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

BlackRock

U.S.

Government

Bond

V.I.

Fund

1

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2020

Security

Par

(000)

Value

Asset-Backed

Securities

—

2.0%

(a)

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.20%),

1.48%,

08/15/30

(b)

..........

USD

700

$

692,377

Progress

Residential

Trust,

Series

2017-SFR1,

Class

A,

2.77%,

08/17/34

...........

99

101,244

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.30%,

04/20/31

(b)

.....................

495

493,895

Total

Asset-Backed

Securities

—

2.0%

(Cost:

$1,294,216)

..............................

1,287,516

Foreign

Government

Obligations

—

3.1%

China

—

2.6%

People's

Republic

of

China:

1.99%,

04/09/25

.................

CNY

7,690

1,085,062

2.68%,

05/21/30

.................

4,010

568,210

1,653,272

Colombia

—

0.1%

Republic

of

Colombia:

6.25%,

11/26/25

.................

COP

26,800

7,649

7.25%,

10/18/34

.................

78,700

22,391

30,040

Italy

—

0.3%

Republic

of

Italy,

1.80%,

03/01/41

(a)

.......

EUR

155

190,350

Russia

—

0.1%

Russian

Federation:

8.15%,

02/03/27

.................

RUB

1,279

18,548

6.00%,

10/06/27

.................

585

7,570

6.90%,

05/23/29

.................

1,301

17,642

8.50%,

09/17/31

.................

1,121

16,956

60,716

Total

Foreign

Government

Obligations

—

3.1%

(Cost:

$1,913,161)

..............................

1,934,378

Non-Agency

Mortgage-Backed

Securities

—

3.7%

Commercial

Mortgage-Backed

Securities

—

3.2%

BANK

(c)

:

Series

2020-BN25,

Class

B,

3.04%,

01/15/63

....................

USD

13

13,810

Series

2020-BN26,

Class

B,

2.91%,

03/15/63

....................

183

192,413

BFLD

Trust,

Series

2020-EYP,

Class

A,

1.35%,

10/15/22

(a)(c)

....................

143

143,000

BX

Commercial

Mortgage

Trust,

Series

2019-

XL,

Class

D,

1.60%,

10/15/36

(a)(c)

......

285

283,018

BX

Trust,

Series

2019-OC11,

Class

A,

3.20%,

12/09/41

(a)

.....................

300

317,559

Citigroup

Commercial

Mortgage

Trust,

Series

2016-P6,

Class

B,

4.38%,

12/10/49

(c)

...

55

57,524

Commercial

Mortgage

Trust:

Series

2017-COR2,

Class

AM,

3.80%,

09/10/50

....................

22

24,451

Series

2017-PANW,

Class

A,

3.24%,

10/10/29

(a)

...................

440

464,711

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(a)

.....................

100

103,124

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

C,

3.93%,

09/15/52

...

85

91,444

Hudson

Yards

Mortgage

Trust,

Series

2019-

30HY,

Class

D,

3.56%,

07/10/39

(a)(c)

....

101

103,910

Security

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

KKR

Industrial

Portfolio

Trust,

Series

2020-AIP,

Class

A,

1.19%,

03/15/37

(a)(c)

.........

USD

38

$

38,260

Morgan

Stanley

Capital

I

Trust:

Series

2018-H3,

Class

B,

4.62%,

07/15/51

(c)

39

44,523

Series

2018-SUN,

Class

A,

1.30%,

07/15/35

(a)(c)

..................

145

140,313

Series

2020-HR8,

Class

AS,

2.30%,

07/15/53

....................

18

18,618

Series

2020-HR8,

Class

B,

2.70%,

07/15/53

21

21,568

2,058,246

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.5%

(c)

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

XA,

1.73%,

06/15/52

..

1,735

183,964

UBS

Commercial

Mortgage

Trust,

Series

2019-

C17,

Class

XA,

1.64%,

10/15/52

......

1,013

105,660

289,624

Total

Non-Agency

Mortgage-Backed

Securities

—

3.7%

(Cost:

$2,321,270)

..............................

2,347,870

U.S.

Government

Sponsored

Agency

Securities

—

58.9%

Agency

Obligations

—

1.0%

Federal

Home

Loan

Bank,

4.00%, 04/10/28

.

500

618,921

Collateralized

Mortgage

Obligations

—

0.5%

Federal

National

Mortgage

Association,

Series

2011-8,

Class

ZA,

4.00%, 02/25/41

.....

161

177,039

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2014-107,

Class

WX,

6.78%, 07/20/39

(c)

.............

113

132,116

309,155

Commercial

Mortgage-Backed

Securities

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(c)

:

Series

2019-SB60,

Class

A10F,

3.31%, 01/25/29

...............

218

234,160

Series

2019-SB61,

Class

A10F,

3.17%, 01/25/29

...............

165

178,784

Government

National

Mortgage

Association,

Series

2019-7,

Class

V,

3.00%, 05/16/35

.

21

23,245

436,189

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.9%

Federal

Home

Loan

Mortgage

Corp.,

Series

2015-K718,

Class

X2A,

0.10%, 02/25/48

(a)

20,199

16,785

Government

National

Mortgage

Association

Variable

Rate

Notes:

Series

2002-83,

0.00%, 10/16/42

(c)

.....

869

1

Series

2003-17,

0.00%, 03/16/43

(c)

.....

965

10

Series

2003-109,

0.00%, 11/16/43

(c)

....

1,627

63

Series

2016-22,

0.76%, 11/16/55

(c)

.....

1,880

84,673

Series

2016-45,

0.97%, 02/16/58

(c)

.....

963

56,394

Series

2016-92,

0.90%, 04/16/58

(c)

.....

488

27,195

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.16%, 02/16/58

(b)

........

1,144

85,081

Series

2016-151,

1.06%, 06/16/58

(c)

....

909

60,709

Series

2017-30,

0.67%, 08/16/58

(c)

.....

576

26,945

Series

2017-44,

0.67%, 04/17/51

(c)

.....

617

29,068

Series

2017-53,

0.66%, 11/16/56

(c)

.....

1,704

79,145

Series

2017-61,

0.77%, 05/16/59

(c)

.....

463

27,679

Series

2017-64,

0.68%, 11/16/57

(c)

.....

625

34,224

Series

2017-72,

0.66%, 04/16/57

(c)

.....

1,102

56,818

584,790

BlackRock

U.S.

Government

Bond

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

Mortgage-Backed

Securities

—

55.8%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 03/01/30

-

04/01/31

..........

USD

171

$

182,011

3.00%, 09/01/27

-

12/01/46

..........

414

444,278

3.50%, 04/01/31

-

01/01/48

..........

569

626,263

4.00%, 08/01/40

-

12/01/45

..........

105

115,794

4.50%, 02/01/39

-

07/01/47

..........

193

216,498

5.00%, 10/01/41

-

11/01/41

..........

130

148,897

5.50%, 06/01/41

.................

91

106,066

8.00%, 12/01/29

-

07/01/30

..........

21

24,358

Federal

National

Mortgage

Association:

3.00%, 02/01/44

.................

61

64,609

3.50%, 11/01/46

.................

156

168,293

4.00%, 01/01/41

.................

7

7,541

Government

National

Mortgage

Association:

2.00%, 10/15/50

(d)

................

48

49,867

2.50%, 10/15/50

-

11/15/50

(d)

.........

961

1,008,320

3.00%, 02/15/45

-

09/20/50

..........

1,683

1,777,942

3.00%, 10/15/50

-

11/15/50

(d)

.........

583

610,384

3.50%, 01/15/42

-

10/20/46

..........

2,021

2,166,312

4.00%, 09/20/40

-

05/20/50

..........

630

678,703

4.00%, 10/15/50

(d)

................

289

306,526

4.50%, 12/20/39

-

02/15/42

..........

883

980,113

5.00%, 12/15/38

-

07/20/42

..........

78

89,144

5.00%, 10/15/50

(d)

................

126

137,158

5.50%, 01/15/34

.................

360

409,969

Uniform

Mortgage-Backed

Securities:

2.00%, 10/01/31

-

03/01/32

..........

103

107,104

2.00%, 10/25/35

-

10/25/50

(d)

.........

2,499

2,586,229

2.50%, 04/01/30

-

10/01/50

..........

854

911,868

2.50%, 10/25/35

-

10/25/50

(d)

.........

1,733

1,817,213

3.00%, 04/01/29

-

09/01/50

..........

4,201

4,486,652

3.00%, 10/25/35

-

11/25/50

(d)

.........

3,372

3,532,598

3.50%, 04/01/29

-

08/01/50

..........

2,740

3,011,243

3.50%, 10/25/50

(d)

................

72

75,912

4.00%, 01/01/26

-

03/01/50

..........

2,056

2,289,936

4.00%, 10/25/50

-

11/25/50

(d)

.........

1,880

2,006,260

4.50%, 05/01/24

-

01/01/50

..........

2,479

2,693,963

4.50%, 10/25/50

(d)

................

643

695,545

5.00%, 09/01/35

-

08/01/41

..........

183

209,650

5.00%, 10/25/50

(d)

................

3

3,287

5.50%, 05/01/34

-

12/01/39

..........

190

221,796

6.00%, 04/01/35

-

06/01/41

..........

210

247,805

6.50%, 05/01/40

.................

38

46,148

35,262,255

Total

U.S.

Government

Sponsored

Agency

Securities

—

58.9%

(Cost:

$36,442,577)

..............................

37,211,310

U.S.

Treasury

Obligations

—

47.7%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

-

11/15/40

..........

212

326,449

4.50%, 08/15/39

.................

170

269,164

4.38%, 11/15/39

.................

170

265,984

4.63%, 02/15/40

.................

42

67,725

3.88%, 08/15/40

.................

42

62,262

3.13%, 02/15/43

.................

660

895,924

2.88%, 05/15/43

-

11/15/46

..........

1,290

1,697,890

3.63%, 08/15/43

.................

660

963,987

3.75%, 11/15/43

.................

660

982,214

2.50%, 02/15/45

.................

154

189,949

2.75%, 11/15/47

.................

154

200,627

3.00%, 02/15/48

.................

784

1,067,955

2.25%, 08/15/49

.................

815

972,047

U.S.

Treasury

Inflation

Linked

Bonds,

0.25%, 02/15/50

.................

244

288,866

Security

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Inflation

Linked

Notes:

0.63%, 04/15/23

.................

USD

1,863

$

1,949,322

0.13%, 07/15/30

.................

145

160,754

U.S.

Treasury

Notes:

1.13%, 07/31/21

(e)

................

2,840

2,863,741

1.75%, 07/31/21

-

11/15/29

..........

1,800

1,832,083

0.50%, 03/15/23

-

05/31/27

..........

873

880,448

0.25%, 04/15/23

.................

214

214,577

2.75%, 05/31/23

.................

1,260

1,347,265

1.75%, 07/31/24

(e)

................

2,430

2,573,902

2.13%, 07/31/24

.................

1,260

1,352,580

2.25%, 11/15/24

-

08/15/27

..........

1,627

1,810,991

2.00%, 02/15/25

.................

1,580

1,701,031

0.38%, 04/30/25

.................

367

369,165

2.13%, 05/15/25

(e)

................

1,390

1,509,453

1.50%, 08/15/26

-

02/15/30

..........

1,881

2,006,286

0.63%, 03/31/27

.................

146

147,916

2.88%, 08/15/28

.................

380

448,771

3.13%, 11/15/28

.................

380

457,959

1.63%, 08/15/29

.................

266

289,691

Total

U.S.

Treasury

Obligations

—

47.7%

(Cost:

$28,048,145)

..............................

30,166,978

Total

Long-Term

Investments

—

115.4%

(Cost:

$70,019,369)

..............................

72,948,052

Shares

Short-Term

Securities

—

16.3%

Money

Market

Funds

—

6.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

(f)*

..................

4,193,112

4,193,112

Total

Money

Market

Funds

—

6.6%

(Cost:

$4,193,112)

..............................

4,193,112

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

9.7%

Federal

Home

Loan

Bank

Discount

Notes,

0.09%, 11/20/20

(g)

...............

6,100

6,099,407

Total

U.S.

Government

Sponsored

Agency

Securities

—

9.7%

(Cost:

$6,099,280)

..............................

6,099,407

Total

Short-Term

Securities

—

16.3%

(Cost:

$10,292,392)

..............................

10,292,519

Total

Options

Purchased

—

0.0%

(Cost:

$69,388)

................................

46,962

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

131.7%

(Cost:

$80,381,149

)

..............................

83,287,533

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$7,650)

......................

(71)

TBA

Sale

Commitments

—

(14.1)%

(d)

Mortgage-Backed

Securities

—

(14.1)%

Government

National

Mortgage

Association:

2.50%, 10/15/50

.................

200

(210,039)

3.00%, 10/15/50

.................

538

(563,313)

3.50%, 10/15/50

.................

183

(192,187)

4.00%, 10/15/50

.................

19

(20,187)

4.50%, 10/15/50

.................

97

(103,942)

Uniform

Mortgage-Backed

Securities:

2.50%, 10/25/35

-

11/25/50

..........

2,761

(2,893,917)

BlackRock

U.S.

Government

Bond

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Security

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.50%, 10/25/35

-

10/25/50

..........

USD

277

$

(292,036)

4.00%, 10/25/35

-

10/25/50

..........

449

(478,124)

2.00%, 10/25/50

.................

35

(36,187)

3.00%, 10/25/50

-

11/25/50

..........

3,897

(4,083,253)

Security

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

4.50%, 10/25/50

.................

USD

14

$

(15,144)

Total

TBA

Sale

Commitments

—

(14.1)%

(Proceeds:

$8,896,460)

...........................

(8,888,329)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

117.6%

(Cost:

$71,477,039

)

..............................

74,399,133

Liabilities

in

Excess

of

Other

Assets

—

(17.6)%

...........

(11,156,905)

Net

Assets

—

100.0%

..............................

$

63,242,228

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Security

may

be

issued

at

a

fixed

coupon

rate,

which

converts

to

a

variable

rate

at

a

specified

date.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Variable

or

floating

rate

security,

which

interest

rate

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Represents

or

includes

a

TBA

transaction.

(e)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/20

Shares

Held

at

09/30/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

1,258,784

$

2,934,328

$

—

$

—

$

—

$

4,193,112

4,193,112

$

7,194

$

—

(a)

Represents

net

amount

purchased

(sold).

Reverse

Repurchase

Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

Value

Face

Value

Including

Accrued

Interest

Type

of

Non-Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

the

Agreements

Bank

of

America

Securities,

Inc.

..............

0.16

%

09/30/20

10/01/20  

$

2,868,400

$

2,868,413

U.S.

Treasury

Obligations

Overnight

Bank

of

America

Securities,

Inc.

..............

0.16

09/30/20

10/01/20  

1,522,050

1,522,057

U.S.

Treasury

Obligations

Overnight

Bank

of

America

Securities,

Inc.

..............

0.16

09/30/20

10/01/20  

2,581,875

2,581,886

U.S.

Treasury

Obligations

Overnight

$

6,972,325

$

6,972,356

BlackRock

U.S.

Government

Bond

V.I.

Fund

4

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10

Year

Note

...................................................

28

12/21/20

$

3,907

$

(618)

U.S.

Treasury

2

Year

Note

....................................................

41

12/31/20

9,059

2,286

1,668

Short

Contracts

Euro-Bund

..............................................................

2

12/08/20

409

(50)

Canada

10

Year

Bond

......................................................

3

12/18/20

342

272

U.S.

Treasury

10

Year

Ultra

Note

...............................................

4

12/21/20

640

(2,239)

U.S.

Treasury

Long

Bond

....................................................

4

12/21/20

705

(331)

U.S.

Treasury

Ultra

Bond

....................................................

6

12/21/20

1,331

32

U.S.

Treasury

5

Year

Note

....................................................

11

12/31/20

1,386

79

(2,237)

$

(569)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

10,000

BRL

54,465

Barclays

Bank

plc

10/02/20

$

302

USD

3,563

EUR

3,000

State

Street

Bank

and

Trust

Co.

10/05/20

45

AUD

7,000

USD

4,986

Bank

of

America

NA

10/06/20

28

USD

5,140

AUD

7,000

BNP

Paribas

SA

10/06/20

126

USD

30,000

BRL

161,247

BNP

Paribas

SA

11/03/20

1,312

USD

10,000

BRL

53,753

UBS

AG

11/03/20

437

USD

50,000

TRY

385,900

JPMorgan

Chase

Bank

NA

11/18/20

672

USD

32,463

COP

120,388,786

Barclays

Bank

plc

12/04/20

1,111

USD

6,254

MXN

134,119

Deutsche

Bank

AG

12/04/20

233

USD

111,623

RUB

8,449,497

Citibank

NA

12/04/20

3,523

CLP

7,856,600

USD

10,000

Citibank

NA

12/16/20

16

JPY

1,060,389

USD

10,000

ANZ

Banking

Group

Ltd.

12/16/20

65

TWD

287,067

USD

10,000

BNP

Paribas

SA

12/16/20

28

USD

7,283

AUD

10,000

HSBC

Bank

plc

12/16/20

119

USD

10,000

CLP

7,658,700

Standard

Chartered

Bank

12/16/20

237

USD

10,000

COP

37,301,600

Barclays

Bank

plc

12/16/20

292

USD

11,903

EUR

10,000

Bank

of

America

NA

12/16/20

160

USD

328,574

EUR

277,000

UBS

AG

12/16/20

3,233

USD

10,000

KRW

11,644,370

UBS

AG

12/16/20

12

USD

20,000

MXN

435,535

Goldman

Sachs

International

12/16/20

475

USD

30,000

MXN

638,185

State

Street

Bank

and

Trust

Co.

12/16/20

1,390

USD

10,000

PLN

37,464

Citibank

NA

12/16/20

306

USD

30,000

RUB

2,298,627

Citibank

NA

12/16/20

643

USD

10,000

RUB

782,091

Goldman

Sachs

International

12/16/20

11

USD

30,000

ZAR

504,106

Goldman

Sachs

International

12/17/20

181

ZAR

169,898

USD

10,000

State

Street

Bank

and

Trust

Co.

12/17/20

50

15,007

BRL

53,870

USD

10,000

BNP

Paribas

SA

10/02/20

(408)

BRL

165,252

USD

30,000

Citibank

NA

11/03/20

(600)

BRL

54,356

USD

10,000

Goldman

Sachs

International

11/03/20

(329)

USD

4,986

AUD

7,000

Bank

of

America

NA

11/04/20

(28)

RUB

236,601

USD

3,076

Bank

of

America

NA

12/04/20

(49)

RUB

472,490

USD

6,165

Barclays

Bank

plc

12/04/20

(121)

RUB

2,073,943

USD

26,977

Credit

Suisse

International

12/04/20

(444)

COP

37,430,600

USD

10,000

Citibank

NA

12/16/20

(259)

EUR

20,000

USD

23,670

Bank

of

America

NA

12/16/20

(180)

BlackRock

U.S.

Government

Bond

V.I.

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

KRW

11,623,635

USD

10,000

UBS

AG

12/16/20

$

(30)

MXN

1,290,881

USD

60,000

Citibank

NA

12/16/20

(2,129)

MXN

432,227

USD

20,000

Goldman

Sachs

International

12/16/20

(623)

PLN

37,593

USD

10,000

Goldman

Sachs

International

12/16/20

(272)

RUB

2,284,321

USD

30,000

BNP

Paribas

SA

12/16/20

(825)

RUB

761,090

USD

10,000

Citibank

NA

12/16/20

(279)

TRY

155,040

USD

20,000

JPMorgan

Chase

Bank

NA

12/16/20

(375)

USD

858,387

CNY

5,901,665

Standard

Chartered

Bank

12/16/20

(6,942)

USD

11,655

EUR

10,000

JPMorgan

Chase

Bank

NA

12/16/20

(90)

USD

20,000

MXN

450,124

Citibank

NA

12/16/20

(179)

USD

10,000

TWD

289,637

UBS

AG

12/16/20

(118)

(14,280)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

Down

and

In

BNP

Paribas

SA

11/02/20

ZAR

16.58

ZAR

15.68

USD

140

$

44

USD

Currency

...............

Down

and

In

Bank

of

America

NA

11/02/20

ZAR

17.03

ZAR

16.13

USD

159

188

USD

Currency

...............

Down

and

In

Bank

of

America

NA

11/02/20

MXN

21.40

MXN

20.40

USD

300

54

$

286

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

December

2020

Futures

..........

193

12/11/20

USD

99.63

USD

48,250

$

9,650

90-day

Eurodollar

June

2021

Futures

..............

50

06/11/21

USD

99.25

USD

12,500

9,375

$

19,025

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

AUD

Currency

...........................

Citibank

NA

10/14/20

JPY

72.40

AUD

369

$

175

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

1.05%

Semi-Annual

3

month

LIBOR

Quarterly

Barclays

Bank

plc

02/22/22

1.05

%

USD

1,300

$

27,476

(a)

Forward

settling

swaption.

BlackRock

U.S.

Government

Bond

V.I.

Fund

6

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Barclays

Bank

plc

10/28/20

0.40

%

USD

900

$

(71)

(a)

Forward

settling

swaption.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

Quarterly

1.37%

Semi-Annual

N/A

11/30/20

USD

1,350

$

8,396

$

13,608

$

(5,212)

1.37%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/30/20

USD

2,470

(15,361)

—

(15,361)

28

day

MXIBTIIE

Monthly

4.51%

Monthly

10/01/20

(a)

09/29/22

MXN

2,185

—

—

—

1

day

Fed

Funds

At

Termination

0.04%

At

Termination

09/19/22

(a)

09/19/23

USD

3,131

(654)

—

(654)

1

day

Fed

Funds

At

Termination

0.05%

At

Termination

09/19/22

(a)

09/19/23

USD

6,261

(503)

—

(503)

1

day

Fed

Funds

At

Termination

0.04%

At

Termination

09/23/22

(a)

09/23/23

USD

3,126

(608)

—

(608)

28

day

MXIBTIIE

Monthly

6.67%

Monthly

N/A

08/12/24

MXN

496

1,482

—

1,482

28

day

MXIBTIIE

Monthly

6.72%

Monthly

N/A

08/13/24

MXN

427

1,306

—

1,306

28

day

MXIBTIIE

Monthly

6.59%

Monthly

N/A

11/08/24

MXN

314

916

—

916

3

month

BA

Semi-Annual

0.75%

Semi-Annual

N/A

05/26/25

CAD

460

531

—

531

3

month

BA

Semi-Annual

0.85%

Semi-Annual

N/A

06/04/25

CAD

230

1,097

(2)

1,099

3

month

BA

Semi-Annual

0.85%

Semi-Annual

N/A

06/04/25

CAD

230

1,080

—

1,080

3

month

BA

Semi-Annual

0.70%

Semi-Annual

N/A

08/06/25

CAD

850

(1,162)

—

(1,162)

0.39%

At

Termination

1

day

Fed

Funds

At

Termination

09/18/24

(a)

09/18/25

USD

6,261

(293)

—

(293)

0.38%

At

Termination

1

day

Fed

Funds

At

Termination

09/18/24

(a)

09/18/25

USD

3,131

317

—

317

0.39%

At

Termination

1

day

Fed

Funds

At

Termination

09/23/24

(a)

09/23/25

USD

3,126

(40)

—

(40)

2.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/21/28

USD

300

(57,321)

—

(57,321)

1.61%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/01/29

USD

400

(36,787)

—

(36,787)

$

(97,604)

$

13,606

$

(111,210)

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.72%

At

Termination

1

month

HICPXT

At

Termination

09/15/25

EUR

220

$

(1,604)

$

—

$

(1,604)

0.73%

At

Termination

1

month

HICPXT

At

Termination

09/15/25

EUR

220

(1,741)

—

(1,741)

1

month

HICPXT

At

Termination

0.96%

At

Termination

09/15/30

EUR

220

2,620

—

2,620

1

month

HICPXT

At

Termination

0.98%

At

Termination

09/15/30

EUR

220

3,069

—

3,069

$

2,344

$

—

$

2,344

BlackRock

U.S.

Government

Bond

V.I.

Fund

7

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

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)

1

day

BZDIOVER

At

Termination

3.10%

At

Termination

Citibank

NA

01/03/22

BRL

334

$

68

$

—

$

68

1

day

BZDIOVER

At

Termination

4.52%

At

Termination

BNP

Paribas

SA

01/02/23

BRL

366

98

—

98

1

day

BZDIOVER

At

Termination

5.13%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/23

BRL

120

536

—

536

28

day

MXIBTIIE

Monthly

6.32%

Monthly

Goldman

Sachs

International

08/06/25

MXN

640

1,675

—

1,675

$

2,377

$

—

$

2,377

OTC

Inflation

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid  (Received)

Unrealized

Appreciation

(Depreciation)

1

month

USCPI

At

Termination

(0.96)%

At

Termination

Citibank

NA

04/15/21

USD

594

$

(10,016)

$

—

$

(10,016)

1

month

USCPI

At

Termination

(1.00)%

At

Termination

Citibank

NA

04/15/21

USD

594

(10,227)

—

(10,227)

1

month

USCPI

At

Termination

(1.00)%

At

Termination

Citibank

NA

04/15/21

USD

594

(10,227)

—

(10,227)

1

month

USCPI

At

Termination

(1.02)%

At

Termination

Citibank

NA

04/15/21

USD

594

(10,336)

—

(10,336)

0.04%

At

Termination

1

month

USCPI

At

Termination

Citibank

NA

04/15/22

USD

594

12,229

—

12,229

0.02%

At

Termination

1

month

USCPI

At

Termination

Citibank

NA

04/15/22

USD

594

12,480

—

12,480

0.01%

At

Termination

1

month

USCPI

At

Termination

Citibank

NA

04/15/22

USD

594

12,571

—

12,571

0.00%

At

Termination

1

month

USCPI

At

Termination

Citibank

NA

04/15/22

USD

594

12,707

—

12,707

1

month

USCPI

At

Termination

(0.05)%

At

Termination

Citibank

NA

04/15/22

USD

891

(19,914)

—

(19,914)

0.62%

At

Termination

1

month

USCPI

At

Termination

Citibank

NA

04/15/24

USD

891

29,506

—

29,506

–

$

–

$

–

$

18,773

$

—

$

18,773

–

–

–

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

%

1

day

Fed

Funds

......................................

1

day

Fed

Funds

0.09

1

month

HICPXT

......................................

Harmonized

Index

Of

Consumer

Prices

Excluding

Tobacco

0.00

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

2.06

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.55

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.51

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.23

BlackRock

U.S.

Government

Bond

V.I.

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Glossary

of

Terms

Used

in

this

Report

Currency

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

PLN

Polish

Zloty

RUB

New

Russian

Ruble

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

BA

Canadian

Bankers

Acceptances

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

LIBOR

London

Interbank

Offered

Rate

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

TBA

To-be-announced

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

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

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

financial

instruments

is

based

on

the

pricing

transparency

of

the

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

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

—

$

72,948,052

$

—

$

72,948,052

Short-Term

Securities:

Money

Market

Funds

......................................

4,193,112

—

—

4,193,112

U.S.

Government

Sponsored

Agency

Securities

....................

—

6,099,407

—

6,099,407

Options

Purchased:

Foreign

currency

exchange

contracts

...........................

—

461

—

461

Interest

rate

contracts

......................................

19,025

27,476

—

46,501

BlackRock

U.S.

Government

Bond

V.I.

Fund

9

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2020

Level

1

Level

2

Level

3

Total

Liabilities:

Investments:

TBA

Sale

Commitments

....................................

$

—

$

(8,888,329)

$

—

$

(8,888,329)

$

4,212,137

$

70,187,067

$

—

$

74,399,204

Derivative

Financial

Instruments

(a)

Assets:

Foreign

currency

exchange

contracts

............................

$

—

$

15,007

$

—

$

15,007

Interest

rate

contracts

.......................................

2,669

9,108

—

11,777

Other

contracts

...........................................

—

85,182

—

85,182

Liabilities:

Foreign

currency

exchange

contracts

............................

—

(14,280)

—

(14,280)

Interest

rate

contracts

.......................................

(3,238)

(118,012)

—

(121,250)

Other

contracts

...........................................

—

(64,065)

—

(64,065)

$

(569)

$

(87,060)

$

—

$

(87,629)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

The

Fund

may

hold

assets

and/or

liabilities

in

which

the

fair

value

approximates

the

carrying

amount

or

face

value,

including

accrued

interest,

for

financial

reporting

purposes.

As

of

period

end,

Reverse

Repurchase

Agreements

of

$6,972,356

are

categorized

as

Level

2

within

the

disclosure

hierarchy.