N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-23346
 
Name of Fund: BlackRock Variable Series Funds II, Inc.
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund
BlackRock U.S. Government Bond V.I. Fund
                                   
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Variable Series Funds II, Inc., 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2022
 
Date of reporting period: 06/30/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
Not Applicable
June
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Variable
Series
Funds
II,
Inc.
Dear
Shareholder,
The
12-month
reporting
period
as
of
June
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets.
The
U.S.
economy
shrank
in
the
first
quarter
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
particularly
steep.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
increasing
inflation
drove
investors’
expectations
for
higher
interest
rates.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
three
times
while
indicating
that
additional
large
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
statements
led
many
analysts
to
anticipate
that
interest
rates
have
significant
room
to
rise
before
peaking.
Furthermore,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
However,
markets
have
been
primed
to
expect
sharp
tightening,
which
could
weigh
on
valuations
until
central
banks
begin
to
tap
the
brakes.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near-term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
a
higher
inflation
regime
leads
us
to
take
an
underweight
stance
on
credit
in
the
long-term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
in
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
June
30,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(19.96)%
(10.62)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(23.43)
(25.20)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(19.57)
(17.77)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(17.63)
(25.28)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.15
0.18
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(11.34)
(10.94)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(10.35)
(10.29)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(8.98)
(8.57)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(14.19)
(12.82)
This
Page
is
not
Part
of
Your
Fund
Report
JUNE
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds
II,
Inc.
BlackRock
High
Yield
V.I.
Fund
Fund
Summary
as
of
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
High
Yield
V.I.
Fund
Investment
Objective
BlackRock
High
Yield
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
six-month
period
ended
June
30,
2022,
the
Fund
outperformed
the
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
High-yield
bonds
experienced
sharply
negative
returns
in
the
period,
as
persistent
inflation,
aggressive
rate
hiking
by
the
Fed
and
rising
fears
of
recession
weighed
on
credit-
sentiment.
During
the
period,
security
selection
within
the
independent
energy
and
retail
sectors
and
an
underweight
allocation
to
finance
companies
contributed
positively
to
performance
relative
to
the
benchmark.
By
credit
rating,
the
Fund’s
allocation
to
B-rated
names
was
additive.
Tactical
out-of-benchmark
exposure
to
U.S.
Treasuries
also
contributed
to
performance.
From
a
sector
perspective,
an
overweight
to
the
technology
sector
and
selection
within
the
wireline
and
consumer
cyclical
services
sectors
detracted
from
relative
performance.
By
credit
rating,
the
Fund’s
overweight
allocation
to
the
CCC-rated
bucket
and
to
BBB-rated
credit
weighed
on
return.
Describe
recent
portfolio
activity.
While
key
positioning
themes
remained
broadly
consistent,
the
Fund
tactically
navigated
sector-
and
issuer-level
positioning
to
take
advantage
of
market
opportunities.
During
the
period,
the
Fund
increased
its
exposure
to
the
technology,
independent
energy
and
media
&
entertainment
sectors,
while
reducing
risk
within
the
pharmaceuticals,
gaming
and
health
care
sectors.
The
Fund
increased
exposure
to
investment
grade
corporate
bonds,
ending
the
period
at
3.98%.
The
Fund
also
increased
its
tactical
allocation
to
bank
loans,
while
reducing
the
allocation
to
liquid,
indexed
high
yield
products
and
equities.
Describe
portfolio
positioning
at
period
end.
From
a
credit
quality
perspective,
the
Fund
was
underweight
BB
rated
debt
and
overweight
in
select
CCCs.
With
that
said,
the
portfolio
remained
underweight
in
the
highest-yielding
portion
of
the
market
that
contains
a
larger
concentration
of
stressed
assets.
The
leading
sector
overweights
were
in
technology,
wirelines
and
consumer
cyclical
services,
while
leading
underweights
were
to
finance
companies,
media
&
entertainment
and
automotive.
The
Fund
also
continued
to
hold
tactical
out-of-benchmark
exposure
to
bank
loans
of
approximately
13%,
along
with
a
tactical
allocation
to
investment
grade
corporate
bonds
of
approximately
4%
and
a
small
exposure
to
equities.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2022
(continued)
3
Fund
Summary
BlackRock
High
Yield
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yields
(b)
Unsubsidized
30-Day
Yields
(b)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(
c
)
(d)
.......................................
6.78‌%
6.69‌%
(13.6
0‌)%
(12.35‌)%
2.35‌%
4.51‌%
Class
III
(c)(d)
......................................
6.53‌
6.43‌
(13.71‌)
(12.56‌)
2.14‌
4.27‌
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(e
)
—‌
—‌
(14.19‌)
(12.82‌)
2.09‌
4.47‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
(c)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend/
payable
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
(d)
The
Fund
invests
primarily
in
non-investment
grade
bonds
with
maturities
of
ten
years
or
less.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
High
Yield
V.I.
Fund
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Variable
Series
Funds,
Inc.,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(e)
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index,
an
unmanaged
index
comprised
of
issues
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
864.00‌
$
2.59‌
$
1,000.00‌
$
1,022.02‌
$
2.81‌
0.56‌%
Class
III
..................................
1,000.00‌
862.90‌
3.70‌
1,000.00‌
1,020.83‌
4.01‌
0.80‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
............................................
0.2‌
%
BBB/Baa
.......................................
6.3‌
BB/Ba
.........................................
38.4‌
B
............................................
38.8‌
CCC/Caa
.......................................
13.6‌
CC/Ca
........................................
0.1‌
NR
...........................................
2.6‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities.
Disclosure
of
Expenses
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
346
$
5,792
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(a)
..............
71,632
472,771
Element
Solutions,
Inc.
...............
35,892
638,878
1,111,649
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
13,579
83,103
Containers
&
Packaging
—
0.1%
Ardagh
Metal
Packaging
SA,
(Acquired
08/02/21,
cost
$552,653)
(a)(b)
.........
56,202
342,832
Electrical
Equipment
—
0.0%
Sensata
Technologies
Holding
plc
........
6,628
273,803
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Gaming
and
Leisure
Properties,
Inc.
......
2,828
129,692
IT
Services
—
0.0%
(a)
Block,
Inc.,
Class
A
.................
2,003
123,104
Twilio,
Inc.,
Class
A
.................
997
83,559
206,663
Life
Sciences
Tools
&
Services
—
0.2%
(a)
Avantor,
Inc.
......................
17,033
529,726
Syneos
Health,
Inc.
.................
10,472
750,633
1,280,359
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
106,359
113,804
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
58,591
773,987
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Cheniere
Energy,
Inc.
................
4,297
571,630
Chesapeake
Energy
Corp.
............
12,575
1,019,833
Energy
Transfer
LP
.................
131,561
1,312,979
Targa
Resources
Corp.
...............
6,750
402,772
3,307,214
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.
(a)
.............
16,948
346,756
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
31,923
663,041
Total
Common
Stocks
—
1.3%
(Cost:
$9,572,068)
..............................
8,638,695
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
3.3%
Bombardier,
Inc.
(c)
7.50%,
03/15/25
.................
USD
50
45,187
7.13%,
06/15/26
.................
1,645
1,356,269
7.88%,
04/15/27
.................
1,248
1,038,848
6.00%,
02/15/28
.................
1,039
778,627
7.45%,
05/01/34
.................
201
150,740
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
457
406,730
4.13%,
04/15/29
.................
458
401,895
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(c)
741
590,192
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
12
11,895
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Maxar
Technologies,
Inc.,
7.75%,
06/15/27
(c)
USD
186
$
184,237
Rolls-Royce
plc,
5.75%,
10/15/27
(c)
......
2,365
2,131,575
Spirit
AeroSystems,
Inc.
(c)
5.50%,
01/15/25
.................
251
232,175
7.50%,
04/15/25
.................
72
66,870
TransDigm,
Inc.
8.00%,
12/15/25
(c)
................
1,137
1,149,780
6.25%,
03/15/26
(c)
................
9,257
8,921,434
6.38%,
06/15/26
.................
70
65,450
7.50%,
03/15/27
.................
215
202,833
4.63%,
01/15/29
.................
904
727,738
4.88%,
05/01/29
.................
1,779
1,448,177
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
...
1,604
1,615,821
21,526,473
Airlines
—
2.1%
Air
Canada,
3.88%,
08/15/26
(c)
.........
978
827,280
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
3,229
3,341,692
5.50%,
04/20/26
.................
659
605,866
5.75%,
04/20/29
.................
2,027
1,730,655
Delta
Air
Lines,
Inc.
(c)
7.00%,
05/01/25
.................
170
172,072
4.75%,
10/20/28
.................
274
258,635
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
489
438,242
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
1,805
1,773,463
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(c)
69
70,401
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
83
78,817
Series
2020-1,
Class
A,
5.88%,
10/15/27
1,290
1,267,156
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
1,651
1,454,812
4.63%,
04/15/29
.................
2,068
1,754,222
13,773,313
Auto
Components
—
2.0%
Adient
US
LLC,
9.00%,
04/15/25
(c)
......
305
317,200
Allison
Transmission,
Inc.,
5.88%,
06/01/29
(c)
415
385,950
Clarios
Global
LP
(c)
6.75%,
05/15/25
.................
911
902,300
6.25%,
05/15/26
.................
3,076
2,960,650
8.50%,
05/15/27
.................
5,752
5,559,164
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
579
500,198
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(c)
....................
248
183,148
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
152
157,194
5.00%,
07/15/29
.................
263
217,805
5.63%,
04/30/33
.................
535
428,471
Icahn
Enterprises
LP
5.25%,
05/15/27
.................
864
765,366
4.38%,
02/01/29
.................
973
786,340
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(c)
..
126
93,773
13,257,559
Automobiles
—
0.3%
Ford
Motor
Co.
4.35%,
12/08/26
.................
82
76,000
3.25%,
02/12/32
.................
1,426
1,066,505
4.75%,
01/15/43
.................
167
118,960
5.29%,
12/08/46
.................
160
122,705
Thor
Industries,
Inc.,
4.00%,
10/15/29
(c)
...
378
299,376
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(c)
175
160,255
1,843,801
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Banks
—
0.3%
Banco
Espirito
Santo
SA
(a)(d)(e)
2.63%,
05/08/17
.................
EUR
100
$
15,195
4.75%,
01/15/18
.................
100
15,195
4.00%,
01/21/23
.................
100
15,196
Barclays
plc
5.20%,
05/12/26
.................
USD
200
199,146
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
(f)(g)
....................
940
720,852
Credit
Agricole
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
4.75%
(c)(f)(g)
..............
460
357,497
HSBC
Holdings
plc
(f)(g)
(USD
Swap
Rate
5
Year
+
3.75%),
6.00%
465
416,756
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
......................
200
153,731
Intesa
Sanpaolo
SpA
(c)(g)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.60%),
4.20%,
06/01/32
...............
320
234,386
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.75%),
4.95%,
06/01/42
...............
235
158,775
2,286,729
Building
Products
—
0.8%
(c)
Advanced
Drainage
Systems,
Inc.
5.00%,
09/30/27
.................
420
387,248
6.38%,
06/15/30
.................
843
823,249
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
.....................
407
261,474
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
....
151
109,049
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
................
200
178,000
JELD-WEN,
Inc.
6.25%,
05/15/25
.................
245
235,200
4.63%,
12/15/25
.................
31
26,350
Masonite
International
Corp.
5.38%,
02/01/28
.................
74
66,970
3.50%,
02/15/30
.................
454
361,371
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
181
148,788
9.75%,
07/15/28
.................
215
183,825
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
..
1,457
1,231,500
Standard
Industries,
Inc.
5.00%,
02/15/27
.................
221
197,255
4.38%,
07/15/30
.................
438
345,473
3.38%,
01/15/31
.................
283
208,746
Summit
Materials
LLC,
5.25%,
01/15/29
...
278
242,555
5,007,053
Capital
Markets
—
0.4%
(c)
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
208
177,258
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
403
332,475
Credit
Suisse
Group
AG
(f)(g)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.38%
......................
300
247,874
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
......................
405
312,857
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
................
250
229,206
MSCI,
Inc.
3.63%,
09/01/30
.................
96
80,033
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
3.88%,
02/15/31
.................
USD
125
$
106,875
3.63%,
11/01/31
.................
253
208,257
3.25%,
08/15/33
.................
762
607,382
OWL
Rock
Core
Income
Corp.,
5.50%,
03/21/25
.....................
386
370,572
UBS
Group
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(f)(g)
....................
320
234,112
2,906,901
Chemicals
—
2.5%
Ashland
LLC,
3.38%,
09/01/31
(c)
........
583
474,197
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
.................
828
744,041
3.38%,
02/15/29
.................
787
642,483
Chemours
Co.
(The),
5.75%,
11/15/28
(c)
...
186
158,515
Diamond
BC
BV,
4.63%,
10/01/29
(c)
......
1,217
973,235
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
3,698
3,051,331
EverArc
Escrow
SARL,
5.00%,
10/30/29
(c)
..
1,242
1,045,410
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
776
719,740
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(c)
....................
534
531,330
HB
Fuller
Co.,
4.25%,
10/15/28
........
185
155,226
Herens
Holdco
SARL,
4.75%,
05/15/28
(c)
..
1,488
1,236,230
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
811
640,690
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
132
110,550
Kobe
US
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(g)
.
525
480,186
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
253
213,153
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
388
337,676
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
81
76,990
SCIL
IV
LLC,
5.38%,
11/01/26
(c)
........
537
429,600
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
402
300,495
4.38%,
02/01/32
.................
55
41,813
SPCM
SA,
3.13%,
03/15/27
(c)
.........
210
176,891
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(c)
4,863
3,580,384
16,120,166
Commercial
Services
&
Supplies
—
3.1%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
.................
58
47,071
4.88%,
07/15/32
.................
81
64,477
Allied
Universal
Holdco
LLC
(c)
6.63%,
07/15/26
.................
2,500
2,294,075
9.75%,
07/15/27
.................
1,252
1,059,618
4.63%,
06/01/28
.................
3,485
2,855,546
6.00%,
06/01/29
.................
3,530
2,563,385
APi
Escrow
Corp.,
4.75%,
10/15/29
(c)
.....
225
181,688
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(c)
....
453
359,773
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
455
421,968
5.75%,
07/15/29
.................
954
738,578
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
246
235,704
5.00%,
02/01/28
.................
1,542
1,397,376
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
114
109,693
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
233
213,195
5.13%,
07/15/29
.................
199
180,592
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
................
564
458,938
5.00%,
09/01/30
.................
171
139,587
Garda
World
Security
Corp.,
4.63%,
02/15/27
(c)
319
274,340
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
140
132,121
3.75%,
08/01/25
.................
85
78,837
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
5.13%,
12/15/26
.................
USD
814
$
778,428
4.00%,
08/01/28
.................
450
371,250
3.50%,
09/01/28
.................
474
406,455
4.75%,
06/15/29
.................
527
436,093
4.38%,
08/15/29
.................
729
586,845
IAA,
Inc.,
5.50%,
06/15/27
(c)
..........
274
255,215
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
170
142,460
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
639
489,678
Nielsen
Finance
LLC
(c)
5.63%,
10/01/28
.................
470
436,489
5.88%,
10/01/30
.................
317
291,057
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
55
51,287
6.25%,
01/15/28
.................
989
827,393
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
229
187,208
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
1,204
1,069,513
20,135,933
Communications
Equipment
—
0.7%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
.........
1,371
894,577
Ciena
Corp.,
4.00%,
01/31/30
(c)
........
242
208,877
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
....................
1,363
1,178,995
CommScope,
Inc.
(c)
6.00%,
03/01/26
.................
151
139,076
8.25%,
03/01/27
.................
68
53,754
7.13%,
07/01/28
.................
241
183,179
4.75%,
09/01/29
.................
655
528,385
Nokia
OYJ
4.38%,
06/12/27
.................
187
176,659
6.63%,
05/15/39
.................
107
105,796
ViaSat,
Inc.
(c)
5.63%,
09/15/25
.................
442
357,505
5.63%,
04/15/27
.................
147
127,104
6.50%,
07/15/28
.................
198
136,387
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
...
670
561,136
4,651,430
Construction
&
Engineering
—
0.1%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
676
573,623
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
190
165,891
MasTec,
Inc.,
4.50%,
08/15/28
.........
269
242,015
981,529
Consumer
Finance
—
1.9%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(f)(g)
..............
1,505
1,224,483
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(c)
....................
167
138,635
Ford
Motor
Credit
Co.
LLC
3.81%,
01/09/24
.................
200
194,039
4.69%,
06/09/25
.................
200
189,002
5.13%,
06/16/25
.................
548
523,296
4.13%,
08/04/25
.................
1,397
1,323,218
3.38%,
11/13/25
.................
200
180,094
4.39%,
01/08/26
.................
475
437,504
2.70%,
08/10/26
.................
607
517,255
4.95%,
05/28/27
.................
559
519,171
4.13%,
08/17/27
.................
400
352,200
3.82%,
11/02/27
.................
400
340,000
2.90%,
02/16/28
.................
585
471,370
5.11%,
05/03/29
.................
503
450,926
4.00%,
11/13/30
.................
466
377,579
3.63%,
06/17/31
.................
761
589,775
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
USD
273
$
206,696
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(g)
...............
389
294,668
Navient
Corp.
6.13%,
03/25/24
.................
150
142,221
5.88%,
10/25/24
.................
49
45,041
5.50%,
03/15/29
.................
617
475,652
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
227
215,142
7.13%,
03/15/26
.................
819
756,944
3.50%,
01/15/27
.................
646
516,800
6.63%,
01/15/28
.................
155
138,533
5.38%,
11/15/29
.................
140
113,450
4.00%,
09/15/30
.................
1,001
741,991
SLM
Corp.,
3.13%,
11/02/26
..........
393
317,332
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(c)
381
304,800
12,097,817
Containers
&
Packaging
—
2.3%
ARD
Finance
SA,
6.50%,
06/30/27
(c)
.....
1,935
1,434,992
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(c)
................
1,297
1,283,680
3.25%,
09/01/28
(c)
................
200
170,713
3.00%,
09/01/29
(e)
................
EUR
200
155,915
4.00%,
09/01/29
(c)
................
USD
3,218
2,582,445
Ardagh
Packaging
Finance
plc
(c)
4.13%,
08/15/26
.................
801
678,615
4.75%,
07/15/27
.................
GBP
100
87,320
5.25%,
08/15/27
.................
USD
612
436,393
Ball
Corp.
2.88%,
08/15/30
.................
71
57,149
3.13%,
09/15/31
.................
841
678,384
Canpack
SA,
3.13%,
11/01/25
(c)
........
211
188,449
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
1,123
1,055,205
8.75%,
04/15/30
.................
1,232
1,062,686
Crown
Americas
LLC,
4.25%,
09/30/26
...
275
253,687
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
78
79,678
Graphic
Packaging
International
LLC
4.75%,
07/15/27
(c)
................
128
120,856
3.50%,
03/15/28
(c)
................
15
12,900
2.63%,
02/01/29
(e)
................
EUR
200
170,061
3.50%,
03/01/29
(c)
................
USD
59
49,542
LABL,
Inc.,
5.88%,
11/01/28
(c)
.........
587
473,960
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
...............
389
371,495
Sealed
Air
Corp.
(c)
5.13%,
12/01/24
.................
20
19,850
4.00%,
12/01/27
.................
143
128,916
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
59
52,907
Trivium
Packaging
Finance
BV
(c)(i)
5.50%,
08/15/26
.................
942
889,917
8.50%,
08/15/27
.................
2,722
2,552,157
15,047,872
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
01/15/28
.................
374
320,335
3.88%,
11/15/29
.................
123
98,337
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
216
175,843
594,515
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.8%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
USD
105
$
103,950
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
427
339,314
Service
Corp.
International
5.13%,
06/01/29
.................
89
83,855
3.38%,
08/15/30
.................
279
228,431
4.00%,
05/15/31
.................
990
845,213
Sotheby's
(c)
7.38%,
10/15/27
.................
2,484
2,302,105
5.88%,
06/01/29
.................
1,375
1,180,188
5,083,056
Diversified
Financial
Services
—
0.7%
(c)
Jefferies
Finance
LLC,
5.00%,
08/15/28
...
665
546,962
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
433
385,370
Sabre
GLBL,
Inc.
9.25%,
04/15/25
.................
241
232,216
7.38%,
09/01/25
.................
395
366,362
Shift4
Payments
LLC,
4.63%,
11/01/26
....
793
701,797
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
2,238
2,176,455
4,409,162
Diversified
Telecommunication
Services
—
6.6%
Altice
France
Holding
SA,
10.50%,
05/15/27
(c)
3,666
3,076,287
Altice
France
SA
(c)
8.13%,
02/01/27
.................
1,636
1,505,758
5.50%,
01/15/28
.................
503
405,348
5.13%,
07/15/29
.................
2,023
1,527,365
5.50%,
10/15/29
.................
1,042
795,994
CCO
Holdings
LLC
5.00%,
02/01/28
(c)
................
561
517,635
5.38%,
06/01/29
(c)
................
162
144,802
4.75%,
03/01/30
(c)
................
823
703,871
4.50%,
08/15/30
(c)
................
834
692,452
4.25%,
02/01/31
(c)
................
1,230
1,002,450
4.75%,
02/01/32
(c)
................
1,343
1,099,648
4.50%,
05/01/32
.................
1,119
906,054
4.50%,
06/01/33
(c)
................
648
510,637
4.25%,
01/15/34
(c)
................
2,259
1,745,078
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
....................
800
680,464
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
.................
983
883,818
5.00%,
05/01/28
.................
780
663,000
6.75%,
05/01/29
.................
799
657,177
6.00%,
01/15/30
.................
942
724,822
8.75%,
05/15/30
.................
640
647,034
Iliad
Holding
SASU
(c)
6.50%,
10/15/26
.................
1,571
1,413,853
7.00%,
10/15/28
.................
865
752,494
Level
3
Financing,
Inc.
(c)
3.40%,
03/01/27
.................
196
168,821
4.25%,
07/01/28
.................
1,508
1,208,285
3.63%,
01/15/29
.................
331
255,218
3.75%,
07/15/29
.................
343
265,209
Lumen
Technologies,
Inc.
5.13%,
12/15/26
(c)
................
674
567,386
4.00%,
02/15/27
(c)
................
1,096
926,942
4.50%,
01/15/29
(c)
................
1,607
1,196,243
5.38%,
06/15/29
(c)
................
1,320
1,045,143
Series
U,
7.65%,
03/15/42
..........
412
316,210
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)
....................
200
183,320
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
2,020
2,124,071
8.75%,
03/15/32
.................
3,109
3,741,619
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Switch
Ltd.
(c)
3.75%,
09/15/28
.................
USD
554
$
547,989
4.13%,
06/15/29
.................
1,694
1,676,790
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
408
315,058
6.00%,
09/30/34
.................
739
557,405
7.20%,
07/18/36
.................
201
152,608
7.72%,
06/04/38
.................
544
419,696
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
3,542
2,938,408
6.13%,
03/01/28
.................
5,207
3,760,026
43,422,488
Electric
Utilities
—
0.7%
Edison
International,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(f)(g)
...........
385
306,318
FirstEnergy
Corp.
2.65%,
03/01/30
.................
512
422,400
Series
B,
2.25%,
09/01/30
..........
38
30,115
Series
C,
3.40%,
03/01/50
..........
1,427
967,363
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
.................
834
779,549
4.55%,
04/01/49
.................
652
524,615
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(c)
....................
13
12,382
NRG
Energy,
Inc.
5.75%,
01/15/28
.................
8
7,271
3.63%,
02/15/31
(c)
................
501
392,779
3.88%,
02/15/32
(c)
................
479
380,462
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
710
617,700
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(c)
455
380,667
4,821,621
Electrical
Equipment
—
0.3%
(c)
Sensata
Technologies
BV
5.63%,
11/01/24
.................
187
184,599
4.00%,
04/15/29
.................
29
24,594
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
2,074
1,683,922
1,893,115
Electronic
Equipment,
Instruments
&
Components
—
0.4%
(c)
II-VI,
Inc.,
5.00%,
12/15/29
...........
1,353
1,180,492
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
1,525
1,298,046
3.75%,
02/15/31
.................
408
326,996
2,805,534
Energy
Equipment
&
Services
—
0.7%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
259
236,174
6.25%,
04/01/28
.................
1,589
1,406,742
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
176
156,086
7.50%,
01/15/28
.................
314
270,040
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(c)
..
749
711,550
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
125
135,937
Transocean,
Inc.,
11.50%,
01/30/27
(c)
.....
241
226,210
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
744
676,817
6.88%,
09/01/27
.................
738
654,975
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
.................
30
26,925
8.63%,
04/30/30
.................
474
393,319
4,894,775
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Entertainment
—
1.3%
(c)
AMC
Entertainment
Holdings,
Inc.,
7.50%,
02/15/29
.....................
USD
265
$
223,925
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
1,702
1,327,560
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
59
56,345
6.50%,
05/15/27
.................
1,144
1,125,032
4.75%,
10/15/27
.................
290
257,091
3.75%,
01/15/28
.................
721
621,863
Magallanes,
Inc.
5.14%,
03/15/52
.................
2,879
2,416,489
5.39%,
03/15/62
.................
1,507
1,260,603
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
929
766,425
WMG
Acquisition
Corp.,
3.88%,
07/15/30
..
191
158,826
8,214,159
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.5%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
397
329,206
CTR
Partnership
LP,
3.88%,
06/30/28
(c)
...
338
288,652
Diversified
Healthcare
Trust,
9.75%,
06/15/25
132
130,185
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
260
217,280
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
384
330,240
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
693
559,329
Iron
Mountain,
Inc.,
5.63%,
07/15/32
(c)
....
264
223,232
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
1,353
1,187,258
3.50%,
03/15/31
.................
2,056
1,620,457
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
874
775,334
4.50%,
02/15/29
(c)
................
404
342,551
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
258
223,575
4.00%,
09/15/29
.................
217
178,246
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,362
1,243,220
3.13%,
02/01/29
.................
54
44,199
Service
Properties
Trust
4.35%,
10/01/24
.................
41
33,316
7.50%,
09/15/25
.................
247
226,314
Uniti
Group
LP
(c)
7.88%,
02/15/25
.................
188
181,401
4.75%,
04/15/28
.................
484
398,037
6.50%,
02/15/29
.................
1,105
809,413
6.00%,
01/15/30
.................
335
231,753
VICI
Properties
LP,
5.63%,
05/15/52
.....
425
386,822
9,960,020
Food
&
Staples
Retailing
—
0.4%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
707
615,762
4.63%,
01/15/27
.................
378
337,675
5.88%,
02/15/28
.................
345
322,448
4.88%,
02/15/30
.................
287
246,200
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
759
633,765
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
84
78,501
US
Foods,
Inc.
6.25%,
04/15/25
.................
231
230,422
4.75%,
02/15/29
.................
482
421,360
2,886,133
Food
Products
—
1.5%
Chobani
LLC
(c)
7.50%,
04/15/25
.................
1,284
1,179,186
4.63%,
11/15/28
.................
975
823,875
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(c)
.
USD
668
$
665,762
JBS
USA
LUX
SA,
3.75%,
12/01/31
(c)
.....
1,015
832,694
Kraft
Heinz
Foods
Co.
6.50%,
02/09/40
.................
280
302,564
4.88%,
10/01/49
.................
1,808
1,596,918
5.50%,
06/01/50
.................
2,027
1,945,746
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
20
18,822
4.13%,
01/31/30
.................
640
553,959
4.38%,
01/31/32
.................
1,052
915,240
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(c)
...
365
285,156
Post
Holdings,
Inc.
(c)
5.75%,
03/01/27
.................
2
1,937
5.63%,
01/15/28
.................
165
156,618
5.50%,
12/15/29
.................
51
45,593
4.63%,
04/15/30
.................
54
45,564
4.50%,
09/15/31
.................
75
61,339
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
...
543
459,052
9,890,025
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
....................
183
155,619
Health
Care
Equipment
&
Supplies
—
0.9%
Avantor
Funding,
Inc.
(c)
4.63%,
07/15/28
.................
1,618
1,483,221
3.88%,
11/01/29
.................
576
503,798
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
347
312,414
Hologic,
Inc.,
3.25%,
02/15/29
(c)
........
100
85,470
Medline
Borrower
LP
(c)
3.88%,
04/01/29
.................
546
465,034
5.25%,
10/01/29
.................
3,186
2,616,662
Teleflex,
Inc.
4.63%,
11/15/27
.................
45
41,512
4.25%,
06/01/28
(c)
................
297
268,350
5,776,461
Health
Care
Providers
&
Services
—
3.4%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
189
176,582
5.00%,
04/15/29
.................
80
71,819
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
205
181,327
5.13%,
03/01/30
.................
55
46,360
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
680
499,596
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
279
228,165
Centene
Corp.
2.45%,
07/15/28
.................
1,370
1,142,635
4.63%,
12/15/29
.................
9
8,392
3.00%,
10/15/30
.................
2,292
1,899,495
2.50%,
03/01/31
.................
2,533
2,010,594
2.63%,
08/01/31
.................
676
537,758
Community
Health
Systems,
Inc.
(c)
8.00%,
03/15/26
.................
1,779
1,620,118
5.63%,
03/15/27
.................
1,363
1,153,602
6.00%,
01/15/29
.................
727
602,261
6.88%,
04/15/29
.................
222
143,190
6.13%,
04/01/30
.................
615
375,150
Encompass
Health
Corp.
4.50%,
02/01/28
.................
117
100,164
4.75%,
02/01/30
.................
807
676,298
4.63%,
04/01/31
.................
369
298,788
HCA,
Inc.,
4.63%,
03/15/52
(c)
..........
630
504,039
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
1,240
1,085,000
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
.................
289
279,350
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.38%,
02/15/27
.................
USD
127
$
108,816
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
...
641
471,135
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
313
287,960
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
233
208,132
3.88%,
11/15/30
.................
372
317,978
3.88%,
05/15/32
.................
537
450,321
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
454
389,305
Owens
&
Minor,
Inc.,
6.63%,
04/01/30
(c)
...
322
294,137
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
....................
765
652,928
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
...............
173
168,243
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
1,130
1,035,690
10.00%,
04/15/27
................
975
944,429
Tenet
Healthcare
Corp.
(c)
4.63%,
09/01/24
.................
406
389,760
4.88%,
01/01/26
.................
566
520,720
6.25%,
02/01/27
.................
202
185,924
5.13%,
11/01/27
.................
864
777,600
4.63%,
06/15/28
.................
96
83,595
6.13%,
10/01/28
.................
405
346,591
4.25%,
06/01/29
.................
80
67,377
6.13%,
06/15/30
.................
619
571,077
21,912,401
Health
Care
Technology
—
0.1%
IQVIA,
Inc.
(c)
5.00%,
10/15/26
.................
298
283,794
5.00%,
05/15/27
.................
226
213,819
497,613
Hotels,
Restaurants
&
Leisure
—
5.3%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
595
516,412
4.38%,
01/15/28
.................
536
468,625
4.00%,
10/15/30
.................
317
254,393
Affinity
Gaming,
6.88%,
12/15/27
(c)
......
38
31,922
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(e)
....................
EUR
506
473,450
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
454
410,870
4.75%,
06/15/31
(c)
................
715
604,189
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
599
518,698
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
2,249
2,167,429
8.13%,
07/01/27
.................
2,677
2,586,651
4.63%,
10/15/29
.................
2,201
1,711,278
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
417
398,781
Carnival
Corp.
(c)
10.50%,
02/01/26
................
1,290
1,284,156
7.63%,
03/01/26
.................
298
230,813
5.75%,
03/01/27
.................
2,117
1,529,067
9.88%,
08/01/27
.................
792
772,200
4.00%,
08/01/28
.................
2,215
1,816,300
6.00%,
05/01/29
.................
1,322
928,850
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
291
264,934
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
1,579
1,436,890
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
899
872,030
6.50%,
10/01/28
.................
87
82,574
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
297
282,150
4.75%,
01/15/28
.................
593
527,770
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
USD
103
$
87,807
6.75%,
01/15/30
.................
632
485,060
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(c)
................
321
305,216
3.75%,
05/01/29
(c)
................
230
195,074
4.88%,
01/15/30
.................
525
474,469
4.00%,
05/01/31
(c)
................
818
679,758
3.63%,
02/15/32
(c)
................
239
189,856
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
232
227,093
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
567
508,298
8.00%,
04/15/26
(j)
................
470
455,900
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
593
508,497
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
412
282,220
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)
200
182,501
MGM
Resorts
International
6.00%,
03/15/23
.................
308
307,285
5.75%,
06/15/25
.................
41
39,053
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
440
358,600
NCL
Corp.
Ltd.
(c)
5.88%,
03/15/26
.................
785
616,139
7.75%,
02/15/29
.................
241
184,365
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
327
237,892
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(c)
....................
438
459,725
Powdr
Corp.,
6.00%,
08/01/25
(c)
........
676
670,930
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
214
152,360
5.88%,
09/01/31
.................
239
165,869
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
371
324,625
Royal
Caribbean
Cruises
Ltd.
(c)
10.88%,
06/01/23
................
150
150,501
9.13%,
06/15/23
.................
275
271,964
11.50%,
06/01/25
................
216
221,940
5.50%,
08/31/26
.................
192
142,560
5.38%,
07/15/27
.................
682
495,725
5.50%,
04/01/28
.................
727
505,265
Scientific
Games
International,
Inc.
(c)
8.63%,
07/01/25
.................
332
340,333
7.00%,
05/15/28
.................
256
240,238
7.25%,
11/15/29
.................
193
180,998
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
818
828,086
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
392
331,087
4.63%,
12/01/31
.................
633
493,740
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
249
248,694
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
379
298,843
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
227
198,548
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
483
413,685
Wynn
Resorts
Finance
LLC
(c)
7.75%,
04/15/25
.................
320
311,443
5.13%,
10/01/29
.................
1,224
964,023
Yum!
Brands,
Inc.
4.75%,
01/15/30
(c)
................
10
9,075
5.35%,
11/01/43
.................
10
8,288
34,924,060
Household
Durables
—
0.8%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
116
98,600
4.63%,
08/01/29
.................
208
156,000
4.63%,
04/01/30
.................
325
238,664
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
USD
418
$
316,037
4.88%,
02/15/30
.................
307
223,036
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
615
543,710
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
205
182,130
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
371
363,580
KB
Home,
7.25%,
07/15/30
...........
145
137,393
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
246
200,889
4.63%,
03/01/30
.................
262
191,473
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
240
219,681
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(c)
421
410,475
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
745
501,012
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
161
148,395
5.13%,
08/01/30
.................
49
40,694
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
436
351,215
3.88%,
10/15/31
.................
411
308,250
TRI
Pointe
Group,
Inc.,
5.88%,
06/15/24
...
123
119,690
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
385
336,545
5.70%,
06/15/28
.................
91
78,532
5,166,001
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
358
293,743
4.13%,
04/30/31
(c)
................
345
276,954
Energizer
Holdings,
Inc.
(c)
6.50%,
12/31/27
.................
269
235,711
4.75%,
06/15/28
.................
23
18,255
4.38%,
03/31/29
.................
31
23,800
Spectrum
Brands,
Inc.,
5.00%,
10/01/29
(c)
..
264
228,291
1,076,754
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
(c)
Calpine
Corp.
5.25%,
06/01/26
.................
44
41,800
5.13%,
03/15/28
.................
1,249
1,099,495
4.63%,
02/01/29
.................
184
153,138
5.00%,
02/01/31
.................
86
69,525
3.75%,
03/01/31
.................
4
3,253
Clearway
Energy
Operating
LLC
4.75%,
03/15/28
.................
308
277,102
3.75%,
01/15/32
.................
588
465,990
2,110,303
Insurance
—
2.6%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
447
349,907
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
3,326
2,878,887
6.75%,
10/15/27
.................
4,314
3,828,158
5.88%,
11/01/29
.................
2,664
2,210,614
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
541
443,037
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(h)
.........
241
236,608
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
508
475,564
HUB
International
Ltd.
7.00%,
05/01/26
.................
1,633
1,535,673
5.63%,
12/01/29
.................
118
97,475
NFP
Corp.
4.88%,
08/15/28
.................
1,319
1,129,684
6.88%,
08/15/28
.................
4,453
3,673,903
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
USD
314
$
273,180
17,132,690
Interactive
Media
&
Services
—
0.2%
Twitter,
Inc.
(c)
3.88%,
12/15/27
.................
668
629,761
5.00%,
03/01/30
.................
399
378,551
1,008,312
Internet
&
Direct
Marketing
Retail
—
0.2%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
411
312,935
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
82
75,030
3.50%,
03/01/29
.................
336
283,278
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
82
74,341
5.63%,
02/15/29
.................
164
153,340
4.13%,
08/01/30
.................
368
307,319
3.63%,
10/01/31
.................
418
329,175
1,535,418
IT
Services
—
1.8%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(c)
.
1,010
838,118
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
296
245,385
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
188
153,071
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
602
520,730
Block,
Inc.,
3.50%,
06/01/31
(c)
.........
3,055
2,434,407
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
.................
313
277,005
4.00%,
07/01/29
.................
1,131
986,152
CA
Magnum
Holdings,
5.38%,
10/31/26
(c)
..
1,259
1,089,035
Cablevision
Lightpath
LLC
(c)
3.88%,
09/15/27
.................
276
228,390
5.63%,
09/15/28
.................
855
668,832
Endurance
International
Group
Holdings,
Inc.,
6.00%,
02/15/29
(c)
...............
217
156,590
Gartner,
Inc.
(c)
4.50%,
07/01/28
.................
352
323,208
3.75%,
10/01/30
.................
487
414,559
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(c)
....................
585
467,877
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
.................
1,482
1,220,504
6.00%,
02/15/28
.................
844
606,508
10.75%,
06/01/28
................
149
132,579
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
314
295,391
Twilio,
Inc.,
3.88%,
03/15/31
..........
740
608,850
11,667,191
Leisure
Products
—
0.2%
Mattel,
Inc.
3.75%,
04/01/29
(c)
................
202
181,516
6.20%,
10/01/40
.................
464
443,120
5.45%,
11/01/41
.................
721
632,860
1,257,496
Life
Sciences
Tools
&
Services
—
0.4%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
336
301,832
3.75%,
03/15/29
.................
66
57,278
4.00%,
03/15/31
.................
196
167,080
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
817
727,130
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
1,355
1,147,453
2,400,773
Machinery
—
1.3%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
230
216,200
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(c)
....................
188
156,980
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
USD
568
$
548,120
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
241
195,088
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(h)
........
478
463,660
Meritor,
Inc.,
4.50%,
12/15/28
(c)
........
122
117,464
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
210
183,191
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
258
148,182
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
272
231,449
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
457
439,863
Terex
Corp.,
5.00%,
05/15/29
(c)
........
625
531,250
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
1,183
1,087,414
Titan
International,
Inc.,
7.00%,
04/30/28
..
115
108,031
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
(c)
720
646,200
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
3,110
2,772,767
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
442
338,130
8,183,989
Marine
—
0.1%
Seaspan
Corp.,
5.50%,
08/01/29
(c)
......
672
540,669
Media
—
5.9%
Altice
Financing
SA,
5.75%,
08/15/29
(c)
....
3,062
2,457,255
AMC
Networks,
Inc.
5.00%,
04/01/24
.................
27
26,154
4.75%,
08/01/25
.................
71
66,139
4.25%,
02/15/29
.................
242
196,066
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
231
195,195
Cable
One,
Inc.
1.13%,
03/15/28
(k)
................
419
351,122
4.00%,
11/15/30
(c)
................
541
444,421
Charter
Communications
Operating
LLC
5.25%,
04/01/53
.................
816
689,531
5.50%,
04/01/63
.................
541
459,524
Clear
Channel
International
BV,
6.63%,
08/01/25
(c)
....................
1,185
1,102,050
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
2,728
2,303,332
7.75%,
04/15/28
.................
2,235
1,626,119
7.50%,
06/01/29
.................
2,923
2,101,812
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
1,183
934,582
CSC
Holdings
LLC
(c)
5.75%,
01/15/30
.................
895
651,139
4.13%,
12/01/30
.................
1,799
1,403,220
4.63%,
12/01/30
.................
821
549,036
4.50%,
11/15/31
.................
809
623,860
Directv
Financing
LLC,
5.88%,
08/15/27
(c)
..
954
813,829
DISH
DBS
Corp.
5.88%,
07/15/22
.................
131
130,257
5.25%,
12/01/26
(c)
................
2,517
1,972,925
5.75%,
12/01/28
(c)
................
2,167
1,604,469
5.13%,
06/01/29
.................
1,071
650,782
DISH
Network
Corp.,
3.38%,
08/15/26
(k)
...
220
148,610
GCI
LLC,
4.75%,
10/15/28
(c)
..........
408
353,511
LCPR
Senior
Secured
Financing
DAC
(c)
6.75%,
10/15/27
.................
1,006
938,427
5.13%,
07/15/29
.................
987
824,145
Liberty
Broadband
Corp.
(c)(k)
1.25%,
09/30/50
.................
814
760,276
2.75%,
09/30/50
.................
1,415
1,345,922
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
307
282,440
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
531
463,961
4.25%,
01/15/29
.................
262
208,714
4.63%,
03/15/30
.................
32
25,212
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
USD
2,282
$
1,967,723
6.50%,
09/15/28
.................
3,050
2,357,269
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(c)
..
29
24,303
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
1,356
1,075,532
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
634
565,674
5.00%,
08/01/27
.................
362
335,762
4.00%,
07/15/28
.................
363
313,995
4.13%,
07/01/30
.................
203
169,544
3.88%,
09/01/31
.................
996
793,065
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
209
167,938
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
...............
400
352,960
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
150
141,150
6.63%,
06/01/27
.................
413
393,221
7.38%,
06/30/30
.................
286
279,565
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(c)
882
718,830
Videotron
Ltd.,
3.63%,
06/15/29
(c)
.......
540
438,351
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
...............
893
738,930
Ziggo
Bond
Co.
BV
(c)
6.00%,
01/15/27
.................
296
261,960
5.13%,
02/28/30
.................
275
215,713
Ziggo
BV,
4.88%,
01/15/30
(c)
..........
565
479,087
38,494,609
Metals
&
Mining
—
2.5%
Allegheny
Technologies,
Inc.
4.88%,
10/01/29
.................
225
179,435
5.13%,
10/01/31
.................
573
438,942
Arconic
Corp.
(c)
6.00%,
05/15/25
.................
371
361,838
6.13%,
02/15/28
.................
578
539,725
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
3,833
3,556,814
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
94
83,905
7.63%,
03/15/30
.................
445
408,642
Commercial
Metals
Co.
4.13%,
01/15/30
.................
164
138,088
4.38%,
03/15/32
.................
175
143,338
Constellium
SE
(c)
5.63%,
06/15/28
.................
913
816,900
3.75%,
04/15/29
.................
2,322
1,841,515
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
348
279,270
FMG
Resources
August
2006
Pty.
Ltd.,
6.13%,
04/15/32
(c)
....................
925
832,500
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(c)
....................
40
41,304
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
763
635,213
4.50%,
06/01/31
.................
985
745,526
Mineral
Resources
Ltd.
(c)
8.00%,
11/01/27
.................
274
267,150
8.50%,
05/01/30
.................
279
274,815
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
1,093
950,910
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
666
562,953
4.75%,
01/30/30
.................
1,473
1,224,328
3.88%,
08/15/31
.................
1,856
1,429,473
United
States
Steel
Corp.,
6.88%,
03/01/29
.
655
571,547
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(c)
....................
USD
220
$
173,800
16,497,931
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.
(c)
5.50%,
11/01/23
.................
50
49,437
4.38%,
01/15/27
.................
180
156,251
205,688
Multiline
Retail
—
0.1%
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(c)
..
757
697,636
Oil,
Gas
&
Consumable
Fuels
—
10.9%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
1,394
1,354,620
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
252
234,360
5.38%,
06/15/29
.................
422
377,926
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
217
220,748
Apache
Corp.
4.25%,
01/15/30
.................
519
459,964
5.10%,
09/01/40
.................
841
710,123
5.25%,
02/01/42
.................
143
119,617
5.35%,
07/01/49
.................
251
198,325
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
1,533
1,924,196
5.88%,
06/30/29
.................
189
166,320
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
28
25,923
5.85%,
11/15/43
.................
237
168,270
5.60%,
10/15/44
.................
158
110,027
Callon
Petroleum
Co.
6.13%,
10/01/24
.................
226
229,480
9.00%,
04/01/25
(c)
................
1,723
1,826,380
6.38%,
07/01/26
.................
251
231,548
8.00%,
08/01/28
(c)
................
1,884
1,809,771
7.50%,
06/15/30
(c)
................
1,217
1,119,810
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(c)
....................
263
249,754
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
715
638,280
4.00%,
03/01/31
.................
971
825,641
3.25%,
01/31/32
(c)
................
1,881
1,481,288
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
4,392
3,955,303
Chesapeake
Energy
Corp.
(c)
5.88%,
02/01/29
.................
32
30,176
6.75%,
04/15/29
.................
953
921,580
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
453
438,277
6.38%,
06/15/26
.................
463
427,428
Civitas
Resources,
Inc.,
5.00%,
10/15/26
(c)
.
199
178,603
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
207
173,880
CNX
Resources
Corp.,
6.00%,
01/15/29
(c)
..
167
156,011
Colgate
Energy
Partners
III
LLC
(c)
7.75%,
02/15/26
.................
239
227,202
5.88%,
07/01/29
.................
751
658,064
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
.................
1,160
1,038,699
5.88%,
01/15/30
.................
1,188
1,021,680
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
......
2,334
1,987,494
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(c)
....................
1,294
1,177,540
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
.................
122
108,580
6.00%,
02/01/29
.................
104
90,749
8.00%,
04/01/29
.................
195
181,108
CrownRock
LP,
5.63%,
10/15/25
(c)
.......
1,574
1,479,560
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
DCP
Midstream
Operating
LP
6.45%,
11/03/36
(c)
................
USD
193
$
189,140
6.75%,
09/15/37
(c)
................
540
513,675
5.60%,
04/01/44
.................
31
25,052
Diamondback
Energy,
Inc.,
4.25%,
03/15/52
372
308,520
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
837
709,358
4.38%,
06/15/31
.................
1,717
1,437,987
Earthstone
Energy
Holdings
LLC,
8.00%,
04/15/27
(c)
....................
664
628,310
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(f)(g)
...........
1,342
1,186,217
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
534
489,821
5.38%,
06/01/29
.................
707
618,772
EnLink
Midstream
Partners
LP
4.40%,
04/01/24
.................
293
286,011
4.15%,
06/01/25
.................
27
25,133
4.85%,
07/15/26
.................
28
25,830
5.60%,
04/01/44
.................
376
266,288
5.05%,
04/01/45
.................
45
30,431
5.45%,
06/01/47
.................
139
98,376
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
154
147,637
4.13%,
12/01/26
.................
53
45,779
6.50%,
07/01/27
(c)
................
788
732,683
4.50%,
01/15/29
(c)
................
40
32,475
7.50%,
06/01/30
(c)
................
181
173,877
4.75%,
01/15/31
(c)
................
715
570,212
Genesis
Energy
LP
6.50%,
10/01/25
.................
63
58,118
7.75%,
02/01/28
.................
167
144,463
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
84
82,633
Harbour
Energy
plc,
5.50%,
10/15/26
(c)
....
200
179,750
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
98
92,045
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
491
411,195
Hilcorp
Energy
I
LP,
6.25%,
11/01/28
(c)
....
76
71,631
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
719
575,200
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
1,193
1,136,470
Matador
Resources
Co.,
5.88%,
09/15/26
..
1,711
1,644,750
MPLX
LP,
4.95%,
03/14/52
...........
977
844,282
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
74
73,224
5.88%,
12/01/27
.................
124
115,723
6.13%,
12/01/42
(i)
................
46
34,385
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
2,395
2,263,275
6.50%,
09/30/26
.................
2,363
2,140,314
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
336
302,400
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
....
307
334,089
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(c)
2,185
2,059,362
NuStar
Logistics
LP
5.75%,
10/01/25
.................
232
216,920
6.00%,
06/01/26
.................
311
290,785
6.38%,
10/01/30
.................
35
30,409
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
121
124,630
8.00%,
07/15/25
.................
77
81,042
5.88%,
09/01/25
.................
248
246,921
5.50%,
12/01/25
.................
269
264,965
8.88%,
07/15/30
.................
245
281,279
6.63%,
09/01/30
.................
1,750
1,802,500
6.13%,
01/01/31
.................
166
168,229
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
7.50%,
05/01/31
.................
USD
298
$
320,350
6.45%,
09/15/36
.................
206
211,150
6.20%,
03/15/40
.................
1,551
1,527,735
6.60%,
03/15/46
.................
129
136,998
Parkland
Corp.,
5.88%,
07/15/27
(c)
......
418
379,335
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
58
57,605
Range
Resources
Corp.,
4.88%,
05/15/25
..
163
158,990
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
818
744,355
SM
Energy
Co.
5.63%,
06/01/25
.................
144
136,080
6.75%,
09/15/26
.................
315
297,159
6.63%,
01/15/27
.................
234
218,790
6.50%,
07/15/28
.................
324
297,985
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
542
502,759
4.75%,
02/01/32
.................
347
296,520
Sunoco
LP
6.00%,
04/15/27
.................
42
40,042
5.88%,
03/15/28
.................
185
168,675
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
.................
96
85,680
6.00%,
12/31/30
.................
66
54,780
6.00%,
09/01/31
.................
288
237,600
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
2,104
1,986,635
TerraForm
Power
Operating
LLC
(c)
5.00%,
01/31/28
.................
14
12,680
4.75%,
01/15/30
.................
254
217,549
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
1,302
1,138,892
4.13%,
08/15/31
.................
1,908
1,630,424
3.88%,
11/01/33
.................
4,229
3,488,925
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
345
308,775
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
59
53,904
5.45%,
04/01/44
.................
660
548,552
5.30%,
03/01/48
.................
609
490,945
5.50%,
08/15/48
.................
184
149,960
5.75%,
02/01/50
(i)
................
2,183
1,753,077
70,999,784
Personal
Products
—
0.0%
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(c)
...
297
246,272
Pharmaceuticals
—
0.7%
Bausch
Health
Cos.,
Inc.
(c)
9.00%,
12/15/25
.................
73
53,936
6.13%,
02/01/27
.................
140
119,000
7.00%,
01/15/28
.................
346
198,085
5.00%,
02/15/29
.................
181
94,120
7.25%,
05/30/29
.................
155
84,087
Catalent
Pharma
Solutions,
Inc.
(c)
5.00%,
07/15/27
.................
5
4,707
3.13%,
02/15/29
.................
317
260,077
3.50%,
04/01/30
.................
1,187
968,508
Cheplapharm
Arzneimittel
GmbH,
5.50%,
01/15/28
(c)
....................
480
401,037
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(i)
14
13,327
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
...
577
513,251
Organon
&
Co.
(c)
4.13%,
04/30/28
.................
814
720,390
5.13%,
04/30/31
.................
906
781,724
P&L
Development
LLC,
7.75%,
11/15/25
(c)
..
505
353,525
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.13%,
01/31/25
.............
287
278,623
4,844,397
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.5%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
USD
153
$
129,285
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
1,470
1,131,900
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
1,364
1,178,155
KBR,
Inc.,
4.75%,
09/30/28
...........
335
295,248
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
314
292,805
3,027,393
Real
Estate
Management
&
Development
—
0.3%
(c)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
473
439,299
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
64
53,680
Howard
Hughes
Corp.
(The)
4.13%,
02/01/29
.................
469
361,734
4.38%,
02/01/31
.................
348
257,548
Realogy
Group
LLC
5.75%,
01/15/29
.................
520
394,326
5.25%,
04/15/30
.................
315
233,100
WeWork
Cos.
LLC,
5.00%,
07/10/25
.....
466
300,966
2,040,653
Road
&
Rail
—
1.3%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(c)
389
332,917
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(c)
71
59,059
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
287
239,955
5.00%,
12/01/29
.................
199
153,230
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
441
369,337
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
(c)
...............
26
20,605
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
492
487,311
0.00%,
12/15/25
(k)(l)
...............
621
495,383
8.00%,
11/01/26
(c)
................
580
577,390
7.50%,
09/15/27
(c)
................
2,432
2,356,073
6.25%,
01/15/28
(c)
................
1,317
1,218,014
4.50%,
08/15/29
(c)
................
2,013
1,655,693
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
....................
513
437,332
8,402,299
Semiconductors
&
Semiconductor
Equipment
—
0.5%
(c)
Entegris
Escrow
Corp.,
4.75%,
04/15/29
...
2,807
2,613,957
Entegris,
Inc.
4.38%,
04/15/28
.................
357
315,052
3.63%,
05/01/29
.................
85
71,080
Synaptics,
Inc.,
4.00%,
06/15/29
........
378
306,929
3,307,018
Software
—
2.7%
(c)
Boxer
Parent
Co.,
Inc.
7.13%,
10/02/25
.................
864
827,332
9.13%,
03/01/26
.................
1,656
1,547,054
Camelot
Finance
SA,
4.50%,
11/01/26
....
221
201,574
Central
Parent,
Inc.,
7.25%,
06/15/29
.....
1,237
1,190,613
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
.....................
1,531
1,490,719
Clarivate
Science
Holdings
Corp.
3.88%,
07/01/28
.................
974
813,785
4.88%,
07/01/29
.................
1,455
1,194,555
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
.
1,643
1,335,381
Consensus
Cloud
Solutions,
Inc.
6.00%,
10/15/26
.................
159
136,788
6.50%,
10/15/28
.................
146
120,479
Elastic
NV,
4.13%,
07/15/29
..........
794
662,815
Fair
Isaac
Corp.,
4.00%,
06/15/28
.......
552
488,984
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
673
534,120
MicroStrategy,
Inc.,
6.13%,
06/15/28
.....
946
753,328
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Minerva
Merger
Sub,
Inc.,
6.50%,
02/15/30
.
USD
1,291
$
1,073,583
NCR
Corp.
5.75%,
09/01/27
.................
250
221,883
5.00%,
10/01/28
.................
172
145,838
5.13%,
04/15/29
.................
294
248,648
6.13%,
09/01/29
.................
39
33,729
Open
Text
Corp.,
3.88%,
12/01/29
......
442
372,009
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
.
160
138,408
PTC,
Inc.
3.63%,
02/15/25
.................
16
15,132
4.00%,
02/15/28
.................
290
262,064
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
.
2,324
2,167,270
Veritas
US,
Inc.,
7.50%,
09/01/25
.......
685
514,055
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
1,280
1,072,182
17,562,328
Specialty
Retail
—
2.2%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
406
307,556
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
208
180,440
4.75%,
03/01/30
.................
186
152,938
5.00%,
02/15/32
(c)
................
357
291,848
Bath
&
Body
Works,
Inc.
6.88%,
11/01/35
.................
531
431,438
6.75%,
07/01/36
.................
119
95,188
7.60%,
07/15/37
.................
140
112,864
Carvana
Co.
(c)
5.50%,
04/15/27
.................
505
325,895
4.88%,
09/01/29
.................
462
262,696
10.25%,
05/01/30
................
360
295,200
eG
Global
Finance
plc
(c)
6.75%,
02/07/25
.................
867
817,482
8.50%,
10/30/25
.................
399
386,531
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
65
54,326
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
463
361,015
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
220
179,365
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
...
453
291,648
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
571
434,588
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
267
226,784
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
440
396,026
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
.................
286
268,125
3.75%,
06/15/29
(c)
................
140
116,572
PetSmart,
Inc.
(c)
4.75%,
02/15/28
.................
390
337,444
7.75%,
02/15/29
.................
1,518
1,366,974
Sonic
Automotive,
Inc.,
4.63%,
11/15/29
(c)
..
129
99,950
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
553
449,597
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
1,845
1,614,375
6.13%,
07/01/29
.................
1,517
1,196,876
6.00%,
12/01/29
.................
974
764,814
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
546
452,563
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
1,981
1,584,800
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(h)
...........
413
343,823
14,199,741
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
.........
89
68,294
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
(c)
Crocs,
Inc.
4.25%,
03/15/29
.................
35
25,889
4.13%,
08/15/31
.................
705
498,968
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
USD
224
$
177,883
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
365
298,387
1,001,127
Thrifts
&
Mortgage
Finance
—
0.4%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
781
736,577
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
.
357
246,330
Ladder
Capital
Finance
Holdings
LLLP
(c)
4.25%,
02/01/27
.................
369
297,902
4.75%,
06/15/29
.................
139
106,950
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
241
215,803
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
231
200,379
5.13%,
12/15/30
.................
158
118,110
5.75%,
11/15/31
.................
222
169,985
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
..
639
528,076
2,620,112
Trading
Companies
&
Distributors
—
0.5%
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(c)
199
161,831
Fortress
Transportation
&
Infrastructure
Investors
LLC
(c)
6.50%,
10/01/25
.................
130
122,656
9.75%,
08/01/27
.................
79
77,215
5.50%,
05/01/28
.................
584
482,042
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(c)
....................
323
236,597
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(c)
....................
75
60,656
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(c)
....
236
215,445
Imola
Merger
Corp.,
4.75%,
05/15/29
(c)
....
1,171
979,729
United
Rentals
North
America,
Inc.,
5.25%,
01/15/30
.....................
30
27,825
WESCO
Distribution,
Inc.
(c)
7.13%,
06/15/25
.................
205
204,555
7.25%,
06/15/28
.................
832
822,848
3,391,399
Wireless
Telecommunication
Services
—
1.0%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
...
3,319
2,982,553
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(c)(g)(h)
.......
594
306,901
Sprint
Corp.,
7.63%,
03/01/26
.........
276
290,801
T-Mobile
USA,
Inc.
2.63%,
02/15/29
.................
408
343,449
3.38%,
04/15/29
.................
217
189,875
3.38%,
04/15/29
(c)
................
115
100,625
2.88%,
02/15/31
.................
700
581,161
3.50%,
04/15/31
(c)
................
432
373,002
3.50%,
04/15/31
.................
333
287,522
Vmed
O2
UK
Financing
I
plc
(c)
4.25%,
01/31/31
.................
413
331,949
4.75%,
07/15/31
.................
817
660,013
6,447,851
Total
Corporate
Bonds
—
82.3%
(Cost:
$628,335,089)
.............................
537,911,461
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.6%
(g)
Brown
Group
Holdings
LLC,
Term
Loan
B2,
07/02/29
(m)
.....................
567
543,373
Cobham
Ultra
US
Co.,
Term
Loan,
11/17/28
(m)
178
168,952
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 02/01/28
2,606
2,441,439
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
9.00%
,
 02/01/29
562
521,346
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
8.30%
,
 11/28/23
.................
USD
105
$
103,668
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 01/15/25
344
334,699
4,113,477
Air
Freight
&
Logistics
—
0.0%
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.72%
,
 04/06/28
(g)
................
222
200,828
Airlines
—
0.6%
(g)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.81%
,
 04/20/28
1,267
1,206,351
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 08/11/28
(j)
.........
719
659,682
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
7.31%
,
 06/21/27
388
382,391
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/20/27
.....
538
534,132
United
Airlines,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
5.39%
,
 04/21/28
....
1,266
1,173,407
3,955,963
Auto
Components
—
0.1%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 04/30/26
(g)
370
344,716
Beverages
—
0.1%
(g)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(SOFR
3
Month
+
3.25%),
4.88%
-
5.40%
,
 01/24/29
518
480,836
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(SOFR
3
Month
+
6.00%),
8.15%
,
 01/24/30
(j)
...
69
62,100
542,936
Capital
Markets
—
0.0%
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
07/31/26
(g)(m)
....................
132
124,904
Chemicals
—
0.4%
(g)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
4.17%
,
 03/18/28
..........
918
874,900
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(m)
.....................
54
49,321
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 09/30/28
.....
365
336,161
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.00%
,
 08/27/26
...........
592
576,077
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 05/15/24
...........
124
119,127
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.06%
,
 09/22/28
649
614,032
2,569,618
Commercial
Services
&
Supplies
—
0.2%
(g)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(SOFR
6
Month
+
4.00%),
4.78%
-
5.60%
,
 02/15/29
......
305
289,561
Propulsion
(BC)
Finco,
Term
Loan,
02/10/29
(j)(m)
450
425,250
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
10.75%
,
 11/02/28
(j)
................
275
262,625
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
,
 01/08/27
.................
USD
313
$
296,179
1,273,615
Communications
Equipment
—
0.1%
ViaSat,
Inc.,
Term
Loan,
(SOFR
1
Month
+
4.50%),
6.14%
,
 03/02/29
(g)
..........
843
783,194
Construction
&
Engineering
—
0.5%
(g)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 01/29/27
...........
112
106,065
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.25%
-
6.50%
,
 06/21/24
...........
3,578
3,082,718
3,188,783
Construction
Materials
—
0.0%
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan,
(SOFR
1
Month
+
4.25%),
5.88%
,
 04/02/29
(g)(j)
...............
221
203,873
Containers
&
Packaging
—
0.1%
(g)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 12/01/27
.................
125
117,657
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.31%
,
 04/03/24
.................
651
610,713
728,370
Diversified
Consumer
Services
—
0.1%
(g)
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
7.42%
,
 12/10/29
(j)
................
284
259,860
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.54%
,
 01/15/27
...........
247
235,978
495,838
Diversified
Financial
Services
—
1.1%
(g)
Acuris
Finance
US,
Inc.,
Term
Loan,
(SOFR
3
Month
+
4.00%),
6.20%
,
 02/16/28
.....
194
182,027
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(SOFR
1
Month
+
4.18%),
5.88%
,
 04/13/29
.................
371
346,132
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
3.75%),
5.28%
,
 04/09/27
.................
340
317,099
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
8.42%
,
 04/07/28
.................
426
413,220
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.75%
,
 11/06/28
.
342
324,755
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
5.01%
-
6.25%
,
 10/01/27
.................
1,900
1,793,409
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
 01/29/26
.....
229
208,447
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.81%
,
 08/02/28
(j)
................
332
308,916
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.50%),
7.50%
,
 08/02/29
(j)
................
378
351,455
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
5.92%
,
 12/15/28
.................
USD
1,666
$
1,499,486
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.82%
,
 08/31/29
715
682,825
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 09/25/26
....
97
89,518
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(SOFR
1
Month
+
3.75%),
5.28%
,
 10/19/27
880
808,163
7,325,452
Diversified
Telecommunication
Services
—
0.3%
(g)
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.79%
,
 07/15/25
.....
62
55,510
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
5.41%
,
 08/14/26
....
238
216,998
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(SOFR
1
Month
+
3.25%),
4.88%
,
 11/22/28
......
197
187,317
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 12/11/26
....
270
248,143
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
6.06%
,
 05/01/28
.................
520
485,805
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.67%
,
 03/09/27
1,007
925,987
2,119,760
Electronic
Equipment,
Instruments
&
Components
—
0.0%
II-VI,
Inc.,
Term
Loan
B,
07/02/29
(g)(m)
......
238
227,829
Entertainment
—
0.0%
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 05/30/25
(g)
................
9
8,124
Food
Products
—
0.0%
Chobani
LLC,
Term
Loan,
10/25/27
(g)(m)
....
64
57,468
Health
Care
Equipment
&
Supplies
—
0.1%
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
-
5.17%
,
 11/03/28
(g)
................
829
746,639
Health
Care
Providers
&
Services
—
0.1%
(g)
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.81%
-
5.42%
,
 10/10/25
.................
831
273,549
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.81%
-
5.42%
,
 11/16/25
.................
177
164,926
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.75%
,
 04/29/25
....
491
327,110
765,585
Health
Care
Technology
—
1.1%
(g)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(m)
.................
671
615,815
Athenahealth
Group,
Inc.,
Term
Loan,
(SOFR
1
Month
+
3.50%),
5.01%
,
 02/15/29
.....
3,957
3,633,311
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.67%
,
 06/02/28
.................
780
718,715
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
5.67%
,
 08/27/25
2,428
2,319,043
7,286,884
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
0.3%
(g)
Fertitta
Entertainment
LLC,
Term
Loan
B,
01/27/29
(m)
.....................
USD
1,160
$
1,066,432
IRB
Holding
Corp.,
Term
Loan
B,
(SOFR
1
Month
+
3.00%),
4.24%
,
 12/15/27
.....
514
481,796
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
6.10%
,
 11/01/26
.................
116
108,866
Scientific
Games
International,
Inc.,
Term
Loan
B,
(SOFR
1
Month
+
3.00%),
4.36%
,
 04/14/29
.................
319
302,252
1,959,346
Household
Durables
—
0.2%
(g)
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(SOFR
3
Month
+
3.50%),
4.84%
,
 02/26/29
477
409,328
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.60%
,
 10/06/28
.................
951
778,318
1,187,646
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
3.67%
,
 08/12/26
(g)
....
25
24,112
Insurance
—
0.3%
(g)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.50%),
5.01%
,
 11/05/27
.................
317
293,821
AssuredPartners,
Inc.,
Term
Loan,
(SOFR
1
Month
+
3.50%),
5.03%
,
 02/12/27
.....
475
441,573
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 12/23/26
.....
115
104,127
Ryan
Specialty
Group
LLC,
Term
Loan,
(SOFR
1
Month
+
3.00%),
4.63%
,
 09/01/27
(j)
...
311
298,994
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
4.92%, 12/31/25
...............
194
181,972
(LIBOR
USD
1
Month
+
3.75%),
5.42%, 09/03/26
...............
361
342,347
(LIBOR
USD
1
Month
+
4.25%),
5.92%, 09/03/26
...............
135
129,654
1,792,488
Interactive
Media
&
Services
—
0.0%
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.67%
,
 10/30/26
(g)
................
211
198,318
Internet
&
Direct
Marketing
Retail
—
0.1%
(g)
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.69%
,
 11/08/27
.................
249
235,657
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 02/12/27
(j)
...........
288
258,940
494,597
IT
Services
—
0.1%
(g)
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 07/30/27
213
200,741
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 05/05/26
(j)
190
176,729
377,470
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.,
Term
Loan,
(SOFR
6
Month
+
6.50%),
8.35%
,
 05/25/27
(g)
....
USD
221
$
210,089
Machinery
—
0.5%
(g)
Filtration
Group
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 10/21/28
....
508
473,859
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.88%
,
 03/28/25
.................
1,907
1,744,271
SPX
Flow,
Inc.,
Term
Loan,
(SOFR
1
Month
+
4.50%),
6.13%
,
 04/05/29
...........
852
791,634
3,009,764
Media
—
0.6%
(g)
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.58%
,
 09/01/25
.................
504
399,210
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.74%
,
 08/21/26
.................
1,918
1,642,449
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
6.67%
,
 08/02/27
1,446
1,327,388
Intelsat
Jackson
Holdings
SA,
Term
Loan
B,
(SOFR
6
Month
+
4.25%),
4.92%
,
 02/01/29
805
736,345
4,105,392
Metals
&
Mining
—
0.0%
Grinding
Media,
Inc.,
1st
LienTerm
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.80%
,
 10/12/28
(g)(j)
...............
210
191,473
Oil,
Gas
&
Consumable
Fuels
—
0.9%
(g)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(m)
..........
4,988
5,229,470
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.56%
,
 12/21/28
.................
588
506,443
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.67%
,
 06/28/24
25
14,719
5,750,632
Pharmaceuticals
—
0.0%
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
9.88%
,
 11/01/29
(g)
................
260
239,200
Professional
Services
—
0.3%
(g)
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.87%
,
 02/06/26
.................
587
552,668
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(SOFR
1
Month
+
3.25%),
4.75%
,
 01/18/29
422
392,934
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan,
04/12/29
(m)
...
132
126,386
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
04/12/29
(m)
.
286
273,836
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
4.75%),
6.28%
,
 04/29/29
572
535,535
1,881,359
Semiconductors
&
Semiconductor
Equipment
—
0.1%
MKS
Instruments,
Inc.,
Term
Loan
B,
04/11/29
(g)
(m)
...........................
463
441,881
Security
Par
(000)
Par
(000)
Value
Software
—
2.6%
(g)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
7.17%
,
 02/27/26
.................
USD
925
$
866,614
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.99%
,
 10/30/28
.................
246
245,833
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 10/02/25
432
401,168
CDK
Global,
Inc.,
Term
Loan
B,
07/06/29
(m)
.
385
362,913
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 10/08/28
1,173
1,076,294
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
7.67%
,
 10/08/29
(j)
551
479,370
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.84%
,
 12/01/27
708
639,297
Epicor
Software
Corp.
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
9.42%
,
 07/31/28
.................
156
151,008
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.67%
,
 12/01/27
.................
760
724,457
Helios
Software
Holdings,
Inc.,
Term
Loan,
(SOFR
3
Month
+
3.75%),
5.95%
,
 03/11/28
239
219,582
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.98%
,
 07/27/28
.................
1,837
1,645,741
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.48%
,
 07/27/29
.................
830
755,300
McAfee
Corp.,
Term
Loan
B1,
(SOFR
1
Month
+
4.00%),
5.15%
,
 03/01/29
..........
2,411
2,187,983
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
7.92%
,
 02/23/29
103
96,648
MH
Sub
I,
LLC,
1st
Lien
Term
Loan
(LIBOR
USD
1
Month
+
3.75%),
4.56%
-
5.42%, 09/13/24
...............
306
287,785
(LIBOR
USD
1
Month
+
3.75%),
5.42%, 09/13/24
...............
676
635,489
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
8.92%
,
 12/18/28
(j)
................
288
273,600
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.82%
,
 08/31/28
399
369,996
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.67%
,
 04/24/28
635
585,705
Sabre
GLBL,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 12/17/27
....
227
212,114
Sabre
GLBL,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 12/17/27
....
362
338,121
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
5.50%
,
 10/07/27
....
1,456
1,354,746
Sovos
Compliance
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
6.17%
,
 08/11/28
.................
306
287,425
Sovos
Compliance
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
6.15%
,
 08/11/28
.................
53
49,885
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
8.31%
-
8.92%
,
 03/03/28
.................
471
460,873
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
4.21%, 05/04/26
...............
570
532,837
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
(LIBOR
USD
1
Month
+
3.75%),
5.42%, 05/04/26
...............
USD
166
$
156,027
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.21%
,
 05/03/27
.....
909
835,884
Veritas
US
Inc.,
Term
Loan
B,
09/01/25
(m)
...
518
422,296
16,654,991
Specialty
Retail
—
0.0%
(g)(m)
PetSmart
LLC,
Term
Loan,
02/11/28
......
38
35,324
Staples,
Inc.,
Term
Loan
B1,
04/16/26
.....
219
189,770
225,094
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Crocs,
Inc.,
Term
Loan,
(SOFR
6
Month
+
3.50%),
4.03%
-
4.45%
,
 02/20/29
(g)
.....
1,972
1,790,832
Trading
Companies
&
Distributors
—
0.1%
(g)
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
4.63%),
6.25%
,
 06/11/26
.................
85
79,347
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.49%
,
 01/31/28
(j)
................
201
174,724
SRS
Distribution,
Inc.,
Term
Loan,
(SOFR
3
Month
+
3.50%),
4.00%
,
 06/02/28
.....
579
531,666
785,737
Transportation
Infrastructure
—
0.2%
(g)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
4.42%
,
 09/22/28
.................
353
332,663
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
7.42%
,
 09/21/29
.................
56
53,410
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
7.25%
,
 09/21/26
(j)
.....
600
571,155
957,228
Wireless
Telecommunication
Services
—
0.2%
(g)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 05/27/24
(j)
................
1,214
1,047,066
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
3.75%),
4.66%
-
5.05%
,
 06/02/28
.................
45
41,342
1,088,408
Total
Floating
Rate
Loan
Interests
—
12.3%
(Cost:
$86,913,937)
..............................
80,429,913
Shares
Shares
Investment
Companies
Western
Midstream
Partners
LP
.........
2,542
61,796
Total
Investment
Companies
—
0.0%
(Cost:
$42,502)
................................
61,796
Security
Par
(000)
Pa
r
(
000)
Value
Preferred
Securities
Capital
Trusts
Banks
—
0.4%
(f)
Citigroup,
Inc.
(g)
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
......................
USD
295
$
255,175
Series
Y,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
4.15%
......................
5
4,013
JPMorgan
Chase
&
Co.
Series
Q,
5.15%
.................
190
179,787
Series
FF,
(SOFR
+
3.38%),
5.00%
(g)
...
1,199
1,058,118
Series
HH,
(SOFR
+
3.13%),
4.60%
(g)
...
426
359,766
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
(g)
............
710
611,488
2,468,347
Capital
Markets
—
0.3%
(f)(g)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
1,590
1,223,902
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
921
829,204
2,053,106
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(f)
(g)
...........................
210
182,700
Electric
Utilities
—
0.1%
Edison
International,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(f)(g)
............
900
731,250
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(c)(f)(g)
.....................
516
468,270
Total
Capital
Trusts
—
0.9%
(Cost:
$6,992,866)
..............................
5,903,673
Total
Long-Term
Investments
—
96.8%
(Cost:
$731,856,462)
.............................
632,945,538
Shares
Shares
Short-Term
Securities
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
(n)(o)
.................
6,458,229
6,458,229
Total
Short-Term
Securities
—
1.0%
(Cost:
$6,458,229)
..............................
6,458,229
Total
Investments
—
97.8%
(Cost:
$738,314,691
)
.............................
639,403,767
Other
Assets
Less
Liabilities
—
2.2%
...................
14,237,863
Net
Assets
—
100.0%
..............................
$
653,641,630
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$342,832,
representing
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$552,653.
(c)
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.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Perpetual
security
with
no
stated
maturity
date.
(g)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(j)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(k)
Convertible
security.
(l)
Zero-coupon
bond.
(m)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(n)
Annualized
7-day
yield
as
of
period
end.
(o)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
37,402,891
$
—
$
(30,944,662)
$
—
$
—
$
6,458,229
6,458,229
$
28,198
$
—
—
—
(a)
Represents
net
amount
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.
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
21
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
U.S.
Treasury
10
Year
Note
...................................................
27
09/21/22
$
3,195
$
31,728
U.S.
Treasury
Long
Bond
....................................................
1
09/21/22
138
1,136
U.S.
Treasury
Ultra
Bond
....................................................
29
09/21/22
4,442
109,971
$
142,835
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
244,811
CAD
315,000
State
Street
Bank
and
Trust
Co.
09/21/22
$
59
USD
88,738
EUR
84,000
Bank
of
America
NA
09/21/22
204
USD
88,880
EUR
84,000
Natwest
Markets
plc
09/21/22
347
USD
481,365
EUR
449,000
Toronto
Dominion
Bank
09/21/22
8,131
USD
97,820
GBP
78,000
Natwest
Markets
plc
09/21/22
2,724
11,465
USD
80,055
EUR
76,000
Natwest
Markets
plc
09/21/22
(47)
$
11,418
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CenturyLink,
Inc.
......
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
312
$
(8,970)
$
(7,053)
$
(1,917)
CenturyLink,
Inc.
......
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
567
(50,860)
(44,768)
(6,092)
$
(59,830)
$
(51,821)
$
(8,009)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
—
$
(51,821)
$
—
$
(8,009)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
22
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
142,835
$
—
$
142,835
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
11,465
—
—
11,465
$
—
$
—
$
—
$
11,465
$
142,835
$
—
$
154,300
Liabilities
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
47
—
—
47
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
59,830
—
—
—
—
59,830
$
—
$
59,830
$
—
$
47
$
—
$
—
$
59,877
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
135,177
$
—
$
1,264,925
$
—
$
1,400,102
Forward
foreign
currency
exchange
contracts
....
—
—
—
71,764
—
—
71,764
Swaps
..............................
—
(660,641)
—
—
—
—
(660,641)
$
—
$
(660,641)
$
135,177
$
71,764
$
1,264,925
$
—
$
811,225
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
144,623
$
—
$
144,623
Forward
foreign
currency
exchange
contracts
....
—
—
—
22,932
—
—
22,932
Swaps
..............................
—
(55,221)
—
—
—
—
(55,221)
$
—
$
(55,221)
$
—
$
22,932
$
144,623
$
—
$
112,334
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
short
.................................................................................
$
9,301,829
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
1,205,462
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
879,000
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
23
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
56,627
Forward
foreign
currency
exchange
contracts
.................................................................
11,465
47
Swaps
—
OTC
(a)
....................................................................................
—
59,830
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
11,465
$
116,504
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(56,627)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
11,465
$
59,877
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Bank
of
America
NA
..............................
$
204
$
—
$
—
$
—
$
204
Natwest
Markets
plc
..............................
3,071
(47)
—
—
3,024
State
Street
Bank
and
Trust
Co.
......................
59
—
—
—
59
Toronto
Dominion
Bank
............................
8,131
—
—
—
8,131
$
11,465
$
(47)
$
—
$
—
$
11,418
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(c)
Net
Amount
of
Derivative
Liabilities
Barclays
Bank
plc
................................
$
59,830
$
—
$
—
$
(59,830)
$
—
Natwest
Markets
plc
..............................
47
(47)
—
—
—
$
59,877
$
(47)
$
—
$
(59,830)
$
—
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
24
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Building
Products
.......................................
$
5,792
$
—
$
—
$
5,792
Chemicals
............................................
1,111,649
—
—
1,111,649
Communications
Equipment
................................
83,103
—
—
83,103
Containers
&
Packaging
..................................
—
342,832
—
342,832
Electrical
Equipment
.....................................
273,803
—
—
273,803
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
129,692
—
—
129,692
IT
Services
...........................................
206,663
—
—
206,663
Life
Sciences
Tools
&
Services
..............................
1,280,359
—
—
1,280,359
Media
...............................................
113,804
—
—
113,804
Metals
&
Mining
........................................
773,987
—
—
773,987
Oil,
Gas
&
Consumable
Fuels
...............................
3,307,214
—
—
3,307,214
Road
&
Rail
...........................................
346,756
—
—
346,756
Software
.............................................
663,041
—
—
663,041
Corporate
Bonds
Aerospace
&
Defense
....................................
—
21,526,473
—
21,526,473
Airlines
..............................................
—
13,773,313
—
13,773,313
Auto
Components
......................................
—
13,257,559
—
13,257,559
Automobiles
..........................................
—
1,843,801
—
1,843,801
Banks
...............................................
—
2,286,729
—
2,286,729
Building
Products
.......................................
—
5,007,053
—
5,007,053
Capital
Markets
........................................
—
2,906,901
—
2,906,901
Chemicals
............................................
—
16,120,166
—
16,120,166
Commercial
Services
&
Supplies
.............................
—
20,135,933
—
20,135,933
Communications
Equipment
................................
—
4,651,430
—
4,651,430
Construction
&
Engineering
................................
—
981,529
—
981,529
Consumer
Finance
......................................
—
12,097,817
—
12,097,817
Containers
&
Packaging
..................................
—
15,047,872
—
15,047,872
Distributors
...........................................
—
594,515
—
594,515
Diversified
Consumer
Services
..............................
—
5,083,056
—
5,083,056
Diversified
Financial
Services
...............................
—
4,409,162
—
4,409,162
Diversified
Telecommunication
Services
........................
—
43,422,488
—
43,422,488
Electric
Utilities
........................................
—
4,821,621
—
4,821,621
Electrical
Equipment
.....................................
—
1,893,115
—
1,893,115
Electronic
Equipment,
Instruments
&
Components
.................
—
2,805,534
—
2,805,534
Energy
Equipment
&
Services
..............................
—
4,894,775
—
4,894,775
Entertainment
.........................................
—
8,214,159
—
8,214,159
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
9,960,020
—
9,960,020
Food
&
Staples
Retailing
..................................
—
2,886,133
—
2,886,133
Food
Products
.........................................
—
9,890,025
—
9,890,025
Gas
Utilities
...........................................
—
155,619
—
155,619
Health
Care
Equipment
&
Supplies
...........................
—
5,776,461
—
5,776,461
Health
Care
Providers
&
Services
............................
—
21,912,401
—
21,912,401
Health
Care
Technology
..................................
—
497,613
—
497,613
Hotels,
Restaurants
&
Leisure
..............................
—
34,468,160
455,900
34,924,060
Household
Durables
.....................................
—
5,166,001
—
5,166,001
Household
Products
.....................................
—
1,076,754
—
1,076,754
Independent
Power
and
Renewable
Electricity
Producers
............
—
2,110,303
—
2,110,303
Insurance
............................................
—
17,132,690
—
17,132,690
Interactive
Media
&
Services
...............................
—
1,008,312
—
1,008,312
Internet
&
Direct
Marketing
Retail
............................
—
1,535,418
—
1,535,418
IT
Services
...........................................
—
11,667,191
—
11,667,191
Leisure
Products
.......................................
—
1,257,496
—
1,257,496
Life
Sciences
Tools
&
Services
..............................
—
2,400,773
—
2,400,773
Machinery
............................................
—
8,183,989
—
8,183,989
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
25
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Level
1
Level
2
Level
3
Total
Marine
..............................................
$
—
$
540,669
$
—
$
540,669
Media
...............................................
—
38,494,609
—
38,494,609
Metals
&
Mining
........................................
—
16,497,931
—
16,497,931
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
205,688
—
205,688
Multiline
Retail
.........................................
—
697,636
—
697,636
Oil,
Gas
&
Consumable
Fuels
...............................
—
70,999,784
—
70,999,784
Personal
Products
......................................
—
246,272
—
246,272
Pharmaceuticals
.......................................
—
4,844,397
—
4,844,397
Professional
Services
....................................
—
3,027,393
—
3,027,393
Real
Estate
Management
&
Development
.......................
—
2,040,653
—
2,040,653
Road
&
Rail
...........................................
—
8,402,299
—
8,402,299
Semiconductors
&
Semiconductor
Equipment
....................
—
3,307,018
—
3,307,018
Software
.............................................
—
17,562,328
—
17,562,328
Specialty
Retail
........................................
—
14,199,741
—
14,199,741
Technology
Hardware,
Storage
&
Peripherals
....................
—
68,294
—
68,294
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,001,127
—
1,001,127
Thrifts
&
Mortgage
Finance
................................
—
2,620,112
—
2,620,112
Trading
Companies
&
Distributors
............................
—
3,391,399
—
3,391,399
Wireless
Telecommunication
Services
.........................
—
6,447,851
—
6,447,851
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
4,113,477
—
4,113,477
Air
Freight
&
Logistics
....................................
—
200,828
—
200,828
Airlines
..............................................
—
3,296,281
659,682
3,955,963
Auto
Components
......................................
—
344,716
—
344,716
Beverages
...........................................
—
480,836
62,100
542,936
Capital
Markets
........................................
—
124,904
—
124,904
Chemicals
............................................
—
2,569,618
—
2,569,618
Commercial
Services
&
Supplies
.............................
—
585,740
687,875
1,273,615
Communications
Equipment
................................
—
783,194
—
783,194
Construction
&
Engineering
................................
—
3,188,783
—
3,188,783
Construction
Materials
....................................
—
—
203,873
203,873
Containers
&
Packaging
..................................
—
728,370
—
728,370
Diversified
Consumer
Services
..............................
—
235,978
259,860
495,838
Diversified
Financial
Services
...............................
—
6,665,081
660,371
7,325,452
Diversified
Telecommunication
Services
........................
—
2,119,760
—
2,119,760
Electronic
Equipment,
Instruments
&
Components
.................
—
227,829
—
227,829
Entertainment
.........................................
—
8,124
—
8,124
Food
Products
.........................................
—
57,468
—
57,468
Health
Care
Equipment
&
Supplies
...........................
—
746,639
—
746,639
Health
Care
Providers
&
Services
............................
—
765,585
—
765,585
Health
Care
Technology
..................................
—
7,286,884
—
7,286,884
Hotels,
Restaurants
&
Leisure
..............................
—
1,959,346
—
1,959,346
Household
Durables
.....................................
—
1,187,646
—
1,187,646
Independent
Power
and
Renewable
Electricity
Producers
............
—
24,112
—
24,112
Insurance
............................................
—
1,493,494
298,994
1,792,488
Interactive
Media
&
Services
...............................
—
198,318
—
198,318
Internet
&
Direct
Marketing
Retail
............................
—
235,657
258,940
494,597
IT
Services
...........................................
—
200,741
176,729
377,470
Leisure
Products
.......................................
—
210,089
—
210,089
Life
Sciences
Tools
&
Services
..............................
—
—
—
—
Machinery
............................................
—
3,009,764
—
3,009,764
Media
...............................................
—
4,105,392
—
4,105,392
Metals
&
Mining
........................................
—
—
191,473
191,473
Oil,
Gas
&
Consumable
Fuels
...............................
—
5,750,632
—
5,750,632
Pharmaceuticals
.......................................
—
239,200
—
239,200
Professional
Services
....................................
—
1,881,359
—
1,881,359
Semiconductors
&
Semiconductor
Equipment
....................
—
441,881
—
441,881
Software
.............................................
—
15,902,021
752,970
16,654,991
Specialty
Retail
........................................
—
225,094
—
225,094
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,790,832
—
1,790,832
Trading
Companies
&
Distributors
............................
—
611,013
174,724
785,737
Transportation
Infrastructure
...............................
—
386,073
571,155
957,228
Wireless
Telecommunication
Services
.........................
—
41,342
1,047,066
1,088,408
Investment
Companies
....................................
61,796
—
—
61,796
Capital
Trusts
...........................................
—
5,903,673
—
5,903,673
Short-Term
Securities
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
V.I.
Fund
26
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Money
Market
Funds
......................................
$
6,458,229
$
—
$
—
$
6,458,229
$
14,815,888
$
618,126,167
$
6,461,712
$
639,403,767
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
11,465
$
—
$
11,465
Interest
rate
contracts
.......................................
142,835
—
—
142,835
Liabilities
Credit
contracts
...........................................
—
(8,009)
—
(8,009)
Foreign
currency
exchange
contracts
............................
—
(47)
—
(47)
$
142,835
$
3,409
$
—
$
146,244
(a)
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.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2022
27
Financial
Statements
BlackRock
High
Yield
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
632,945,538‌
Investments,
at
value
—
affiliated
(b)
.........................................................................................
6,458,229‌
Cash
.............................................................................................................
1,307,819‌
Cash
pledged:
–‌
Collateral
—
OTC
derivatives
............................................................................................
410,000‌
Futures
contracts
....................................................................................................
241,000‌
Foreign
currency,
at
value
(c)
..............................................................................................
1,778‌
Receivables:
–‌
Investments
sold
....................................................................................................
6,557,318‌
Capital
shares
sold
...................................................................................................
9,048,480‌
Dividends
—
affiliated
.................................................................................................
12,365‌
Dividends
—
unaffiliated
...............................................................................................
2,352‌
Interest
—
unaffiliated
.................................................................................................
9,859,472‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
11,465‌
Prepaid
expenses
.....................................................................................................
8,510‌
Total
assets
.........................................................................................................
666,864,326‌
LIABILITIES
Payables:
–‌
Investments
purchased
................................................................................................
8,058,271‌
Capital
shares
redeemed
...............................................................................................
1,273,478‌
Distribution
fees
.....................................................................................................
98,202‌
Income
dividend
distributions
............................................................................................
2,828,256‌
Investment
advisory
fees
..............................................................................................
254,930‌
Variation
margin
on
futures
contracts
.......................................................................................
56,627‌
Other
accrued
expenses
...............................................................................................
593,055‌
Swap
premiums
received
................................................................................................
51,821‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
47‌
OTC
swaps
........................................................................................................
8,009‌
Total
liabilities
........................................................................................................
13,222,696‌
NET
ASSETS
........................................................................................................
$
653,641,630‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
763,883,826‌
Accumulated
loss
.....................................................................................................
(110,242,196‌)
NET
ASSETS
........................................................................................................
$
653,641,630‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
731,856,462‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
6,458,229‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
1,776‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
28
See
notes
to
financial
statements.
BlackRock
High
Yield
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
182,588,799‌
Shares
outstanding
..................................................................................................
28,523,656‌
Net
asset
value
.....................................................................................................
$
6.40‌
Shares
authorized
...................................................................................................
300
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
471,052,831‌
Shares
outstanding
..................................................................................................
73,626,427‌
Net
asset
value
.....................................................................................................
$
6.40‌
Shares
authorized
...................................................................................................
200
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2022
29
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
28,198‌
Dividends
—
unaffiliated
...............................................................................................
318,878‌
Interest
—
unaffiliated
................................................................................................
19,155,970‌
Total
investment
income
.................................................................................................
19,503,046‌
EXPENSES
Investment
advisory
..................................................................................................
1,666,218‌
Distribution
—
class
specific
............................................................................................
674,325‌
Transfer
agent
—
class
specific
..........................................................................................
561,718‌
Accounting
services
..................................................................................................
98,040‌
Custodian
.........................................................................................................
12,043‌
Directors
and
Officer
.................................................................................................
4,353‌
Transfer
agent
......................................................................................................
2,832‌
Miscellaneous
......................................................................................................
78,982‌
Total
expenses
.......................................................................................................
3,098,511‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................................
(4,843‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
..................................................................
(365,796‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
2,727,872‌
Net
investment
income
..................................................................................................
16,775,174‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(126,347,233‌)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(11,134,100‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
71,764‌
Foreign
currency
transactions
.........................................................................................
(11,680‌)
Futures
contracts
..................................................................................................
1,400,102‌
Swaps
.........................................................................................................
(660,641‌)
A
(10,334,555‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(116,121,190‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
22,932‌
Foreign
currency
translations
..........................................................................................
(739‌)
Futures
contracts
..................................................................................................
144,623‌
Swaps
.........................................................................................................
(55,221‌)
Unfunded
floating
rate
loan
interests
.....................................................................................
(3,083‌)
A
(116,012,678‌)
Net
realized
and
unrealized
loss
............................................................................................
(126,347,233‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(109,572,059‌)
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
30
See
notes
to
financial
statements.
BlackRock
High
Yield
V.I.
Fund
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
16,775,174‌
$
30,871,584‌
Net
realized
gain
(loss)
..............................................................................
(10,334,555‌)
17,600,654‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(116,012,678‌)
(12,647,962‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
(109,572,059‌)
35,824,276‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(4,955,445‌)
(9,719,239‌)
  Class
III
.......................................................................................
(12,436,241‌)
(24,580,908‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(17,391,686‌)
(34,300,147‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(57,023,826‌)
166,151,879‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(183,987,571‌)
167,676,008‌
Beginning
of
period
..................................................................................
837,629,201‌
669,953,193‌
End
of
period
......................................................................................
$
653,641,630‌
$
837,629,201‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
31
Financial
Highlights
BlackRock
High
Yield
V.I.
Fund
Class
I
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
7.59
‌
$
7.56
‌
$
7.43
‌
$
6.80
‌
$
7.39
‌
$
7.24
‌
Net
investment
income
(a)
.........
0.16
0.33
0.37
0.38
0.38
0.38
Net
realized
and
unrealized
gain
(loss)
(1.18)
0.06
0.14
0.64
(0.57)
0.15
Net
increase
(decrease)
from
investment
operations
................
(1.02
)
0.39
‌
0.51
‌
1.02
‌
(0.19
)
0.53
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.17
)
(0.34
)
(0.38
)
(0.39
)
(0.40
)
(0.38
)
From
net
realized
gain
...........
—
‌
(0.02
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
(0.17
)
(0.36
)
(0.38
)
(0.39
)
(0.40
)
(0.38
)
Net
asset
value,
end
of
period
......
$
6.40
‌
$
7.59
‌
$
7.56
‌
$
7.43
‌
$
6.80
‌
$
7.39
‌
Total
Return
(c)
(13.60)%
—
—
—
—
—
Based
on
net
asset
value
..........
(13.60
)%
(d)
5.34
%
7.27
%
15.29
%
(2.79
)%
7.48
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................
0.65
%
(f)
0.67
%
0.69
%
0.70
%
0.77
%
0.78
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.56
%
(f)
0.57
%
0.58
%
0.59
%
0.63
%
0.67
%
Net
investment
income
...........
4.69
%
(f)
4.38
%
5.13
%
5.28
%
5.30
%
5.13
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
182,589
‌
$
224,592
‌
$
182,845
‌
$
178,147
‌
$
185,736
‌
$
201,945
‌
Portfolio
turnover
rate
............
24
%
57
%
103
%
83
%
79
%
75
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
32
BlackRock
High
Yield
V.I.
Fund
Class
III
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
7.59
‌
$
7.55
‌
$
7.42
‌
$
6.80
‌
$
7.38
‌
$
7.24
‌
Net
investment
income
(a)
.........
0.16
0.31
0.35
0.37
0.36
0.36
Net
realized
and
unrealized
gain
(loss)
(1.19)
0.08
0.14
0.62
(0.56)
0.14
Net
increase
(decrease)
from
investment
operations
................
(1.03
)
0.39
‌
0.49
‌
0.99
‌
(0.20
)
0.50
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.16
)
(0.33
)
(0.36
)
(0.37
)
(0.38
)
(0.36
)
From
net
realized
gain
...........
—
‌
(0.02
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
...............
(0.16
)
(0.35
)
(0.36
)
(0.37
)
(0.38
)
(0.36
)
Net
asset
value,
end
of
period
......
$
6.40
‌
$
7.59
‌
$
7.55
‌
$
7.42
‌
$
6.80
‌
$
7.38
‌
Total
Return
(c)
(13.71)%
—
—
—
—
—
Based
on
net
asset
value
..........
(13.71
)%
(d)
5.23
%
7.01
%
14.86
%
(2.89
)%
7.08
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................
0.90
%
(f)
0.91
%
0.92
%
0.94
%
1.02
%
1.03
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.80
%
(f)
0.81
%
0.82
%
0.83
%
0.87
%
0.92
%
Net
investment
income
...........
4.44
%
(f)
4.13
%
4.86
%
5.06
%
5.05
%
4.87
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
471,053
‌
$
613,037
‌
$
487,109
‌
$
397,249
‌
$
243,871
‌
$
243,479
‌
Portfolio
turnover
rate
............
24
%
57
%
103
%
83
%
79
%
75
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
33
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds
II,
Inc.
(the
"Company")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
3 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
High
Yield
V.I.
Fund (the
"Fund"). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager")
or
its
affiliates,
is
included
in
a
complex
of
open-
end
non-index
fixed-income
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest
are
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Segregation
and
Collateralization:
In
cases
where
the
Fund
enters
into
certain
investments
(e.g.,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
swaps) that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, the
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Directors
of
the
Company
(the
“Board”), the directors
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act
(“Independent
Directors”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Directors
.
This
has
the
same
economic
effect
for
the
Independent 
Directors
as
if
the
Independent 
Directors
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
the
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Directors’
and
Officer’s
fees
payable
in
the
Statement
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Fund
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
34
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”). 
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
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);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
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
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
36
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
th
e
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
invo
lve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
Notes
to
Financial
Statements
(unaudited)
(continued)
37
Notes
to
Financial
Statements
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
38
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
based
on
a
percentage
of
the
aggregate
average
daily
net
assets
of
the
Fund
and
BlackRock
Total
Return
V.I.
Fund,
a
series
of
the
Company,
at
the
following
annual
rates:
For
the
six
months
ended
June
30,
2022,
the
aggregate
average
daily
net
assets
of
the
Fund
and
BlackRock
Total
Return
V.I.
Fund
were
approximately
$1,561,744,503.
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”)
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
Distribution
Fees:
 The
Company,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
of
0.25%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services to
the
Fund.
The
ongoing
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution related
services
to
shareholders.
For
the six
months
ended
June
30,
2022,
the
class
specific
distribution
fees
borne
directly
by Class
III
were
$674,325.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific.
For
the
six
months
ended
June
30,
2022,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
servi
ces.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2022,
the
amount
waived
was
$4,843.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2022,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$250
million
.......................................................................................................
0.55%
$250
million
-
$500
million
.................................................................................................
0.50
$500
million
-
$750
million
.................................................................................................
0.45
Greater
than
$750
million
.................................................................................................
0.40
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
..................................................
$
152,520‌
$
409,198‌
$
561,718‌
Class
I
................................................................................................................
0.06‌%
Class
III
...............................................................................................................
0.05‌
Notes
to
Financial
Statements
(unaudited)
(continued)
39
Notes
to
Financial
Statements
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2022,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund. For
the
six
months
ended
June
30,
2022,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to borrow
under
th
e
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2022,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
comm
on
officers,
or
common
directors.
For
the
six
months ended
June
30,
2022,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2022,
purchases
and
sales
of
investments,
including
paydowns
and
excluding
short-term
investments, were $177,486,533
and
$210,945,426,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
financial
statements.
Fund
Name/Share
Class
Transfer
Agent
Fees
Reimbursed
-
Class
Specific
BlackRock
High
Yield
V.I.
Fund
Class
I
.......................................................................................................
$
91,322‌
Class
III
......................................................................................................
274,474‌
$
365,796‌
Class
I
Class
III
Expense
Limitations
..................................................................................
1.25‌%
1.50‌%
Purchases
...............................................................................................................
$
—‌
Sales
...................................................................................................................
6,714,999‌
Net
Realized
Loss
..........................................................................................................
(945,818‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
40
As
of
June
30,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company, on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2023
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2022,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
High
Yield
V.I.
Fund
........................................
$
740,500,299‌
$
1,762,553‌
$
(102,712,841‌)
$
(100,950,288‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
LIBOR.
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Fund
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/22
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
High
Yield
V.I.
Fund
Class
I
Shares
sold
.............................................
4,369,199‌
$
30,065,628‌
9,267,956‌
$
70,397,265‌
Shares
issued
in
reinvestment
of
distributions
........................
692,820‌
4,981,929‌
1,263,395‌
9,600,228‌
Shares
redeemed
.........................................
(6,115,018‌)
(42,378,507‌)
(5,151,386‌)
(39,130,621‌)
(1,052,999‌)
$
(7,330,950‌)
5,379,965‌
$
40,866,872‌
Class
III
Shares
sold
.............................................
12,387,782‌
$
88,157,128‌
37,911,395‌
$
288,483,820‌
Shares
issued
in
reinvestment
of
distributions
........................
1,723,711‌
12,387,972‌
3,207,429‌
24,360,313‌
Shares
redeemed
.........................................
(21,263,456‌)
(150,237,976‌)
(24,842,344‌)
(187,559,126‌)
(7,151,963‌)
$
(49,692,876‌)
16,276,480‌
$
125,285,007‌
(8,204,962‌)
$
(57,023,826‌)
21,656,445‌
$
166,151,879‌
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
42
Currency
Abbreviation
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Portfolio
Abbreviation
CDI
Crest
Depository
Interests
DAC
Designated
Activity
Company
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
JUNE
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds
II,
Inc.
BlackRock
Total
Return
V.I.
Fund
Fund
Summary
as
of
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Total
Return
V.I.
Fund
Investment
Objective
BlackRock
Total
Return
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2022,
the
Fund
underperformed
its
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index.
What
factors
influenced
performance?
All
major
segments
of
the
bond
market
lost
ground
in
the
semiannual
period,
reflecting
the
Fed’s
shift
toward
more
restrictive
monetary
policy.
Inflation
climbed
to
its
highest
level
in
nearly
40
years,
prompting
the
Fed
to
wind
down
its
stimulative
quantitative
easing
program
and
begin
raising
interest
rates.
In
addition,
the
Fed
indicated
that
several
more
rate
increases
were
on
the
way
before
the
end
of
2022.
Yields
rose
sharply
for
all
categories
of
the
market
in
response.
(Prices
and
yields
move
in
opposite
directions.)
In
addition,
yield
spreads
surged
across
the
market’s
credit
sectors
late
in
the
period
in
response
to
concerns
about
slowing
growth,
leading
to
underperformance
relative
to
U.S.
Treasuries.
In
this
environment,
the
Fund’s
positions
in
U.S.
high
yield
bonds,
securitized
assets,
investment-grade
corporate
bonds,
emerging
market
debt,
and
Asian
bonds
all
detracted
from
performance.
On
the
other
hand,
macro
strategies,
which
are
used
to
manage
headline
risk
and
express
macroeconomic
views,
contributed
to
performance.
The
Fund’s
underweight
to
duration
was
also
a
positive
(Duration
is
a
measure
of
interest
rate
sensitivity).
The
Fund
held
futures,
options,
interest-rate
swaps
and
currency
forward
contracts
to
manage
duration
and
portfolio
risk.
The
use
of
derivatives
in
place
of
physical
securities
detracted
marginally.
Describe
recent
portfolio
activity.
Given
the
negative
trends
affecting
the
market
in
the
first
quarter,
the
Fund
maintained
a
defensive
positioning
and
kept
a
healthy
weighting
in
cash.
The
Fund’s
cash
position
had
no
material
impact.
The
investment
adviser
favored
higher-quality
bonds,
leading
it
to
increase
the
portfolio’s
weightings
in
U.S.
investment-grade
issues,
agency
mortgage-backed
securities
(“MBS”)
and
short-dated
securitized
assets.
In
addition,
it
kept
the
allocations
to
riskier
market
segments—namely,
high
yield
bonds
and
emerging
market
debt—on
the
lower
end
of
the
historical
range.
In
the
second
quarter,
the
investment
adviser
reduced
duration
in
the
United
States
in
response
to
continued
market
volatility
and
the
steepening
of
the
yield
curve.
The
investment
adviser
favored
the
front
end
of
the
yield
curve
based
on
the
view
that
intermediate-
and
long-term
yields
had
not
yet
seen
their
highs.
In
addition,
it
tactically
added
to
Treasury
Inflation
Protected
Securities
in
order
to
capture
their
compelling
valuations
and
ability
to
offset
the
risk
of
rising
inflation.
The
investment
adviser
selectively
started
to
deploy
some
of
Fund's
cash
as
both
absolute
yields
and
yield
spreads
began
to
look
increasingly
attractive.
Most
notably,
it
started
adding
back
to
U.S.
high
yield
due
to
the
strong
supply-and-demand
trends
in
the
market.
It
also
added
to
investment-grade
corporates,
but
it
remained
selective
due
to
the
potential
for
continued
inflation
and
increasing
credit
issues.
Specifically,
it
preferred
non-cyclical
issuers
over
those
with
a
higher
degree
of
economic
sensitivity.
On
the
other
hand,
the
Fund
continued
to
have
a
low
allocation
to
the
emerging
markets.
It
reduced
its
position
in
MBS
in
light
of
the
category’s
weakness
relative
to
the
market’s
other
spread
sectors.
Describe
portfolio
positioning
at
period
end.
The
investment
adviser
maintained
an
underweight
to
duration,
and
continued
to
favor
the
shorter
end
of
the
yield
curve.
In
addition,
the
investment
adviser
tactically
rotated
across
select
spread
sectors
to
capture
opportunities
in
areas
such
as
non-U.S.
corporate
bonds,
U.S.
investment-grade
corporate
bonds
and
high
yield
bonds.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2022
(continued)
3
Fund
Summary
BlackRock
Total
Return
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yields
(b)
Unsubsidized
30-Day
Yields
(b)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(c)(d)
.......................................
3.00‌%
2.81‌%
(11.33‌)%
(11.37‌)%
0.95‌%
1.98‌%
Class
III
(c)(d)
......................................
2.68‌
2.60‌
(11.46‌)
(11.63‌)
0.64‌
1.68‌
(e)
Bloo
mberg
U.S.
Aggregate
Bond
Index
(f)
.................
—‌
—‌
(10.35‌)
(10.29‌)
0.88‌
1.54‌
(a)
For
a
portion
of
the
period,
the
Fund's
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund's
performance
would
have
been
lower.
(b)
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
(c)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend/payable
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
(d)
Under
normal
circumstances,
the
Fund
invests
at
least
80%,
and
typically
invests
90%
or
more,
of
its
assets
in
fixed
income
securities,
such
as
corporate
bonds
and
notes,
mortgage-backed
securities,
asset-backed
securities,
convertible
securities,
preferred
securities,
government
obligations
and
money
market
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Total
Return
V.I.
Fund
(the
"Predecessor
Fund"),
a
series
of
BlackRock
Variable
Series
Funds,
Inc.,
through
a
tax-free
reorganization
(the
"Reorganization").
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(e)
The
returns
for
Class
III
Shares
prior
to
August
14,
2012,
the
recommencement
of
operations
of
Class
III
Shares,
are
based
upon
the
performance
of
the
Predecessor
Fund’s
Class
I
Shares,
as
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
(f)
Bloomberg
U.S.
Aggregate
Bond
Index,
a
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
Class
I
.......
$
1,000.00‌
$
886.70‌
$
2.11‌
$
2.11‌
$
1,000.00‌
$
1,022.56‌
$
2.26‌
$
1,022.56‌
$
2.26‌
0.45‌%
0.45‌%
Class
III
......
1,000.00‌
885.40‌
3.55‌
3.55‌
1,000.00‌
1,021.03‌
3.81‌
1,021.03‌
3.81‌
0.76‌
0.76‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
Fund
Summary
as
of
June
30,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Total
Return
V.I.
Fund
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
33.9‌
%
Corporate
Bonds
...................................
28.2‌
Investment
Companies
...............................
16.2‌
U.S.
Treasury
Obligations
.............................
16.0‌
Asset-Backed
Securities
..............................
2.1‌
Non-Agency
Mortgage-Backed
Securities
..................
1.2‌
Foreign
Government
Obligations
........................
0.7‌
Floating
Rate
Loan
Interests
...........................
0.6‌
Municipal
Bonds
...................................
0.5‌
Foreign
Agency
Obligations
............................
0.3‌
Capital
Trusts
.....................................
0.3‌
Other
Interests
....................................
—‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(d)
......................................
51.9‌
%
AA/Aa
.........................................
1.2‌
A
............................................
28.2‌
BBB/Baa
.......................................
15.6‌
BB/Ba
.........................................
1.3‌
B
............................................
0.6‌
CCC/
Caa
.......................................
0.2‌
CC/Ca
........................................
0.2‌
C
............................................
0.1‌
NR
...........................................
0.7‌
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(d)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
The
Benefits
and
Risks
of
Leveraging
5
The
Benefits
and
Risks
of
Leveraging
/
Disclosure
of
Expenses
The
Fund
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Fund
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
the
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
the
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments,
the
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to
the
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in
the
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
the
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Fund
had
not
used
leverage.
Furthermore,
the
value
of
the
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
the
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
the
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
the
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
the
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of the
Fund’s
shares
than
if
the
Fund
were
not
leveraged.
In
addition,
the
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit the
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
The
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
the
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2003-OP1,
Class
A2,
(LIBOR
USD
1
Month
+
0.72%),
2.34%,
12/25/33
...
USD
122
$
109,873
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
1.88%,
05/25/37
..
89
18,566
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-A,
Class
B,
0.00%,
04/25/58
3
2,469
Series
2018-B,
Class
B,
0.00%,
02/26/57
6
4,154
Series
2018-D,
Class
B,
0.00%,
08/25/58
(a)
1
617
Series
2018-E,
Class
C,
0.00%,
06/25/58
(a)
—
(c)
307
Series
2018-F,
Class
C,
0.00%,
11/25/58
.
12
8,169
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
2.18%,
10/21/28
(a)(b)
....................
413
406,964
American
Homes
4
Rent
Trust,
Series
2014-
SFR3,
Class
A,
3.68%,
12/17/36
(b)
.....
172
170,133
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)
Series
2014-4RA,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
2.29%,
01/28/31
...
250
246,183
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
3.09%,
01/28/31
...
250
237,537
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)
Series
2014-5RA,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
2.49%,
01/15/30
...
500
485,896
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.89%,
01/15/30
...
250
241,759
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
2.27%,
10/13/30
...
250
247,018
Series
2018-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
0.99%),
2.01%,
04/13/31
...
310
303,306
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
2.12%,
04/15/31
(a)(b)
....................
500
490,444
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.01%),
2.07%,
04/20/31
(a)(b)
....................
500
489,745
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.17%),
2.21%,
10/15/30
(a)(b)
...............
250
246,516
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.48%),
2.10%,
05/25/35
(a)
................
37
32,113
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1998-2,
Class
B1,
7.37%,
12/10/25
(a)
.....................
300
87,211
Barings
CLO
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.19%),
2.25%,
10/20/30
(a)(b)
....................
260
256,727
Bayview
Financial
Revolving
Asset
Trust
(a)(b)
Series
2004-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.00%),
2.63%,
05/28/39
(d)
..
77
61,244
Series
2005-A,
Class
A1,
(LIBOR
USD
1
Month
+
1.00%),
2.63%,
02/28/40
...
102
97,176
Series
2005-E,
Class
A1,
(LIBOR
USD
1
Month
+
1.00%),
2.63%,
12/28/40
...
32
31,945
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
40
6,256
Series
2000-A,
Class
A3,
7.83%,
06/15/30
37
6,004
Series
2000-A,
Class
A4,
8.29%,
06/15/30
27
4,600
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2007-FS1,
Class
1A3,
(LIBOR
USD
1
Month
+
0.34%),
1.96%,
05/25/35
...
12
11,545
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
1.76%,
03/25/37
..
23
22,186
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2007-HE3,
Class
1A4,
(LIBOR
USD
1
Month
+
0.35%),
1.97%,
04/25/37
..
USD
195
$
187,986
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
2.32%,
10/22/30
(a)(b)
...............
490
484,319
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
1.78%,
10/25/36
(a)
..........
36
34,596
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
2.31%,
07/20/30
(a)(b)
250
247,045
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(LIBOR
USD
1
Month
+
0.32%),
1.94%,
10/25/36
(a)
.....................
39
27,169
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
1.82%,
05/25/37
..
171
125,146
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
1.89%,
05/25/37
..
77
57,071
Conseco
Finance
Corp.
(a)
Series
1997-3,
Class
M1,
7.53%,
03/15/28
26
24,599
Series
1997-6,
Class
M1,
7.21%,
01/15/29
16
15,461
Series
1998-8,
Class
M1,
6.98%,
09/01/30
92
87,622
Series
1999-5,
Class
A5,
7.86%,
03/01/30
25
11,948
Series
1999-5,
Class
A6,
7.50%,
03/01/30
27
12,181
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
3.82%,
11/15/32
...
18
18,283
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
56
14,199
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
151
36,147
Series
2000-5,
Class
A7,
8.20%,
05/01/31
135
48,705
Countrywide
Asset-Backed
Certificates,
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
1.84%,
12/25/25
(a)
.........
—
(c)
286
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
6.20%,
12/25/36
(e)
...................
11
9,660
Series
2006-MH1,
Class
B1,
6.25%,
10/25/36
(b)(e)
..................
95
91,571
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(b)(e)
..................
77
3,820
Series
2007-CB6,
Class
A4,
(LIBOR
USD
1
Month
+
0.34%),
1.96%,
07/25/37
(a)(b)
.
38
26,876
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.50%,
04/25/36
88
77,967
Series
2006-11,
Class
3AV2,
(LIBOR
USD
1
Month
+
0.16%),
1.78%,
09/25/46
...
1
1,238
CWABS
Revolving
Home
Equity
Loan
Trust,
Series
2004-U,
Class
2A,
(LIBOR
USD
1
Month
+
0.27%),
1.59%,
03/15/34
(a)
....
8
8,075
CWABS,
Inc.
Asset-Backed
Certificates
Trust,
Series
2004-5,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
2.52%,
10/25/34
(a)
....
78
74,097
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
........
2
2,589
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
1.62%,
12/15/33
8
7,482
Series
2006-RES,
Class
5B1B,
(LIBOR
USD
1
Month
+
0.19%),
1.51%,
05/15/35
..
3
2,658
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
1.50%,
05/15/35
...
5
4,892
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-C,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
1.50%,
05/15/36
...
USD
39
$
36,719
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
1.47%,
11/15/36
...
21
19,636
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
2.74%,
10/15/30
(a)(b)
...............
250
238,764
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
2.16%,
01/15/31
(a)(b)
....................
800
785,580
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(LIBOR
USD
1
Month
+
1.05%),
2.67%,
10/25/34
..
33
30,306
Series
2006-FF16,
Class
2A3,
(LIBOR
USD
1
Month
+
0.28%),
1.90%,
12/25/36
..
569
272,469
Series
2006-FF17,
Class
A5,
(LIBOR
USD
1
Month
+
0.15%),
1.77%,
12/25/36
...
352
330,953
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
2.22%,
01/25/36
..
95
80,381
Fremont
Home
Loan
Trust,
Series
2006-3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
1.90%,
02/25/37
(a)
................
76
59,854
Generate
CLO
2
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
2.29%,
01/22/31
(a)(b)
....................
250
245,782
GSAA
Home
Equity
Trust,
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
(a)
............
25
5,822
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.20%),
1.82%,
01/25/47
...
22
12,231
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
3.38%),
5.00%,
02/25/47
...
40
37,273
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
1.92%,
05/25/37
(a)
................
73
55,595
Home
Equity
Mortgage
Loan
Asset-Backed
Trust
(a)
Series
2004-A,
Class
M2,
(LIBOR
USD
1
Month
+
2.03%),
3.65%,
07/25/34
...
16
15,179
Series
2007-A,
Class
2A2,
(LIBOR
USD
1
Month
+
0.19%),
1.81%,
04/25/37
...
54
37,267
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(e)
........
52
6,915
Home
Loan
Mortgage
Loan
Trust,
Series
2005-
1,
Class
A3,
(LIBOR
USD
1
Month
+
0.72%),
2.04%,
04/15/36
(a)
................
13
12,227
HPS
Loan
Management
Ltd.,
Series
6A-2015,
Class
A1R,
(LIBOR
USD
3
Month
+
1.00%),
2.36%,
02/05/31
(a)(b)
...............
248
243,468
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.14%),
2.18%,
10/19/28
(a)(b)
....................
194
191,828
Irwin
Home
Equity
Loan
Trust,
Series
2006-3,
Class
2A3,
6.03%,
09/25/37
(b)(e)
.......
14
12,750
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW1,
Class
M1,
(LIBOR
USD
1
Month
+
0.41%),
2.03%,
05/25/36
(a)
.........
82
79,525
LCM
26
Ltd.,
Series
26A,
Class
A1,
(LIBOR
USD
3
Month
+
1.07%),
2.13%,
01/20/31
(a)(b)
280
274,785
LCM
XX
LP,
Series
20A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
2.10%,
10/20/27
(a)(b)
99
98,133
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
.....................
42
42,738
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class
B2,
(LIBOR
USD
1
Month
+
3.25%),
4.87%,
03/25/32
(a)
.....................
USD
12
$
12,178
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.95%),
1.99%,
04/19/30
(a)(b)
.........
566
558,736
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
2.44%,
07/29/30
(a)(b)
.........
270
268,091
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
2.22%,
12/18/30
(a)(b)
...............
250
245,131
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(LIBOR
USD
1
Month
+
0.26%),
1.88%,
06/25/46
(a)(b)
...............
10
9,387
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(LIBOR
USD
1
Month
+
0.26%),
1.88%,
08/25/37
..
35
33,127
Series
2006-RM3,
Class
A2B,
(LIBOR
USD
1
Month
+
0.18%),
1.80%,
06/25/37
..
25
5,741
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
2.22%,
12/25/34
155
133,021
Series
2005-HE5,
Class
M4,
(LIBOR
USD
1
Month
+
0.87%),
2.49%,
09/25/35
...
92
75,994
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.25%),
2.31%,
10/20/30
(a)(b)
....................
250
246,285
Navient
Private
Education
Loan
Trust,
Series
2014-AA,
Class
A2B,
(LIBOR
USD
1
Month
+
1.25%),
2.57%,
02/15/29
(a)(b)
........
47
46,763
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
09/15/31
16
8,801
Series
2001-D,
Class
A4,
6.93%,
09/15/31
9
5,859
Series
2002-B,
Class
M1,
7.62%,
06/15/32
80
65,455
OCP
CLO
Ltd.,
Series
2017-14A,
Class
B,
(LIBOR
USD
3
Month
+
1.95%),
3.43%,
11/20/30
(a)(b)
....................
250
237,666
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
2.06%,
07/17/30
(a)(b)
........
250
244,225
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.00%),
2.18%,
01/25/31
(a)(b)
........
250
245,738
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
2.54%,
05/23/31
(a)(b)
....................
225
220,468
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
1.83%,
03/25/37
(a)
.
90
70,121
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(e)
...................
73
62,392
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(e)
...................
178
155,437
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(e)
...................
91
79,682
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
2.52%,
10/15/37
(a)(b)
...
32
31,484
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(e)
........
65
57,188
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
2.39%,
10/22/30
(a)(b)
...............
383
377,711
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.13%),
2.17%,
01/17/31
...
USD
250
$
245,937
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
2.07%,
04/18/31
...
250
244,809
Series
2018-2A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.10%),
2.14%,
07/16/31
...
420
410,438
Race
Point
X
CLO
Ltd.,
Series
2016-10A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.10%),
2.28%,
07/25/31
(a)(b)
...............
246
240,996
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
2.25%,
10/20/30
(a)(b)
...............
250
245,302
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
2.09%,
04/20/31
(a)(b)
....................
247
242,697
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.09%),
2.13%,
01/15/30
(a)(b)
....................
1,250
1,228,541
SG
Mortgage
Securities
Trust,
Series
2006-
OPT2,
Class
A3D,
(LIBOR
USD
1
Month
+
0.21%),
1.83%,
10/25/36
(a)
..........
100
76,403
Signal
Peak
CLO
5
Ltd.,
Series
2018-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.11%),
2.29%,
04/25/31
(a)(b)
....................
250
245,227
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
2.30%,
07/20/30
(a)(b)
....................
222
219,662
SLM
Private
Credit
Student
Loan
Trust,
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
2.16%,
03/15/24
(a)
..........
44
43,855
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
B,
3.50%,
12/17/40
(b)
....
100
96,441
Sound
Point
Euro
CLO
II
Funding
DAC,
Series
2A,
Class
ER,
(EURIBOR
3
Month
+
6.34%),
6.34%,
01/26/36
(a)(b)
.........
EUR
250
212,338
Soundview
Home
Loan
Trust,
Series
2004-
WMC1,
Class
M2,
(LIBOR
USD
1
Month
+
0.80%),
2.42%,
01/25/35
(a)
..........
USD
1
1,150
Tricon
American
Homes
Trust,
Series
2018-
SFR1,
Class
E,
4.56%,
05/17/37
(b)
.....
100
98,450
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(LIBOR
USD
3
Month
+
1.22%),
2.26%,
10/15/29
(a)(b)
...............
310
306,383
Voya
CLO
Ltd.,
Series
2017-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.13%),
2.17%,
10/15/30
(a)(b)
....................
250
246,257
Washington
Mutual
Asset-Backed
CertificatesTrust
(a)
Series
2006-HE4,
Class
2A2,
(LIBOR
USD
1
Month
+
0.36%),
1.98%,
09/25/36
..
132
46,899
Series
2006-HE5,
Class
1A,
(LIBOR
USD
1
Month
+
0.16%),
1.78%,
10/25/36
...
112
89,666
Yale
Mortgage
Loan
Trust,
Series
2007-1,
Class
A,
(LIBOR
USD
1
Month
+
0.40%),
2.02%,
06/25/37
(a)(b)
...............
80
29,350
Total
Asset-Backed
Securities
—
2.2%
(Cost:
$18,270,130)
..............................
17,364,013
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
—
1.2%
BAE
Systems
Holdings,
Inc.,
3.85%,
12/15/25
(b)
USD
165
$
162,027
BAE
Systems
plc,
3.40%,
04/15/30
(b)
.....
737
672,772
Embraer
Netherlands
Finance
BV,
5.05%,
06/15/25
.....................
68
65,675
General
Dynamics
Corp.,
3.63%,
04/01/30
.
191
185,156
Huntington
Ingalls
Industries,
Inc.
3.84%,
05/01/25
.................
79
77,784
3.48%,
12/01/27
.................
40
37,401
2.04%,
08/16/28
.................
218
185,933
4.20%,
05/01/30
.................
339
319,427
L3Harris
Technologies,
Inc.
4.40%,
06/15/28
.................
680
667,835
2.90%,
12/15/29
.................
300
265,887
1.80%,
01/15/31
.................
701
559,418
Leidos,
Inc.
4.38%,
05/15/30
.................
607
561,457
2.30%,
02/15/31
.................
466
371,240
Lockheed
Martin
Corp.
3.90%,
06/15/32
.................
95
93,746
3.60%,
03/01/35
.................
451
417,216
4.07%,
12/15/42
.................
34
31,567
3.80%,
03/01/45
.................
112
98,923
2.80%,
06/15/50
.................
132
98,228
Northrop
Grumman
Corp.
3.25%,
01/15/28
.................
836
794,636
4.03%,
10/15/47
.................
431
382,711
5.25%,
05/01/50
.................
137
145,037
Raytheon
Technologies
Corp.
3.15%,
12/15/24
.................
155
153,079
7.20%,
08/15/27
.................
45
50,375
7.00%,
11/01/28
.................
360
406,616
4.13%,
11/16/28
.................
1,381
1,362,869
2.38%,
03/15/32
.................
167
141,323
4.50%,
06/01/42
.................
16
15,258
3.75%,
11/01/46
.................
130
110,102
4.63%,
11/16/48
.................
53
51,733
2.82%,
09/01/51
.................
514
367,835
3.03%,
03/15/52
.................
354
263,606
Textron,
Inc.
3.90%,
09/17/29
.................
336
315,922
2.45%,
03/15/31
.................
110
90,369
9,523,163
Airlines
—
0.4%
Air
Canada
Pass-Through
Trust
(b)
Series
2017-1,
Class
B,
3.70%,
01/15/26
1
615
Series
2017-1,
Class
AA,
3.30%,
01/15/30
79
71,618
American
Airlines
Pass-Through
Trust
Series
2013-2,
Class
A,
4.95%,
01/15/23
29
27,997
Series
2015-2,
Class
B,
4.40%,
09/22/23
206
196,709
Series
2016-1,
Class
B,
5.25%,
01/15/24
145
138,563
Series
2017-1,
Class
B,
4.95%,
02/15/25
41
37,890
Series
2015-2,
Class
AA,
3.60%,
09/22/27
37
33,801
Series
2016-1,
Class
AA,
3.58%,
01/15/28
96
89,065
Series
2019-1,
Class
B,
3.85%,
02/15/28
190
160,638
Series
2016-2,
Class
AA,
3.20%,
06/15/28
65
59,682
Series
2016-3,
Class
AA,
3.00%,
10/15/28
314
284,939
Series
2017-1,
Class
AA,
3.65%,
02/15/29
52
48,710
Series
2019-1,
Class
AA,
3.15%,
02/15/32
192
169,438
Avianca
Midco
2
Ltd.,
9.00%,
12/01/28
(b)
...
116
100,602
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
....
420
405,974
Gol
Finance
SA,
7.00%,
01/31/25
(b)
......
107
66,494
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Airlines
(continued)
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%,
03/15/27
(b)
....
USD
25
$
20,366
United
Airlines
Pass-Through
Trust
Series
2014-2,
Class
B,
4.63%,
09/03/22
14
13,992
Series
2016-2,
Class
B,
3.65%,
10/07/25
9
8,398
Series
2020-1,
Class
B,
4.88%,
01/15/26
112
106,404
Series
2014-1,
Class
A,
4.00%,
04/11/26
123
115,858
Series
2020-1,
Class
A,
5.88%,
10/15/27
673
661,450
Series
2015-1,
Class
AA,
3.45%,
12/01/27
33
30,396
Series
2019-2,
Class
B,
3.50%,
05/01/28
123
105,875
Series
2016-1,
Class
AA,
3.10%,
07/07/28
11
9,748
Series
2016-2,
Class
AA,
2.88%,
10/07/28
68
61,852
Series
2018-1,
Class
AA,
3.50%,
03/01/30
33
30,456
Series
2019-2,
Class
AA,
2.70%,
05/01/32
118
100,872
3,158,402
Auto
Components
—
0.0%
(f)
Metalsa
S
A
P
I
de
CV,
3.75%,
05/04/31
...
150
105,563
Nemak
SAB
de
CV,
3.63%,
06/28/31
.....
200
138,850
244,413
Automobiles
—
0.1%
Ford
Motor
Co.,
3.25%,
02/12/32
.......
44
32,908
General
Motors
Co.,
4.88%,
10/02/23
....
77
77,738
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(b)
..
1,159
1,029,576
1,140,222
Banks
—
5.3%
Banco
Mercantil
del
Norte
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%),
5.88%
(a)(b)(g)
.........
200
166,787
Banco
Santander
SA,
1.85%,
03/25/26
....
400
359,490
Bangkok
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.90%),
3.73%,
09/25/34
(a)(f)
.........
200
174,725
Bank
of
America
Corp.
(LIBOR
USD
3
Month
+
0.93%),
2.82%,
07/21/23
(a)
...................
83
82,974
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
(a)
...................
355
353,836
(LIBOR
USD
3
Month
+
0.78%),
3.55%,
03/05/24
(a)
...................
234
233,248
(LIBOR
USD
3
Month
+
0.94%),
3.86%,
07/23/24
(a)
...................
116
115,491
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
...................
1,943
1,850,715
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
...................
236
228,564
(LIBOR
USD
3
Month
+
0.64%),
2.02%,
02/13/26
(a)
...................
206
193,069
1.32%,
06/19/26
.................
62
56,360
(SOFR
+
1.01%),
1.20%,
10/24/26
(a)
...
851
761,482
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
(a)
...................
1,751
1,569,297
(SOFR
+
0.96%),
1.73%,
07/22/27
(a)
...
1,714
1,523,568
(SOFR
+
1.05%),
2.55%,
02/04/28
(a)
...
401
364,697
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
...................
875
834,094
(SOFR
+
1.58%),
4.38%,
04/27/28
(a)
...
845
831,878
4.27%,
07/23/29
.................
760
730,218
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
...................
758
715,994
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
...................
422
378,304
(SOFR
+
1.22%),
2.30%,
07/21/32
(a)
...
981
792,743
(SOFR
+
1.21%),
2.57%,
10/20/32
(a)
...
486
400,859
(SOFR
+
1.33%),
2.97%,
02/04/33
(a)
...
1,880
1,601,616
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(SOFR
+
1.83%),
4.57%,
04/27/33
(a)
...
USD
1,285
$
1,250,576
Bank
of
East
Asia
Ltd.
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.26%),
5.88%
(a)(f)(g)
..........
250
246,063
BNP
Paribas
SA,
(SOFR
+
1.23%),
2.59%,
01/20/28
(a)(b)
...................
344
309,423
Citigroup,
Inc.
(a)
(SOFR
+
0.69%),
0.78%,
10/30/24
.....
300
285,989
(SOFR
+
0.69%),
2.01%,
01/25/26
.....
788
738,204
(SOFR
+
1.53%),
3.29%,
03/17/26
.....
1,481
1,431,815
(SOFR
+
1.28%),
3.07%,
02/24/28
.....
1,366
1,267,226
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
....................
716
675,945
(SOFR
+
1.42%),
2.98%,
11/05/30
.....
1,654
1,443,628
(SOFR
+
1.35%),
3.06%,
01/25/33
.....
150
127,148
(SOFR
+
2.09%),
4.91%,
05/24/33
.....
125
123,341
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
143
126,893
Credit
Suisse
Group
Funding
Guernsey
Ltd.,
3.80%,
09/15/22
................
316
316,253
Danske
Bank
A/S
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.03%),
1.17%,
12/08/23
(a)(b)
.............
263
259,491
5.38%,
01/12/24
(f)
................
200
201,770
5.38%,
01/12/24
(b)
................
602
607,329
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
......
200
155,788
HSBC
Holdings
plc
(a)
(SOFR
+
1.10%),
2.25%,
11/22/27
.....
447
398,262
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
....................
331
319,058
(SOFR
+
1.29%),
2.21%,
08/17/29
.....
208
174,704
ING
Groep
NV,
4.63%,
01/06/26
(b)
.......
202
201,543
JPMorgan
Chase
&
Co.
(SOFR
+
0.58%),
0.70%,
03/16/24
(a)
...
127
124,224
(LIBOR
USD
3
Month
+
1.00%),
4.02%,
12/05/24
(a)
...................
395
393,646
3.85%,
06/14/25
.................
425
420,811
(SOFR
+
1.16%),
2.30%,
10/15/25
(a)
...
137
130,452
(3
Month
CME
Term
SOFR
+
1.59%),
2.01%,
03/13/26
(a)
..............
1,241
1,162,126
(SOFR
+
1.32%),
4.08%,
04/26/26
(a)
...
1,255
1,239,346
3.20%,
06/15/26
.................
78
75,254
(SOFR
+
0.80%),
1.05%,
11/19/26
(a)
....
264
234,683
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
(a)
...................
988
963,943
(SOFR
+
0.77%),
1.47%,
09/22/27
(a)
...
476
417,481
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
...................
476
457,087
(SOFR
+
1.17%),
2.95%,
02/24/28
(a)
...
979
907,034
(SOFR
+
1.56%),
4.32%,
04/26/28
(a)
...
162
159,331
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
(a)
...................
1,765
1,673,401
(SOFR
+
1.89%),
2.18%,
06/01/28
(a)
...
234
208,042
(SOFR
+
1.02%),
2.07%,
06/01/29
(a)
...
80
68,802
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
...................
116
112,973
(SOFR
+
1.26%),
2.96%,
01/25/33
(a)
...
692
593,986
(LIBOR
USD
3
Month
+
1.58%),
4.26%,
02/22/48
(a)
...................
69
61,527
(LIBOR
USD
3
Month
+
1.46%),
4.03%,
07/24/48
(a)
...................
372
318,752
(SOFR
+
1.58%),
3.33%,
04/22/52
(a)
...
15
11,403
Kasikornbank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%),
3.34%,
10/02/31
(a)(f)
.........
200
180,287
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Lloyds
Banking
Group
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.63%,
05/11/27
(a)
..............
USD
373
$
331,487
4.38%,
03/22/28
.................
228
221,538
Mitsubishi
UFJ
Financial
Group,
Inc.,
2.62%,
07/18/22
.....................
807
807,073
Mizuho
Financial
Group,
Inc.
(a)
(SOFR
+
1.36%),
2.56%,
09/13/25
.....
719
688,806
(SOFR
+
1.77%),
2.20%,
07/10/31
.....
200
162,274
(SOFR
+
1.53%),
1.98%,
09/08/31
.....
225
178,073
NBK
Tier
1
Ltd.,
(CMTUSD6Y
+
2.88%),
3.63%
(a)(b)(g)
...................
200
179,412
Santander
UK
Group
Holdings
plc
(a)
(SOFR
+
0.79%),
1.09%,
03/15/25
.....
606
565,800
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%),
1.53%,
08/21/26
...............
240
214,952
(SOFR
+
1.22%),
2.47%,
01/11/28
.....
200
176,716
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.18%),
2.61%,
01/12/28
(a)(b)
.......
620
553,755
Sumitomo
Mitsui
Financial
Group,
Inc.
2.70%,
07/16/24
.................
395
384,121
2.35%,
01/15/25
.................
644
615,883
3.78%,
03/09/26
.................
75
73,520
Washington
Mutual
Escrow
Bonds
(d)(h)(i)
0.00%,
11/06/09
.................
300
3,000
0.00%,
09/19/17
(j)
................
250
—
0.00%,
09/29/17
.................
500
—
Wells
Fargo
&
Co.
(a)
(SOFR
+
1.32%),
3.91%,
04/25/26
.....
638
627,464
(LIBOR
USD
3
Month
+
1.31%),
3.58%,
05/22/28
....................
274
259,946
(SOFR
+
1.43%),
2.88%,
10/30/30
.....
62
54,521
(SOFR
+
2.13%),
4.61%,
04/25/53
.....
245
226,700
41,220,090
Beverages
—
0.3%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
599
573,858
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
.................
1,299
1,282,332
4.60%,
04/15/48
.................
200
179,559
2,035,749
Biotechnology
—
0.6%
AbbVie,
Inc.
2.30%,
11/21/22
.................
197
196,608
2.60%,
11/21/24
.................
1,571
1,520,666
4.55%,
03/15/35
.................
129
125,478
4.50%,
05/14/35
.................
603
585,248
4.05%,
11/21/39
.................
99
88,281
4.85%,
06/15/44
.................
3
2,867
4.70%,
05/14/45
.................
342
321,930
4.88%,
11/14/48
.................
50
47,914
4.25%,
11/21/49
.................
226
200,627
Amgen,
Inc.
4.40%,
05/01/45
.................
472
425,643
4.20%,
02/22/52
.................
174
152,662
Biogen,
Inc.
2.25%,
05/01/30
.................
393
322,107
3.15%,
05/01/50
.................
176
120,707
Gilead
Sciences,
Inc.,
4.75%,
03/01/46
...
549
526,310
4,637,048
Security
Par
(000)
Par
(000)
Value
Building
Products
—
0.0%
Carrier
Global
Corp.,
2.24%,
02/15/25
....
USD
72
$
68,417
Johnson
Controls
International
plc,
5.13%,
09/14/45
.....................
5
4,831
Masonite
International
Corp.,
5.38%,
02/01/28
(b)
36
32,580
Owens
Corning,
3.95%,
08/15/29
.......
41
38,031
Standard
Industries,
Inc.
(b)
5.00%,
02/15/27
.................
35
31,240
4.75%,
01/15/28
.................
15
12,825
187,924
Capital
Markets
—
3.7%
Credit
Suisse
AG
3.63%,
09/09/24
.................
263
258,240
1.25%,
08/07/26
.................
322
281,467
Credit
Suisse
Group
AG,
(LIBOR
USD
3
Month
+
1.24%),
4.21%,
06/12/24
(a)(b)
.......
252
249,682
Deutsche
Bank
AG
(SOFR
+
1.13%),
1.45%,
04/01/25
(a)
...
584
545,722
1.69%,
03/19/26
.................
150
134,510
FactSet
Research
Systems,
Inc.,
3.45%,
03/01/32
.....................
487
426,842
Goldman
Sachs
Group,
Inc.
(The)
3.00%,
03/15/24
.................
430
424,256
(SOFR
+
0.73%),
1.76%,
01/24/25
(a)
...
402
386,447
3.50%,
04/01/25
.................
3,281
3,216,214
3.75%,
05/22/25
.................
360
355,684
(LIBOR
USD
3
Month
+
1.20%),
3.27%,
09/29/25
(a)
...................
163
158,366
(SOFR
+
0.61%),
0.86%,
02/12/26
(a)
...
933
848,802
3.75%,
02/25/26
.................
339
332,304
(LIBOR
USD
3
Month
+
1.17%),
2.58%,
05/15/26
(a)
...................
300
292,801
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
...
700
620,488
(SOFR
+
1.11%),
2.64%,
02/24/28
(a)
....
970
880,350
(SOFR
+
1.85%),
3.62%,
03/15/28
(a)
...
1,358
1,285,239
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
...................
168
159,311
(LIBOR
USD
3
Month
+
1.30%),
4.22%,
05/01/29
(a)
...................
653
627,659
(SOFR
+
1.28%),
2.62%,
04/22/32
(a)
...
316
262,354
(SOFR
+
1.26%),
2.65%,
10/21/32
(a)
...
595
490,302
(SOFR
+
1.41%),
3.10%,
02/24/33
(a)
...
2,462
2,102,735
Intercontinental
Exchange,
Inc.
3.75%,
09/21/28
.................
121
116,865
2.10%,
06/15/30
.................
150
125,426
1.85%,
09/15/32
.................
172
134,337
Moody's
Corp.
3.25%,
01/15/28
.................
225
212,970
3.75%,
02/25/52
.................
95
77,511
3.10%,
11/29/61
.................
203
139,195
Morgan
Stanley
(SOFR
+
0.46%),
0.53%,
01/25/24
(a)
...
585
573,451
(SOFR
+
0.62%),
0.73%,
04/05/24
(a)
...
372
362,652
(LIBOR
USD
3
Month
+
0.85%),
3.74%,
04/24/24
(a)
...................
2,000
1,993,037
(SOFR
+
1.16%),
3.62%,
04/17/25
(a)
...
1,185
1,169,827
(SOFR
+
1.15%),
2.72%,
07/22/25
(a)
...
3
2,890
3.88%,
01/27/26
.................
775
763,262
3.63%,
01/20/27
.................
1,244
1,204,887
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
...
683
606,271
(SOFR
+
0.86%),
1.51%,
07/20/27
(a)
...
261
228,905
(SOFR
+
1.00%),
2.48%,
01/21/28
(a)
...
1,604
1,458,103
(SOFR
+
1.61%),
4.21%,
04/20/28
(a)
...
255
249,302
3.59%,
07/22/28
.................
233
220,576
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
...................
376
356,766
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
...................
USD
961
$
933,730
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
...
1,655
1,433,429
(SOFR
+
3.12%),
3.62%,
04/01/31
(a)
...
130
119,411
(SOFR
+
1.03%),
1.79%,
02/13/32
(a)
...
256
201,369
(SOFR
+
1.02%),
1.93%,
04/28/32
(a)
...
56
44,406
(SOFR
+
1.18%),
2.24%,
07/21/32
(a)
...
890
720,991
(SOFR
+
1.20%),
2.51%,
10/20/32
(a)
...
74
61,143
(SOFR
+
1.29%),
2.94%,
01/21/33
(a)
...
414
354,820
Nomura
Holdings,
Inc.,
2.61%,
07/14/31
...
543
433,077
S&P
Global,
Inc.
(b)
4.75%,
08/01/28
.................
595
604,530
3.90%,
03/01/62
.................
9
7,642
29,250,556
Chemicals
—
0.3%
Braskem
Netherlands
Finance
BV,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
8.22%),
8.50%,
01/23/81
(a)
(b)
.........................
262
262,295
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
.
515
518,506
Ecolab,
Inc.,
2.75%,
08/18/55
.........
234
162,968
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
.....................
255
207,193
Orbia
Advance
Corp.
SAB
de
CV,
5.88%,
09/17/44
(f)
....................
200
178,225
Sasol
Financing
USA
LLC,
5.50%,
03/18/31
.
200
152,900
Sherwin-Williams
Co.
(The),
2.30%,
05/15/30
352
297,051
Westlake
Corp.,
3.38%,
08/15/61
.......
216
145,436
1,924,574
Commercial
Services
&
Supplies
—
0.2%
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
..
83
75,215
Atento
Luxco
1
SA,
8.00%,
02/10/26
(b)
....
36
25,454
KAR
Auction
Services,
Inc.,
5.13%,
06/01/25
(b)
71
67,515
RELX
Capital,
Inc.
3.50%,
03/16/23
.................
80
79,891
4.00%,
03/18/29
.................
404
391,380
3.00%,
05/22/30
.................
507
455,660
4.75%,
05/20/32
.................
55
55,861
Republic
Services,
Inc.
2.90%,
07/01/26
.................
131
125,116
3.95%,
05/15/28
.................
81
79,407
2.38%,
03/15/33
.................
15
12,258
Waste
Management,
Inc.,
1.15%,
03/15/28
.
370
315,318
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
37
32,867
1,715,942
Communications
Equipment
—
0.3%
Juniper
Networks,
Inc.,
2.00%,
12/10/30
...
156
122,424
Motorola
Solutions,
Inc.
4.60%,
05/23/29
.................
623
596,054
2.75%,
05/24/31
.................
819
661,784
5.60%,
06/01/32
.................
277
279,303
5.50%,
09/01/44
.................
287
267,148
1,926,713
Consumer
Finance
—
0.5%
American
Express
Co.,
2.55%,
03/04/27
...
155
144,424
Capital
One
Financial
Corp.
3.90%,
01/29/24
.................
281
280,540
(SOFR
+
1.79%),
3.27%,
03/01/30
(a)
...
257
227,433
(SOFR
+
2.37%),
5.27%,
05/10/33
(a)
...
299
293,605
Discover
Financial
Services,
4.50%,
01/30/26
149
145,994
General
Motors
Financial
Co.,
Inc.
3.70%,
05/09/23
.................
66
65,977
5.10%,
01/17/24
.................
173
174,720
4.00%,
01/15/25
.................
341
336,086
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
4.35%,
04/09/25
.................
USD
328
$
323,956
2.40%,
10/15/28
.................
452
375,396
2.70%,
06/10/31
.................
11
8,667
3.10%,
01/12/32
.................
1,197
962,092
Hyundai
Capital
Services,
Inc.,
3.00%,
08/29/22
(b)
....................
250
249,891
Navient
Corp.
5.88%,
10/25/24
.................
37
34,010
6.75%,
06/25/25
.................
38
34,285
6.75%,
06/15/26
.................
37
32,745
Shriram
Transport
Finance
Co.
Ltd.,
5.10%,
07/16/23
(f)
....................
200
192,000
Synchrony
Financial
4.50%,
07/23/25
.................
5
4,865
3.70%,
08/04/26
.................
91
84,256
3,970,942
Containers
&
Packaging
—
0.0%
International
Paper
Co.,
6.00%,
11/15/41
..
42
43,598
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
...
200
152,250
195,848
Diversified
Financial
Services
—
0.1%
Banco
Votorantim
SA,
4.00%,
09/24/22
(b)
..
200
199,975
Operadora
de
Servicios
Mega
SA
de
CV
Sofom
ER,
8.25%,
02/11/25
(b)
............
200
129,788
ORIX
Corp.,
2.90%,
07/18/22
.........
155
155,000
Shell
International
Finance
BV,
2.38%,
11/07/29
84
74,152
558,915
Diversified
Telecommunication
Services
—
1.3%
AT&T,
Inc.
0.00%,
11/27/22
(b)(j)
...............
1,000
985,530
1.65%,
02/01/28
.................
277
239,636
4.35%,
03/01/29
.................
505
497,242
2.75%,
06/01/31
.................
172
148,523
2.55%,
12/01/33
.................
683
554,073
4.50%,
05/15/35
.................
568
539,751
4.30%,
12/15/42
.................
110
95,890
3.50%,
09/15/53
.................
403
305,473
3.55%,
09/15/55
.................
488
365,629
3.65%,
09/15/59
.................
599
448,620
CCO
Holdings
LLC
(b)
5.38%,
06/01/29
.................
92
82,233
4.75%,
03/01/30
.................
106
90,657
Deutsche
Telekom
International
Finance
BV,
3.60%,
01/19/27
(b)
...............
150
146,279
Level
3
Financing,
Inc.,
4.63%,
09/15/27
(b)
..
15
12,788
Liquid
Telecommunications
Financing
plc,
5.50%,
09/04/26
(b)
...............
234
204,750
Oi
SA,
10.00%,
(10.00%
Cash
or
4.00%
PIK),
07/27/25
(k)
....................
49
22,540
Verizon
Communications,
Inc.
2.10%,
03/22/28
.................
729
647,514
3.88%,
02/08/29
.................
376
363,775
4.02%,
12/03/29
.................
326
315,737
3.15%,
03/22/30
.................
1,082
983,750
1.50%,
09/18/30
.................
1,178
941,471
1.68%,
10/30/30
.................
251
202,285
2.55%,
03/21/31
.................
258
220,592
2.36%,
03/15/32
.................
794
658,336
2.65%,
11/20/40
.................
512
375,586
2.88%,
11/20/50
.................
723
513,048
9,961,708
Electric
Utilities
—
2.2%
AEP
Texas,
Inc.
3.95%,
06/01/28
.................
310
298,965
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Series
H,
3.45%,
01/15/50
..........
USD
91
$
70,980
3.45%,
05/15/51
.................
237
181,770
AEP
Transmission
Co.
LLC
3.80%,
06/15/49
.................
155
131,951
3.15%,
09/15/49
.................
222
168,442
Series
M,
3.65%,
04/01/50
..........
232
191,542
Series
N,
2.75%,
08/15/51
..........
30
21,026
Series
O,
4.50%,
06/15/52
..........
58
55,540
Alabama
Power
Co.
4.15%,
08/15/44
.................
5
4,409
3.45%,
10/01/49
.................
242
191,452
3.13%,
07/15/51
.................
70
52,390
American
Transmission
Systems,
Inc.,
2.65%,
01/15/32
(b)
....................
293
248,156
Baltimore
Gas
&
Electric
Co.
3.75%,
08/15/47
.................
166
141,613
4.25%,
09/15/48
.................
105
96,752
3.20%,
09/15/49
.................
125
96,827
2.90%,
06/15/50
.................
100
72,998
4.55%,
06/01/52
.................
70
67,828
CenterPoint
Energy
Houston
Electric
LLC
Series
AE,
2.35%,
04/01/31
.........
120
104,335
3.95%,
03/01/48
.................
85
76,865
Series
AF,
3.35%,
04/01/51
.........
195
158,398
Series
AH,
3.60%,
03/01/52
.........
119
101,952
Commonwealth
Edison
Co.
Series
127,
3.20%,
11/15/49
.........
180
140,848
Series
130,
3.13%,
03/15/51
.........
30
23,023
Series
131,
2.75%,
09/01/51
.........
86
61,166
Series
133,
3.85%,
03/15/52
.........
162
142,694
DTE
Electric
Co.
Series
A,
4.05%,
05/15/48
..........
265
241,680
3.95%,
03/01/49
.................
121
108,456
Series
B,
3.65%,
03/01/52
..........
85
73,332
Duke
Energy
Carolinas
LLC
3.95%,
11/15/28
.................
72
70,957
3.88%,
03/15/46
.................
32
28,155
3.70%,
12/01/47
.................
104
88,032
3.95%,
03/15/48
.................
155
136,416
3.45%,
04/15/51
.................
213
173,191
3.55%,
03/15/52
.................
17
14,121
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
550
488,708
1.75%,
06/15/30
.................
88
72,982
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
527
501,220
2.50%,
08/15/50
.................
250
170,723
2.90%,
08/15/51
.................
86
63,336
Edison
International
2.40%,
09/15/22
.................
42
41,913
4.95%,
04/15/25
.................
272
272,683
Entergy
Arkansas
LLC,
3.35%,
06/15/52
...
117
92,336
Entergy
Louisiana
LLC,
4.20%,
09/01/48
..
325
298,206
Exelon
Corp.
2.75%,
03/15/27
(b)
................
48
44,870
5.10%,
06/15/45
.................
35
34,393
4.70%,
04/15/50
.................
180
168,660
4.10%,
03/15/52
(b)
................
17
14,655
FirstEnergy
Corp.
2.05%,
03/01/25
.................
52
47,710
Series
B,
4.40%,
07/15/27
(e)
.........
349
329,187
2.65%,
03/01/30
.................
158
130,350
Series
C,
5.35%,
07/15/47
(e)
.........
43
36,309
Series
C,
3.40%,
03/01/50
..........
192
130,157
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
.................
USD
666
$
655,535
5.45%,
07/15/44
.................
42
39,258
4.55%,
04/01/49
.................
642
516,569
Florida
Power
&
Light
Co.
3.95%,
03/01/48
.................
331
302,961
3.15%,
10/01/49
.................
468
371,707
2.88%,
12/04/51
.................
95
70,640
Generacion
Mediterranea
SA,
9.63%,
12/01/27
(b)
....................
231
183,278
Genneia
SA,
8.75%,
09/02/27
(b)
........
37
34,366
MidAmerican
Energy
Co.
3.10%,
05/01/27
.................
193
186,294
3.65%,
04/15/29
.................
460
446,889
4.25%,
07/15/49
.................
131
121,495
3.15%,
04/15/50
.................
277
216,830
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
...............
52
50,734
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
(f)
....................
250
201,141
Northern
States
Power
Co.
3.60%,
05/15/46
.................
27
23,081
2.90%,
03/01/50
.................
88
66,146
2.60%,
06/01/51
.................
123
86,586
3.20%,
04/01/52
.................
50
39,269
NRG
Energy,
Inc.
2.45%,
12/02/27
(b)
................
842
722,969
5.75%,
01/15/28
.................
59
53,627
4.45%,
06/15/29
(b)
................
70
62,699
5.25%,
06/15/29
(b)
................
53
47,303
NSTAR
Electric
Co.,
3.95%,
04/01/30
....
59
57,725
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
..........
122
98,116
4.00%,
06/01/49
.................
125
107,538
Series
R,
2.90%,
10/01/51
..........
191
136,561
Oncor
Electric
Delivery
Co.
LLC
3.70%,
11/15/28
.................
267
259,790
4.15%,
06/01/32
(b)
................
75
75,125
3.80%,
09/30/47
.................
101
88,986
4.10%,
11/15/48
.................
83
76,270
3.80%,
06/01/49
.................
89
78,088
Pacific
Gas
&
Electric
Co.
2.50%,
02/01/31
.................
28
21,418
4.95%,
07/01/50
.................
208
165,966
PECO
Energy
Co.
3.05%,
03/15/51
.................
231
176,459
2.85%,
09/15/51
.................
102
74,791
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
.................
210
204,533
2.05%,
08/01/50
.................
128
79,667
3.00%,
03/01/51
.................
60
45,440
Southern
California
Edison
Co.
Series
E,
3.70%,
08/01/25
..........
107
105,246
Series
20C,
1.20%,
02/01/26
........
137
122,571
2.25%,
06/01/30
.................
445
373,594
Series
G,
2.50%,
06/01/31
..........
227
190,487
Southwestern
Public
Service
Co.,
Series
8,
3.15%,
05/01/50
................
270
206,119
Tampa
Electric
Co.
4.30%,
06/15/48
.................
30
27,225
4.45%,
06/15/49
.................
175
161,762
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
....................
700
688,444
Virginia
Electric
&
Power
Co.
Series
A,
2.88%,
07/15/29
..........
69
63,177
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Series
A,
6.00%,
05/15/37
..........
USD
66
$
73,201
4.00%,
01/15/43
.................
247
216,081
Vistra
Operations
Co.
LLC
(b)
5.13%,
05/13/25
.................
1,099
1,088,180
5.50%,
09/01/26
.................
72
67,992
5.63%,
02/15/27
.................
93
87,444
5.00%,
07/31/27
.................
93
84,547
4.30%,
07/15/29
.................
503
455,530
17,032,110
Energy
Equipment
&
Services
—
0.0%
Hilong
Holding
Ltd.,
9.75%,
11/18/24
(f)
....
207
112,466
Entertainment
—
0.2%
Electronic
Arts,
Inc.,
1.85%,
02/15/31
.....
470
381,844
Magallanes,
Inc.,
3.43%,
03/15/24
(b)
.....
324
317,628
NBCUniversal
Media
LLC,
4.45%,
01/15/43
.
101
93,376
Walt
Disney
Co.
(The),
4.70%,
03/23/50
...
466
459,602
1,252,450
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.7%
Alexandria
Real
Estate
Equities,
Inc.,
2.95%,
03/15/34
.....................
213
177,240
American
Tower
Corp.
5.00%,
02/15/24
.................
16
16,187
1.60%,
04/15/26
.................
172
153,721
3.65%,
03/15/27
.................
200
189,926
3.95%,
03/15/29
.................
340
316,518
3.80%,
08/15/29
.................
953
874,743
2.10%,
06/15/30
.................
53
42,445
2.30%,
09/15/31
.................
74
58,613
ARI
FCP
Investments
LP,
2.98%,
01/06/25
(a)(d)
580
578,209
Crown
Castle
International
Corp.
3.15%,
07/15/23
.................
66
65,282
1.05%,
07/15/26
.................
340
294,183
2.90%,
03/15/27
.................
148
136,478
3.80%,
02/15/28
.................
137
129,256
3.10%,
11/15/29
.................
583
514,666
3.30%,
07/01/30
.................
466
410,973
2.10%,
04/01/31
.................
469
373,030
2.50%,
07/15/31
.................
106
86,739
Digital
Dutch
Finco
BV
(f)
1.50%,
03/15/30
.................
EUR
315
267,272
1.00%,
01/15/32
.................
180
134,156
Duke
Realty
LP,
1.75%,
02/01/31
.......
USD
518
421,140
Equinix,
Inc.
1.25%,
07/15/25
.................
135
122,639
1.00%,
09/15/25
.................
433
387,928
1.45%,
05/15/26
.................
309
274,286
3.20%,
11/18/29
.................
520
461,936
2.15%,
07/15/30
.................
579
468,409
2.50%,
05/15/31
.................
237
192,044
3.90%,
04/15/32
.................
826
747,038
GLP
Capital
LP
4.00%,
01/15/30
.................
1,032
903,776
3.25%,
01/15/32
.................
1,313
1,052,330
Invitation
Homes
Operating
Partnership
LP
2.30%,
11/15/28
.................
130
109,350
4.15%,
04/15/32
.................
315
285,999
MPT
Operating
Partnership
LP,
5.25%,
08/01/26
.....................
7
6,611
National
Retail
Properties,
Inc.
3.50%,
04/15/51
.................
368
275,280
3.00%,
04/15/52
.................
372
253,538
Realty
Income
Corp.,
3.25%,
01/15/31
....
174
158,178
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
61
54,114
Service
Properties
Trust,
4.35%,
10/01/24
..
37
30,066
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
VICI
Properties
LP
5.63%,
05/01/24
(b)
................
USD
159
$
157,012
4.38%,
05/15/25
.................
130
126,968
4.63%,
06/15/25
(b)
................
10
9,512
4.50%,
09/01/26
(b)
................
51
46,920
4.25%,
12/01/26
(b)
................
32
29,226
5.75%,
02/01/27
(b)
................
71
67,372
3.75%,
02/15/27
(b)
................
17
14,953
4.75%,
02/15/28
.................
355
338,837
4.63%,
12/01/29
(b)
................
611
546,207
4.95%,
02/15/30
.................
425
402,777
WP
Carey,
Inc.
2.40%,
02/01/31
.................
283
231,128
2.45%,
02/01/32
.................
150
120,641
13,115,852
Food
&
Staples
Retailing
—
0.0%
(b)
Albertsons
Cos.,
Inc.
5.88%,
02/15/28
.................
68
63,555
4.88%,
02/15/30
.................
15
12,867
Performance
Food
Group,
Inc.,
5.50%,
10/15/27
.....................
79
73,134
149,556
Food
Products
—
0.0%
(b)
BRF
GmbH,
4.35%,
09/29/26
.........
200
179,975
Post
Holdings,
Inc.
5.63%,
01/15/28
.................
72
68,342
5.50%,
12/15/29
.................
57
50,957
299,274
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
4.13%,
03/15/49
.................
91
82,398
3.38%,
09/15/49
.................
14
11,172
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
.....................
532
432,083
ONE
Gas,
Inc.,
2.00%,
05/15/30
........
80
66,680
Piedmont
Natural
Gas
Co.,
Inc.
2.50%,
03/15/31
.................
175
147,478
3.64%,
11/01/46
.................
25
19,796
Promigas
SA
ESP,
3.75%,
10/16/29
(b)
.....
200
160,125
919,732
Health
Care
Equipment
&
Supplies
—
0.1%
Baxter
International,
Inc.,
3.13%,
12/01/51
.
201
145,272
Boston
Scientific
Corp.,
2.65%,
06/01/30
..
178
155,316
Medline
Borrower
LP,
3.88%,
04/01/29
(b)
...
452
384,973
Medtronic
Global
Holdings
SCA,
1.75%,
07/02/49
.....................
EUR
100
71,119
756,680
Health
Care
Providers
&
Services
—
1.2%
Aetna,
Inc.
6.63%,
06/15/36
.................
USD
175
197,475
4.75%,
03/15/44
.................
5
4,586
Cigna
Corp.,
3.40%,
03/01/27
.........
402
386,602
CVS
Health
Corp.
3.75%,
04/01/30
.................
1,213
1,134,589
5.13%,
07/20/45
.................
501
482,574
Elevance
Health,
Inc.
4.10%,
03/01/28
.................
231
228,603
4.38%,
12/01/47
.................
132
121,489
3.60%,
03/15/51
.................
155
125,778
HCA,
Inc.
5.25%,
04/15/25
.................
3,282
3,287,106
5.25%,
06/15/26
.................
439
436,770
3.50%,
09/01/30
.................
176
149,725
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
2.38%,
07/15/31
.................
USD
795
$
619,874
3.63%,
03/15/32
(b)
................
635
535,688
3.50%,
07/15/51
.................
370
252,686
4.63%,
03/15/52
(b)
................
263
210,416
Humana,
Inc.
4.50%,
04/01/25
.................
150
151,084
4.88%,
04/01/30
.................
69
69,679
Select
Medical
Corp.,
6.25%,
08/15/26
(b)
...
41
38,272
Tenet
Healthcare
Corp.
(b)
4.88%,
01/01/26
.................
148
136,160
5.13%,
11/01/27
.................
23
20,700
4.38%,
01/15/30
.................
163
137,903
UnitedHealth
Group,
Inc.
4.63%,
11/15/41
.................
397
390,656
4.20%,
01/15/47
.................
241
224,475
3.25%,
05/15/51
.................
97
76,111
9,419,001
Hotels,
Restaurants
&
Leisure
—
0.1%
1011778
BC
ULC,
3.88%,
01/15/28
(b)
.....
11
9,547
Caesars
Entertainment,
Inc.,
4.63%,
10/15/29
(b)
48
37,320
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
47
45,590
5.38%,
04/15/27
.................
73
69,181
5.25%,
07/15/29
.................
73
64,377
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
88
83,600
4.75%,
01/15/28
.................
44
39,160
Marriott
International,
Inc.,
Series
HH,
2.85%,
04/15/31
.....................
194
160,880
MGM
China
Holdings
Ltd.,
4.75%,
02/01/27
(f)
200
141,320
MGM
Resorts
International
5.75%,
06/15/25
.................
10
9,525
4.63%,
09/01/26
.................
6
5,326
5.50%,
04/15/27
.................
10
8,975
Wynn
Las
Vegas
LLC
(b)
5.50%,
03/01/25
.................
162
148,230
5.25%,
05/15/27
.................
81
69,376
Wynn
Resorts
Finance
LLC,
5.13%,
10/01/29
(b)
67
52,769
945,176
Household
Durables
—
0.0%
(b)
Brookfield
Residential
Properties,
Inc.,
6.25%,
09/15/27
.....................
87
72,118
Mattamy
Group
Corp.,
5.25%,
12/15/27
...
7
5,717
77,835
Industrial
Conglomerates
—
0.1%
GE
Capital
Funding
LLC,
4.55%,
05/15/32
.
325
313,476
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
.............
200
186,799
500,275
Insurance
—
0.3%
Ambac
Assurance
Corp.,
5.10%
(b)(g)
......
15
13,509
American
International
Group,
Inc.
4.75%,
04/01/48
.................
180
168,350
4.38%,
06/30/50
.................
204
180,896
Aon
Corp.
4.50%,
12/15/28
.................
83
82,177
3.75%,
05/02/29
.................
602
568,592
2.80%,
05/15/30
.................
553
483,395
3.90%,
02/28/52
.................
21
17,176
Berkshire
Hathaway
Finance
Corp.,
3.85%,
03/15/52
.....................
124
106,151
Hartford
Financial
Services
Group,
Inc.
(The),
3.60%,
08/19/49
................
74
58,738
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Marsh
&
McLennan
Cos.,
Inc.
1.35%,
09/21/26
.................
EUR
160
$
158,015
2.25%,
11/15/30
.................
USD
799
674,190
Willis
North
America,
Inc.,
3.60%,
05/15/24
.
36
35,459
2,546,648
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.
2.50%,
06/03/50
.................
440
310,109
4.10%,
04/13/62
.................
140
126,664
436,773
IT
Services
—
0.4%
Fidelity
National
Information
Services,
Inc.,
1.00%,
12/03/28
................
EUR
200
181,615
Fiserv,
Inc.,
3.50%,
07/01/29
..........
USD
415
378,558
Global
Payments,
Inc.
1.20%,
03/01/26
.................
593
522,390
4.80%,
04/01/26
.................
475
474,980
2.15%,
01/15/27
.................
60
53,254
3.20%,
08/15/29
.................
605
528,699
2.90%,
05/15/30
.................
503
424,424
International
Business
Machines
Corp.
4.25%,
05/15/49
.................
304
268,646
3.43%,
02/09/52
.................
100
76,932
2,909,498
Life
Sciences
Tools
&
Services
—
0.1%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
.................
366
349,404
2.75%,
09/15/29
.................
133
116,102
2.10%,
06/04/30
.................
88
71,691
2.30%,
03/12/31
.................
113
92,056
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
(b)
...............
7
6,288
635,541
Machinery
—
0.1%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
792
792,529
Otis
Worldwide
Corp.,
2.57%,
02/15/30
...
225
194,368
Parker-Hannifin
Corp.,
3.25%,
03/01/27
...
99
94,638
1,081,535
Media
—
0.9%
Charter
Communications
Operating
LLC
2.25%,
01/15/29
.................
68
55,873
4.40%,
04/01/33
.................
404
360,707
3.50%,
03/01/42
.................
489
339,337
6.48%,
10/23/45
.................
950
923,561
5.38%,
05/01/47
.................
229
194,985
5.75%,
04/01/48
.................
117
104,874
3.70%,
04/01/51
.................
133
90,000
3.90%,
06/01/52
.................
284
197,157
6.83%,
10/23/55
.................
235
236,173
3.85%,
04/01/61
.................
327
215,047
4.40%,
12/01/61
.................
202
145,280
3.95%,
06/30/62
.................
803
536,431
Clear
Channel
Outdoor
Holdings,
Inc.,
5.13%,
08/15/27
(b)
....................
92
77,678
Comcast
Corp.
3.15%,
02/15/28
.................
75
71,492
2.65%,
02/01/30
.................
946
846,486
4.25%,
10/15/30
.................
110
108,455
3.75%,
04/01/40
.................
177
155,134
3.97%,
11/01/47
.................
463
400,365
2.80%,
01/15/51
.................
471
333,235
2.45%,
08/15/52
.................
99
65,708
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Cox
Communications,
Inc.
(b)
3.15%,
08/15/24
.................
USD
268
$
261,623
3.35%,
09/15/26
.................
22
21,032
3.60%,
06/15/51
.................
260
195,506
Discovery
Communications
LLC,
1.90%,
03/19/27
.....................
EUR
413
405,342
Grupo
Televisa
SAB,
6.63%,
01/15/40
....
USD
23
24,988
iHeartCommunications,
Inc.
(b)
5.25%,
08/15/27
.................
54
46,215
4.75%,
01/15/28
.................
7
5,768
Interpublic
Group
of
Cos.,
Inc.
(The),
4.75%,
03/30/30
.....................
191
187,412
Lamar
Media
Corp.,
3.75%,
02/15/28
.....
9
7,990
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
....
85
77,563
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
97
84,754
4.63%,
03/15/30
.................
7
5,515
Paramount
Global
4.38%,
03/15/43
.................
122
94,356
5.85%,
09/01/43
.................
134
125,192
Sirius
XM
Radio,
Inc.,
5.50%,
07/01/29
(b)
...
90
82,012
TEGNA,
Inc.
4.63%,
03/15/28
.................
15
14,025
5.00%,
09/15/29
.................
17
16,079
7,113,350
Metals
&
Mining
—
0.5%
Anglo
American
Capital
plc
(b)
4.50%,
03/15/28
.................
354
343,557
2.63%,
09/10/30
.................
317
260,523
2.88%,
03/17/31
.................
230
190,552
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
200
167,250
Commercial
Metals
Co.,
4.38%,
03/15/32
..
146
119,585
Glencore
Funding
LLC
(b)
1.63%,
09/01/25
.................
52
47,472
1.63%,
04/27/26
.................
564
498,897
2.50%,
09/01/30
.................
573
466,779
2.85%,
04/27/31
.................
819
676,182
2.63%,
09/23/31
.................
186
149,881
3.38%,
09/23/51
.................
180
122,711
Newmont
Corp.,
2.25%,
10/01/30
.......
311
258,147
Nucor
Corp.
4.30%,
05/23/27
.................
430
428,370
3.95%,
05/01/28
.................
164
158,421
Vedanta
Resources
Finance
II
plc
13.88%,
01/21/24
(f)
...............
200
178,000
8.95%,
03/11/25
(b)
................
200
158,000
4,224,327
Multiline
Retail
—
0.0%
Dollar
General
Corp.,
4.13%,
04/03/50
....
2
1,667
Multi-Utilities
—
0.1%
Ameren
Illinois
Co.
3.80%,
05/15/28
.................
120
117,789
3.25%,
03/15/50
.................
159
124,016
Consumers
Energy
Co.
3.25%,
08/15/46
.................
94
75,558
3.75%,
02/15/50
.................
381
330,689
3.10%,
08/15/50
.................
140
107,305
3.50%,
08/01/51
.................
120
99,785
855,142
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
3.5%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
..
USD
53
$
51,352
BP
Capital
Markets
America,
Inc.
3.79%,
02/06/24
.................
308
309,260
3.80%,
09/21/25
.................
145
145,482
3.00%,
03/17/52
.................
225
162,080
3.38%,
02/08/61
.................
85
62,796
Buckeye
Partners
LP,
3.95%,
12/01/26
....
9
7,873
Cameron
LNG
LLC
(b)
3.30%,
01/15/35
.................
337
288,376
3.40%,
01/15/38
.................
616
523,372
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
...
128
97,235
Cheniere
Corpus
Christi
Holdings
LLC
7.00%,
06/30/24
.................
484
501,521
5.88%,
03/31/25
.................
1,332
1,363,794
5.13%,
06/30/27
.................
1,401
1,406,162
3.70%,
11/15/29
.................
310
283,558
2.74%,
12/31/39
.................
320
252,535
Citgo
Holding,
Inc.,
9.25%,
08/01/24
(b)
....
75
72,563
CrownRock
LP,
5.63%,
10/15/25
(b)
......
39
36,660
Devon
Energy
Corp.
8.25%,
08/01/23
.................
114
118,495
5.85%,
12/15/25
.................
56
58,288
5.88%,
06/15/28
.................
17
17,345
4.50%,
01/15/30
.................
166
156,804
4.75%,
05/15/42
.................
217
196,794
5.00%,
06/15/45
.................
105
97,370
Diamondback
Energy,
Inc.
3.25%,
12/01/26
.................
1,116
1,088,813
3.50%,
12/01/29
.................
1,997
1,829,180
3.13%,
03/24/31
.................
917
798,663
4.40%,
03/24/51
.................
350
298,031
4.25%,
03/15/52
.................
263
218,121
EIG
Pearl
Holdings
SARL,
4.39%,
11/30/46
(b)
326
255,108
Energy
Transfer
LP
3.60%,
02/01/23
.................
1,323
1,319,241
4.50%,
04/15/24
.................
1,006
1,006,460
3.90%,
05/15/24
(e)
................
879
872,173
2.90%,
05/15/25
.................
1,387
1,318,319
5.95%,
12/01/25
.................
217
224,596
4.00%,
10/01/27
.................
132
124,930
6.63%,
10/15/36
.................
30
30,116
6.50%,
02/01/42
.................
197
196,343
6.25%,
04/15/49
.................
250
242,329
5.00%,
05/15/50
.................
579
492,697
Enterprise
Products
Operating
LLC
4.15%,
10/16/28
.................
998
974,980
3.13%,
07/31/29
.................
148
133,190
5.95%,
02/01/41
.................
114
119,039
3.30%,
02/15/53
.................
120
87,287
EOG
Resources,
Inc.,
4.15%,
01/15/26
...
62
62,473
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.63%,
03/31/36
(f)
....................
200
161,663
Greenko
Dutch
BV,
3.85%,
03/29/26
(f)
....
194
164,415
Kinder
Morgan,
Inc.
5.30%,
12/01/34
.................
13
12,699
3.60%,
02/15/51
.................
127
93,508
Marathon
Petroleum
Corp.,
5.85%,
12/15/45
65
62,251
Matador
Resources
Co.,
5.88%,
09/15/26
..
16
15,380
MPLX
LP
4.88%,
12/01/24
.................
331
333,257
1.75%,
03/01/26
.................
182
163,862
NGPL
PipeCo
LLC
(b)
4.88%,
08/15/27
.................
230
227,548
3.25%,
07/15/31
.................
507
422,403
Northwest
Pipeline
LLC,
4.00%,
04/01/27
..
365
355,347
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Sabine
Pass
Liquefaction
LLC
5.63%,
04/15/23
(e)
................
USD
184
$
185,745
5.75%,
05/15/24
.................
888
905,617
5.63%,
03/01/25
.................
2,891
2,948,543
5.88%,
06/30/26
.................
172
177,716
5.00%,
03/15/27
.................
185
185,448
4.50%,
05/15/30
.................
140
134,164
SCC
Power
plc
(b)(k)
8.00%,
(8.00%
Cash
or
8.00%
PIK),
12/31/28
....................
135
57,955
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
....................
73
6,964
Suncor
Energy,
Inc.,
6.80%,
05/15/38
....
96
107,747
Sunoco
LP,
4.50%,
04/30/30
(b)
.........
95
76,701
Targa
Resources
Corp.,
4.95%,
04/15/52
..
225
192,814
Targa
Resources
Partners
LP,
5.00%,
01/15/28
95
90,442
Texas
Eastern
Transmission
LP
3.50%,
01/15/28
(b)
................
504
475,164
7.00%,
07/15/32
.................
140
158,793
TransCanada
PipeLines
Ltd.,
4.63%,
03/01/34
123
118,021
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%,
02/01/26
.................
724
799,515
4.00%,
03/15/28
.................
496
480,559
3.95%,
05/15/50
.................
232
192,570
27,208,615
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC,
8.88%,
05/15/31
....
83
109,260
Suzano
Austria
GmbH
3.75%,
01/15/31
.................
30
24,231
Series
DM3N,
3.13%,
01/15/32
.......
90
67,613
201,104
Pharmaceuticals
—
0.1%
Bausch
Health
Americas,
Inc.,
9.25%,
04/01/26
(b)
....................
103
73,645
Bausch
Health
Cos.,
Inc.
(b)
9.00%,
12/15/25
.................
105
77,579
5.75%,
08/15/27
.................
31
25,680
Bristol-Myers
Squibb
Co.
3.55%,
03/15/42
.................
108
94,878
3.70%,
03/15/52
.................
159
137,324
Takeda
Pharmaceutical
Co.
Ltd.,
2.05%,
03/31/30
.....................
600
501,848
910,954
Real
Estate
Management
&
Development
—
0.1%
Agile
Group
Holdings
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
11.25%),
8.38%
(a)(f)(g)
............
200
43,000
Arabian
Centres
Sukuk
II
Ltd.,
5.63%,
10/07/26
(b)
....................
200
181,225
Fantasia
Holdings
Group
Co.
Ltd.,
11.75%,
04/17/23
(f)(h)(i)
..................
200
16,500
MAF
Global
Securities
Ltd.,
(USD
Swap
Semi
5
Year
+
3.48%),
5.50%
(a)(f)(g)
..........
200
199,475
Modern
Land
China
Co.
Ltd.,
9.80%,
04/11/23
(f)
(h)(i)
........................
200
32,000
Powerlong
Real
Estate
Holdings
Ltd.,
7.13%,
11/08/22
(f)
....................
200
39,000
Redsun
Properties
Group
Ltd.,
7.30%,
01/13/25
(f)
....................
200
26,000
RKPF
Overseas
Ltd.,
5.20%,
01/12/26
(f)
...
200
91,000
Yango
Justice
International
Ltd.,
8.25%,
11/25/23
(f)(h)(i)
..................
200
12,000
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Yuzhou
Group
Holdings
Co.
Ltd.,
6.00%,
10/25/23
(f)(h)(i)
..................
USD
200
$
14,000
654,200
Road
&
Rail
—
0.7%
Burlington
Northern
Santa
Fe
LLC
4.45%,
03/15/43
.................
101
95,969
3.30%,
09/15/51
.................
510
408,864
2.88%,
06/15/52
.................
67
50,028
4.45%,
01/15/53
.................
145
140,234
CSX
Corp.
4.30%,
03/01/48
.................
296
270,076
2.50%,
05/15/51
.................
90
60,551
4.25%,
11/01/66
.................
65
54,751
Norfolk
Southern
Corp.
3.65%,
08/01/25
.................
6
5,978
2.90%,
06/15/26
.................
241
230,011
3.00%,
03/15/32
.................
512
461,565
4.15%,
02/28/48
.................
75
66,792
3.40%,
11/01/49
.................
273
214,538
3.05%,
05/15/50
.................
194
142,124
4.55%,
06/01/53
.................
130
122,830
Penske
Truck
Leasing
Co.
LP
(b)
4.25%,
01/17/23
.................
231
231,743
3.95%,
03/10/25
.................
90
88,616
4.00%,
07/15/25
.................
240
236,254
1.20%,
11/15/25
.................
94
83,923
1.70%,
06/15/26
.................
290
258,479
Ryder
System,
Inc.
2.50%,
09/01/24
.................
69
66,568
4.63%,
06/01/25
.................
690
693,656
Simpar
Europe
SA,
5.20%,
01/26/31
(b)
....
200
154,663
Union
Pacific
Corp.
2.75%,
03/01/26
.................
175
167,918
2.95%,
03/10/52
.................
43
31,636
3.84%,
03/20/60
.................
550
459,091
2.97%,
09/16/62
.................
112
77,520
3.75%,
02/05/70
.................
180
142,816
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
......
83
81,075
5,098,269
Semiconductors
&
Semiconductor
Equipment
—
1.1%
Analog
Devices,
Inc.,
2.80%,
10/01/41
....
120
94,018
Applied
Materials,
Inc.,
2.75%,
06/01/50
...
154
114,688
Broadcom
Corp.,
3.88%,
01/15/27
......
230
221,305
Broadcom,
Inc.
4.15%,
11/15/30
.................
158
144,762
4.15%,
04/15/32
(b)
................
230
207,645
4.30%,
11/15/32
.................
211
191,638
3.47%,
04/15/34
(b)
................
443
360,543
4.93%,
05/15/37
(b)
................
1,879
1,684,604
Intel
Corp.
3.73%,
12/08/47
.................
398
337,686
3.25%,
11/15/49
.................
248
192,773
3.20%,
08/12/61
.................
92
67,219
KLA
Corp.
4.10%,
03/15/29
.................
421
415,891
3.30%,
03/01/50
.................
549
434,806
5.25%,
07/15/62
.................
370
381,398
Lam
Research
Corp.
3.75%,
03/15/26
.................
182
181,554
2.88%,
06/15/50
.................
411
301,442
NXP
BV
4.30%,
06/18/29
.................
847
807,826
3.40%,
05/01/30
.................
357
318,466
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
2.50%,
05/11/31
.................
USD
1,203
$
986,686
3.25%,
11/30/51
.................
60
41,546
QUALCOMM,
Inc.,
4.30%,
05/20/47
.....
212
203,255
TSMC
Arizona
Corp.,
4.25%,
04/22/32
....
500
492,295
8,182,046
Software
—
0.9%
Autodesk,
Inc.
3.50%,
06/15/27
.................
320
306,033
2.40%,
12/15/31
.................
414
337,909
Microsoft
Corp.,
2.92%,
03/17/52
.......
287
226,390
Oracle
Corp.
3.85%,
07/15/36
.................
354
284,449
6.13%,
07/08/39
.................
350
350,444
3.60%,
04/01/40
.................
715
534,319
3.65%,
03/25/41
.................
1,811
1,349,596
4.13%,
05/15/45
.................
293
222,842
4.00%,
07/15/46
.................
238
175,960
4.00%,
11/15/47
.................
507
375,960
3.60%,
04/01/50
.................
370
257,024
3.95%,
03/25/51
.................
600
440,698
Roper
Technologies,
Inc.,
2.95%,
09/15/29
.
87
76,739
Salesforce,
Inc.,
3.05%,
07/15/61
.......
639
467,218
ServiceNow,
Inc.,
1.40%,
09/01/30
......
565
442,126
VMware,
Inc.
1.80%,
08/15/28
.................
445
369,554
2.20%,
08/15/31
.................
684
538,600
Workday,
Inc.,
3.80%,
04/01/32
........
185
169,030
6,924,891
Specialty
Retail
—
0.1%
InRetail
Consumer,
3.25%,
03/22/28
(b)
....
200
165,038
Lowe's
Cos.,
Inc.
1.70%,
09/15/28
.................
220
187,299
3.65%,
04/05/29
.................
318
299,808
2.80%,
09/15/41
.................
375
272,353
4.25%,
04/01/52
.................
78
67,544
992,042
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Apple,
Inc.
3.85%,
05/04/43
.................
334
307,188
2.55%,
08/20/60
.................
639
437,602
2.80%,
02/08/61
.................
159
114,130
Dell
International
LLC
5.85%,
07/15/25
.................
83
85,598
4.90%,
10/01/26
.................
128
128,046
8.35%,
07/15/46
.................
20
24,907
3.45%,
12/15/51
(b)
................
122
82,543
Hewlett
Packard
Enterprise
Co.,
6.35%,
10/15/45
(e)
....................
81
81,473
HP,
Inc.
2.65%,
06/17/31
.................
112
89,969
6.00%,
09/15/41
.................
70
70,699
Seagate
HDD
Cayman,
4.09%,
06/01/29
..
80
68,800
Western
Digital
Corp.,
2.85%,
02/01/29
...
707
575,636
2,066,591
Tobacco
—
0.2%
Altria
Group,
Inc.
4.40%,
02/14/26
.................
62
60,903
3.13%,
06/15/31
.................
EUR
460
422,344
5.80%,
02/14/39
.................
USD
392
356,242
3.40%,
02/04/41
.................
263
174,091
BAT
Capital
Corp.
4.91%,
04/02/30
.................
75
69,658
3.98%,
09/25/50
.................
206
141,924
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
Philip
Morris
International,
Inc.,
1.45%,
08/01/39
.....................
EUR
395
$
234,133
Reynolds
American,
Inc.,
5.85%,
08/15/45
..
USD
260
218,164
1,677,459
Trading
Companies
&
Distributors
—
0.0%
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
89
81,248
Wireless
Telecommunication
Services
—
0.5%
Millicom
International
Cellular
SA,
6.63%,
10/15/26
(b)
....................
180
171,484
Rogers
Communications,
Inc.
3.80%,
03/15/32
(b)
................
764
698,609
3.70%,
11/15/49
.................
205
156,223
4.55%,
03/15/52
(b)
................
506
444,348
T-Mobile
USA,
Inc.
3.75%,
04/15/27
.................
491
472,794
3.88%,
04/15/30
.................
1,989
1,856,246
2.70%,
03/15/32
(b)
................
158
132,560
4.50%,
04/15/50
.................
182
161,489
3.40%,
10/15/52
(b)
................
207
152,863
4,246,616
Total
Corporate
Bonds
—
30.0%
(Cost:
$269,518,043)
.............................
234,281,132
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.0%
Cobham
Ultra
US
Co.,
Term
Loan,
11/17/28
(a)(l)
42
39,865
Building
Products
—
0.0%
(a)
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 10/02/28
.................
31
28,687
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(l)
..............
6
5,751
34,438
Capital
Markets
—
0.1%
Bakelite
UK
Intermediate
Ltd.,
Term
Loan,
(SOFR
3
Month
+
4.00%),
6.16%
,
 05/29/29
(a)(d)
...............
288
268,560
Chemicals
—
0.0%
LSF11
A5
Holdco
LLC,
Term
Loan,
(SOFR
1
Month
+
3.50%),
5.14%
,
 10/15/28
(a)
....
200
187,090
Commercial
Services
&
Supplies
—
0.0%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 02/02/26
.................
152
135,310
Allied
Universal
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 05/12/28
.................
142
129,804
265,114
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ENR,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
5.25%
,
 02/21/23
(a)(d)
...............
21
2,310
Diversified
Consumer
Services
—
0.0%
AEA
International
Holdings
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.06%
,
 09/07/28
(a)(d)
...............
148
141,308
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
—
0.0%
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 12/11/26
(a)
...
USD
266
$
243,985
Food
Products
—
0.0%
BCPE
North
Star
US
Holdco
2,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
,
 06/09/28
(a)
................
192
175,958
Health
Care
Providers
&
Services
—
0.0%
Select
Medical
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
4.17%
,
 03/06/25
(a)
45
42,704
Hotels,
Restaurants
&
Leisure
—
0.1%
(a)
Bally's
Corp.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
4.37%
,
 10/02/28
321
297,532
Fertitta
Entertainment
LLC,
Term
Loan
B,
(SOFR
1
Month
+
4.00%),
5.53%
,
 01/27/29
208
191,343
Herschend
Entertainment
Co.
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.44%
,
 08/27/28
.................
75
71,753
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan,
(SOFR
3
Month
+
3.50%),
4.18%
,
 04/04/29
.................
181
167,199
727,827
Household
Durables
—
0.0%
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.60%
,
 10/06/28
(a)
................
79
64,520
Industrial
Conglomerates
—
0.0%
Valcour
Packaging
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.22%
,
 10/04/28
(a)(d)
...............
30
27,905
Media
—
0.1%
(a)
CSC
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
3.82%
,
 04/15/27
.....
177
164,060
Gray
Television,
Inc.,
Term
Loan
D,
(LIBOR
USD
1
Month
+
3.00%),
4.06%
,
 12/01/28
231
220,452
Lamar
Media
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.50%),
3.10%
,
 02/05/27
....
19
18,554
403,066
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Buckeye
Partners
LP,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.25%),
3.92%
,
 11/01/26
.
457
435,718
Southwestern
Energy
Co.,
Term
Loan,
(SOFR
3
Month
+
2.50%),
4.70%
,
 06/22/27
.....
160
155,389
591,107
Personal
Products
—
0.1%
Olaplex,
Inc.,
Term
Loan,
02/23/29
(a)(d)(l)
....
294
277,244
Pharmaceuticals
—
0.0%
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B,
11/15/27
(a)(l)
...................
69
64,757
Software
—
0.0%
ConnectWise
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.75%
,
 09/29/28
(a)
....
157
143,034
Specialty
Retail
—
0.0%
Tory
Burch
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.00%),
4.67%
,
 04/16/28
(a)
....
137
122,062
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.31%
-
4.92%
,
 11/24/28
(a)
..........
USD
62
$
58,263
Thrifts
&
Mortgage
Finance
—
0.1%
Caliber
Home
Loans,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
15.00%
,
 07/01/25
(a)(d)
..............
610
608,475
Trading
Companies
&
Distributors
—
0.0%
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.49%
,
 01/31/28
(a)(d)
...............
228
198,099
Total
Floating
Rate
Loan
Interests
—
0.6%
(Cost:
$5,010,965)
..............................
4,687,691
Foreign
Agency
Obligations
Argentina
—
0.0%
YPF
SA,
7.00%
,
12/15/47
(b)
............
106
52,470
Colombia
—
0.0%
Ecopetrol
SA,
6.88%
,
04/29/30
.........
118
103,722
Empresas
Publicas
de
Medellin
ESP,
4.25%
,
07/18/29
(b)
.....................
200
156,412
260,134
India
—
0.0%
Power
Finance
Corp.
Ltd.,
4.50%
,
06/18/29
(f)
200
186,600
Mexico
—
0.3%
Petroleos
Mexicanos
Series
13-2,
7.19%,
09/12/24
........
MXN
22
99,927
6.88%,
10/16/25
.................
USD
48
44,640
8.75%,
06/02/29
(b)
................
318
284,471
6.70%,
02/16/32
.................
2,031
1,538,483
1,967,521
Oman
—
0.0%
OQ
SAOC,
5.13%
,
05/06/28
(b)
..........
200
188,350
Ukraine
—
0.0%
NPC
Ukrenergo,
6.88%
,
11/09/26
(b)
.......
200
48,000
Total
Foreign
Agency
Obligations
—
0.3%
(Cost:
$3,504,477)
..............................
2,703,075
Foreign
Government
Obligations
Angola
—
0.0%
Republic
of
Angola,
8.75%
,
04/14/32
(b)
.....
200
160,000
Argentina
—
0.0%
Argentine
Republic
(The),
1.13%
,
07/09/35
(e)
281
58,729
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
03/15/29
.................
327
282,507
7.00%,
03/26/31
.................
COP
460,000
83,418
7.25%,
10/18/34
.................
406,000
69,914
435,839
Dominican
Republic
—
0.0%
Dominican
Republic
Government
Bond,
5.50%
,
02/22/29
(b)
.....................
USD
265
230,268
Hungary
—
0.0%
Hungary
Government
Bond,
5.50%
,
06/16/34
(b)
200
194,028
Indonesia
—
0.0%
Republic
of
Indonesia,
3.05%
,
03/12/51
....
441
334,657
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Mexico
—
0.2%
United
Mexican
States
2.66%,
05/24/31
.................
USD
598
$
492,154
4.50%,
01/31/50
.................
1,011
785,610
4.40%,
02/12/52
.................
305
229,513
1,507,277
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
.................
347
331,233
4.50%,
04/01/56
.................
488
388,662
719,895
Peru
—
0.1%
Republic
of
Peru
4.13%,
08/25/27
.................
231
226,495
3.55%,
03/10/51
.................
356
265,398
491,893
Philippines
—
0.1%
Republic
of
Philippines
3.00%,
02/01/28
.................
516
487,677
3.20%,
07/06/46
.................
329
245,141
732,818
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(h)(i)
...
RUB
34,399
53,162
South
Africa
—
0.0%
Republic
of
South
Africa,
7.30%
,
04/20/52
..
USD
200
160,000
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
4.38%,
10/27/27
.................
179
180,803
5.10%,
06/18/50
.................
234
234,486
415,289
Total
Foreign
Government
Obligations
—
0.7%
(Cost:
$7,241,903)
..............................
5,493,855
Shares
Shares
Investment
Companies
BlackRock
Allocation
Target
Shares-
BATS
Series
A
(m)
.....................
14,408,518
134,719,641
Total
Investment
Companies
—
17.2%
(Cost:
$144,284,000)
.............................
134,719,641
Par
(000)
Par
(000)
Municipal
Bonds
California
-
0.3%
Bay
Area
Toll
Authority
,
Series
2010S-1,
RB,
7.04%, 04/01/50
.................
290
403,127
Los
Angeles
Community
College
District
,
Series
2010E,
GO,
6.60%, 08/01/42
.........
110
140,787
Los
Angeles
Unified
School
District
,
Series
2010RY,
GO,
6.76%, 07/01/34
........
500
594,798
State
of
California
Series
2018,
GO,
4.60%, 04/01/38
.....
815
824,663
Series
2009,
GO,
7.55%, 04/01/39
.....
65
88,359
University
of
California
,
Series
2012AD,
RB,
4.86%, 05/15/12
.................
25
23,603
2,075,337
Security
Par
(000)
Par
(000)
Value
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia
,
Series
2010-A,
RB,
6.64%, 04/01/57
........
USD
53
$
62,396
Illinois
-
0.1%
State
of
Illinois
,
Series
2003,
GO,
5.10%, 06/01/33
.................
775
778,364
Massachusetts
-
0.0%
Massachusetts
Housing
Finance
Agency
,
Series
2015A,
RB,
AMT,
4.50%, 12/01/48
30
29,127
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority
,
Series
2009F,
RB,
7.41%, 01/01/40
..............
167
221,743
New
York
-
0.0%
Metropolitan
Transportation
Authority
,
Series
2010A,
RB,
6.67%, 11/15/39
.........
75
90,883
New
York
City
Municipal
Water
Finance
Authority
Series
2010EE,
RB,
6.01%, 06/15/42
...
35
41,658
Series
2011CC,
RB,
5.88%, 06/15/44
...
55
66,330
New
York
State
Dormitory
Authority
,
Series
2010H,
RB,
5.39%, 03/15/40
.........
60
65,841
Port
Authority
of
New
York
&
New
Jersey
Series
2010-165,
RB,
5.65%, 11/01/40
..
120
135,448
Series
2014-181,
RB,
4.96%, 08/01/46
..
195
206,037
606,197
Ohio
-
0.0%
American
Municipal
Power,
Inc.
,
Series
2010A,
RB,
8.08%, 02/15/50
..............
135
195,757
Texas
-
0.2%
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2010A,
RB,
5.81%, 02/01/41
....
215
245,358
State
of
Texas
,
Series
2009A,
GO,
5.52%, 04/01/39
.................
215
245,361
490,719
Total
Municipal
Bonds
—
0.6%
(Cost:
$4,821,984)
..............................
4,459,640
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.4%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
1.97%,
06/25/35
(a)
..
102
87,306
Series
2005-72,
Class
A3,
(LIBOR
USD
1
Month
+
0.60%),
2.22%,
01/25/36
(a)
..
43
37,930
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.00%),
1.48%,
02/25/36
(a)
...................
15
13,880
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
....................
50
29,563
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
8
4,575
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.73%),
2.21%,
11/25/46
(a)
...................
55
44,505
Series
2006-OA16,
Class
A4C,
(LIBOR
USD
1
Month
+
0.68%),
2.30%,
10/25/46
(a)
.
143
111,490
Series
2006-OA8,
Class
1A1,
(LIBOR
USD
1
Month
+
0.38%),
2.00%,
07/25/46
(a)
.
8
6,703
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.46%),
2.08%,
11/25/36
(a)
.
56
51,558
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2006-OC7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.50%),
2.12%,
07/25/46
(a)
.
USD
65
$
59,960
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
....................
9
5,044
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
1.90%,
04/25/47
(a)
.
14
12,454
American
Home
Mortgage
Assets
Trust
(a)
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
1.42%,
10/25/46
....................
46
34,328
Series
2006-4,
Class
1A12,
(LIBOR
USD
1
Month
+
0.21%),
1.83%,
10/25/46
...
53
30,257
Series
2006-5,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.92%),
1.40%,
11/25/46
....
105
33,820
Series
2007-1,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.70%),
1.18%,
02/25/47
....
52
23,861
APS
Resecuritization
Trust
(a)(b)
Series
2016-1,
Class
1MZ,
3.38%,
07/31/57
272
107,898
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
4.47%,
09/27/46
...
58
57,965
Banc
of
America
Funding
Trust
(a)(b)
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
128
34,749
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
....................
66
63,978
Bayview
Commercial
Asset
Trust,
Series
2007-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
2.07%,
09/25/37
(a)(b)
.........
93
83,897
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
1.90%,
08/25/36
...
18
17,045
Series
2007-AR2,
Class
A1,
(LIBOR
USD
1
Month
+
0.17%),
1.79%,
03/25/37
...
77
69,936
Series
2007-AR3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.14%),
1.76%,
03/25/37
..
10
8,498
Series
2007-AR4,
Class
1A1,
(LIBOR
USD
1
Month
+
0.20%),
1.82%,
09/25/47
..
35
32,473
Series
2007-AR4,
Class
2A1,
(LIBOR
USD
1
Month
+
0.21%),
1.83%,
06/25/37
..
11
10,140
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
.......
677
342,426
CHL
Mortgage
Pass-Through
Trust
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
1.44%,
04/25/46
(a)
...................
129
44,760
Series
2006-OA5,
Class
3A1,
(LIBOR
USD
1
Month
+
0.40%),
2.02%,
04/25/46
(a)
.
16
14,444
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
177
86,099
Citicorp
Mortgage
Securities
Trust
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
42
34,527
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
59
47,548
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
.....................
281
122,187
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
2.97%,
11/25/35
(a)
.....................
42
8,496
CSMC
Trust,
Series
2009-5R,
Class
4A4,
2.97%,
06/25/36
(a)(b)(d)
..............
—
(c)
1
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.17%),
1.79%,
08/25/47
(a)
...
96
101,309
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust,
Series
2006-AB3,
Class
A8,
6.36%,
07/25/36
(a)
.....................
USD
8
$
6,947
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
2.48%,
03/25/36
(a)
..........
17
16,240
GSMPS
Mortgage
Loan
Trust
(a)(b)
Series
2005-RP1,
Class
1AF,
(LIBOR
USD
1
Month
+
0.35%),
1.97%,
01/25/35
...
35
31,411
Series
2005-RP2,
Class
1AF,
(LIBOR
USD
1
Month
+
0.35%),
1.97%,
03/25/35
...
40
38,347
Series
2006-RP1,
Class
1AF1,
(LIBOR
USD
1
Month
+
0.35%),
1.97%,
01/25/36
..
32
26,448
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
.........
3
4,057
HarborView
Mortgage
Loan
Trust,
Series
2007-4,
Class
2A2,
(LIBOR
USD
1
Month
+
0.25%),
1.86%,
07/19/47
(a)
..........
95
86,312
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR19,
Class
3A1,
3.06%,
09/25/37
....................
68
47,504
Series
2007-FLX5,
Class
2A2,
(LIBOR
USD
1
Month
+
0.24%),
1.86%,
08/25/37
..
82
73,297
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(LIBOR
USD
1
Month
+
2.30%),
2.77%,
12/25/37
(a)
.....................
16
16,029
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
1.32%,
08/25/37
(a)(b)
........
16
9,723
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(LIBOR
USD
1
Month
+
0.42%),
2.04%,
04/25/37
(a)
...
111
95,435
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(LIBOR
USD
1
Month
+
0.34%),
1.40%,
04/16/36
(a)(b)
........
256
239,660
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
.
44
42,886
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
2.04%,
06/25/37
(a)
.....................
11
9,687
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)
...
27
26,219
RALI
Trust,
Series
2007-QH9,
Class
A1,
1.57%,
11/25/37
(a)
.....................
23
20,531
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AF,
(LIBOR
USD
1
Month
+
0.40%),
2.02%,
09/25/35
(a)(b)
.........
3
2,894
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-1,
Class
BX,
3.56%,
05/25/57
(a)
...
19
9,337
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.02%,
04/25/36
(a)
.....................
41
27,655
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
2.00%,
06/25/36
..
59
51,015
Series
2006-AR5,
Class
2A1,
(LIBOR
USD
1
Month
+
0.42%),
2.04%,
05/25/46
..
33
22,179
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
35
33,425
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(e)
...................
27
23,991
2,836,839
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.8%
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(LIBOR
USD
1
Month
+
2.10%),
3.42%,
04/15/35
(a)(b)
...............
USD
19
$
17,767
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2015-200P,
Class
F,
3.72%,
04/14/33
300
270,293
Series
2017-SCH,
Class
CL,
(LIBOR
USD
1
Month
+
1.50%),
2.82%,
11/15/32
...
100
87,602
Series
2017-SCH,
Class
DL,
(LIBOR
USD
1
Month
+
2.00%),
3.32%,
11/15/32
...
100
82,802
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
3.02%,
09/15/34
...
650
614,514
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
2.07%,
01/25/36
...
31
27,722
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.68%),
2.30%,
01/25/36
...
22
20,196
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
2.16%,
04/25/36
...
7
6,608
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.38%),
2.00%,
10/25/36
...
11
10,218
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.45%),
2.07%,
10/25/36
...
9
8,531
Series
2007-2A,
Class
A1,
(LIBOR
USD
1
Month
+
0.27%),
1.89%,
07/25/37
...
20
17,447
BBCMS
Mortgage
Trust,
Series
2018-TALL,
Class
A,
(LIBOR
USD
1
Month
+
0.72%),
2.05%,
03/15/37
(a)(b)
...............
35
33,376
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
................
77
74,041
Benchmark
Mortgage
Trust,
Series
2019-B10,
Class
3CCA,
4.03%,
03/15/62
(a)(b)
......
148
122,581
BHMS,
Series
2018-ATLS,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
2.57%,
07/15/35
(a)(b)
140
134,599
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
....................
150
143,852
Series
2013-1515,
Class
C,
3.45%,
03/10/33
105
97,891
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
3.67%,
08/13/37
60
52,756
Series
2017-CC,
Class
E,
3.67%,
08/13/37
110
94,103
Series
2017-GM,
Class
D,
3.54%,
06/13/39
200
175,446
Series
2017-GM,
Class
E,
3.54%,
06/13/39
50
42,520
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(LIBOR
USD
1
Month
+
1.75%),
3.07%,
12/15/37
(a)(b)
.........
100
96,232
Cassia
SRL,
Series
2022-1A,
Class
A,
(EURIBOR
3
Month
+
2.50%),
2.03%,
05/22/34
(a)(b)
....................
EUR
367
365,726
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
..............
USD
30
29,205
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
....
10
9,842
CFK
Trust,
Series
2019-FAX,
Class
D,
4.79%,
01/15/39
(a)(b)
....................
126
113,414
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC37,
Class
C,
5.09%,
04/10/49
(a)
.
20
19,011
Commercial
Mortgage
Trust
(a)
Series
2015-LC21,
Class
C,
4.48%,
07/10/48
....................
92
86,452
Series
2016-667M,
Class
D,
3.28%,
10/10/36
(b)
...................
100
83,005
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2019-ICE4,
Class
A,
(LIBOR
USD
1
Month
+
0.98%),
2.30%,
05/15/36
(a)(b)
...
698
686,573
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
....
USD
50
$
48,967
CSMC
Trust
(b)
Series
2017-PFHP,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
2.27%,
12/15/30
(a)
..
60
59,476
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
100
89,111
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
F,
4.33%,
04/10/37
(a)(b)
.........
100
73,694
DBUBS
Mortgage
Trust
(b)
Series
2017-BRBK,
Class
A,
3.45%,
10/10/34
....................
140
135,998
Series
2017-BRBK,
Class
E,
3.65%,
10/10/34
(a)
...................
210
193,723
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
(a)
...................
80
72,841
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
A,
5.37%,
05/03/32
(b)
.....
100
100,971
GS
Mortgage
Securities
Corp.
Trust,
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(b)
.
100
99,837
GS
Mortgage
Securities
Trust,
Series
2017-
GS7,
Class
D,
3.00%,
08/10/50
(b)
......
10
7,905
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
.....................
110
109,815
IMT
Trust
(b)
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
....................
100
97,566
Series
2017-APTS,
Class
EFX,
3.61%,
06/15/34
(a)
...................
100
93,360
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.26%,
12/15/48
(a)(b)
....................
100
87,716
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP7,
Class
B,
4.05%,
09/15/50
10
9,441
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2015-JP1,
Class
D,
4.38%,
01/15/49
(a)
................
40
35,216
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
1.87%,
03/25/37
(a)(b)
....................
9
8,776
LSTAR
Commercial
Mortgage
Trust,
Series
2015-3,
Class
AS,
3.30%,
04/20/48
(a)(b)
..
11
10,913
Morgan
Stanley
Capital
I
Trust
(b)(d)
Series
2017-CLS,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
3.92%,
11/15/34
(a)
..
211
211,084
Series
2017-H1,
Class
D,
2.55%,
06/15/50
140
110,950
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
4.08%,
05/10/39
(a)(b)
......
190
149,480
Park
Avenue
Mortgage
Trust
(a)(b)
Series
2017-280P,
Class
D,
(LIBOR
USD
1
Month
+
1.54%),
2.73%,
09/15/34
...
100
95,211
Series
2017-280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
3.31%,
09/15/34
...
150
142,546
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.78%,
06/05/37
(a)(b)
...............
200
163,500
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
Series
2017-2,
Class
M3,
4.24%,
11/25/47
74
67,604
Series
2017-2,
Class
M4,
5.00%,
11/25/47
37
33,905
Wells
Fargo
Commercial
Mortgage
Trust
(a)(b)
Series
2017-C39,
Class
D,
4.48%,
09/15/50
83
69,584
Series
2017-C41,
Class
D,
2.60%,
11/15/50
60
42,321
Series
2017-HSDB,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
2.10%,
12/13/31
...
151
148,456
6,194,292
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.70%,
12/15/35
(b)
.....................
USD
15,000
$
252,900
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.74%,
02/15/50
..............
1,000
24,827
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
1.09%,
08/10/35
(b)
................
977
34,804
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.73%,
11/05/36
(b)
................
3,475
46,103
Benchmark
Mortgage
Trust
Series
2018-B8,
Class
XA,
0.80%,
01/15/52
4,807
143,529
Series
2019-B9,
Class
XA,
1.20%,
03/15/52
1,035
54,613
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.86%,
05/10/58
...
170
4,184
Commercial
Mortgage
Trust
Series
2015-3BP,
Class
XA,
0.17%,
02/10/35
(b)
...................
1,916
4,522
Series
2015-CR25,
Class
XA,
0.97%,
08/10/48
....................
184
3,813
CSAIL
Commercial
Mortgage
Trust,
Series
2017-CX10,
Class
XB,
0.21%,
11/15/50
..
1,430
16,942
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C22,
Class
XA,
0.96%,
09/15/47
....................
1,064
14,308
Series
2014-C23,
Class
XA,
0.75%,
09/15/47
....................
994
10,371
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
1,800
47,613
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.............
900
23,139
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(b)
Series
2014-C19,
Class
XF,
1.33%,
12/15/47
....................
130
3,354
Series
2015-C26,
Class
XD,
1.46%,
10/15/48
....................
120
4,641
Morgan
Stanley
Capital
I
Trust
Series
2016-UBS9,
Class
XD,
1.75%,
03/15/49
(b)
...................
1,000
52,440
Series
2017-H1,
Class
XD,
2.32%,
06/15/50
(b)
...................
110
9,555
Series
2019-L2,
Class
XA,
1.18%,
03/15/52
381
20,252
One
Market
Plaza
Trust
(b)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
....................
1,880
56
Series
2017-1MKT,
Class
XNCP,
0.22%,
02/10/32
(d)
...................
376
997
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-BNK1,
Class
XD,
1.39%,
08/15/49
(b)
.....................
1,000
42,120
815,083
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(b)(j)
....
113
25,401
Total
Non-Agency
Mortgage-Backed
Securities
—
1.3%
(Cost:
$10,752,387)
..............................
9,871,615
Security
Beneficial
Interest
(000)
Value
Other
Interests
(n)
Capital
Markets
—
0.0%
(d)(h)(i)
Lehman
Brothers
Holdings,
Capital
Trust
VII
.
USD
185
$
—
Lehman
Brothers
Holdings,
Inc.
.........
1,025
—
Total
Other
Interests
—
0.0%
(Cost:
$12)
...................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
(a)(g)
Banks
—
0.1%
Bank
of
America
Corp.,
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.88%
...........
385
338,042
Citigroup,
Inc.
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
......................
626
541,490
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
......................
190
157,700
1,037,232
Capital
Markets
—
0.2%
Bank
of
New
York
Mellon
Corp.
(The)
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%
......................
180
159,276
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.63%
......................
310
269,700
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
455
350,237
State
Street
Corp.
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
5.43%
......................
68
66,275
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
......................
680
612,010
1,457,498
Total
Capital
Trusts
—
0.3%
(Cost:
$2,937,419)
..............................
2,494,730
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2017-DNA3,
Class
B1,
(LIBOR
USD
1
Month
+
4.45%),
6.07%, 03/25/30
(a)
................
250
247,752
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
Series
2018-K732,
Class
B,
4.20%, 05/25/25
(a)(b)
...............
80
78,811
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2015-48,
0.70%, 02/16/50
......
37
966
Series
2015-173,
0.60%, 09/16/55
.....
117
2,985
Series
2016-125,
0.82%, 12/16/57
.....
138
5,682
9,633
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
—
36.1%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
..........
USD
305
$
299,828
3.00%, 09/01/27
-
12/01/46
..........
949
913,082
3.50%, 02/01/31
-
01/01/48
..........
1,912
1,897,086
4.00%, 08/01/40
-
12/01/45
..........
149
150,725
4.50%, 02/01/39
-
04/01/49
..........
2,618
2,678,989
5.00%, 10/01/41
-
11/01/48
..........
110
114,572
5.50%, 02/01/35
-
06/01/41
..........
100
107,478
Federal
National
Mortgage
Association
4.00%, 01/01/41
.................
8
8,442
6.00%, 07/01/39
.................
83
88,006
Government
National
Mortgage
Association
2.00%, 08/20/50
-
02/20/51
..........
6,465
5,772,565
2.00%, 07/15/52
(o)
................
6,274
5,570,981
2.50%, 04/20/51
-
12/20/51
..........
5,574
5,119,223
2.50%, 07/15/52
(o)
................
7,700
7,045,500
3.00%, 02/15/45
-
12/20/51
..........
4,261
4,031,569
3.00%, 07/15/52
(o)
................
6,750
6,362,446
3.50%, 01/15/42
-
11/20/46
..........
3,960
3,908,691
3.50%, 07/15/52
-
08/15/52
(o)
.........
4,263
4,137,332
4.00%, 04/20/39
-
12/20/47
..........
988
997,343
4.00%, 07/15/52
(o)
................
2,345
2,334,197
4.50%, 12/20/39
-
07/20/49
..........
808
829,612
4.50%, 07/15/52
(o)
................
664
673,753
5.00%, 12/15/38
-
07/20/44
..........
74
78,210
5.00%, 07/15/52
(o)
................
425
435,492
Uniform
Mortgage-Backed
Securities
1.50%, 07/25/37
-
07/25/52
(o)
.........
7,195
6,262,174
1.50%, 11/01/41
-
12/01/41
..........
7,522
6,444,455
2.00%, 10/01/31
-
03/01/52
..........
34,593
30,262,124
2.00%, 07/25/37
-
08/25/52
(o)
.........
38,761
34,260,160
2.50%, 09/01/27
-
02/01/52
..........
33,929
30,997,385
2.50%, 07/25/37
-
08/25/52
(o)
.........
19,480
17,623,780
3.00%, 04/01/28
-
05/01/52
..........
14,974
14,257,641
3.00%, 07/25/37
-
08/25/52
(o)
.........
23,787
22,178,528
3.50%, 03/01/29
-
01/01/51
..........
12,422
12,124,919
3.50%, 07/25/37
-
08/25/52
(o)
.........
5,078
4,884,629
4.00%, 08/01/31
-
10/01/51
..........
18,108
18,119,262
4.00%, 07/25/52
-
08/25/52
(o)
.........
13,016
12,832,332
4.50%, 02/01/25
-
09/01/49
..........
7,585
7,767,428
4.50%, 07/25/52
-
08/25/52
(o)
.........
4,614
4,621,133
5.00%, 02/01/35
-
05/01/49
..........
792
826,081
5.00%, 07/25/52
-
08/25/52
(o)
.........
4,110
4,192,459
5.50%, 02/01/35
-
03/01/40
..........
304
324,764
6.00%, 04/01/35
-
06/01/41
..........
167
181,948
6.50%, 05/01/40
.................
65
70,687
281,787,011
Total
U.S.
Government
Sponsored
Agency
Securities
—
36.1%
(Cost:
$291,140,519)
.............................
282,123,207
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
-
11/15/40
..........
529
599,007
4.50%, 08/15/39
.................
146
171,653
4.38%, 11/15/39
.................
146
168,664
4.63%, 02/15/40
.................
432
514,080
1.13%, 05/15/40
-
08/15/40
..........
3,866
2,680,980
3.88%, 08/15/40
.................
432
465,767
1.38%, 11/15/40
.................
1,933
1,392,137
3.13%, 02/15/43
.................
528
501,662
2.88%, 05/15/43
-
05/15/49
..........
1,138
1,039,788
3.63%, 08/15/43
.................
528
541,901
3.75%, 11/15/43
.................
528
552,317
2.50%, 02/15/45
.................
4,920
4,172,775
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.75%, 11/15/47
(p)
................
USD
4,920
$
4,407,628
3.00%, 02/15/48
(p)
................
5,129
4,832,480
2.25%, 08/15/49
-
02/15/52
..........
1,946
1,597,102
2.38%, 11/15/49
-
05/15/51
..........
617
521,121
1.63%, 11/15/50
.................
13
9,143
U.S.
Treasury
Inflation
Linked
Notes,
0.13%, 04/15/27
(a)
................
17,061
16,797,808
U.S.
Treasury
Notes
1.75%, 07/15/22
-
01/31/29
..........
14,023
13,741,315
2.13%, 12/31/22
-
05/15/25
..........
3,182
3,134,293
0.50%, 03/15/23
-
05/31/27
..........
7,310
6,921,044
0.13%, 03/31/23
-
05/31/23
..........
13,341
13,044,475
0.25%, 04/15/23
.................
4,593
4,500,602
2.75%, 05/31/23
.................
1,029
1,027,634
1.50%, 10/31/24
-
02/15/30
..........
10,676
10,197,337
2.00%, 02/15/25
-
11/15/26
..........
2,610
2,518,809
0.38%, 04/30/25
-
12/31/25
..........
17,870
16,419,776
0.75%, 05/31/26
.................
4,768
4,362,534
2.38%, 05/15/27
-
05/15/29
..........
2,443
2,353,915
2.25%, 08/15/27
.................
3,746
3,598,062
1.25%, 03/31/28
-
09/30/28
..........
6,534
5,893,335
2.88%, 08/15/28
-
05/15/32
..........
1,073
1,060,145
3.13%, 11/15/28
.................
1,164
1,166,410
2.63%, 02/15/29
.................
474
461,502
1.88%, 02/28/29
-
02/15/32
..........
191
174,772
1.63%, 08/15/29
-
05/15/31
..........
2,175
1,965,775
Total
U.S.
Treasury
Obligations
—
17.1%
(Cost:
$146,222,981)
.............................
133,507,748
Total
Long-Term
Investments
—
106.4%
(Cost:
$903,704,820)
.............................
831,706,347
Shares
Shares
Short-Term
Securities
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
(m)(q)
.................
95,403,071
95,403,071
Total
Short-Term
Securities
—
12.2%
(Cost:
$95,403,071)
..............................
95,403,071
Total
Options
Purchased
—
0.0%
(Cost:
$338,305)
................................
187,839
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
118.6%
(Cost:
$999,446,196
)
.............................
927,297,257
Total
Options
Written
—
(0.1)%
(Premium
Received
—
$(773,365))
...................
(742,274)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(o)
Mortgage-Backed
Securities
—
(10.4)%
Government
National
Mortgage
Association
2.50%
,
 07/15/52
.................
(51)
(46,939)
3.00%
,
 07/15/52
.................
(1,433)
(1,350,809)
3.50%
,
 07/15/52
.................
(1,092)
(1,061,336)
Uniform
Mortgage-Backed
Securities
1.50%
,
 07/25/37
-
07/25/52
..........
(284)
(252,202)
2.00%
,
 07/25/37
-
07/25/52
..........
(13,144)
(11,423,175)
2.50%
,
 07/25/37
-
07/25/52
..........
(8,971)
(8,068,743)
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.50%
,
 07/25/37
-
08/25/52
..........
USD
(2,557)
$
(2,460,541)
3.00%
,
 07/25/52
.................
(9,296)
(8,656,081)
4.00%
,
 07/25/52
-
08/25/52
..........
(33,879)
(33,365,427)
4.50%
,
 07/25/52
-
08/25/52
..........
(11,038)
(11,056,456)
5.00%
,
 07/25/52
.................
(3,353)
(3,422,156)
Total
TBA
Sale
Commitments
—
(10.4)%
(Proceeds:
$(80,717,749))
.........................
(81,163,865)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
108.1%
(Cost:
$917,955,082
)
.............................
845,391,118
Liabilities
in
Excess
of
Other
Assets
—
(8.1)%
............
(63,540,605)
Net
Assets
—
100.0%
..............................
$
781,850,513
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(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)
Rounds
to
less
than
1,000.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(f)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(i)
Non-income
producing
security.
(j)
Zero-coupon
bond.
(k)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(l)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(m)
Affiliate
of
the
Fund.
(n)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(o)
Represents
or
includes
a
TBA
transaction.
(p)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(q)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
190,346,721
$
—
$
(94,943,650)
$
—
$
—
$
95,403,071
95,403,071
$
139,907
$
—
BlackRock
Allocation
Target
Shares-
BATS
Series
A
.....
143,797,007
—
—
—
(9,077,366)
134,719,641
14,408,518
1,996,815
—
$
—
$
(9,077,366)
$
230,122,712
$
2,136,722
$
—
—
—
(a)
Represents
net
amount
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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
26
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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
Euro-Bund
..............................................................
80
09/08/22
$
12,473
$
337,063
U.S.
Treasury
10
Year
Note
...................................................
88
09/21/22
10,413
80,278
U.S.
Treasury
Long
Bond
....................................................
250
09/21/22
34,523
(529,140)
U.S.
Treasury
Ultra
Bond
....................................................
152
09/21/22
23,280
185,783
U.S.
Treasury
2
Year
Note
....................................................
264
09/30/22
55,393
(300,877)
U.S.
Treasury
5
Year
Note
....................................................
290
09/30/22
32,512
96,300
3
Month
SONIA
Index
.......................................................
59
03/14/23
17,439
(91,601)
(222,194)
Short
Contracts
Euro-Bobl
...............................................................
51
09/08/22
6,637
(42,483)
Euro-BTP
...............................................................
136
09/08/22
17,547
(632,013)
Euro-Buxl
...............................................................
4
09/08/22
686
(33,144)
Euro-Schatz
.............................................................
173
09/08/22
19,787
(99,481)
Japan
10
Year
Bond
........................................................
3
09/12/22
3,286
9,301
U.S.
Treasury
10
Year
Ultra
Note
...............................................
35
09/21/22
4,445
(9,869)
Long
Gilt
...............................................................
14
09/28/22
1,942
(41,448)
3
Month
SOFR
Index
.......................................................
328
09/19/23
79,339
(53,999)
(903,136)
$
(1,125,330)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
160,000
BRL
776,320
Citibank
NA
07/05/22
$
11,662
MXN
1,618,072
USD
79,000
Deutsche
Bank
AG
07/11/22
1,377
MXN
1,514,938
USD
75,000
JPMorgan
Chase
Bank
NA
07/11/22
254
MXN
1,628,214
USD
79,000
Morgan
Stanley
&
Co.
International
plc
07/11/22
1,881
NOK
385,996
USD
39,000
Deutsche
Bank
AG
07/11/22
191
USD
79,000
JPY
10,676,882
Morgan
Stanley
&
Co.
International
plc
07/11/22
283
USD
78,000
MXN
1,567,552
Deutsche
Bank
AG
07/11/22
133
USD
39,000
NOK
382,815
JPMorgan
Chase
Bank
NA
07/11/22
131
USD
119,000
ZAR
1,831,868
Citibank
NA
07/11/22
6,467
USD
78,000
ZAR
1,247,650
Deutsche
Bank
AG
07/11/22
1,356
USD
503,000
ZAR
8,103,434
Morgan
Stanley
&
Co.
International
plc
07/15/22
5,411
ZAR
2,560,084
USD
156,000
Citibank
NA
07/15/22
1,202
CAD
154,023
USD
119,000
Bank
of
America
NA
07/20/22
659
CAD
201,546
USD
156,000
JPMorgan
Chase
Bank
NA
07/20/22
580
CZK
5,687,648
USD
240,000
HSBC
Bank
plc
07/20/22
385
EUR
150,000
CZK
3,722,360
HSBC
Bank
plc
07/20/22
24
JPY
53,621,384
USD
394,000
JPMorgan
Chase
Bank
NA
07/20/22
1,556
MXN
4,796,670
USD
232,000
Citibank
NA
07/20/22
5,868
NOK
1,545,762
EUR
148,000
Deutsche
Bank
AG
07/20/22
1,724
USD
156,000
CLP
138,996,000
Bank
of
America
NA
07/20/22
5,030
USD
158,000
INR
12,361,762
UBS
AG
07/20/22
1,692
USD
158,000
JPY
21,197,658
BNP
Paribas
SA
07/20/22
1,628
CHF
148,484
GBP
126,000
JPMorgan
Chase
Bank
NA
07/27/22
2,314
CHF
148,892
USD
156,000
JPMorgan
Chase
Bank
NA
07/27/22
182
MXN
2,378,000
USD
113,795
Morgan
Stanley
&
Co.
International
plc
08/24/22
3,336
USD
183,400
COP
700,243,000
JPMorgan
Chase
Bank
NA
08/24/22
16,226
USD
104,484
MXN
2,119,190
BNP
Paribas
SA
08/24/22
101
USD
215,061
MXN
4,348,000
JPMorgan
Chase
Bank
NA
08/24/22
896
CHF
620,000
EUR
616,712
JPMorgan
Chase
Bank
NA
09/21/22
3,204
EUR
620,000
GBP
535,209
Barclays
Bank
plc
09/21/22
946
EUR
1,230,000
GBP
1,059,970
BNP
Paribas
SA
09/21/22
4,090
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
27
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
6,435,000
GBP
5,514,128
Deutsche
Bank
AG
09/21/22
$
59,585
EUR
600,000
USD
630,909
HSBC
Bank
plc
09/21/22
1,474
EUR
300,000
USD
313,821
JPMorgan
Chase
Bank
NA
09/21/22
2,371
GBP
423,982
EUR
490,000
Barclays
Bank
plc
09/21/22
465
GBP
423,846
EUR
490,000
BNP
Paribas
SA
09/21/22
299
GBP
1,605,047
EUR
1,850,000
Deutsche
Bank
AG
09/21/22
6,996
GBP
971,627
EUR
1,110,000
Goldman
Sachs
International
09/21/22
14,681
USD
131,367
CAD
168,000
JPMorgan
Chase
Bank
NA
09/21/22
832
USD
637,755
EUR
600,000
Bank
of
America
NA
09/21/22
5,372
USD
3,229,856
EUR
3,046,000
BNP
Paribas
SA
09/21/22
19,457
USD
6,554,162
EUR
6,175,000
JPMorgan
Chase
Bank
NA
09/21/22
45,883
TRY
724,800
USD
40,000
Deutsche
Bank
AG
09/29/22
212
238,416
BRL
764,320
USD
160,000
Morgan
Stanley
&
Co.
International
plc
07/05/22
(13,954)
JPY
10,584,578
USD
79,000
UBS
AG
07/11/22
(963)
USD
155,000
MXN
3,123,338
Deutsche
Bank
AG
07/11/22
(150)
ZAR
1,914,873
USD
119,000
Deutsche
Bank
AG
07/11/22
(1,368)
ZAR
1,239,479
USD
78,000
Goldman
Sachs
International
07/11/22
(1,858)
ZAR
5,095,500
USD
316,000
Citibank
NA
07/15/22
(3,112)
AUD
169,000
CAD
151,672
Bank
of
America
NA
07/20/22
(1,169)
AUD
108,000
USD
74,915
Royal
Bank
of
Canada
07/20/22
(361)
EUR
148,000
NOK
1,531,234
Deutsche
Bank
AG
07/20/22
(250)
EUR
222,000
USD
234,888
Bank
of
America
NA
07/20/22
(2,012)
MXN
3,122,769
USD
156,000
Deutsche
Bank
AG
07/20/22
(1,142)
TRY
1,343,600
USD
80,000
Deutsche
Bank
AG
07/20/22
(146)
USD
395,238
EUR
378,000
Bank
of
New
York
Mellon
07/20/22
(1,280)
USD
310,000
JPY
42,072,594
HSBC
Bank
plc
07/20/22
(362)
USD
230,000
MXN
4,763,600
Citibank
NA
07/20/22
(6,228)
USD
316,000
MXN
6,547,372
Deutsche
Bank
AG
07/20/22
(8,686)
USD
80,000
TRY
1,399,120
Barclays
Bank
plc
07/20/22
(3,154)
BRL
408,083
USD
78,000
Goldman
Sachs
International
08/02/22
(714)
USD
78,000
BRL
413,051
Goldman
Sachs
International
08/02/22
(227)
IDR
2,297,880,000
USD
156,000
JPMorgan
Chase
Bank
NA
08/18/22
(2,516)
MXN
4,348,000
USD
219,083
Citibank
NA
08/24/22
(4,917)
CHF
69,070
EUR
69,315
Deutsche
Bank
AG
09/21/22
(285)
CHF
1,180,930
EUR
1,183,110
Societe
Generale
SA
09/21/22
(2,796)
EUR
620,000
GBP
536,833
Deutsche
Bank
AG
09/21/22
(1,035)
EUR
730,000
USD
774,425
Barclays
Bank
plc
09/21/22
(5,026)
EUR
730,000
USD
770,260
Citibank
NA
09/21/22
(860)
EUR
250,000
USD
263,753
HSBC
Bank
plc
09/21/22
(260)
GBP
664,518
EUR
770,000
Deutsche
Bank
AG
09/21/22
(1,390)
GBP
404,900
EUR
470,000
Goldman
Sachs
International
09/21/22
(1,720)
GBP
353,000
USD
432,402
Bank
of
New
York
Mellon
09/21/22
(2,031)
USD
252,000
TRY
4,931,640
Goldman
Sachs
International
09/29/22
(21,608)
(91,580)
$
146,836
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
USD
Currency
...............
One-Touch
Goldman
Sachs
International
12/08/22
JPY
122.00
JPY
122.00
USD
56
$
6,167
$
–
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
28
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
AUD
Currency
...........................
Citibank
NA
07/01/22
USD
0.75
AUD
566
$
—
AUD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
07/14/22
USD
0.70
AUD
458
1,351
USD
Currency
...........................
Citibank
NA
07/14/22
ZAR
16.30
USD
316
4,196
EUR
Currency
...........................
Bank
of
America
NA
08/05/22
USD
1.19
EUR
4,910
16
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
08/15/22
IDR
14,800.00
USD
474
7,790
13,353
Put
EUR
Currency
...........................
JPMorgan
Chase
Bank
NA
07/01/22
USD
1.06
EUR
598
7,261
USD
Currency
...........................
Bank
of
America
NA
07/14/22
BRL
5.00
USD
316
475
USD
Currency
...........................
Citibank
NA
07/21/22
JPY
126.00
USD
796
510
USD
Currency
...........................
Barclays
Bank
plc
07/22/22
BRL
4.85
USD
396
294
USD
Currency
...........................
Citibank
NA
08/01/22
JPY
124.00
USD
10,228
10,647
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
08/05/22
JPY
127.00
USD
7,884
20,008
USD
Currency
...........................
Citibank
NA
08/08/22
JPY
130.00
USD
476
2,545
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
08/11/22
CLP
855.00
USD
472
1,219
USD
Currency
...........................
Citibank
NA
08/22/22
JPY
130.00
USD
7,353
52,053
USD
Currency
...........................
Goldman
Sachs
International
08/22/22
JPY
126.50
USD
632
2,273
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
08/22/22
JPY
121.00
USD
632
833
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
09/08/22
JPY
126.50
USD
6,606
34,787
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
09/12/22
JPY
126.50
USD
5,821
32,719
USD
Currency
...........................
Royal
Bank
of
Canada
09/21/22
JPY
127.00
USD
388
2,695
168,319
$
181,672
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
AUD
Currency
.............................
JPMorgan
Chase
Bank
NA
07/01/22
USD
0.75
AUD
566
$
—
USD
Currency
.............................
Goldman
Sachs
International
07/19/22
TRY
17.50
USD
158
(1,905)
USD
Currency
.............................
Barclays
Bank
plc
07/22/22
BRL
5.20
USD
238
(5,987)
USD
Currency
.............................
Citibank
NA
08/08/22
JPY
136.00
USD
238
(3,480)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
08/11/22
CLP
890.00
USD
236
(11,437)
AUD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
08/12/22
USD
0.73
AUD
458
(594)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
08/15/22
IDR
15,200.00
USD
474
(2,868)
–
(26,271)
–
Put
EUR
Currency
.............................
JPMorgan
Chase
Bank
NA
07/01/22
USD
1.04
EUR
598
(11)
USD
Currency
.............................
Citibank
NA
07/21/22
JPY
120.00
USD
796
(107)
USD
Currency
.............................
Royal
Bank
of
Canada
07/21/22
JPY
127.00
USD
388
(331)
USD
Currency
.............................
Barclays
Bank
plc
07/22/22
BRL
4.60
USD
634
(44)
USD
Currency
.............................
Citibank
NA
08/01/22
JPY
124.00
USD
10,228
(10,645)
USD
Currency
.............................
Citibank
NA
08/08/22
JPY
126.00
USD
476
(1,102)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
08/11/22
CLP
815.00
USD
710
(293)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
08/15/22
IDR
14,400.00
USD
316
(163)
USD
Currency
.............................
Goldman
Sachs
International
08/22/22
JPY
121.00
USD
632
(833)
–
(13,529)
–
$
(39,800)
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
29
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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)
2.91%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/06/25
2.91
%
USD
741
$
(40,525)
10-Year
Interest
Rate
Swap
(a)
2.86%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
06/09/25
2.86
USD
611
(32,098)
10-Year
Interest
Rate
Swap
(a)
2.90%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
06/12/25
2.90
USD
625
(33,850)
10-Year
Interest
Rate
Swap
(a)
3.09%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
06/16/25
3.09
USD
2,053
(129,058)
10-Year
Interest
Rate
Swap
(a)
3.15%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/16/25
3.15
USD
995
(65,685)
10-Year
Interest
Rate
Swap
(a)
3.16%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/16/25
3.16
USD
966
(64,246)
10-Year
Interest
Rate
Swap
(a)
2.93%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/17/25
2.93
USD
552
(30,853)
(396,315)
Put
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.91%
Semi-Annual
Goldman
Sachs
International
06/06/25
2.91
USD
741
(37,670)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.86%
Semi-Annual
Barclays
Bank
plc
06/09/25
2.86
USD
611
(32,184)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.90%
Semi-Annual
Bank
of
America
NA
06/12/25
2.90
USD
625
(32,146)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.09%
Semi-Annual
Bank
of
America
NA
06/16/25
3.09
USD
2,053
(92,453)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.15%
Semi-Annual
Deutsche
Bank
AG
06/16/25
3.15
USD
995
(42,793)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.16%
Semi-Annual
Deutsche
Bank
AG
06/16/25
3.16
USD
966
(41,252)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.93%
Semi-Annual
Goldman
Sachs
International
06/17/25
2.93
USD
552
(27,661)
(306,159)
$
(702,474)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ITRAXX.EUROPE.MAIN.37.
V1
..............
1.00
%
Quarterly
06/20/27
NR
EUR
3,140
$
(28,544)
$
(25,842)
$
(2,702)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
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)
6.15%
Annual
3
month
WIBOR
Quarterly
04/11/23
(a)
04/11/24
PLN
2,593
$
9,145
$
—
$
9,145
1.19%
At
Termination
1
day
ESTR
At
Termination
04/25/23
(a)
04/25/24
EUR
4,810
18,929
(84)
19,013
1.16%
At
Termination
1
day
ESTR
At
Termination
05/03/23
(a)
05/03/24
EUR
5,440
23,733
1,570
22,163
1.52%
At
Termination
1
day
ESTR
At
Termination
06/05/23
(a)
06/05/24
EUR
4,770
3,839
—
3,839
1.69%
At
Termination
1
day
ESTR
At
Termination
06/08/23
(a)
06/08/24
EUR
7,630
(6,664)
—
(6,664)
1.73%
At
Termination
1
day
ESTR
At
Termination
06/12/23
(a)
06/12/24
EUR
7,500
(9,615)
—
(9,615)
2.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/23/26
USD
125
(426)
—
(426)
1
day
ESTR
At
Termination
1.81%
At
Termination
06/10/26
(a)
06/10/27
EUR
7,870
(12,290)
—
(12,290)
3.16%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/03/28
USD
152
(1,587)
—
(1,587)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
30
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
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)
6
month
EURIBOR
Semi-Annual
1.52%
Annual
N/A
02/15/31
EUR
384
$
(17,134)
$
—
$
(17,134)
6
month
EURIBOR
Semi-Annual
1.52%
Annual
N/A
02/15/31
EUR
514
(22,909)
—
(22,909)
6
month
EURIBOR
Semi-Annual
1.54%
Annual
N/A
02/15/31
EUR
1,307
(56,525)
—
(56,525)
6
month
EURIBOR
Semi-Annual
1.55%
Annual
N/A
02/15/31
EUR
384
(16,067)
—
(16,067)
6
month
EURIBOR
Semi-Annual
1.55%
Annual
N/A
02/15/31
EUR
655
(27,768)
—
(27,768)
6
month
EURIBOR
Semi-Annual
1.56%
Annual
N/A
02/15/31
EUR
1,307
(54,144)
—
(54,144)
6
month
EURIBOR
Semi-Annual
1.57%
Annual
N/A
02/15/31
EUR
1,307
(53,169)
—
(53,169)
6
month
EURIBOR
Semi-Annual
1.59%
Annual
N/A
02/15/31
EUR
653
(25,270)
—
(25,270)
6
month
EURIBOR
Semi-Annual
1.64%
Annual
N/A
02/15/31
EUR
255
(8,722)
—
(8,722)
6
month
EURIBOR
Semi-Annual
1.65%
Annual
N/A
02/15/31
EUR
515
(17,508)
—
(17,508)
6
month
EURIBOR
Semi-Annual
1.65%
Annual
N/A
02/15/31
EUR
255
(8,684)
—
(8,684)
6
month
EURIBOR
Semi-Annual
1.69%
Annual
N/A
02/15/31
EUR
262
(8,009)
—
(8,009)
6
month
EURIBOR
Semi-Annual
1.82%
Annual
N/A
02/15/31
EUR
1,060
(20,745)
—
(20,745)
28
day
MXIBTIIE
Monthly
7.60%
Monthly
N/A
01/01/32
MXN
9,075
(37,626)
—
(37,626)
28
day
MXIBTIIE
Monthly
7.57%
Monthly
N/A
01/12/32
MXN
3,459
(14,693)
—
(14,693)
28
day
MXIBTIIE
Monthly
7.53%
Monthly
N/A
01/23/32
MXN
6,232
(27,225)
—
(27,225)
28
day
MXIBTIIE
Monthly
8.29%
Monthly
N/A
03/17/32
MXN
5,588
(10,778)
—
(10,778)
0.30%
Annual
1
day
TONAR
Annual
N/A
04/07/32
JPY
208,075
24,832
—
24,832
0.31%
Annual
1
day
TONAR
Annual
N/A
04/07/32
JPY
205,710
23,354
—
23,354
0.31%
Annual
1
day
TONAR
Annual
N/A
04/07/32
JPY
182,422
20,737
—
20,737
0.30%
Annual
1
day
TONAR
Annual
N/A
04/07/32
JPY
208,994
24,198
—
24,198
0.30%
Annual
1
day
TONAR
Annual
N/A
04/07/32
JPY
209,801
24,543
—
24,543
28
day
MXIBTIIE
Monthly
8.96%
Monthly
N/A
04/21/32
MXN
4,249
882
—
882
0.40%
Annual
1
day
TONAR
Annual
N/A
05/02/32
JPY
128,350
6,867
—
6,867
0.39%
Annual
1
day
TONAR
Annual
N/A
05/02/32
JPY
128,350
7,100
—
7,100
0.42%
Annual
1
day
TONAR
Annual
N/A
06/14/32
JPY
289,952
11,970
—
11,970
0.42%
Annual
1
day
TONAR
Annual
N/A
06/14/32
JPY
257,127
11,361
—
11,361
2.96%
Annual
1
day
SOFR
Annual
06/24/27
(a)
06/24/32
USD
1,950
(11,871)
609
(12,480)
6
month
EURIBOR
Semi-Annual
2.74%
Annual
06/24/27
(a)
06/24/32
EUR
1,720
11,683
959
10,724
2.86%
Annual
1
day
SOFR
Annual
06/25/27
(a)
06/25/32
USD
1,930
(4,283)
242
(4,525)
6
month
EURIBOR
Semi-Annual
2.56%
Annual
06/25/27
(a)
06/25/32
EUR
1,450
(2,232)
—
(2,232)
6
month
EURIBOR
Semi-Annual
2.58%
Annual
06/25/27
(a)
06/25/32
EUR
1,430
(935)
—
(935)
6
month
EURIBOR
Semi-Annual
2.61%
Annual
06/25/27
(a)
06/25/32
EUR
1,710
1,484
1,729
(245)
6
month
EURIBOR
Semi-Annual
2.65%
Annual
06/28/27
(a)
06/28/32
EUR
1,100
2,916
(100)
3,016
2.97%
Annual
1
day
SOFR
Annual
06/29/27
(a)
06/29/32
USD
1,970
(12,950)
—
(12,950)
6
month
EURIBOR
Semi-Annual
2.67%
Annual
06/29/27
(a)
06/29/32
EUR
1,660
5,689
—
5,689
6
month
EURIBOR
Semi-Annual
2.80%
Annual
06/30/27
(a)
06/30/32
EUR
1,150
10,846
617
10,229
0.86%
Annual
1
day
TONAR
Annual
N/A
05/09/52
JPY
83,850
26,743
—
26,743
0.86%
Annual
1
day
TONAR
Annual
N/A
05/09/52
JPY
84,697
28,011
—
28,011
1.95%
Annual
1
day
SOFR
Annual
05/12/42
(a)
05/12/52
USD
7,650
33,549
—
33,549
2.09%
Annual
1
day
SOFR
Annual
05/12/42
(a)
05/12/52
USD
7,650
(21,021)
—
(21,021)
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
31
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
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)
1.97%
Annual
1
day
SOFR
Annual
05/12/42
(a)
05/12/52
USD
7,650
$
29,034
$
—
$
29,034
1.96%
Annual
1
day
SOFR
Annual
05/23/42
(a)
05/23/52
USD
7,605
29,916
—
29,916
1.94%
Annual
1
day
SOFR
Annual
05/23/42
(a)
05/23/52
USD
7,605
37,715
—
37,715
0.83%
Annual
1
day
TONAR
Annual
N/A
05/30/52
JPY
46,715
17,992
—
17,992
0.82%
Annual
1
day
TONAR
Annual
N/A
05/30/52
JPY
46,715
19,001
—
19,001
0.81%
Annual
1
day
TONAR
Annual
N/A
05/30/52
JPY
46,715
19,643
—
19,643
0.87%
Annual
1
day
TONAR
Annual
N/A
05/30/52
JPY
46,715
14,599
—
14,599
1
day
SOFR
Annual
2.08%
Annual
05/30/42
(a)
05/30/52
USD
7,255
14,788
—
14,788
1.31%
Annual
6
month
EURIBOR
Semi-Annual
06/10/42
(a)
06/10/52
EUR
1,347
(6,409)
—
(6,409)
1.44%
Annual
6
month
EURIBOR
Semi-Annual
06/10/42
(a)
06/10/52
EUR
595
(7,814)
(45)
(7,769)
1.45%
Annual
6
month
EURIBOR
Semi-Annual
06/10/42
(a)
06/10/52
EUR
609
(8,384)
(221)
(8,163)
1.46%
Annual
6
month
EURIBOR
Semi-Annual
06/10/42
(a)
06/10/52
EUR
632
(9,101)
63
(9,164)
1.48%
Annual
6
month
EURIBOR
Semi-Annual
06/10/42
(a)
06/10/52
EUR
602
(9,433)
(72)
(9,361)
1.49%
Annual
6
month
EURIBOR
Semi-Annual
06/10/42
(a)
06/10/52
EUR
595
(9,702)
(61)
(9,641)
$
(46,594)
$
5,206
$
(51,800)
(a)
Forward
swap.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Federative
Republic
of
Brazil
..
1.00
%
Quarterly
Barclays
Bank
plc
12/20/24
USD
123
$
2,486
$
1,510
$
976
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
170
3,436
2,088
1,348
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
78
1,576
958
618
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
120
2,425
1,502
923
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
122
2,466
1,527
939
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
120
2,425
1,502
923
Federative
Republic
of
Brazil
..
1.00
Quarterly
Bank
of
America
NA
06/20/27
USD
73
6,108
4,760
1,348
Federative
Republic
of
Brazil
..
1.00
Quarterly
Bank
of
America
NA
06/20/27
USD
135
11,293
8,744
2,549
Federative
Republic
of
Brazil
..
1.00
Quarterly
Bank
of
America
NA
06/20/27
USD
121
10,124
7,690
2,434
Federative
Republic
of
Brazil
..
1.00
Quarterly
Bank
of
America
NA
06/20/27
USD
122
10,208
7,829
2,379
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
06/20/27
USD
1,718
143,745
99,878
43,867
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
192
15,922
10,157
5,765
Republic
of
Colombia
.......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
116
9,656
4,882
4,774
Republic
of
Colombia
.......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
116
9,656
4,981
4,675
Republic
of
Colombia
.......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
116
9,656
4,951
4,705
Republic
of
Colombia
.......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
116
9,656
4,991
4,665
Republic
of
Indonesia
.......
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
546
10,399
6,371
4,028
Republic
of
the
Philippines
...
1.00
Quarterly
Goldman
Sachs
International
06/20/27
USD
754
9,248
3,867
5,381
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
732
24,471
4,427
20,044
CMBX.NA.9.AAA
..........
0.50
Monthly
Credit
Suisse
International
09/17/58
USD
150
136
1,618
(1,482)
CMBX.NA.9.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
09/17/58
USD
120
109
1,311
(1,202)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
230
210
2,674
(2,464)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
90
82
971
(889)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
100
91
1,078
(987)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
8
1,368
418
950
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
85
(8)
(11)
3
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
200
(21)
(133)
112
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
32
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.6.BBB-
.........
3.00
%
Monthly
J.P.
Morgan
Securities
LLC
05/11/63
USD
30
$
6,163
$
2,625
$
3,538
$
–
$
–
$
–
$
303,086
$
193,166
$
109,920
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.3.AM
.......
0.50
%
Monthly
Credit
Suisse
International
12/13/49
NR
USD
390
$
—
$
(29,059)
$
29,059
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
BBB-
USD
29
(4,959)
(3,160)
(1,799)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A
USD
120
(5,029)
(4,698)
(331)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A
USD
60
(2,514)
(2,389)
(125)
CMBX.NA.10.BBB-
....
3.00
Monthly
J.P.
Morgan
Securities
LLC
11/17/59
BBB-
USD
10
(1,739)
(780)
(959)
CMBX.NA.6.BBB-
.....
3.00
Monthly
Credit
Suisse
International
05/11/63
BBB-
USD
30
(6,163)
(2,172)
(3,991)
$
(20,404)
$
(42,258)
$
21,854
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.42%
Semi-Annual
1
day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/23
CLP
688,128
$
58,157
$
—
$
58,157
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
688,128
(56,933)
—
(56,933)
1
day
BZDIOVER
At
Termination
12.03%
At
Termination
BNP
Paribas
SA
01/02/25
BRL
1,644
(4,971)
—
(4,971)
$
(3,747)
$
—
$
(3,747)
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
0.05
%
1
day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.03
1
day
ESTR
.........................................
Euro
Short-Term
Rate
(0.59)
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
1.09
1
day
TONAR
........................................
Tokyo
Overnight
Average
Rate
(0.01)
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
8.03
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
2.29
3
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
7.05
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
0.26
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
33
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
5,789
$
(26,425)
$
510,653
$
(565,155)
$
—
OTC
Swaps
.....................................................
193,310
(42,402)
204,160
(76,133)
—
Options
Written
...................................................
N/A
N/A
84,093
(53,002)
(742,274)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
708,725
$
—
$
708,725
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
238,416
—
—
238,416
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
—
187,839
—
—
187,839
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
510,653
—
510,653
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
339,313
—
—
58,157
—
397,470
$
—
$
339,313
$
—
$
426,255
$
1,277,535
$
—
$
2,043,103
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
1,834,055
—
1,834,055
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
91,580
—
—
91,580
Options
written
(c)
Options
written
at
value
.....................
—
—
—
39,800
702,474
—
742,274
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
2,702
—
—
562,453
—
565,155
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
56,631
—
—
61,904
—
118,535
$
—
$
59,333
$
—
$
131,380
$
3,160,886
$
—
$
3,351,599
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
(c)
Includes
forward
settling
swaptions.
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(10,666,269)
$
—
$
(10,666,269)
Forward
foreign
currency
exchange
contracts
....
—
—
—
453,298
—
—
453,298
Options
purchased
(a)
....................
—
—
—
(607,094)
(88,433)
—
(695,527)
Options
written
........................
—
—
—
303,016
(97,780)
—
205,236
Swaps
..............................
—
228,343
—
—
(274,855)
(2,222,569)
(2,269,081)
$
—
$
228,343
$
—
$
149,220
$
(11,127,337)
$
(2,222,569)
$
(12,972,343)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
34
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(1,640,711)
$
—
$
(1,640,711)
Forward
foreign
currency
exchange
contracts
....
—
—
—
67,436
—
—
67,436
Options
purchased
(b)
....................
—
—
—
(120,014)
8,008
—
(112,006)
Options
written
........................
—
—
—
99,385
(8,651)
—
90,734
Swaps
..............................
—
118,932
—
—
(197,636)
543,153
464,449
$
—
$
118,932
$
—
$
46,807
$
(1,838,990)
$
543,153
$
(1,130,098)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
164,736,686
Average
notional
value
of
contracts
—
short
.................................................................................
$
85,070,677
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
26,081,872
Average
amounts
sold
—
in
USD
........................................................................................
$
9,210,592
Options
Average
value
of
option
contracts
purchased
................................................................................
$
159,681
Average
value
of
option
contracts
written
...................................................................................
$
45,890
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
73,365,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
79,907,611
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
13,566,088
Average
notional
value
—
sell
protection
...................................................................................
$
2,212,528
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
71,522,781
Average
notional
value
—
receives
fixed
rate
................................................................................
$
350,418,832
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
15,211,395
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
1,468,612
$
851,525
Forward
foreign
currency
exchange
contracts
.................................................................
238,416
91,580
Options
(a
)(
b
)
........................................................................................
187,839
742,274
Swaps
—
centrally
cleared
..............................................................................
—
30,321
Swaps
—
OTC
(c
)
....................................................................................
397,470
118,535
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
2,292,337
$
1,834,235
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(1,468,612)
(881,846)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
823,725
$
952,389
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
setting
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
35
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
107,441
$
(107,441)
$
—
$
—
$
—
Barclays
Bank
plc
................................
160,264
(78,493)
—
—
81,771
BNP
Paribas
SA
.................................
25,575
(4,971)
—
—
20,604
Citibank
NA
....................................
95,150
(30,451)
—
—
64,699
Credit
Suisse
International
..........................
30,677
(30,677)
—
—
—
Deutsche
Bank
AG
...............................
73,001
(73,001)
—
—
—
Goldman
Sachs
International
........................
58,691
(58,691)
—
—
—
HSBC
Bank
plc
..................................
1,883
(622)
—
—
1,261
JPMorgan
Chase
Bank
NA
..........................
144,700
(15,995)
—
—
128,705
Morgan
Stanley
&
Co.
International
plc
..................
121,956
(21,919)
—
—
100,037
Royal
Bank
of
Canada
.............................
2,695
(692)
—
—
2,003
UBS
AG
......................................
1,692
(963)
—
—
729
$
823,725
$
(423,916)
$
—
$
—
$
399,809
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(d)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
347,621
$
(107,441)
$
—
$
—
$
240,180
Bank
of
New
York
................................
3,311
—
—
—
3,311
Barclays
Bank
plc
................................
78,493
(78,493)
—
—
—
BNP
Paribas
SA
.................................
4,971
(4,971)
—
—
—
Citibank
NA
....................................
30,451
(30,451)
—
—
—
Credit
Suisse
International
..........................
36,704
(30,677)
—
—
6,027
Deutsche
Bank
AG
...............................
242,277
(73,001)
(169,276)
—
—
Goldman
Sachs
International
........................
165,574
(58,691)
—
—
106,883
HSBC
Bank
plc
..................................
622
(622)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
15,995
(15,995)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
21,919
(21,919)
—
—
—
Royal
Bank
of
Canada
.............................
692
(692)
—
—
—
Societe
Generale
SA
..............................
2,796
—
—
—
2,796
UBS
AG
......................................
963
(963)
—
—
—
$
952,389
$
(423,916)
$
(169,276)
$
—
$
359,197
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
36
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
17,302,769
$
61,244
$
17,364,013
Corporate
Bonds
Aerospace
&
Defense
....................................
—
9,523,163
—
9,523,163
Airlines
..............................................
—
3,158,402
—
3,158,402
Auto
Components
......................................
—
244,413
—
244,413
Automobiles
..........................................
—
1,140,222
—
1,140,222
Banks
...............................................
—
41,217,090
3,000
41,220,090
Beverages
...........................................
—
2,035,749
—
2,035,749
Biotechnology
.........................................
—
4,637,048
—
4,637,048
Building
Products
.......................................
—
187,924
—
187,924
Capital
Markets
........................................
—
29,250,556
—
29,250,556
Chemicals
............................................
—
1,924,574
—
1,924,574
Commercial
Services
&
Supplies
.............................
—
1,715,942
—
1,715,942
Communications
Equipment
................................
—
1,926,713
—
1,926,713
Consumer
Finance
......................................
—
3,970,942
—
3,970,942
Containers
&
Packaging
..................................
—
195,848
—
195,848
Diversified
Financial
Services
...............................
—
558,915
—
558,915
Diversified
Telecommunication
Services
........................
—
9,961,708
—
9,961,708
Electric
Utilities
........................................
—
17,032,110
—
17,032,110
Energy
Equipment
&
Services
..............................
—
112,466
—
112,466
Entertainment
.........................................
—
1,252,450
—
1,252,450
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
12,537,643
578,209
13,115,852
Food
&
Staples
Retailing
..................................
—
149,556
—
149,556
Food
Products
.........................................
—
299,274
—
299,274
Gas
Utilities
...........................................
—
919,732
—
919,732
Health
Care
Equipment
&
Supplies
...........................
—
756,680
—
756,680
Health
Care
Providers
&
Services
............................
—
9,419,001
—
9,419,001
Hotels,
Restaurants
&
Leisure
..............................
—
945,176
—
945,176
Household
Durables
.....................................
—
77,835
—
77,835
Industrial
Conglomerates
..................................
—
500,275
—
500,275
Insurance
............................................
—
2,546,648
—
2,546,648
Internet
&
Direct
Marketing
Retail
............................
—
436,773
—
436,773
IT
Services
...........................................
—
2,909,498
—
2,909,498
Life
Sciences
Tools
&
Services
..............................
—
635,541
—
635,541
Machinery
............................................
—
1,081,535
—
1,081,535
Media
...............................................
—
7,113,350
—
7,113,350
Metals
&
Mining
........................................
—
4,224,327
—
4,224,327
Multiline
Retail
.........................................
—
1,667
—
1,667
Multi-Utilities
..........................................
—
855,142
—
855,142
Oil,
Gas
&
Consumable
Fuels
...............................
—
27,208,615
—
27,208,615
Paper
&
Forest
Products
..................................
—
201,104
—
201,104
Pharmaceuticals
.......................................
—
910,954
—
910,954
Real
Estate
Management
&
Development
.......................
—
654,200
—
654,200
Road
&
Rail
...........................................
—
5,098,269
—
5,098,269
Semiconductors
&
Semiconductor
Equipment
....................
—
8,182,046
—
8,182,046
Software
.............................................
—
6,924,891
—
6,924,891
Specialty
Retail
........................................
—
992,042
—
992,042
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,066,591
—
2,066,591
Tobacco
.............................................
—
1,677,459
—
1,677,459
Trading
Companies
&
Distributors
............................
—
81,248
—
81,248
Wireless
Telecommunication
Services
.........................
—
4,246,616
—
4,246,616
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
39,865
—
39,865
Building
Products
.......................................
—
34,438
—
34,438
Capital
Markets
........................................
—
—
268,560
268,560
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
37
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Chemicals
............................................
$
—
$
187,090
$
—
$
187,090
Commercial
Services
&
Supplies
.............................
—
265,114
—
265,114
Consumer
Finance
......................................
—
—
2,310
2,310
Diversified
Consumer
Services
..............................
—
—
141,308
141,308
Diversified
Telecommunication
Services
........................
—
243,985
—
243,985
Food
Products
.........................................
—
175,958
—
175,958
Health
Care
Providers
&
Services
............................
—
42,704
—
42,704
Hotels,
Restaurants
&
Leisure
..............................
—
727,827
—
727,827
Household
Durables
.....................................
—
64,520
—
64,520
Industrial
Conglomerates
..................................
—
—
27,905
27,905
Media
...............................................
—
403,066
—
403,066
Oil,
Gas
&
Consumable
Fuels
...............................
—
591,107
—
591,107
Personal
Products
......................................
—
—
277,244
277,244
Pharmaceuticals
.......................................
—
64,757
—
64,757
Software
.............................................
—
143,034
—
143,034
Specialty
Retail
........................................
—
122,062
—
122,062
Textiles,
Apparel
&
Luxury
Goods
............................
—
58,263
—
58,263
Thrifts
&
Mortgage
Finance
................................
—
—
608,475
608,475
Trading
Companies
&
Distributors
............................
—
—
198,099
198,099
Foreign
Agency
Obligations
.................................
—
2,703,075
—
2,703,075
Foreign
Government
Obligations
..............................
—
5,493,855
—
5,493,855
Municipal
Bonds
.........................................
—
4,459,640
—
4,459,640
Non-Agency
Mortgage-Backed
Securities
........................
—
9,548,583
323,032
9,871,615
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
2,494,730
—
2,494,730
U.S.
Government
Sponsored
Agency
Securities
....................
—
282,123,207
—
282,123,207
U.S.
Treasury
Obligations
...................................
—
133,507,748
—
133,507,748
Short-Term
Securities
Money
Market
Funds
......................................
95,403,071
—
—
95,403,071
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
187,839
—
187,839
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(81,163,865)
—
(81,163,865)
$
95,403,071
$
613,521,294
$
2,489,386
$
711,413,751
Investments
valued
at
NAV
(a)
......................................
134,719,641
$
—
$
846,133,392
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
146,003
$
—
$
146,003
Foreign
currency
exchange
contracts
............................
—
238,416
—
238,416
Interest
rate
contracts
.......................................
708,725
568,810
—
1,277,535
Liabilities
Credit
contracts
...........................................
—
(16,931)
—
(16,931)
Foreign
currency
exchange
contracts
............................
—
(131,380)
—
(131,380)
Interest
rate
contracts
.......................................
(1,834,055)
(1,326,831
)
—
(3,160,886
)
$
(1,125,330)
$
(521,913
)
$
—
$
(1,647,243
)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
38
BlackRock
Total
Return
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
697,174,545‌
Investments,
at
value
—
affiliated
(b)
.........................................................................................
230,122,712‌
Cash
.............................................................................................................
240,394‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
3,511,050‌
Centrally
cleared
swaps
................................................................................................
2,008,090‌
Foreign
currency,
at
value
(c)
..............................................................................................
3,206,545‌
Receivables:
–‌
Investments
sold
....................................................................................................
1,954,504‌
Swaps
..........................................................................................................
30,003‌
TBA
sale
commitments
................................................................................................
80,717,749‌
Capital
shares
sold
...................................................................................................
13,603‌
Dividends
—
affiliated
.................................................................................................
428,805‌
Interest
—
unaffiliated
.................................................................................................
3,991,722‌
Variation
margin
on
futures
contracts
.......................................................................................
1,468,612‌
Swap
premiums
paid
...................................................................................................
193,310‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
238,416‌
OTC
swaps
........................................................................................................
204,160‌
Prepaid
e
xpenses
.....................................................................................................
9,273‌
Total
a
ssets
.........................................................................................................
1,025,513,493‌
LIABILITIES
Due
to
broker
........................................................................................................
683,954‌
Options
written,
at
value
(d)
................................................................................................
742,274‌
TBA
sale
commitments,
at
value
(e)
..........................................................................................
81,163,865‌
Payables:
–‌
Investments
purchased
................................................................................................
154,784,330‌
Swaps  
..........................................................................................................
688‌
Capital
shares
redeemed
...............................................................................................
2,734,316‌
Distribution
fees
.....................................................................................................
113,039‌
Income
dividend
distributions
............................................................................................
1,068,286‌
Interest
expense
....................................................................................................
360,144‌
Investment
advisory
fees
..............................................................................................
253,279‌
Variation
margin
on
futures
contracts
.......................................................................................
851,525‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
30,321‌
Other
accrued
expenses
...............................................................................................
666,844‌
Swap
premiums
received
................................................................................................
42,402‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
91,580‌
OTC
swaps
........................................................................................................
76,133‌
Total
li
abilities
........................................................................................................
243,662,980‌
NET
ASSETS
........................................................................................................
$
781,850,513‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
........................................................................................................
$
890,683,170‌
Accumulated
loss
.....................................................................................................
(
108,832,657‌
)
NET
ASSETS
........................................................................................................
$
781,850,513‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
759,759,125‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
239,687,071‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
3,277,940‌
(d)
  Premiums
received
..................................................................................................
$
773,365‌
(e)
  Proceeds
from
TBA
sale
commitments
.....................................................................................
$
80,717,749‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
39
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
200,302,800‌
Shares
outstanding
..................................................................................................
19,025,145‌
Net
asset
value
.....................................................................................................
$
10.53‌
Shares
authorized
...................................................................................................
600
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
581,547,713‌
Shares
outstanding
..................................................................................................
55,935,558‌
Net
asset
value
.....................................................................................................
$
10.40‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
40
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
2,136,722‌
Interest
—
unaffiliated
................................................................................................
6,647,920‌
Total
investment
income
.................................................................................................
8,784,642‌
EXPENSES
Investment
advisory
..................................................................................................
1,605,935‌
Distribution
—
class
specific
............................................................................................
744,356‌
Transfer
agent
—
class
specific
..........................................................................................
604,341‌
Accounting
services
..................................................................................................
82,316‌
Custodian
.........................................................................................................
18,408‌
Directors
and
Officer
.................................................................................................
4,837‌
Transfer
agent
......................................................................................................
4,140‌
Miscellaneous
......................................................................................................
124,360‌
Total
expenses
excluding
interest
expense
.....................................................................................
3,188,693‌
Interest
expense
....................................................................................................
11,308‌
Total
expenses
.......................................................................................................
3,200,001‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................................
(27,646‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
..................................................................
(425,779‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
2,746,576‌
Net
investment
income
..................................................................................................
6,038,066‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(105,703,229‌)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(21,326,941‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
453,298‌
Foreign
currency
transactions
.........................................................................................
(137,054‌)
Futures
contracts
..................................................................................................
(10,666,269‌)
Options
written
...................................................................................................
205,236‌
Swaps
.........................................................................................................
(2,269,081‌)
A
(33,740,811‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
.............................................................................................
(9,077,366‌)
Investments
—
unaffiliated
...........................................................................................
(61,644,704‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
67,436‌
Foreign
currency
translations
..........................................................................................
(222,272‌)
Futures
contracts
..................................................................................................
(1,640,711‌)
Options
written
...................................................................................................
90,734‌
Swaps
.........................................................................................................
464,449‌
Unfunded
floating
rate
loan
interests
.....................................................................................
16‌
A
(71,962,418‌)
Net
realized
and
unrealized
loss
............................................................................................
(105,703,229‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(99,665,163‌)
Statements
of
Changes
in
Net
Assets

41
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
6,038,066‌
$
9,800,052‌
Net
realized
gain
(loss)
..............................................................................
(33,740,811‌)
1,480,640‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(71,962,418‌)
(23,096,115‌)
Net
decrease
in
net
assets
resulting
from
operations
............................................................
(99,665,163‌)
(11,815,423‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(1,837,729‌)
(4,817,382‌)
  Class
III
.......................................................................................
(4,272,393‌)
(9,763,495‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(6,110,122‌)
(14,580,877‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
40,365,074‌
152,884,173‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(65,410,211‌)
126,487,873‌
Beginning
of
period
..................................................................................
847,260,724‌
720,772,851‌
End
of
period
......................................................................................
$
781,850,513‌
$
847,260,724‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
42
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Includes
payment
from
an
affiliate,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
an
affiliate,
the
Fund's
total
return
is
3.51%.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.82%
and
0.57%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements
BlackRock
Total
Return
V.I.
Fund
Class
I
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
11.98
‌
$
12.40
‌
$
12.22
‌
$
11.53
‌
$
11.91
‌
$
11.79
‌
Net
investment
income
(a)
........
0.09
0.17
0.25
0.35
0.33
0.29
Net
realized
and
unrealized
gain
(loss)
...................
(1.44)
(0.35)
0.82
0.73
(0.39)
0.13
Net
increase
(decrease)
from
investment
operations
...............
(1.35
)
(0.18
)
1.07
‌
1.08
‌
(0.06
)
0.42
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....
(0.10
)
(0.17
)
(0.29
)
(0.35
)
(0.32
)
(0.30
)
From
net
realized
gain
..........
—
‌
(0.07
)
(0.60
)
(0.04
)
—
‌
—
‌
Total
distributions
..............
(0.10
)
(0.24
)
(0.89
)
(0.39
)
(0.32
)
(0.30
)
Net
asset
value,
end
of
period
.....
$
10.53
‌
$
11.98
‌
$
12.40
‌
$
12.22
‌
$
11.53
‌
$
11.91
‌
Total
Return
(c)
(11.33)%
—
—
—
—
—
Based
on
net
asset
value
.........
(11.33
)%
(d)
(1.42
)%
8.88
%
9.49
%
(0.46
)%
3.60
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................
0.63
%
(g)
0.65
%
0.69
%
0.74
%
0.85
%
(h)
0.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.45
%
(g)
0.47
%
0.51
%
0.54
%
0.58
%
(h)
0.74
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
...................
0.45
%
(g)
0.47
%
0.51
%
0.52
%
0.55
%
0.62
%
Net
investment
income
..........
1.72
%
(g)
1.44
%
1.98
%
2.90
%
2.84
%
2.43
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
200,303
‌
$
232,294
‌
$
250,444
‌
$
245,548
‌
$
246,390
‌
$
152,138
‌
Portfolio
turnover
rate
(i)
...........
252
%
647
%
674
%
536
%
488
%
627
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
140%
334%
399%
326%
310%
389%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
43
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.03%
and
0.88%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Total
Return
V.I.
Fund
Class
III
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
11.83
‌
$
12.24
‌
$
12.07
‌
$
11.40
‌
$
11.76
‌
$
11.65
‌
Net
investment
income
(a)
........
0.08
0.13
0.21
0.31
0.29
0.25
Net
realized
and
unrealized
gain
(loss)
...................
(1.43)
(0.34)
0.81
0.71
(0.37)
0.12
Net
increase
(decrease)
from
investment
operations
...............
(1.35
)
(0.21
)
1.02
‌
1.02
‌
(0.08
)
0.37
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....
(0.08
)
(0.13
)
(0.25
)
(0.31
)
(0.28
)
(0.26
)
From
net
realized
gain
..........
—
‌
(0.07
)
(0.60
)
(0.04
)
—
‌
—
‌
Total
distributions
..............
(0.08
)
(0.20
)
(0.85
)
(0.35
)
(0.28
)
(0.26
)
Net
asset
value,
end
of
period
.....
$
10.40
‌
$
11.83
‌
$
12.24
‌
$
12.07
‌
$
11.40
‌
$
11.76
‌
Total
Return
(c)
(11.46)%
—
—
—
—
—
Based
on
net
asset
value
.........
(11.46
)%
(d)
(1.69
)%
8.54
%
9.05
%
(0.63
)%
3.21
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................
0.85
%
(g)
0.87
%
0.92
%
0.97
%
1.06
%
(h)
1.16
%
Total
expenses
after
fees
waived
and/or
reimburse
d
.................
0.76
%
(g)
0.78
%
0.82
%
0.85
%
0.89
%
(h)
1.06
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
...................
0.76
%
(g)
0.78
%
0.82
%
0.83
%
0.86
%
0.94
%
Net
investment
income
..........
1.42
%
(g)
1.12
%
1.67
%
2.58
%
2.54
%
2.15
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
581,548
‌
$
614,967
‌
$
470,328
‌
$
385,784
‌
$
318,595
‌
$
267,651
‌
Portfolio
turnover
rate
(i)
...........
252
%
647
%
674
%
536
%
488
%
627
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
140%
334%
399%
326%
310%
389%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
44
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds
II,
Inc.
(the
"Company")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company. 
The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
3 separate
funds. 
The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Total
Return
V.I.
Fund (the
"Fund"). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
is
included
in
a
complex
of
open-
end
non-index
fixed-income
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities
and
payment-in-kind
interest,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2022
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where
the
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written
and
swaps) that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, the
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly. 
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.  
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Directors
of
the
Company
(the
“Board”), the directors
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act
(“Independent
Directors
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Directors
.
This
has
the
same
economic
effect
for
the
Independent 
Directors
as
if
the
Independent 
Directors
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
Notes
to
Financial
Statements
(unaudited)
(continued)
45
Notes
to
Financial
Statements
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
the
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Directors’
and
Officer’s
fees
payable
in
the
Statement
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Fund
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”). 
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day's
price will
be
used,
unless
it
is
determined
that
the
prior
day's
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
46
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
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);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
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
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
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.
As
of
June
30,
2022,
certain
investments
of
the
Fund
were fair valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Inflation-Indexed
Bonds:
Inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
according
to
the
rate
of
inflation.
If
the
index
measuring
inflation
rises
or
falls,
the
principal
value
of
inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
will
be
adjusted
upward
or
downward,
and
consequently
the
interest
payable
on
these
securities
(calculated
with
respect
to
a
larger
or
smaller
principal
amount)
will
be
increased
or
reduced,
respectively.
Any
upward
or
downward
adjustment
in
the
principal
amount
of
an
inflation-indexed
bond
is
included
as
interest
income
in
the
Statement
of
Operations,
even
though
investors
do
not
receive
their
principal
until
maturity.
Repayment
of
the
original
bond
principal
upon
maturity
(as
adjusted
for
inflation)
is
guaranteed
in
the
case
of
U.S.
Treasury
inflation-indexed
bonds.
For
bonds
that
do
not
provide
a
similar
guarantee,
the
adjusted
principal
value
of
the
bond
repaid
at
maturity
may
be
less
than
the
original
principal.
With
regard
to
municipal
inflation-indexed
bonds
and
certain
corporate
inflation-indexed
bonds,
the
inflation
adjustment
is
typically
reflected
in
the
semi-annual
coupon
payment.
As
a
result,
the
principal
value
of
municipal
inflation-
indexed
bonds
and
such
corporate
inflation-indexed
bonds
does
not
adjust
according
to
the
rate
of
inflation.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownersh
ip
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backe
d
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
S
tripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
48
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
Forward
Commitments, When-Issued
and
Delayed
Delivery
Securities
:
The
Fund
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made.
The
Fund
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement,
the
Fund
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
the
fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
the
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedule
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Fund
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or,
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
Swaptions
–
The
Fund
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option. 
Foreign
currency
options
–
The
Fund
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
Barrier
options
–
The
Fund
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Fund
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
instant
one-touch
options,
up-and-out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option’s
expiration
date.
One-touch
options
and
instant
one-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-
and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
50
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
—
The
Fund
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
the
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
based
on
a
percentage
of
the
aggregate
average
daily
net
assets
of
the
Fund
and
Blackrock
High
Yield
V.I.
Fund,
a
series
of
the
Company,
at
the
following
annual
rates:
For
the
six
months
ended
June
30,
2022,
the
aggregate
average
daily
net
assets
of
the
Fund
and
BlackRock
High
Yield
V.I.
Fund
were
approximately
$1,563,171,819.
The
Manager
entered
into separate
sub-advisory
agreements
with
BlackRock
International
Limited
(“BIL”)
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-
Advisers”),
each
an
affiliate
of
the
Manager. The
Manager
pays
BIL
and
BSL
for
services
they provide
for
that
portion
of
the
Fund
for
which
BIL
and
BSL
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
Distribution
Fees:
 The
Company,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
of
0.25%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services to
the
Fund.
The
ongoing
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution related
services
to
shareholders.
For
the six
months
ended
June
30,
2022,
the
class
specific
distribution
fees
borne
directly
by Class
III
were
$744,356.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific.
For
the
six
months
ended
June
30,
2022
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2022,
the
amount
waived
was
$27,646.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30
,
2022,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$250
million
.......................................................................................................
0.50%
$250
million
-
$500
million
.................................................................................................
0.45
$500
million
-
$750
million
.................................................................................................
0.40
Greater
than
$750
million
.................................................................................................
0.35
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
..................................................
$
183,433‌
$
420,908‌
$
604,341‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
52
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2022,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
In
addition,
with
respect
to
Class
I
shares,
the
Manager
has
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses
including
interest
expense,
and
excluding
dividend
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund's
business
to
0.60%
of
average
daily
net
assets
through
June
30,
2023.
The
Manager
has
agreed
not
to
reduce
or
discontinue
this
contractual
expense
limitation
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund. For
the
six
months
ended
June
30,
2022,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order
”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to borrow
and
lend
under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2022,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30
,
2022,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2022,
purchases
and
sales
of
investments,
including
paydowns
and
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
Class
I
................................................................................................................
0.00‌%
Class
III
...............................................................................................................
0.06‌
Fund
Name/Share
Class
Transfer
Agent
Fees
Reimbursed
-
Class
Specific
BlackRock
Total
Return
V.I.
Fund
Class
I
.......................................................................................................
$
183,433‌
Class
III
......................................................................................................
242,346‌
$
425,779‌
Class
I
Class
III
Expense
Limitations
..................................................................................
0.60‌%
1.50‌%
Purchases
...............................................................................................................
$
—‌
Sales
...................................................................................................................
4,421‌
Net
Realized
Loss
..........................................................................................................
(524‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
BlackRock
Total
Return
V.I.
Fund
...........................................
$
9,354,475‌
$
13,631,595‌
$
2,012,277,288‌
$
2,022,802,244‌
Notes
to
Financial
Statements
(unaudited)
(continued)
53
Notes
to
Financial
Statements
For
the
six
months ended
June
30,
2022,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
$899,245,470
and
$900,510,378,
respectively. 
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
financial
statements.
As
of
June
30,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company, on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2023
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2022,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Total
Return
V.I.
Fund
.......................................
$
999,962,917‌
$
2,659,048‌
$
(76,644,702‌)
$
(73,985,654‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
54
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers. Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
LIBOR.
Althou
gh
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Fund
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain. 
Notes
to
Financial
Statements
(unaudited)
(continued)
55
Notes
to
Financial
Statements
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/22
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Total
Return
V.I.
Fund
Class
I
Shares
sold
.............................................
884,610‌
$
9,664,815‌
1,004,821‌
$
12,131,216‌
Shares
issued
in
reinvestment
of
distributions
........................
160,105‌
1,798,821‌
407,962‌
4,947,460‌
Shares
redeemed
.........................................
(1,411,011‌)
(15,599,673‌)
(2,220,302‌)
(26,884,647‌)
(366,296‌)
$
(4,136,037‌)
(807,519‌)
$
(9,805,971‌)
Class
III
Shares
sold
.............................................
5,343,120‌
$
59,450,116‌
16,331,905‌
$
195,401,044‌
Shares
issued
in
reinvestment
of
distributions
........................
370,327‌
4,098,626‌
821,013‌
9,828,497‌
Shares
redeemed
.........................................
(1,763,095‌)
(19,047,631‌)
(3,579,836‌)
(42,539,397‌)
3,950,352‌
$
44,501,111‌
13,573,082‌
$
162,690,144‌
3,584,056‌
$
40,365,074‌
12,765,563‌
$
152,884,173‌
Glossary
of
Terms
Used
in
this
Report
2022
BlackRock
Semi-Annual
Report
to
Shareholders
56
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
NOK
Norwegian
Krone
PLN
Polish
Zloty
RUB
New
Russian
Ruble
TRY
Turkish
Lira
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
ESTR
Euro
Short-Term
Rate
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
RB
Revenue
Bonds
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
WIBOR
Warsaw
Interbank
Offered
Rate
JUNE
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds
II,
Inc.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Fund
Summary
as
of
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
U.S.
Government
Bond
V.I.
Fund
Investment
Objective
BlackRock
U.S.
Government
Bond
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2022,
the
Fund
underperformed
the
benchmark,
the
Bloomberg
U.S.
Government/Mortgage
Index.
What
factors
influenced
performance?
Detractors
from
the
Fund’s
performance
relative
to
the
benchmark
included
allocations
to
commercial
mortgage-backed
securities,
specifically
single-asset,
single-borrower
and
interest-only
tranches.
Interest
rate
volatility
strategies
along
with
an
allocation
to
Treasury
inflation-protected
securities
(“TIPS”)
early
in
the
period
also
weighed
on
return.
Allocations
to
nominal
core
European
interest
rates
proved
additive.
Positions
in
well-structured
agency
mortgage-backed
securities
(“MBS”)
and
collateralized
mortgage
obligations
with
seasoned
collateral
that
was
favorable
from
a
prepayment
perspective
also
contributed.
Finally,
active
management
of
duration
and
corresponding
interest
rate
sensitivity
aided
return.
Describe
recent
portfolio
activity.
The
Fund
was
tactical
in
its
duration
and
yield
curve
positioning
during
the
period.
Allocations
to
TIPS
were
reduced
and
an
overweight
to
agency
MBS
built
into
the
end
of
June
2022
based
on
valuation.
Within
agency
MBS,
positioning
was
shifted
from
generic
TBA
(“to-be-announced”)
securities
and
into
specified
pools
along
with
an
increase
in
GNMA
collateral
relative
to
conventional
on
the
expectation
of
faster
prepayments
on
generic
pools.
The
Fund
was
also
tactical
in
securitized
assets,
adding
exposures
marginally
as
spreads
widened
since
the
beginning
of
2022.
The
Fund’s
cash
position
averaged
10.6%
during
the
period
due
to
a
more
defensive
stance
on
risk
amid
decoupling
correlations
across
assets
given
a
notable
shift
in
global
monetary
policy.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
during
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
had
a
defensive
posture
given
the
increased
macro
uncertainty,
including
the
volatile
geopolitical
environment,
the
elevated
inflation
and
commodity
complex
backdrop,
and
global
monetary
policy
tightening.
Within
agency
MBS,
nominal
spreads
are
sitting
at
decade
wides,
excluding
the
March
2020
pandemic
onset.
As
such,
the
Fund
is
positioned
constructively
on
agency
MBS
overall
on
the
view
that
it
is
poised
to
benefit
from
a
reprieve
in
interest
rate
volatility.
The
Fund
closed
the
period
modestly
underweight
duration.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2022
(continued)
3
Fund
Summary
BlackRock
U.S.
Government
Bond
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yields
(b)
Unsubsidized
30-Day
Yields
(b)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(c)(d)
.......................................
2.20‌%
1.74‌%
(9.49‌)%
(9.60‌)%
0.24‌%
0.76‌%
Class
III
(c)(d)
......................................
1.89‌
1.54‌
(9.63‌)
(9.88‌)
(0.05‌)
0.47‌
(
e
)
Bloomberg
U.S.
Government/Mortgage
Index
(f)
.............
—‌
—‌
(8.93‌)
(8.91‌)
0.62‌
1.10‌
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
(g)
........
—‌
—‌
(8.78‌)
(9.03‌)
0.36‌
1.18‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements.
(c)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
("NAV")
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend/payable
date.
Insurance-related
fees
and
expenses
are
not
reflected
in
these
returns.
(d)
The
Fund
invests,
under
normal
circumstances,
at
least
80%
of
its
assets
in
fixed-income
securities
that
are
issued
or
guaranteed
by
the
U.S.
Government
and
its
agencies.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
U.S.
Government
Bond
V.I.
Fund
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Variable
Series
Funds,
Inc.,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization
(e)
The
returns
for
Class
III
Shares
prior
to
July
15,
2013,
the
recommencement
of
operations
of
Class
III
Shares,
are
based
upon
the
performance
of
the
Predecessor
Fund’s
Class
I
Shares.
The
returns
for
Class
III
Shares,
however,
are
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
(f)
Bloomberg
U.S.
Government/Mortgage
Index,
that
measures
debt
issued
by
the
U.S.
Government,
and
its
agencies,
as
well
as
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac.
(g)
Bloomberg
U.S.
Mortgage-Backed
Securities
Index,
an
unmanaged
index
that
includes
the
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac
that
meet
certain
maturity
and
liquidity
criteria.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
905.10‌
$
2.98‌
$
1,000.00‌
$
1,021.67‌
$
3.16‌
0.63‌%
Class
III
..................................
1,000.00‌
903.70‌
4.44‌
1,000.00‌
1,020.13‌
4.71‌
0.94‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
55.0‌
%
U.S.
Treasury
Obligations
.............................
33.2‌
Non-Agency
Mortgage-Backed
Securities
..................
9.4‌
Asset-Backed
Securities
..............................
2.4‌
Foreign
Government
Obligations
........................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
The
Benefits
and
Risks
of
Leveraging
2022
BlackRock
Semi-Annual
Report
to
Shareholders
4
The
Fund
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Fund
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
the
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
the
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments,
the
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to
the
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in
the
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
the
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Fund
had
not
used
leverage.
Furthermore,
the
value
of
the
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
the
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
the
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
the
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
the
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of the
Fund’s
shares
than
if
the
Fund
were
not
leveraged.
In
addition,
the
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit the
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
The
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
the
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
5
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation
the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)(b)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
2.61%,
08/15/30
............
USD
700
$
690,666
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
2.09%,
04/20/31
......................
495
485,394
Total
Asset-Backed
Securities
—
2.7%
(Cost:
$1,194,809)
..............................
1,176,060
Foreign
Government
Obligations
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(c)(d)
...
RUB
1,078
1,666
Total
Foreign
Government
Obligations
—
0.0%
(Cost:
$11,400)
.................................
1,666
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
9.4%
BFLD
Trust,
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
2.47%,
10/15/35
(a)(b)
USD
143
138,844
BPR
Trust,
Series
2021-TY,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
2.37%,
09/15/38
(a)(b)
152
145,294
BX
Commercial
Mortgage
Trust
(b)
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
2.77%,
10/15/36
(a)
..
255
246,662
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
198
169,791
Series
2021-CIP,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
2.24%,
12/15/38
(a)
..
166
160,998
BX
Trust
(b)
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
....................
300
268,039
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
2.52%,
01/15/34
(a)
..
36
34,029
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
2.60%,
06/15/36
(a)
..
60
57,816
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P6,
Class
B,
4.31%,
12/10/49
(a)
...
55
51,285
Commercial
Mortgage
Trust
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
....................
22
20,760
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(b)
...................
440
423,921
Credit
Suisse
Mortgage
Capital
Certificates
(b)
Series
2020-NET,
Class
A,
2.26%,
08/15/37
98
90,268
Series
2021-980M,
Class
A,
2.39%,
07/15/31
....................
100
90,182
CSAIL
Commercial
Mortgage
Trust
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(a)
...................
51
49,953
Series
2019-C16,
Class
A3,
3.33%,
06/15/52
....................
157
146,150
CSMC
Trust,
Series
2021-BHAR,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
2.48%,
11/15/38
(a)(b)
....................
168
163,023
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
2.12%,
02/15/38
(a)(b)
.........
100
96,803
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A,
(LIBOR
USD
1
Month
+
1.03%),
2.36%,
12/15/36
(a)(b)
....................
135
131,265
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
3.32%,
11/15/37
...
308
304,994
Series
2021-DM,
Class
A,
(LIBOR
USD
1
Month
+
0.89%),
2.21%,
11/15/36
...
176
169,055
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-STAR,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
2.27%,
12/15/36
...
USD
140
$
134,474
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.56%,
07/10/39
(a)(b)
....
101
86,457
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
2.69%,
10/15/33
...
100
96,861
Series
2022-ACB,
Class
A,
(SOFR30A
+
1.40%),
2.18%,
03/15/39
.........
80
78,594
Med
Trust,
Series
2021-MDLN,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
2.27%,
11/15/38
(a)(b)
....................
150
143,408
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
B,
4.62%,
07/15/51
39
37,417
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
2.22%,
07/15/35
(b)
..
145
140,445
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
A,
(TSFR1M
+
1.40%),
2.68%,
03/15/39
(a)(b)
....................
148
145,343
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
2.07%,
09/15/34
(a)(b)
.........
139
136,327
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
2.52%,
05/15/31
(a)(b)
...
160
152,790
4,111,248
Interest
Only
Commercial
Mortgage-Backed
Securities
—
1.0%
(a)
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2021-MF3,
Class
XA,
0.85%,
10/15/54
(b)
.....................
128
5,876
BANK,
Series
2021-BN33,
Class
XA,
1.17%,
05/15/64
......................
1,753
113,833
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.74%,
10/15/53
..........
1,164
99,912
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA,
1.72%,
06/15/52
..
1,717
141,019
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.62%,
10/15/52
......
996
77,250
437,890
Total
Non-Agency
Mortgage-Backed
Securities
—
10.4%
(Cost:
$4,852,603)
..............................
4,549,138
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
1.2%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
500
522,318
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
(e)
....
73
74,093
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.76%, 07/20/39
(a)
.............
71
77,078
151,171
Interest
Only
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association
Series
2020-32,
4.00%, 05/25/50
......
88
17,897
Series
2020-32,
Class
PI,
4.00%, 05/25/50
100
20,227
Government
National
Mortgage
Association
Series
2020-115,
Class
IM,
3.50%, 08/20/50
(e)
..............
129
21,876
Series
2020-146,
Class
DI,
2.50%, 10/20/50
(e)
..............
162
21,324
Series
2020-162,
Class
TI,
2.50%, 10/20/50
319
41,498
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2020-175,
Class
DI,
2.50%, 11/20/50
(e)
..............
USD
80
$
10,629
Series
2020-185,
Class
MI,
2.50%, 12/20/50
253
35,443
168,894
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K094,
Class
X1,
1.02%, 06/25/29
.
209
10,646
Series
K105,
Class
X1,
1.64%, 01/25/30
.
669
61,298
Series
K109,
Class
X1,
1.70%, 04/25/30
.
141
13,645
Series
K113,
Class
X1,
1.49%, 06/25/30
.
200
17,369
Series
K115,
Class
X1,
1.43%, 06/25/30
.
199
16,816
Series
K116,
Class
X1,
1.53%, 07/25/30
.
107
9,532
Series
K119,
Class
X1,
1.03%, 09/25/30
.
180
10,970
Series
K120,
Class
X1,
1.13%, 10/25/30
.
774
51,419
Series
K122,
Class
X1,
0.97%, 11/25/30
.
255
14,868
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.94%, 01/25/58
..........
256
39,278
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2002-83,
0.00%, 10/16/42
(e)
.....
418
—
Series
2003-17,
0.00%, 03/16/43
(e)
.....
432
—
Series
2003-109,
0.00%, 11/16/43
.....
626
24
Series
2016-22,
0.72%, 11/16/55
......
1,346
36,738
Series
2016-151,
0.89%, 06/16/58
.....
446
19,304
Series
2017-30,
0.58%, 08/16/58
......
250
7,683
Series
2017-61,
0.77%, 05/16/59
......
210
9,114
318,704
Mortgage-Backed
Securities
—
58.4%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 03/01/30
-
04/01/31
..........
105
102,827
3.00%, 09/01/27
-
12/01/46
..........
191
185,820
3.50%, 04/01/31
-
01/01/48
..........
268
267,222
4.00%, 08/01/40
-
12/01/45
..........
39
39,143
4.50%, 02/01/39
-
07/01/47
..........
98
100,837
5.00%, 10/01/41
-
11/01/41
..........
69
72,839
5.50%, 06/01/41
.................
56
60,650
8.00%, 12/01/29
-
07/01/30
..........
12
12,484
Federal
National
Mortgage
Association
3.50%, 11/01/46
.................
84
81,817
4.00%, 01/01/41
.................
3
3,096
Government
National
Mortgage
Association
2.00%, 08/20/50
-
02/20/51
..........
797
711,134
2.00%, 07/15/52
(f)
................
264
234,314
2.50%, 10/20/51
-
12/20/51
..........
554
508,484
2.50%, 07/15/52
(f)
................
554
506,910
3.00%, 02/15/45
-
12/20/51
..........
627
592,964
3.00%, 07/15/52
(f)
................
525
494,948
3.50%, 01/15/42
-
04/20/48
..........
640
631,168
3.50%, 07/15/52
-
08/15/52
(f)
.........
269
261,288
4.00%, 09/20/40
-
06/20/50
..........
1,057
1,062,955
4.50%, 12/20/39
-
02/15/42
..........
489
510,913
5.00%, 12/15/38
-
07/20/42
..........
43
45,591
5.50%, 01/15/34
.................
214
228,214
Uniform
Mortgage-Backed
Securities
1.50%, 07/25/37
-
07/25/52
(f)
.........
562
489,244
1.50%, 11/01/41
-
12/01/41
..........
669
573,283
2.00%, 10/01/31
-
03/01/52
..........
4,929
4,308,787
2.00%, 07/25/37
-
07/25/52
(f)
.........
1,673
1,494,864
2.50%, 04/01/30
-
03/01/52
..........
3,899
3,568,702
2.50%, 07/25/52
-
08/25/52
(f)
.........
900
808,848
3.00%, 04/01/29
-
03/01/52
..........
2,182
2,082,280
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00%, 07/25/37
-
07/25/52
(f)
.........
USD
709
$
660,705
3.50%, 08/01/30
-
01/01/51
..........
1,092
1,066,374
3.50%, 07/25/37
-
08/25/52
(f)
.........
225
216,100
4.00%, 01/01/26
-
10/01/51
..........
1,124
1,129,460
4.00%, 07/25/52
-
08/25/52
(f)
.........
840
827,787
4.50%, 05/01/24
-
04/01/49
..........
278
283,580
4.50%, 07/25/52
-
08/25/52
(f)
.........
751
753,491
5.00%, 09/01/35
-
08/01/41
..........
113
118,552
5.00%, 07/25/52
-
08/25/52
(f)
.........
117
119,411
5.50%, 05/01/34
-
12/01/39
..........
118
126,195
6.00%, 04/01/35
-
06/01/41
..........
136
148,167
6.50%, 05/01/40
.................
23
25,120
25,516,568
Total
U.S.
Government
Sponsored
Agency
Securities
—
61.1%
(Cost:
$27,676,477)
..............................
26,677,655
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
-
11/15/40
..........
212
241,644
4.50%, 08/15/39
.................
170
199,870
4.38%, 11/15/39
.................
170
196,390
4.63%, 02/15/40
.................
42
49,980
3.88%, 08/15/40
.................
42
45,283
3.13%, 02/15/43
.................
660
627,077
2.88%, 05/15/43
-
11/15/46
..........
1,290
1,176,220
3.63%, 08/15/43
.................
660
677,377
3.75%, 11/15/43
.................
660
690,396
2.50%, 02/15/45
.................
154
130,611
2.75%, 11/15/47
.................
154
137,962
3.00%, 02/15/48
.................
784
738,675
2.25%, 08/15/49
.................
815
668,714
1.63%, 11/15/50
.................
85
59,782
U.S.
Treasury
Inflation
Linked
Notes,
0.13%, 04/15/27
(a)
................
1,028
1,012,183
U.S.
Treasury
Notes
0.50%, 03/15/23
-
05/31/27
..........
873
811,344
0.25%, 04/15/23
.................
214
209,695
2.75%, 05/31/23
.................
660
659,123
2.25%, 11/15/24
-
08/15/27
..........
1,627
1,571,018
2.00%, 02/15/25
.................
1,580
1,539,451
0.38%, 04/30/25
.................
367
340,608
2.13%, 05/15/25
.................
1,390
1,355,956
1.50%, 08/15/26
-
02/15/30
..........
1,881
1,764,435
0.63%, 03/31/27
.................
146
130,334
2.88%, 08/15/28
.................
380
375,369
3.13%, 11/15/28
.................
380
380,787
2.38%, 03/31/29
.................
54
51,690
1.63%, 08/15/29
.................
266
242,185
Total
U.S.
Treasury
Obligations
—
36.8%
(Cost:
$17,432,820)
..............................
16,084,159
Total
Long-Term
Investments
—
111.0%
(Cost:
$51,168,109)
..............................
48,488,678
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
(g)(h)
.................
109,419
$
109,419
Total
Money
Market
Funds
—
0.3%
(Cost:
$109,419)
................................
109,419
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
9.6%
Federal
Home
Loan
Bank
Discount
Notes,
1.60%, 08/19/22
(i)
...............
USD
4,200
4,190,263
Total
U.S.
Government
Sponsored
Agency
Securities
—
9.6%
(Cost:
$4,190,854)
..............................
4,190,263
Total
Short-Term
Securities
—
9.9%
(Cost:
$4,300,273)
..............................
4,299,682
Total
Options
Purchased
—
0.0%
(Cost:
$12,111)
.................................
8,506
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
120.9%
(Cost:
$55,480,493
)
..............................
52,796,866
Total
Options
Written
—
(0.6)%
(Premium
Received
—
$(226,786))
...................
(276,631)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
(f)
Mortgage-Backed
Securities
—
(12.5)%
Government
National
Mortgage
Association
2.50%
,
 07/15/52
.................
USD
(25)
$
(22,875)
3.00%
,
 07/15/52
.................
(427)
(402,481)
3.50%
,
 07/15/52
.................
(110)
(106,872)
Uniform
Mortgage-Backed
Securities
1.50%
,
 07/25/37
-
07/25/52
..........
(48)
(42,534)
2.50%
,
 07/25/37
-
07/25/52
..........
(893)
(808,767)
3.00%
,
 07/25/37
-
08/25/52
..........
(763)
(717,452)
3.50%
,
 07/25/37
-
08/25/52
..........
(226)
(220,494)
2.00%
,
 07/25/52
-
08/25/52
..........
(1,474)
(1,278,550)
4.00%
,
 07/25/52
-
08/25/52
..........
(1,351)
(1,330,649)
4.50%
,
 07/25/52
-
08/25/52
..........
(393)
(393,699)
5.00%
,
 07/25/52
.................
(123)
(125,537)
Total
TBA
Sale
Commitments
—
(12.5)%
(Proceeds:
$(5,406,802))
..........................
(5,449,910)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
107.8%
(Cost:
$49,846,905
)
..............................
47,070,325
Liabilities
in
Excess
of
Other
Assets
—
(7.8)%
............
(3,385,715)
Net
Assets
—
100.0%
..............................
$
43,684,610
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(d)
Non-income
producing
security.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Represents
or
includes
a
TBA
transaction.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
Affiliate
of
the
Fund.
(i)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
8,097,193
$
—
$
(7,987,774)
$
—
$
—
$
109,419
109,419
$
2,267
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
9
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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
Euro-Bund
..............................................................
4
09/08/22
$
624
$
19,899
U.S.
Treasury
10
Year
Ultra
Note
...............................................
7
09/21/22
889
(13,339)
U.S.
Treasury
Ultra
Bond
....................................................
2
09/21/22
306
9,851
U.S.
Treasury
2
Year
Note
....................................................
4
09/30/22
839
1,307
U.S.
Treasury
5
Year
Note
....................................................
7
09/30/22
785
3,355
21,073
Short
Contracts
Euro-BTP
...............................................................
8
09/08/22
1,032
(38,046)
U.S.
Treasury
10
Year
Note
...................................................
2
09/21/22
237
(346)
U.S.
Treasury
Long
Bond
....................................................
6
09/21/22
829
12,974
3
Month
SOFR
...........................................................
18
09/19/23
4,354
(2,963)
(28,381)
$
(7,308)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
10,000
USD
6,874
Deutsche
Bank
AG
07/20/22
$
29
USD
10,000
ZAR
161,031
BNP
Paribas
SA
07/20/22
117
MXN
67,000
USD
3,206
UBS
AG
08/24/22
94
USD
4,600
MXN
93,000
JPMorgan
Chase
Bank
NA
08/24/22
19
EUR
213,000
GBP
181,934
Deutsche
Bank
AG
09/21/22
2,685
USD
18,767
CAD
24,000
JPMorgan
Chase
Bank
NA
09/21/22
119
USD
226,723
EUR
213,000
JPMorgan
Chase
Bank
NA
09/21/22
2,228
5,291
JPY
1,346,943
USD
10,000
Bank
of
New
York
Mellon
07/20/22
(64)
USD
10,445
EUR
10,000
HSBC
Bank
plc
07/20/22
(45)
USD
10,000
JPY
1,360,027
Standard
Chartered
Bank
07/20/22
(33)
MXN
93,000
USD
4,686
Citibank
NA
08/24/22
(105)
(247)
$
5,044
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
...........................
Citibank
NA
08/01/22
JPY
124.00
USD
585
$
609
USD
Currency
...........................
JP
Morgan
Chase
Bank
NA
08/05/22
JPY
127.00
USD
451
1,145
USD
Currency
...........................
Citibank
NA
08/22/22
JPY
130.00
USD
413
2,923
USD
Currency
...........................
JP
Morgan
Chase
Bank
NA
09/08/22
JPY
126.50
USD
378
1,991
USD
Currency
...........................
JP
Morgan
Chase
Bank
NA
09/12/22
JPY
126.50
USD
327
1,838
$
—
$
8,506
$
—
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
10
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
.............................
Citibank
NA
08/01/22
JPY
124.00
USD
585
$
(609)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
2-Year
Interest
Rate
Swap
(a)
.
2.46%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/15/22
2.46
%
USD
1,900
$
(1,527)
2-Year
Interest
Rate
Swap
(a)
.
1.51%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/16/22
1.51
USD
1,500
(55)
2-Year
Interest
Rate
Swap
(a)
.
2.42%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
08/22/22
2.42
USD
2,000
(1,760)
2-Year
Interest
Rate
Swap
(a)
.
1.22%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
09/02/22
1.22
USD
1,500
(67)
10-Year
Interest
Rate
Swap
(a)
1.71%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
10/28/22
1.71
USD
1,200
(1,746)
10-Year
Interest
Rate
Swap
(a)
2.10%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
03/17/23
2.10
USD
300
(2,873)
10-Year
Interest
Rate
Swap
(a)
2.60%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
04/12/23
2.60
USD
200
(4,743)
10-Year
Interest
Rate
Swap
(a)
3.13%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/14/23
3.13
USD
300
(15,307)
10-Year
Interest
Rate
Swap
(a)
2.91%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/06/25
2.91
USD
26
(1,431)
10-Year
Interest
Rate
Swap
(a)
2.86%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
06/09/25
2.86
USD
22
(1,134)
10-Year
Interest
Rate
Swap
(a)
2.90%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
06/12/25
2.90
USD
16
(867)
10-Year
Interest
Rate
Swap
(a)
3.09%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
06/16/25
3.09
USD
69
(4,345)
10-Year
Interest
Rate
Swap
(a)
3.15%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/16/25
3.15
USD
33
(2,179)
10-Year
Interest
Rate
Swap
(a)
3.16%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/16/25
3.16
USD
34
(2,261)
10-Year
Interest
Rate
Swap
(a)
2.93%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/17/25
2.93
USD
18
(1,006)
(41,301)
Put
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.02%
Semi-Annual
Deutsche
Bank
AG
07/19/22
3.02
USD
500
(1,709)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
3.35%
Semi-Annual
Barclays
Bank
plc
08/05/22
3.35
USD
1,700
(3,266)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
3.22%
Semi-Annual
Deutsche
Bank
AG
08/09/22
3.22
USD
1,700
(4,993)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.21%
Semi-Annual
Barclays
Bank
plc
08/16/22
2.21
USD
1,500
(25,618)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.95%
Semi-Annual
Bank
of
America
NA
09/02/22
1.95
USD
1,500
(33,225)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.71%
Semi-Annual
Deutsche
Bank
AG
10/28/22
1.71
USD
1,200
(118,281)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.10%
Semi-Annual
Bank
of
America
NA
03/17/23
2.10
USD
300
(21,385)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.60%
Semi-Annual
Bank
of
America
NA
04/12/23
2.60
USD
200
(8,615)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.13%
Semi-Annual
Deutsche
Bank
AG
06/14/23
3.13
USD
300
(7,456)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.91%
Semi-Annual
Goldman
Sachs
International
06/06/25
2.91
USD
26
(1,330)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.86%
Semi-Annual
Barclays
Bank
plc
06/09/25
2.86
USD
22
(1,136)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.90%
Semi-Annual
Bank
of
America
NA
06/12/25
2.90
USD
16
(823)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.09%
Semi-Annual
Bank
of
America
NA
06/16/25
3.09
USD
69
(3,112)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.15%
Semi-Annual
Deutsche
Bank
AG
06/16/25
3.15
USD
33
(1,419)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.16%
Semi-Annual
Deutsche
Bank
AG
06/16/25
3.16
USD
34
(1,452)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.93%
Semi-Annual
Goldman
Sachs
International
06/17/25
2.93
USD
18
(901)
(234,721)
$
(276,022)
(a)
Forward
settling
swaption.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
11
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6.15%
Annual
3
month
WIBOR
Quarterly
04/11/24
PLN
76
$
266
$
—
$
266
3.13%
Annual
1
day
SOFR
Annual
06/14/24
USD
700
(2,313)
—
(2,313)
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
10/01/29
USD
400
37,398
—
37,398
6
month
EURIBOR
Semi-Annual
1.52%
Annual
02/15/31
EUR
36
(1,626)
—
(1,626)
6
month
EURIBOR
Semi-Annual
1.52%
Annual
02/15/31
EUR
27
(1,216)
—
(1,216)
6
month
EURIBOR
Semi-Annual
1.54%
Annual
02/15/31
EUR
75
(3,255)
—
(3,255)
6
month
EURIBOR
Semi-Annual
1.55%
Annual
02/15/31
EUR
38
(1,599)
—
(1,599)
6
month
EURIBOR
Semi-Annual
1.55%
Annual
02/15/31
EUR
27
(1,141)
—
(1,141)
6
month
EURIBOR
Semi-Annual
1.56%
Annual
02/15/31
EUR
75
(3,118)
—
(3,118)
6
month
EURIBOR
Semi-Annual
1.57%
Annual
02/15/31
EUR
75
(3,062)
—
(3,062)
6
month
EURIBOR
Semi-Annual
1.59%
Annual
02/15/31
EUR
38
(1,455)
—
(1,455)
6
month
EURIBOR
Semi-Annual
1.64%
Annual
02/15/31
EUR
18
(619)
—
(619)
6
month
EURIBOR
Semi-Annual
1.65%
Annual
02/15/31
EUR
37
(1,243)
—
(1,243)
6
month
EURIBOR
Semi-Annual
1.65%
Annual
02/15/31
EUR
18
(616)
—
(616)
6
month
EURIBOR
Semi-Annual
1.69%
Annual
02/15/31
EUR
19
(569)
—
(569)
6
month
EURIBOR
Semi-Annual
1.82%
Annual
02/15/31
EUR
61
(1,186)
—
(1,186)
28
day
MXIBTIIE
Monthly
7.60%
Monthly
01/01/32
MXN
285
(1,182)
—
(1,182)
28
day
MXIBTIIE
Monthly
7.57%
Monthly
01/12/32
MXN
106
(450)
—
(450)
28
day
MXIBTIIE
Monthly
7.53%
Monthly
01/23/32
MXN
190
(830)
—
(830)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
03/04/32
USD
200
(21,187)
—
(21,187)
28
day
MXIBTIIE
Monthly
8.29%
Monthly
03/17/32
MXN
164
(316)
—
(316)
2.16%
Annual
1
day
SOFR
Annual
04/01/32
USD
300
15,065
—
15,065
0.30%
Annual
1
day
TONAR
Annual
04/07/32
JPY
12,185
1,411
—
1,411
0.30%
Annual
1
day
TONAR
Annual
04/07/32
JPY
12,131
1,448
—
1,448
0.30%
Annual
1
day
TONAR
Annual
04/07/32
JPY
12,232
1,431
—
1,431
0.31%
Annual
1
day
TONAR
Annual
04/07/32
JPY
11,994
1,362
—
1,362
0.31%
Annual
1
day
TONAR
Annual
04/07/32
JPY
10,636
1,209
—
1,209
28
day
MXIBTIIE
Monthly
8.96%
Monthly
04/21/32
MXN
123
26
—
26
0.39%
Annual
1
day
TONAR
Annual
05/02/32
JPY
7,402
409
—
409
0.40%
Annual
1
day
TONAR
Annual
05/02/32
JPY
7,402
396
—
396
2.65%
Annual
1
day
SOFR
Annual
06/02/32
USD
400
4,358
—
4,358
0.42%
Annual
1
day
TONAR
Annual
06/14/32
JPY
30,282
1,232
—
1,232
0.42%
Annual
1
day
TONAR
Annual
06/14/32
JPY
14,433
638
—
638
0.42%
Annual
1
day
TONAR
Annual
06/14/32
JPY
16,276
672
—
672
2.99%
Annual
1
day
SOFR
Annual
06/22/32
USD
100
(1,783)
—
(1,783)
0.86%
Annual
1
day
TONAR
Annual
05/09/52
JPY
4,843
1,545
—
1,545
0.86%
Annual
1
day
TONAR
Annual
05/09/52
JPY
4,892
1,618
—
1,618
1.95%
Annual
1
day
SOFR
Annual
05/12/52
USD
440
1,930
—
1,930
1.97%
Annual
1
day
SOFR
Annual
05/12/52
USD
440
1,670
—
1,670
2.09%
Annual
1
day
SOFR
Annual
05/12/52
USD
435
(1,195)
—
(1,195)
1.94%
Annual
1
day
SOFR
Annual
05/23/52
USD
438
2,172
—
2,172
1.96%
Annual
1
day
SOFR
Annual
05/23/52
USD
438
1,723
—
1,723
0.81%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,705
1,137
—
1,137
0.82%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,705
1,100
—
1,100
0.83%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,705
1,042
—
1,042
0.87%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,705
845
—
845
1
day
SOFR
Annual
2.08%
Annual
05/30/52
USD
420
856
—
856
1.31%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
76
(360)
—
(360)
1.44%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
33
(433)
(2)
(431)
1.45%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
33
(454)
(13)
(441)
1.46%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
35
(504)
4
(508)
1.48%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
33
(517)
(4)
(513)
1.49%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
33
(538)
(3)
(535)
$
30,192
$
(18)
$
30,210
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
12
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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
12.03%
At
Termination
BNP
Paribas
SA
01/02/25
BRL
48
$
(145)
$
—
$
(145)
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
0.05
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
1.09
1
day
TONAR
........................................
Tokyo
Overnight
Average
Rate
(0.01)
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
8.03
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
2.29
3
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
7.05
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
0.26
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
4
$
(22)
$
82,959
$
(52,749)
$
30,192
OTC
Swaps
.....................................................
—
—
—
(145)
(145)
Options
Written
...................................................
N/A
N/A
132,930
(182,775)
(276,631)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
13
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
47,386
$
—
$
47,386
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
5,291
—
—
5,291
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
8,506
—
—
8,506
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
82,959
—
82,959
$
—
$
—
$
—
$
13,797
$
130,345
$
—
$
144,142
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
54,694
—
54,694
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
247
—
—
247
Options
written
(b)
Options
written
at
value
.....................
—
—
—
609
276,022
—
276,631
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
52,749
—
52,749
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
145
—
145
$
—
$
—
$
—
$
856
$
383,610
$
—
$
384,466
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
11,576
$
—
$
11,576
Forward
foreign
currency
exchange
contracts
....
—
—
—
(9,230)
—
—
(9,230)
Options
purchased
(a)
....................
—
—
—
(9,246)
46,024
—
36,778
Options
written
........................
—
—
—
—
65,478
—
65,478
Swaps
..............................
—
691
—
—
(161,026)
(143,071)
(303,406)
$
—
$
691
$
—
$
(18,476)
$
(37,948)
$
(143,071)
$
(198,804)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
1,967
$
—
$
1,967
Forward
foreign
currency
exchange
contracts
....
—
—
—
1,074
—
—
1,074
Options
purchased
(b)
....................
—
—
—
(1,164)
1,818
—
654
Options
written
........................
—
—
—
146
(97,225)
—
(97,079)
Swaps
..............................
—
—
—
—
30,579
37,149
67,728
$
—
$
—
$
—
$
56
$
(62,861)
$
37,149
$
(25,656)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
14
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,681,736
Average
notional
value
of
contracts
—
short
.................................................................................
$
4,409,376
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
287,480
Average
amounts
sold
—
in
USD
........................................................................................
$
38,453
Options
Average
value
of
option
contracts
purchased
................................................................................
$
6,511
Average
value
of
option
contracts
written
...................................................................................
$
305
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
4,920,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
19,937,843
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
5,000
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
3,796,675
Average
notional
value
—
receives
fixed
rate
................................................................................
$
18,720,771
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
936,415
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
33,087
$
29,052
Forward
foreign
currency
exchange
contracts
.................................................................
5,291
247
Options
(a)(b)
........................................................................................
8,506
276,631
Swaps
—
centrally
cleared
..............................................................................
—
15,825
Swaps
—
OTC
(c)
....................................................................................
—
145
Total
derivative
assets
a
nd
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
46,884
$
321,900
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(33,087)
(44,877)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
13,797
$
277,023
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
BNP
Paribas
SA
.................................
$
117
$
(117)
$
—
$
—
$
—
Citibank
NA
....................................
3,532
(714)
—
—
2,817
Deutsche
Bank
AG
...............................
2,714
(2,714)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
7,340
—
—
—
7,340
UBS
AG
......................................
94
—
—
—
94
$
13,797
$
(3,545)
$
—
$
—
$
10,251
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
15
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)(c)
Bank
of
America
NA
..............................
$
80,055
$
—
$
—
$
—
$
80,055
Bank
of
New
York
................................
64
—
—
—
64
Barclays
Bank
plc
................................
32,736
—
—
—
32,736
BNP
Paribas
SA
.................................
145
(117)
—
—
28
Citibank
NA
....................................
714
(714)
—
—
—
Deutsche
Bank
AG
...............................
158,563
(2,714)
—
—
155,848
Goldman
Sachs
International
........................
4,668
—
—
—
4,668
HSBC
Bank
plc
..................................
45
—
—
—
45
Standard
Chartered
Bank
...........................
33
—
—
—
33
$
277,023
$
(3,545
)
$
—
$
—
$
273,477
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
16
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,176,060
$
—
$
1,176,060
Foreign
Government
Obligations
..............................
—
1,666
—
1,666
Non-Agency
Mortgage-Backed
Securities
........................
—
4,549,138
—
4,549,138
U.S.
Government
Sponsored
Agency
Securities
....................
—
26,549,733
127,922
26,677,655
U.S.
Treasury
Obligations
...................................
—
16,084,159
—
16,084,159
Short-Term
Securities
Money
Market
Funds
......................................
109,419
—
—
109,419
U.S.
Government
Sponsored
Agency
Securities
....................
—
4,190,263
—
4,190,263
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
8,506
—
8,506
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(5,449,910)
—
(5,449,910)
$
109,419
$
47,109,615
$
127,922
$
47,346,956
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
5,291
$
—
$
5,291
Interest
rate
contracts
.......................................
47,386
82,959
—
130,345
Liabilities
Foreign
currency
exchange
contracts
............................
—
(856)
—
(856)
Interest
rate
contracts
.......................................
(54,694)
(328,916)
—
(383,610)
$
(7,308)
$
(241,522)
$
—
$
(248,830)
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2022
17
Financial
Statements
BlackRock
U.S.
Government
Bond
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
52,687,447‌
Investments,
at
value
—
affiliated
(b)
.........................................................................................
109,419‌
Cash
.............................................................................................................
14,037‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
69,000‌
Centrally
cleared
swaps
................................................................................................
148,941‌
Foreign
currency,
at
value
(c)
..............................................................................................
183,127‌
Receivables:
–‌
Swaps  
..........................................................................................................
229‌
TBA
sale
commitments
................................................................................................
5,406,802‌
Capital
shares
sold
...................................................................................................
2,813‌
Dividends
—
affiliated
.................................................................................................
339‌
Interest
—
unaffiliated
.................................................................................................
185,523‌
Variation
margin
on
futures
contracts
.......................................................................................
33,087‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
5,291‌
Prepaid
expenses
.....................................................................................................
688‌
Total
assets
.........................................................................................................
58,846,743‌
LIABILITIES
Options
written,
at
value
(d)
................................................................................................
276,631‌
TBA
sale
commitments,
at
value
(e)
..........................................................................................
5,449,910‌
Payables:
–‌
Investments
purchased
................................................................................................
8,918,708‌
Capital
shares
redeemed
...............................................................................................
273,716‌
Distribution
fees
.....................................................................................................
756‌
Income
dividend
distributions
............................................................................................
51,407‌
Investment
advisory
fees
..............................................................................................
8,664‌
Directors'
and
Officer's
fees
.............................................................................................
1,303‌
Variation
margin
on
futures
contracts
.......................................................................................
29,052‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
15,825‌
Other
accrued
expenses
...............................................................................................
135,769‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
247‌
OTC
swaps
........................................................................................................
145‌
Total
liabilities
........................................................................................................
15,162,133‌
NET
ASSETS
........................................................................................................
$
43,684,610‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
50,983,608‌
Accumulated
loss
.....................................................................................................
(7,298,998‌)
NET
ASSETS
........................................................................................................
$
43,684,610‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
55,371,074‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
109,419‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
191,264‌
(d)
  Premiums
received
..................................................................................................
$
226,786‌
(e)
  Proceeds
from
TBA
sale
commitments
.....................................................................................
$
5,406,802‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
18
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
..........................................................................................................
$
40,106,387‌
Shares
outstanding
...................................................................................................
4,243,538‌
Net
asset
value
......................................................................................................
$
9.45‌
Shares
authorized
....................................................................................................
300
million
Par
value
..........................................................................................................
$
0.10‌
Class
III
Net
assets
..........................................................................................................
$
3,578,223‌
Shares
outstanding
...................................................................................................
378,785‌
Net
asset
value
......................................................................................................
$
9.45‌
Shares
authorized
....................................................................................................
100
million
Par
value
..........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2022
19
Financial
Statements
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
2,267‌
Interest
—
unaffiliated
................................................................................................
369,081‌
Total
investment
income
.................................................................................................
371,348‌
EXPENSES
Investment
advisory
..................................................................................................
118,972‌
Transfer
agent
—
class
specific
..........................................................................................
46,453‌
Professional
.......................................................................................................
37,141‌
Accounting
services
..................................................................................................
32,812‌
Custodian
.........................................................................................................
5,858‌
Distribution
—
class
specific
............................................................................................
5,499‌
Transfer
agent
......................................................................................................
2,536‌
Miscellaneous
......................................................................................................
14,841‌
Total
expenses
.......................................................................................................
264,112‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................................
(62,585‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
..................................................................
(45,134‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
156,393‌
Net
investment
income
..................................................................................................
214,955‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(5,087,679‌)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(1,249,100‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
(9,230‌)
Foreign
currency
transactions
.........................................................................................
3,083‌
Futures
contracts
..................................................................................................
11,576‌
Options
written
...................................................................................................
65,478‌
Swaps
.........................................................................................................
(303,406‌)
A
(1,481,599‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(3,561,206‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
1,074‌
Foreign
currency
translations
..........................................................................................
(18,564‌)
Futures
contracts
..................................................................................................
1,967‌
Options
written
...................................................................................................
(97,079‌)
Swaps
.........................................................................................................
67,728‌
A
(3,606,080‌)
Net
realized
and
unrealized
loss
............................................................................................
(5,087,679‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(4,872,724‌)
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
20
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
214,955‌
$
344,224‌
Net
realized
loss
..................................................................................
(1,481,599‌)
(23,610‌)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(3,606,080‌)
(1,329,853‌)
Net
decrease
in
net
assets
resulting
from
operations
............................................................
(4,872,724‌)
(1,009,239‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(243,444‌)
(580,924‌)
  Class
III
.......................................................................................
(17,588‌)
(44,621‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(261,032‌)
(625,545‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(4,768,215‌)
(6,892,429‌)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(9,901,971‌)
(8,527,213‌)
Beginning
of
period
..................................................................................
53,586,581‌
62,113,794‌
End
of
period
......................................................................................
$
43,684,610‌
$
53,586,581‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
21
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
V.I.
Fund
Class
I
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
10.50
‌
$
10.79
‌
$
10.32
‌
$
9.93
‌
$
10.12
‌
$
10.18
‌
Net
investment
income
(a)
.........
0.05
0.07
0.16
0.23
0.21
0.16
Net
realized
and
unrealized
gain
(loss)
(1.04)
(0.24)
0.50
0.40
(0.18)
(0.01)
Net
increase
(decrease)
from
investment
operations
................
(0.99
)
(0.17
)
0.66
‌
0.63
‌
0.03
‌
0.15
‌
Distributions
from
net
investment
income
(b)
............
(0.06
)
(0.12
)
(0.19
)
(0.24
)
(0.22
)
(0.21
)
Net
asset
value,
end
of
period
......
$
9.45
‌
$
10.50
‌
$
10.79
‌
$
10.32
‌
$
9.93
‌
$
10.12
‌
Total
Return
(c)
(9.49)%
—
—
—
—
—
Based
on
net
asset
value
..........
(9.49
)%
(d)
(1.59
)%
6.46
%
6.36
%
0.29
%
1.52
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................
1.09
%
(f)
1.02
%
1.09
%
1.70
%
1.85
%
1.31
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.63
%
(f)
0.56
%
0.63
%
1.31
%
1.27
%
1.01
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.63
%
(f)
0.56
%
0.54
%
0.74
%
0.82
%
0.87
%
Net
investment
income
...........
0.93
%
(f)
0.63
%
1.54
%
2.22
%
2.10
%
1.58
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
40,106
‌
$
48,507
‌
$
55,191
‌
$
53,865
‌
$
54,820
‌
$
65,100
‌
Portfolio
turnover
rate
(g)
...........
331
%
706
%
672
%
699
%
737
%
1,052
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
197%
373%
415%
445%
435%
681%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
22
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
U.S.
Government
Bond
V.I.
Fund
Class
III
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
10.50
‌
$
10.78
‌
$
10.32
‌
$
9.92
‌
$
10.11
‌
$
10.18
‌
Net
investment
income
(a)
.........
0.03
0.04
0.13
0.19
0.18
0.13
Net
realized
and
unrealized
gain
(loss)
(1.04)
(0.23)
0.49
0.42
(0.18)
(0.02)
Net
increase
(decrease)
from
investment
operations
................
(1.01
)
(0.19
)
0.62
‌
0.61
‌
0.00
‌
0.11
‌
Distributions
from
net
investment
income
(b)
............
(0.04
)
(0.09
)
(0.16
)
(0.21
)
(0.19
)
(0.18
)
Net
asset
value,
end
of
period
......
$
9.45
‌
$
10.50
‌
$
10.78
‌
$
10.32
‌
$
9.92
‌
$
10.11
‌
Total
Return
(c)
(9.63)%
—
—
—
—
—
Based
on
net
asset
value
..........
(9.63
)%
(d)
(1.81
)%
6.03
%
6.14
%
(0.01
)%
1.10
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................
1.29
%
(f)
1.22
%
1.28
%
1.89
%
2.03
%
1.45
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.94
%
(f)
0.87
%
0.92
%
1.61
%
1.57
%
1.30
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.94
%
(f)
0.87
%
0.84
%
1.03
%
1.13
%
1.17
%
Net
investment
income
...........
0.60
%
(f)
0.34
%
1.19
%
1.86
%
1.86
%
1.30
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
3,578
‌
$
5,079
‌
$
6,923
‌
$
2,698
‌
$
3,305
‌
$
1,785
‌
Portfolio
turnover
rate
(g)
...........
331
%
706
%
672
%
699
%
737
%
1,052
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
197%
373%
415%
445%
435%
681%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
23
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds
II,
Inc.
(the
"Company")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company. 
The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
3 separate
funds. 
The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
U.S.
Government
Bond
V.I.
Fund (the
"Fund"). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
is
included
in
a
complex
of
open-
end
non-index
fixed-income
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed
(the
“trade
dates”).
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Segregation
and
Collateralization:
In
cases
where
the
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written
and
swaps)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, the
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
or
borrowings
to
be
excluded
from
treatment
as
a
“senior
security.” Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/
deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly. 
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan
”)
approved
by
the
Board
of
Directors
of
the
Company
(the
“Board”), the directors
who
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act
(“Independent
Directors”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Directors
.
This
has
the
same
economic
effect
for
the
Independent 
Directors
as
if
the
Independent 
Directors
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
the
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Directors
and
Officer’s
fees
payable
in
the
Statement
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Fund
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
24
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”). 
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day's
price will
be
used,
unless
it
is
determined
that
the
prior
day's
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
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);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
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
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets
.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
26
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backe
d
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
S
tripped
mortgage-backed
securities
may
be
privately
issued.
Forward
Commitments, When-Issued
and
Delayed
Delivery
Securities
:
The
Fund
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made.
The
Fund
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement,
the
Fund
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
the
fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
the
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedule
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Fund
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or,
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
Swaptions
–
The
Fund
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option. 
Foreign
currency
options
–
The
Fund
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
28
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Distribution
Fees:
 The
Company,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
of
0.25%
based
upon
the
average
daily
net
assets
attributable
to
C
lass
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services to
the
Fund.
The
ongoing
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution related
services
to
shareholders.
For
the six
months
ended
June
30,
2022,
the
class
specific
distribution
fees
borne
directly
by Class
III
were
$5,499.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific.
For
the
six
months
ended
June
30,
2022
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.50%
$1
billion
-
$3
billion
.....................................................................................................
0.47
$3
billion
-
$5
billion
.....................................................................................................
0.45
$5
billion
-
$10
billion
....................................................................................................
0.44
Greater
than
$10
billion
...................................................................................................
0.43
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
..................................................
$
43,155‌
$
3,298‌
$
46,453‌
Notes
to
Financial
Statements
(unaudited)
(continued)
29
Notes
to
Financial
Statements
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
voluntarily
agreed
to
waive
0.26%
of
its
investment
advisory
fees
paid
by
the
Fund.
This
voluntary
waiver
may
be
reduced
or
discontinued
at
any
time
without
notice.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2022,
the
amount
waived
was
$
61,86
6
.
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2022,
the
amount
waived
was
$720.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors”,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2022,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2022,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund. For
the
six
months
ended
June
30,
2022,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to borrow
under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2022,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers:
Certain
directors
and/or
officers
of
the
Company
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors
and
Officer
in
the
Statement
of
Operations.
Class
I
................................................................................................................
0.00‌%
Class
III
...............................................................................................................
0.06‌
Fund
Name/Share
Class
Transfer
Agent
Fees
Reimbursed
BlackRock
U.S.
Government
Bond
V.I.
Fund
Class
I
..........................................................................................................
$
43,155‌
Class
III
.........................................................................................................
1,979‌
$
45,134‌
Class
I
Class
III
Expense
Limitations
..................................................................................
1.25‌%
1.50‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
30
7.
PURCHASES
AND
SALES 
For
the
six
months ended
June
30,
2022,
purchases
and
sales
of
investments,
including
paydowns
and
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
For
the
six
months ended
June
30,
2022,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
$68,884,828
and
$68,977,894,
respectively. 
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
financial
statements.
As
of
December
31,
2021, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$3,228,744. 
As
of
June
30,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company, on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2023
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2022,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
BlackRock
U.S.
Government
Bond
V.I.
Fund
...................................
$
9,667,569‌
$
15,540,928‌
$
160,651,465‌
$
160,496,018‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
U.S.
Government
Bond
V.I.
Fund
...............................
$
55,492,823‌
$
382,908‌
$
(3,144,017‌)
$
(2,761,109‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
31
Notes
to
Financial
Statements
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
fixed-income
securities
and/or
uses
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers. Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Fund
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
32
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/22
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
U.S.
Government
Bond
V.I.
Fund
Class
I
Shares
sold
.............................................
180,901‌
$
1,805,355‌
360,686‌
$
3,821,135‌
Shares
issued
in
reinvestment
of
distributions
........................
22,402‌
221,809‌
57,610‌
611,049‌
Shares
redeemed
.........................................
(579,677‌)
(5,787,259‌)
(914,738‌)
(9,677,139‌)
(376,374‌)
$
(3,760,095‌)
(496,442‌)
$
(5,244,955‌)
Class
III
Shares
sold
.............................................
289,195‌
$
2,923,766‌
680,230‌
$
7,227,585‌
Shares
issued
in
reinvestment
of
distributions
........................
1,569‌
15,469‌
4,581‌
48,594‌
Shares
redeemed
.........................................
(395,917‌)
(3,947,355‌)
(842,934‌)
(8,923,653‌)
(105,153‌)
$
(1,008,120‌)
(158,123‌)
$
(1,647,474‌)
(481,527‌)
$
(4,768,215‌)
(654,565‌)
$
(6,892,429‌)
Glossary
of
Terms
Used
in
this
Report
33
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
MXN
Mexican
Peso
PLN
Polish
Zloty
RUB
New
Russian
Ruble
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CSMC
Credit
Suisse
Mortgage
Capital
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Variable
Series
Funds,
Inc.
(the
“Corporation”)
met
on
April
20,
2022
(the
“April
Meeting”)
and
May
11-12,
2022
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Corporation,
on
behalf
of
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
(“Large
Cap
Core
V.I.
Fund”),
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
(“Large
Cap
Value
V.I.
Fund”),
BlackRock
Advantage
SMID
Cap
V.I.
Fund
(“SMID
Cap
V.I.
Fund”),
BlackRock
Basic
Value
V.I.
Fund
(“Basic
Value
V.I.
Fund”),
BlackRock
Capital
Appreciation
V.I.
Fund
(“Capital
Appreciation
V.I.
Fund”),
BlackRock
Equity
Dividend
V.I.
Fund
(“Equity
Dividend
V.I.
Fund”),
BlackRock
Global
Allocation
V.I.
Fund
(“Global
Allocation
V.I.
Fund”),
BlackRock
Government
Money
Market
V.I.
Fund
(“Government
Money
Market
V.I.
Fund”),
BlackRock
International
V.I.
Fund
(“International
V.I.
Fund”),
BlackRock
International
Index
V.I.
Fund
(“International
Index
V.I.
Fund”),
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
(“60/40
Target
Allocation
ETF
V.I.
Fund”),
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
(“Large
Cap
Focus
Growth
V.I.
Fund”),
BlackRock
Managed
Volatility
V.I.
Fund
(“Managed
Volatility
V.I.
Fund”),
BlackRock
Small
Cap
Index
V.I.
Fund
(“Small
Cap
Index
V.I.
Fund”)
and
BlackRock
S&P
500
Index
V.I.
Fund
(“S&P
500
Index
V.I.
Fund”)
(each,
a
“Fund,”
and
collectively
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
between
the
Manager
and
(a)
BlackRock
International
Limited
(“BIL”)
with
respect
to
International
V.I.
Fund
and
Managed
Volatility
V.I.
Fund
(the
“BIL
Sub-Advisory
Agreements”);
(b)
BlackRock
Asset
Management
North
Asia
Limited
(“BNA”)
with
respect
to
Managed
Volatility
V.I.
Fund
(the
“BNA
Sub-Advisory
Agreement”);
and
(c)
BlackRock
(Singapore)
Limited
(“BSL”
and
together
with
BIL
and
BNA,
the
“Sub-Advisors”)
with
respect
to
Managed
Volatility
V.I.
Fund
and
Global
Allocation
V.I.
Fund
(the
“BSL
Sub-Advisory
Agreements”
and
together
with
the
BIL
Sub-Advisory
Agreements
and
the
BNA
Sub-Advisory
Agreement,
the
“Sub-Advisory
Agreements”).
The
Manager
and
the
Sub-
Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Corporation,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
each
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Funds;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Funds
by
third-parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2021,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and,
with
respect
to
60/40
Target
Allocation
ETF
V.I.
Fund,
Large
Cap
Focus
Growth
V.I.
Fund,
Capital
Appreciation
V.I.
Fund,
Large
Cap
Core
V.I.
Fund,
Large
Cap
Value
V.I.
Fund,
Global
Allocation
V.I.
Fund,
Basic
Value
V.I.
Fund,
SMID
Cap
V.I.
Fund,
Equity
Dividend
V.I.
Fund
and
International
V.I.
Fund,
the
respective
Morningstar
open-end
fund
category
(“Morningstar
Open-End
Category”);
with
respect
to
Managed
Volatility
V.I.
Fund,
in
light
of
the
Fund’s
outcome-oriented
investment
objective,
certain
performance
metrics
(“Outcome-Oriented
Performance
Metrics”);
with
respect
to
International
Index
V.I.
Fund,
Small
Cap
Index
V.I.
Fund
and
S&P
500
Index
V.I.
Fund,
the
performance
of
each
Fund
as
compared
with
its
benchmark;
and,
with
respect
to
Government
Money
Market
V.I.
Fund,
a
weighted
average
benchmark
of
similar
funds,
as
defined
by
BlackRock
(“Benchmark
Weighted
Average”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
each
of
the
Large
Cap
Core
V.I.
Fund
and
Large
Cap
Value
V.I.
Fund
ranked
in
the
second
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
pertinent
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-,
and
five-year
periods
reported,
60/40
Target
Allocation
ETF
V.I.
Fund
ranked
in
the
third,
second
and
second
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Capital
Appreciation
V.I.
Fund
ranked
in
the
third,
second
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Large
Cap
Focus
Growth
V.I.
Fund
ranked
in
the
third,
second
and
second
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Global
Allocation
V.I.
Fund
ranked
in
the
fourth,
first
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
International
V.I.
Fund
ranked
in
the
third,
first
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
SMID
Cap
V.I.
Fund
ranked
in
the
fourth,
third
and
second
quartiles,
respectively
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-
End
Category
during
the
applicable
periods.
The
Board
also
noted
that
effective
February
9,
2021,
the
Fund
had
undergone
a
change
in
its
investment
strategy
and
in
that
connection
had
changed
its
name
from
BlackRock
Advantage
U.S.
Total
Market
V.I.
Fund
to
BlackRock
Advantage
SMID
Cap
V.I.
Fund.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Equity
Dividend
V.I.
Fund
ranked
in
the
fourth,
third
and
second
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
Basic
Value
V.I.
Fund
ranked
in
the
fourth
quartile
against
its
Morningstar
Open-
End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
was
informed
that,
among
other
things,
underperformance
during
the
one-year
period,
was
primarily
driven
by
investment
decisions
in
the
healthcare
sector.
During
the
three-
and
five-year
periods
underperformance
was
generally
driven
by
the
Fund’s
value
orientation.
The
Board
and
BlackRock
discussed
BlackRock’s
strategy
for
improving
the
Fund’s
investment
performance.
Discussions
covered
topics
such
as
performance
attribution,
the
Fund’s
investment
personnel,
and
the
resources
appropriate
to
support
the
Fund’s
investment
processes.
The
Board
reviewed
Government
Money
Market
V.I.
Fund’s
performance
within
the
context
of
the
low
yield
environment.
In
addition
to
reviewing
the
Fund’s
performance
and
current
yield,
it
also
reviews
the
liquidity,
duration,
credit
quality
and
other
risk
factors
of
the
Fund’s
portfolio.
The
Board
noted
that
for
the
one-and
three-year
periods
reported,
the
Fund
underperformed
and
outperformed,
respectively,
its
Benchmark
Weighted
Average.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
period.
The
Board
noted
that
for
the
one-year
period
reported,
Small
Cap
Index
V.I.
Fund’s
net
performance
was
within
the
tolerance
range
of
its
benchmark.
The
Board
noted
that
BlackRock
believes
that
net
performance
relative
to
the
benchmark
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-year
period
reported,
S&P
500
Index
V.I.
Fund’s
net
performance
was
within
the
tolerance
range
of
its
benchmark.
The
Board
noted
that
BlackRock
believes
that
net
performance
relative
to
the
benchmark
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
reviewed
and
considered
Managed
Volatility
V.I.
Fund’s
performance
relative
to
the
Fund’s
Outcome-Oriented
Performance
Metrics
including
a
total
return
target.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
Fund
underperformed
its
total
return
target.
The
Board
noted
that
BlackRock
believes
that
the
Outcome-Oriented
Performance
Metrics
are
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
total
return
target
during
the
applicable
periods.
The
Board
noted
that
for
the
one-year
period
reported,
International
Index
V.I.
Fund’s
net
performance
was
above
the
tolerance
range
of
its
benchmark.
The
Board
noted
that
BlackRock
believes
that
net
performance
relative
to
the
benchmark
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
above
tolerance
performance
relative
to
its
benchmark
over
the
period.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2021
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
SMID
Cap
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Equity
Dividend
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Small
Cap
Index
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
S&P
500
Index
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Finally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Basic
Value
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
International
Index
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
BlackRock
has
reviewed
with
the
Board
that
the
varying
fee
structure
for
fund
of
funds
can
limit
the
value
of
management
fee
comparisons.
The
Board
noted
that
60/40
Target
Allocation
ETF
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
further
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
Large
Cap
Focus
Growth
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Capital
Appreciation
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
third
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Large
Cap
Core
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Managed
Volatility
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Finally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
International
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
fourth
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
After
discussions
between
the
Board,
including
the
Independent
Board
Members,
and
BlackRock,
the
Board
and
BlackRock
agreed
to
a
lower
contractual
expense
cap,
on
a
class-by-class
basis.
The
contractual
expense
cap
reduction
was
implemented
on
June
1,
2022.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Global
Allocation
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
reviewed
the
expenses
within
the
context
of
the
low
yield
environment,
and
any
consequent
expense
waivers
and
reimbursements
necessary
to
maintain
minimum
levels
of
daily
net
investment
income,
as
applicable.
The
Board
noted
that
Government
Money
Market
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
noted
that
Large
Cap
Value
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
Additionally,
the
Board
noted
that
BlackRock
had
voluntarily
agreed
to
waive
a
portion
of
the
advisory
fee
payable
by
the
Fund.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Finally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
as
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
(i)
the
Advisory
Agreement
between
the
Manager
and
the
Corporation,
on
behalf
of
each
Fund,
(ii)
the
BIL
Sub-Advisory
Agreements
between
the
Manager
and
BIL
with
respect
to
International
V.I.
Fund
and
Managed
Volatility
V.I.
Fund,
(iii)
the
BNA
Sub-Advisory
Agreement
between
the
Manager
and
BNA
with
respect
to
Managed
Volatility
V.I.
Fund
and
(iv)
BSL
Sub-Advisory
Agreements
between
the
Manager
and
BSL
with
respect
to
Managed
Volatility
V.I.
Fund
and
Global
Allocation
V.I.
Fund,
each
for
a
one-year
term
ending
June
30,
2023.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Variable
Series
Funds
II,
Inc.
(the
“Company”)
met
on
April
14,
2022
(the
“April
Meeting”)
and
May
19-20,
2022
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Company,
on
behalf
of
BlackRock
High
Yield
V.I.
Fund
(the
“High
Yield
V.I.
Fund”),
BlackRock
Total
Return
V.I.
Fund
(the
“Total
Return
V.I.
Fund”)
and
BlackRock
U.S.
Government
Bond
V.I.
Fund
(the
“U.S.
Government
Bond
V.I.
Fund”
and
collectively
with
the
High
Yield
V.I.
Fund
and
the
Total
Return
V.I.
Fund,
the
“Funds”
and
each,
a
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-
advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
(1)
the
Manager
and
BlackRock
International
Limited
(“BIL”),
with
respect
to
each
Fund
and
(2)
the
Manager
and
BlackRock
(Singapore)
Limited
(“BRS”
and
together
with
BIL,
the
“Sub-Advisors”),
with
respect
to
Total
Return
V.I.
Fund.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
The
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
each
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
each
Fund’s
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
each
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
each
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
each
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
each
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
each
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
each
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2021,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
the
respective
Morningstar
open-end
fund
category
(“Morningstar
Open-End
Category”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
High
Yield
V.I.
Fund
ranked
in
the
second,
first
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
High
Yield
V.I.
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Total
Return
V.I.
Fund
ranked
in
the
fourth,
second
and
third
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Total
Return
V.I.
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Total
Return
V.I.
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
U.S.
Government
Bond
V.I.
Fund
ranked
in
the
second
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
U.S.
Government
Bond
V.I.
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
each
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2021
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
each
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
High
Yield
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
High
Yield
V.I.
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
High
Yield
V.I.
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
High
Yield
V.I.
Fund,
combined
with
the
assets
of
the
Total
Return
V.I.
Fund,
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
High
Yield
V.I.
Fund
or
the
Total
Return
V.I.
Fund
were
to
decrease,
the
High
Yield
V.I.
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
High
Yield
V.I.
Fund’s
total
expenses
as
a
percentage
of
the
High
Yield
V.I.
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
High
Yield
V.I.
Fund
on
a
class-by-class
basis.
The
Board
noted
that
the
Total
Return
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Total
Return
V.I.
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Total
Return
V.I.
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
Total
Return
V.I.
Fund,
combined
with
the
assets
of
the
High
Yield
V.I.
Fund,
increase
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Total
Return
V.I.
Fund
or
the
High
Yield
V.I
Fund
were
to
decrease,
the
Total
Return
V.I.
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Total
Return
V.I.
Fund’s
total
expenses
as
a
percentage
of
the
Total
Return
V.I.
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Total
Return
V.I.
Fund
on
a
class-by-class
basis.
The
Board
noted
that
the
U.S.
Government
Bond
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
third
quartiles,
respectively,
relative
to
the
U.S.
Government
Bond
V.I.
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
U.S.
Government
Bond
V.I.
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
U.S.
Government
Bond
V.I.
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
U.S.
Government
Bond
V.I.
Fund
were
to
decrease,
the
U.S.
Government
Bond
V.I.
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
U.S.
Government
Bond
V.I.
Fund’s
total
expenses
as
a
percentage
of
the
U.S.
Government
Bond
V.I.
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
U.S.
Government
Bond
V.I.
Fund
on
a
class-by-class
basis.
In
addition,
the
Board
noted
that
BlackRock
has
voluntarily
agreed
to
waive
a
portion
of
the
advisory
fee
payable
by
the
U.S.
Government
Bond
V.I.
Fund.
An
advisory
fee
waiver
has
been
in
effect
since
2016,
that
amount
of
which
may
have
varied
from
time
to
time.
After
discussion
between
the
Board,
including
the
Independent
Board
Members,
and
BlackRock,
the
Board
and
BlackRock
agreed
to
a
continuation
of
the
current
26
basis
point
voluntary
advisory
fee
waiver.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
each
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
each
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
each
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
each
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
each
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
each
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
each
Fund.
Conclusion
At
the
May
Meeting,
as
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
approved,
by
unanimous
vote
of
those
present,
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Company,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2023,
and
the
Sub-Advisory
Agreements
between
(1)
the
Manager
and
BIL,
with
respect
to
each
Fund,
and
(2)
the
Manager
and
BRS,
with
respect
to
the
Total
Return
V.I.
Fund,
for
a
one-year
term
ending
June
30,
2023.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Additional
Information
Additional
Information
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
report
s
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
(except
BlackRock
Government
Money
Market
V.I.
Fund)
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
The
BlackRock
Government
Money
Market
V.I.
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
each
month
on
Form
N-MFP.
The
Fund’s
reports
on
Form
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
The
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com/prospectus/insurance
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
Asset
Management
North
Asia
Limited
(b)
Hong
Kong
BlackRock
(Singapore)
Limited
(c)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
(d)
New
York,
NY
10179
Brown
Brothers
Harriman
&
Co.
(e)
Boston,
MA
02109
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
(f)
New
York,
NY
10019
Willkie
Farr
&
Gallagher
LLP
(g)
New
York,
NY
10019
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
High
Yield
V.I.
Fund,
BlackRock
International
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund,
BlackRock
Total
Return
V.I.
Fund
and
BlackRock
U.S.
Government
Bond
V.I.
Fund.
(b)
For
BlackRock
Managed
Volatility
V.I.
Fund.
(c)
For
BlackRock
Global
Allocation
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund
and
BlackRock
Total
Return
V.I.
Fund.
(d)
For
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund,
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund,
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund,
BlackRock
Advantage
SMID
Cap
V.I.
Fund,
BlackRock
Basic
Value
V.I.
Fund,
BlackRock
Capital
Appreciation
V.I.
Fund,
BlackRock
Equity
Dividend
V.I.
Fund,
BlackRock
Government
Money
Market
V.I.
Fund,
BlackRock
High
Yield
V.I.
Fund,
BlackRock
International
Index
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund,
BlackRock
S&P
500
Index
V.I.
Fund,
BlackRock
Small
Cap
Index
V.I.
Fund,
BlackRock
Total
Return
V.I.
Fund
and
BlackRock
U.S.
Government
Bond
V.I.
Fund.
(e)
For
BlackRock
Global
Allocation
V.I.
Fund,
BlackRock
International
V.I.
Fund
and
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund.
(f)
For
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund,
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund,
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund,
BlackRock
Advantage
SMID
Cap
V.I.
Fund,
BlackRock
Basic
Value
V.I.
Fund,
BlackRock
Capital
Appreciation
V.I.
Fund,
BlackRock
Equity
Dividend
V.I.
Fund,
BlackRock
Global
Allocation
V.I.
Fund,
BlackRock
Government
Money
Market
V.I.
Fund,
BlackRock
International
V.I.
Fund,
BlackRock
International
Index
V.I.
Fund,
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund,
BlackRock
S&P
500
Index
V.I.
Fund
and
BlackRock
Small
Cap
Index
V.I.
Fund.
(g)
For
BlackRock
High
Yield
V.I.
Fund,
BlackRock
Total
Return
V.I.
Fund
and
BlackRock
U.S.
Government
Bond
V.I.
Fund.
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
only
for
distribution
to
shareholders
of
the
Funds
of
BlackRock
Variable
Series
Funds,
Inc.
and
BlackRock
Variable
Series
Funds
II,
Inc.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
return
and
principal
value
of
non-money
market
fund
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
You
could
lose
money
by
investing
in
the
Funds.
Although
BlackRock
Government
Money
Market
V.I.
Fund
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so.
An
investment
in
BlackRock
Government
Money
Market
V.I.
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
BlackRock
Government
Money
Market
V.I.
Fund’s
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Fund
at
any
time.
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
BlackRock
Government
Money
Market
V.I.
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
the
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
VS-6/22-SAR
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable                  
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Variable Series Funds II, Inc.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds II, Inc.
 
Date: August 12, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds II, Inc.
 
 
Date: August 12, 2022
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Variable Series Funds II, Inc.
 
Date: August 12, 2022