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

Security	Shares		Value
Common Stocks — 70.1%
Aerospace & Defense — 0.1%
Arconic, Inc.		1,301	$	20,894
Meggitt plc		1,912		6,873
MTU Aero Engines AG		66		9,544
Singapore Technologies Engineering Ltd.		58,000		126,894
Teledyne Technologies, Inc.(a)		234		69,561
TransDigm Group, Inc.(a)		89		28,497
				262,263
Air Freight & Logistics — 0.1%
Deutsche Post AG (Registered)		3,580		95,975
DSV Panalpina A/S		255		23,187
SG Holdings Co. Ltd.		500		11,909
United Parcel Service, Inc., Class B		789		73,709
Yamato Holdings Co. Ltd.		1,200		18,745
				223,525
Airlines — 0.1%
ANA Holdings, Inc.		500		12,182
Delta Air Lines, Inc.		377		10,756
Deutsche Lufthansa AG (Registered)		826		7,726
easyJet plc		2,189		15,169
Qantas Airways Ltd.		10,581		20,586
Southwest Airlines Co.		935		33,295
				99,714
Auto Components — 0.2%
Aisin Seiki Co. Ltd.		400		9,796
Aptiv plc		973		47,911
Autoliv, Inc.		155		7,132
BorgWarner, Inc.		789		19,228
Bridgestone Corp.		1,200		36,733
Cie Generale des Etablissements Michelin SCA		452		39,588
Continental AG		313		22,316
Denso Corp.		2,100		67,104
Koito Manufacturing Co. Ltd.		200		6,724
Lear Corp.		276		22,425
Magna International, Inc.		894		28,530
Pirelli & C SpA(a)(b)		4,041		14,257
Sumitomo Electric Industries Ltd.		3,100		32,389
				354,133
Automobiles — 0.8%
Bayerische Motoren Werke AG		1,620		82,700
Daimler AG (Registered)		2,738		81,768
Ferrari NV		469		72,242
Fiat Chrysler Automobiles NV(a)		1,806		12,893
Ford Motor Co.		16,199		78,241
General Motors Co.		7,896		164,079
Harley-Davidson, Inc.		596		11,282
Honda Motor Co. Ltd.		5,100		114,120
Isuzu Motors Ltd.		4,800		31,766
Mitsubishi Motors Corp.		3,900		10,988
Nissan Motor Co. Ltd.		2,300		7,695
Peugeot SA		1,876		24,424
Renault SA		690		13,113
Subaru Corp.		1,400		26,761
Suzuki Motor Corp.		2,100		50,004
Tesla, Inc.(a)		703		368,372
Toyota Motor Corp.		8,400		506,225
Yamaha Motor Co. Ltd.		700		8,418
				1,665,091
Banks — 3.3%
Australia & New Zealand Banking Group Ltd. .		12,933		135,634
Banco Bilbao Vizcaya Argentaria SA		9,425		29,185

Security	Shares		Value
Banks (continued)
Banco Santander SA		42,929	$	102,120
Bank Hapoalim BM(a)		26,888		161,109
Bank Leumi Le-Israel BM		3,511		19,360
Bank of America Corp.		37,052		786,614
Bank of East Asia Ltd. (The)		5,800		12,395
Barclays plc		74,439		84,595
Bendigo & Adelaide Bank Ltd.		1,107		4,253
BNP Paribas SA		3,045		88,900
BOC Hong Kong Holdings Ltd.		18,500		50,783
Citigroup, Inc.		9,309		392,095
Commonwealth Bank of Australia		6,777		255,697
Credit Agricole SA		1,639		11,597
DBS Group Holdings Ltd.		5,800		75,679
DNB ASA		11,853		132,054
Erste Group Bank AG(a)		1,208		22,116
Fifth Third Bancorp		1,185		17,597
First Republic Bank		306		25,178
Hang Seng Bank Ltd.		2,200		37,482
HSBC Holdings plc		71,539		401,604
Huntington Bancshares, Inc.		1,388		11,395
ING Groep NV		5,777		29,602
Intesa Sanpaolo SpA		41,890		67,781
Israel Discount Bank Ltd., Class A		33,777		98,489
Japan Post Bank Co. Ltd.		6,300		58,181
JPMorgan Chase & Co.		14,218		1,280,047
KBC Group NV		505		22,914
KeyCorp.		1,402		14,539
M&T Bank Corp.		369		38,166
Mitsubishi UFJ Financial Group, Inc.		37,300		139,560
Mizrahi Tefahot Bank Ltd.		5,729		105,446
Mizuho Financial Group, Inc.		56,100		64,362
National Australia Bank Ltd.		12,732		130,603
Nordea Bank Abp		15,037		84,589
Oversea-Chinese Banking Corp. Ltd.		11,000		66,648
Raiffeisen Bank International AG		806		11,594
Regions Financial Corp.		798		7,158
Resona Holdings, Inc.		4,700		14,092
Royal Bank of Scotland Group plc		24,739		34,112
Skandinaviska Enskilda Banken AB, Class A .		7,340		49,156
Societe Generale SA		1,097		17,971
Standard Chartered plc		12,560		69,442
Sumitomo Mitsui Financial Group, Inc.		4,200		102,032
Sumitomo Mitsui Trust Holdings, Inc.		1,500		43,095
SVB Financial Group(a)		43		6,496
Svenska Handelsbanken AB, Class A		5,288		43,611
Swedbank AB, Class A		2,843		31,356
Truist Financial Corp.		5,414		166,968
UniCredit SpA		5,698		44,083
United Overseas Bank Ltd.		3,600		49,392
US Bancorp		7,331		252,553
Wells Fargo & Co.		16,012		459,544
Westpac Banking Corp.		15,907		163,378
				6,624,402
Beverages — 2.3%
Anheuser-Busch InBev SA/NV		2,593		114,532
Asahi Group Holdings Ltd.		2,800		90,841
Brown-Forman Corp., Class B		3,936		218,487
Budweiser Brewing Co. APAC Ltd.(a)(b)		5,600		14,402
Carlsberg A/S, Class B		48		5,404
Coca-Cola Amatil Ltd.		12,707		68,583
Coca-Cola Bottlers Japan Holdings, Inc.		1,100		22,576
Coca-Cola Co. (The)		28,812		1,274,931
Coca-Cola European Partners plc		3,504		131,505
Coca-Cola HBC AG(a)		2,016		43,236
Constellation Brands, Inc., Class A		1,873		268,513

1

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

Security	Shares		Value
Beverages (continued)
Davide Campari-Milano SpA		5,163	$	37,026
Diageo plc		11,758		372,841
Heineken Holding NV		1,257		97,956
Heineken NV		966		81,978
Kirin Holdings Co. Ltd.		4,000		79,001
Molson Coors Beverage Co., Class B		2,915		113,714
Monster Beverage Corp.(a)		4,926		277,137
PepsiCo, Inc.		9,868		1,185,147
Pernod Ricard SA		712		101,059
Suntory Beverage & Food Ltd.		1,700		64,241
Treasury Wine Estates Ltd.		1,851		11,492
				4,674,602
Biotechnology — 1.8%
AbbVie, Inc.		7,910		602,663
Alexion Pharmaceuticals, Inc.(a)		1,439		129,208
Alnylam Pharmaceuticals, Inc.(a)		703		76,522
Amgen, Inc.		3,166		641,843
BeiGene Ltd., ADR(a)		122		15,019
Biogen, Inc.(a)		994		314,482
BioMarin Pharmaceutical, Inc.(a)		1,346		113,737
CSL Ltd.		1,731		313,781
Exact Sciences Corp.(a)		859		49,822
Galapagos NV(a)		61		11,979
Gilead Sciences, Inc.		6,693		500,369
Grifols SA		410		13,718
Incyte Corp.(a)		1,262		92,416
Ionis Pharmaceuticals, Inc.(a)		838		39,621
Neurocrine Biosciences, Inc.(a)		590		51,064
Regeneron Pharmaceuticals, Inc.(a)		458		223,637
Sarepta Therapeutics, Inc.(a)		471		46,073
Seattle Genetics, Inc.(a)		896		103,380
Vertex Pharmaceuticals, Inc.(a)		1,530		364,063
				3,703,397
Building Products — 0.4%
AGC, Inc.		500		12,184
Allegion plc		274		25,214
Assa Abloy AB, Class B		6,303		117,669
Cie de Saint-Gobain		2,342		56,197
Daikin Industries Ltd.		700		84,500
Fortune Brands Home & Security, Inc.		941		40,698
Geberit AG (Registered)		310		135,836
Johnson Controls International plc		2,757		74,329
Kingspan Group plc		140		7,549
Lennox International, Inc.		81		14,725
Masco Corp.		2,027		70,073
Owens Corning		914		35,472
TOTO Ltd.		1,400		46,183
Trane Technologies plc		993		82,012
				802,641
Capital Markets — 1.7%
3i Group plc		11,834		114,667
Ameriprise Financial, Inc.		521		53,392
Amundi SA(b)		271		15,680
ASX Ltd.		1,458		68,440
Bank of New York Mellon Corp. (The)		3,788		127,580
Blackstone Group, Inc. (The), Class A		2,756		125,591
Cboe Global Markets, Inc.		492		43,911
Charles Schwab Corp. (The)		4,794		161,174
CME Group, Inc.		1,574		272,160
Credit Suisse Group AG (Registered)(a)		5,411		43,674
Daiwa Securities Group, Inc.		4,100		15,844
Deutsche Bank AG (Registered)		3,778		24,017
Deutsche Boerse AG		667		91,635

Security	Shares		Value
Capital Markets (continued)
E*TRADE Financial Corp.		464	$	15,924
Eaton Vance Corp.		470		15,158
FactSet Research Systems, Inc.		125		32,585
Franklin Resources, Inc.		1,089		18,175
Goldman Sachs Group, Inc. (The)		1,361		210,397
Hargreaves Lansdown plc		773		13,134
Hong Kong Exchanges & Clearing Ltd.		2,800		83,886
Intercontinental Exchange, Inc.		2,800		226,100
Japan Exchange Group, Inc.		1,300		22,814
Julius Baer Group Ltd.(a)		353		11,825
KKR & Co., Inc., Class A		1,718		40,321
London Stock Exchange Group plc		1,886		168,714
Macquarie Group Ltd.		1,470		78,289
Magellan Financial Group Ltd.		764		20,263
MarketAxess Holdings, Inc.		118		39,243
Moody’s Corp.		761		160,952
Morgan Stanley		5,132		174,488
MSCI, Inc.		292		84,376
Nasdaq, Inc.		420		39,879
Natixis SA		1,408		4,483
Nomura Holdings, Inc.		6,100		25,743
Northern Trust Corp.		891		67,235
Partners Group Holding AG		59		40,395
Raymond James Financial, Inc.		357		22,562
S&P Global, Inc.		1,066		261,223
Schroders plc		1,779		54,388
SEI Investments Co.		862		39,945
St. James’s Place plc		4,192		39,145
Standard Life Aberdeen plc		13,930		38,444
State Street Corp.		1,446		77,028
T. Rowe Price Group, Inc.		994		97,064
TD Ameritrade Holding Corp.		807		27,971
UBS Group AG (Registered)(a)		10,812		99,104
				3,509,018
Chemicals — 1.9%
Air Liquide SA		1,052		134,285
Air Products & Chemicals, Inc.		1,452		289,834
Akzo Nobel NV		88		5,788
Albemarle Corp.		1,584		89,290
Asahi Kasei Corp.		4,300		30,129
Axalta Coating Systems Ltd.(a)		3,151		54,418
BASF SE		2,325		108,675
CF Industries Holdings, Inc		2,176		59,187
Corteva, Inc.(a)		5,280		124,080
Croda International plc		961		50,700
Dow, Inc.		4,986		145,791
DuPont de Nemours, Inc.		5,696		194,234
Ecolab, Inc.		2,652		413,261
EMS-Chemie Holding AG (Registered)		135		84,196
Evonik Industries AG		1,508		31,492
FMC Corp.		794		64,862
International Flavors & Fragrances, Inc		1,283		130,969
Israel Chemicals Ltd.		15,136		48,206
Johnson Matthey plc		1,413		31,134
Kansai Paint Co. Ltd.		1,100		20,865
Koninklijke DSM NV		367		41,283
Linde plc		3,529		610,517
LyondellBasell Industries NV, Class A		2,891		143,480
Nissan Chemical Corp.		600		21,730
Orica Ltd.		2,428		22,729
PPG Industries, Inc.		2,983		249,379
RPM International, Inc.		1,978		117,691
Sherwin-Williams Co. (The)		734		337,288
Shin-Etsu Chemical Co. Ltd.		1,100		108,116
Sika AG (Registered)		160		26,274

2

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

Security	Shares		Value
Chemicals (continued)
Symrise AG		138	$	12,766
Toray Industries, Inc.		3,200		13,851
Tosoh Corp.		1,200		13,561
Westlake Chemical Corp.		1,305		49,812
Yara International ASA		1,911		60,424
				3,940,297
Commercial Services & Supplies — 0.2%
Brambles Ltd.		2,739		17,704
Cintas Corp.		226		39,148
Copart, Inc.(a)		1,001		68,588
Republic Services, Inc.		684		51,341
Secom Co. Ltd.		600		49,625
Sohgo Security Services Co. Ltd.		200		9,708
Waste Connections, Inc.		818		63,395
Waste Management, Inc.		1,609		148,929
				448,438
Communications Equipment — 0.8%
Arista Networks, Inc.(a)		552		111,808
Cisco Systems, Inc.		24,984		982,121
F5 Networks, Inc.(a)		589		62,805
Juniper Networks, Inc.		3,599		68,885
Motorola Solutions, Inc.		1,608		213,735
Nokia OYJ		8,344		25,698
Telefonaktiebolaget LM Ericsson, Class B		11,010		89,126
				1,554,178
Construction & Engineering — 0.3%
Bouygues SA		1,078		31,285
Eiffage SA		1,022		72,545
JGC Holdings Corp.		1,100		8,780
Kajima Corp.		2,300		23,509
Obayashi Corp.		5,200		44,125
Shimizu Corp.		6,500		50,582
Skanska AB, Class B		4,161		62,620
Taisei Corp.		1,700		51,847
Vinci SA		2,907		237,529
				582,822
Construction Materials — 0.2%
Boral Ltd.		7,840		9,847
CRH plc		1,131		30,586
Fletcher Building Ltd.		16,342		34,012
HeidelbergCement AG		231		9,869
LafargeHolcim Ltd. (Registered)(a)		1,623		59,229
Martin Marietta Materials, Inc.		741		140,220
Taiheiyo Cement Corp.		900		15,330
Vulcan Materials Co.		1,568		169,454
				468,547
Consumer Finance — 0.2%
Acom Co. Ltd.		2,500		10,152
American Express Co.		3,506		300,149
Capital One Financial Corp.		2,101		105,933
Discover Financial Services		1,097		39,130
Isracard Ltd.		1		2
Synchrony Financial		1,571		25,277
				480,643
Containers & Packaging — 0.0%
Ball Corp.		377		24,377
Toyo Seikan Group Holdings Ltd.		1,000		11,407
				35,784

Security	Shares		Value
Distributors — 0.1%
Genuine Parts Co.		1,964	$	132,236
LKQ Corp.(a)		5,796		118,876
				251,112
Diversified Consumer Services — 0.0%
Benesse Holdings, Inc.		400		10,179
Diversified Financial Services — 0.2%
Equitable Holdings, Inc.		1,439		20,794
Eurazeo SE		60		2,692
EXOR NV		658		33,913
Groupe Bruxelles Lambert SA		233		18,333
Industrivarden AB, Class C		1,650		31,593
Investor AB, Class B		3,537		159,567
Kinnevik AB, Class B		2,113		34,462
L E Lundbergforetagen AB, Class B		1,455		58,982
M&G plc(a)		17,362		24,151
ORIX Corp.		3,400		40,564
Pargesa Holding SA, Class BR		208		13,733
Voya Financial, Inc.		388		15,733
				454,517
Diversified Telecommunication Services — 1.0%
AT&T, Inc.		9,928		289,401
BT Group plc		39,866		57,988
Deutsche Telekom AG (Registered)		11,829		152,777
Iliad SA		54		7,276
Nippon Telegraph & Telephone Corp.		5,900		141,108
Orange SA		5,602		67,826
Singapore Telecommunications Ltd.		23,200		41,359
Spark New Zealand Ltd.		33,864		82,417
Swisscom AG (Registered)		79		42,303
Telefonica SA		7,361		33,501
Telenor ASA		13,579		198,467
Telia Co. AB		12,135		43,436
Telstra Corp. Ltd.		39,974		75,037
TELUS Corp.		142		2,245
TPG Telecom Ltd.		7,378		31,421
Verizon Communications, Inc.		12,314		661,631
				1,928,193
Electric Utilities — 1.0%
AusNet Services		22,845		23,987
Edison International		2,770		151,768
Electricite de France SA		4,632		36,220
Eversource Energy		2,282		178,475
Exelon Corp.		8,225		302,762
Fortum OYJ		1,100		16,002
Hydro One Ltd.(b)		2,633		47,410
Iberdrola SA		24,816		242,726
Mercury NZ Ltd.		32,902		82,380
NextEra Energy, Inc.		3,120		750,734
Orsted A/S(b)		617		60,403
SSE plc		3,971		63,810
Terna Rete Elettrica Nazionale SpA		15,188		95,470
Verbund AG		1,639		59,113
				2,111,260
Electrical Equipment — 0.7%
ABB Ltd. (Registered)		7,142		124,135
Acuity Brands, Inc.		509		43,601
AMETEK, Inc.		1,938		139,575
Eaton Corp. plc		2,710		210,540
Emerson Electric Co.		5,967		284,328
Fuji Electric Co. Ltd.		400		8,969
Legrand SA		1,041		66,397
Mitsubishi Electric Corp.		9,700		118,497

3

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

Security	Shares		Value
Electrical Equipment (continued)
Nidec Corp.		1,400	$	72,148
Prysmian SpA		710		11,273
Rockwell Automation, Inc.		734		110,768
Schneider Electric SE		1,253		105,907
Sensata Technologies Holding plc(a)		1,164		33,675
Vestas Wind Systems A/S		348		28,315
				1,358,128
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		1,827		133,152
Arrow Electronics, Inc.(a)		136		7,054
CDW Corp.		829		77,321
Cognex Corp.		618		26,092
Corning, Inc.		1,835		37,691
FLIR Systems, Inc.		506		16,136
Halma plc		2,022		47,489
Hexagon AB, Class B		1,064		44,992
Hitachi Ltd.		3,500		100,542
Ingenico Group SA		288		30,105
Keyence Corp.		700		225,059
Keysight Technologies, Inc.(a)		913		76,400
Kyocera Corp.		1,400		82,615
Murata Manufacturing Co. Ltd.		1,300		64,629
TE Connectivity Ltd.		1,678		105,680
Trimble, Inc.(a)		1,798		57,230
Zebra Technologies Corp., Class A(a)		239		43,880
				1,176,067
Entertainment — 1.0%
Activision Blizzard, Inc.		3,854		229,236
Electronic Arts, Inc.(a)		1,428		143,043
Netflix, Inc.(a)		1,632		612,816
Nexon Co. Ltd.(a)		700		11,439
Nintendo Co. Ltd.		300		116,596
Roku, Inc.(a)		236		20,645
Take-Two Interactive Software, Inc.(a)		515		61,084
Ubisoft Entertainment SA(a)		67		4,897
Vivendi SA		1,667		35,246
Walt Disney Co. (The)		7,623		736,382
				1,971,384
Equity Real Estate Investment Trusts (REITs) — 1.4%
Alexandria Real Estate Equities, Inc.		347		47,560
American Tower Corp.		1,916		417,209
Ascendas REIT		23,300		46,134
AvalonBay Communities, Inc.		544		80,060
Boston Properties, Inc.		594		54,785
British Land Co. plc (The)		1,696		7,073
Camden Property Trust		288		22,821
CapitaLand Commercial Trust		22,800		24,466
CapitaLand Mall Trust		17,700		22,193
Crown Castle International Corp.		1,760		254,144
Dexus		5,682		31,487
Digital Realty Trust, Inc.		997		138,493
Duke Realty Corp.		981		31,765
Equinix, Inc.		347		216,726
Equity LifeStyle Properties, Inc.		383		22,015
Equity Residential		1,892		116,755
Essex Property Trust, Inc.		205		45,149
Extra Space Storage, Inc.		301		28,824
Gecina SA		174		22,897
Goodman Group		7,499		54,965
GPT Group (The)		6,489		14,416
Healthpeak Properties, Inc.		1,203		28,691
Host Hotels & Resorts, Inc.		1,676		18,503
Invitation Homes, Inc.		1,030		22,011

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Japan Real Estate Investment Corp.		2	$	11,757
Land Securities Group plc		2,523		17,398
Link REIT		2,100		17,700
Mapletree Commercial Trust		10,100		12,954
Medical Properties Trust, Inc.		784		13,555
Mid-America Apartment Communities, Inc.		381		39,254
Mirvac Group		13,121		16,670
Nippon Building Fund, Inc.		2		13,454
Omega Healthcare Investors, Inc.		318		8,440
Prologis, Inc.		3,212		258,148
Public Storage		696		138,233
Realty Income Corp.		944		47,068
Regency Centers Corp.		192		7,379
SBA Communications Corp.(a)		396		106,908
Scentre Group		18,474		17,695
Segro plc		5,991		56,635
Simon Property Group, Inc.		974		53,434
Stockland		7,234		11,124
Sun Communities, Inc.		203		25,345
UDR, Inc.		787		28,757
Ventas, Inc.		992		26,586
VICI Properties, Inc.		523		8,703
Welltower, Inc		1,448		66,289
Weyerhaeuser Co.		1,367		23,171
WP Carey, Inc.		435		25,265
				2,821,064
Food & Staples Retailing — 2.0%
Aeon Co. Ltd.		5,400		119,632
Carrefour SA		3,243		51,415
Coles Group Ltd.(a)		12,148		113,135
Colruyt SA		1,177		63,803
Costco Wholesale Corp.		3,690		1,052,130
Dairy Farm International Holdings Ltd.		9,300		42,775
Empire Co. Ltd., Class A		3,584		70,111
George Weston Ltd.		2,361		168,825
ICA Gruppen AB		2,922		122,039
J Sainsbury plc		39,326		101,752
Jeronimo Martins SGPS SA		3,247		58,606
Koninklijke Ahold Delhaize NV		4,583		106,768
Kroger Co. (The)		9,510		286,441
Lawson, Inc.		1,400		76,846
Loblaw Cos. Ltd.		3,894		200,746
METRO AG		6,395		54,467
Metro, Inc.		3,981		160,988
Sundrug Co. Ltd.		1,300		41,657
Sysco Corp.		5,684		259,361
Tsuruha Holdings, Inc.		500		65,924
Walgreens Boots Alliance, Inc.		8,504		389,058
Welcia Holdings Co. Ltd.		500		35,108
Wm Morrison Supermarkets plc		58,815		128,490
Woolworths Group Ltd.		12,788		278,093
				4,048,170
Food Products — 2.6%
a2 Milk Co. Ltd.(a)		5,416		55,328
Ajinomoto Co., Inc		1,100		20,498
Archer-Daniels-Midland Co.		5,556		195,460
Associated British Foods plc		6,646		148,868
Barry Callebaut AG (Registered)		11		22,017
Bunge Ltd.		1,703		69,874
Calbee, Inc.		700		18,891
Campbell Soup Co.		2,703		124,770
Chocoladefabriken Lindt & Spruengli AG		6		50,361
Chocoladefabriken Lindt & Spruengli AG (Registered)		1		86,794

4

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

Security	Shares		Value
Food Products (continued)
Conagra Brands, Inc.		5,654	$	165,888
Danone SA		1,944		124,413
General Mills, Inc.		5,782		305,116
Hershey Co. (The)		1,752		232,140
Hormel Foods Corp.		4,614		215,197
Ingredion, Inc.		985		74,367
JM Smucker Co. (The)		1,270		140,970
Kellogg Co.		2,890		173,371
Kerry Group plc, Class A		591		68,571
Kikkoman Corp.		400		16,960
Kraft Heinz Co. (The)		8,402		207,865
Lamb Weston Holdings, Inc.		1,890		107,919
McCormick & Co., Inc. (Non-Voting)		1,494		210,968
MEIJI Holdings Co. Ltd.		900		63,779
Mondelez International, Inc., Class A		11,671		584,484
Mowi ASA		5,944		89,870
Nestle SA (Registered)		10,835		1,109,155
NH Foods Ltd.		1,100		38,281
Nisshin Seifun Group, Inc.		1,200		20,019
Nissin Foods Holdings Co. Ltd.		300		24,896
Orkla ASA		15,506		132,851
Toyo Suisan Kaisha Ltd.		400		19,333
Tyson Foods, Inc., Class A		3,125		180,844
Wilmar International Ltd.		45,300		102,442
Yakult Honsha Co. Ltd.		400		23,564
Yamazaki Baking Co. Ltd.		1,000		20,843
				5,246,967
Gas Utilities — 0.2%
APA Group(c)		9,818		62,303
Hong Kong & China Gas Co. Ltd.		79,000		129,357
Naturgy Energy Group SA		2,875		50,438
Osaka Gas Co. Ltd.		2,800		52,577
Snam SpA		19,096		87,275
Toho Gas Co. Ltd.		300		13,524
Tokyo Gas Co. Ltd.		2,500		58,908
				454,382
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		9,478		747,909
ABIOMED, Inc.(a)		230		33,387
Alcon, Inc.(a)		1,091		55,893
Align Technology, Inc.(a)		412		71,668
Asahi Intecc Co. Ltd.		100		2,473
Baxter International, Inc.		2,857		231,960
Becton Dickinson and Co.		1,496		343,736
Boston Scientific Corp.(a)		8,382		273,505
Carl Zeiss Meditec AG		97		9,236
Cochlear Ltd.		221		25,188
Cooper Cos., Inc. (The)		375		103,376
Danaher Corp.		3,586		496,338
Dentsply Sirona, Inc.		1,363		52,925
DexCom, Inc.(a)		477		128,442
Edwards Lifesciences Corp.(a)		1,221		230,305
Fisher & Paykel Healthcare Corp. Ltd.		3,188		57,953
Hologic, Inc.(a)		2,004		70,340
Hoya Corp.		1,100		93,535
IDEXX Laboratories, Inc.(a)		436		105,617
Insulet Corp.(a)		277		45,893
Intuitive Surgical, Inc.(a)		663		328,324
Koninklijke Philips NV		1,680		68,976
Medtronic plc		7,562		681,941
Olympus Corp.		2,900		41,804
ResMed, Inc.		801		117,979
Siemens Healthineers AG(b)		1,230		47,548
Smith & Nephew plc		5,113		90,073

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Sonova Holding AG (Registered)		73	$	13,017
STERIS plc		755		105,677
Stryker Corp.		2,075		345,467
Sysmex Corp.		400		28,950
Teleflex, Inc.		323		94,594
Terumo Corp.		1,600		54,818
Varian Medical Systems, Inc.(a)		581		59,646
West Pharmaceutical Services, Inc.		432		65,772
Zimmer Biomet Holdings, Inc.		1,402		141,714
				5,465,979
Health Care Providers & Services — 2.3%
AmerisourceBergen Corp.		2,263		200,275
Anthem, Inc.		1,249		283,573
Cardinal Health, Inc.		2,754		132,027
Centene Corp.(a)		3,483		206,925
Cigna Corp.		2,714		480,867
CVS Health Corp.		10,950		649,664
DaVita, Inc.(a)		1,604		122,000
Fresenius Medical Care AG & Co. KGaA		544		35,510
Fresenius SE & Co. KGaA		1,113		41,440
HCA Healthcare, Inc.		3,122		280,512
Henry Schein, Inc.(a)		1,730		87,400
Humana, Inc.		648		203,485
Laboratory Corp. of America Holdings(a)		1,326		167,593
McKesson Corp.		1,793		242,521
Medipal Holdings Corp.		200		3,737
Quest Diagnostics, Inc.		2,017		161,965
Ryman Healthcare Ltd.		6,384		38,725
Sonic Healthcare Ltd.		2,200		33,066
UnitedHealth Group, Inc.		4,967		1,238,670
Universal Health Services, Inc., Class B		1,302		129,002
				4,738,957
Health Care Technology — 0.1%
Cerner Corp.		2,076		130,767
M3, Inc.		800		23,598
Veeva Systems, Inc., Class A(a)		722		112,899
				267,264
Hotels, Restaurants & Leisure — 1.0%
Aramark		614		12,262
Carnival plc		1,081		12,903
Chipotle Mexican Grill, Inc.(a)		127		83,109
Compass Group plc		5,376		83,759
Crown Resorts Ltd.		18,589		86,267
Darden Restaurants, Inc.		561		30,552
Domino’s Pizza, Inc.		162		52,499
Flight Centre Travel Group Ltd.(d)		407		2,356
Flutter Entertainment plc		224		20,149
Galaxy Entertainment Group Ltd.		2,000		10,534
GVC Holdings plc		3,940		27,291
Hilton Worldwide Holdings, Inc.		787		53,705
Las Vegas Sands Corp.		992		42,130
Marriott International, Inc., Class A		1,146		85,732
McDonald’s Corp.		3,924		648,833
McDonald’s Holdings Co. Japan Ltd.		700		31,571
MGM Resorts International		591		6,974
Oriental Land Co. Ltd.		1,000		127,657
Royal Caribbean Cruises Ltd.		455		14,637
Sodexo SA		202		13,565
Starbucks Corp.		5,715		375,704
Tabcorp Holdings Ltd.		20,897		32,340
TUI AG		1,050		4,596
Vail Resorts, Inc.		53		7,829
Whitbread plc		1,427		52,887

5

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

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc.		1,552	$	106,359
				2,026,200
Household Durables — 0.3%
Barratt Developments plc		10,116		54,680
Berkeley Group Holdings plc		1,033		46,106
Garmin Ltd.		219		16,416
Iida Group Holdings Co. Ltd.		1,400		19,350
Mohawk Industries, Inc.(a)		40		3,050
Panasonic Corp.		4,200		31,796
Persimmon plc		2,266		53,565
Sony Corp.		3,700		219,164
Taylor Wimpey plc		37,935		54,587
				498,714
Household Products — 0.6%
Colgate-Palmolive Co.		170		11,281
Essity AB, Class B		3,067		93,953
Henkel AG & Co. KGaA		645		47,380
Procter & Gamble Co. (The)		7,376		811,360
Reckitt Benckiser Group plc		3,063		233,326
Spectrum Brands Holdings, Inc.		12		437
Unicharm Corp.		1,100		41,177
				1,238,914
Independent Power and Renewable Electricity Producers — 0.1%
Meridian Energy Ltd.		34,547		82,450
Uniper SE		2,960		72,707
				155,157
Industrial Conglomerates — 0.7%
3M Co.		3,166		432,190
CK Hutchison Holdings Ltd.		21,500		143,301
DCC plc		1,500		93,677
Keihan Holdings Co. Ltd.		800		35,486
Keppel Corp. Ltd.		22,500		83,685
NWS Holdings Ltd.		17,000		17,324
Roper Technologies, Inc.		712		222,009
Siemens AG (Registered)		2,937		245,930
Smiths Group plc		2,825		42,593
Toshiba Corp.		1,400		30,686
				1,346,881
Insurance — 1.6%
Admiral Group plc		563		15,505
Aflac, Inc.		1,604		54,921
AIA Group Ltd.		31,600		282,967
Alleghany Corp.(a)		40		22,094
Allianz SE (Registered)		1,441		245,399
Allstate Corp. (The)		1,362		124,936
American International Group, Inc.		1,015		24,614
Aon plc		1,072		176,923
Arch Capital Group Ltd.(a)		1,486		42,292
Arthur J Gallagher & Co.		481		39,206
Assicurazioni Generali SpA		6,226		84,330
Aviva plc		21,936		72,120
AXA SA		5,145		87,115
Brown & Brown, Inc.		398		14,416
Cincinnati Financial Corp.		441		33,273
Dai-ichi Life Holdings, Inc.		2,700		32,063
Direct Line Insurance Group plc		4,793		17,498
Everest Re Group Ltd.		45		8,659
Fidelity National Financial, Inc.		558		13,883
Gjensidige Forsikring ASA		5,295		90,170
Globe Life, Inc.		155		11,155
Hannover Rueck SE		324		45,751
Hartford Financial Services Group, Inc. (The) .		326		11,488

Security	Shares		Value
Insurance (continued)
Insurance Australia Group Ltd.		13,040	$	49,201
Japan Post Holdings Co. Ltd.		5,300		41,460
Legal & General Group plc		26,170		61,832
Markel Corp.(a)		63		58,457
Marsh & McLennan Cos., Inc.		2,414		208,714
Medibank Pvt Ltd.		12,248		20,142
MetLife, Inc.		1,176		35,950
MS&AD Insurance Group Holdings, Inc.		2,300		64,173
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		433		87,063
Poste Italiane SpA(b)		2,468		20,773
Principal Financial Group, Inc.		465		14,573
Progressive Corp. (The)		2,207		162,965
Prudential Financial, Inc.		1,131		58,970
Prudential plc		13,182		165,168
QBE Insurance Group Ltd.		5,290		27,556
Reinsurance Group of America, Inc.		132		11,106
RSA Insurance Group plc		8,913		46,512
Sompo Holdings, Inc.		1,000		30,824
Sony Financial Holdings, Inc.		600		10,075
Suncorp Group Ltd.		1,949		10,823
Swiss Re AG		654		50,357
T&D Holdings, Inc.		800		6,485
Tokio Marine Holdings, Inc.		2,100		96,085
Travelers Cos., Inc. (The)		958		95,177
Willis Towers Watson plc		468		79,490
Zurich Insurance Group AG		383		134,550
				3,199,259
Interactive Media & Services — 2.7%
Alphabet, Inc., Class A(a)		1,438		1,670,884
Alphabet, Inc., Class C(a)		1,484		1,725,610
Auto Trader Group plc(b)		5,291		28,592
Facebook, Inc., Class A(a)		11,321		1,888,343
IAC/InterActiveCorp(a)		324		58,071
Pinterest, Inc., Class A(a)		674		10,407
REA Group Ltd.		769		36,023
Snap, Inc., Class A(a)		2,562		30,462
TripAdvisor, Inc.(a)		580		10,086
Twitter, Inc.(a)		3,049		74,883
Z Holdings Corp.		3,800		12,115
Zillow Group, Inc., Class C(a)		357		12,859
				5,558,335
Internet & Direct Marketing Retail — 2.5%
Amazon.com, Inc.(a)		2,135		4,162,652
Booking Holdings, Inc.(a)		294		395,524
Delivery Hero SE(a)(b)		225		16,543
eBay, Inc.		4,772		143,446
Expedia Group, Inc.		957		53,850
Grubhub, Inc.(a)		882		35,924
Just Eat Takeaway.com NV(a)(b)		120		9,075
MercadoLibre, Inc.		243		118,725
Ocado Group plc(a)		1,565		23,475
Prosus NV(a)		2,015		140,341
Rakuten, Inc.		600		4,524
Wayfair, Inc., Class A(a)		614		32,812
Zalando SE(a)(b)		285		10,742
				5,147,633
IT Services — 3.1%
Accenture plc, Class A		3,487		569,288
Akamai Technologies, Inc.(a)		635		58,096
Amadeus IT Group SA		629		29,606
Atos SE		464		30,914
Automatic Data Processing, Inc.		2,172		296,869

6

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

Security	Shares		Value
IT Services (continued)
Black Knight, Inc.(a)		726	$	42,152
Booz Allen Hamilton Holding Corp.		377		25,877
Broadridge Financial Solutions, Inc.		530		50,260
Capgemini SE		565		47,213
Cognizant Technology Solutions Corp., Class A		2,632		122,309
DXC Technology Co.		469		6,121
Edenred		1,264		52,455
EPAM Systems, Inc.(a)		291		54,027
Fidelity National Information Services, Inc.		3,191		388,153
Fiserv, Inc.(a)		2,671		253,718
FleetCor Technologies, Inc.(a)		365		68,087
Fujitsu Ltd.		600		54,041
Gartner, Inc.(a)		321		31,962
Global Payments, Inc.		1,384		199,614
GoDaddy, Inc., Class A(a)		667		38,092
International Business Machines Corp.		4,186		464,353
Jack Henry & Associates, Inc.		367		56,973
Mastercard, Inc., Class A		4,177		1,008,996
MongoDB, Inc.(a)		194		26,489
NEC Corp.		400		14,565
Nomura Research Institute Ltd.		500		10,562
NTT Data Corp.		1,400		13,402
Obic Co. Ltd		200		26,058
Okta, Inc.(a)		414		50,616
Otsuka Corp.		300		12,789
Paychex, Inc.		2,251		141,633
PayPal Holdings, Inc.(a)		5,232		500,912
Square, Inc., Class A(a)		1,401		73,384
Twilio, Inc., Class A(a)		458		40,987
VeriSign, Inc.(a)		342		61,591
Visa, Inc., Class A		8,050		1,297,016
Wirecard AG		263		29,632
Wix.com Ltd.(a)		339		34,178
Worldline SA(a)(b)		244		14,401
				6,297,391
Leisure Products — 0.0%
Hasbro, Inc.		204		14,596
Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		2,144		153,553
Bio-Rad Laboratories, Inc., Class A(a)		191		66,957
Eurofins Scientific SE		21		10,248
Illumina, Inc.(a)		848		231,606
IQVIA Holdings, Inc.(a)		1,134		122,313
Lonza Group AG (Registered)(a)		210		86,378
Mettler-Toledo International, Inc.(a)		160		110,482
PerkinElmer, Inc.		1,036		77,990
QIAGEN NV(a)		619		24,993
Sartorius Stedim Biotech		101		20,155
Thermo Fisher Scientific, Inc.		2,283		647,459
Waters Corp.(a)		582		105,953
				1,658,087
Machinery — 1.4%
Alfa Laval AB		1,216		20,819
Alstom SA(a)		631		26,055
ANDRITZ AG		259		8,114
Atlas Copco AB, Class A		2,321		77,183
Atlas Copco AB, Class B		2,497		72,636
Caterpillar, Inc.		2,841		329,670
CNH Industrial NV		3,479		19,814
Cummins, Inc.		808		109,339
Deere & Co.		1,650		227,964
Dover Corp.		993		83,352
Electrolux Professional AB, Class B(a)		453		1,305

Security	Shares		Value
Machinery (continued)
Epiroc AB, Class A(a)		4,710	$	46,542
Epiroc AB, Class B(a)		5,355		52,782
FANUC Corp.		600		80,176
Flowserve Corp.		1,151		27,497
Fortive Corp.		1,553		85,710
GEA Group AG		358		7,396
Hitachi Construction Machinery Co. Ltd.		500		10,028
Hoshizaki Corp.		200		14,960
IDEX Corp.		507		70,022
Illinois Tool Works, Inc.		1,775		252,263
Ingersoll Rand, Inc.(a)		1,437		35,638
KION Group AG		463		19,927
Komatsu Ltd.		1,000		16,183
Kubota Corp.		1,800		22,894
Makita Corp.		1,000		30,504
Middleby Corp. (The)(a)		164		9,328
MISUMI Group, Inc.		1,100		23,794
Mitsubishi Heavy Industries Ltd.		500		12,601
PACCAR, Inc.		2,763		168,902
Parker-Hannifin Corp		781		101,319
Pentair plc		1,673		49,789
Sandvik AB		7,885		110,916
Schindler Holding AG		34		7,438
Schindler Holding AG (Registered)		283		59,253
SKF AB, Class B		1,362		18,560
SMC Corp.		200		83,849
Snap-on, Inc.		355		38,631
Spirax-Sarco Engineering plc		1,059		106,316
Stanley Black & Decker, Inc.		909		90,900
Volvo AB, Class B		7,082		84,176
WABCO Holdings, Inc.(a)		150		20,258
Westinghouse Air Brake Technologies Corp .		575		27,675
Xylem, Inc.		1,024		66,693
				2,829,171
Marine — 0.0%
AP Moller - Maersk A/S, Class A		19		15,605
Kuehne + Nagel International AG (Registered)		207		28,198
				43,803
Media — 0.5%
Charter Communications, Inc., Class A(a)		445		194,158
Comcast Corp., Class A		18,115		622,794
Fox Corp., Class A(a)		349		8,247
Informa plc		7,433		40,485
JCDecaux SA		1,176		20,907
Liberty Broadband Corp., Class C(a)		264		29,230
Omnicom Group, Inc.		275		15,097
Pearson plc		2,886		19,758
Schibsted ASA, Class B		3,020		54,631
WPP plc		7,402		50,326
				1,055,633
Metals & Mining — 0.6%
Agnico Eagle Mines Ltd.		204		8,144
Antofagasta plc		2,687		25,662
ArcelorMittal SA		1,635		15,435
Boliden AB(a)		6,128		109,936
Evraz plc		5,870		16,795
Fortescue Metals Group Ltd.		4,574		28,031
Glencore plc(a)		63,115		95,528
Newcrest Mining Ltd.		1,444		19,830
Newmont Goldcorp Corp.		1,762		79,783
Nippon Steel Corp.		1,000		8,524
Norsk Hydro ASA		25,148		54,223
Nucor Corp.		8,301		299,002

7

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

Security	Shares		Value
Metals & Mining (continued)
Rio Tinto Ltd.		344	$	17,723
Rio Tinto plc		3,607		165,353
Steel Dynamics, Inc.		5,761		129,853
Sumitomo Metal Mining Co. Ltd.		1,600		32,711
voestalpine AG		1,808		36,479
				1,143,012
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
AGNC Investment Corp.		1,340		14,177
Annaly Capital Management, Inc.		3,096		15,697
				29,874
Multiline Retail — 0.8%
Dollar General Corp.		3,137		473,718
Dollar Tree, Inc.(a)		3,414		250,827
Harvey Norman Holdings Ltd.		3,842		7,054
Kohl’s Corp.		4,435		64,707
Marks & Spencer Group plc		26,778		32,461
Next plc		805		40,386
Nordstrom, Inc.		2,991		45,882
Pan Pacific International Holdings Corp.		800		15,150
Ryohin Keikaku Co. Ltd.		400		4,448
Target Corp.		5,509		512,172
Wesfarmers Ltd.		9,443		200,099
				1,646,904
Multi-Utilities — 0.5%
Canadian Utilities Ltd., Class A		1,188		28,398
Consolidated Edison, Inc.		1,667		130,026
E.ON SE		11,818		121,225
Engie SA		10,340		105,886
National Grid plc		15,082		176,222
Public Service Enterprise Group, Inc.		4,315		193,787
Sempra Energy		1,003		113,329
Suez		3,680		37,387
				906,260
Oil, Gas & Consumable Fuels — 1.6%
BP plc		85,012		348,629
Cabot Oil & Gas Corp.		952		16,365
Caltex Australia Ltd.		1,095		14,786
Cheniere Energy, Inc.(a)		342		11,457
Chevron Corp		8,985		651,053
Concho Resources, Inc.		452		19,368
ConocoPhillips		3,965		122,122
Eni SpA		15,172		150,771
EOG Resources, Inc.		2,469		88,686
Equinor ASA		11,393		142,027
Exxon Mobil Corp.		22,684		861,311
Hess Corp.		509		16,950
JXTG Holdings, Inc.		4,800		16,355
Kinder Morgan, Inc.		7,488		104,233
Marathon Petroleum Corp.		1,659		39,186
Neste OYJ		396		13,166
Occidental Petroleum Corp		3,774		43,703
OMV AG		1,219		33,360
ONEOK, Inc.		707		15,420
Phillips 66		2,150		115,348
Pioneer Natural Resources Co.		390		27,359
Repsol SA		1,430		12,757
TOTAL SA		8,325		313,676
Valero Energy Corp.		1,410		63,958
Williams Cos., Inc. (The)		2,129		30,125
				3,272,171

Security	Shares		Value
Paper & Forest Products — 0.1%
Mondi plc		6,992	$	117,995
UPM-Kymmene OYJ		1,024		27,921
			145,916
Personal Products — 0.5%
Beiersdorf AG		647		65,147
Kao Corp.		1,900		154,790
Kobayashi Pharmaceutical Co. Ltd		300		27,756
Kose Corp.		100		12,374
L’Oreal SA		862		223,095
Shiseido Co. Ltd.		1,400		82,281
Unilever NV		3,282		161,315
Unilever plc		5,001		252,201
			978,959
Pharmaceuticals — 4.6%
Allergan plc		1,882		333,302
Astellas Pharma, Inc.		7,200		110,933
AstraZeneca plc		4,743		422,596
Aurora Cannabis, Inc.(a)		1,267		1,134
Bristol-Myers Squibb Co		12,727		709,403
Chugai Pharmaceutical Co. Ltd.		800		92,557
Daiichi Sankyo Co. Ltd.		1,900		130,486
Eisai Co. Ltd.		800		58,518
Elanco Animal Health, Inc.(a)		2,559		57,296
Eli Lilly & Co.		4,661		646,574
GlaxoSmithKline plc		20,206		379,149
Ipsen SA		129		6,612
Jazz Pharmaceuticals plc(a)		428		42,689
Johnson & Johnson		13,707		1,797,399
Kyowa Kirin Co. Ltd.		700		15,645
Merck & Co., Inc.		13,934		1,072,082
Merck KGaA		580		58,558
Mylan NV(a)		3,046		45,416
Novo Nordisk A/S, Class B		5,573		332,798
Ono Pharmaceutical Co. Ltd.		1,500		34,471
Otsuka Holdings Co. Ltd.		1,700		66,331
Perrigo Co. plc		862		41,454
Pfizer, Inc.		30,194		985,532
Recordati SpA		982		41,374
Roche Holding AG		2,402		772,824
Sanofi		3,848		333,140
Santen Pharmaceutical Co. Ltd.		1,000		17,162
Shionogi & Co. Ltd.		1,400		68,963
Sumitomo Dainippon Pharma Co. Ltd.		200		2,596
Taisho Pharmaceutical Holdings Co. Ltd.		200		12,276
Takeda Pharmaceutical Co. Ltd.		4,800		146,151
Teva Pharmaceutical Industries Ltd., ADR		5,467		49,094
UCB SA		362		30,973
Vifor Pharma AG		83		11,355
Zoetis, Inc.		2,887		339,771
			9,266,614
Professional Services — 0.2%
CoStar Group, Inc.(a)		103		60,483
Equifax, Inc.		60		7,167
Experian plc		684		19,009
IHS Markit Ltd.(a)		1,037		62,220
Intertek Group plc		440		25,707
Recruit Holdings Co. Ltd.		3,400		87,826
RELX plc		5,966		127,329
Teleperformance		189		39,145
TransUnion		125		8,273
Verisk Analytics, Inc		293		40,838
			477,997

8

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

Security	Shares		Value
Real Estate Management & Development — 0.3%
Azrieli Group Ltd.		2,625	$	150,085
CapitaLand Ltd.		26,900		53,906
CBRE Group, Inc., Class A(a)		1,543		58,186
City Developments Ltd.		6,500		32,959
CK Asset Holdings Ltd.		1,500		8,139
Daito Trust Construction Co. Ltd.		200		18,573
Daiwa House Industry Co. Ltd.		2,000		49,415
Deutsche Wohnen SE		536		20,314
Jones Lang LaSalle, Inc.		166		16,763
Lendlease Group(c)		1,586		9,944
Mitsubishi Estate Co. Ltd.		3,900		57,600
Mitsui Fudosan Co. Ltd.		2,800		48,481
Sumitomo Realty & Development Co. Ltd.		700		17,092
Sun Hung Kai Properties Ltd.		4,000		52,296
Swire Properties Ltd.		5,800		16,204
UOL Group Ltd.		4,100		18,810
Vonovia SE		1,275		63,423
				692,190
Road & Rail — 1.4%
AMERCO		240		69,732
Aurizon Holdings Ltd.		28,094		72,808
Canadian National Railway Co.		480		37,529
Canadian Pacific Railway Ltd.		25		5,517
Central Japan Railway Co.		800		128,217
ComfortDelGro Corp. Ltd.		14,700		15,653
CSX Corp.		6,168		353,426
East Japan Railway Co.		2,100		158,908
Hankyu Hanshin Holdings, Inc.		1,200		40,314
JB Hunt Transport Services, Inc.		1,119		103,205
Kansas City Southern		1,147		145,876
Keikyu Corp.		500		8,412
Keio Corp.		400		23,613
Keisei Electric Railway Co. Ltd.		800		23,118
Kintetsu Group Holdings Co. Ltd.		600		27,769
Knight-Swift Transportation Holdings, Inc.		1,546		50,709
Kyushu Railway Co.		1,200		34,471
Nagoya Railroad Co. Ltd.		600		16,869
Nippon Express Co. Ltd.		100		4,878
Norfolk Southern Corp.		2,298		335,508
Odakyu Electric Railway Co. Ltd.		1,000		21,961
Old Dominion Freight Line, Inc.		1,118		146,749
Tobu Railway Co. Ltd.		500		17,444
Tokyu Corp.		2,200		34,572
Uber Technologies, Inc.(a)		6,132		171,205
Union Pacific Corp.		5,209		734,677
West Japan Railway Co.		900		61,556
				2,844,696
Semiconductors & Semiconductor Equipment — 2.3%
Advanced Micro Devices, Inc.(a)		4,051		184,239
Advantest Corp.		300		11,949
Analog Devices, Inc.		1,846		165,494
Applied Materials, Inc.		1,824		83,576
ASML Holding NV		1,190		313,702
Broadcom, Inc.		1,821		431,759
Disco Corp.		100		19,455
Infineon Technologies AG		3,847		55,534
Intel Corp.		19,943		1,079,315
KLA Corp.		263		37,804
Lam Research Corp.		171		41,040
Marvell Technology Group Ltd.		1,825		41,300
Maxim Integrated Products, Inc.		641		31,159
Microchip Technology, Inc.		1,108		75,122
Micron Technology, Inc.(a)		4,849		203,949
NVIDIA Corp.		2,556		673,762

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NXP Semiconductors NV		307	$	25,460
ON Semiconductor Corp.(a)		811		10,089
Qorvo, Inc.(a)		253		20,399
QUALCOMM, Inc.		4,826		326,479
Renesas Electronics Corp.(a)		5,700		20,275
Rohm Co. Ltd.		200		10,856
Skyworks Solutions, Inc.		814		72,755
STMicroelectronics NV		2,186		46,992
Teradyne, Inc.		565		30,606
Texas Instruments, Inc.		4,076		407,315
Tokyo Electron Ltd.		500		93,187
Xilinx, Inc.		850		66,249
			4,579,821
Software — 5.0%
Adobe, Inc.(a)		2,407		766,004
ANSYS, Inc.(a)		321		74,623
Autodesk, Inc.(a)		999		155,944
AVEVA Group plc		384		16,545
Cadence Design Systems, Inc.(a)		1,220		80,569
CDK Global, Inc.		489		16,064
Check Point Software Technologies Ltd.(a)		1,172		117,833
Citrix Systems, Inc.		588		83,231
CyberArk Software Ltd.(a)		290		24,812
Dassault Systemes SE		210		30,658
DocuSign, Inc.(a)		538		49,711
Dropbox, Inc., Class A(a)		842		15,240
Fortinet, Inc.(a)		709		71,730
Guidewire Software, Inc.(a)		401		31,803
Intuit, Inc.		1,442		331,660
Micro Focus International plc		839		4,140
Microsoft Corp.		34,728		5,476,953
Nice Ltd.(a)		740		107,001
NortonLifeLock, Inc.		2,189		40,956
Oracle Corp.		11,626		561,885
Oracle Corp. Japan		400		34,889
Palo Alto Networks, Inc.(a)		621		101,819
Paycom Software, Inc.(a)		247		49,896
PTC, Inc.(a)		451		27,606
RingCentral, Inc., Class A(a)		366		77,559
Sage Group plc (The)		2,149		15,627
salesforce.com, Inc.(a)		4,277		615,802
SAP SE		3,303		368,773
ServiceNow, Inc.(a)		953		273,111
Splunk, Inc.(a)		770		97,197
SS&C Technologies Holdings, Inc.		1,083		47,457
Synopsys, Inc.(a)		633		81,524
Temenos AG (Registered)(a)		64		8,342
Tyler Technologies, Inc.(a)		218		64,650
VMware, Inc., Class A		467		56,554
Workday, Inc., Class A(a)		850		110,687
				10,088,855
Specialty Retail — 1.7%
Advance Auto Parts, Inc.		76		7,092
AutoZone, Inc.(a)		56		47,376
Best Buy Co., Inc.		729		41,553
Burlington Stores, Inc.(a)		743		117,736
CarMax, Inc.(a)		173		9,313
Fast Retailing Co. Ltd.		200		81,608
Gap, Inc. (The)		4,573		32,194
Hennes & Mauritz AB, Class B		2,615		33,464
Home Depot, Inc. (The)		4,747		886,312
Industria de Diseno Textil SA		3,606		93,445
JD Sports Fashion plc		4,091		22,913
Kingfisher plc		7,863		13,811

9

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

Security	Shares		Value
Specialty Retail (continued)
Lowe’s Cos., Inc.		3,016	$	259,527
Nitori Holdings Co. Ltd.		500		67,570
O’Reilly Automotive, Inc.(a)		174		52,383
Ross Stores, Inc.		3,366		292,741
Tiffany & Co.		2,485		321,808
TJX Cos., Inc. (The)		10,030		479,534
Tractor Supply Co.		3,205		270,983
Ulta Beauty, Inc.(a)		1,396		245,277
USS Co. Ltd.		600		8,227
Yamada Denki Co. Ltd.		2,100		8,364
				3,393,231
Technology Hardware, Storage & Peripherals — 2.9%
Apple, Inc.		20,858		5,303,981
Brother Industries Ltd.		400		6,058
Canon, Inc.		2,900		63,020
Dell Technologies, Inc., Class C(a)		879		34,764
FUJIFILM Holdings Corp.		1,200		59,135
Hewlett Packard Enterprise Co.		6,160		59,814
HP, Inc.		8,359		145,112
NetApp, Inc.		739		30,809
Ricoh Co. Ltd.		2,800		20,444
Seagate Technology plc		1,637		79,886
Seiko Epson Corp.		1,000		10,763
Western Digital Corp.		815		33,920
Xerox Holdings Corp.		1,115		21,118
				5,868,824
Textiles, Apparel & Luxury Goods — 0.6%
adidas AG		459		101,911
EssilorLuxottica SA		483		51,137
Hermes International		126		85,732
Kering SA		205		106,890
Lululemon Athletica, Inc.(a)		411		77,905
LVMH Moet Hennessy Louis Vuitton SE		855		313,572
Moncler SpA		298		10,829
NIKE, Inc., Class B		5,739		474,845
VF Corp.		1,256		67,924
				1,290,745
Trading Companies & Distributors — 0.6%
AerCap Holdings NV(a)		1,535		34,983
Ashtead Group plc		425		9,186
Bunzl plc		579		11,590
Fastenal Co.		7,926		247,687
Ferguson plc		400		24,733
HD Supply Holdings, Inc.(a)		4,301		122,277
ITOCHU Corp.		7,100		146,932
Mitsubishi Corp.		6,200		131,144
Mitsui & Co. Ltd.		5,100		70,807
MonotaRO Co. Ltd.		500		13,211
Sumitomo Corp.		3,100		35,353
Toyota Tsusho Corp		100		2,336
United Rentals, Inc.(a)		1,370		140,973
WW Grainger, Inc.		816		202,776
				1,193,988
Transportation Infrastructure — 0.3%
Aena SME SA(b)		1,098		119,127
Aeroports de Paris		392		37,870
Atlantia SpA		2,082		25,864
Auckland International Airport Ltd.		25,297		75,378
Fraport AG Frankfurt Airport Services Worldwide		1,029		41,422
Kamigumi Co. Ltd.		700		11,816
SATS Ltd.		20,800		46,236
Sydney Airport(c)		16,471		56,909

Security			Shares		Value
Transportation Infrastructure (continued)
Transurban Group(c)				15,700	$	116,943
						531,565
Water Utilities — 0.1%
American Water Works Co., Inc.				1,202		143,711
Essential Utilities, Inc.				1,794		73,016
Severn Trent plc				598		16,928
United Utilities Group plc				1,472		16,477
						250,132
Wireless Telecommunication Services — 0.4%
KDDI Corp.				6,000		177,232
Millicom International Cellular SA, SDR				254		7,057
NTT DOCOMO, Inc.				5,600		175,129
Softbank Corp.				5,700		72,611
SoftBank Group Corp.				4,700		166,391
Tele2 AB, Class B				2,631		35,053
T-Mobile US, Inc.(a)				1,418		118,970
Vodafone Group plc				105,900		146,507
						898,950
Total Common Stocks — 70.1% (Cost: $152,753,382)						142,303,596
			Par (000)
Corporate Bonds — 0.0%
Diversified Telecommunication Services — 0.0%
AT&T, Inc., 7.13%, 12/15/31		USD		25		27,378
Total Corporate Bonds — 0.0% (Cost: $29,915)						27,378
	Beneficial Interest (000)
Other Interests — 0.0%(e)
Capital Markets — 0.0%
Lehman Brothers Holdings, Inc.(a)(d)(f)				25		—
Total Other Interests — 0.0%					—
			Shares
Preferred Stocks — 0.0%
Automobiles — 0.0%
Bayerische Motoren Werke AG (Preference)				535		22,687
Chemicals — 0.0%
Fuchs Petrolub SE (Preference)				1,430		51,009
Health Care Equipment & Supplies — 0.0%
Sartorius AG (Preference)				70		16,735
Household Products — 0.0%
Henkel AG & Co. KGaA (Preference)				506		40,471
Total Preferred Stocks — 0.0% (Cost: $133,197)						130,902

10

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

Security	Shares		Value
Rights — 0.0%
Pharmaceuticals — 0.0%(a)
Bristol-Myers Squibb Co.		2,935	$	11,153
Total Rights — 0.0% (Cost: $6,252)				11,153
	Par             (000)
U.S. Treasury Obligations — 2.0%
U.S. Treasury Notes, 1.13%, 08/31/21		4,000		4,053,125
Total U.S. Treasury Obligations — 2.0% (Cost: $3,963,438)				4,053,125
Total Long-Term Investments — 72.1% (Cost: $156,886,184)				146,526,154

Security	Shares		Value
Short-Term Securities — 0.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(g)*		1,585,620	$	1,585,620
Total Short-Term Securities — 0.8% (Cost: $1,585,620)				1,585,620
Total Investments — 72.9% (Cost: $158,471,804)				148,111,774
Other Assets Less Liabilities — 27.1%				54,951,358
Net Assets — 100.0%			$	203,063,132

^(a)  Non-income producing security.

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

^(c)  A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

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

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

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

^(g)  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)	12,000,414	—	(10,414,794	)	1,585,620	$	1,585,620	$	31,577	$	—		$	—

^(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.

11

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Managed Volatility 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
AEX Index		196		04/17/20	$	20,868	$	1,268,065
IBEX 35 Index		119		04/17/20		8,877		641,651
OMXS30 Index		97		04/17/20		1,451		4,773
Hang Seng China Enterprises Index		144		04/28/20		8,947		163,678
MSCI Singapore Index		370		04/29/20		7,325		(31,862	)
TOPIX Index		9		06/11/20		1,174		65,438
Australia 10 Year Bond		1,396		06/15/20		129,326		2,225,961
SPI 200 Index		128		06/18/20		10,056		266,622
Canada 10 Year Bond		514		06/19/20		53,741		588,969
DAX Index		50		06/19/20		13,659		1,351,787
EURO STOXX 50 Index		68		06/19/20		2,060		211,099
FTSE 100 Index		50		06/19/20		3,500		87,352
MSCI Emerging Markets E-Mini Index		102		06/19/20		4,299		97,824
U.S. Treasury Ultra Bond		31		06/19/20		6,878		62,137
								7,003,494
Short Contracts
CAC 40 10 Euro Index		33		04/17/20		1,600		(205,609	)
Hang Seng Index		110		04/28/20		16,828		(315,361	)
Euro-Bund		90		06/08/20		17,124		265,038
Euro-Buxl		28		06/08/20		6,482		205,863
FTSI/MIB Index		203		06/19/20		18,945		(2,284,156	)
MSCI EAFE E-Mini Index		438		06/19/20		34,149		(2,503,504	)
S&P 500 E-Mini Index		1,159		06/19/20		148,914		4,182,356
U.S. Treasury 10 Year Note		14		06/19/20		1,942		(9,357	)
Long Gilt		113		06/26/20		19,115		(78,791	)
								(743,521	)
							$	6,259,973

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	1,371,513	USD	817,544	JPMorgan Chase Bank NA		06/17/20	$	26,245
CAD	5,814,899	USD	4,042,476	Citibank NA		06/17/20		92,503
CHF	1,091,000	USD	1,112,014	Barclays Bank plc		06/17/20		25,654
CHF	407,000	USD	424,202	JPMorgan Chase Bank NA		06/17/20		208
EUR	422,050	SEK	4,521,000	Goldman Sachs International		06/17/20		9,063
EUR	662,000	USD	710,377	Bank of America NA		06/17/20		21,891
EUR	371,000	USD	404,772	Barclays Bank plc		06/17/20		5,608
EUR	1,272,000	USD	1,403,727	JPMorgan Chase Bank NA		06/17/20		3,290
EUR	1,519,000	USD	1,661,014	Morgan Stanley & Co. International plc		06/17/20		19,221
GBP	204,000	USD	247,904	JPMorgan Chase Bank NA		06/17/20		5,825
JPY	29,154,000	USD	271,035	Barclays Bank plc		06/17/20		993
JPY	22,463,000	USD	204,203	BNP Paribas SA		06/17/20		5,393
JPY	186,542,000	USD	1,705,617	JPMorgan Chase Bank NA		06/17/20		34,954
JPY	437,581,202	USD	3,949,599	Morgan Stanley & Co. International plc		06/17/20		133,346
NOK	9,586,575	USD	889,429	JPMorgan Chase Bank NA		06/17/20		32,941
SEK	772,268	USD	76,760	Barclays Bank plc		06/17/20		1,438
SEK	22,268,000	USD	2,184,544	UBS AG		06/17/20		70,259
USD	1,864,305	AUD	3,025,000	JPMorgan Chase Bank NA		06/17/20		3,248
USD	3,357,463	AUD	5,179,000	UBS AG		06/17/20		171,211
USD	2,465,470	BRL	12,495,000	Citibank NA		06/17/20		72,440
USD	3,044,904	BRL	14,477,000	JPMorgan Chase Bank NA		06/17/20		272,284
USD	2,691,475	BRL	12,802,000	Morgan Stanley & Co. International plc		06/17/20		239,649
USD	13,356,854	CAD	18,208,373	Morgan Stanley & Co. International plc		06/17/20		408,868

12

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

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	912,782	CHF	843,000	Morgan Stanley & Co. International plc		06/17/20	$	33,723
USD	183,690	EUR	166,000	Bank of America NA		06/17/20		70
USD	473,431	EUR	417,000	Citibank NA		06/17/20		12,168
USD	1,297,323	EUR	1,136,761	Goldman Sachs International		06/17/20		39,900
USD	1,068,877	EUR	933,000	Morgan Stanley & Co. International plc		06/17/20		36,844
				Please update BlackRock FX Counterparties rule for BANCO
USD	324,065	GBP	249,000	SANTANDER S.A. NEW YORK		06/17/20		14,367
USD	3,955,865	GBP	3,018,000	UBS AG		06/17/20		202,167
USD	4,680,346	JPY	477,363,000	Canadian Imperial Bank of Commerce		06/17/20		226,208
USD	310,788	JPY	32,642,000	Goldman Sachs International		06/17/20		6,215
USD	4,711,676	JPY	480,582,805	Morgan Stanley & Co. International plc		06/17/20		227,495
USD	18,165,263	KRW	21,788,325,000	JPMorgan Chase Bank NA		06/17/20		242,078
USD	7,885	NOK	75,000	Goldman Sachs International		06/17/20		669
USD	2,527	NZD	4,000	Bank of America NA		06/17/20		142
USD	580,386	SEK	5,704,000	Bank of America NA		06/17/20		2,813
USD	4,321,925	SEK	40,365,000	Goldman Sachs International		06/17/20		234,665
USD	310,538	SEK	2,901,000	Morgan Stanley & Co. International plc		06/17/20		16,790
USD	2,419,268	THB	76,214,000	BNP Paribas SA		06/17/20		96,095
								3,048,941
AUD	471,000	USD	291,159	JPMorgan Chase Bank NA		06/17/20		(1,388	)
AUD	11,101,000	USD	7,322,663	Morgan Stanley & Co. International plc		06/17/20		(493,047	)
CAD	2,713,839	USD	1,929,895	Bank of America NA		06/17/20		(82	)
CAD	381,914	USD	277,752	Goldman Sachs International		06/17/20		(6,173	)
CHF	330,000	EUR	311,797	Credit Suisse International		06/17/20		(777	)
CHF	1,118,000	USD	1,170,887	JPMorgan Chase Bank NA		06/17/20		(5,064	)
EUR	872,000	USD	975,775	Bank of America NA		06/17/20		(11,216	)
EUR	488,000	USD	548,857	Citibank NA		06/17/20		(9,059	)
EUR	24,262,143	USD	27,795,560	Morgan Stanley & Co. International plc		06/17/20		(958,103	)
GBP	1,192,000	USD	1,505,837	HSBC Bank plc		06/17/20		(23,263	)
GBP	869,000	USD	1,139,048	UBS AG		06/17/20		(58,212	)
INR	470,544,000	USD	6,228,658	Morgan Stanley & Co. International plc		06/17/20		(111,166	)
JPY	46,170,000	USD	442,428	BNP Paribas SA		06/17/20		(11,629	)
JPY	43,001,603	USD	415,257	Goldman Sachs International		06/17/20		(14,021	)
JPY	516,122,000	USD	4,912,884	UBS AG		06/17/20		(97,097	)
KRW	2,992,209,000	USD	2,494,547	HSBC Bank plc		06/17/20		(33,141	)
KRW	1,154,500,000	USD	962,524	JPMorgan Chase Bank NA		06/17/20		(12,827	)
MXN	281,324,000	USD	12,728,441	Barclays Bank plc		06/17/20		(1,003,698	)
MXN	20,418,000	USD	853,003	UBS AG		06/17/20		(2,042	)
PLN	14,630,000	USD	3,862,488	BNP Paribas SA		06/17/20		(327,062	)
SEK	8,245,000	USD	883,077	Bank of America NA		06/17/20		(48,209	)
SGD	518,000	USD	374,378	HSBC Bank plc		06/17/20		(9,505	)
THB	127,807,000	USD	3,931,313	HSBC Bank plc		06/17/20		(35,471	)
USD	899,536	AUD	1,500,000	Bank of America NA		06/17/20		(23,301	)
USD	1,276,914	AUD	2,216,000	JPMorgan Chase Bank NA		06/17/20		(86,426	)
USD	1,525,374	AUD	2,571,000	UBS AG		06/17/20		(56,370	)
USD	1,263,784	CAD	1,837,000	Barclays Bank plc		06/17/20		(42,508	)
USD	1,165,825	CAD	1,694,000	Goldman Sachs International		06/17/20		(38,779	)
USD	2,083,101	CAD	2,984,000	JPMorgan Chase Bank NA		06/17/20		(38,824	)
USD	1,615,690	CHF	1,570,293	JPMorgan Chase Bank NA		06/17/20		(21,773	)
USD	407,346	EUR	377,000	Bank of America NA		06/17/20		(9,671	)
USD	297,213	EUR	272,000	JPMorgan Chase Bank NA		06/17/20		(3,658	)
USD	7,421,731	EUR	6,923,988	Morgan Stanley & Co. International plc		06/17/20		(237,206	)
USD	1,129,876	EUR	1,022,763	Westpac Banking Corp.		06/17/20		(1,449	)
USD	734,905	GBP	635,000	Bank of America NA		06/17/20		(54,889	)
USD	1,827,826	GBP	1,540,000	BNP Paribas SA		06/17/20		(87,580	)
USD	942,107	GBP	776,000	Citibank NA		06/17/20		(23,059	)
USD	357,649	GBP	299,988	JPMorgan Chase Bank NA		06/17/20		(15,467	)
				Please update BlackRock FX Counterparties rule for BANCO
USD	855,548	JPY	94,678,000	SANTANDER S.A. NEW YORK		06/17/20		(27,865	)
USD	150,770	JPY	16,442,364	Goldman Sachs International		06/17/20		(2,649	)
USD	697,405	NOK	7,296,000	Bank of America NA		06/17/20		(4,578	)
USD	945,036	NOK	10,632,000	Canadian Imperial Bank of Commerce		06/17/20		(77,919	)

13

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

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	141,013	NZD	241,359	JPMorgan Chase Bank NA		06/17/20	$	(2,918	)
USD	310,543	NZD	523,000	Morgan Stanley & Co. International plc		06/17/20		(1,341	)
USD	2,254,407	PLN	9,446,435	Citibank NA		06/17/20		(28,380	)
USD	1,916,058	PLN	8,032,564	JPMorgan Chase Bank NA		06/17/20		(25,059	)
USD	349,583	SEK	3,621,000	Bank of America NA		06/17/20		(17,071	)
USD	548,742	SGD	784,000	Bank of America NA		06/17/20		(3,498	)
USD	210,847	SGD	304,853	JPMorgan Chase Bank NA		06/17/20		(3,888	)
ZAR	32,730,277	USD	1,886,134	Bank of America NA		06/17/20		(74,633	)
ZAR	7,701,723	USD	444,067	BNP Paribas SA		06/17/20		(17,805	)
ZAR	69,189,000	USD	4,278,056	HSBC Bank plc		06/17/20		(448,698	)
								(4,749,514	)
	Net Unrealized Depreciation						$	(1,700,573	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate		Frequency	Rate	Frequency
	1.68%	Semi-Annual	3 month BA	Semi-Annual		N/A			03/18/25	CAD	41,000	$	(1,035,074	)	$	—		$	(1,035,074	)
	1.72%	Semi-Annual	3 month BA	Semi-Annual		N/A			03/18/25	CAD	48,000		(1,279,443	)		—			(1,279,443	)
	1.68%	Semi-Annual	3 month BA	Semi-Annual		N/A			03/18/25	CAD	19,000		(476,991	)		(1	)		(476,990	)
	28 day MXIBTIIE	Monthly	6.35%	Monthly		09/17/20	(a)		09/11/25	MXN	944,000		(269,861	)		—			(269,861	)
	6 month BBR	Semi-Annual	0.72%	Semi-Annual		09/16/20	(a)		09/16/25	AUD	138,985		457,735			—			457,735
	6 month BBR	Semi-Annual	0.88%	Semi-Annual		09/16/20	(a)		09/16/25	AUD	16,000		126,891			—			126,891
	6 month SOR	Semi-Annual	1.49%	Semi-Annual		09/16/20	(a)		09/16/25	SGD	14,000		215,801			—			215,801
	6 month SOR	Semi-Annual	1.53%	Semi-Annual		09/16/20	(a)		09/16/25	SGD	7,500		126,069			—			126,069
	6 month SOR	Semi-Annual	1.63%	Semi-Annual		09/16/20	(a)		09/16/25	SGD	7,500		152,224			—			152,224
	1.00%	Semi-Annual	3 month BA	Semi-Annual		09/16/20	(a)		09/16/25	CAD	15,110		(10,397	)		9,080			(19,477	)
	1.20%	Quarterly	3 month HIBOR	Quarterly		09/16/20	(a)		09/16/25	HKD	71,000		(98,142	)		—			(98,142	)
	0.53%	Semi-Annual	3 month LIBOR	Quarterly		09/16/20	(a)		09/16/25	USD	11,000		(19,317	)		9,321			(28,638	)
	0.51%	Semi-Annual	3 month LIBOR	Quarterly		09/16/20	(a)		09/16/25	USD	20,000		(15,234	)		5,266			(20,500	)
	0.52%	Semi-Annual	3 month LIBOR	Quarterly		09/16/20	(a)		09/16/25	USD	5,000		(4,384	)		(4,382	)		(2	)
	0.61%	Semi-Annual	3 month LIBOR	Quarterly		09/16/20	(a)		09/16/25	USD	22,000		(126,145	)		(4,531	)		(121,614	)
	0.10%	Annual	3 month STIBOR	Quarterly		09/16/20	(a)		09/16/25	SEK	82,000		44,758			6,503			38,255
	0.32%	Annual	3 month STIBOR	Quarterly		09/16/20	(a)		09/16/25	SEK	110,000		(64,255	)		6,164			(70,419	)
	(0.22)%	Annual	6 month EURIBOR	Semi-Annual		09/16/20	(a)		09/16/25	EUR	12,000		16,527			16,519			8
	(0.39)%	Annual	6 month EURIBOR	Semi-Annual		09/16/20	(a)		09/16/25	EUR	21,000		215,054			3,893			211,161
	0.51%	Semi-Annual	6 month GBP LIBOR	Semi-Annual		09/16/20	(a)		09/16/25	GBP	10,000		3,398			8,794			(5,396	)
	1.36%	Annual	6 month WIBOR	Semi-Annual		09/16/20	(a)		09/16/25	PLN	43,000		(248,050	)		—			(248,050	)
	0.86%	Annual	6 month WIBOR	Semi-Annual		09/16/20	(a)		09/16/25	PLN	88,000		15,213			—			15,213
	1.09%	Annual	6 month WIBOR	Semi-Annual		09/16/20	(a)		09/16/25	PLN	40,000		(101,112	)		—			(101,112	)
	0.92%	Annual	6 month WIBOR	Semi-Annual		09/16/20	(a)		09/16/25	PLN	28,000		(15,325	)		—			(15,325	)
	1.38%	Annual	6 month WIBOR	Semi-Annual		09/16/20	(a)		09/16/25	PLN	41,000		(248,815	)		—			(248,815	)
	3 month JIBAR	Quarterly	6.57%	Quarterly		09/16/20	(a)		09/16/25	ZAR	79,395		(111,899	)		—			(111,899	)
	3 month JIBAR	Quarterly	6.57%	Quarterly		09/16/20	(a)		09/16/25	ZAR	78,210		(110,229	)		—			(110,229	)
	3 month JIBAR	Quarterly	6.60%	Quarterly		09/16/20	(a)		09/16/25	ZAR	79,395		(106,233	)		—			(106,233	)
	3 month JIBAR	Quarterly	6.62%	Quarterly		09/16/20	(a)		09/16/25	ZAR	116,375		(150,176	)		—			(150,176	)
	3 month JIBAR	Quarterly	6.77%	Quarterly		09/16/20	(a)		09/16/25	ZAR	128,625		(120,084	)		—			(120,084	)
	3 month JIBAR	Quarterly	7.20%	Quarterly		09/16/20	(a)		09/16/25	ZAR	92,000		—			—			—
	3 month JIBAR	Quarterly	7.65%	Quarterly		09/16/20	(a)		09/16/25	ZAR	51,506		59,744			—			59,744
	3 month JIBAR	Quarterly	7.97%	Quarterly		09/16/20	(a)		09/16/25	ZAR	60,316		115,880			—			115,880
	3 month JIBAR	Quarterly	7.98%	Quarterly		09/16/20	(a)		09/16/25	ZAR	63,008		122,551			—			122,551
	3 month JIBAR	Quarterly	8.06%	Quarterly		09/16/20	(a)		09/16/25	ZAR	55,676		118,887			—			118,887
	3 month JIBAR	Quarterly	8.18%	Quarterly		09/16/20	(a)		09/16/25	ZAR	74,119		179,427			—			179,427
	3 month JIBAR	Quarterly	8.48%	Quarterly		09/16/20	(a)		09/16/25	ZAR	75,375	$	236,264		$	—		$	236,264
												$	(2,404,743	)	$	56,626		$	(2,461,369	)

^(a)  Forward swap.

14

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

OTC Interest Rate Swaps

Paid by the Fund

Received by the Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

1 day BZDIOVER

At Termination

5.75%

At Termination

BNP Paribas SA

N/A

01/02/23

BRL

53,000

$

126,281

$

—

$

126,281

1 day BZDIOVER

At Termination

6.65%

At Termination

Credit Suisse International

N/A

01/02/23

BRL

29,000

204,232

—

204,232

1 day BZDIOVER

At Termination

5.87%

At Termination

HSBC Bank plc

N/A

01/02/23

BRL

16,000

61,401

—

61,401

1 day MIBOR

Semi-Annual

4.70%

Semi-Annual

Bank of America NA

09/16/20

(a)

09/16/25

INR

665,000

—

—

—

1 day MIBOR

Semi-Annual

4.74%

Semi-Annual

Bank of America NA

09/16/20

(a)

09/16/25

INR

126,773

(463

)

—

(463

)

1 day MIBOR

Semi-Annual

4.75%

Semi-Annual

Bank of America NA

09/16/20

(a)

09/16/25

INR

180,407

378

—

378

1 day MIBOR

Semi-Annual

4.85%

Semi-Annual

Citibank NA

09/16/20

(a)

09/16/25

INR

473,413

28,196

—

28,196

1 day MIBOR

Semi-Annual

5.40%

Semi-Annual

Citibank NA

09/16/20

(a)

09/16/25

INR

445,500

167,335

—

167,335

0.94%

Quarterly

3 month CD_KSDA

Quarterly

Goldman Sachs International

09/16/20

(a)

09/16/25

KRW

24,612,000

105,806

—

105,806

1 day MIBOR

Semi-Annual

4.78%

Semi-Annual

HSBC Bank plc

09/16/20

(a)

09/16/25

INR

180,407

3,488

—

3,488

1.02%

Quarterly

3 month CD_KSDA

Quarterly

HSBC Bank plc

09/16/20

(a)

09/16/25

KRW

3,092,400

—

—

—

1.05%

Quarterly

3 month CD_KSDA

Quarterly

HSBC Bank plc

09/16/20

(a)

09/16/25

KRW

4,638,600

—

—

—

0.58%

Quarterly

3 month TWCPBA

Quarterly

JPMorgan Chase Bank NA

09/16/20

(a)

09/16/25

TWD

395,000

27,805

—

27,805

1 day MIBOR

Semi-Annual

5.39%

Semi-Annual

JPMorgan Chase Bank NA

09/16/20

(a)

09/16/25

INR

364,500

133,768

—

133,768

$

858,227

$

—

$

858,227

^(a)  Forward swap.

15

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

OTC Total Return Swaps

Reference Entity		Fixed Amount Paid   / (Received) by the   Fund (a)	Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Taiwan Capitalization Weighted Stock Index Future April 2020	TWD	(438,404,071)	Merrill Lynch International & Co.	04/15/20	TWD	438,404	$	155,749		$	—	$	155,749
Taiwan Capitalization Weighted Stock Index Future April 2020	TWD	(106,536,061)	Merrill Lynch International & Co.	04/15/20	TWD	106,536		(94,140	)		—		(94,140	)
KOSPI 200 Index Futures June 2020	KRW	(17,083,504,025)	Merrill Lynch International & Co.	06/11/20	KRW	17,083,504		1,480,678			—		1,480,678
KOSPI 200 Index Futures June 2020	KRW	(212,095,100)	Merrill Lynch International & Co.	06/11/20	KRW	212,095		(19,637	)		—		(19,637	)
KOSPI 200 Index Futures June 2020	KRW	(227,092,100)	Merrill Lynch International & Co.	06/11/20	KRW	227,092		(7,318	)		—		(7,318	)
							$	1,515,332		$	—	$	1,515,332

^(a)  At termination, the fixed amount paid (received) will be exchanged for the total return of the reference entity.

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 MIBOR	Mumbai Interbank Offered Rate	4.81
28 day MXIBTIIE	Mexico Interbank TIIE 28-Day	6.71
3 month BA	Canadian Bankers Acceptances	1.25
3 month CD_KSDA	Certificates of Deposit by the Korean Securities Dealers Association	1.10
3 month HIBOR	Hong Kong Interbank Offered Rate	1.93
3 month JIBAR	Johannesburg Interbank Average Rate	6.04
3 month LIBOR	London Interbank Offered Rate	1.45
3 month STIBOR	Stockholm Interbank Offered Rate	0.31
3 month TWCPBA	Taiwan Secondary Markets Bills Rate	0.64
6 month BBR	Australian Bank Bill Rate	0.54
6 month EURIBOR	Euro Interbank Offered Rate	(0.29)
6 month GBP LIBOR	London Interbank Offered Rate	0.73
6 month SOR	Singapore Interbank Offered Rate	1.18
6 month WIBOR	Warsaw Interbank Offered Rate	1.09

16

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

Glossary of Terms Used in this Report

Currency
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TWD	Taiwan New Dollar
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviations
ADR	American Depositary Receipts
BA	Canadian Bankers Acceptances
BBR	Australian Bank Bill Rate
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CD_KSDA	Certificates of Deposit by the Korean Securities Dealers Association
EURIBOR	Euro Interbank Offered Rate
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
LIBOR	London Interbank Offered Rate
MIBOR	Mumbai Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBTIIE	Mexico Interbank TIIE 28-Day
OTC	Over-the-counter
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SCA	Svenska Cellulosa Aktiebolaget
SDR	Swedish Depositary Receipts
SOR	Singapore Interbank Offered Rate
STIBOR	Stockholm Interbank Offered Rate
TWCPBA	Taiwan Secondary Markets Bills Rate
WIBOR	Warsaw Interbank Offered Rate

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

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

	Level 1		Level  2		Level  3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	118,952	$	143,311	$	—	$	262,263
Air Freight & Logistics		73,709		149,816		—		223,525
Airlines		44,051		55,663		—		99,714
Auto Components		125,226		228,907		—		354,133

17

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

	Level 1		Level 2		Level 3		Total
Automobiles	$	621,974	$	1,043,117	$	—	$	1,665,091
Banks		3,458,350		3,166,052		—		6,624,402
Beverages		3,469,434		1,205,168		—		4,674,602
Biotechnology		3,363,919		339,478		—		3,703,397
Building Products		342,523		460,118		—		802,641
Capital Markets		2,434,434		1,074,584		—		3,509,018
Chemicals		3,074,093		866,204		—		3,940,297
Commercial Services & Supplies		371,401		77,037		—		448,438
Communications Equipment		1,439,354		114,824		—		1,554,178
Construction & Engineering		—		582,822		—		582,822
Construction Materials		309,674		158,873		—		468,547
Consumer Finance		470,491		10,152		—		480,643
Containers & Packaging		24,377		11,407		—		35,784
Distributors		251,112		—		—		251,112
Diversified Consumer Services		—		10,179		—		10,179
Diversified Financial Services		36,527		417,990		—		454,517
Diversified Telecommunication Services		953,277		974,916		—		1,928,193
Electric Utilities		1,431,149		680,111		—		2,111,260
Electrical Equipment		822,487		535,641		—		1,358,128
Electronic Equipment, Instruments & Components		580,636		595,431		—		1,176,067
Entertainment		1,803,206		168,178		—		1,971,384
Equity Real Estate Investment Trusts (REITs)		2,422,046		399,018		—		2,821,064
Food & Staples Retailing		2,622,768		1,425,402		—		4,048,170
Food Products		3,057,804		2,189,163		—		5,246,967
Gas Utilities		—		454,382		—		454,382
Health Care Equipment & Supplies		4,876,515		589,464		—		5,465,979
Health Care Providers & Services		4,586,479		152,478		—		4,738,957
Health Care Technology		243,666		23,598		—		267,264
Hotels, Restaurants & Leisure		1,520,325		503,519		2,356		2,026,200
Household Durables		19,466		479,248		—		498,714
Household Products		823,078		415,836		—		1,238,914
Independent Power and Renewable Electricity Producers		—		155,157		—		155,157
Industrial Conglomerates		654,199		692,682		—		1,346,881
Insurance		1,303,262		1,895,997		—		3,199,259
Interactive Media & Services		5,481,605		76,730		—		5,558,335
Internet & Direct Marketing Retail		5,083,274		64,359		—		5,147,633
IT Services		5,961,753		335,638		—		6,297,391
Leisure Products		14,596		—		—		14,596
Life Sciences Tools & Services		1,541,306		116,781		—		1,658,087
Machinery		1,796,255		1,032,916		—		2,829,171
Marine		—		43,803		—		43,803
Media		869,526		186,107		—		1,055,633
Metals & Mining		516,782		626,230		—		1,143,012
Mortgage Real Estate Investment Trusts (REITs)		29,874		—		—		29,874
Multiline Retail		1,347,306		299,598		—		1,646,904
Multi-Utilities		465,540		440,720		—		906,260
Oil, Gas & Consumable Fuels		2,226,644		1,045,527		—		3,272,171
Paper & Forest Products		—		145,916		—		145,916
Personal Products		—		978,959		—		978,959
Pharmaceuticals		6,121,146		3,145,468		—		9,266,614
Professional Services		178,981		299,016		—		477,997
Real Estate Management & Development		74,949		617,241		—		692,190
Road & Rail		2,154,133		690,563		—		2,844,696
Semiconductors & Semiconductor Equipment		4,007,871		571,950		—		4,579,821
Software		9,502,880		585,975		—		10,088,855
Specialty Retail		3,063,829		329,402		—		3,393,231
Technology Hardware, Storage & Peripherals		5,709,404		159,420		—		5,868,824
Textiles, Apparel & Luxury Goods		620,674		670,071		—		1,290,745
Trading Companies & Distributors		748,696		445,292		—		1,193,988
Transportation Infrastructure		—		531,565		—		531,565
Water Utilities		216,727		33,405		—		250,132
Wireless Telecommunication Services		118,970		779,980		—		898,950
Corporate Bonds(a)		—		27,378		—		27,378
Preferred Stocks(a)		—		130,902		—		130,902
Rights(a)		11,153		—		—		11,153
U.S. Treasury Obligations		—		4,053,125		—		4,053,125

18

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

	Level 1			Level 2			Level 3		Total
Short-Term Securities	$	1,585,620		$	—		$	—	$	1,585,620
	$	107,199,458		$	40,909,960		$	2,356	$	148,111,774
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	8,340,645		$	1,636,427		$	—	$	9,977,072
Foreign currency exchange contracts		—			3,048,941			—		3,048,941
Interest rate contracts		3,347,968			3,034,800			—		6,382,768
Liabilities:
Equity contracts		(5,340,492	)		(121,095	)		—		(5,461,587	)
Foreign currency exchange contracts		—			(4,749,514	)		—		(4,749,514	)
Interest rate contracts		(88,148	)		(4,637,942	)		—		(4,726,090	)
	$	6,259,973		$	(1,788,383	)	$	—	$	4,471,590

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

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

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