146,000	USD	156,893	HSBC Bank plc		04/16/20		4,213
EUR	210,000	USD	226,705	JPMorgan Chase Bank NA		04/16/20		5,023
USD	98,000	ZAR	1,616,088	Bank of America NA		04/17/20		7,857
USD	126,000	COP	511,938,000	JPMorgan Chase Bank NA		04/20/20		134
CNY	667,167	USD	94,000	Goldman Sachs International		04/24/20		43
MXN	2,248,430	USD	94,000	JPMorgan Chase Bank NA		04/24/20		446
AUD	209,000	USD	124,636	JPMorgan Chase Bank NA		04/27/20		3,939
MXN	2,314,415	USD	96,000	Bank of America NA		04/27/20		1,179
MXN	1,530,873	USD	62,000	JPMorgan Chase Bank NA		04/27/20		2,280
MXN	2,307,762	USD	95,000	UBS AG		04/27/20		1,900
USD	445,835	ZAR	7,965,734	BNP Paribas SA		04/29/20		2,383
EUR	115,000	USD	126,302	Bank of America NA		04/30/20		677
GBP	78,000	USD	94,251	JPMorgan Chase Bank NA		04/30/20		2,696
AUD	211,000	USD	129,343	Deutsche Bank AG		05/04/20		466
EUR	60,000	USD	66,226	JPMorgan Chase Bank NA		05/04/20		34
EUR	176,000	USD	194,336	UBS AG		05/04/20		28
USD	2,188,619	EUR	1,981,000	UBS AG		05/05/20		834
USD	280,000	RUB	18,653,600	Deutsche Bank AG		05/06/20		42,172
USD	415,627	EUR	366,148	JPMorgan Chase Bank NA		06/12/20		10,688
USD	58,232	COP	236,388,000	Natwest Markets plc		06/16/20		358
AUD	2,838,805	CAD	2,415,679	Citibank NA		06/17/20		28,714
AUD	2,425,000	CAD	2,063,117	JPMorgan Chase Bank NA		06/17/20		24,837
CNH	16,265,367	USD	2,290,800	JPMorgan Chase Bank NA		06/17/20		398
CNY	14,046,260	USD	1,972,000	HSBC Bank plc		06/17/20		6,607
GBP	5,319,002	EUR	5,838,000	Morgan Stanley & Co. International plc		06/17/20		157,938
USD	8,340,000	CNY	58,528,452	Citibank NA		06/17/20		95,472
USD	1,114,764	IDR	16,081,032,612	JPMorgan Chase Bank NA		06/17/20		141,154
USD	2,037,971	RUB	137,878,935	Citibank NA		06/17/20		293,174
USD	1,100,498	IDR	16,081,032,612	JPMorgan Chase Bank NA		07/15/20		132,034
USD	111,922	EUR	99,463	UBS AG		11/27/20		1,337
								1,515,634
BRL	447,700	USD	100,000	Citibank NA		04/02/20		(13,839	)
BRL	1,533,345	USD	339,000	Deutsche Bank AG		04/02/20		(43,905	)
BRL	635,272	USD	124,000	JPMorgan Chase Bank NA		04/02/20		(1,741	)
BRL	637,488	USD	137,000	Morgan Stanley & Co. International plc		04/02/20		(14,314	)
ZAR	4,248,670	USD	261,000	Bank of America NA		04/02/20		(23,452	)
ZAR	11,199,911	USD	651,835	BNP Paribas SA		04/02/20		(25,634	)
ZAR	1,539,033	USD	100,000	Deutsche Bank AG		04/02/20		(13,951	)
ZAR	2,204,425	USD	126,000	JPMorgan Chase Bank NA		04/02/20		(2,748	)
EUR	1,768,000	USD	1,978,633	Barclays Bank plc		04/03/20		(28,651	)
EUR	1,981,000	USD	2,185,637	UBS AG		04/03/20		(730	)
JPY	17,720,470	EUR	150,000	JPMorgan Chase Bank NA		04/03/20		(632	)
USD	135,989	EUR	125,000	BNP Paribas SA		04/03/20		(1,877	)
USD	8,795	EUR	8,000	Canadian Imperial Bank of Commerce		04/03/20		(28	)
USD	135,766	EUR	125,000	Goldman Sachs International		04/03/20		(2,100	)
USD	1,676,282	EUR	1,524,000	HSBC Bank plc		04/03/20		(4,586	)
USD	194,807	EUR	177,000	Morgan Stanley & Co. International plc		04/03/20		(412	)
USD	339,498	EUR	313,000	State Street Bank and Trust Co.		04/03/20		(5,720	)
KRW	183,355,200	USD	153,000	JPMorgan Chase Bank NA		04/06/20		(2,394	)
MXN	4,222,526	USD	206,000	Citibank NA		04/06/20		(28,163	)
MXN	20,678,656	USD	996,250	UBS AG		04/06/20		(125,342	)
CAD	188,220	USD	136,000	JPMorgan Chase Bank NA		04/09/20		(2,245	)
KRW	161,396,300	USD	134,000	JPMorgan Chase Bank NA		04/09/20		(1,438	)
USD	137,000	KRW	167,483,058	BNP Paribas SA		04/09/20		(561	)
USD	94,000	KRW	117,406,000	JPMorgan Chase Bank NA		04/09/20		(2,430	)
ZAR	2,167,432	USD	136,000	Bank of America NA		04/09/20		(14,947	)
RUB	7,361,550	USD	95,000	Citibank NA		04/10/20		(1,357	)

30

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

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	35,381,479	USD	343,000	HSBC Bank plc		04/13/20	$	(13,799	)
RUB	7,541,760	USD	96,000	Citibank NA		04/13/20		(24	)
ZAR	4,997,455	USD	308,000	Bank of America NA		04/14/20		(29,114	)
ZAR	2,728,602	USD	170,000	Citibank NA		04/14/20		(17,728	)
IDR	2,143,731,088	USD	155,681	Bank of America NA		04/15/20		(23,977	)
IDR	2,307,062,199	USD	167,652	BNP Paribas SA		04/15/20		(25,913	)
IDR	22,490,572,049	USD	1,500,002	Deutsche Bank AG		04/15/20		(118,249	)
IDR	2,140,103,179	USD	155,666	JPMorgan Chase Bank NA		04/15/20		(24,185	)
USD	489,000	IDR	8,018,133,000	JPMorgan Chase Bank NA		04/15/20		(3,610	)
USD	98,487	EUR	90,000	BNP Paribas SA		04/16/20		(825	)
USD	291,453	EUR	266,000	Morgan Stanley & Co. International plc		04/16/20		(2,069	)
USD	96,000	ZAR	1,724,970	Deutsche Bank AG		04/17/20		(216	)
ZAR	3,250,439	USD	201,000	HSBC Bank plc		04/17/20		(19,695	)
COP	392,753,000	USD	97,000	Deutsche Bank AG		04/20/20		(437	)
USD	98,000	COP	409,150,000	Citibank NA		04/20/20		(2,594	)
KZT	8,774,500	USD	23,000	Citibank NA		04/24/20		(3,666	)
KZT	9,600,000	USD	25,000	Goldman Sachs International		04/24/20		(3,847	)
USD	94,000	MXN	2,284,388	Citibank NA		04/24/20		(1,956	)
MXN	2,299,069	USD	97,000	UBS AG		04/27/20		(465	)
USD	126,686	AUD	209,000	UBS AG		04/27/20		(1,889	)
USD	124,000	CAD	180,016	UBS AG		04/27/20		(3,956	)
USD	62,000	MXN	1,562,373	UBS AG		04/27/20		(3,602	)
IDR	1,528,455,000	USD	95,000	JPMorgan Chase Bank NA		04/30/20		(1,527	)
USD	126,771	EUR	115,000	HSBC Bank plc		04/30/20		(207	)
USD	95,436	GBP	78,000	UBS AG		04/30/20		(1,511	)
USD	95,000	IDR	1,561,325,000	JPMorgan Chase Bank NA		04/30/20		(483	)
USD	42,284	AUD	70,000	JPMorgan Chase Bank NA		05/05/20		(780	)
USD	42,897	AUD	70,000	Morgan Stanley & Co. International plc		05/05/20		(168	)
RUB	18,653,600	USD	280,000	Citibank NA		05/06/20		(42,172	)
USD	34,708	EUR	32,307	UBS AG		06/12/20		(1,022	)
CNY	10,839,302	USD	1,527,200	Bank of America NA		06/17/20		(337	)
CNY	18,041,506	USD	2,550,000	HSBC Bank plc		06/17/20		(8,608	)
IDR	3,068,952,000	USD	186,858	Goldman Sachs International		06/17/20		(1,051	)
RUB	8,450,000	USD	110,718	Bank of America NA		06/17/20		(3,787	)
RUB	26,109,141	USD	347,200	Credit Suisse International		06/17/20		(16,799	)
RUB	4,517,632	USD	59,035	Goldman Sachs International		06/17/20		(1,866	)
RUB	29,780,000	USD	398,068	HSBC Bank plc		06/17/20		(21,216	)
RUB	12,140,000	USD	165,002	Societe Generale SA		06/17/20		(11,375	)
KZT	9,731,250	USD	25,000	Goldman Sachs International		07/24/20		(4,358	)
KZT	9,407,145	USD	24,090	Natwest Markets plc		07/24/20		(4,136	)
								(786,416	)
Net Unrealized Appreciation							$	729,218

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%	Morgan Stanley & Co. International plc		05/06/20		USD  73,191	$	11,491	$	32,939	$	(21,448	)

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Call

EUR Currency

One-Touch

Citibank NA

04/14/20

USD  1.05

USD  1.05

EUR  30

$

2,593

31

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

OTC Barrier Options Purchased (continued)

Description

Type of Option

Counterparty

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Put

USD Currency

Down and Out

Bank of America NA

04/02/20

MXN  19.50

MXN  18.85

USD  270

$

—

USD Currency

One-Touch

JPMorgan Chase Bank NA

04/14/20

CNH  6.73

CNH  6.73

USD  19

50

USD Currency

Down and Out

Deutsche Bank AG

04/24/20

RUB  65.30

RUB  63.20

USD  334

3

USD Currency

Down and Out

Deutsche Bank AG

04/29/20

MXN  23.40

MXN  22.50

USD  225

349

402

$

2,995

OTC Currency Options Purchased

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Deutsche Bank AG		04/07/20		KRW	1,200.00		USD	271	$	5,099
USD Currency	Citibank NA		04/08/20		ZAR	15.60		USD	470		59,071
USD Currency	JPMorgan Chase Bank NA		05/21/20		MXN	25.50		USD	124		3,075
USD Currency	Deutsche Bank AG		06/04/20		ZAR	15.80		USD	507		62,383
											129,628
Put
EUR Currency	Bank of America NA		04/01/20		JPY	118.00		EUR	302		455
EUR Currency	Bank of America NA		04/02/20		NOK	10.20		EUR	304		—
USD Currency	Deutsche Bank AG		04/02/20		BRL	4.20		USD	266		—
USD Currency	Deutsche Bank AG		04/02/20		JPY	107.00		USD	940		2,649
USD Currency	HSBC Bank plc		04/02/20		MXN	19.75		USD	337		—
USD Currency	Deutsche Bank AG		04/03/20		RUB	63.00		USD	266		—
USD Currency	Bank of America NA		04/10/20		RUB	62.50		USD	264		4
USD Currency	Deutsche Bank AG		04/10/20		RUB	62.50		USD	498		8
EUR Currency	Deutsche Bank AG		04/14/20		USD	1.11		EUR	476		6,240
EUR Currency	JPMorgan Chase Bank NA		04/14/20		USD	1.08		EUR	476		1,057
USD Currency	Citibank NA		04/24/20		RUB	65.30		USD	468		93
USD Currency	Deutsche Bank AG		04/29/20		ZAR	17.50		USD	450		6,726
USD Currency	Deutsche Bank AG		04/30/20		RUB	65.30		USD	506		123
USD Currency	Deutsche Bank AG		05/01/20		JPY	104.00		USD	313		2,022
USD Currency	Deutsche Bank AG		05/22/20		ZAR	17.50		USD	107		2,016
USD Currency	Deutsche Bank AG		05/22/20		RUB	78.00		USD	166		4,934
USD Currency	Morgan Stanley & Co. International plc		05/27/20		JPY	108.00		USD	474		9,787
											36,114
										$	165,742

OTC Barrier Options Written

Description

Type of Option

Counterparty

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Put

USD Currency

Down and Out

Deutsche Bank AG

04/24/20

RUB  64.00

RUB  63.20

USD  334

$

—

OTC Currency Options Written

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Deutsche Bank AG		04/02/20	BRL	4.35	USD	166	$	(26,859	)
USD Currency	HSBC Bank plc		04/02/20	MXN	20.00	USD	101		(15,434	)
USD Currency	Citibank NA		04/08/20	ZAR	17.00	USD	235		(11,589	)
USD Currency	Deutsche Bank AG		04/10/20	RUB	64.00	USD	100		(17,951	)
USD Currency	Bank of America NA		04/10/20	RUB	66.00	USD	165		(25,394	)

32

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

OTC Currency Options Written (continued)

Description	Counterparty	Expiration Date			Exercise Price		Notional Amount (000)			Value
USD Currency	Deutsche Bank AG		04/30/20	RUB		67.50		USD	236	$	(32,658	)
USD Currency	Deutsche Bank AG		05/21/20	MXN		25.50		USD	124		(2,800	)
USD Currency	Deutsche Bank AG		06/04/20	ZAR		17.00		USD	744		(48,670	)
											(181,355	)
Put
USD Currency	HSBC Bank plc		04/02/20	MXN		19.25		USD	506		—
USD Currency	Deutsche Bank AG		04/10/20	RUB		61.00		USD	996		(10	)
EUR Currency	Deutsche Bank AG		04/14/20	USD		1.08		EUR	476		(1,199	)
USD Currency	Citibank NA		04/24/20	RUB		63.50		USD	468		(51	)
USD Currency	Deutsche Bank AG		04/29/20	ZAR		17.00		USD	675		(4,184	)
USD Currency	Citibank NA		04/29/20	MXN		23.00		USD	129		(2,452	)
USD Currency	Citibank NA		05/01/20	JPY		104.00		USD	313		(2,022	)
USD Currency	Deutsche Bank AG		05/22/20	ZAR		16.50		USD	161		(746	)
USD Currency	Deutsche Bank AG		05/22/20	RUB		75.00		USD	249		(3,258	)
USD Currency	Morgan Stanley & Co. International plc		05/27/20	JPY		103.00		USD	631		(4,935	)
											(18,857	)
										$	(200,212	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
28 day MXIBTIIE	Monthly	6.88%	Monthly		12/15/20		MXN	23,154	$	6,392		$	—	$	6,392
28 day MXIBTIIE	Monthly	6.88%	Monthly		12/16/20		MXN	44,796		12,356			—		12,356
28 day MXIBTIIE	Monthly	6.52%	Monthly		12/14/21		MXN	35,148		18,468			—		18,468
28 day MXIBTIIE	Monthly	6.51%	Monthly		12/15/21		MXN	29,946		15,574			—		15,574
28 day MXIBTIIE	Monthly	7.00%	Monthly		08/11/22		MXN	14,122		16,423			—		16,423
7.11%	Monthly	28 day MXIBTIIE	Monthly		10/14/22		MXN	5,081		(6,723	)		—		(6,723	)
7.11%	Monthly	28 day MXIBTIIE	Monthly		10/14/22		MXN	3,855		(5,121	)		—		(5,121	)
28 day MXIBTIIE	Monthly	6.77%	Monthly		03/09/23		MXN	15,107		15,669			—		15,669
28 day MXIBTIIE	Monthly	6.36%	Monthly		03/23/23		MXN	27,052		15,529			—		15,529
28 day MXIBTIIE	Monthly	6.73%	Monthly		08/09/24		MXN	4,769		4,215			—		4,215
28 day MXIBTIIE	Monthly	6.67%	Monthly		08/12/24		MXN	10,494		8,205			—		8,205
28 day MXIBTIIE	Monthly	6.72%	Monthly		08/13/24		MXN	9,029		7,730			—		7,730
28 day MXIBTIIE	Monthly	6.59%	Monthly		11/08/24		MXN	6,685		3,636			—		3,636
28 day MXIBTIIE	Monthly	6.32%	Monthly		07/17/25		MXN	1,733		(420	)		—		(420	)
2.91%	Semi-Annual	3 month LIBOR	Quarterly		08/23/26		USD	125		(18,642	)		—		(18,642	)
3.16%	Semi-Annual	3 month LIBOR	Quarterly		10/03/28		USD	152		(33,451	)		—		(33,451	)
28 day MXIBTIIE	Monthly	7.14%	Monthly		03/15/30		MXN	8,546		3,530			—		3,530
									$	63,370		$	—	$	63,370

OTC Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%	Quarterly	JPMorgan Chase Bank NA	06/20/20	USD	135	$	(137	)	$	54	$	(191	)
United Mexican States		1.00		Quarterly	Bank of America NA	09/20/20	USD	135		(165	)		163		(328	)
Federative Republic of Brazil		1.00		Quarterly	Morgan Stanley��& Co. International plc	06/20/25	USD	298		23,226			43,803		(20,577	)
Federative Republic of Brazil		1.00		Quarterly	Morgan Stanley & Co. International plc	06/20/25	USD	202		15,744			26,840		(11,096	)
Republic of Chile		1.00		Quarterly	Citibank NA	06/20/25	USD	1,242		15,473			40,762		(25,289	)
Republic of Colombia		1.00		Quarterly	Barclays Bank plc	06/20/25	USD	66		3,962			7,783		(3,821	)
Republic of South Africa		1.00		Quarterly	Morgan Stanley & Co. International plc	06/20/25	USD	531		76,220			74,768		1,452
Republic of the Philippines		1.00		Quarterly	Citibank NA	06/20/25	USD	754		1,182			26,687		(25,505	)

33

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

OTC Credit Default Swaps — Buy Protection (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Counterparty		Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
State of Qatar		1.00	%	Quarterly		Morgan Stanley & Co. International plc	06/20/25		USD	172	$	2,279		$	6,348		$	(4,069	)
United Mexican States		1.00		Quarterly		Citibank NA	06/20/25		USD	1,624		103,940			167,489			(63,549	)
CMBX.NA.9.AAA-		0.50		Monthly		Credit Suisse International	09/17/58		USD	150		970			1,720			(750	)
CMBX.NA.9.AAA-		0.50		Monthly		Deutsche Bank AG	09/17/58		USD	120		776			1,392			(616	)
CMBX.NA.9.AAA-		0.50		Monthly		Morgan Stanley & Co. International plc	09/17/58		USD	230		1,488			2,842			(1,354	)
CMBX.NA.9.AAA-		0.50		Monthly		Morgan Stanley & Co. International plc	09/17/58		USD	90		582			1,034			(452	)
CMBX.NA.9.AAA-		0.50		Monthly		Morgan Stanley & Co. International plc	09/17/58		USD	100		647			1,147			(500	)
CMBX.NA.9.BBB-		3.00		Monthly		Morgan Stanley & Co. International plc	09/17/58		USD	8		2,036			444			1,592
CMBX.NA.6.AAA-		0.50		Monthly		Deutsche Bank AG	05/11/63		USD	79		(12	)		(12	)		–
CMBX.NA.6.AAA-		0.50		Monthly		Deutsche Bank AG	05/11/63		USD	186		(28	)		(140	)		112
CMBX.NA.6.BBB-		3.00		Monthly		JPMorgan Securities LLC	05/11/63		USD	30		6,623		��	2,764			3,859
											$	254,806		$	405,888		$	(151,082	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States	1.00	%	Quarterly	Bank of America NA	06/20/20	BBB		USD	135		$	137		$	(62	)	$	199
United Mexican States	1.00		Quarterly	JPMorgan Chase Bank NA	09/20/20	BBB		USD	135			164			(143	)		307
CMBX.NA.3.AM	0.50		Monthly	Credit Suisse International	12/13/49	NR		USD	—			—			(4	)		4
CMBX.NA.9.BBB-	3.00		Monthly	Deutsche Bank AG	09/17/58	NR		USD	29			(7,380	)		(3,357	)		(4,023	)
CMBX.NA.10.A	2.00		Monthly	Deutsche Bank AG	11/17/59	A-		USD	120			(16,051	)		(4,983	)		(11,068	)
CMBX.NA.10.A	2.00		Monthly	Deutsche Bank AG	11/17/59	A-		USD	60			(8,026	)		(2,537	)		(5,489	)
CMBX.NA.10.BBB-	3.00		Monthly	JPMorgan Securities LLC	11/17/59	NR		USD	10			(2,783	)		(824	)		(1,959	)
CMBX.NA.6.BBB-	3.00		Monthly	Credit Suisse International	05/11/63	NR		USD	30			(6,623	)		(2,284	)		(4,339	)
											$	(40,562)		$	(14,194	)	$	(26,368	)

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

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

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency	Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
3.27%	Semi-Annual	3 month LIBOR	Quarterly	Deutsche Bank AG		05/16/21	USD	470	$	(18,764)		$	—	$	(18,764	)
1 day BZDIOVER	At Termination	4.53%	At Termination	UBS AG		01/03/22	BRL	9,413		15,137			—		15,137
1 day BZDIOVER	At Termination	5.69%	At Termination	UBS AG		01/03/22	BRL	4,542		25,101			—		25,101
5.73%	Monthly	28 day MXIBTIIE	Monthly	Bank of America NA		01/03/25	MXN	672		731			—		731
28 day MXIBTIIE	Monthly	6.43%	Monthly	Bank of America NA		06/06/25	MXN	541		12			—		12
28 day MXIBTIIE	Monthly	6.33%	Monthly	Citibank NA		06/09/25	MXN	271		(44	)		—		(44	)
28 day MXIBTIIE	Monthly	6.33%	Monthly	Citibank NA		07/17/25	MXN	864		(200	)		—		(200	)

34

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

OTC Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Counterparty		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
6.31%	Monthly	28 day MXIBTIIE	Monthly		Deutsche Bank AG		08/11/25	MXN	3,395	$	923		$	—	$	923
28 day MXIBTIIE	Monthly	6.27%	Monthly		Bank of America NA		12/05/25	MXN	122		(64	)		—		(64	)
1 day BZDIOVER	At Termination	7.20%	At Termination		Citibank NA		01/04/27	BRL	2,468		(9,152	)		—		(9,152	)
1 day BZDIOVER	At Termination	7.40%	At Termination		JPMorgan Chase Bank NA		01/04/27	BRL	2,282		4,143			—		4,143
1 day BZDIOVER	At Termination	7.45%	At Termination		JPMorgan Chase Bank NA		01/04/27	BRL	811		2,004			—		2,004
1 day BZDIOVER	At Termination	7.52%	At Termination		JPMorgan Chase Bank NA		01/04/27	BRL	405		1,374			—		1,374
1 day BZDIOVER	At Termination	7.55%	At Termination		Citibank NA		01/04/27	BRL	1,625		6,151			—		6,151
										$	27,352		$	—	$	27,352

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 TIIE 28-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
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
KZT	Kazakhstani Tenge
MXN	Mexican Peso
NGN	Nigerian Naira
NOK	Norwegian Krone
RUB	New Russian Ruble
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviations
ABS	Asset-Backed Security
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CLO	Collateralized Loan Obligation
COP	Certificates of Participation
CSMC	Credit Suisse Mortgage Capital
CWABS	Countrywide Asset-Backed Certificates
DAC	Designated Activity Company
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank TIIE 28-Day
OTC	Over-the-counter
PCL	Public Company Limited
PIK	Payment-In-Kind
PJSC	Public Joint Stock Company
RB	Revenue Bonds
REMIC	Real Estate Mortgage Investment Conduit
SCA	Svenska Cellulosa Aktiebolaget
SOFR	Secured Overnight Financing Rate
TBA	To-be-announced
VRDN	Variable Rate Demand Notes

35

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Total Return 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:
Asset-Backed Securities	$	—	$	34,440,834	$	3,689,768	$	38,130,602
Corporate Bonds:
Aerospace & Defense		—		7,390,575		—		7,390,575
Air Freight & Logistics		—		1,263,506		—		1,263,506
Airlines		—		2,384,993		—		2,384,993
Auto Components		—		90,588		—		90,588
Automobiles		—		3,019,405		—		3,019,405
Banks		—		45,110,996		—		45,110,996
Beverages		—		3,104,859		—		3,104,859
Biotechnology		—		3,052,582		—		3,052,582
Building Products		—		405,650		—		405,650
Capital Markets		—		11,583,633		—		11,583,633
Chemicals		—		2,028,377		—		2,028,377
Commercial Services & Supplies		—		2,987,176		—		2,987,176
Communications Equipment		—		661,580		—		661,580
Construction Materials		—		46,028		—		46,028
Consumer Finance		—		3,793,342		—		3,793,342
Containers & Packaging		—		466,898		—		466,898
Distributors		—		255,162		—		255,162
Diversified Consumer Services		—		964,537		—		964,537
Diversified Financial Services		—		1,997,970		—		1,997,970
Diversified Telecommunication Services		—		8,719,799		—		8,719,799
Electric Utilities		—		15,822,317		—		15,822,317
Electronic Equipment, Instruments & Components		—		212,124		—		212,124
Energy Equipment & Services		—		166,725		—		166,725
Entertainment		—		817,106		—		817,106
Equity Real Estate Investment Trusts (REITs)		—		4,051,059		779,327		4,830,386
Food & Staples Retailing		—		1,796,003		—		1,796,003
Food Products		—		1,505,531		—		1,505,531
Gas Utilities		—		207,944		—		207,944
Health Care Equipment & Supplies		—		1,390,907		—		1,390,907
Health Care Providers & Services		—		10,697,052		—		10,697,052
Hotels, Restaurants & Leisure		—		2,726,588		—		2,726,588

36

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

		Level 1		Level 2			Level 3		Total
Household Durables		$	—	$	625,142		$	—	$	625,142
Household Products			—		122,053			—		122,053
Independent Power and Renewable Electricity Producers			—		53,200			—		53,200
Industrial Conglomerates			—		657,770			—		657,770
Insurance			—		2,632,854			—		2,632,854
Internet & Direct Marketing Retail			—		901,357			—		901,357
IT Services			—		4,783,548			—		4,783,548
Leisure Products			—		173,887			—		173,887
Life Sciences Tools & Services			—		985,042			—		985,042
Machinery			—		1,130,995			—		1,130,995
Media			—		8,692,634			—		8,692,634
Metals & Mining			—		1,259,827			—		1,259,827
Multi-Utilities			—		944,674			—		944,674
Oil, Gas & Consumable Fuels			—		11,585,714			—		11,585,714
Paper & Forest Products			—		642,451			—		642,451
Pharmaceuticals			—		7,176,037			—		7,176,037
Professional Services			—		156,899			—		156,899
Real Estate Management & Development			—		2,797,697			—		2,797,697
Road & Rail			—		2,903,438			—		2,903,438
Semiconductors & Semiconductor Equipment			—		5,275,517			—		5,275,517
Software			—		3,730,265			—		3,730,265
Specialty Retail			—		633,878			—		633,878
Technology Hardware, Storage & Peripherals			—		1,132,190			—		1,132,190
Textiles, Apparel & Luxury Goods			—		276,088			—		276,088
Thrifts & Mortgage Finance			—		859,660			—		859,660
Tobacco			—		2,972,939			—		2,972,939
Trading Companies & Distributors	��		—		1,322,544			—		1,322,544
Wireless Telecommunication Services			—		1,851,679			—		1,851,679
Floating Rate Loan Interests:
Air Freight & Logistics			—		254,065			—		254,065
Banks			—		—			352,106		352,106
Building Products			—		102,669			40,895		143,564
Capital Markets			—		—			152,233		152,233
Construction Materials			—		114,982			—		114,982
Consumer Finance			—		—			30,000		30,000
Diversified Financial Services			—		212,875			—		212,875
Health Care Providers & Services			—		274,871			42,257		317,128
Hotels, Restaurants & Leisure			—		143,417			109,090		252,507
Media			—		190,838			—		190,838
Oil, Gas & Consumable Fuels			—		425,904			—		425,904
Pharmaceuticals			—		270,156			—		270,156
Road & Rail			—		161,079			—		161,079
Thrifts & Mortgage Finance			—		—			1,000,192		1,000,192
Foreign Agency Obligations(a)			—		1,731,772			—		1,731,772
Foreign Government Obligations(a)			—		10,273,402			—		10,273,402
Investment Companies			31,228,746		—			—		31,228,746
Municipal Bonds			—		28,669,950			—		28,669,950
Non-Agency Mortgage-Backed Securities			—		18,450,317			719,718		19,170,035
Capital Trusts(a)			—		1,843,874			—		1,843,874
U.S. Government Sponsored Agency Securities			—		258,149,919			—		258,149,919
U.S. Treasury Obligations			—		157,883,604			—		157,883,604
Short-Term Securities:
Borrowed Bond Agreements			—		553,065			—		553,065
Foreign Government Obligations(a)			—		285,548			—		285,548
Money Market Funds			38,468,061		—			—		38,468,061
Options Purchased:
Foreign currency exchange contracts			—		168,737			—		168,737
Interest rate contracts			—		11,491			—		11,491
Liabilities:
Investments:
Borrowed Bonds			—		(473,623	)		—		(473,623	)
Investment Sold Short			—		(9,268	)		—		(9,268	)
TBA Sale Commitments			—		(66,487,534	)		—		(66,487,534	)
		$	69,696,807	$	652,643,935		$	6,915,586	$	729,256,328

37

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

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	7,525		$	—	$	7,525
Foreign currency exchange contracts		—			1,515,634			—		1,515,634
Interest rate contracts		4,376,856			183,303			—		4,560,159
Liabilities:
Credit contracts		—			(184,975	)		—		(184,975	)
Foreign currency exchange contracts		—			(986,628	)		—		(986,628	)
Interest rate contracts		(159,513	)		(92,581	)		—		(252,094	)
	$	4,217,343		$	442,278		$	—	$	4,659,621

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

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

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

	Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Total
Investments:
Assets:
Opening balance, as of December 31, 2019	$	3,780,025		$	806,975		$	1,988,467		$	909,139		$	7,484,606
Transfers into level 3		345,608			—			90,867			—			436,475
Transfers out of level 3		—			—			—			(148,981	)		(148,981	)
Accrued discounts/premiums		2,147			—			28			5,746			7,921
Net realized loss		(4,110	)		—			—			(73,276	)		(77,386	)
Net change in unrealized appreciation (depreciation)(a)		(302,120	)		—			(52,218	)		85,705			(268,633	)
Purchases		—			—			115,400			—			115,400
Sales		(131,782	)		(27,648	)		(415,771	)		(58,615	)		(633,816	)
Closing balance, as of March 31, 2020	$	3,689,768		$	779,327		$	1,726,773		$	719,718		$	6,915,586
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2020(a)	$	(302,120	)	$	—		$	(52,218	)	$	85,705		$	(268,633	)

^(a)  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.

38