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 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2021

Date of reporting period: 12/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

DECEMBER

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Variable

Series

Funds

II,

Inc.

Dear

Shareholder,

The

12-month

reporting

period

as

of

December

31,

2021

saw

a

continuation

of

the

resurgent

growth

that

followed

the

initial

coronavirus

(or

“COVID-19”)

pandemic

reopening,

albeit

at

a

slower

pace.

The

global

economy

weathered

the

emergence

of

several

variant

strains

and

the

resulting

peaks

and

troughs

in

infections

amid

optimism

that

increasing

vaccinations

and

economic

adaptation

could

help

contain

the

pandemic’s

disruptions.

Continued

growth

meant

that

the

U.S.

economy

regained

and

then

surpassed

its

pre-pandemic

output.

However,

a

rapid

rebound

in

consumer

spending

pushed

up

against

supply

constraints

and

led

to

elevated

inflation.

Equity

prices

rose

with

the

broader

economy,

as

the

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

fiscal

stimulus

package

and

infrastructure

bill

further

boosted

stocks.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

strong

advance,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

International

equities

from

developed

markets

also

gained,

although

emerging

market

stocks

declined,

pressured

by

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

during

the

reporting

period

as

the

economy

expanded

rapidly

and

inflation

reached

its

highest

annualized

reading

in

decades.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

solid

returns

for

high-yield

corporate

bonds,

outpacing

investment-grade

corporate

bonds,

which

declined.

The

Fed

maintained

accommodative

monetary

policy

during

the

reporting

period

by

maintaining

near-zero

interest

rates

and

by

asserting

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

However,

the

Fed’s

tone

shifted

late

in

the

year,

as

it

reduced

its

bond-buying

program

and

used

its

market

guidance

to

raise

the

prospect

of

higher

rates

in

2022.

Looking

ahead,

we

believe

that

the

global

expansion

will

continue

to

broaden

as

Europe

and

other

developed

market

economies

gain

momentum,

although

the

Delta

and

Omicron

variants

of

the

coronavirus

remain

a

threat,

particularly

in

emerging

markets.

While

we

expect

inflation

to

abate

somewhat

as

supply

bottlenecks

are

resolved,

we

anticipate

that

inflation

will

remain

higher

than

the

pre-COVID

norm.

The

Fed

is

poised

to

raise

interest

rates

next

year

in

response,

but

the

Fed’s

policy

shift

means

that

tightening

is

likely

to

be

less

aggressive

than

what

we’ve

seen

in

previous

cycles.

In

this

environment,

we

favor

an

overweight

to

equities,

as

we

believe

low

interest

rates

and

continued

economic

growth

will

support

further

gains,

albeit

likely

more

modest

than

what

we

saw

in

2021.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

health

care,

are

particularly

attractive

in

the

long

term.

U.S.

and

other

developed-market

equities

have

room

for

further

growth,

while

we

believe

Chinese

equities

stand

to

gain

from

a

more

accommodative

monetary

and

fiscal

environment

as

the

Chinese

economy

slows.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

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

December

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

11.67%

28.71%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(2.31)

14.82

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

2.24

11.26

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(9.30)

(2.54)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.05

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.44

(3.68)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

0.06

(1.54)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

0.52

1.77

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

1.59

5.26

This

Page

is

not

Part

of

Your

Fund

Report

December

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

High

Yield

V.I.

Fund

Fund

Summary

as

of

December

31,

2021

2021

BlackRock

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?

For

the

12-month

period

ended

December

31,

2021,

the

Fund’s

Class

I

Shares

outperformed

the

Fund’s

benchmark,

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index,

while

the

Fund’s

Class

III

Shares

performed

in

line

with

the

benchmark.

What

factors

influenced

performance?

High-yield

bonds

delivered

positive

returns

and

outpaced

the

investment-grade

bond

market

over

the

12

months.

The

gains

were

driven

by

the

combination

of

a

strong

economic

recovery,

rising

oil

prices,

and

continued

support

from

fiscal

and

monetary

policy.

Together,

these

factors

helped

fuel

investors’

appetite

for

both

risk

and

yield.

During

the

period,

security

selection

within

the

independent

energy,

technology

and

health

care

sectors

positively

contributed

to

performance.

By

credit

rating,

an

overweight

allocation

to

the

BBB

ratings

category

proved

additive.

Out-of-benchmark

allocations

to

equities

and

floating

rate

loan

interests

(“bank

loans’)

contributed

to

performance

as

well.

From

a

sector

perspective,

an

underweight

allocation

to

oil

field

services

and

security

selection

within

automotive

and

finance

companies

and

detracted

from

returns.

By

credit

rating,

the

Fund’s

underweight

allocation

to

BB

rated

names

and

security

selection

within

the

CCC

ratings

category

weighed

on

performance.

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

health

care

sectors

while

reducing

exposure

to

the

banking,

refining

and

restaurant

sectors.

The

Fund

reduced

the

allocation

to

investment-grade

bonds

during

2021,

ending

the

period

with

a

weighting

of

approximately

1.6%

in

this

area.

The

Fund

increased

its

tactical

allocation

to

liquid

high

yield

products,

mainly

credit

default

swap

indices,

ending

the

period

with

an

exposure

of

approximately

1.5%.

Describe

portfolio

positioning

at

period

end.

From

a

credit

quality

perspective,

the

Fund

was

underweight

in

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

overweight

positions

were

in

technology,

cable

&

satellite

and

building

materials,

and

the

largest

underweights

included

media

&

entertainment,

finance

companies

and

retailers.

The

Fund

continued

to

hold

a

tactical

allocation

of

about

9%

in

bank

loans,

which

the

investment

adviser

believes

offers

attractive

value

versus

high-yield

bonds.

The

Fund

also

held

an

out-of-benchmark

allocation

to

equities

of

approximately

2%.

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

December

31,

2021

(continued)

3

Fund

Summary

BlackRock

High

Yield

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

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.

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

The

returns

for

Class

III

Shares,

prior

to

February

15,

2012,

the

recommencement

of

operations

of

Class

III

Shares,

are

based

upon

performance

of

Class

I

Shares

of

the

Predecessor

Fund

(as

defined

below),

as

adjusted

to

reflect

the

distribution

and/or

service

(12b-1)

fees

applicable

to

Class

III

Shares.

(b)

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.

(c)

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

(formerly

Bloomberg

Barclays

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.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

1

Year

5

Years

10

Years

Class

I

(c

)

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

4.02‌%

3.93‌%

5.34‌%

6.36‌%

6.78‌%

Class

III

(c

)

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

3.79‌

3.68‌

5.23‌

6.11‌

6.53‌

(d

)

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

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

—‌

—‌

5.26‌

6.28‌

6.82‌

(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.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(d)

The

returns

for

Class

III

Shares

prior

to

February

15,

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.

Fund

Summary

as

of

December

31,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

High

Yield

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00‌

$

1,014.50‌

$

2.84‌

$

1,000.00‌

$

1,022.38‌

$

2.85‌

0.56‌%

Class

III

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

1,000.00‌

1,013.30‌

4.06‌

1,000.00‌

1,021.17‌

4.08‌

0.80‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

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

184/365

(to

reflect

the

six-month

period

shown).

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

A

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

—‌

%

(c)

BBB/Baa

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

6‌

BB/Ba

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

39‌

B

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

37‌

CCC/Caa

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

14‌

CC/Ca

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

—‌

(c)

NR

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

4‌

(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.

(c)

Represents

less

than

1%

of

the

Fund's

total

investments.

Disclosure

of

Expenses

5

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

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

(or

from

the

commencement

of

operations

if

less

than

6

months)

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.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2021

Security

Shares

Shares

Value

Common

Stocks

—

2.1%

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(a)

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

346

$

15,999

Chemicals

—

0.2%

Diversey

Holdings

Ltd.

(a)

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

49,241

655,398

Element

Solutions,

Inc.

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

41,922

1,017,866

1,673,264

Communications

Equipment

—

0.0%

CommScope

Holding

Co.,

Inc.

(a)

..........

13,579

149,912

Electrical

Equipment

—

0.1%

(a)

Ardagh

MP

USA,

Inc.,

(Acquired

08/02/21,

cost

$552,653)

(b)

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

56,202

507,504

Sensata

Technologies

Holding

plc

.........

9,474

584,451

1,091,955

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

Gaming

and

Leisure

Properties,

Inc.

.......

21,702

1,056,019

VICI

Properties,

Inc.

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

78,008

2,348,821

3,404,840

Hotels,

Restaurants

&

Leisure

—

0.1%

Aramark

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

9,944

366,437

Life

Sciences

Tools

&

Services

—

0.2%

(a)

Avantor

,

Inc.

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

22,646

954,302

Syneos

Health,

Inc.

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

8,586

881,611

1,835,913

Media

—

0.0%

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

106,359

352,048

Metals

&

Mining

—

0.1%

Constellium

SE,

Class

A

(a)

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

49,457

885,775

Oil,

Gas

&

Consumable

Fuels

—

0.8%

Chesapeake

Energy

Corp.

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

31,189

2,012,314

Devon

Energy

Corp.

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

5,255

231,483

Diamondback

Energy,

Inc.

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

5,562

599,862

DT

Midstream,

Inc.

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

9,684

464,638

Energy

Transfer

LP

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

167,486

1,378,410

Enterprise

Products

Partners

LP

..........

43,186

948,365

EQT

Corp.

(a)

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

31,041

677,004

Hess

Corp.

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

1,944

143,914

Occidental

Petroleum

Corp.

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

9,772

283,290

6,739,280

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.

(a)

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

5,600

234,808

Semiconductors

&

Semiconductor

Equipment

—

0.1%

Global

Foundries,

Inc.

(a)

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

6,237

405,218

Software

—

0.1%

Informatica

,

Inc.,

Class

A

(a)

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

18,591

687,495

Total

Common

Stocks

—

2.1%

(Cost:

$14,413,549)

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

17,842,944

Par

(000)

Par

(000)

Corporate

Bonds

—

82.9%

Aerospace

&

Defense

—

2.7%

Bombardier,

Inc.

(c)

7.50%,

12/01/24

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

USD

277

288,599

7.50%,

03/15/25

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

58

59,088

7.13%,

06/15/26

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

1,645

1,706,539

7.88%,

04/15/27

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

808

837,977

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

6.00%,

02/15/28

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

USD

879

$

881,663

7.45%,

05/01/34

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

201

246,225

BWX

Technologies,

Inc.

(c)

4.13%,

06/30/28

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

457

463,855

4.13%,

04/15/29

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

326

330,075

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(c)

.

741

737,295

Howmet

Aerospace,

Inc.,

5.13%,

10/01/24

..

12

12,930

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(c)

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

516

530,190

Rolls-Royce

plc,

5.75%,

10/15/27

(c)

.......

1,940

2,145,446

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(c)

..

251

260,099

TransDigm

,

Inc.

8.00%,

12/15/25

(c)

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

1,137

1,199,501

6.25%,

03/15/26

(c)

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

8,533

8,868,988

6.38%,

06/15/26

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

135

138,709

7.50%,

03/15/27

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

215

224,675

4.63%,

01/15/29

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

526

524,253

4.88%,

05/01/29

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

1,779

1,786,650

Triumph

Group,

Inc.,

8.88%,

06/01/24

(c)

....

1,604

1,749,451

22,992,208

Airlines

—

1.9%

Air

Canada,

3.88%,

08/15/26

(c)

..........

978

997,560

American

Airlines,

Inc.

(c)

11.75%,

07/15/25

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

1,774

2,188,672

5.50%,

04/20/26

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

974

1,013,275

5.75%,

04/20/29

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

3,137

3,352,348

Delta

Air

Lines,

Inc.

(c)

7.00%,

05/01/25

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

170

194,380

4.75%,

10/20/28

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

1,161

1,267,790

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(c)

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

489

511,616

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(c)

1,768

1,887,340

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(c)

69

75,739

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

90

93,491

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

812

889,516

United

Airlines,

Inc.

(c)

4.38%,

04/15/26

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

908

946,804

4.63%,

04/15/29

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

2,813

2,900,906

16,319,437

Auto

Components

—

1.6%

Adient

US

LLC,

9.00%,

04/15/25

(c)

.......

305

324,063

Allison

Transmission,

Inc.

(c)

5.88%,

06/01/29

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

447

486,112

3.75%,

01/30/31

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

358

349,050

Clarios

Global

LP

(c)

6.75%,

05/15/25

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

911

954,273

6.25%,

05/15/26

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

1,622

1,697,017

8.50%,

05/15/27

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

4,940

5,236,400

Dealer

Tire

LLC,

8.00%,

02/01/28

(c)

.......

579

602,693

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(c)

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

248

244,900

Goodyear

Tire

&

Rubber

Co.

(The)

9.50%,

05/31/25

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

152

164,310

5.00%,

07/15/29

(c)

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

263

282,515

5.25%,

07/15/31

(c)

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

357

387,597

5.63%,

04/30/33

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

832

907,920

Icahn

Enterprises

LP

5.25%,

05/15/27

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

784

806,289

4.38%,

02/01/29

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

791

771,225

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(c)

...

126

125,370

Tenneco,

Inc.,

7.88%,

01/15/29

(c)

........

92

99,360

13,439,094

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.3%

Ford

Motor

Co.

4.35%,

12/08/26

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

USD

82

$

89,442

3.25%,

02/12/32

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

1,426

1,460,224

4.75%,

01/15/43

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

167

184,326

5.29%,

12/08/46

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

160

188,040

Thor

Industries,

Inc.,

4.00%,

10/15/29

(c)

....

378

374,220

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(c)

210

224,855

2,521,107

Banks

—

0.3%

Banco

Espirito

Santo

SA

(a)(d)(e)

2.63%,

05/08/17

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

EUR

100

16,509

4.75%,

01/15/18

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

100

16,508

4.00%,

01/21/19

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

100

16,508

Barclays

plc

5.20%,

05/12/26

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

USD

200

223,174

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%),

4.38%

(f)(g)

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

940

920,730

HSBC

Holdings

plc

(f)(g)

(USD

Swap

Rate

5

Year

+

3.75%),

6.00%

.

465

500,456

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

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

200

199,836

Intesa

Sanpaolo

SpA

(c)(g)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

06/01/32

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

320

322,776

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.75%),

4.95%,

06/01/42

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

235

241,439

2,457,936

Building

Products

—

1.0%

(c)

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

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

545

563,394

Builders

FirstSource,

Inc.,

6.75%,

06/01/27

..

151

159,305

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

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

757

809,119

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

.....

822

817,890

Forterra

Finance

LLC,

6.50%,

07/15/25

....

676

717,439

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

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

200

208,000

JELD-WEN,

Inc.

6.25%,

05/15/25

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

245

256,025

4.63%,

12/15/25

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

99

99,742

4.88%,

12/15/27

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

30

30,784

Masonite

International

Corp.

5.38%,

02/01/28

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

74

77,607

3.50%,

02/15/30

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

454

448,893

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%,

07/15/28

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

181

183,534

9.75%,

07/15/28

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

215

230,050

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

...

1,765

1,884,226

Standard

Industries,

Inc.

5.00%,

02/15/27

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

221

227,498

4.38%,

07/15/30

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

1,006

1,026,628

3.38%,

01/15/31

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

191

183,988

Summit

Materials

LLC,

5.25%,

01/15/29

....

278

291,177

Victors

Merger

Corp.,

6.38%,

05/15/29

.....

317

297,980

8,513,279

Capital

Markets

—

0.4%

(c)

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

.

208

212,859

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

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

403

422,143

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Credit

Suisse

Group

AG

(f)(g)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

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

USD

300

$

323,340

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%),

5.25%

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

405

418,162

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

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

250

254,642

MSCI,

Inc.

3.63%,

09/01/30

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

96

98,160

3.88%,

02/15/31

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

492

512,295

3.63%,

11/01/31

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

253

262,487

3.25%,

08/15/33

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

762

770,573

UBS

Group

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(f)(g)

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

320

316,096

3,590,757

Chemicals

—

2.0%

Ashland

LLC,

3.38%,

09/01/31

(c)

.........

693

687,803

Axalta

Coating

Systems

LLC

(c)

4.75%,

06/15/27

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

423

440,978

3.38%,

02/15/29

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

337

326,047

Chemours

Co.

(The),

5.75%,

11/15/28

(c)

....

186

194,625

Diamond

BC

BV,

4.63%,

10/01/29

(c)

.......

591

586,254

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

..

3,867

3,886,335

EverArc

Escrow

SARL,

5.00%,

10/30/29

(c)

...

1,200

1,200,888

Gates

Global

LLC,

6.25%,

01/15/26

(c)

......

574

592,655

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(c)

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

534

547,350

HB

Fuller

Co.,

4.25%,

10/15/28

.........

165

169,950

Herens

Midco

SARL,

4.75%,

05/15/28

(c)

....

888

870,240

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

....

553

589,730

Ingevity

Corp.,

3.88%,

11/01/28

(c)

........

132

128,535

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(c)(g)

.

525

535,500

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(c)

...

253

249,205

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

388

402,181

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(c)

..

81

83,632

SCIH

Salt

Holdings,

Inc.,

6.63%,

05/01/29

(c)

..

268

250,580

SCIL

IV

LLC,

5.38%,

11/01/26

(c)

.........

537

551,096

Scotts

Miracle-

Gro

Co.

(The)

(c)

4.00%,

04/01/31

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

490

483,875

4.38%,

02/01/32

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

55

54,863

SPCM

SA,

3.13%,

03/15/27

(c)

..........

210

207,518

WR

Grace

Holdings

LLC,

5.63%,

08/15/29

(c)

.

3,850

3,941,438

16,981,278

Commercial

Services

&

Supplies

—

2.7%

Allied

Universal

Holdco

LLC

(c)

6.63%,

07/15/26

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

2,500

2,623,000

9.75%,

07/15/27

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

1,545

1,650,717

4.63%,

06/01/28

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

3,485

3,461,419

6.00%,

06/01/29

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

2,192

2,131,720

APi

Escrow

Corp.,

4.75%,

10/15/29

(c)

......

225

229,500

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(c)

.....

277

278,385

APX

Group,

Inc.

(c)

6.75%,

02/15/27

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

455

477,750

5.75%,

07/15/29

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

954

939,690

Aramark

Services,

Inc.,

5.00%,

04/01/25

(c)

...

246

250,969

Brink's

Co.

(The),

5.50%,

07/15/25

(c)

......

114

118,560

Clean

Harbors,

Inc.

(c)

4.88%,

07/15/27

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

233

239,990

5.13%,

07/15/29

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

199

210,940

Covanta

Holding

Corp.,

5.00%,

09/01/30

...

239

243,780

Covert

Mergeco,

Inc.,

4.88%,

12/01/29

(c)

....

168

170,520

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Garda

World

Security

Corp.

(c)

4.63%,

02/15/27

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

USD

690

$

686,550

9.50%,

11/01/27

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

363

391,381

GFL

Environmental,

Inc.

(c)

4.25%,

06/01/25

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

140

144,052

3.75%,

08/01/25

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

170

171,700

5.13%,

12/15/26

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

1,071

1,113,840

4.00%,

08/01/28

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

514

503,720

3.50%,

09/01/28

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

474

466,890

4.75%,

06/15/29

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

990

998,662

4.38%,

08/15/29

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

649

642,916

IAA,

Inc.,

5.50%,

06/15/27

(c)

...........

274

283,933

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(c)

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

170

170,850

Madison

IAQ

LLC

(c)

4.13%,

06/30/28

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

101

101,252

5.88%,

06/30/29

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

894

894,000

Nielsen

Finance

LLC

(c)

5.63%,

10/01/28

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

470

485,275

5.88%,

10/01/30

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

317

334,701

Prime

Security

Services

Borrower

LLC

(c)

5.75%,

04/15/26

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

42

45,094

3.38%,

08/31/27

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

62

59,854

6.25%,

01/15/28

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

669

697,433

Stericycle,

Inc.,

3.88%,

01/15/29

(c)

........

229

225,565

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

....

1,204

1,197,980

22,642,588

Communications

Equipment

—

0.9%

Avaya,

Inc.,

6.13%,

09/15/28

(c)

..........

1,371

1,453,260

CommScope

Technologies

LLC,

6.00%,

06/15/25

(c)

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

1,055

1,055,000

CommScope

,

Inc.

(c)

6.00%,

03/01/26

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

151

155,530

8.25%,

03/01/27

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

342

351,470

7.13%,

07/01/28

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

535

525,638

4.75%,

09/01/29

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

1,332

1,323,755

Nokia

OYJ

4.38%,

06/12/27

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

187

201,960

6.63%,

05/15/39

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

107

148,061

ViaSat

,

Inc.

(c)

5.63%,

04/15/27

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

543

559,670

6.50%,

07/15/28

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

730

731,825

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(c)

....

655

654,967

7,161,136

Construction

&

Engineering

—

0.2%

(c)

Arcosa,

Inc.,

4.38%,

04/15/29

..........

676

685,295

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

361

360,664

Dycom

Industries,

Inc.,

4.50%,

04/15/29

....

190

193,562

MasTec,

Inc.,

4.50%,

08/15/28

..........

318

330,323

1,569,844

Consumer

Finance

—

1.4%

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(f)(g)

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

1,505

1,507,634

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(c)

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

167

165,748

Ford

Motor

Credit

Co.

LLC

3.81%,

01/09/24

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

200

207,448

4.69%,

06/09/25

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

200

215,000

5.13%,

06/16/25

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

548

595,950

4.13%,

08/04/25

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

650

689,812

3.38%,

11/13/25

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

200

207,784

4.39%,

01/08/26

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

475

511,812

2.70%,

08/10/26

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

607

612,311

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

4.13%,

08/17/27

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

USD

200

$

215,876

3.82%,

11/02/27

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

200

211,462

2.90%,

02/16/28

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

585

586,463

5.11%,

05/03/29

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

303

344,284

4.00%,

11/13/30

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

911

980,054

Global

Aircraft

Leasing

Co.

Ltd.

(c)(h)

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

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

273

263,316

Series

2021,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(g)

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

389

353,718

Navient

Corp.

6.13%,

03/25/24

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

150

159,937

5.88%,

10/25/24

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

49

52,246

5.50%,

03/15/29

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

617

615,458

OneMain

Finance

Corp.

6.88%,

03/15/25

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

227

252,537

7.13%,

03/15/26

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

819

933,660

3.50%,

01/15/27

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

1,057

1,045,109

6.63%,

01/15/28

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

155

173,600

5.38%,

11/15/29

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

61

66,325

4.00%,

09/15/30

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

8

7,867

SLM

Corp.,

3.13%,

11/02/26

...........

393

389,070

11,364,481

Containers

&

Packaging

—

2.2%

ARD

Finance

SA,

6.50%,

06/30/27

(c)

......

2,721

2,802,630

Ardagh

Metal

Packaging

Finance

USA

LLC,

4.00%,

09/01/29

(c)

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

3,634

3,600,385

Ardagh

Packaging

Finance

plc

(c)

4.13%,

08/15/26

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

801

819,023

4.75%,

07/15/27

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

GBP

100

135,245

5.25%,

08/15/27

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

USD

2,427

2,442,169

Ball

Corp.

2.88%,

08/15/30

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

71

68,870

3.13%,

09/15/31

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

923

911,462

Canpack

SA,

3.13%,

11/01/25

(c)

.........

211

211,528

Crown

Americas

LLC,

4.25%,

09/30/26

....

275

293,562

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

78

94,087

Graphic

Packaging

International

LLC

(c)

4.75%,

07/15/27

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

128

138,240

3.50%,

03/15/28

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

15

14,963

3.50%,

03/01/29

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

59

58,557

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(c)

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

274

274,000

LABL,

Inc.,

5.88%,

11/01/28

(c)

..........

587

604,977

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(c)

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

389

392,567

Sealed

Air

Corp.

(c)

5.13%,

12/01/24

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

20

21,400

4.00%,

12/01/27

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

143

149,025

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

.....

3

3,064

Trivium

Packaging

Finance

BV

(c)(

i

)

5.50%,

08/15/26

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

1,316

1,368,640

8.50%,

08/15/27

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

4,176

4,416,120

18,820,514

Distributors

—

0.1%

(c)

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

01/15/28

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

220

225,111

3.88%,

11/15/29

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

97

96,757

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

216

220,551

542,419

Diversified

Consumer

Services

—

0.6%

Graham

Holdings

Co.,

5.75%,

06/01/26

(c)

...

105

109,069

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(c)

...

427

419,395

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Service

Corp.

International

5.13%,

06/01/29

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

USD

89

$

95,452

3.38%,

08/15/30

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

279

273,858

4.00%,

05/15/31

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

990

1,002,375

Sotheby's

(c)

7.38%,

10/15/27

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

1,743

1,856,295

5.88%,

06/01/29

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

1,375

1,402,500

5,158,944

Diversified

Financial

Services

—

0.7%

(c)

Jefferies

Finance

LLC,

5.00%,

08/15/28

....

665

681,625

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

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

648

656,910

Sabre

GLBL,

Inc.

9.25%,

04/15/25

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

781

882,530

7.38%,

09/01/25

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

395

412,775

Shift4

Payments

LLC,

4.63%,

11/01/26

.....

636

658,902

Verscend

Escrow

Corp.,

9.75%,

08/15/26

...

2,393

2,543,616

5,836,358

Diversified

Telecommunication

Services

—

6.4%

Altice

France

Holding

SA

(c)

10.50%,

05/15/27

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

3,707

3,985,025

6.00%,

02/15/28

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

1,263

1,206,165

Altice

France

SA

(c)

8.13%,

02/01/27

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

582

622,012

5.50%,

01/15/28

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

900

893,169

5.13%,

01/15/29

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

614

598,650

5.13%,

07/15/29

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

3,419

3,335,064

5.50%,

10/15/29

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

1,387

1,366,195

CCO

Holdings

LLC

5.00%,

02/01/28

(c)

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

316

328,640

5.38%,

06/01/29

(c)

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

162

174,820

4.75%,

03/01/30

(c)

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

657

683,280

4.50%,

08/15/30

(c)

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

939

960,775

4.25%,

02/01/31

(c)

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

1,358

1,369,923

4.50%,

05/01/32

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

1,744

1,794,140

4.50%,

06/01/33

(c)

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

424

432,578

4.25%,

01/15/34

(c)

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

2,283

2,246,078

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(c)

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

800

848,000

Frontier

Communications

Corp.

(c)

5.88%,

10/15/27

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

1,083

1,145,272

5.00%,

05/01/28

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

1,348

1,388,440

6.75%,

05/01/29

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

799

830,960

Frontier

Communications

Holdings

LLC,

6.00%,

01/15/30

(c)

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

1,211

1,217,055

Iliad

Holding

SAS

(c)

6.50%,

10/15/26

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

2,100

2,206,533

7.00%,

10/15/28

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

1,065

1,119,922

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(c)(i)

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

106

107,458

Level

3

Financing,

Inc.

(c)

4.25%,

07/01/28

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

1,012

1,001,880

3.63%,

01/15/29

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

176

167,200

3.75%,

07/15/29

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

343

325,850

Lumen

Technologies,

Inc.

5.13%,

12/15/26

(c)

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

1,138

1,184,237

4.00%,

02/15/27

(c)

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

801

812,655

4.50%,

01/15/29

(c)

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

1,459

1,411,582

5.38%,

06/15/29

(c)

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

1,320

1,320,000

Series

P,

7.60%,

09/15/39

...........

81

86,873

Series

U,

7.65%,

03/15/42

...........

439

472,406

Sable

International

Finance

Ltd.,

5.75%,

09/07/27

(c)

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

200

204,750

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Sprint

Capital

Corp.

6.88%,

11/15/28

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

USD

2,217

$

2,804,505

8.75%,

03/15/32

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

2,639

3,958,500

Switch

Ltd.

(c)

3.75%,

09/15/28

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

554

558,155

4.13%,

06/15/29

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

1,694

1,732,115

Telecom

Italia

Capital

SA

6.38%,

11/15/33

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

408

439,336

6.00%,

09/30/34

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

739

781,614

7.20%,

07/18/36

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

201

230,459

7.72%,

06/04/38

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

544

639,350

Telesat

Canada,

4.88%,

06/01/27

(c)

.......

284

250,772

Zayo

Group

Holdings,

Inc.

(c)

4.00%,

03/01/27

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

2,680

2,641,864

6.13%,

03/01/28

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

4,079

4,017,815

53,902,072

Electric

Utilities

—

1.0%

Edison

International,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%

(f)(g)

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

385

393,393

FirstEnergy

Corp.

2.65%,

03/01/30

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

581

573,738

Series

B,

2.25%,

09/01/30

...........

38

36,582

Series

C,

7.38%,

11/15/31

...........

722

974,267

Series

C,

3.40%,

03/01/50

...........

1,683

1,649,340

FirstEnergy

Transmission

LLC

(c)

5.45%,

07/15/44

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

834

1,052,462

4.55%,

04/01/49

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

652

744,301

NextEra

Energy

Operating

Partners

LP,

4.25%,

09/15/24

(c)

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

13

13,455

NRG

Energy,

Inc.

5.75%,

01/15/28

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

8

8,457

3.63%,

02/15/31

(c)

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

501

488,475

3.88%,

02/15/32

(c)

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

565

553,700

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

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

897

930,637

PG&E

Corp.,

5.25%,

07/01/30

..........

273

286,295

Vistra

Operations

Co.

LLC,

4.38%,

05/01/29

(c)

455

455,742

8,160,844

Electrical

Equipment

—

0.3%

(c)

Sensata

Technologies

BV

5.63%,

11/01/24

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

187

205,569

4.00%,

04/15/29

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

619

632,154

Vertiv

Group

Corp.,

4.13%,

11/15/28

......

1,856

1,874,560

2,712,283

Electronic

Equipment,

Instruments

&

Components

—

0.3%

(c)

II-VI,

Inc.,

5.00%,

12/15/29

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

746

761,830

Sensata

Technologies,

Inc.

4.38%,

02/15/30

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

1,180

1,239,000

3.75%,

02/15/31

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

408

406,552

2,407,382

Energy

Equipment

&

Services

—

0.7%

Archrock

Partners

LP

(c)

6.88%,

04/01/27

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

259

271,950

6.25%,

04/01/28

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

1,589

1,656,882

ChampionX

Corp.,

6.38%,

05/01/26

.......

122

126,880

Nabors

Industries

Ltd.

(c)

7.25%,

01/15/26

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

122

112,850

7.50%,

01/15/28

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

314

284,170

Nabors

Industries,

Inc.,

7.38%,

05/15/27

(c)

...

474

490,680

Tervita

Corp.,

11.00%,

12/01/25

(c)

........

125

143,906

Transocean,

Inc.,

11.50%,

01/30/27

(c)

......

241

236,180

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

USA

Compression

Partners

LP

6.88%,

04/01/26

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

USD

831

$

864,240

6.88%,

09/01/27

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

1,155

1,219,969

Weatherford

International

Ltd.

(c)

6.50%,

09/15/28

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

30

31,743

8.63%,

04/30/30

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

474

492,083

5,931,533

Entertainment

—

0.5%

(c)

AMC

Entertainment

Holdings,

Inc.,

10.00%,

06/15/26

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

587

579,988

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

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

260

264,550

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/24

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

59

59,590

6.50%,

05/15/27

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

1,731

1,893,281

4.75%,

10/15/27

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

169

173,648

3.75%,

01/15/28

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

644

639,170

Playtika

Holding

Corp.,

4.25%,

03/15/29

....

750

735,000

WMG

Acquisition

Corp.,

3.88%,

07/15/30

...

191

194,104

4,539,331

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.8%

American

Finance

Trust,

Inc.,

4.50%,

09/30/28

(c)

147

148,082

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(c)

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

397

389,485

CTR

Partnership

LP,

3.88%,

06/30/28

(c)

....

338

344,760

Diversified

Healthcare

Trust,

9.75%,

06/15/25

356

385,174

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(c)

...

260

253,921

GLP

Capital

LP,

3.25%,

01/15/32

........

105

105,566

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(c)

....

384

387,840

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(c)

.......

1,128

1,154,474

Iron

Mountain,

Inc.

(c)

5.25%,

07/15/30

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

670

706,060

5.63%,

07/15/32

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

264

282,529

MGM

Growth

Properties

Operating

Partnership

LP

5.63%,

05/01/24

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

79

84,429

4.50%,

09/01/26

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

507

545,025

5.75%,

02/01/27

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

351

396,630

4.50%,

01/15/28

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

827

893,160

3.88%,

02/15/29

(c)

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

1,941

2,038,050

MPT

Operating

Partnership

LP

4.63%,

08/01/29

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

913

963,215

3.50%,

03/15/31

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

2,357

2,383,516

RHP

Hotel

Properties

LP

4.75%,

10/15/27

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

1,582

1,613,640

4.50%,

02/15/29

(c)

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

798

798,000

RLJ

Lodging

Trust

LP

(c)

3.75%,

07/01/26

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

258

259,419

4.00%,

09/15/29

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

217

214,682

SBA

Communications

Corp.,

3.88%,

02/15/27

661

680,830

Service

Properties

Trust

4.35%,

10/01/24

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

68

66,640

7.50%,

09/15/25

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

676

732,402

5.50%,

12/15/27

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

209

214,493

Uniti

Group

LP

(c)

7.88%,

02/15/25

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

188

196,225

4.75%,

04/15/28

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

689

683,302

6.50%,

02/15/29

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

1,073

1,069,314

6.00%,

01/15/30

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

335

322,386

VICI

Properties

LP

(c)

3.50%,

02/15/25

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

292

296,380

4.25%,

12/01/26

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

690

718,614

3.75%,

02/15/27

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

911

940,922

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

4.63%,

12/01/29

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

USD

1,384

$

1,472,887

4.13%,

08/15/30

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

1,632

1,725,840

23,467,892

Food

&

Staples

Retailing

—

0.5%

(c)

Albertsons

Cos.,

Inc.

3.25%,

03/15/26

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

707

720,256

4.63%,

01/15/27

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

793

832,206

5.88%,

02/15/28

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

1,088

1,153,280

4.88%,

02/15/30

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

287

309,880

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

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

692

686,505

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

.

152

162,762

US

Foods,

Inc.

6.25%,

04/15/25

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

231

240,529

4.75%,

02/15/29

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

442

449,182

4,554,600

Food

Products

—

2.1%

Chobani

LLC

(c)

7.50%,

04/15/25

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

1,111

1,143,719

4.63%,

11/15/28

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

1,060

1,089,102

JBS

USA

LUX

SA,

3.75%,

12/01/31

(c)

......

1,286

1,305,290

Kraft

Heinz

Foods

Co.

5.00%,

07/15/35

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

137

167,598

6.88%,

01/26/39

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

414

608,469

4.63%,

10/01/39

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

129

151,508

6.50%,

02/09/40

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

280

398,229

5.00%,

06/04/42

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

125

155,495

5.20%,

07/15/45

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

481

611,579

4.38%,

06/01/46

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

718

840,778

4.88%,

10/01/49

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

3,194

4,011,480

5.50%,

06/01/50

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

3,067

4,152,367

Lamb

Weston

Holdings,

Inc.

(c)

4.88%,

05/15/28

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

20

21,650

4.13%,

01/31/30

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

373

382,769

4.38%,

01/31/32

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

523

539,354

Pilgrim's

Pride

Corp.

(c)

4.25%,

04/15/31

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

110

115,500

3.50%,

03/01/32

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

1,168

1,179,680

Post

Holdings,

Inc.

(c)

5.75%,

03/01/27

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

6

6,195

5.63%,

01/15/28

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

165

174,857

5.50%,

12/15/29

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

139

146,038

4.63%,

04/15/30

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

54

54,999

4.50%,

09/15/31

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

203

201,477

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(c)

....

543

534,855

17,992,988

Gas

Utilities

—

0.0%

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(c)

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

266

268,993

Health

Care

Equipment

&

Supplies

—

1.2%

(c)

Avantor

Funding,

Inc.

4.63%,

07/15/28

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

1,541

1,606,493

3.88%,

11/01/29

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

974

984,626

Hologic,

Inc.,

3.25%,

02/15/29

..........

192

192,000

Mozart

Debt

Merger

Sub,

Inc.

3.88%,

04/01/29

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

1,303

1,298,400

5.25%,

10/01/29

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

2,715

2,752,033

Ortho-Clinical

Diagnostics,

Inc.

7.38%,

06/01/25

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

907

956,885

7.25%,

02/01/28

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

2,003

2,153,225

Teleflex,

Inc.,

4.25%,

06/01/28

..........

297

305,966

10,249,628

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

4.6%

180

Medical,

Inc.,

3.88%,

10/15/29

(c)

......

USD

313

$

316,912

Acadia

Healthcare

Co.,

Inc.

(c)

5.50%,

07/01/28

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

335

352,108

5.00%,

04/15/29

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

202

207,555

AdaptHealth

LLC

(c)

6.13%,

08/01/28

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

205

217,300

5.13%,

03/01/30

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

104

105,820

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(c)

.

653

646,470

Akumin

Escrow,

Inc.,

7.50%,

08/01/28

(c)

....

119

111,563

Akumin,

Inc.,

7.00%,

11/01/25

(c)

.........

135

128,480

Cano

Health

LLC,

6.25%,

10/01/28

(c)

......

279

279,008

Centene

Corp.

4.25%,

12/15/27

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

187

194,948

2.45%,

07/15/28

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

1,302

1,282,470

4.63%,

12/15/29

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

1,668

1,798,871

3.00%,

10/15/30

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

2,605

2,648,009

2.50%,

03/01/31

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

2,826

2,751,153

2.63%,

08/01/31

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

863

845,740

Community

Health

Systems,

Inc.

(c)

6.63%,

02/15/25

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

2,601

2,692,035

8.00%,

03/15/26

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

2,012

2,115,115

5.63%,

03/15/27

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

1,888

1,998,127

6.00%,

01/15/29

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

727

775,164

6.88%,

04/15/29

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

222

226,162

6.13%,

04/01/30

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

615

608,432

DaVita,

Inc.,

4.63%,

06/01/30

(c)

.........

21

21,499

Encompass

Health

Corp.

4.50%,

02/01/28

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

117

120,364

4.75%,

02/01/30

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

807

831,210

4.63%,

04/01/31

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

369

375,457

HCA,

Inc.

5.63%,

09/01/28

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

1,228

1,434,906

5.88%,

02/01/29

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

280

333,634

3.50%,

09/01/30

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

2,320

2,451,950

HealthEquity,

Inc.,

4.50%,

10/01/29

(c)

......

879

870,210

Legacy

LifePoint

Health

LLC

(c)

6.75%,

04/15/25

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

289

301,283

4.38%,

02/15/27

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

127

127,952

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(c)

....

666

662,670

MEDNAX,

Inc.,

6.25%,

01/15/27

(c)

........

116

121,365

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/01/29

(c)

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

343

350,292

ModivCare,

Inc.,

5.88%,

11/15/25

(c)

.......

313

328,650

Molina

Healthcare,

Inc.

(c)

4.38%,

06/15/28

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

597

614,910

3.88%,

11/15/30

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

372

385,950

3.88%,

05/15/32

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

452

454,825

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(c)

..

299

299,747

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(c)

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

765

810,900

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(c)

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

173

182,809

Surgery

Center

Holdings,

Inc.

(c)

6.75%,

07/01/25

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

1,130

1,138,475

10.00%,

04/15/27

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

1,060

1,126,250

Tenet

Healthcare

Corp.

(c)

4.63%,

09/01/24

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

406

415,135

7.50%,

04/01/25

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

459

483,074

4.88%,

01/01/26

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

953

978,855

6.25%,

02/01/27

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

180

186,300

5.13%,

11/01/27

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

1,264

1,316,140

4.63%,

06/15/28

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

96

98,640

6.13%,

10/01/28

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

743

784,764

4.25%,

06/01/29

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

287

291,446

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Vizient,

Inc.,

6.25%,

05/15/27

(c)

.........

USD

277

$

289,119

38,490,223

Health

Care

Technology

—

0.1%

IQVIA,

Inc.

(c)

5.00%,

10/15/26

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

298

305,822

5.00%,

05/15/27

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

226

233,978

539,800

Hotels,

Restaurants

&

Leisure

—

5.4%

1011778

BC

ULC

(c)

3.88%,

01/15/28

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

509

515,495

4.38%,

01/15/28

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

1,156

1,179,120

Affinity

Gaming,

6.88%,

12/15/27

(c)

.......

272

282,880

Aramark

International

Finance

SARL,

3.13%,

04/01/25

(e)

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

EUR

506

578,684

Boyd

Gaming

Corp.

8.63%,

06/01/25

(c)

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

USD

256

274,309

4.75%,

12/01/27

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

454

463,080

4.75%,

06/15/31

(c)

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

715

729,300

Boyne

USA,

Inc.,

4.75%,

05/15/29

(c)

......

490

504,700

Caesars

Entertainment,

Inc.

(c)

6.25%,

07/01/25

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

2,597

2,725,876

8.13%,

07/01/27

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

2,653

2,938,038

4.63%,

10/15/29

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

1,460

1,460,000

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(c)

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

417

435,479

Carnival

Corp.

(c)

10.50%,

02/01/26

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

1,290

1,472,529

5.75%,

03/01/27

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

2,230

2,230,000

9.88%,

08/01/27

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

792

905,030

4.00%,

08/01/28

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

3,331

3,306,017

6.00%,

05/01/29

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

1,221

1,214,895

CCM

Merger,

Inc.,

6.38%,

05/01/26

(c)

......

291

303,004

Cedar

Fair

LP

5.50%,

05/01/25

(c)

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

1,695

1,754,325

6.50%,

10/01/28

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

87

92,655

Churchill

Downs,

Inc.

(c)

5.50%,

04/01/27

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

521

536,630

4.75%,

01/15/28

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

381

394,335

Empire

Resorts,

Inc.,

7.75%,

11/01/26

(c)

....

345

346,725

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(c)

.....

108

109,080

Genting

New

York

LLC,

3.30%,

02/15/26

(c)

...

200

198,061

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(c)

....

1,489

1,489,000

Hilton

Domestic

Operating

Co.,

Inc.

5.75%,

05/01/28

(c)

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

321

342,963

4.88%,

01/15/30

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

788

842,175

4.00%,

05/01/31

(c)

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

1,328

1,357,933

IRB

Holding

Corp.,

7.00%,

06/15/25

(c)

.....

232

245,449

Life

Time,

Inc.

(c)

5.75%,

01/15/26

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

567

586,845

8.00%,

04/15/26

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

364

381,443

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(c)

412

398,610

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(c)

200

208,000

MGM

Resorts

International

6.00%,

03/15/23

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

308

321,860

5.75%,

06/15/25

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

41

44,126

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(c)

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

485

487,425

NCL

Corp.

Ltd.

(c)

10.25%,

02/01/26

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

125

145,392

5.88%,

03/15/26

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

822

818,359

NCL

Finance

Ltd.,

6.13%,

03/15/28

(c)

......

681

670,785

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(c)

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

438

473,040

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(c)

189

183,330

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Powdr

Corp.,

6.00%,

08/01/25

(c)

.........

USD

344

$

357,760

Premier

Entertainment

Sub

LLC

(c)

5.63%,

09/01/29

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

214

212,329

5.88%,

09/01/31

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

239

239,829

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(c)

..

371

374,710

Royal

Caribbean

Cruises

Ltd.

(c)

10.88%,

06/01/23

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

150

163,876

9.13%,

06/15/23

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

275

290,812

11.50%,

06/01/25

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

216

241,920

5.50%,

08/31/26

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

241

245,049

5.50%,

04/01/28

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

796

805,202

Scientific

Games

International,

Inc.

8.63%,

07/01/25

(c)

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

332

354,410

3.38%,

02/15/26

(e)

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

EUR

500

573,665

8.25%,

03/15/26

(c)

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

USD

1,011

1,064,078

7.00%,

05/15/28

(c)

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

256

272,640

7.25%,

11/15/29

(c)

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

193

215,195

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(c)

1,148

1,225,998

Station

Casinos

LLC

(c)

4.50%,

02/15/28

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

392

394,234

4.63%,

12/01/31

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

549

553,502

Travel

+

Leisure

Co.,

6.63%,

07/31/26

(c)

....

199

220,659

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(c)

......

249

258,960

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(c)

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

379

378,526

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

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

227

233,810

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(c)

...

483

493,781

Wynn

Resorts

Finance

LLC

(c)

7.75%,

04/15/25

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

320

335,600

5.13%,

10/01/29

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

1,224

1,242,360

Yum!

Brands,

Inc.

7.75%,

04/01/25

(c)

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

420

442,575

4.75%,

01/15/30

(c)

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

10

10,825

5.35%,

11/01/43

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

10

11,058

45,160,345

Household

Durables

—

0.9%

Ashton

Woods

USA

LLC

(c)

6.63%,

01/15/28

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

116

122,380

4.63%,

08/01/29

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

208

205,400

4.63%,

04/01/30

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

224

220,080

Brookfield

Residential

Properties,

Inc.

(c)

5.00%,

06/15/29

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

418

418,292

4.88%,

02/15/30

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

307

314,003

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(c)

615

645,750

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(c)

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

205

213,200

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(c)

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

521

544,445

Mattamy

Group

Corp.

(c)

5.25%,

12/15/27

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

246

258,730

4.63%,

03/01/30

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

262

266,834

Meritage

Homes

Corp.,

5.13%,

06/06/27

....

240

264,317

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(c)

118

120,360

Newell

Brands,

Inc.,

6.00%,

04/01/46

(i)

.....

234

300,231

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(c)

421

439,945

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(c)

.

620

595,947

Taylor

Morrison

Communities,

Inc.

(c)

5.88%,

06/15/27

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

161

180,320

5.13%,

08/01/30

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

49

53,900

Tempur

Sealy

International,

Inc.

(c)

4.00%,

04/15/29

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

536

545,380

3.88%,

10/15/31

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

619

620,170

Toll

Brothers

Finance

Corp.,

4.35%,

02/15/28

.

22

24,090

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

....

123

133,916

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

USD

385

$

413,394

5.70%,

06/15/28

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

91

100,100

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(c)

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

513

529,673

7,530,857

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

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

399

402,491

4.13%,

04/30/31

(c)

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

386

387,930

Energizer

Holdings,

Inc.

(c)

4.75%,

06/15/28

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

43

43,914

4.38%,

03/31/29

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

31

30,254

Spectrum

Brands,

Inc.

(c)

5.00%,

10/01/29

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

346

362,868

5.50%,

07/15/30

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

244

261,690

3.88%,

03/15/31

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

67

66,162

1,555,309

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(c)

Calpine

Corp.

5.25%,

06/01/26

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

44

45,144

4.50%,

02/15/28

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

4

4,150

5.13%,

03/15/28

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

1,916

1,945,047

4.63%,

02/01/29

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

278

274,177

5.00%,

02/01/31

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

126

126,000

3.75%,

03/01/31

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

4

3,855

Clearway

Energy

Operating

LLC

4.75%,

03/15/28

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

308

323,785

3.75%,

01/15/32

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

588

583,590

3,305,748

Insurance

—

2.2%

(c)

Acrisure

LLC,

6.00%,

08/01/29

..........

447

441,412

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/27

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

3,385

3,385,000

6.75%,

10/15/27

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

4,282

4,442,575

5.88%,

11/01/29

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

2,447

2,489,578

AmWINS

Group,

Inc.,

4.88%,

06/30/29

.....

541

546,410

Ardonagh

Midco

2

plc,

11.50%,

(11.50%

Cash

or

12.75%

PIK),

01/15/27

(h)

..........

226

238,495

AssuredPartners,

Inc.,

5.63%,

01/15/29

....

254

247,015

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

.

262

257,415

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

...

508

527,050

Highlands

Holdings

Bond

Issuer

Ltd.,

7.63%,

10/15/25

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

14

14,515

HUB

International

Ltd.,

7.00%,

05/01/26

....

1,031

1,059,352

NFP

Corp.

4.88%,

08/15/28

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

1,679

1,695,790

6.88%,

08/15/28

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

3,126

3,134,065

18,478,672

Interactive

Media

&

Services

—

0.1%

(c)

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

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

344

335,400

Twitter,

Inc.,

3.88%,

12/15/27

...........

634

660,710

996,110

Internet

&

Direct

Marketing

Retail

—

0.2%

(c)

ANGI

Group

LLC,

3.88%,

08/15/28

.......

411

401,753

Go

Daddy

Operating

Co.

LLC

5.25%,

12/01/27

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

82

84,767

3.50%,

03/01/29

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

252

250,071

Match

Group

Holdings

II

LLC

4.63%,

06/01/28

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

82

85,313

5.63%,

02/15/29

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

164

175,480

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

(continued)

4.13%,

08/01/30

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

USD

368

$

371,680

3.63%,

10/01/31

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

257

249,611

1,618,675

IT

Services

—

1.7%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(c)

..

1,010

1,004,950

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(c)

..

216

214,380

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(c)

.....

188

187,902

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(c)

......

124

128,030

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(c)

602

601,211

Booz

Allen

Hamilton,

Inc.

(c)

3.88%,

09/01/28

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

882

897,435

4.00%,

07/01/29

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

1,190

1,229,133

CA

Magnum

Holdings,

5.38%,

10/31/26

(c)

...

1,259

1,301,554

Cablevision

Lightpath

LLC

(c)

3.88%,

09/15/27

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

276

267,720

5.63%,

09/15/28

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

855

842,868

Endure

Digital,

Inc.,

6.00%,

02/15/29

(c)

.....

284

264,120

Gartner,

Inc.

(c)

4.50%,

07/01/28

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

256

267,363

3.63%,

06/15/29

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

483

488,337

3.75%,

10/01/30

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

667

681,941

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(c)

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

585

602,550

MoneyGram

International,

Inc.,

5.38%,

08/01/26

(c)

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

225

228,375

Northwest

Fiber

LLC

(c)

4.75%,

04/30/27

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

1,482

1,467,180

6.00%,

02/15/28

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

844

827,120

10.75%,

06/01/28

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

149

162,410

Square,

Inc.,

3.50%,

06/01/31

(c)

.........

1,465

1,501,625

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(c)

..

314

324,990

Twilio,

Inc.,

3.88%,

03/15/31

...........

738

745,159

14,236,353

Leisure

Products

—

0.3%

Mattel,

Inc.

5.88%,

12/15/27

(c)

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

433

465,458

3.75%,

04/01/29

(c)

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

202

209,322

6.20%,

10/01/40

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

486

628,821

5.45%,

11/01/41

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

721

860,694

2,164,295

Life

Sciences

Tools

&

Services

—

0.3%

(c)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

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

336

349,440

3.75%,

03/15/29

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

66

66,660

4.00%,

03/15/31

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

196

200,824

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

.

817

818,021

Syneos

Health,

Inc.,

3.63%,

01/15/29

.....

792

782,100

2,217,045

Machinery

—

1.1%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(c)

..

230

239,200

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(c)

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

188

189,410

Clark

Equipment

Co.,

5.88%,

06/01/25

(c)

....

118

122,425

Colfax

Corp.,

6.38%,

02/15/26

(c)

.........

238

246,032

EnPro

Industries,

Inc.,

5.75%,

10/15/26

....

568

593,560

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(c)

...

241

244,615

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(h)

.........

478

501,900

Meritor,

Inc.,

4.50%,

12/15/28

(c)

.........

122

122,305

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(c)

210

212,100

OT

Merger

Corp.,

7.88%,

10/15/29

(c)

......

258

253,808

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(c)

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

272

277,440

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(c)

.

457

487,276

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Terex

Corp.,

5.00%,

05/15/29

(c)

.........

USD

565

$

580,538

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(c)

....

1,077

1,093,155

Titan

International,

Inc.,

7.00%,

04/30/28

...

115

122,475

TK

Elevator

Holdco

GmbH,

7.63%,

07/15/28

(c)

720

771,300

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(c)

2,248

2,363,210

Wabash

National

Corp.,

4.50%,

10/15/28

(c)

..

492

496,920

8,917,669

Marine

—

0.1%

Seaspan

Corp.,

5.50%,

08/01/29

(c)

.......

672

675,360

Media

—

6.2%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(c)

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

187

195,882

Altice

Financing

SA

(c)

5.00%,

01/15/28

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

1,238

1,208,152

5.75%,

08/15/29

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

2,445

2,420,550

AMC

Networks,

Inc.

5.00%,

04/01/24

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

27

27,202

4.75%,

08/01/25

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

71

72,509

4.25%,

02/15/29

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

242

240,488

Block

Communications,

Inc.,

4.88%,

03/01/28

(c)

231

231,000

Cable

One,

Inc.

(c)

1.13%,

03/15/28

(j)

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

419

414,737

4.00%,

11/15/30

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

89

87,220

Clear

Channel

International

BV,

6.63%,

08/01/25

(c)

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

1,185

1,229,438

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

7.75%,

04/15/28

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

1,585

1,695,950

7.50%,

06/01/29

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

2,814

3,003,945

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(c)

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

3,083

3,190,165

CSC

Holdings

LLC

(c)

5.75%,

01/15/30

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

895

891,644

4.13%,

12/01/30

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

1,555

1,518,069

4.63%,

12/01/30

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

1,461

1,382,471

4.50%,

11/15/31

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

733

723,837

5.00%,

11/15/31

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

229

220,699

DIRECTV

Holdings

LLC,

5.88%,

08/15/27

(c)

..

954

976,619

DISH

DBS

Corp.

5.88%,

07/15/22

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

131

133,129

7.75%,

07/01/26

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

578

609,790

5.25%,

12/01/26

(c)

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

3,201

3,251,528

5.75%,

12/01/28

(c)

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

2,169

2,190,690

5.13%,

06/01/29

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

1,713

1,558,830

DISH

Network

Corp.,

3.38%,

08/15/26

(j)

....

262

247,997

GCI

LLC,

4.75%,

10/15/28

(c)

...........

145

148,806

iHeartCommunications,

Inc.,

8.38%,

05/01/27

69

72,749

LCPR

Senior

Secured

Financing

DAC

(c)

6.75%,

10/15/27

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

806

846,300

5.13%,

07/15/29

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

1,030

1,035,150

Liberty

Broadband

Corp.

(c)(j)

1.25%,

09/30/50

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

814

802,604

2.75%,

09/30/50

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

1,415

1,433,374

Midas

OpCo

Holdings

LLC,

5.63%,

08/15/29

(c)

209

213,964

Midcontinent

Communications,

5.38%,

08/15/27

(c)

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

307

316,210

Outfront

Media

Capital

LLC

(c)

5.00%,

08/15/27

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

496

507,547

4.25%,

01/15/29

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

210

210,382

Radiate

Holdco

LLC

(c)

4.50%,

09/15/26

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

2,501

2,526,010

6.50%,

09/15/28

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

4,034

4,052,294

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(c)

...

29

28,964

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(c)

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

479

453,853

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Sirius

XM

Radio,

Inc.

(c)

3.13%,

09/01/26

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

USD

1,006

$

1,006,292

4.00%,

07/15/28

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

1,522

1,530,508

4.13%,

07/01/30

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

324

324,000

3.88%,

09/01/31

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

1,708

1,674,608

TEGNA,

Inc.,

4.63%,

03/15/28

..........

54

54,583

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(c)

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

400

412,000

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(c)

..

1,183

1,278,551

Univision

Communications,

Inc.

(c)

5.13%,

02/15/25

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

150

151,500

6.63%,

06/01/27

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

198

213,345

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(c)

.

882

899,640

Videotron

Ltd.,

3.63%,

06/15/29

(c)

........

602

605,010

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(c)

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

2,122

2,138,010

Ziggo

Bond

Co.

BV

(c)

6.00%,

01/15/27

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

296

304,880

5.13%,

02/28/30

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

275

276,375

Ziggo

BV

(c)

5.50%,

01/15/27

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

361

370,927

4.88%,

01/15/30

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

565

579,464

52,190,441

Metals

&

Mining

—

2.3%

Allegheny

Technologies,

Inc.

4.88%,

10/01/29

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

225

225,225

5.13%,

10/01/31

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

253

254,897

Arconic

Corp.

(c)

6.00%,

05/15/25

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

371

387,695

6.13%,

02/15/28

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

578

615,108

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

....

3,407

3,683,819

Constellium

SE

(c)

5.63%,

06/15/28

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

663

697,164

3.75%,

04/15/29

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

2,128

2,093,729

Freeport-McMoRan,

Inc.,

5.45%,

03/15/43

..

2,656

3,338,831

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(c)

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

183

199,013

Kaiser

Aluminum

Corp.

(c)

4.63%,

03/01/28

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

447

451,470

4.50%,

06/01/31

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

233

229,214

New

Gold,

Inc.

(c)

6.38%,

05/15/25

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

77

79,117

7.50%,

07/15/27

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

1,093

1,161,313

Novelis

Corp.

(c)

3.25%,

11/15/26

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

925

933,094

4.75%,

01/30/30

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

1,381

1,451,776

3.88%,

08/15/31

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

1,806

1,794,712

United

States

Steel

Corp.,

6.88%,

03/01/29

..

940

1,011,675

Vedanta

Resources

Finance

II

plc,

8.95%,

03/11/25

(c)

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

440

430,100

19,037,952

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

5.50%,

11/01/23

(c)

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

50

51,750

Multiline

Retail

—

0.1%

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(c)

...

757

803,457

Oil,

Gas

&

Consumable

Fuels

—

10.1%

Aethon

United

BR

LP,

8.25%,

02/15/26

(c)

....

1,014

1,089,239

Antero

Midstream

Partners

LP

(c)

5.75%,

03/01/27

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

157

162,691

5.38%,

06/15/29

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

422

445,217

Antero

Resources

Corp.

(c)

7.63%,

02/01/29

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

309

342,990

5.38%,

03/01/30

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

158

168,902

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Apache

Corp.

4.25%,

01/15/30

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

USD

487

$

528,492

5.10%,

09/01/40

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

1,099

1,241,870

5.25%,

02/01/42

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

143

165,164

5.35%,

07/01/49

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

123

140,527

Ascent

Resources

Utica

Holdings

LLC

(c)

9.00%,

11/01/27

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

777

1,037,295

5.88%,

06/30/29

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

857

824,597

Bonanza

Creek

Energy,

Inc.,

5.00%,

10/15/26

(c)

199

200,950

Buckeye

Partners

LP

4.13%,

03/01/25

(c)

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

28

28,910

5.85%,

11/15/43

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

237

232,557

5.60%,

10/15/44

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

308

299,900

Callon

Petroleum

Co.

6.13%,

10/01/24

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

226

222,610

9.00%,

04/01/25

(c)

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

1,652

1,784,160

8.00%,

08/01/28

(c)

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

1,392

1,405,920

Centennial

Resource

Production

LLC,

6.88%,

04/01/27

(c)

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

162

165,240

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

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

574

608,440

4.00%,

03/01/31

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

1,883

1,975,173

3.25%,

01/31/32

(c)

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

2,271

2,293,710

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

....

4,015

4,270,836

Chesapeake

Energy

Corp.,

5.88%,

02/01/29

(c)

32

34,232

CITGO

Petroleum

Corp.

(c)

7.00%,

06/15/25

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

453

466,178

6.38%,

06/15/26

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

463

469,945

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(c)

207

206,224

CNX

Resources

Corp.,

6.00%,

01/15/29

(c)

...

136

141,440

Colgate

Energy

Partners

III

LLC

(c)

7.75%,

02/15/26

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

239

258,120

5.88%,

07/01/29

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

751

773,530

Comstock

Resources,

Inc.

(c)

7.50%,

05/15/25

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

205

211,406

6.75%,

03/01/29

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

1,360

1,475,056

5.88%,

01/15/30

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

755

773,875

CQP

Holdco

LP,

5.50%,

06/15/31

(c)

.......

1,084

1,131,425

Crestwood

Midstream

Partners

LP,

6.00%,

02/01/29

(c)

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

17

17,659

CrownRock

LP,

5.63%,

10/15/25

(c)

........

1,511

1,544,997

DCP

Midstream

Operating

LP

6.45%,

11/03/36

(c)

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

269

352,035

6.75%,

09/15/37

(c)

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

618

826,668

5.60%,

04/01/44

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

31

38,564

DT

Midstream,

Inc.

(c)

4.13%,

06/15/29

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

888

909,090

4.38%,

06/15/31

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

2,383

2,478,320

Energy

Transfer

LP,

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(f)(g)

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

1,342

1,365,485

EnLink

Midstream

LLC

5.63%,

01/15/28

(c)

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

305

317,200

5.38%,

06/01/29

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

121

123,722

EnLink

Midstream

Partners

LP

4.40%,

04/01/24

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

293

306,185

4.15%,

06/01/25

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

27

27,984

4.85%,

07/15/26

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

28

29,470

5.60%,

04/01/44

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

309

311,650

5.05%,

04/01/45

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

45

43,425

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(c)

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

418

454,575

4.13%,

12/01/26

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

53

54,325

6.50%,

07/01/27

(c)

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

1,144

1,281,280

4.50%,

01/15/29

(c)

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

272

282,880

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.75%,

01/15/31

(c)

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

USD

854

$

903,105

EQT

Corp.

3.13%,

05/15/26

(c)

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

356

365,445

3.90%,

10/01/27

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

542

581,306

5.00%,

01/15/29

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

67

74,202

7.50%,

02/01/30

(

i

)

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

367

471,595

3.63%,

05/15/31

(c)

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

100

103,750

Genesis

Energy

LP

6.50%,

10/01/25

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

63

62,212

7.75%,

02/01/28

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

167

168,253

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(c)

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

246

258,300

Harbour

Energy

plc,

5.50%,

10/15/26

(c)

.....

200

198,500

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(c)

..

98

104,860

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(c)

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

522

518,085

Howard

Midstream

Energy

Partners

LLC,

6.75%,

01/15/27

(c)

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

108

110,668

Independence

Energy

Finance

LLC,

7.25%,

05/01/26

(c)

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

843

875,666

ITT

Holdings

LLC,

6.50%,

08/01/29

(c)

......

719

711,810

Matador

Resources

Co.,

5.88%,

09/15/26

...

1,477

1,521,310

Murphy

Oil

Corp.

5.75%,

08/15/25

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

198

203,520

6.37%,

12/01/42

(

i

)

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

46

46,000

New

Fortress

Energy,

Inc.

(c)

6.75%,

09/15/25

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

1,745

1,762,450

6.50%,

09/30/26

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

2,363

2,345,278

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(c)

336

346,517

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(c)

.....

307

429,812

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(c)

1,222

1,289,210

NuStar

Logistics

LP

5.75%,

10/01/25

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

232

249,660

6.00%,

06/01/26

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

311

337,435

6.38%,

10/01/30

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

35

38,850

Occidental

Petroleum

Corp.

6.95%,

07/01/24

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

121

134,531

5.50%,

12/01/25

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

163

180,827

5.55%,

03/15/26

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

59

65,685

3.00%,

02/15/27

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

9

9,135

8.88%,

07/15/30

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

66

89,012

4.30%,

08/15/39

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

928

925,467

6.20%,

03/15/40

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

1,472

1,810,560

4.50%,

07/15/44

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

1,038

1,069,145

4.63%,

06/15/45

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

2,054

2,131,025

6.60%,

03/15/46

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

46

59,685

4.40%,

04/15/46

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

2,135

2,188,375

4.10%,

02/15/47

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

266

260,680

4.20%,

03/15/48

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

1,178

1,178,000

4.40%,

08/15/49

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

205

207,562

Parkland

Corp.,

5.88%,

07/15/27

(c)

.......

418

440,990

PDC

Energy,

Inc.,

6.13%,

09/15/24

.......

58

58,725

Range

Resources

Corp.

4.88%,

05/15/25

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

163

168,297

9.25%,

02/01/26

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

54

58,201

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(c)

..

722

743,660

SM

Energy

Co.

10.00%,

01/15/25

(c)

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

1,561

1,718,099

5.63%,

06/01/25

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

144

145,080

6.75%,

09/15/26

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

259

266,123

6.50%,

07/15/28

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

158

163,530

Southwestern

Energy

Co.

5.38%,

02/01/29

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

747

789,952

4.75%,

02/01/32

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

483

508,650

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Summit

Midstream

Holdings

LLC,

8.50%,

10/15/26

(c)

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

USD

300

$

312,579

Sunoco

LP

6.00%,

04/15/27

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

42

43,802

5.88%,

03/15/28

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

185

195,637

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(c)

.

2,035

2,116,400

Targa

Resources

Partners

LP

5.88%,

04/15/26

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

337

351,648

5.38%,

02/01/27

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

32

32,978

6.50%,

07/15/27

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

280

300,160

6.88%,

01/15/29

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

12

13,425

5.50%,

03/01/30

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

728

795,340

4.88%,

02/01/31

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

727

789,486

4.00%,

01/15/32

(c)

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

242

252,890

TerraForm

Power

Operating

LLC

(c)

4.25%,

01/31/23

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

16

16,360

5.00%,

01/31/28

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

14

14,829

4.75%,

01/15/30

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

254

266,285

Venture

Global

Calcasieu

Pass

LLC

(c)

3.88%,

08/15/29

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

1,593

1,652,737

4.13%,

08/15/31

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

1,940

2,056,400

3.88%,

11/01/33

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

3,951

4,150,842

Vine

Energy

Holdings

LLC,

6.75%,

04/15/29

(c)

1,108

1,202,180

Western

Midstream

Operating

LP

4.75%,

08/15/28

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

59

65,195

5.45%,

04/01/44

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

660

788,700

5.30%,

03/01/48

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

880

1,060,404

5.50%,

08/15/48

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

147

175,595

6.50%,

02/01/50

(

i

)

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

1,808

2,137,969

84,582,971

Personal

Products

—

0.1%

(c)

Coty,

Inc.,

4.75%,

01/15/29

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

342

347,558

Prestige

Brands,

Inc.,

3.75%,

04/01/31

.....

297

288,090

635,648

Pharmaceuticals

—

2.0%

Bausch

Health

Americas,

Inc.,

8.50%,

01/31/27

(c)

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

868

911,400

Bausch

Health

Cos.,

Inc.

(c)

9.00%,

12/15/25

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

332

349,656

7.00%,

01/15/28

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

976

971,120

4.88%,

06/01/28

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

204

208,080

5.00%,

02/15/29

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

584

515,380

6.25%,

02/15/29

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

297

282,221

7.25%,

05/30/29

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

775

767,250

Catalent

Pharma

Solutions,

Inc.

(c)

5.00%,

07/15/27

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

5

5,195

3.13%,

02/15/29

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

356

351,158

3.50%,

04/01/30

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

1,702

1,697,175

Cheplapharm

Arzneimittel

GmbH,

5.50%,

01/15/28

(c)

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

480

486,000

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(i)

.

14

16,240

Endo

DAC,

9.50%,

07/31/27

(c)

..........

929

945,648

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

(c)

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

949

930,020

Jazz

Securities

DAC,

4.38%,

01/15/29

(c)

....

1,165

1,206,288

Organon

&

Co.

(c)

4.13%,

04/30/28

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

1,596

1,621,935

5.13%,

04/30/31

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

1,528

1,596,271

P&L

Development

LLC,

7.75%,

11/15/25

(c)

...

505

505,631

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(c)

.

2,855

2,917,610

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

7.13%,

01/31/25

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

287

306,606

16,590,884

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

0.5%

(c)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

....

USD

153

$

155,104

ASGN,

Inc.,

4.63%,

05/15/28

...........

132

136,660

CoreLogic,

Inc.,

4.50%,

05/01/28

........

1,550

1,544,110

Dun

&

Bradstreet

Corp.

(The)

6.88%,

08/15/26

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

204

212,160

5.00%,

12/15/29

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

1,152

1,178,530

KBR,

Inc.,

4.75%,

09/30/28

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

305

311,100

Science

Applications

International

Corp.,

4.88%,

04/01/28

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

279

285,975

3,823,639

Real

Estate

Management

&

Development

—

0.5%

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

(c)

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

473

506,110

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(c)

274

285,809

Forestar

Group,

Inc.,

3.85%,

05/15/26

(c)

....

204

204,510

Howard

Hughes

Corp.

(The)

(c)

5.38%,

08/01/28

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

325

346,140

4.13%,

02/01/29

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

469

475,261

4.38%,

02/01/31

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

348

351,480

Kennedy-Wilson,

Inc.,

4.75%,

02/01/30

....

281

284,851

Realogy

Group

LLC

(c)

7.63%,

06/15/25

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

212

224,720

5.75%,

01/15/29

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

520

533,000

WeWork

Cos.

LLC,

5.00%,

07/10/25

(c)

.....

699

606,816

3,818,697

Road

&

Rail

—

1.1%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(c)

.

389

392,890

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(c)

211

222,567

Hertz

Corp.

(The)

(c)

4.63%,

12/01/26

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

287

288,794

5.00%,

12/01/29

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

459

459,392

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(c)

..

441

455,332

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

(c)

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

508

526,034

Uber

Technologies,

Inc.

7.50%,

05/15/25

(c)

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

492

517,033

0.00%,

12/15/25

(j)(k)

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

621

609,511

8.00%,

11/01/26

(c)

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

580

617,700

7.50%,

09/15/27

(c)

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

1,216

1,323,367

6.25%,

01/15/28

(c)

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

1,875

2,012,813

4.50%,

08/15/29

(c)

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

1,794

1,826,902

9,252,335

Semiconductors

&

Semiconductor

Equipment

—

0.2%

(c)

Entegris

,

Inc.

4.38%,

04/15/28

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

377

387,368

3.63%,

05/01/29

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

191

191,477

ON

Semiconductor

Corp.,

3.88%,

09/01/28

..

517

529,925

Synaptics,

Inc.,

4.00%,

06/15/29

.........

378

383,670

1,492,440

Software

—

2.3%

Boxer

Parent

Co.,

Inc.

(c)

7.13%,

10/02/25

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

864

906,120

9.13%,

03/01/26

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

1,656

1,726,380

Camelot

Finance

SA,

4.50%,

11/01/26

(c)

....

221

228,735

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(c)

.

427

445,148

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(c)

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

1,657

1,671,217

Clarivate

Science

Holdings

Corp.

(c)

3.88%,

07/01/28

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

822

826,110

4.88%,

07/01/29

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

2,690

2,727,983

Consensus

Cloud

Solutions,

Inc.

(c)

6.00%,

10/15/26

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

159

165,376

6.50%,

10/15/28

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

146

152,570

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

.

USD

559

$

552,012

Elastic

NV,

4.13%,

07/15/29

(c)

..........

794

785,568

Fair

Isaac

Corp.,

4.00%,

06/15/28

(c)

.......

552

567,417

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(c)

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

673

661,222

MicroStrategy,

Inc.,

6.13%,

06/15/28

(c)

.....

668

669,670

NCR

Corp.

(c)

5.75%,

09/01/27

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

250

261,250

5.00%,

10/01/28

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

172

177,160

5.13%,

04/15/29

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

294

304,349

6.13%,

09/01/29

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

39

41,677

Nuance

Communications,

Inc.,

5.63%,

12/15/26

327

337,353

Open

Text

Corp.,

3.88%,

12/01/29

(c)

.......

356

360,450

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(c)

.

432

444,960

PTC,

Inc.

(c)

3.63%,

02/15/25

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

16

16,220

4.00%,

02/15/28

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

290

295,075

Rocket

Software,

Inc.,

6.50%,

02/15/29

(c)

...

266

259,510

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(c)

.

1,804

1,885,180

Veritas

US,

Inc.,

7.50%,

09/01/25

(c)

.......

1,967

2,035,845

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(c)

795

788,163

19,292,720

Specialty

Retail

—

2.7%

Arko

Corp.,

5.13%,

11/15/29

(c)

..........

406

392,297

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

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

208

212,160

4.75%,

03/01/30

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

186

189,022

5.00%,

02/15/32

(c)

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

357

370,459

Carvana

Co.

(c)

5.50%,

04/15/27

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

505

499,950

4.88%,

09/01/29

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

462

440,055

eG

Global

Finance

plc

(c)

6.75%,

02/07/25

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

867

877,837

8.50%,

10/30/25

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

399

413,464

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(c)

.

65

64,756

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(c)

...

463

464,158

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

220

220,275

L

Brands,

Inc.

6.88%,

11/01/35

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

752

934,360

6.75%,

07/01/36

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

119

146,965

LBM

Acquisition

LLC,

6.25%,

01/15/29

(c)

....

937

926,459

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(c)

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

571

586,805

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(c)

......

267

272,580

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

.....

440

463,100

Penske

Automotive

Group,

Inc.

3.50%,

09/01/25

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

286

292,435

3.75%,

06/15/29

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

140

138,775

PetSmart,

Inc.

(c)

4.75%,

02/15/28

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

1,567

1,608,134

7.75%,

02/15/29

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

3,031

3,292,424

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(c)

...

129

130,225

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(c)

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

553

579,583

SRS

Distribution,

Inc.

(c)

4.63%,

07/01/28

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

1,790

1,796,713

6.13%,

07/01/29

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

1,337

1,362,563

6.00%,

12/01/29

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

795

798,975

Staples,

Inc.

(c)

7.50%,

04/15/26

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

2,139

2,197,822

10.75%,

04/15/27

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

369

347,783

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

...

1,800

1,876,500

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(c)(h)

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

USD

413

$

422,293

22,318,927

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Xerox

Corp.,

4.80%,

03/01/35

..........

180

180,230

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

(c)

Crocs,

Inc.

4.25%,

03/15/29

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

314

310,075

4.13%,

08/15/31

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

806

787,865

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

.....

224

224,000

Levi

Strauss

&

Co.,

3.50%,

03/01/31

......

219

223,299

William

Carter

Co.

(The),

5.50%,

05/15/25

...

69

71,588

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

.

209

203,204

1,820,031

Thrifts

&

Mortgage

Finance

—

0.4%

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(c)

....

781

853,242

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(c)

..

388

359,870

Ladder

Capital

Finance

Holdings

LLLP

(c)

4.25%,

02/01/27

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

683

687,460

4.75%,

06/15/29

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

286

293,150

MGIC

Investment

Corp.,

5.25%,

08/15/28

...

241

253,050

Nationstar

Mortgage

Holdings,

Inc.

(c)

6.00%,

01/15/27

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

231

240,633

5.13%,

12/15/30

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

158

156,025

5.75%,

11/15/31

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

222

220,890

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(c)

...

422

418,835

3,483,155

Trading

Companies

&

Distributors

—

0.5%

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(c)

199

198,894

Fortress

Transportation

&

Infrastructure

Investors

LLC

(c)

6.50%,

10/01/25

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

130

134,388

9.75%,

08/01/27

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

79

88,480

5.50%,

05/01/28

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

584

595,154

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(c)

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

360

353,700

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(c)

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

75

74,437

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(c)

.....

138

143,520

Imola

Merger

Corp.,

4.75%,

05/15/29

(c)

.....

1,111

1,139,942

United

Rentals

North

America,

Inc.,

5.25%,

01/15/30

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

30

32,475

WESCO

Distribution,

Inc.

(c)

7.13%,

06/15/25

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

205

217,300

7.25%,

06/15/28

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

832

912,080

3,890,370

Wireless

Telecommunication

Services

—

1.3%

Connect

Finco

SARL,

6.75%,

10/01/26

(c)

....

4,221

4,437,326

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(c)(g)(h)

........

1,228

962,123

Sprint

Corp.

7.88%,

09/15/23

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

50

55,062

7.13%,

06/15/24

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

183

205,446

7.63%,

03/01/26

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

301

361,381

T-Mobile

USA,

Inc.

2.63%,

02/15/29

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

832

819,520

2.88%,

02/15/31

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

1,322

1,305,607

3.50%,

04/15/31

(c)

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

728

757,397

3.50%,

04/15/31

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

858

892,646

Vmed

O2

UK

Financing

I

plc

(c)

4.25%,

01/31/31

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

413

404,740

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

4.75%,

07/15/31

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

USD

1,017

$

1,029,713

11,230,961

Total

Corporate

Bonds

—

82.9%

(Cost:

$681,119,708)

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

694,481,995

Floating

Rate

Loan

Interests

—

9.1%

Aerospace

&

Defense

—

0.4%

(g)

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(l)

.

178

177,277

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

.

1,709

1,708,409

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

.

579

585,514

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

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

203

203,644

Spirit

Aerosystems

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 01/15/25

.

346

345,895

3,020,739

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/06/28

(g)

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

223

222,977

Airlines

—

0.5%

(g)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

04/20/28

(l)

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

1,213

1,254,582

Air

Canada,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/11/28

...........

719

716,045

SkyMiles

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/20/27

......

538

568,263

United

AirLines

,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

.

1,272

1,274,115

3,813,005

Auto

Components

—

0.0%

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/30/26

(g)

370

367,666

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 01/01/38

(g)

.....

125

125,252

Building

Products

—

0.0%

(g)

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 11/23/27

..

167

165,834

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

.

178

178,007

343,841

Chemicals

—

0.3%

(g)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 03/18/28

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

922

920,059

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 09/30/28

......

367

366,189

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

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

595

598,053

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/15/24

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

124

123,983

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/22/28

.

652

652,489

2,660,773

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

—

0.5%

(g)

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(l)

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

USD

3,596

$

3,512,029

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 05/30/25

.

145

145,513

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/02/26

..

48

48,443

TruGreen

Ltd.

Partnership,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.50%),

9.25%

,

 11/02/28

(m)

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

275

277,750

3,983,735

Construction

Materials

—

0.0%

(g)

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

.....

144

144,285

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

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

202

200,260

344,545

Containers

&

Packaging

—

0.1%

(g)

Charter

NEX

US,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/01/27

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

126

125,752

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/03/24

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

1,009

994,640

1,120,392

Diversified

Consumer

Services

—

0.1%

(g)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 01/29/27

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

112

110,489

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 12/10/29

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

284

284,474

Mileage

Plus

Holdings

LLC,

Term

Loan,

06/21/27

(l)

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

307

323,311

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 01/15/27

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

248

248,342

966,616

Diversified

Financial

Services

—

1.2%

(g)

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

.

194

194,060

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

.....

272

271,692

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

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

426

433,455

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

.

711

711,699

EP

Purchaser

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 11/06/28

..

343

342,919

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

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

1,391

1,392,589

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/17/27

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

90

88,707

Lealand

Finance

Co.,

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

-

3.09%

,

 06/28/24

(m)

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

25

13,983

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

08/02/28

(l)

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

333

331,252

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

08/02/29

(l)

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

USD

378

$

377,909

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

12/15/28

(l)

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

1,748

1,748,393

Proofpoint

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

6.75%

,

 08/31/29

.

715

721,256

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/25/26

.....

97

96,606

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

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

620

617,092

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

......

1,414

1,412,574

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/19/27

.....

884

884,167

9,638,353

Diversified

Telecommunication

Services

—

0.2%

(g)

Altice

Financing

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

2.87%

,

 07/15/25

......

62

61,076

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

2

Month

+

4.00%),

4.12%

,

 08/14/26

.....

284

282,694

Cincinnati

Bell,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.35%),

3.75%

,

 11/22/28

..

198

198,232

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

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

523

522,001

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/09/27

.

1,007

993,207

2,057,210

Electronic

Equipment,

Instruments

&

Components

—

0.1%

II-VI,

Inc.,

Term

Loan

B,

12/08/28

(g)(l)

.......

588

586,530

Entertainment

—

0.1%

(g)

MSG

National

Properties

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.00%

,

 11/12/25

(m)

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

649

662,429

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 05/30/25

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

9

8,556

670,985

Health

Care

Equipment

&

Supplies

—

0.1%

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/03/28

(g)

833

831,959

Health

Care

Providers

&

Services

—

0.3%

(g)

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/10/25

.

1,039

832,753

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 11/16/25

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

177

176,801

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

7.50%

,

 11/01/29

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

260

256,534

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 06/30/25

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

139

139,271

Quorum

Health

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.75%

,

 04/29/25

.....

491

475,329

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

4.00%),

5.00%

,

 01/08/27

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

314

314,118

2,194,806

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Technology

—

0.4%

(g)

athenahealth

,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 02/11/26

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

USD

241

$

240,936

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/02/28

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

773

772,336

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 08/27/25

.

1,928

1,925,195

2,938,467

Hotels,

Restaurants

&

Leisure

—

0.2%

(g)

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

12.00%),

13.00%

,

 10/04/23

(m)

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

87

92,232

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 10/04/23

.

624

619,147

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/15/27

......

654

653,775

Life

Time,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 12/16/24

......

154

154,419

Raptor

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 11/01/26

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

116

116,218

1,635,791

Household

Durables

—

0.1%

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/06/28

(g)

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

608

601,920

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Calpine

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/12/26

(g)

.....

26

25,266

Industrial

Conglomerates

—

0.0%

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.25%

,

 09/01/25

(g)

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

504

402,401

Insurance

—

0.2%

(g)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/05/27

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

499

497,772

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 12/23/26

......

116

114,853

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

.

313

312,568

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 12/31/25

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

195

193,546

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 09/03/26

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

363

362,094

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

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

136

136,062

1,616,895

Interactive

Media

&

Services

—

0.1%

(g)

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

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

212

211,529

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

......

316

316,010

527,539

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

—

0.0%

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 11/08/27

(g)

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

USD

384

$

384,028

IT

Services

—

0.1%

(g)

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

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

156

159,381

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

.

427

426,047

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/12/27

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

289

282,257

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

.

191

190,439

1,058,124

Life

Sciences

Tools

&

Services

—

0.1%

ICON

Luxembourg

SARL,

Term

Loan

(g)

(LIBOR

USD

3

Month

+

2.25%),

2.75%, 07/03/28

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

931

930,911

930,911

Machinery

—

0.4%

(g)

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 10/21/28

.....

511

509,550

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.35%

,

 03/28/25

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

1,667

1,637,068

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 06/21/28

......

210

209,624

MHI

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.10%

,

 09/21/26

......

703

703,166

3,059,408

Media

—

0.8%

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

08/21/26

(g)(l)

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

958

944,493

DirectTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 08/02/27

(g)

1,126

1,126,406

Intelsat

Jackson

Holdings

SA,

Term

Loan,

07/13/22

(g)(l)

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

1,172

1,170,377

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(g)

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

439

438,036

Intelsat

Jackson

Holdings

SA,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.50%),

8.75%

,

 01/02/24

(g)

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

416

415,134

Intelsat

Jackson

Holdings

SA,

Term

Loan

B5,

8.63%

,

 01/02/24

(n)

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

2,255

2,250,223

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(g)

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

122

115,092

6,459,761

Metals

&

Mining

—

0.0%

Grinding

Media,

Inc.,

1st

LienTerm

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/12/28

(g)(m)

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

211

210,941

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.6%

(g)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

9.00%),

10.00%

,

 11/01/25

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

USD

4,071

$

4,389,865

Freeport

LNG

investments

LLLP,

Term

Loan,

12/21/28

(l)

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

459

454,433

4,844,298

Pharmaceuticals

—

0.1%

Endo

Luxembourg

Finance

Co.

I

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 03/27/28

(g)

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

948

920,014

Professional

Services

—

0.1%

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/06/26

(g)

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

679

675,770

Semiconductors

&

Semiconductor

Equipment

—

0.1%

MKS

Instruments,

Inc.,

Term

Loan,

10/20/28

(g)(l)

780

777,855

Software

—

1.6%

(g)

Banff

Guarantor,

Inc.,

2nd

Lien

Term

Loan,

02/27/26

(l)

.......................

925

932,705

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 10/30/28

..................

327

328,741

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 10/02/25

.

673

667,987

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/08/28

.

1,571

1,565,109

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.50%

,

 10/08/29

(m)

551

549,622

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

..................

461

462,686

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 03/11/28

..................

239

237,611

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 07/27/28

..................

1,590

1,584,545

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.00%

,

 07/27/29

..................

830

822,480

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

.

416

416,377

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.35%

,

 02/23/29

.

103

103,472

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/18/28

(m)

.................

288

288,000

Proofpoint

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 08/31/28

.

502

499,530

RealPage

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

.

638

636,108

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/17/27

.....

337

332,395

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/17/27

.....

537

529,857

Sophia

LP,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

-

3.72%

,

 10/07/27

1,463

1,461,966

Sovos

Compliance

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.00%

,

 08/11/28

..................

308

308,089

Security

Par

(000)

Par

(000)

Value

Software

(continued)

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.25%

,

 03/03/28

..................

USD

471

$

471,980

UKG

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 05/04/26

......

709

704,566

UKG

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 05/03/27

......

739

740,389

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 05/04/26

......

166

165,750

13,809,965

Specialty

Retail

—

0.2%

(g)

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

.......

1,131

1,131,878

Staples,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

5.00%),

5.13%

,

 04/16/26

......

283

272,798

1,404,676

Transportation

Infrastructure

—

0.0%

(g)

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 09/22/28

..................

354

352,524

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 09/21/29

..................

56

56,612

409,136

Wireless

Telecommunication

Services

—

0.1%

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.50%

,

 05/27/24

(g)

.................

549

533,703

Total

Floating

Rate

Loan

Interests

—

9.1%

(Cost:

$75,948,159)

...............................

76,176,253

Shares

Shares

Investment

Companies

—

0.0%

Western

Midstream

Partners

LP

..........

4,417

98,367

Total

Investment

Companies

—

0.0%

(Cost:

$73,531)

.................................

98,367

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.9%

Banks

—

0.4%

(f)(g)

CIT

Group,

Inc.,

Series

A,

(LIBOR

USD

3

Month

+

3.97%),

5.80%

..................

295

299,056

Citigroup,

Inc.

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

295

297,213

Series

Y,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.15%

.......................

5

5,081

JPMorgan

Chase

&

Co.

Series

Q,

(LIBOR

USD

3

Month

+

3.25%),

5.15%

.......................

190

194,649

Series

FF,

(SOFR

+

3.38%),

5.00%

.....

1,199

1,231,972

Series

HH,

(SOFR

+

3.13%),

4.60%

.....

426

437,183

Wells

Fargo

&

Co.,

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

..............

710

729,525

3,194,679

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

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%

......

USD

1,590

$

1,605,900

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

.

921

955,538

2,561,438

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

239,400

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

942,840

Security

Par

(000)

Par

(000)

Value

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)

......................

USD

516

$

522,651

Total

Capital

Trusts

—

0.9%

(Cost:

$7,295,354)

...............................

7,461,008

Total

Long-Term

Investments

—

95.0%

(Cost:

$778,850,301)

..............................

796,060,567

Shares

Shares

Short-Term

Securities

—

4.5%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

(o)(p)

..................

37,402,891

37,402,891

Total

Short-Term

Securities

—

4.5%

(Cost:

$37,402,891)

...............................

37,402,891

Total

Investments

—

99.5%

(Cost:

$816,253,192

)

..............................

833,463,458

Other

Assets

Less

Liabilities

—

0.5%

....................

4,165,743

Net

Assets

—

100.0%

...............................

$

837,629,201

(a)

Non-income

producing

security.

(b)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$507,504,

representing

less

than

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)

Convertible

security.

(k)

Zero-coupon

bond.

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(n)

Fixed

rate.

(o)

Annualized

7-day

yield

as

of

period

end.

(p)

Affiliate

of

the

Fund.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

22

Schedule

of

Investments

(continued)

December

31,

2021

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/21

Shares

Held

at

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

11,933,997

$

25,468,894

$

—

$

—

$

—

$

37,402,891

37,402,891

$

2,283

$

—

—

—

(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

23

Schedule

of

Investments

(continued)

December

31,

2021

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

Long

Bond

....................................................

1

03/22/22

$

160

$

(1,788)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

246,527

CAD

315,000

State

Street

Bank

and

Trust

Co.

03/16/22

$

(2,458)

USD

1,019,248

EUR

900,000

Natwest

Markets

plc

03/16/22

(6,893)

USD

106,087

GBP

80,000

JPMorgan

Chase

Bank

NA

03/16/22

(2,163)

(11,514)

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)

CDX.NA.HY.37.V1

.....

5.00

%

Quarterly

12/20/26

BB+

USD

11,200

$

1,049,435

$

1,039,321

$

10,114

(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

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)

Lumen

Technologies,

Inc.

1.00

%

Quarterly

Barclays

Bank

plc

12/20/23

NR

USD

312

$

(2,328)

$

(9,420)

$

7,092

Lumen

Technologies,

Inc.

1.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

567

(22,190)

(52,196)

30,006

$

(24,518)

$

(61,616)

$

37,098

(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

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

...........................................

$

1,039,321

$

—

$

10,114

$

—

$

—

OTC

Swaps

.....................................................

—

(61,616)

37,098

—

—

(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.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

24

Schedule

of

Investments

(continued)

December

31,

2021

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

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

$

—

$

10,114

$

—

$

—

$

—

$

—

$

10,114

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

37,098

—

—

—

—

37,098

$

—

$

47,212

$

—

$

—

$

—

$

—

$

47,212

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

1,788

—

1,788

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

11,514

—

—

11,514

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

61,616

—

—

—

—

61,616

$

—

$

61,616

$

—

$

11,514

$

1,788

$

—

$

74,918

(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).

For

the

period

ended

December

31,

2021,

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

.......................

$

—

$

—

$

(7,693)

$

—

$

1,715,416

$

—

$

1,707,723

Forward

foreign

currency

exchange

contracts

....

—

—

—

12,606

—

—

12,606

Swaps

..............................

—

298,089

—

—

—

—

298,089

$

—

$

298,089

$

(7,693)

$

12,606

$

1,715,416

$

—

$

2,018,418

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

—

—

—

—

(24,395)

—

(24,395)

Forward

foreign

currency

exchange

contracts

....

—

—

—

71,221

—

—

71,221

Swaps

..............................

—

(159,380)

—

—

—

—

(159,380)

$

—

$

(159,380)

$

—

$

71,221

$

(24,395)

$

—

$

(112,554)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

short

.................................................................................

$

8,010,682

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

1,510,095

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

21,796

Average

notional

value

—

sell

protection

...................................................................................

4,319,247

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

25

Schedule

of

Investments

(continued)

December

31,

2021

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

....................................................................................

$

—

$

65

Forward

foreign

currency

exchange

contracts

.................................................................

—

11,514

Swaps

—

Centrally

cleared

.............................................................................

17,133

—

Swaps

—

OTC

(a)

....................................................................................

37,098

61,616

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

54,231

$

73,195

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(17,133)

(65)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

37,098

$

73,130

(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

Barclays

Bank

plc

................................

$

37,098

$

(37,098)

$

—

$

—

$

—

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)(d)

Barclays

Bank

plc

................................

$

61,616

$

(37,098)

$

—

$

(24,518)

$

—

JPMorgan

Chase

Bank

NA

..........................

2,163

—

—

—

2,163

Natwest

Markets

plc

..............................

6,893

—

—

—

6,893

State

Street

Bank

and

Trust

Co.

......................

2,458

—

—

—

2,458

$

73,130

$

(37,098)

$

—

$

(24,518)

$

11,514

(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)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

V.I.

Fund

26

Schedule

of

Investments

(continued)

December

31,

2021

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

.......................................

$

15,999

$

—

$

—

$

15,999

Chemicals

............................................

1,673,264

—

—

1,673,264

Communications

Equipment

................................

149,912

—

—

149,912

Electrical

Equipment

.....................................

584,451

507,504

—

1,091,955

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

3,404,840

—

—

3,404,840

Hotels,

Restaurants

&

Leisure

..............................

366,437

—

—

366,437

Life

Sciences

Tools

&

Services

..............................

1,835,913

—

—

1,835,913

Media

...............................................

352,048

—

—

352,048

Metals

&

Mining

........................................

885,775

—

—

885,775

Oil,

Gas

&

Consumable

Fuels

...............................

6,739,280

—

—

6,739,280

Road

&

Rail

...........................................

234,808

—

—

234,808

Semiconductors

&

Semiconductor

Equipment

....................

405,218

—

—

405,218

Software

.............................................

687,495

—

—

687,495

Corporate

Bonds

........................................

—

694,481,995

—

694,481,995

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

3,020,739

—

3,020,739

Air

Freight

&

Logistics

....................................

—

222,977

—

222,977

Airlines

..............................................

—

3,813,005

—

3,813,005

Auto

Components

......................................

—

367,666

—

367,666

Automobiles

..........................................

—

125,252

—

125,252

Building

Products

.......................................

—

343,841

—

343,841

Chemicals

............................................

—

2,660,773

—

2,660,773

Commercial

Services

&

Supplies

.............................

—

3,705,985

277,750

3,983,735

Construction

Materials

....................................

—

344,545

—

344,545

Containers

&

Packaging

..................................

—

1,120,392

—

1,120,392

Diversified

Consumer

Services

..............................

—

966,616

—

966,616

Diversified

Financial

Services

...............................

—

9,624,370

13,983

9,638,353

Diversified

Telecommunication

Services

........................

—

2,057,210

—

2,057,210

Electronic

Equipment,

Instruments

&

Components

.................

—

586,530

—

586,530

Entertainment

.........................................

—

8,556

662,429

670,985

Health

Care

Equipment

&

Supplies

...........................

—

831,959

—

831,959

Health

Care

Providers

&

Services

............................

—

2,194,806

—

2,194,806

Health

Care

Technology

..................................

—

2,938,467

—

2,938,467

Hotels,

Restaurants

&

Leisure

..............................

—

1,543,559

92,232

1,635,791

Household

Durables

.....................................

—

601,920

—

601,920

Independent

Power

and

Renewable

Electricity

Producers

............

—

25,266

—

25,266

Industrial

Conglomerates

..................................

—

402,401

—

402,401

Insurance

............................................

—

1,616,895

—

1,616,895

Interactive

Media

&

Services

...............................

—

527,539

—

527,539

Internet

&

Direct

Marketing

Retail

............................

—

384,028

—

384,028

IT

Services

...........................................

—

1,058,124

—

1,058,124

Life

Sciences

Tools

&

Services

..............................

—

930,911

—

930,911

Machinery

............................................

—

3,059,408

—

3,059,408

Media

...............................................

—

6,459,761

—

6,459,761

Metals

&

Mining

........................................

—

—

210,941

210,941

Oil,

Gas

&

Consumable

Fuels

...............................

—

4,844,298

—

4,844,298

Pharmaceuticals

.......................................

—

920,014

—

920,014

Professional

Services

....................................

—

675,770

—

675,770

Semiconductors

&

Semiconductor

Equipment

....................

—

777,855

—

777,855

Software

.............................................

—

12,972,343

837,622

13,809,965

Specialty

Retail

........................................

—

1,404,676

—

1,404,676

Transportation

Infrastructure

...............................

—

409,136

—

409,136

Wireless

Telecommunication

Services

.........................

—

533,703

—

533,703

Investment

Companies

....................................

98,367

—

—

98,367

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

27

Schedule

of

Investments

(continued)

December

31,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Capital

Trusts

...........................................

$

—

$

7,461,008

$

—

$

7,461,008

Short-Term

Securities

.......................................

37,402,891

—

—

37,402,891

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

3,083

—

3,083

$

54,836,698

$

776,534,886

$

2,094,957

$

833,466,541

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

47,212

$

—

$

47,212

Liabilities

Foreign

currency

exchange

contracts

............................

—

(11,514)

—

(11,514)

Interest

rate

contracts

.......................................

(1,788)

—

—

(1,788)

$

(1,788)

$

35,698

$

—

$

33,910

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

December

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

28

BlackRock

High

Yield

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

796,060,567‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

37,402,891‌

Cash

.............................................................................................................

351,510‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

............................................................................................

410,000‌

Futures

contracts

....................................................................................................

4,000‌

Centrally

cleared

swaps

................................................................................................

917,000‌

Foreign

currency,

at

value

(c)

..............................................................................................

1,638‌

Receivables:

–‌

Investments

sold

....................................................................................................

712,193‌

Capital

shares

sold

...................................................................................................

236,404‌

Dividends

—

affiliated

.................................................................................................

99‌

Dividends

—

unaffiliated

...............................................................................................

36,374‌

Interest

—

unaffiliated

.................................................................................................

10,491,775‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

17,133‌

Unrealized

appreciation

on:

–‌

OTC

swaps

........................................................................................................

37,098‌

Unfunded

floating

rate

loan

interests

.......................................................................................

3,083‌

Prepaid

expenses

.....................................................................................................

10,639‌

Total

assets

.........................................................................................................

846,692,404‌

LIABILITIES

Payables:

–‌

Investments

purchased

................................................................................................

5,010,226‌

Capital

shares

redeemed

...............................................................................................

260,911‌

Distribution

fees

.....................................................................................................

114,989‌

Income

dividend

distributions

............................................................................................

2,806,754‌

Investment

advisory

fees

..............................................................................................

297,347‌

Directors'

and

Officer's

fees

.............................................................................................

204‌

Other

affiliate

fees

...................................................................................................

343‌

Variation

margin

on

futures

contracts

.......................................................................................

65‌

Other

accrued

expenses

...............................................................................................

499,234‌

Swap

premiums

received

................................................................................................

61,616‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

11,514‌

Total

liabilities

........................................................................................................

9,063,203‌

NET

ASSETS

........................................................................................................

$

837,629,201‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

820,907,652‌

Accumulated

earnings

..................................................................................................

16,721,549‌

NET

ASSETS

........................................................................................................

$

837,629,201‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

778,850,301‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

37,402,891‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

1,618‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2021

29

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

224,592,275‌

Shares

outstanding

.................................................................................................

29,576,655‌

Net

asset

value

....................................................................................................

$

7.59‌

Shares

authorized

..................................................................................................

200

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

613,036,926‌

Shares

outstanding

.................................................................................................

80,778,390‌

Net

asset

value

....................................................................................................

$

7.59‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

30

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

2,283‌

Dividends

—

unaffiliated

...............................................................................................

440,826‌

Interest

—

unaffiliated

................................................................................................

35,862,780‌

Total

investment

income

.................................................................................................

36,305,889‌

EXPENSES

Investment

advisory

..................................................................................................

3,296,122‌

Distribution

—

class

specific

............................................................................................

1,334,941‌

Transfer

agent

—

class

specific

..........................................................................................

1,146,733‌

Accounting

services

..................................................................................................

198,379‌

Professional

.......................................................................................................

90,209‌

Custodian

.........................................................................................................

32,017‌

Registration

.......................................................................................................

11,629‌

Directors

and

Officer

.................................................................................................

9,653‌

Transfer

agent

......................................................................................................

5,681‌

Miscellaneous

......................................................................................................

74,791‌

Total

expenses

.......................................................................................................

6,200,155‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(6,592‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(759,258‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

5,434,305‌

Net

investment

income

..................................................................................................

30,871,584‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

4,952,692‌

Net

realized

gain

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

15,561,332‌

Forward

foreign

currency

exchange

contracts

...............................................................................

12,606‌

Foreign

currency

transactions

.........................................................................................

20,904‌

Futures

contracts

..................................................................................................

1,707,723‌

Swaps

.........................................................................................................

298,089‌

A

17,600,654‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(12,537,155‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

71,221‌

Foreign

currency

translations

..........................................................................................

(1,336‌)

Futures

contracts

..................................................................................................

(24,395‌)

Swaps

.........................................................................................................

(159,380‌)

Unfunded

floating

rate

loan

interests

.....................................................................................

3,083‌

A

(12,647,962‌)

Net

realized

and

unrealized

gain

...........................................................................................

4,952,692‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

35,824,276‌

Statements

of

Changes

in

Net

Assets

31

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

Year

Ended

December

31,

2021

2020

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

30,871,584‌

$

27,272,574‌

Net

realized

gain

(loss)

..............................................................................

17,600,654‌

(503,418‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(12,647,962‌)

13,433,140‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

35,824,276‌

40,202,296‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(9,719,239‌)

(8,873,345‌)

  Class

III

.......................................................................................

(24,580,908‌)

(19,188,316‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(34,300,147‌)

(28,061,661‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

166,151,879‌

82,416,377‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

167,676,008‌

94,557,012‌

Beginning

of

year

....................................................................................

669,953,193‌

575,396,181‌

End

of

year

........................................................................................

$

837,629,201‌

$

669,953,193‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

32

BlackRock

High

Yield

V.I.

Fund

Class

I

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

7.56‌

$

7.43‌

$

6.80‌

$

7.39‌

$

7.24‌

Net

investment

income

(a)

.....................................

0.33‌

0.37‌

0.38‌

0.38‌

0.38‌

Net

realized

and

unrealized

gain

(loss)

............................

0.06‌

0.14‌

0.64‌

(0.57‌)

0.15‌

Net

increase

(decrease)

from

investment

operations

....................

0.39‌

0.51‌

1.02‌

(0.19‌)

0.53‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.34‌)

(0.38‌)

(0.39‌)

(0.40‌)

(0.38‌)

From

net

realized

gain

.......................................

(0.02‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.36‌)

(0.38‌)

(0.39‌)

(0.40‌)

(0.38‌)

Net

asset

value,

end

of

year

...................................

$

7.59‌

$

7.56‌

$

7.43‌

$

6.80‌

$

7.39‌

Total

Return

(c)

5.34%

7.27%

15.29%

(2.79)%

7.34%

Based

on

net

asset

value

......................................

5.34%

7.27%

15.29%

(2.79)%

7.48%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

0.67%

0.69%

0.70%

0.77%

0.78%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.57%

0.58%

0.59%

0.63%

0.67%

Net

investment

income

.......................................

4.38%

5.13%

5.28%

5.30%

5.13%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

224,592‌

$

182,845‌

$

178,147‌

$

185,736‌

$

201,945‌

Portfolio

turnover

rate

........................................

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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

33

Financial

Highlights

BlackRock

High

Yield

V.I.

Fund

Class

III

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

7.55‌

$

7.42‌

$

6.80‌

$

7.38‌

$

7.24‌

Net

investment

income

(a)

.....................................

0.31‌

0.35‌

0.37‌

0.36‌

0.36‌

Net

realized

and

unrealized

gain

(loss)

............................

0.08‌

0.14‌

0.62‌

(0.56‌)

0.14‌

Net

increase

(decrease)

from

investment

operations

....................

0.39‌

0.49‌

0.99‌

(0.20‌)

0.50‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.33‌)

(0.36‌)

(0.37‌)

(0.38‌)

(0.36‌)

From

net

realized

gain

.......................................

(0.02‌)

—‌

—‌

—‌

—‌

Total

distributions

...........................................

(0.35‌)

(0.36‌)

(0.37‌)

(0.38‌)

(0.36‌)

Net

asset

value,

end

of

year

...................................

$

7.59‌

$

7.55‌

$

7.42‌

$

6.80‌

$

7.38‌

Total

Return

(c)

5.23%

7.01%

14.86%

(2.89)%

7.08%

Based

on

net

asset

value

......................................

5.23%

7.01%

14.86%

(2.89)%

7.08%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

0.91%

0.92%

0.94%

1.02%

1.03%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.81%

0.82%

0.83%

0.87%

0.92%

Net

investment

income

.......................................

4.13%

4.86%

5.06%

5.05%

4.87%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

613,037‌

$

487,109‌

$

397,249‌

$

243,871‌

$

243,479‌

Portfolio

turnover

rate

........................................

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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2021

BlackRock

Annual

Report

to

Shareholders

34

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

(continued)

35

Notes

to

Financial

Statements

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

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

36

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. 

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.

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

(continued)

37

Notes

to

Financial

Statements

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.

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. 

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

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.

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

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

High

Yield

V.I.

ARC

Falcon

I,

Inc.,

Delayed

Draw

Term

Loan

..............

$

53,581‌

$

53,313‌

$

53,458‌

$

145‌

Intelsat

Jackson

Holdings

SA,

Term

Loan

.................

234,441‌

231,370‌

234,075‌

2,705‌

Sovos

Compliance

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.....

53,104‌

52,971‌

53,204‌

233‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

38

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.

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

Notes

to

Financial

Statements

(continued)

39

Notes

to

Financial

Statements

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

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

year

ended

December

31,

2021,

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

Total

Return

V.I.

Fund

were

approximately

$1,542,403,959.

For

the year

ended

December

31,

2021,

the

Fund

reimbursed

the

Manager $2,668

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

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 year

ended

December

31,

2021,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$1,334,941.

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

year

ended

December

31,

2021

,

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.

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

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

40

For

the

year ended

December

31,

2021,

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

s

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

year

ended

December

31,

2021,

the

amount

waived

was

$6,592

.

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

year

ended

December

31,

2021,

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

–

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2021,

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

year

ended

December

31,

2021,

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

year

ended

December

31,

2021,

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

..........................................................................................................

$

325,903‌

Class

III

.........................................................................................................

820,830‌

$

1,146,733‌

Class

I

................................................................................................................

0.06‌%

Class

III

...............................................................................................................

0.05‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

High

Yield

V.I.

Fund

Class

I

..........................................................................................................

$

205,422‌

Class

III

.........................................................................................................

553,836‌

$

759,258‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

41

Notes

to

Financial

Statements

7.

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

investments, were $553,250,500

and

$407,397,696,

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

fiscal

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

December

31,

2021,

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.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2021,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

During

the

year

ended December

31,

2021,

the

Fund utilized

$13,249,400 of

its

respective

capital

loss

carryforward. 

As

of

December

31,

2021, 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,

$2.25

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)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2022

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

year ended

December

31,

2021,

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,

Fund

Name

Year

Ended

12/31/21

Year

Ended

12/31/20

BlackRock

High

Yield

V.I.

Fund

Ordinary

income

............................................................................................

$

34,300,147‌

$

28,061,661‌

Fund

Name

Undistributed

Ordinary

Income

Net

Unrealized

Gains

(Losses)

(a)

Total

BlackRock

High

Yield

V.I.

Fund

.................................................................

$

1,375,707‌

$

15,345,842‌

$

16,721,549‌

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

losses

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

contracts,

the

accounting

for

swap

agreements,

the

classification

of

investments,

the

accrual

of

income

on

securities

in

default,

and

amortization

methods

for

premiums

and

discounts

on

fixed

income

securities..

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

High

Yield

V.I.

Fund

........................................

$

818,242,074‌

$

22,102,663‌

$

(6,752,963‌)

$

15,349,700‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

42

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.

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.

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a 

phase

out of

LIBOR.

Although

many

LIBOR

rates

will

cease

to

be

published

or

no

longer

will

be

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

(continued)

43

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.

Year

Ended

12/31/21

Year

Ended

12/31/20

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

High

Yield

V.I.

Fund

Class

I

Shares

sold

.............................................

9,267,956‌

$

70,397,265‌

13,734,356‌

$

99,683,568‌

Shares

issued

in

reinvestment

of

distributions

........................

1,263,395‌

9,600,228‌

1,250,039‌

8,899,981‌

Shares

redeemed

.........................................

(5,151,386‌)

(39,130,621‌)

(14,769,292‌)

(106,123,209‌)

5,379,965‌

$

40,866,872‌

215,103‌

$

2,460,340‌

Class

III

Shares

sold

.............................................

37,911,395‌

$

288,483,820‌

51,857,389‌

$

372,553,853‌

Shares

issued

in

reinvestment

of

distributions

........................

3,207,429‌

24,360,313‌

2,662,655‌

18,972,539‌

Shares

redeemed

.........................................

(24,842,344‌)

(187,559,126‌)

(43,528,745‌)

(311,570,355‌)

16,276,480‌

$

125,285,007‌

10,991,299‌

$

79,956,037‌

21,656,445‌

$

166,151,879‌

11,206,403‌

$

82,416,377‌

Report

of

Independent

Registered

Public

Accounting

Firm

2021

BlackRock

Annual

Report

to

Shareholders

44

To

the

Shareholders

of

BlackRock

High

Yield

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds

II,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

High

Yield

V.I.

Fund

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2021,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2021,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2021,

by

correspondence

with

the

custodian,

agent

banks,

and

brokers;

when

replies

were

not

received

from

agent

banks

or

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

15,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

45

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Portfolio

Abbreviation

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

December

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

Total

Return

V.I.

Fund

Fund

Summary

as

of

December

31,

2021

2021

BlackRock

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

12-month

period

ended

December

31,

2021,

the

Fund’s

Class

I

Shares

outperformed

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

while

the

Fund’s

Class

III

Shares

underperformed

the

benchmark.

What

factors

influenced

performance?

Positions

in

U.S.

high-yield

bonds

and

structured

products

contributed

to

performance,

reflecting

the

relative

strength

in

the

credit

sectors

versus

the

market

as

a

whole.

The

Fund’s

duration

was

below

that

of

the

benchmark,

which

added

value

given

that

yields

rose.

(Duration

is

measure

of

interest-rate

sensitivity).

Absolute

return

strategies

also

helped

results.

On

the

other

hand,

positions

in

Asian

corporate

bonds,

emerging

market

debt,

macro

strategies

and

agency

mortgage-backed

securities

(“MBS”)

detracted

from

performance.

Describe

recent

portfolio

activity.

The

investment

adviser

shifted

the

portfolio

in

a

slightly

more

risk-on

direction

during

the

first

quarter

of

2021,

favoring

structured

products,

high

yield

bonds

and

emerging

market

debt.

In

addition,

the

investment

adviser

started

trimming

the

Fund’s

weighting

in

higher-quality

securities

with

stretched

valuations,

including

investment-grade

corporate

bonds

and

agency

MBS.

The

Fund

also

reduced

its

duration

in

response

to

the

environment

of

stronger-than-expected

economic

growth

and

substantial

fiscal

stimulus.

In

the

second

quarter

of

2021,

the

investment

adviser

modestly

increased

duration

but

maintained

an

underweight

versus

the

index.

The

Fund’s

allocations

to

below-

investment

grade

bonds

was

trimmed

as

valuations

reached

historically

tight

levels.

On

the

margin,

the

investment

adviser

started

rotating

out

of

U.S.

high

yield

bonds

and

emerging

markets

in

favor

of

floating

rate

loan

interests

(“bank

loans”),

agency

MBS

and

select

long-term

U.S.

investment-grade

corporate

issues.

The

investment

adviser

also

continued

to

increase

the

portfolio’s

weighting

in

structured

products

given

their

attractive

yield

profiles

in

a

low-rate

regime.

During

the

third

quarter

of

2021,

the

investment

adviser

further

increased

duration

but

remained

underweight

against

the

index.

The

investment

adviser

maintained

a

favorable

view

on

agency

MBS

given

the

positive

supply-and-demand

backdrop.

Additionally,

the

investment

adviser

continued

to

trim

the

allocation

to

high

yield

bonds

in

favor

of

bank

loans

due

to

the

compelling

relative

value

in

the

latter.

The

Fund

maintained

an

allocation

to

structured

products

and

kept

the

emerging

markets

weighting

at

the

upper

end

of

the

historical

range.

The

Fund

stayed

underweight

to

duration

and

retained

a

healthy

cash

position

in

the

final

three

months

of

the

year.

The

investment

adviser

reduced

the

allocations

to

emerging

market

debt,

agency

MBS,

U.S.

investment-grade

corporate

bonds

and

high

yield

bonds,

while

increasing

the

positions

in

non-U.S.

sovereigns

and

select

segments

of

the

structured

product

space.

Describe

portfolio

positioning

at

period

end.

The

Fund

held

an

elevated

cash

position

at

year

end,

since

the

investment

adviser

viewed

cash

as

a

better

alternative

than

risk-management

strategies.

The

Fund’s

cash

position

did

not

have

any

material

impact

on

Fund

performance.

The

investment

adviser

saw

continued

opportunities

in

higher-risk

assets

given

the

robust

economic

backdrop.

The

Fund

therefore

retained

overweight

positions

in

select

out-of-benchmark

categories,

including

U.S.

high

yield,

bank

loans

and

structured

products.

The

Fund

was

positioned

for

a

rising-rate

environment

due

to

the

backdrop

of

strong

economic

growth,

rising

inflation,

and

the

U.S

Fed’s

bias

toward

tighter

monetary

policy.

The

investment

adviser

kept

portfolio

duration

below

that

of

the

benchmark

and

held

an

elevated

cash

position

to

take

advantage

of

a

potential

increase

in

yields.

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

December

31,

2021

(continued)

3

Fund

Summary

BlackRock

Total

Return

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

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.

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

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

Class

I

Shares

of

the

Predecessor

Fund

(as

defined

below),

as

adjusted

to

reflect

the

distribution

and/or

service

(12b-1)

fees

applicable

to

Class

III

Shares.

(b)

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.

(c)

Bloomberg

U.S.

Aggregate

Bond

Index

(formerly

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index),

a

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-

denominated,

fixed-rate

taxable

bond

market.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

1

Year

5

Years

10

Years

Class

I

(c

)

.........................................

1.31‌%

1.18‌%

(1.42‌)%

3.92‌%

3.61‌%

Class

III

(c

)

........................................

1.00‌

0.96‌

(1.69‌)

3.60‌

3.30‌

(d

)

Bloomberg

U.S.

Aggregate

Bond

Index

..................

—‌

—‌

(1.54‌)

3.57‌

2.90‌

(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.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(d)

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.

Fund

Summary

as

of

December

31,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Total

Return

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Class

I

..................................

$

1,000.00‌

$

999.60‌

$

2.32‌

$

1,000.00‌

$

1,022.89‌

$

2.35‌

0.46‌%

Class

III

..................................

1,000.00‌

998.00‌

3.88‌

1,000.00‌

1,021.32‌

3.92‌

0.77‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

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

184/365

(to

reflect

the

six-month

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Government

Sponsored

Agency

Securities

..............

34‌

%

Corporate

Bonds

...................................

28‌

Investment

Companies

...............................

16‌

U.S.

Treasury

Obligations

.............................

15‌

Asset-Backed

Securities

..............................

2‌

Foreign

Government

Obligations

........................

1‌

Non-Agency

Mortgage-Backed

Securities

..................

1‌

Floating

Rate

Loan

Interests

...........................

1‌

Municipal

Bonds

...................................

1‌

Foreign

Agency

Obligations

............................

1‌

Capital

Trusts

.....................................

—‌

(b)

Other

Interests

....................................

—‌

(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.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AAA/

Aaa

(c)

......................................

33‌

%

AA/Aa

.........................................

20‌

A

............................................

27‌

BBB/Baa

.......................................

16‌

BB/Ba

.........................................

2‌

B

............................................

1‌

CCC/

Caa

.......................................

—‌

(d)

CC/Ca

........................................

—‌

(d)

C

............................................

—‌

(d)

NR

...........................................

1‌

(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,

options

purchased,

options

written

and

TBA

sale

commitments.

(c)

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.

(d)

Represents

less

than

1%

of

the

Fund's

total

investments.

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

(or

from

the

commencement

of

operations

if

less

than

6

months)

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

2021

BlackRock

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

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

2.5%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

Series

2003-OP1,

Class

A2,

(LIBOR

USD

1

Month

+

0.72%),

0.82%,

12/25/33

....

USD

122

$

116,467

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.36%,

05/25/37

....

90

22,034

Ajax

Mortgage

Loan

Trust

(b)

Series

2018-A,

Class

B,

0.00%,

04/25/58

..

3

2,426

Series

2018-B,

Class

B,

0.00%,

02/26/57

..

10

5,237

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)(c)

281

281,915

Series

2018-D,

Class

B,

0.00%,

08/25/58

(a)(c)

109

81,731

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

4

4,065

Series

2018-F,

Class

C,

0.00%,

11/25/58

(c)

.

13

8,401

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)

338

337,174

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

103

77,765

Series

2018-G,

Class

C,

5.25%,

06/25/57

.

226

224,932

Series

2019-A,

Class

A,

3.75%,

08/25/57

(a)

305

307,279

Series

2019-A,

Class

B,

5.25%,

08/25/57

(a)

100

99,267

Series

2019-A,

Class

C,

0.00%,

08/25/57

(c)

185

152,835

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

551

555,203

Series

2019-B,

Class

B,

5.25%,

01/25/59

(a)(c)

117

88,335

Series

2019-B,

Class

C,

0.00%,

01/25/59

.

297

282,881

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.21%,

10/21/28

(a)(b)

.....................

455

454,273

American

Homes

4

Rent

Trust,

Series

2014-

SFR3,

Class

A,

3.68%,

12/17/36

(b)

......

174

182,148

Anchorage

Capital

CLO

1-R

Ltd.,

Series

2018-

1RA,

Class

A1,

(LIBOR

USD

3

Month

+

0.99%),

1.11%,

04/13/31

(a)(b)

..........

310

309,664

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

Series

2014-4RA,

Class

A,

(LIBOR

USD

3

Month

+

1.05%),

1.19%,

01/28/31

....

250

249,507

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.99%,

01/28/31

....

250

249,442

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.57%,

01/15/30

....

500

499,676

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

01/15/30

....

250

249,557

Anchorage

Capital

CLO

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.37%,

10/13/30

(a)(b)

................

250

250,136

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.20%,

04/15/31

(a)(b)

.....................

500

498,769

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(LIBOR

USD

3

Month

+

1.01%),

1.14%,

04/20/31

(a)(b)

.....................

500

499,458

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.29%,

10/15/30

(a)(b)

................

250

250,004

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.48%),

0.58%,

05/25/35

(a)

.................

39

36,048

Babson

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.19%),

1.32%,

10/20/30

(a)(b)

.....................

260

260,027

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.41%,

12/10/25

(a)

......................

300

105,922

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.10%,

05/28/39

(c)

...

83

72,329

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.10%,

02/28/40

....

114

110,063

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2005-E,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.10%,

12/28/40

....

USD

37

$

35,348

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

40

8,497

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

37

8,155

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

27

6,248

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2007-FS1,

Class

1A3,

(LIBOR

USD

1

Month

+

0.17%),

0.27%,

05/25/35

....

19

18,485

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

03/25/37

....

27

26,458

Series

2007-HE3,

Class

1A4,

(LIBOR

USD

1

Month

+

0.35%),

0.45%,

04/25/37

....

195

200,557

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

10/22/30

(a)(b)

................

490

490,099

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

10/25/36

(a)

...........

45

44,094

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

07/20/30

(a)(b)

250

250,000

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

10/25/36

(a)

......................

44

36,353

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.30%,

05/25/37

...

183

152,488

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.37%,

05/25/37

...

83

69,761

Conseco

Finance

Corp.

(a)

Series

1997-3,

Class

M1,

7.53%,

03/15/28

.

29

29,436

Series

1997-6,

Class

M1,

7.21%,

01/15/29

.

19

18,912

Series

1998-8,

Class

M1,

6.98%,

09/01/30

.

104

99,153

Series

1999-5,

Class

A5,

7.86%,

03/01/30

.

26

14,225

Series

1999-5,

Class

A6,

7.50%,

03/01/30

.

28

14,474

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

11/15/32

....

32

30,242

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

56

16,094

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

41,674

Series

2000-5,

Class

A7,

8.20%,

05/01/31

.

137

53,580

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.32%,

12/25/25

(a)

..........

—

(d)

277

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

6.20%,

12/25/36

(e)

....................

12

11,927

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(e)

...................

100

103,056

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)(e)

...................

77

5,147

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

07/25/37

(a)(b)

..

41

33,640

CWABS

Asset-Backed

Certificates

Trust

(a)

Series

2005-16,

Class

1AF,

5.69%,

04/25/36

95

93,092

Series

2006-11,

Class

3AV2,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

09/25/46

....

2

2,426

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(LIBOR

USD

1

Month

+

0.27%),

0.38%,

03/15/34

(a)

.....

14

13,849

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.00%,

10/25/34

(a)

.....

80

78,718

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

3

3,473

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

12/15/33

...

USD

9

$

9,116

Series

2006-RES,

Class

5B1B,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

05/15/35

...

4

3,596

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

05/15/35

....

6

6,158

Series

2006-C,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

05/15/36

....

47

45,576

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.26%,

11/15/36

....

29

26,943

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.24%,

01/15/31

(a)(b)

.....................

800

798,444

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(LIBOR

USD

1

Month

+

1.05%),

1.15%,

10/25/34

...

33

32,305

Series

2006-FF16,

Class

2A3,

(LIBOR

USD

1

Month

+

0.28%),

0.38%,

12/25/36

...

590

331,418

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.25%,

12/25/36

....

385

374,739

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

0.70%,

01/25/36

...

95

88,377

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.38%,

02/25/37

(a)

.................

83

67,878

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

.............

26

7,189

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.30%,

01/25/47

....

23

15,453

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

3.38%),

3.48%,

02/25/47

....

40

43,863

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.20%,

07/25/27

(a)(b)

..........

12

11,561

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.40%,

05/25/37

(a)

......................

80

72,712

Home

Equity

Mortgage

Loan

Asset-Backed

Trust

(a)

Series

2004-A,

Class

M2,

(LIBOR

USD

1

Month

+

2.03%),

2.13%,

07/25/34

....

18

18,109

Series

2007-A,

Class

2A2,

(LIBOR

USD

1

Month

+

0.19%),

0.29%,

04/25/37

....

57

45,092

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(e)

.........

53

7,837

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

04/15/36

(a)

.................

15

14,937

HPS

Loan

Management

Ltd.,

Series

6A-2015,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.14%,

02/05/31

(a)(b)

................

248

248,241

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.26%,

10/19/28

(a)(b)

.....................

208

207,877

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

(LIBOR

USD

1

Month

+

1.00%),

1.11%,

07/17/37

(a)(b)

................

29

29,286

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)(e)

........

17

16,495

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(LIBOR

USD

1

Month

+

0.41%),

0.51%,

05/25/36

(a)

..........

99

98,125

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

LCM

26

Ltd.,

Series

26A,

Class

A1,

(LIBOR

USD

3

Month

+

1.07%),

1.20%,

01/20/31

(a)(b)

USD

280

$

279,580

LCM

XX

LP,

Series

20A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.17%,

10/20/27

(a)(b)

129

129,051

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

......................

49

51,062

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,  4.00%,

10/30/27

(c)

...........

6

5,869

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.35%,

03/25/32

(a)

......................

16

16,116

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

AR2,

(LIBOR

USD

3

Month

+

0.95%),

1.07%,

04/19/30

(a)(b)

..........

571

569,836

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

07/29/30

(a)(b)

..........

270

270,325

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.30%,

12/18/30

(a)(b)

................

250

249,938

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(LIBOR

USD

1

Month

+

0.26%),

0.36%,

06/25/46

(a)(b)

................

12

11,780

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(LIBOR

USD

1

Month

+

0.26%),

0.36%,

08/25/37

...

35

36,676

Series

2006-RM3,

Class

A2B,

(LIBOR

USD

1

Month

+

0.18%),

0.28%,

06/25/37

...

25

6,977

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

0.70%,

12/25/34

...

155

145,475

Series

2005-HE5,

Class

M4,

(LIBOR

USD

1

Month

+

0.87%),

0.97%,

09/25/35

....

135

138,439

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

10/20/30

(a)(b)

.....................

250

249,878

Navient

Private

Education

Loan

Trust,

Series

2014-AA,

Class

A2B,

(LIBOR

USD

1

Month

+

1.25%),

1.36%,

02/15/29

(a)(b)

.........

93

93,459

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

.

17

10,750

Series

2001-D,

Class

A4,

6.93%,

09/15/31

.

10

7,098

Series

2002-B,

Class

M1,

7.62%,

06/15/32

80

70,182

OCP

CLO

Ltd.

(a)(b)

Series

2016-12A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

1.24%,

10/18/28

....

158

158,137

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.95%),

2.11%,

11/20/30

.....

250

248,769

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.14%,

07/17/30

(a)(b)

.........

250

249,052

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.00%),

1.12%,

01/25/31

(a)(b)

.........

250

249,050

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.20%,

05/23/31

(a)(b)

.....................

225

224,874

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.31%,

03/25/37

(a)

...

90

76,447

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(e)

....................

77

76,210

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(e)

....................

190

186,796

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(e)

....................

USD

100

$

100,062

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.31%,

10/15/37

(a)(b)(c)

...

39

38,638

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(e)

.........

70

69,325

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

10/22/30

(a)(b)

................

383

382,468

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.13%),

1.25%,

01/17/31

....

250

250,014

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.15%,

04/18/31

....

250

249,931

Series

2018-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

07/16/31

....

420

420,009

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

07/25/31

(a)(b)

................

246

246,412

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.32%,

10/20/30

(a)(b)

................

250

249,775

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.16%,

04/20/31

(a)(b)

.....................

247

247,233

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.09%),

1.21%,

01/15/30

(a)(b)

.....................

1,250

1,247,541

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(LIBOR

USD

1

Month

+

0.21%),

0.31%,

10/25/36

(a)

...........

100

84,292

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

A,

(LIBOR

USD

3

Month

+

1.11%),

1.23%,

04/25/31

(a)(b)

.....................

250

249,932

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.37%,

07/20/30

(a)(b)

.....................

246

246,299

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

0.53%,

03/15/24

(a)

...........

69

68,539

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

.....

100

101,883

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(LIBOR

USD

1

Month

+

0.80%),

0.90%,

01/25/35

(a)

...........

1

1,305

Towd

Point

Mortgage

Trust,

Series

2019-SJ2,

Class

M1,

4.50%,

11/25/58

(a)(b)

.........

204

204,159

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

......

100

102,355

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(LIBOR

USD

3

Month

+

1.22%),

1.34%,

10/15/29

(a)(b)

.....................

315

315,004

Voya

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.13%),

1.25%,

10/15/30

(a)(b)

.....................

250

249,886

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.23%,

07/25/37

(a)(b)

47

45,464

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.36%),

0.46%,

09/25/36

....

135

54,432

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

10/25/36

....

121

104,250

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(LIBOR

USD

1

Month

+

0.40%),

0.50%,

06/25/37

(a)(b)

.....................

USD

83

$

35,249

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.28%,

01/22/31

(a)(b)

.....................

250

249,999

Total

Asset-Backed

Securities

—

2.5%

(Cost:

$21,093,537)

...............................

20,982,517

Corporate

Bonds

—

30.6%

Aerospace

&

Defense

—

1.3%

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25

(b)

165

176,849

BAE

Systems

plc,

3.40%,

04/15/30

(b)

......

737

786,643

Embraer

Netherlands

Finance

BV

5.05%,

06/15/25

..................

68

70,180

5.40%,

02/01/27

..................

36

37,508

Embraer

Overseas

Ltd.,

5.70%,

09/16/23

(f)

..

49

51,214

General

Dynamics

Corp.,

3.63%,

04/01/30

..

584

648,681

Huntington

Ingalls

Industries,

Inc.

3.84%,

05/01/25

..................

79

83,548

2.04%,

08/16/28

(b)

.................

140

137,054

4.20%,

05/01/30

..................

339

377,581

L3Harris

Technologies,

Inc.

4.40%,

06/15/28

..................

680

763,242

2.90%,

12/15/29

..................

300

309,319

1.80%,

01/15/31

..................

701

669,053

Leidos,

Inc.

4.38%,

05/15/30

..................

607

676,271

2.30%,

02/15/31

..................

466

448,655

Lockheed

Martin

Corp.

3.60%,

03/01/35

..................

451

504,100

4.07%,

12/15/42

..................

34

40,021

3.80%,

03/01/45

..................

112

128,028

2.80%,

06/15/50

..................

132

131,565

Northrop

Grumman

Corp.

3.25%,

01/15/28

..................

836

894,702

4.03%,

10/15/47

..................

330

389,141

5.25%,

05/01/50

..................

137

191,887

Raytheon

Technologies

Corp.

3.15%,

12/15/24

..................

155

162,693

7.20%,

08/15/27

..................

45

56,163

7.00%,

11/01/28

..................

360

458,685

4.13%,

11/16/28

..................

1,381

1,544,707

2.15%,

05/18/30

..................

EUR

155

193,778

3.75%,

11/01/46

..................

USD

130

144,822

4.63%,

11/16/48

..................

53

67,894

2.82%,

09/01/51

..................

335

323,451

3.03%,

03/15/52

..................

354

355,702

Textron,

Inc.

3.90%,

09/17/29

..................

336

368,909

2.45%,

03/15/31

..................

110

108,096

11,300,142

Air

Freight

&

Logistics

—

0.1%

FedEx

Corp.

4.25%,

05/15/30

..................

94

106,888

2.40%,

05/15/31

..................

606

607,213

714,101

Airlines

—

0.4%

Air

Canada

Pass-Through

Trust

(b)

Series

2017-1,

Class

B,

3.70%,

01/15/26

.

1

684

Series

2017-1,

Class

AA,

3.30%,

01/15/30

81

82,554

American

Airlines

Pass-Through

Trust

Series

2013-2,

Class

A,

4.95%,

01/15/23

.

30

30,917

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Series

2015-2,

Class

B,

4.40%,

09/22/23

.

USD

213

$

209,464

Series

2016-1,

Class

B,

5.25%,

01/15/24

.

151

149,363

Series

2017-1,

Class

B,

4.95%,

02/15/25

.

44

44,070

Series

2015-2,

Class

AA,

3.60%,

09/22/27

38

38,879

Series

2016-1,

Class

AA,

3.58%,

01/15/28

99

100,570

Series

2019-1,

Class

B,

3.85%,

02/15/28

.

202

192,688

Series

2016-2,

Class

AA,

3.20%,

06/15/28

67

67,619

Series

2016-3,

Class

AA,

3.00%,

10/15/28

325

322,818

Series

2017-1,

Class

AA,

3.65%,

02/15/29

54

56,247

Series

2019-1,

Class

AA,

3.15%,

02/15/32

198

199,445

Azul

Investments

LLP,

7.25%,

06/15/26

(b)

...

200

183,163

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

420

434,241

Gol

Finance

SA,

7.00%,

01/31/25

(b)

.......

107

93,879

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)

.....

26

24,103

United

Airlines

Pass-Through

Trust

Series

2014-1,

Class

B,

4.75%,

04/11/22

.

10

9,980

Series

2014-2,

Class

B,

4.63%,

09/03/22

.

16

15,837

Series

2016-2,

Class

B,

3.65%,

10/07/25

.

10

9,749

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

121

126,213

Series

2014-1,

Class

A,

4.00%,

04/11/26

.

129

134,480

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

718

786,613

Series

2015-1,

Class

AA,

3.45%,

12/01/27

34

35,389

Series

2019-2,

Class

B,

3.50%,

05/01/28

.

132

130,736

Series

2016-1,

Class

AA,

3.10%,

07/07/28

11

10,983

Series

2016-2,

Class

AA,

2.88%,

10/07/28

70

71,459

Series

2018-1,

Class

AA,

3.50%,

03/01/30

34

35,783

Series

2019-2,

Class

AA,

2.70%,

05/01/32

122

120,563

3,718,489

Automobiles

—

0.3%

Ford

Motor

Co.,

3.25%,

02/12/32

........

44

45,056

General

Motors

Co.

4.88%,

10/02/23

..................

77

81,796

6.13%,

10/01/25

..................

222

255,018

Hyundai

Capital

America,

3.95%,

02/01/22

(b)

.

305

305,721

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)

...

1,359

1,519,851

2,207,442

Banks

—

4.7%

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.87%

(a)(b)(g)

..........

200

198,625

Banco

Santander

SA

2.71%,

06/27/24

..................

600

621,227

1.85%,

03/25/26

..................

400

398,165

3.31%,

06/27/29

..................

400

422,762

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)(f)

..........

200

203,913

Bank

of

America

Corp.

(LIBOR

USD

3

Month

+

1.02%),

2.88%,

04/24/23

(a)

....................

127

127,823

(LIBOR

USD

3

Month

+

0.93%),

2.82%,

07/21/23

(a)

....................

83

83,916

(LIBOR

USD

3

Month

+

0.78%),

3.55%,

03/05/24

(a)

....................

234

240,955

(LIBOR

USD

3

Month

+

0.94%),

3.86%,

07/23/24

(a)

....................

116

120,856

4.00%,

01/22/25

..................

154

164,470

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

....................

2,025

2,079,803

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

....................

236

248,271

(LIBOR

USD

3

Month

+

0.64%),

2.01%,

02/13/26

(a)

....................

512

518,589

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

4.45%,

03/03/26

..................

USD

76

$

83,673

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

....

851

834,016

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

(a)

....................

1,751

1,738,705

(SOFR

+

0.96%),

1.73%,

07/22/27

(a)

....

1,540

1,528,785

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

....................

875

949,578

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

(a)

....................

760

847,356

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

....................

758

834,963

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

....................

422

445,036

(SOFR

+

1.22%),

2.30%,

07/21/32

(a)

....

981

964,526

(SOFR

+

1.21%),

2.57%,

10/20/32

(a)

....

317

318,523

(LIBOR

USD

3

Month

+

1.32%),

4.08%,

04/23/40

(a)

....................

464

533,062

(SOFR

+

1.93%),

2.68%,

06/19/41

(a)

....

465

447,594

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.87%

(a)(f)(g)

...........

250

260,438

Barclays

plc,

(LIBOR

USD

3

Month

+

1.90%),

4.97%,

05/16/29

(a)

................

836

953,558

Citigroup,

Inc.

(a)

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

.....................

716

772,236

(SOFR

+

1.42%),

2.98%,

11/05/30

......

1,654

1,717,605

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

143

150,990

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

.................

316

322,819

Danske

Bank

A/S

5.00%,

01/12/22

(b)

.................

400

400,354

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

..............

263

262,939

5.38%,

01/12/24

(b)

.................

602

648,028

5.38%,

01/12/24

(f)

.................

200

215,292

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

.......

200

191,600

HSBC

Holdings

plc

(a)

(SOFR

+

1.10%),

2.25%,

11/22/27

......

647

648,348

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

.....................

531

594,850

(SOFR

+

1.29%),

2.21%,

08/17/29

......

208

203,969

(LIBOR

USD

3

Month

+

1.61%),

3.97%,

05/22/30

.....................

200

216,950

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.70%

(g)

......................

510

510,000

ING

Groep

NV,

4.63%,

01/06/26

(b)

........

202

224,456

Itau

Unibanco

Holding

SA,

2.90%,

01/24/23

(b)

.

250

252,625

JPMorgan

Chase

&

Co.

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

....................

395

416,475

3.13%,

01/23/25

..................

307

322,358

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

137

140,111

(SOFR

+

1.59%),

2.00%,

03/13/26

(a)

....

1,241

1,255,635

3.20%,

06/15/26

..................

78

82,713

(SOFR

+

0.80%),

1.05%,

11/19/26

(a)

.....

264

257,191

(LIBOR

USD

3

Month

+

1.25%),

3.96%,

01/29/27

(a)

....................

988

1,067,521

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

....................

527

570,495

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

(a)

....................

1,765

1,916,850

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

....

234

235,908

(SOFR

+

1.02%),

2.07%,

06/01/29

(a)

....

80

79,332

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

....................

USD

116

$

131,648

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

....

420

438,430

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

(a)

....................

117

143,029

(LIBOR

USD

3

Month

+

1.46%),

4.03%,

07/24/48

(a)

....................

470

554,804

(SOFR

+

1.58%),

3.33%,

04/22/52

(a)

....

15

16,050

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

(a)(f)

..........

200

199,788

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.63%,

05/11/27

(a)

...............

373

367,201

4.38%,

03/22/28

..................

228

255,780

Mitsubishi

UFJ

Financial

Group,

Inc.

2.62%,

07/18/22

..................

807

816,188

2.19%,

02/25/25

..................

868

885,185

Mizuho

Financial

Group,

Inc.

(a)

(SOFR

+

1.36%),

2.55%,

09/13/25

......

719

738,137

(SOFR

+

1.77%),

2.20%,

07/10/31

......

200

195,537

(SOFR

+

1.53%),

1.98%,

09/08/31

......

425

408,875

NBK

Tier

1

Financing

Ltd.,

(USD

Swap

Semi

6

Year

+

2.88%),

3.62%

(a)(b)(g)

..........

200

197,312

Santander

UK

Group

Holdings

plc

3.57%,

01/10/23

..................

963

963,408

(SOFR

+

0.79%),

1.09%,

03/15/25

(a)

....

606

600,455

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

08/21/26

(a)

...............

240

236,076

Sumitomo

Mitsui

Financial

Group,

Inc.

2.70%,

07/16/24

..................

395

407,906

2.35%,

01/15/25

..................

644

659,877

3.78%,

03/09/26

..................

75

80,893

Washington

Mutual

Escrow

Bonds

(c)(h)(i)

0.00%,

11/06/09

..................

300

—

0.00%,

09/19/17

(j)

.................

250

—

0.00%,

09/29/17

..................

500

—

Wells

Fargo

&

Co.

(a)

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

.....................

383

411,734

(SOFR

+

1.43%),

2.88%,

10/30/30

......

167

173,611

(SOFR

+

4.03%),

4.48%,

04/04/31

......

179

207,948

(SOFR

+

2.53%),

3.07%,

04/30/41

......

646

662,489

39,599,199

Beverages

—

0.5%

Anheuser-Busch

Cos.

LLC

4.70%,

02/01/36

..................

923

1,113,886

4.90%,

02/01/46

..................

195

246,467

Anheuser-Busch

InBev

Worldwide,

Inc.

4.00%,

04/13/28

..................

1,667

1,854,204

4.60%,

04/15/48

..................

507

619,980

3,834,537

Biotechnology

—

0.6%

AbbVie,

Inc.

2.30%,

11/21/22

..................

197

199,751

2.60%,

11/21/24

..................

1,571

1,630,121

4.55%,

03/15/35

..................

129

155,108

4.50%,

05/14/35

..................

603

721,322

4.85%,

06/15/44

..................

3

3,760

4.70%,

05/14/45

..................

342

424,295

4.88%,

11/14/48

..................

50

64,610

4.25%,

11/21/49

..................

226

271,691

Amgen,

Inc.,

4.40%,

05/01/45

..........

602

718,346

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

Biogen,

Inc.

2.25%,

05/01/30

..................

USD

393

$

386,943

3.15%,

05/01/50

..................

176

169,165

Gilead

Sciences,

Inc.,

4.75%,

03/01/46

....

549

695,650

5,440,762

Building

Products

—

0.1%

Carrier

Global

Corp.,

2.24%,

02/15/25

.....

981

1,004,525

Johnson

Controls

International

plc,

5.13%,

09/14/45

......................

5

6,597

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

36

37,755

Owens

Corning,

3.95%,

08/15/29

........

41

44,918

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

..................

35

36,029

4.75%,

01/15/28

..................

15

15,488

1,145,312

Capital

Markets

—

2.7%

Credit

Suisse

AG

3.63%,

09/09/24

..................

263

278,872

1.25%,

08/07/26

..................

1,072

1,045,021

Credit

Suisse

Group

AG,

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

........

252

262,199

Deutsche

Bank

AG

(SOFR

+

1.13%),

1.45%,

04/01/25

(a)

....

584

580,375

1.69%,

03/19/26

..................

905

900,542

Goldman

Sachs

Group,

Inc.

(The)

4.00%,

03/03/24

..................

1,226

1,299,890

3.50%,

01/23/25

..................

180

189,763

3.50%,

04/01/25

..................

3,281

3,469,441

3.75%,

05/22/25

..................

647

690,484

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

....................

163

171,027

(SOFR

+

0.61%),

0.86%,

02/12/26

(a)

....

933

914,719

3.75%,

02/25/26

..................

199

214,305

(LIBOR

USD

3

Month

+

1.17%),

1.33%,

05/15/26

(a)

....................

300

305,967

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

700

685,737

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

....................

168

180,910

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

....................

653

725,370

(SOFR

+

1.26%),

2.65%,

10/21/32

(a)

....

220

221,376

Intercontinental

Exchange,

Inc.

3.75%,

09/21/28

..................

121

133,605

2.10%,

06/15/30

..................

150

148,638

1.85%,

09/15/32

..................

172

164,636

Moody's

Corp.

3.25%,

01/15/28

..................

225

241,206

3.10%,

11/29/61

..................

203

201,245

Morgan

Stanley

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

....

3

3,092

3.88%,

01/27/26

..................

775

838,032

3.63%,

01/20/27

..................

1,244

1,348,693

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

1,367

1,353,524

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

....

261

256,886

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

....................

285

307,256

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

....................

376

409,154

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

....................

961

1,095,115

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,655

1,693,205

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

130

141,660

(SOFR

+

1.18%),

2.24%,

07/21/32

(a)

....

359

351,129

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

299

313,247

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Nomura

Holdings,

Inc.,

2.61%,

07/14/31

....

USD

543

$

535,843

Northern

Trust

Corp.,

3.15%,

05/03/29

.....

107

115,180

UBS

Group

AG

(a)(b)

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(g)

490

528,342

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.49%,

08/10/27

................

740

721,892

XP,

Inc.,

3.25%,

07/01/26

(b)

............

200

192,225

23,229,803

Chemicals

—

0.4%

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

303,887

Cydsa

SAB

de

CV,

6.25%,

10/04/27

(b)

.....

200

205,662

Dow

Chemical

Co.

(The),

1.13%,

03/15/32

..

EUR

115

130,736

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

USD

515

569,051

Ecolab,

Inc.,

2.75%,

08/18/55

..........

400

392,557

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

......................

255

294,725

MEGlobal

Canada

ULC

5.00%,

05/18/25

(b)

.................

200

218,100

5.00%,

05/18/25

(f)

.................

200

218,100

Sasol

Financing

USA

LLC,

5.50%,

03/18/31

..

200

200,760

Sherwin-Williams

Co.

(The),

2.30%,

05/15/30

.

352

351,022

Westlake

Chemical

Corp.,

3.38%,

08/15/61

..

216

206,045

3,090,645

Commercial

Services

&

Supplies

—

0.2%

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

83

85,801

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

71

72,065

RELX

Capital,

Inc.

3.50%,

03/16/23

..................

80

82,349

4.00%,

03/18/29

..................

404

448,089

3.00%,

05/22/30

..................

507

531,517

Republic

Services,

Inc.

2.90%,

07/01/26

..................

131

136,931

3.95%,

05/15/28

..................

81

89,708

2.38%,

03/15/33

..................

15

14,929

Waste

Management,

Inc.

1.15%,

03/15/28

..................

370

353,108

2.00%,

06/01/29

..................

101

100,896

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

37

36,815

1,952,208

Communications

Equipment

—

0.2%

Juniper

Networks,

Inc.,

2.00%,

12/10/30

....

156

147,353

Motorola

Solutions,

Inc.

4.60%,

05/23/29

..................

623

711,782

2.75%,

05/24/31

..................

819

820,475

5.50%,

09/01/44

..................

220

286,366

1,965,976

Construction

&

Engineering

—

0.0%

Mexico

City

Airport

Trust,

5.50%,

07/31/47

(f)

..

200

199,663

Stoneway

Capital

Corp.

(h)(i)

10.00%,

03/01/27

(b)

................

133

39,145

10.00%,

03/01/27

(f)

................

133

39,146

277,954

Consumer

Finance

—

0.4%

AerCap

Ireland

Capital

DAC

1.75%,

01/30/26

..................

150

147,122

4.45%,

04/03/26

..................

190

206,382

Capital

One

Financial

Corp.,

3.90%,

01/29/24

328

345,163

Discover

Financial

Services,

4.50%,

01/30/26

149

163,170

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.

3.70%,

05/09/23

..................

USD

66

$

67,967

5.10%,

01/17/24

..................

173

185,498

4.00%,

01/15/25

..................

341

362,249

4.35%,

04/09/25

..................

396

426,049

2.75%,

06/20/25

..................

318

328,137

1.25%,

01/08/26

..................

105

102,736

2.40%,

10/15/28

..................

653

651,180

2.70%,

06/10/31

..................

11

10,961

Hyundai

Capital

Services,

Inc.,

3.00%,

08/29/22

(b)

.....................

250

253,172

Navient

Corp.

7.25%,

09/25/23

..................

23

24,797

5.88%,

10/25/24

..................

37

39,451

6.75%,

06/25/25

..................

38

41,800

6.75%,

06/15/26

..................

37

40,898

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(f)

.....................

200

204,500

Synchrony

Financial

4.50%,

07/23/25

..................

5

5,402

3.70%,

08/04/26

..................

91

96,639

3,703,273

Containers

&

Packaging

—

0.0%

International

Paper

Co.,

6.00%,

11/15/41

...

42

58,021

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

200

185,000

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

.....................

52

54,470

297,491

Distributors

—

0.0%

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%,

01/15/28

(b)

.............

60

61,394

Diversified

Financial

Services

—

0.2%

Avianca

Midco

2

Ltd.,

9.00%,

12/01/28

(b)

....

116

116,485

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)

...

200

203,162

Coastal

Emerald

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%),

4.30%

(a)(f)(g)

...............

200

197,663

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%,

02/11/25

(b)

.............

200

185,475

ORIX

Corp.,

2.90%,

07/18/22

..........

155

156,787

Shell

International

Finance

BV,

2.38%,

11/07/29

964

984,608

1,844,180

Diversified

Telecommunication

Services

—

1.5%

AT&T,

Inc.

0.00%,

11/27/22

(b)(j)

................

1,000

993,381

1.65%,

02/01/28

..................

277

271,135

4.35%,

03/01/29

..................

505

567,254

2.75%,

06/01/31

..................

172

175,484

2.55%,

12/01/33

..................

203

198,542

4.50%,

05/15/35

..................

568

656,152

2.60%,

05/19/38

..................

EUR

175

223,175

3.10%,

02/01/43

..................

USD

230

223,592

5.15%,

02/15/50

..................

294

375,598

3.50%,

09/15/53

..................

353

356,140

3.55%,

09/15/55

..................

763

765,768

3.80%,

12/01/57

..................

174

181,145

3.65%,

09/15/59

..................

395

398,906

3.50%,

02/01/61

..................

90

88,498

CCO

Holdings

LLC

(b)

5.38%,

06/01/29

..................

92

99,280

4.75%,

03/01/30

..................

106

110,240

Deutsche

Telekom

International

Finance

BV,

3.60%,

01/19/27

(b)

................

150

160,695

Level

3

Financing,

Inc.,

4.63%,

09/15/27

(b)

...

15

15,300

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(f)(g)

....................

USD

200

$

210,163

Oi

SA,

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(k)

.....................

49

43,145

Verizon

Communications,

Inc.

4.13%,

03/16/27

..................

99

110,042

2.10%,

03/22/28

..................

729

730,389

3.88%,

02/08/29

..................

376

416,673

4.02%,

12/03/29

..................

326

365,479

3.15%,

03/22/30

..................

1,082

1,144,703

1.50%,

09/18/30

..................

1,178

1,105,105

1.68%,

10/30/30

..................

251

238,483

2.55%,

03/21/31

..................

102

102,909

2.36%,

03/15/32

(b)

.................

111

109,370

2.65%,

11/20/40

..................

512

486,511

3.40%,

03/22/41

..................

379

396,792

2.85%,

09/03/41

..................

427

421,248

2.88%,

11/20/50

..................

723

686,045

3.70%,

03/22/61

..................

424

459,708

12,887,050

Electric

Utilities

—

2.4%

Adani

Transmission

Ltd.,

4.25%,

05/21/36

(f)

..

181

184,620

AEP

Texas,

Inc.

3.95%,

06/01/28

..................

310

339,452

Series

H,

3.45%,

01/15/50

...........

91

92,562

3.45%,

05/15/51

..................

237

238,723

AEP

Transmission

Co.

LLC

3.80%,

06/15/49

..................

155

174,957

3.15%,

09/15/49

..................

222

226,007

Series

M,

3.65%,

04/01/50

...........

232

256,105

Series

N,

2.75%,

08/15/51

...........

30

28,539

Alabama

Power

Co.

4.15%,

08/15/44

..................

5

5,844

3.45%,

10/01/49

..................

242

256,413

3.13%,

07/15/51

..................

70

71,377

American

Transmission

Systems,

Inc.,

2.65%,

01/15/32

(b)

.....................

293

295,722

Baltimore

Gas

&

Electric

Co.

3.75%,

08/15/47

..................

166

187,286

4.25%,

09/15/48

..................

105

127,832

3.20%,

09/15/49

..................

125

130,528

2.90%,

06/15/50

..................

100

99,355

CenterPoint

Energy

Houston

Electric

LLC

Series

AE,

2.35%,

04/01/31

..........

120

121,819

3.95%,

03/01/48

..................

85

101,304

Series

AF,

3.35%,

04/01/51

..........

195

214,323

Commonwealth

Edison

Co.

Series

127,

3.20%,

11/15/49

..........

180

188,839

Series

130,

3.13%,

03/15/51

..........

30

31,101

Series

131,

2.75%,

09/01/51

..........

86

83,141

DTE

Electric

Co.

Series

A,

4.05%,

05/15/48

...........

265

315,199

3.95%,

03/01/49

..................

121

142,985

Duke

Energy

Carolinas

LLC

3.95%,

11/15/28

..................

72

80,356

3.88%,

03/15/46

..................

32

36,036

3.70%,

12/01/47

..................

104

115,645

3.95%,

03/15/48

..................

155

178,549

3.45%,

04/15/51

..................

213

232,934

Duke

Energy

Florida

LLC

2.50%,

12/01/29

..................

550

565,180

1.75%,

06/15/30

..................

88

84,447

3.00%,

12/15/51

..................

255

256,982

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Duke

Energy

Progress

LLC

3.45%,

03/15/29

..................

USD

527

$

568,692

2.90%,

08/15/51

..................

355

351,923

Edison

International

2.40%,

09/15/22

..................

42

42,403

4.95%,

04/15/25

..................

272

295,817

Entergy

Arkansas

LLC,

3.35%,

06/15/52

....

117

122,855

Entergy

Louisiana

LLC,

4.20%,

09/01/48

...

325

386,558

Exelon

Corp.

5.10%,

06/15/45

..................

35

45,021

4.70%,

04/15/50

..................

180

225,961

FirstEnergy

Corp.

2.05%,

03/01/25

..................

52

51,467

Series

B,

4.40%,

07/15/27

(e)

..........

349

375,886

2.65%,

03/01/30

..................

158

156,025

Series

B,

2.25%,

09/01/30

...........

79

76,053

Series

C,

5.35%,

07/15/47

(e)

..........

125

148,594

Series

C,

3.40%,

03/01/50

...........

71

69,580

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

..................

666

708,065

5.45%,

07/15/44

..................

42

53,002

4.55%,

04/01/49

..................

550

627,861

Florida

Power

&

Light

Co.

3.95%,

03/01/48

..................

331

392,531

3.15%,

10/01/49

..................

468

496,849

2.88%,

12/04/51

..................

215

218,042

Generacion

Mediterranea

SA,

9.63%,

12/01/27

(b)

.....................

235

189,959

Genneia

SA,

8.75%,

09/02/27

(b)

.........

73

68,299

MidAmerican

Energy

Co.

3.10%,

05/01/27

..................

193

204,894

3.65%,

04/15/29

..................

460

506,898

4.25%,

07/15/49

..................

131

161,641

3.15%,

04/15/50

..................

277

289,926

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

................

52

57,114

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(f)

.....................

250

242,703

Northern

States

Power

Co.

3.60%,

05/15/46

..................

27

30,229

2.90%,

03/01/50

..................

88

88,842

2.60%,

06/01/51

..................

123

117,338

3.20%,

04/01/52

..................

50

52,975

NRG

Energy,

Inc.

2.45%,

12/02/27

(b)

.................

842

834,303

5.75%,

01/15/28

..................

59

62,370

4.45%,

06/15/29

(b)

.................

70

76,148

5.25%,

06/15/29

(b)

.................

53

56,783

NSTAR

Electric

Co.,

3.95%,

04/01/30

.....

59

66,273

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

...........

122

114,711

4.00%,

06/01/49

..................

125

143,595

Series

R,

2.90%,

10/01/51

...........

191

184,185

Oncor

Electric

Delivery

Co.

LLC

3.70%,

11/15/28

..................

267

293,854

3.80%,

09/30/47

..................

101

116,955

4.10%,

11/15/48

..................

83

100,043

3.80%,

06/01/49

..................

89

102,897

2.70%,

11/15/51

(b)

.................

55

52,892

Pacific

Gas

&

Electric

Co.

2.50%,

02/01/31

..................

28

26,672

3.25%,

06/01/31

..................

221

221,730

4.95%,

07/01/50

..................

330

359,388

PECO

Energy

Co.

3.05%,

03/15/51

..................

231

235,597

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.85%,

09/15/51

..................

USD

102

$

101,005

Public

Service

Electric

&

Gas

Co.

3.65%,

09/01/28

..................

210

230,473

2.05%,

08/01/50

..................

128

108,179

3.00%,

03/01/51

..................

60

61,672

Southern

California

Edison

Co.

1.85%,

02/01/22

..................

21

21,087

Series

E,

3.70%,

08/01/25

...........

136

145,208

Series

20C,

1.20%,

02/01/26

.........

311

304,616

2.25%,

06/01/30

..................

445

439,141

Series

G,

2.50%,

06/01/31

...........

227

227,860

Southwestern

Public

Service

Co.,

Series

8,

3.15%,

05/01/50

.................

270

281,565

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

.....................

200

219,163

Tampa

Electric

Co.

4.30%,

06/15/48

..................

30

36,664

4.45%,

06/15/49

..................

175

219,915

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

.....................

700

741,299

Virginia

Electric

&

Power

Co.

Series

A,

2.88%,

07/15/29

...........

69

72,365

Series

A,

6.00%,

05/15/37

...........

66

90,231

4.00%,

01/15/43

..................

247

283,825

Vistra

Operations

Co.

LLC

(b)

5.50%,

09/01/26

..................

72

74,350

5.63%,

02/15/27

..................

93

95,790

5.00%,

07/31/27

..................

93

96,517

4.30%,

07/15/29

..................

503

537,902

20,325,388

Energy

Equipment

&

Services

—

0.0%

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(f)

.....

207

167,321

Entertainment

—

0.2%

Electronic

Arts,

Inc.

1.85%,

02/15/31

..................

470

450,470

2.95%,

02/15/51

..................

83

78,207

NBCUniversal

Media

LLC,

4.45%,

01/15/43

..

101

122,391

Walt

Disney

Co.

(The),

4.70%,

03/23/50

....

466

614,786

1,265,854

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

American

Tower

Corp.

5.00%,

02/15/24

..................

16

17,216

2.40%,

03/15/25

..................

635

652,027

1.60%,

04/15/26

..................

172

170,240

3.95%,

03/15/29

..................

340

370,710

3.80%,

08/15/29

..................

953

1,036,775

2.30%,

09/15/31

..................

74

71,871

ARI

FCP

Investments

LP,

(LIBOR

USD

1

Month

+

2.90%),

2.98%,

01/06/25

(a)(c)

........

629

625,472

Crown

Castle

International

Corp.

1.05%,

07/15/26

..................

340

328,343

3.80%,

02/15/28

..................

137

149,069

3.10%,

11/15/29

..................

583

608,719

3.30%,

07/01/30

..................

466

491,539

2.50%,

07/15/31

..................

106

105,214

Digital

Dutch

Finco

BV

(f)

1.50%,

03/15/30

..................

EUR

315

371,720

1.00%,

01/15/32

..................

180

198,607

Duke

Realty

LP,

1.75%,

02/01/31

........

USD

518

490,134

Equinix,

Inc.

1.25%,

07/15/25

..................

135

132,588

1.00%,

09/15/25

..................

433

420,010

1.45%,

05/15/26

..................

309

302,868

2.15%,

07/15/30

..................

121

117,623

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

2.50%,

05/15/31

..................

USD

237

$

236,835

GLP

Capital

LP

4.00%,

01/15/30

..................

1,032

1,091,903

3.25%,

01/15/32

..................

147

147,793

Invitation

Homes

Operating

Partnership

LP,

2.30%,

11/15/28

.................

130

128,584

MGM

Growth

Properties

Operating

Partnership

LP

5.63%,

05/01/24

..................

159

169,926

4.50%,

09/01/26

..................

44

47,300

5.75%,

02/01/27

..................

71

80,230

MPT

Operating

Partnership

LP,

5.25%,

08/01/26

......................

7

7,201

National

Retail

Properties,

Inc.

3.50%,

04/15/51

..................

368

378,196

3.00%,

04/15/52

..................

200

189,018

Prologis

Euro

Finance

LLC,

1.50%,

09/10/49

.

EUR

255

272,444

Realty

Income

Corp.,

3.25%,

01/15/31

.....

USD

174

187,096

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

61

62,220

Service

Properties

Trust,

4.35%,

10/01/24

...

37

36,260

WP

Carey,

Inc.,

2.45%,

02/01/32

........

150

146,276

9,842,027

Food

&

Staples

Retailing

—

0.0%

(b)

Albertsons

Cos.,

Inc.

5.88%,

02/15/28

..................

68

72,080

4.88%,

02/15/30

..................

15

16,196

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

......................

79

82,456

170,732

Food

Products

—

0.1%

(b)

BRF

GmbH,

4.35%,

09/29/26

..........

200

201,913

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

...

36

37,170

JBS

USA

LUX

SA

6.75%,

02/15/28

..................

68

73,356

6.50%,

04/15/29

..................

106

116,601

5.50%,

01/15/30

..................

19

20,662

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

.....

127

134,104

Post

Holdings,

Inc.

5.63%,

01/15/28

..................

72

76,301

5.50%,

12/15/29

..................

57

59,886

719,993

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

4.13%,

03/15/49

..................

91

108,179

3.38%,

09/15/49

..................

14

14,860

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

......................

532

503,872

ONE

Gas,

Inc.,

2.00%,

05/15/30

.........

80

77,803

Piedmont

Natural

Gas

Co.,

Inc.

2.50%,

03/15/31

..................

175

174,941

3.64%,

11/01/46

..................

25

26,497

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

......

200

196,725

1,102,877

Health

Care

Equipment

&

Supplies

—

0.1%

Boston

Scientific

Corp.,

2.65%,

06/01/30

...

178

181,455

DH

Europe

Finance

II

SARL,

1.80%,

09/18/49

EUR

200

239,464

Medtronic

Global

Holdings

SCA

1.50%,

07/02/39

..................

165

193,175

1.75%,

07/02/49

..................

100

116,517

Mozart

Debt

Merger

Sub,

Inc.,

3.88%,

04/01/29

(b)

.....................

USD

452

450,404

1,181,015

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

1.4%

Aetna,

Inc.

6.63%,

06/15/36

..................

USD

175

$

248,074

4.75%,

03/15/44

..................

5

6,107

Anthem,

Inc.

4.10%,

03/01/28

..................

231

256,123

4.38%,

12/01/47

..................

132

160,810

3.60%,

03/15/51

..................

155

172,043

Centene

Corp.,

4.63%,

12/15/29

.........

53

57,158

Cigna

Corp.

3.40%,

03/01/27

..................

402

431,739

4.38%,

10/15/28

..................

760

863,741

CVS

Health

Corp.

1.30%,

08/21/27

..................

218

211,334

3.25%,

08/15/29

..................

160

170,591

3.75%,

04/01/30

..................

1,213

1,329,876

5.13%,

07/20/45

..................

401

521,245

HCA,

Inc.

4.75%,

05/01/23

..................

782

819,044

5.25%,

04/15/25

..................

3,282

3,630,560

5.25%,

06/15/26

..................

439

493,688

5.63%,

09/01/28

..................

23

26,876

5.88%,

02/01/29

..................

15

17,873

2.38%,

07/15/31

..................

795

782,642

5.25%,

06/15/49

..................

30

38,530

Humana,

Inc.

4.50%,

04/01/25

..................

150

163,474

4.88%,

04/01/30

..................

69

80,855

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

41

43,429

Tenet

Healthcare

Corp.

(b)

4.88%,

01/01/26

..................

148

152,015

6.25%,

02/01/27

..................

220

227,700

5.13%,

11/01/27

..................

23

23,949

4.38%,

01/15/30

..................

163

165,130

UnitedHealth

Group,

Inc.

4.63%,

11/15/41

..................

397

498,626

4.20%,

01/15/47

..................

241

292,534

3.25%,

05/15/51

..................

97

104,937

11,990,703

Hotels,

Restaurants

&

Leisure

—

0.4%

1011778

BC

ULC,

3.88%,

01/15/28

(b)

......

11

11,140

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29

(b)

48

48,000

Cedar

Fair

LP

5.50%,

05/01/25

(b)

.................

47

48,645

5.38%,

04/15/27

..................

73

74,825

5.25%,

07/15/29

..................

73

74,825

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

..................

88

90,640

4.75%,

01/15/28

..................

44

45,540

Expedia

Group,

Inc.,

3.25%,

02/15/30

.....

86

87,763

Fortune

Star

BVI

Ltd.,

5.05%,

01/27/27

(f)

....

200

190,020

Marriott

International,

Inc.,

Series

HH,

2.85%,

04/15/31

......................

194

193,406

McDonald's

Corp.

2.13%,

03/01/30

..................

130

129,400

3.60%,

07/01/30

..................

277

306,101

4.88%,

12/09/45

..................

368

472,791

Melco

Resorts

Finance

Ltd.,

5.38%,

12/04/29

(f)

200

193,163

MGM

China

Holdings

Ltd.,

4.75%,

02/01/27

(f)

.

200

191,250

MGM

Resorts

International

5.75%,

06/15/25

..................

10

10,762

4.63%,

09/01/26

..................

6

6,240

5.50%,

04/15/27

..................

10

10,650

Starbucks

Corp.

2.25%,

03/12/30

..................

229

227,389

2.55%,

11/15/30

..................

317

323,293

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Wynn

Las

Vegas

LLC

(b)

5.50%,

03/01/25

..................

USD

162

$

166,860

5.25%,

05/15/27

..................

81

82,808

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

67

68,005

3,053,516

Household

Durables

—

0.0%

(b)

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

......................

87

90,811

Mattamy

Group

Corp.,

5.25%,

12/15/27

....

7

7,362

98,173

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Capex

SA,

6.88%,

05/15/24

(b)

..........

50

47,416

Industrial

Conglomerates

—

0.1%

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

..............

603

719,596

Roper

Technologies,

Inc.,

2.95%,

09/15/29

..

87

89,984

809,580

Insurance

—

0.3%

Ambac

Assurance

Corp.,

5.10%

(b)(g)

.......

15

19,997

American

International

Group,

Inc.

4.50%,

07/16/44

..................

272

334,982

4.75%,

04/01/48

..................

180

229,264

Aon

Corp.

4.50%,

12/15/28

..................

83

94,460

3.75%,

05/02/29

..................

602

659,918

2.80%,

05/15/30

..................

553

569,909

Hartford

Financial

Services

Group,

Inc.

(The),

3.60%,

08/19/49

.................

74

80,996

Marsh

&

McLennan

Cos.,

Inc.

1.35%,

09/21/26

..................

EUR

160

189,846

1.98%,

03/21/30

..................

145

180,155

2.25%,

11/15/30

..................

USD

424

423,111

Willis

North

America,

Inc.,

3.60%,

05/15/24

..

36

37,705

2,820,343

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.,

2.50%,

06/03/50

......

672

639,836

eBay,

Inc.,

1.40%,

05/10/26

...........

473

465,734

1,105,570

IT

Services

—

0.6%

Fidelity

National

Information

Services,

Inc.,

1.00%,

12/03/28

.................

EUR

300

347,260

Fiserv,

Inc.

4.20%,

10/01/28

..................

USD

99

110,982

3.50%,

07/01/29

..................

1,501

1,614,236

Global

Payments,

Inc.

1.20%,

03/01/26

..................

593

575,603

4.80%,

04/01/26

..................

475

527,327

2.15%,

01/15/27

..................

60

60,239

3.20%,

08/15/29

..................

605

630,143

International

Business

Machines

Corp.

3.30%,

05/15/26

..................

197

210,606

1.95%,

05/15/30

..................

160

156,415

4.25%,

05/15/49

..................

304

368,709

4,601,520

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.

3.05%,

09/22/26

..................

366

385,808

2.75%,

09/15/29

..................

133

137,299

2.10%,

06/04/30

..................

88

86,148

2.30%,

03/12/31

..................

113

111,896

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

(b)

................

7

7,280

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

Thermo

Fisher

Scientific,

Inc.

2.80%,

10/15/41

..................

USD

180

$

182,089

1.88%,

10/01/49

..................

EUR

300

349,355

1,259,875

Machinery

—

0.2%

CNH

Industrial

Capital

LLC,

4.20%,

01/15/24

.

USD

860

907,691

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

225

228,234

Parker-Hannifin

Corp.,

3.25%,

03/01/27

....

99

106,027

1,241,952

Media

—

1.0%

Charter

Communications

Operating

LLC

2.25%,

01/15/29

..................

68

66,347

6.48%,

10/23/45

..................

1,329

1,814,865

5.38%,

05/01/47

..................

229

273,336

5.75%,

04/01/48

..................

117

145,906

3.85%,

04/01/61

..................

172

162,198

4.40%,

12/01/61

..................

202

208,970

3.95%,

06/30/62

..................

220

211,944

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

................

92

95,198

Comcast

Corp.

3.15%,

02/15/28

..................

75

80,503

2.65%,

02/01/30

..................

946

981,092

3.40%,

04/01/30

..................

392

427,817

4.25%,

10/15/30

..................

110

126,948

1.95%,

01/15/31

..................

72

70,545

3.75%,

04/01/40

..................

177

198,156

3.97%,

11/01/47

..................

463

533,074

3.45%,

02/01/50

..................

80

85,426

2.80%,

01/15/51

..................

471

453,763

2.45%,

08/15/52

..................

99

88,643

Cox

Communications,

Inc.

(b)

3.15%,

08/15/24

..................

268

279,296

3.35%,

09/15/26

..................

22

23,351

3.60%,

06/15/51

..................

260

272,282

Discovery

Communications

LLC,

1.90%,

03/19/27

......................

EUR

413

493,252

iHeartCommunications,

Inc.

6.38%,

05/01/26

..................

USD

60

62,187

5.25%,

08/15/27

(b)

.................

54

56,165

4.75%,

01/15/28

(b)

.................

7

7,099

Interpublic

Group

of

Cos.,

Inc.

(The),

4.75%,

03/30/30

......................

191

221,793

Lamar

Media

Corp.,

3.75%,

02/15/28

......

9

9,022

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(b)

.....

85

89,600

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

..................

97

99,258

4.63%,

03/15/30

..................

7

6,983

Sirius

XM

Radio,

Inc.,

5.50%,

07/01/29

(b)

....

90

96,975

TEGNA,

Inc.

4.63%,

03/15/28

..................

15

15,162

5.00%,

09/15/29

..................

17

17,382

ViacomCBS,

Inc.

4.38%,

03/15/43

..................

122

138,797

5.85%,

09/01/43

..................

253

340,793

8,254,128

Metals

&

Mining

—

0.4%

Anglo

American

Capital

plc

(b)

2.63%,

09/10/30

..................

317

309,372

2.88%,

03/17/31

..................

230

228,893

Glencore

Funding

LLC

(b)

1.63%,

09/01/25

..................

52

51,466

1.63%,

04/27/26

..................

564

553,344

2.50%,

09/01/30

..................

573

554,906

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

2.85%,

04/27/31

..................

USD

281

$

277,762

2.63%,

09/23/31

..................

138

134,118

3.38%,

09/23/51

..................

70

67,412

Newmont

Corp.,

2.25%,

10/01/30

........

311

306,621

Nucor

Corp.,

3.95%,

05/01/28

..........

164

180,845

Vedanta

Resources

Finance

II

plc

8.00%,

04/23/23

(f)

.................

200

195,538

8.95%,

03/11/25

(b)

.................

200

195,500

3,055,777

Multiline

Retail

—

0.0%

Dollar

General

Corp.,

4.13%,

04/03/50

.....

2

2,308

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.

3.80%,

05/15/28

..................

120

132,281

3.25%,

03/15/50

..................

159

169,014

Consumers

Energy

Co.

3.25%,

08/15/46

..................

94

99,473

3.75%,

02/15/50

..................

381

436,591

3.10%,

08/15/50

..................

140

145,772

3.50%,

08/01/51

..................

120

134,401

1,117,532

Oil,

Gas

&

Consumable

Fuels

—

2.9%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

53

59,356

BP

Capital

Markets

America,

Inc.

3.79%,

02/06/24

..................

308

324,225

3.80%,

09/21/25

..................

145

156,485

3.00%,

03/17/52

..................

225

220,177

3.38%,

02/08/61

..................

85

87,325

BP

Capital

Markets

plc

2.75%,

05/10/23

..................

184

188,765

3.81%,

02/10/24

..................

80

84,356

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

9

9,173

Cameron

LNG

LLC

(b)

3.30%,

01/15/35

..................

105

109,599

3.40%,

01/15/38

..................

532

548,638

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

....

128

128,312

Cheniere

Corpus

Christi

Holdings

LLC

7.00%,

06/30/24

..................

139

153,765

5.88%,

03/31/25

..................

1,332

1,476,254

5.13%,

06/30/27

..................

766

864,292

Chevron

USA,

Inc.,

2.34%,

08/12/50

......

90

83,029

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

75

75,375

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

39

39,877

Devon

Energy

Corp.

5.85%,

12/15/25

..................

56

64,029

5.88%,

06/15/28

..................

17

18,413

4.50%,

01/15/30

..................

166

178,217

4.75%,

05/15/42

..................

140

162,096

5.00%,

06/15/45

..................

105

126,916

Diamondback

Energy,

Inc.

2.88%,

12/01/24

..................

701

727,227

3.25%,

12/01/26

..................

142

149,757

3.50%,

12/01/29

..................

588

623,519

3.13%,

03/24/31

..................

1,137

1,171,849

4.40%,

03/24/51

..................

129

147,861

Energy

Transfer

LP

4.50%,

04/15/24

..................

718

760,975

2.90%,

05/15/25

..................

1,387

1,432,819

5.95%,

12/01/25

..................

217

247,244

6.63%,

10/15/36

..................

30

37,997

6.50%,

02/01/42

..................

197

253,801

5.00%,

05/15/50

..................

480

552,335

Enterprise

Products

Operating

LLC

4.15%,

10/16/28

..................

998

1,120,324

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

3.13%,

07/31/29

..................

USD

448

$

475,732

3.30%,

02/15/53

..................

120

119,351

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

62

67,726

Galaxy

Pipeline

Assets

Bidco

Ltd.

2.16%,

03/31/34

(b)

.................

200

196,000

2.63%,

03/31/36

(f)

.................

200

195,187

Greenko

Dutch

BV,

3.85%,

03/29/26

(f)

.....

197

198,970

Kinder

Morgan,

Inc.,

5.30%,

12/01/34

.....

13

15,644

Marathon

Petroleum

Corp.,

5.85%,

12/15/45

.

65

82,043

Matador

Resources

Co.,

5.88%,

09/15/26

...

16

16,480

MC

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(b)

.....................

200

198,937

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

(f)

.

200

206,760

MPLX

LP

4.88%,

12/01/24

..................

331

359,266

1.75%,

03/01/26

..................

182

180,169

NGPL

PipeCo

LLC

(b)

4.88%,

08/15/27

..................

230

255,911

3.25%,

07/15/31

..................

507

515,002

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

365

396,586

OQ

SAOC,

5.13%,

05/06/28

(b)

..........

200

203,537

Ovintiv

Exploration,

Inc.,

5.63%,

07/01/24

...

336

369,862

Petrobras

Global

Finance

BV,

5.30%,

01/27/25

129

138,417

ReNew

Power

Synthetic,

6.67%,

03/12/24

(f)

..

200

207,850

Sabine

Pass

Liquefaction

LLC

5.63%,

04/15/23

(e)

.................

184

192,445

5.75%,

05/15/24

..................

888

965,742

5.63%,

03/01/25

..................

2,891

3,209,657

5.88%,

06/30/26

..................

172

197,336

5.00%,

03/15/27

..................

185

207,788

SM

Energy

Co.,

10.00%,

01/15/25

(b)

......

12

13,208

Suncor

Energy,

Inc.,

6.80%,

05/15/38

.....

96

133,828

Sunoco

LP,

4.50%,

04/30/30

(b)

..........

95

97,367

Texas

Eastern

Transmission

LP,

3.50%,

01/15/28

(b)

.....................

504

538,331

TransCanada

PipeLines

Ltd.,

4.63%,

03/01/34

123

144,400

Transcontinental

Gas

Pipe

Line

Co.

LLC

7.85%,

02/01/26

..................

724

883,738

4.00%,

03/15/28

..................

496

541,969

3.95%,

05/15/50

..................

232

259,881

24,169,502

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC,

8.88%,

05/15/31

.....

83

128,274

Suzano

Austria

GmbH

3.75%,

01/15/31

..................

30

30,446

3.13%,

01/15/32

..................

90

87,075

245,795

Pharmaceuticals

—

0.4%

AstraZeneca

plc,

1.38%,

08/06/30

........

518

489,023

Bausch

Health

Americas,

Inc.

(b)

9.25%,

04/01/26

..................

103

108,794

8.50%,

01/31/27

..................

120

126,000

Bausch

Health

Cos.,

Inc.

(b)

9.00%,

12/15/25

..................

105

110,584

5.75%,

08/15/27

..................

31

32,178

7.00%,

01/15/28

..................

49

48,755

7.25%,

05/30/29

..................

51

50,490

Eli

Lilly

&

Co.,

1.70%,

11/01/49

.........

EUR

200

249,404

Merck

&

Co.,

Inc.

2.45%,

06/24/50

..................

USD

126

118,701

2.75%,

12/10/51

..................

64

63,328

Pfizer,

Inc.,

2.63%,

04/01/30

...........

755

795,440

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

....

207

203,275

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Takeda

Pharmaceutical

Co.

Ltd.

2.05%,

03/31/30

..................

USD

600

$

587,551

2.00%,

07/09/40

..................

EUR

380

466,532

3,450,055

Professional

Services

—

0.1%

IHS

Markit

Ltd.,

4.75%,

08/01/28

........

USD

595

689,456

Real

Estate

Management

&

Development

—

0.3%

Agile

Group

Holdings

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.25%),

8.38%

(a)(f)(g)

.............

200

93,662

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

.....................

200

196,750

Central

China

Real

Estate

Ltd.,

7.90%,

11/07/23

(f)

.....................

200

131,000

China

Aoyuan

Group

Ltd.,

7.95%,

02/19/23

(f)

.

200

39,000

China

Evergrande

Group,

8.25%,

03/23/22

(f)(h)(i)

200

36,412

CIFI

Holdings

Group

Co.

Ltd.,

5.50%,

01/23/22

(f)

.....................

200

198,260

Country

Garden

Holdings

Co.

Ltd.,

5.40%,

05/27/25

(f)

.....................

200

189,000

Dexin

China

Holdings

Co.

Ltd.,

11.88%,

04/23/22

(f)

.....................

200

156,725

Easy

Tactic

Ltd.,

11.75%,

08/02/23

(f)

......

200

73,000

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/22

(f)(h)(i)

...................

200

46,000

Kaisa

Group

Holdings

Ltd.,

11.95%,

10/22/22

(f)

200

55,040

Logan

Group

Co.

Ltd.,

4.50%,

01/13/28

(f)

...

200

178,937

MAF

Global

Securities

Ltd.,

(USD

Swap

Semi

5

Year

+

3.48%),

5.50%

(a)(f)(g)

...........

200

202,100

Modern

Land

China

Co.

Ltd.,

9.80%,

04/11/23

(f)

(h)(i)

.........................

200

35,938

New

Metro

Global

Ltd.,

4.50%,

05/02/26

(f)

...

200

169,913

Powerlong

Real

Estate

Holdings

Ltd.,

7.13%,

11/08/22

(f)

.....................

200

183,000

Redsun

Properties

Group

Ltd.,

7.30%,

01/13/25

(f)

.....................

200

84,100

RKPF

Overseas

2020

A

Ltd.,

5.20%,

01/12/26

(f)

200

185,760

Ronshine

China

Holdings

Ltd.,

5.50%,

02/01/22

(f)

.....................

200

149,162

Yango

Justice

International

Ltd.,

8.25%,

11/25/23

(f)

.....................

200

51,938

Yuzhou

Group

Holdings

Co.

Ltd.

(f)

6.00%,

10/25/23

..................

200

65,000

8.50%,

02/26/24

..................

200

58,500

Zhenro

Properties

Group

Ltd.,

6.63%,

01/07/26

(f)

.....................

200

128,500

2,707,697

Road

&

Rail

—

0.7%

Burlington

Northern

Santa

Fe

LLC

4.45%,

03/15/43

..................

101

124,142

3.30%,

09/15/51

..................

510

553,664

2.88%,

06/15/52

..................

67

67,013

Canadian

Pacific

Railway

Co.,

2.05%,

03/05/30

97

95,604

CSX

Corp.

4.30%,

03/01/48

..................

296

361,305

2.50%,

05/15/51

..................

90

83,151

4.25%,

11/01/66

..................

65

79,430

Norfolk

Southern

Corp.

3.65%,

08/01/25

..................

6

6,414

2.90%,

06/15/26

..................

241

254,240

4.15%,

02/28/48

..................

75

89,355

3.40%,

11/01/49

..................

273

292,695

3.05%,

05/15/50

..................

194

197,607

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

Penske

Truck

Leasing

Co.

LP

(b)

4.25%,

01/17/23

..................

USD

231

$

238,803

3.95%,

03/10/25

..................

90

95,900

4.00%,

07/15/25

..................

240

257,593

1.20%,

11/15/25

..................

94

91,583

1.70%,

06/15/26

..................

290

286,662

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)

.

200

205,412

Ryder

System,

Inc.

2.50%,

09/01/24

..................

69

70,980

4.63%,

06/01/25

..................

690

757,124

Simpar

Europe

SA,

5.20%,

01/26/31

(b)

.....

200

186,350

Union

Pacific

Corp.

2.75%,

03/01/26

..................

175

183,333

2.95%,

03/10/52

..................

43

43,508

3.84%,

03/20/60

..................

550

647,541

2.97%,

09/16/62

..................

112

110,718

3.75%,

02/05/70

..................

180

203,914

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

.......

87

91,230

5,675,271

Semiconductors

&

Semiconductor

Equipment

—

1.2%

Analog

Devices,

Inc.,

2.80%,

10/01/41

.....

120

121,373

Applied

Materials,

Inc.,

2.75%,

06/01/50

....

154

154,220

Broadcom

Corp.,

3.88%,

01/15/27

.......

230

249,387

Broadcom,

Inc.

4.11%,

09/15/28

..................

133

145,808

4.75%,

04/15/29

..................

633

720,544

5.00%,

04/15/30

..................

900

1,047,802

4.15%,

11/15/30

..................

372

412,569

4.30%,

11/15/32

..................

211

237,117

3.47%,

04/15/34

(b)

.................

443

463,674

Intel

Corp.

3.73%,

12/08/47

..................

398

453,322

3.25%,

11/15/49

..................

248

261,743

3.20%,

08/12/61

..................

92

94,214

KLA

Corp.

4.10%,

03/15/29

..................

421

475,217

3.30%,

03/01/50

..................

456

487,219

Lam

Research

Corp.

3.75%,

03/15/26

..................

379

412,561

2.88%,

06/15/50

..................

411

409,519

NVIDIA

Corp.

1.55%,

06/15/28

..................

947

939,441

3.50%,

04/01/50

..................

171

194,935

NXP

BV

(b)

4.30%,

06/18/29

..................

847

948,005

3.40%,

05/01/30

..................

357

380,160

2.50%,

05/11/31

..................

1,089

1,088,978

3.25%,

11/30/51

..................

60

59,693

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

404

505,883

10,263,384

Software

—

0.9%

Autodesk,

Inc.,

3.50%,

06/15/27

.........

560

601,746

Citrix

Systems,

Inc.,

4.50%,

12/01/27

......

104

112,894

Microsoft

Corp.,

2.92%,

03/17/52

........

742

787,795

Oracle

Corp.

3.85%,

07/15/36

..................

354

373,944

6.13%,

07/08/39

..................

350

463,903

3.60%,

04/01/40

..................

715

717,041

3.65%,

03/25/41

..................

1,292

1,306,385

4.13%,

05/15/45

..................

293

309,097

4.00%,

07/15/46

..................

238

247,025

4.00%,

11/15/47

..................

507

526,390

3.60%,

04/01/50

..................

316

309,408

Security

Par

(000)

Par

(000)

Value

Software

(continued)

3.95%,

03/25/51

..................

USD

301

$

312,470

salesforce.com,

Inc.,

3.05%,

07/15/61

.....

286

294,143

ServiceNow,

Inc.,

1.40%,

09/01/30

.......

565

525,905

VMware,

Inc.

1.80%,

08/15/28

..................

445

433,054

2.20%,

08/15/31

..................

299

293,676

7,614,876

Specialty

Retail

—

0.3%

Home

Depot,

Inc.

(The)

2.95%,

06/15/29

..................

220

234,372

4.50%,

12/06/48

..................

196

253,408

2.75%,

09/15/51

..................

68

67,525

InRetail

Consumer,

3.25%,

03/22/28

(b)

.....

200

198,350

Lowe's

Cos.,

Inc.

4.00%,

04/15/25

..................

1,008

1,090,068

1.70%,

09/15/28

..................

220

215,570

3.65%,

04/05/29

..................

318

348,618

2.80%,

09/15/41

..................

375

365,881

2,773,792

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.

3.85%,

05/04/43

..................

334

393,311

2.55%,

08/20/60

..................

639

600,088

2.80%,

02/08/61

..................

159

157,876

Dell

International

LLC

5.85%,

07/15/25

..................

296

335,500

4.90%,

10/01/26

..................

128

144,169

8.35%,

07/15/46

..................

20

33,250

3.45%,

12/15/51

(b)

.................

122

117,133

Hewlett

Packard

Enterprise

Co.,

6.35%,

10/15/45

(e)

.....................

81

108,489

HP,

Inc.,

6.00%,

09/15/41

.............

70

93,027

Seagate

HDD

Cayman,

4.09%,

06/01/29

...

80

82,831

Western

Digital

Corp.,

2.85%,

02/01/29

....

68

68,655

2,134,329

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

36

37,215

Thrifts

&

Mortgage

Finance

—

0.1%

BPCE

SA,

2.70%,

10/01/29

(b)

...........

491

501,217

Tobacco

—

0.3%

Altria

Group,

Inc.

4.40%,

02/14/26

..................

62

68,293

3.13%,

06/15/31

..................

EUR

460

581,376

5.80%,

02/14/39

..................

USD

459

551,709

3.40%,

02/04/41

..................

263

242,601

BAT

Capital

Corp.

4.91%,

04/02/30

..................

160

179,595

2.73%,

03/25/31

..................

329

319,269

3.98%,

09/25/50

..................

206

198,016

Philip

Morris

International,

Inc.,

1.45%,

08/01/39

......................

EUR

395

415,335

Reynolds

American,

Inc.,

5.85%,

08/15/45

...

USD

260

315,911

2,872,105

Trading

Companies

&

Distributors

—

0.1%

Air

Lease

Corp.,

1.88%,

08/17/26

........

515

506,475

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

89

92,560

599,035

Wireless

Telecommunication

Services

—

0.5%

Millicom

International

Cellular

SA

(b)

6.63%,

10/15/26

..................

180

187,740

4.50%,

04/27/31

..................

200

201,288

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.

3.75%,

04/15/27

..................

USD

491

$

531,704

3.88%,

04/15/30

..................

1,892

2,069,382

3.40%,

10/15/52

(b)

.................

130

129,400

VEON

Holdings

BV,

3.38%,

11/25/27

(b)

.....

200

195,475

Vodafone

Group

plc,

5.25%,

05/30/48

.....

374

487,133

3,802,122

Total

Corporate

Bonds

—

30.6%

(Cost:

$260,476,645)

..............................

259,039,409

Floating

Rate

Loan

Interests

—

0.6%

Aerospace

&

Defense

—

0.0%

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(a)(l)

42

41,830

Air

Freight

&

Logistics

—

0.0%

XPO

Logistics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 02/24/25

(a)

.....

269

268,082

Building

Products

—

0.0%

(a)

Advanced

Drainage

Systems,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.38%

,

 07/31/26

..................

30

29,897

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/02/28

(c)

.................

31

31,309

61,206

Chemicals

—

0.0%

LSF11

A5

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 10/15/28

(a)

201

200,664

Commercial

Services

&

Supplies

—

0.0%

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/12/28

(a)

.................

143

142,019

Construction

Materials

—

0.0%

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

(a)

.................

229

227,051

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

3.75%),

3.91%

,

 02/21/23

(a)(c)

................

21

18,218

Diversified

Consumer

Services

—

0.0%

AEA

International

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/07/28

(a)

.................

149

149,100

Diversified

Financial

Services

—

0.0%

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

(a)

....

267

267,140

Health

Care

Equipment

&

Supplies

—

0.1%

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 10/23/28

(a)

....

386

385,830

Health

Care

Providers

&

Services

—

0.0%

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/06/25

(a)

45

44,381

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.2%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 02/02/26

..................

USD

153

$

149,466

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 10/02/28

.

323

322,864

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 10/04/23

.

181

180,151

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 08/27/28

..................

76

75,778

Jack

Ohio

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 10/04/28

.

52

51,838

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/13/22

..................

473

470,451

1,250,548

Household

Durables

—

0.0%

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/06/28

(a)

.................

79

78,210

Industrial

Conglomerates

—

0.0%

Valcour

Packaging

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 10/04/28

(a)(c)

................

30

29,963

Machinery

—

0.0%

Zurn

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 10/04/28

(a)

.....

12

11,997

Media

—

0.1%

(a)

CSC

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 04/15/27

......

178

175,384

Gray

Television,

Inc.,

Term

Loan

D,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 12/01/28

.

232

230,666

Lamar

Media

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.50%),

1.61%

,

 02/05/27

.....

19

19,157

425,207

Multiline

Retail

—

0.0%

Leslie's

Poolmart,

Inc.,Term

Loan,

03/09/28

(a)(l)

45

44,879

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Buckeye

Partners

LP,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 11/01/26

..

459

456,830

Southwestern

Energy

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.00%

,

 06/22/27

.

161

161,101

617,931

Pharmaceuticals

—

0.0%

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 11/15/27

(a)

.................

266

261,975

Road

&

Rail

—

0.0%

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.22%

,

 12/30/26

(a)

166

164,909

Software

—

0.0%

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

(a)

.....

157

156,468

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.0%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

..................

USD

62

$

61,612

Tory

Burch

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 04/16/28

......

137

136,967

198,579

Thrifts

&

Mortgage

Finance

—

0.1%

Caliber

Home

Loans,

Term

Loan,

(LIBOR

USD

1

Month

+

2.96%),

2.96%

,

 07/01/25

(a)(c)

...

536

534,697

Total

Floating

Rate

Loan

Interests

—

0.6%

(Cost:

$5,591,772)

...............................

5,580,884

Foreign

Agency

Obligations

—

0.5%

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)

.............

106

63,752

Colombia

—

0.1%

Ecopetrol

SA

5.38%,

06/26/26

..................

55

57,881

6.88%,

04/29/30

..................

318

355,206

4.63%,

11/02/31

..................

75

72,847

5.88%,

05/28/45

..................

44

42,001

5.88%,

11/02/51

..................

181

169,235

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(b)

......................

200

189,412

886,582

India

—

0.0%

Power

Finance

Corp.

Ltd.,

4.50%

,

06/18/29

(f)

.

200

213,663

Indonesia

—

0.0%

Pertamina

Persero

PT,

4.18%

,

01/21/50

(f)

....

200

206,037

Mexico

—

0.3%

Petroleos

Mexicanos

7.19%,

09/12/24

..................

MXN

22

102,685

6.88%,

10/16/25

(f)

.................

USD

124

135,470

6.70%,

02/16/32

(b)

.................

2,099

2,114,743

7.69%,

01/23/50

..................

99

95,040

6.95%,

01/28/60

..................

40

35,300

2,483,238

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(f)

...........

200

193,438

South

Africa

—

0.1%

Eskom

Holdings

SOC

Ltd.,

7.13%

,

02/11/25

(f)

.

288

297,684

Ukraine

—

0.0%

NPC

Ukrenergo,

6.88%

,

11/09/26

(b)

........

200

174,770

Total

Foreign

Agency

Obligations

—

0.5%

(Cost:

$4,557,551)

...............................

4,519,164

Foreign

Government

Obligations

—

1.5%

Argentina

—

0.0%

Argentine

Republic

(The)

(e)

1.13%,

07/09/35

..................

843

271,867

2.50%,

07/09/41

..................

646

228,588

500,455

Austria

—

0.0%

Republic

of

Austria,

2.10%

,

09/20/17

(b)(f)

.....

EUR

84

147,366

Bahrain

—

0.1%

Kingdom

of

Bahrain,

5.63%

,

05/18/34

(b)

.....

USD

570

539,362

Security

Par

(000)

Par

(000)

Value

China

—

0.6%

People's

Republic

of

China

2.41%,

06/19/25

..................

CNY

15,600

$

2,440,207

2.85%,

06/04/27

..................

11,100

1,759,285

3.01%,

05/13/28

..................

4,620

735,789

4,935,281

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

03/15/29

..................

USD

327

333,806

3.00%,

01/30/30

..................

295

269,335

603,141

Hungary

—

0.0%

Hungary

Government

Bond,

5.38%

,

03/25/24

.

414

449,173

Indonesia

—

0.1%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

6.25%

,

01/25/49

(f)

.......

200

251,000

Republic

of

Indonesia,

3.05%

,

03/12/51

.....

441

436,039

687,039

Mexico

—

0.2%

United

Mexican

States

2.66%,

05/24/31

..................

598

582,789

4.50%,

01/31/50

..................

1,011

1,073,113

1,655,902

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

..................

347

375,259

4.50%,

04/01/56

..................

488

537,959

913,218

Peru

—

0.1%

Republic

of

Peru

4.13%,

08/25/27

..................

231

253,277

3.55%,

03/10/51

..................

356

370,307

623,584

Philippines

—

0.1%

Republic

of

Philippines

3.00%,

02/01/28

..................

516

552,909

3.20%,

07/06/46

..................

329

334,758

887,667

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka,

7.55%

,

03/28/30

(f)

.................

200

100,975

Ukraine

—

0.0%

Ukraine

Government

Bond,

7.38%

,

09/25/32

(b)

200

178,250

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

4.38%,

10/27/27

..................

179

200,186

5.10%,

06/18/50

..................

234

309,590

509,776

Total

Foreign

Government

Obligations

—

1.5%

(Cost:

$12,616,864)

...............................

12,731,189

Shares

Shares

Investment

Companies

—

17.0%

BlackRock

Allocation

Target

Shares-

BATS

Series

A

(m)

......................

14,408,518

143,797,007

Total

Investment

Companies

—

17.0%

(Cost:

$144,284,000)

..............................

143,797,007

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Municipal

Bonds

—

0.6%

California

-

0.3%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

..................

USD

290

$

507,639

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

110

176,938

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

500

695,999

State

of

California

Series

2018,

GO,

4.60%, 04/01/38

......

815

936,155

Series

2009,

GO,

7.55%, 04/01/39

......

65

108,467

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

..................

25

36,332

2,461,530

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

54

82,887

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

..................

775

891,237

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

30

31,600

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

...............

167

271,753

New

York

-

0.0%

Metropolitan

Transportation

Authority,

Series

2010A,

RB,

6.67%, 11/15/39

..........

75

106,441

New

York

City

Water

&

Sewer

System

Series

2010EE,

RB,

6.01%, 06/15/42

....

35

52,759

Series

2011CC,

RB,

5.88%, 06/15/44

....

55

85,012

New

York

State

Dormitory

Authority,

Series

2010H,

RB,

5.39%, 03/15/40

..........

60

79,301

Port

Authority

of

New

York

&

New

Jersey

Series

2010-165,

RB,

5.65%, 11/01/40

...

120

163,994

Series

2014-181,

RB,

4.96%, 08/01/46

...

195

260,264

747,771

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

...............

135

251,553

Texas

-

0.2%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

215

313,592

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

..................

215

303,634

617,226

Total

Municipal

Bonds

—

0.6%

(Cost:

$4,841,261)

...............................

5,355,557

Non-Agency

Mortgage-Backed

Securities

—

1.4%

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.45%,

06/25/35

(a)

...

109

92,353

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.70%,

01/25/36

(a)

...

47

44,680

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.08%,

02/25/36

(a)

....................

USD

17

$

15,880

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

52

34,721

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

8

5,975

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.81%,

11/25/46

(a)

....................

58

50,559

Series

2006-OA16,

Class

A4C,

(LIBOR

USD

1

Month

+

0.68%),

0.78%,

10/25/46

(a)

..

140

104,888

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

07/25/46

(a)

...

9

8,012

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.46%),

0.56%,

11/25/36

(a)

..

56

54,400

Series

2006-OC7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.50%),

0.60%,

07/25/46

(a)

..

72

69,532

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

.....................

10

6,156

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.38%,

04/25/47

(a)

...

17

15,485

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.02%,

10/25/46

.....................

50

40,601

Series

2006-4,

Class

1A12,

(LIBOR

USD

1

Month

+

0.21%),

0.31%,

10/25/46

....

56

35,630

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.92%),

1.00%,

11/25/46

.....

110

44,098

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.70%),

0.78%,

02/25/47

.....

54

29,963

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

3.57%,

07/31/57

267

108,737

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

2.95%,

09/27/46

....

90

89,582

Series

2016-3,

Class

4A,

(LIBOR

USD

1

Month

+

2.60%),

2.70%,

04/27/47

....

5

4,585

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

71

72,092

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.38%,

08/25/36

....

23

22,565

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.27%,

03/25/37

....

90

85,352

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

03/25/37

....

11

10,604

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.30%,

09/25/47

....

39

38,590

Series

2007-AR4,

Class

2A1,

(LIBOR

USD

1

Month

+

0.21%),

0.31%,

06/25/37

....

12

12,029

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

695

415,802

CHL

Mortgage

Pass-Through

Trust

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.04%,

04/25/46

(a)

....................

135

51,496

Series

2006-OA5,

Class

3A1,

(LIBOR

USD

1

Month

+

0.40%),

0.50%,

04/25/46

(a)

...

20

18,823

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

189

102,554

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

USD

46

$

41,399

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

66

58,246

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

......................

281

153,214

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.45%,

11/25/35

(a)

......................

43

7,717

CSMC

Trust

(a)(b)

Series

2009-5R,

Class

4A4,

2.97%,

06/25/36

(c)

....................

—

(d)

2

Series

2014-11R,

Class

16A1,

2.99%,

09/27/47

.....................

7

6,832

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.27%,

08/25/47

(a)

....

106

114,654

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

(LIBOR

USD

1

Month

+

0.00%),

6.36%,

07/25/36

(a)

.....

9

8,427

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.08%,

03/25/36

(a)

...........

19

18,582

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.45%,

01/25/35

....

37

34,647

Series

2005-RP2,

Class

1AF,

(LIBOR

USD

1

Month

+

0.35%),

0.45%,

03/25/35

....

43

40,618

Series

2006-RP1,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.35%),

0.45%,

01/25/36

...

35

29,095

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

5

5,410

HarborView

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2,

(LIBOR

USD

1

Month

+

0.25%),

0.35%,

07/19/47

(a)

...........

107

98,955

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR19,

Class

3A1,

2.97%,

09/25/37

.....................

71

56,087

Series

2007-FLX5,

Class

2A2,

(LIBOR

USD

1

Month

+

0.24%),

0.34%,

08/25/37

...

102

95,278

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.25%,

12/25/37

(a)

......................

19

19,943

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

0.52%,

08/25/37

(a)(b)

.........

18

10,018

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

04/25/37

(a)

....

125

123,812

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(LIBOR

USD

1

Month

+

0.34%),

0.44%,

04/16/36

(a)(b)

.........

287

269,444

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

51

53,123

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

06/25/37

(a)

12

10,698

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)(c)

...

100

98,020

RALI

Trust,

Series

2007-QH9,

Class

A1,

1.32%,

11/25/37

(a)

......................

25

24,435

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(LIBOR

USD

1

Month

+

0.40%),

0.50%,

09/25/35

(a)(b)

..........

4

3,298

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

5.16%,

05/25/57

(a)

....

USD

19

$

10,861

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

2.91%,

04/25/36

(a)

......................

44

32,333

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

06/25/36

....

61

57,642

Series

2006-AR5,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

05/25/46

....

43

38,003

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

46

46,946

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(e)

....................

29

28,644

3,282,127

Commercial

Mortgage-Backed

Securities

—

0.9%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.66%,

06/05/37

(a)(b)

..........

200

188,883

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(LIBOR

USD

1

Month

+

1.54%),

1.65%,

09/15/34

....

100

99,622

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.23%,

09/15/34

....

150

149,246

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.21%,

04/15/35

(a)(b)

................

19

18,791

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2015-200P,

Class

F,

3.60%,

04/14/33

300

299,121

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

11/15/32

....

100

87,711

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.11%,

11/15/32

.....

100

82,810

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.81%,

09/15/34

....

650

645,110

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.55%,

01/25/36

....

33

31,771

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

0.78%,

01/25/36

....

24

23,306

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

0.64%,

04/25/36

....

8

7,766

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.35%,

10/25/36

....

13

12,151

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.40%,

10/25/36

....

10

10,147

Series

2007-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.27%),

0.37%,

07/25/37

....

21

20,350

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.55%,

09/25/37

....

107

102,924

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

03/15/37

(a)(b)

................

35

34,606

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

.................

84

87,076

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2007-T26,

Class

AM,

5.43%,

01/12/45

(a)

......................

27

27,052

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

3.90%,

03/15/62

(a)(b)

.......

148

154,679

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.36%,

07/15/35

(a)(b)

140

139,910

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

.....................

USD

150

$

156,967

Series

2013-1515,

Class

C,

3.45%,

03/10/33

105

107,663

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

11/15/35

(a)(b)

...........

371

369,603

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

60

60,316

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

110

108,658

Series

2017-GM,

Class

D,

3.42%,

06/13/39

200

203,799

Series

2017-GM,

Class

E,

3.42%,

06/13/39

50

49,668

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

1.86%,

12/15/37

(a)(b)

..........

100

99,908

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

...............

30

32,284

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

10,758

CFK

Trust,

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

(a)(b)

.....................

126

134,460

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

4.93%,

04/10/49

(a)

..

20

21,007

Commercial

Mortgage

Trust

(a)

Series

2015-LC21,

Class

C,

4.33%,

07/10/48

.....................

150

155,589

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(b)

....................

100

95,158

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

.....

50

52,694

CSMC

Trust

(b)

Series

2017-PFHP,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

1.06%,

12/15/30

(a)

...

60

59,994

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

100,449

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.19%,

04/10/37

(a)(b)

..........

100

90,830

DBUBS

Mortgage

Trust

(b)

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

.....................

140

145,550

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

(a)

...

210

208,827

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

(a)

....................

80

78,262

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

......

100

111,337

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

..

100

99,737

GS

Mortgage

Securities

Trust,

Series

2017-

GS7,

Class

D,

3.00%,

08/10/50

(b)

.......

20

18,452

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

......................

110

110,082

IMT

Trust

(b)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

.....................

100

103,772

Series

2017-APTS,

Class

EFX,

3.50%,

06/15/34

(a)

....................

100

99,623

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.11%,

12/15/48

(a)(b)

.....................

100

96,884

JPMCC

Commercial

Mortgage

Securities

Trust

Series

2017-JP5,

Class

D,

4.60%,

03/15/50

(a)(b)

...................

100

99,706

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

10

10,709

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2012-CBX,

Class

A4FL,

(LIBOR

USD

1

Month

+

1.30%),

1.41%,

06/15/45

(b)

..

USD

17

$

16,651

Series

2015-JP1,

Class

D,

4.22%,

01/15/49

50

47,785

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.35%,

03/25/37

(a)(b)

.....................

11

10,647

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.17%,

04/20/48

(a)(b)

...

13

13,628

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

......................

15

14,386

Morgan

Stanley

Capital

I

Trust

Series

2007-T27,

Class

AJ,

6.01%,

06/11/42

(a)

....................

58

58,594

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

11/15/34

(a)(b)

..

211

210,072

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

140

122,657

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2018-FL1,

Class

MCR1,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

06/15/35

(a)(b)

...

58

57,763

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

.......

190

169,158

PFP

Ltd.

(a)(b)

Series

2019-5,

Class

A,

(LIBOR

USD

1

Month

+

0.97%),

1.08%,

04/14/36

....

12

11,856

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.53%,

04/14/36

....

40

39,960

USDC,

Series

2018,

Class

E,

4.49%,

05/13/38

(a)

(b)

............................

50

41,581

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2017-2,

Class

M3,

(LIBOR

USD

3

Month

+

0.00%),

4.24%,

11/25/47

....

89

89,365

Series

2017-2,

Class

M4,

5.00%,

11/25/47

.

45

45,417

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-C39,

Class

D,

4.34%,

09/15/50

(a)(b)

...................

83

76,951

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

60

48,879

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

0.96%,

12/13/31

(a)(b)

..

151

149,849

Series

2018-C44,

Class

A5,

4.21%,

05/15/51

770

863,215

7,404,192

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

130

36,972

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.56%,

12/15/35

(b)

......................

15,000

302,250

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.63%,

02/15/50

.......................

1,000

30,413

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.93%,

08/10/35

(b)

.................

992

40,130

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.60%,

11/05/36

(b)

.................

3,475

58,182

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

XA,

0.64%,

01/15/52

4,814

172,814

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.04%,

03/15/52

....

1,039

64,759

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.70%,

05/10/58

....

170

4,913

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage

Trust

Series

2015-3BP,

Class

XA,

0.06%,

02/10/35

(b)

....................

USD

1,916

$

5,499

Series

2015-CR25,

Class

XA,

0.82%,

08/10/48

.....................

188

4,783

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.13%,

11/15/50

...

1,430

19,701

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.82%,

09/15/47

.....................

1,102

19,661

Series

2014-C23,

Class

XA,

0.60%,

09/15/47

.....................

1,006

13,810

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

1,800

55,968

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

.................

900

27,546

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2014-C19,

Class

XF,

1.18%,

12/15/47

130

4,082

Series

2015-C26,

Class

XD,

1.32%,

10/15/48

.....................

120

5,438

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

XD,

1.61%,

03/15/49

(b)

....................

1,000

61,570

Series

2017-H1,

Class

XD,

2.16%,

06/15/50

(b)

....................

110

11,422

Series

2019-L2,

Class

XA,

1.02%,

03/15/52

382

23,361

One

Market

Plaza

Trust

(b)

Series

2017-1MKT,

Class

XCP,

0.09%,

02/10/32

.....................

1,880

489

Series

2017-1MKT,

Class

XNCP,

0.00%,

02/10/32

(c)

....................

376

376

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(b)

......................

1,000

48,610

975,777

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(j)

.....

114

38,315

Total

Non-Agency

Mortgage-Backed

Securities

—

1.4%

(Cost:

$11,734,488)

...............................

11,737,383

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(n)

Capital

Markets

—

0.0%

(c)(h)(i)

Lehman

Brothers

Holdings,

Capital

Trust

VII

..

185

—

Lehman

Brothers

Holdings,

Inc.

..........

1,025

—

Total

Other

Interests

—

0.0%

(Cost:

$12)

....................................

—

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.4%

(a)(g)

Banks

—

0.1%

Bank

of

America

Corp.,

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

............

385

428,313

Citigroup,

Inc.

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

913

919,847

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

.......................

USD

190

$

190,000

1,538,160

Capital

Markets

—

0.3%

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

184,050

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

.......................

310

323,950

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

......

455

459,550

State

Street

Corp.

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

3.80%

.......................

68

68,162

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

.......................

680

700,724

1,736,436

Total

Capital

Trusts

—

0.4%

(Cost:

$3,231,860)

...............................

3,274,596

U.S.

Government

Sponsored

Agency

Securities

—

37.1%

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%),

4.55%, 03/25/30

(a)

250

266,223

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

Series

2018-K732,

Class

B,

4.06%, 05/25/25

(b)

...............

80

85,156

Series

2018-SB53,

Class

A10F,

3.63%, 06/25/28

................

39

41,415

126,571

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2013-63,

0.76%, 09/16/51

.......

317

8,526

Series

2015-48,

0.60%, 02/16/50

.......

73

2,083

Series

2015-173,

0.69%, 09/16/55

......

139

4,510

Series

2016-26,

0.75%, 02/16/58

.......

267

9,710

Series

2016-110,

0.94%, 05/16/58

......

90

4,559

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.09%, 02/16/58

..........

139

8,182

Series

2016-125,

0.82%, 12/16/57

......

140

6,415

43,985

Mortgage-Backed

Securities

—

37.1%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 01/01/29

-

04/01/31

...........

349

363,420

3.00%, 09/01/27

-

12/01/46

...........

1,054

1,115,541

3.50%, 02/01/31

-

01/01/48

...........

2,189

2,356,099

4.00%, 08/01/40

-

12/01/45

...........

164

179,984

4.50%, 02/01/39

-

04/01/49

...........

3,048

3,347,029

5.00%, 10/01/41

-

11/01/48

...........

134

149,605

5.50%, 02/01/35

-

06/01/41

...........

113

129,589

Federal

National

Mortgage

Association

4.00%, 01/01/41

..................

10

10,873

6.00%, 07/01/39

..................

96

108,788

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

2.00%, 01/15/52

(o)

.................

USD

13,349

$

13,469,518

2.50%, 01/15/52

-

02/15/52

(o)

..........

11,824

12,103,826

3.00%, 02/15/45

-

01/20/51

...........

1,629

1,687,435

3.00%, 01/15/52

(o)

.................

19,103

19,764,707

3.50%, 01/15/42

-

11/20/46

...........

4,688

4,958,300

3.50%, 01/15/52

(o)

.................

2,783

2,898,204

4.00%, 04/20/39

-

12/20/47

...........

1,198

1,282,809

4.00%, 01/15/52

(o)

.................

2,332

2,455,148

4.50%, 12/20/39

-

07/20/49

...........

1,041

1,119,715

5.00%, 12/15/38

-

07/20/44

...........

94

107,049

5.00%, 01/15/52

(o)

.................

1,436

1,531,030

Uniform

Mortgage-Backed

Securities

1.50%, 01/25/37

-

01/25/52

(o)

..........

14,664

14,424,984

2.00%, 10/01/31

-

10/01/51

...........

1,622

1,627,987

2.00%, 01/25/37

-

02/25/52

(o)

..........

62,692

62,672,445

2.50%, 09/01/27

-

12/01/35

...........

3,934

4,091,377

2.50%, 01/25/37

-

02/25/52

(o)

..........

79,180

80,718,123

3.00%, 04/01/28

-

08/01/50

...........

9,379

9,918,335

3.00%, 01/25/37

-

02/25/52

(o)

..........

15,762

16,332,200

3.50%, 03/01/29

-

08/01/50

...........

7,079

7,564,049

3.50%, 01/25/37

-

01/25/52

(o)

..........

7,845

8,258,748

4.00%, 08/01/31

-

08/01/51

...........

6,753

7,377,905

4.00%, 01/25/52

-

02/25/52

(o)

..........

18,254

19,409,856

4.50%, 02/01/25

-

09/01/49

...........

8,823

9,695,697

5.00%, 02/01/35

-

05/01/49

...........

982

1,092,152

5.00%, 01/25/52

(o)

.................

1,077

1,173,611

5.50%, 02/01/35

-

03/01/40

...........

354

400,814

6.00%, 04/01/35

-

06/01/41

...........

190

218,800

6.50%, 05/01/40

..................

76

87,149

314,202,901

Total

U.S.

Government

Sponsored

Agency

Securities

—

37.1%

(Cost:

$313,692,220)

..............................

314,639,680

U.S.

Treasury

Obligations

—

15.7%

U.S.

Treasury

Bonds

4.25%, 05/15/39

-

11/15/40

...........

529

730,533

4.50%, 08/15/39

..................

146

206,179

4.38%, 11/15/39

..................

146

203,482

4.63%, 02/15/40

..................

432

620,477

1.13%, 05/15/40

-

08/15/40

...........

3,866

3,381,995

3.88%, 08/15/40

..................

432

569,379

1.38%, 11/15/40

..................

1,933

1,761,597

1.75%, 08/15/41

..................

1

873

3.13%, 02/15/43

..................

528

636,384

2.88%, 05/15/43

-

05/15/49

...........

1,138

1,337,338

3.63%, 08/15/43

..................

528

684,915

3.75%, 11/15/43

..................

528

698,259

2.50%, 02/15/45

..................

4,920

5,410,655

2.75%, 11/15/47

..................

4,920

5,727,956

3.00%, 02/15/48

..................

5,129

6,260,185

2.25%, 08/15/49

..................

1,847

1,976,795

2.38%, 11/15/49

-

05/15/51

...........

966

1,061,220

1.63%, 11/15/50

..................

13

12,112

1.88%, 11/15/51

..................

204

202,374

U.S.

Treasury

Notes

1.50%, 01/31/22

-

02/15/30

...........

11,980

12,119,949

1.75%, 04/30/22

-

11/15/29

...........

16,439

16,712,364

2.13%, 12/31/22

-

05/15/25

...........

3,182

3,271,234

0.50%, 03/15/23

-

05/31/27

...........

7,310

7,196,428

0.13%, 03/31/23

-

05/31/23

...........

13,341

13,269,084

0.25%, 04/15/23

..................

4,593

4,577,570

2.75%, 05/31/23

..................

1,029

1,060,754

2.00%, 02/15/25

..................

1,283

1,321,490

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.38%, 04/30/25

-

12/31/25

...........

USD

17,870

$

17,386,745

0.75%, 05/31/26

..................

5,251

5,143,108

0.88%, 09/30/26

..................

293

287,770

1.63%, 11/30/26

-

05/15/31

...........

3,502

3,554,551

2.38%, 05/15/27

-

05/15/29

...........

1,864

1,972,192

2.25%, 08/15/27

..................

3,746

3,929,496

1.25%, 03/31/28

-

08/15/31

...........

6,635

6,571,757

2.88%, 08/15/28

..................

309

337,462

3.13%, 11/15/28

..................

1,164

1,293,813

2.63%, 02/15/29

..................

474

512,420

1.13%, 02/15/31

..................

870

844,342

Total

U.S.

Treasury

Obligations

—

15.7%

(Cost:

$134,225,076)

..............................

132,845,237

Total

Long-Term

Investments

—

107.9%

(Cost:

$916,345,286)

..............................

914,502,623

Shares

Shares

Short-Term

Securities

—

22.5%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

(m)(p)

..................

190,346,721

190,346,721

Total

Short-Term

Securities

—

22.5%

(Cost:

$190,346,721)

..............................

190,346,721

Total

Options

Purchased

—

0.0%

(Cost:

$353,553)

.................................

315,093

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

130.4%

(Cost:

$1,107,045,560

)

............................

1,105,164,437

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$152,114)

.....................

(211,757)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

—

(7.0)%

(o)

Mortgage-Backed

Securities

—

(7.0)%

Government

National

Mortgage

Association

4.50%

,

 01/15/52

..................

223

(235,525)

5.00%

,

 01/15/52

..................

68

(72,500)

Uniform

Mortgage-Backed

Securities

2.00%

,

 01/25/37

-

01/25/52

...........

8,620

(8,651,371)

2.50%

,

 01/25/37

-

02/25/52

...........

43,288

(44,158,792)

3.00%

,

 01/25/37

-

01/25/52

...........

1,027

(1,064,628)

3.50%

,

 01/25/37

-

01/25/52

...........

269

(283,177)

4.00%

,

 01/25/52

..................

4,828

(5,135,395)

4.50%

,

 01/25/52

..................

133

(142,475)

5.00%

,

 01/25/52

..................

17

(18,525)

Total

TBA

Sale

Commitments

—

(7.0)%

(Proceeds:

$59,770,526)

...........................

(59,762,388)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

123.4%

(Cost:

$1,047,122,920

)

............................

1,045,190,292

Liabilities

in

Excess

of

Other

Assets

—

(23.4)%

............

(197,929,568)

Net

Assets

—

100.0%

...............................

$

847,260,724

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

26

Schedule

of

Investments

(continued)

December

31,

2021

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Rounds

to

less

than

1,000.

(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)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/21

Shares

Held

at

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

38,187,472

$

152,159,249

$

—

$

—

$

—

$

190,346,721

190,346,721

$

11,046

$

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

67,937,601

76,548,000

—

—

(688,594)

143,797,007

14,408,518

2,715,193

151,347

$

—

$

(688,594)

$

334,143,728

$

2,726,239

$

151,347

—

—

(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

Total

Return

V.I.

Fund

Schedule

of

Investments

27

Schedule

of

Investments

(continued)

December

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

Long

Bond

....................................................

239

03/22/22

$

38,225

$

112,330

U.S.

Treasury

Ultra

Bond

....................................................

140

03/22/22

27,458

405,683

Long

Gilt

...............................................................

12

03/29/22

2,029

(1,234)

U.S.

Treasury

2

Year

Note

....................................................

218

03/31/22

47,553

(51,178)

U.S.

Treasury

5

Year

Note

....................................................

482

03/31/22

58,266

(39,657)

3

Month

SONIA

Index

.......................................................

124

03/14/23

41,467

(24,822)

401,122

Short

Contracts

Euro-Bund

..............................................................

6

03/08/22

1,171

21,111

Euro-

Buxl

...............................................................

22

03/08/22

5,178

212,511

U.S.

Treasury

10

Year

Note

...................................................

11

03/22/22

1,434

4,277

U.S.

Treasury

10

Year

Ultra

Note

...............................................

189

03/22/22

27,615

(123,640)

114,259

$

515,381

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

62,082

TRY

808,000

Citibank

NA

01/04/22

$

1,004

TRY

674,025

USD

43,000

Citibank

NA

01/13/22

7,609

USD

255,000

TRY

2,541,415

Bank

of

America

NA

01/13/22

64,181

USD

85,000

TRY

822,848

Deutsche

Bank

AG

01/13/22

23,219

AUD

362,000

JPY

29,336,190

Royal

Bank

of

Canada

01/18/22

8,326

EUR

228,000

USD

257,338

Goldman

Sachs

International

01/18/22

2,314

EUR

36,000

USD

40,702

JPMorgan

Chase

Bank

NA

01/18/22

296

MXN

7,190,892

USD

342,000

Citibank

NA

01/18/22

8,366

MXN

4,509,518

USD

215,000

HSBC

Bank

plc

01/18/22

4,719

MXN

2,717,153

USD

129,000

UBS

AG

01/18/22

3,389

NOK

2,352,056

EUR

228,000

Goldman

Sachs

International

01/18/22

7,358

PLN

2,982,476

EUR

646,482

Bank

of

America

NA

01/18/22

3,334

TRY

978,000

USD

61,275

UBS

AG

01/18/22

11,807

USD

385,000

COP

1,517,447,000

Citibank

NA

01/18/22

12,420

USD

128,000

TRY

1,313,600

Citibank

NA

01/18/22

29,840

USD

577,000

ZAR

9,207,996

Barclays

Bank

plc

01/18/22

307

ZAR

3,077,010

USD

191,000

Bank

of

America

NA

01/18/22

1,712

ZAR

2,749,696

USD

172,000

BNP

Paribas

SA

01/18/22

212

ZAR

2,032,170

USD

127,000

Citibank

NA

01/18/22

274

CLP

295,547,600

USD

344,000

Citibank

NA

01/19/22

2,200

USD

86,000

CLP

73,383,800

Bank

of

America

NA

01/19/22

39

USD

85,000

CLP

70,044,250

Goldman

Sachs

International

01/19/22

2,951

BRL

1,478,340

USD

258,000

Deutsche

Bank

AG

02/02/22

5,544

THB

4,337,638

USD

129,000

ANZ

Banking

Group

Ltd.

03/15/22

813

AUD

3,009,736

USD

2,174,242

Morgan

Stanley

&

Co.

International

plc

03/16/22

15,885

BRL

6,203,860

USD

1,070,000

Deutsche

Bank

AG

03/16/22

24,616

EUR

630,000

USD

714,552

Goldman

Sachs

International

03/16/22

3,746

EUR

1,270,000

USD

1,437,277

Morgan

Stanley

&

Co.

International

plc

03/16/22

10,720

GBP

1,620,000

USD

2,149,698

Barclays

Bank

plc

03/16/22

42,368

GBP

1,620,000

USD

2,152,701

Deutsche

Bank

AG

03/16/22

39,365

GBP

810,000

USD

1,090,940

HSBC

Bank

plc

03/16/22

5,093

GBP

810,000

USD

1,086,590

State

Street

Bank

and

Trust

Co.

03/16/22

9,443

MXN

45,623,593

USD

2,143,986

HSBC

Bank

plc

03/16/22

56,573

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

28

Schedule

of

Investments

(continued)

December

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

ZAR

17,352,780

USD

1,071,993

Citibank

NA

03/16/22

$

6,125

416,168

TRY

808,000

USD

62,082

Goldman

Sachs

International

01/04/22

(1,004)

USD

61,899

TRY

978,000

UBS

AG

01/04/22

(12,029)

KZT

21,349,732

USD

49,090

Citibank

NA

01/10/22

(312)

TRY

2,927,820

USD

244,693

Citibank

NA

01/13/22

(24,860)

COP

509,696,000

USD

128,000

Barclays

Bank

plc

01/18/22

(2,854)

COP

509,824,000

USD

128,000

UBS

AG

01/18/22

(2,822)

EUR

66,000

PLN

304,484

Bank

of

America

NA

01/18/22

(340)

EUR

582,000

PLN

2,706,686

Credit

Agricole

Corporate

&

Investment

Bank

SA

01/18/22

(8,378)

JPY

29,222,450

AUD

362,000

Goldman

Sachs

International

01/18/22

(9,314)

JPY

29,192,040

AUD

360,000

Morgan

Stanley

&

Co.

International

plc

01/18/22

(8,126)

RUB

8,992,058

USD

120,900

UBS

AG

01/18/22

(1,387)

USD

680,724

EUR

602,000

Bank

of

America

NA

01/18/22

(4,848)

USD

258,000

MXN

5,394,775

Deutsche

Bank

AG

01/18/22

(4,852)

USD

344,000

MXN

7,262,528

Goldman

Sachs

International

01/18/22

(9,856)

USD

304,000

MXN

6,408,780

Natwest

Markets

plc

01/18/22

(8,258)

USD

129,000

ZAR

2,068,110

Bank

of

America

NA

01/18/22

(525)

USD

216,000

ZAR

3,456,289

Citibank

NA

01/18/22

(466)

ZAR

2,048,597

USD

129,000

Goldman

Sachs

International

01/18/22

(697)

CLP

72,498,000

USD

86,000

BNP

Paribas

SA

01/19/22

(1,077)

USD

86,000

CLP

74,218,000

Citibank

NA

01/19/22

(938)

USD

4,922,059

CNY

31,652,530

Citibank

NA

02/24/22

(40,146)

USD

100,026

MXN

2,119,190

HSBC

Bank

plc

02/24/22

(2,568)

RUB

160,553,590

USD

2,141,000

UBS

AG

03/16/22

(27,503)

USD

136,178

CAD

174,000

Morgan

Stanley

&

Co.

International

plc

03/16/22

(1,357)

USD

659,164

EUR

582,000

BNP

Paribas

SA

03/16/22

(4,406)

USD

5,128,898

EUR

4,529,000

Natwest

Markets

plc

03/16/22

(34,866)

USD

2,133,855

GBP

1,610,000

Deutsche

Bank

AG

03/16/22

(44,680)

USD

152,812

GBP

114,564

Goldman

Sachs

International

03/16/22

(2,207)

USD

2,158,451

GBP

1,630,000

JPMorgan

Chase

Bank

NA

03/16/22

(47,146)

USD

2,008,101

GBP

1,505,436

Morgan

Stanley

&

Co.

International

plc

03/16/22

(28,946)

(336,768)

$

79,400

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

Instant

One-Touch

JPMorgan

Chase

Bank

NA

02/25/22

RUB

65.00

RUB

65.00

USD

46

$

169

USD

Currency

...............

One-Touch

HSBC

Bank

plc

03/10/22

CNH

6.70

CNH

6.70

USD

183

5,374

5,543

Put

USD

Currency

...............

One-Touch

Goldman

Sachs

International

02/07/22

RUB

69.00

RUB

69.00

USD

60

1,291

USD

Currency

...............

One-Touch

JPMorgan

Chase

Bank

NA

02/25/22

RUB

67.00

RUB

67.00

USD

46

493

USD

Currency

...............

One-Touch

Citibank

NA

02/28/22

RUB

70.00

RUB

70.00

USD

68

4,675

EUR

Currency

...............

One-Touch

Bank

of

America

NA

03/01/22

PLN

4.50

PLN

4.50

EUR

52

8,266

USD

Currency

...............

One-Touch

Morgan

Stanley

&

Co.

International

plc

03/15/22

RUB

68.00

RUB

68.00

USD

52

1,570

EUR

Currency

...............

One-Touch

Bank

of

America

NA

03/17/22

HUF

355.00

HUF

355.00

EUR

46

4,376

20,671

$

26,214

$

–

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

29

Schedule

of

Investments

(continued)

December

31,

2021

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2022

Futures

..............

191

06/13/22

USD

99.25

USD

47,750

$

29,844

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Bank

of

America

NA

01/03/22

TRY

10.50

USD

256

$

53,765

USD

Currency

...........................

Bank

of

America

NA

01/03/22

TRY

10.00

USD

342

84,660

USD

Currency

...........................

HSBC

Bank

plc

01/14/22

MXN

21.00

USD

685

1,879

AUD

Currency

...........................

UBS

AG

01/21/22

JPY

83.50

AUD

824

6,097

146,401

Put

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

01/06/22

CLP

815.00

USD

516

40

USD

Currency

...........................

Citibank

NA

01/14/22

RUB

72.00

USD

684

287

USD

Currency

...........................

Barclays

Bank

plc

01/18/22

BRL

5.68

USD

430

10,133

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

01/21/22

TRY

11.00

USD

129

2,054

USD

Currency

...........................

Bank

of

America

NA

02/10/22

CLP

850.00

USD

171

2,921

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

03/01/22

USD

1.12

EUR

7,550

27,399

42,834

$

189,235

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

1.60%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

05/16/22

1.60

%

USD

9,000

$

69,800

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2022

Futures

...............

95

06/10/22

USD

98.00

USD

23,750

$

(13,063)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Bank

of

America

NA

01/03/22

TRY

10.00

USD

171

$

(42,330)

USD

Currency

.............................

Bank

of

America

NA

01/03/22

TRY

10.50

USD

512

(107,530)

USD

Currency

.............................

HSBC

Bank

plc

01/14/22

MXN

21.60

USD

685

(423)

AUD

Currency

.............................

UBS

AG

01/21/22

JPY

85.00

AUD

1,176

(2,622)

USD

Currency

.............................

Goldman

Sachs

International

01/21/22

RUB

76.00

USD

342

(3,059)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

02/08/22

CLP

850.00

USD

129

(3,167)

USD

Currency

.............................

Bank

of

America

NA

02/10/22

CLP

875.00

USD

128

(1,743)

–

(160,874)

–

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

30

Schedule

of

Investments

(continued)

December

31,

2021

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

01/06/22

CLP

780.00

USD

1,034

$

—

USD

Currency

.............................

Citibank

NA

01/14/22

RUB

70.50

USD

1,026

(62)

USD

Currency

.............................

Barclays

Bank

plc

01/18/22

BRL

5.49

USD

430

(2,698)

USD

Currency

.............................

Bank

of

America

NA

02/10/22

CLP

820.00

USD

257

(1,326)

–

(4,086)

–

$

(164,960)

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

Put

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

1.40%

Semi-Annual

Barclays

Bank

plc

05/16/22

1.40

%

USD

49,500

$

(33,734)

(a)

Forward

settling

swaption.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/07/24

USD

1,863

$

19,363

$

—

$

19,363

0.86%

At

Termination

1

day

SONIA

At

Termination

09/23/24

(a)

09/23/25

GBP

14,250

46,107

—

46,107

0.98%

At

Termination

1

day

SONIA

At

Termination

10/18/24

(a)

10/18/25

GBP

12,320

18,067

—

18,067

0.90%

At

Termination

1

day

SONIA

At

Termination

11/09/24

(a)

11/09/25

GBP

19,610

45,812

—

45,812

2.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/23/26

USD

125

(10,204)

—

(10,204)

3.16%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/03/28

USD

152

(17,842)

—

(17,842)

$

101,303

$

—

$

101,303

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

month

USCPI

At

Termination

2.47%

At

Termination

04/26/31

USD

4,447

$

(309,884)

$

—

$

(309,884)

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

3,480

(172,539)

—

(172,539)

1

month

USCPI

At

Termination

2.89%

At

Termination

10/29/31

USD

1,837

7,090

—

7,090

1

month

USCPI

At

Termination

2.88%

At

Termination

11/01/31

USD

1,839

4,970

—

4,970

1

month

USCPI

At

Termination

2.76%

At

Termination

11/05/31

USD

1,930

(19,671)

—

(19,671)

1

month

USCPI

At

Termination

2.77%

At

Termination

11/05/31

USD

1,930

(19,130)

—

(19,130)

1

month

USCPI

At

Termination

2.80%

At

Termination

11/08/31

USD

806

(5,014)

—

(5,014)

1

month

USCPI

At

Termination

2.82%

At

Termination

11/10/31

USD

1,124

(3,794)

—

(3,794)

1

month

USCPI

At

Termination

2.89%

At

Termination

11/15/31

USD

965

4,443

—

4,443

1

month

USCPI

At

Termination

2.93%

At

Termination

11/15/31

USD

965

8,001

—

8,001

$

(505,528)

$

—

$

(505,528)

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

31

Schedule

of

Investments

(continued)

December

31,

2021

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

78

$

845

$

1,148

$

(303)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

1,301

1,800

(499)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

122

1,322

1,830

(508)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

1,301

1,800

(499)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

170

1,843

2,501

(658)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

123

1,333

1,810

(477)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

130

6,238

7,230

(992)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

126

6,046

7,392

(1,346)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

127

6,094

6,504

(410)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

127

6,094

6,672

(578)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

130

6,238

6,772

(534)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

500

23,990

21,911

2,079

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

126

6,046

6,619

(573)

Federative

Republic

of

Brazil

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

USD

110

5,278

5,833

(555)

Federative

Republic

of

Brazil

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

USD

110

5,278

5,977

(699)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

120

5,758

6,546

(788)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

112

5,374

6,208

(834)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

838

39,979

18,678

21,301

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

391

18,654

8,715

9,939

Republic

of

Indonesia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

USD

1,092

(13,244)

(11,933)

(1,311)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

223

10,617

11,187

(570)

Republic

of

South

Africa

.....

1.00

Quarterly

Citibank

NA

12/20/26

USD

200

9,531

9,999

(468)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

12/20/26

USD

540

25,699

25,025

674

Republic

of

the

Philippines

...

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

USD

754

(15,954)

(19,178)

3,224

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

2,715

(12,184)

(4,682)

(7,502)

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

USD

732

(3,285)

(1,262)

(2,023)

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

150

(1,212)

1,839

(3,051)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

120

(970)

1,491

(2,461)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

90

(727)

1,104

(1,831)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

100

(808)

1,226

(2,034)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

230

(1,858)

3,037

(4,895)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8

748

424

324

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

59

(89)

(9)

(80)

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

140

(209)

(111)

(98)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

30

8,371

2,649

5,722

$

–

$

–

$

–

$

153,438

$

146,752

$

6,686

$

–

$

–

$

–

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)

Trust

Fibra

Uno

.......

1.00

%

Quarterly

Citibank

NA

06/20/26

NR

USD

16

$

(1,042)

$

(1,596)

$

554

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

60

(3,908)

(5,988)

2,080

CMBX.NA.3.AM

.......

0.50

Monthly

Credit

Suisse

International

12/13/49

NR

USD

—

—

(4)

4

CMBX.NA.9.BBB-

.....

3.00

Monthly

Deutsche

Bank

AG

09/17/58

NR

USD

29

(2,710)

(3,204)

494

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A-

USD

120

(389)

(4,765)

4,376

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A-

USD

60

(195)

(2,428)

2,233

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

10

(889)

(785)

(104)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

BBB-

USD

30

(8,371)

(2,188)

(6,183)

$

(17,504)

$

(20,958)

$

3,454

(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.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

32

Schedule

of

Investments

(continued)

December

31,

2021

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

$

47,597

$

—

$

47,597

1

day

CLICP

Semi-Annual

1.65%

Semi-Annual

Bank

of

America

NA

05/28/23

CLP

688,128

(48,911)

—

(48,911)

5.64%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

11/22/23

COP

1,887,659

(831)

—

(831)

5.69%

Quarterly

1

day

IBR

Quarterly

JPMorgan

Chase

Bank

NA

11/23/23

COP

946,137

(615)

—

(615)

5.76%

Quarterly

1

day

IBR

Quarterly

JPMorgan

Chase

Bank

NA

11/24/23

COP

923,061

(881)

—

(881)

5.80%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

11/29/23

COP

1,902,409

(1,925)

—

(1,925)

5.65%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

12/09/23

COP

946,587

(7)

—

(7)

5.62%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

12/13/23

COP

937,352

193

—

193

1

day

IBR

Quarterly

6.29%

Quarterly

Goldman

Sachs

International

11/22/26

COP

830,755

1,850

—

1,850

1

day

IBR

Quarterly

6.36%

Quarterly

JPMorgan

Chase

Bank

NA

11/23/26

COP

415,377

1,229

—

1,229

1

day

IBR

Quarterly

6.41%

Quarterly

JPMorgan

Chase

Bank

NA

11/24/26

COP

408,454

1,440

—

1,440

1

day

IBR

Quarterly

6.46%

Quarterly

Goldman

Sachs

International

11/29/26

COP

835,767

3,282

—

3,282

1

day

IBR

Quarterly

6.24%

Quarterly

Goldman

Sachs

International

12/09/26

COP

415,575

529

—

529

1

day

IBR

Quarterly

6.18%

Quarterly

Goldman

Sachs

International

12/13/26

COP

410,957

211

—

211

$

3,161

$

—

$

3,161

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0.01

%

1

day

IBR

...........................................

Colombian

Reference

Banking

Indicator

2.91

1

day

SOFR

.........................................

Secured

Overnight

Financing

Rate

0.05

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.19

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

7.00

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.21

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)

...........................................

$

—

$

—

$

153,853

$

(558,078)

$

—

OTC

Swaps

.....................................................

183,927

(58,133)

109,335

(96,034)

—

Options

Written

...................................................

N/A

N/A

43,900

(103,543)

(211,757)

(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

Total

Return

V.I.

Fund

Schedule

of

Investments

33

Schedule

of

Investments

(continued)

December

31,

2021

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)

.....

$

—

$

—

$

—

$

—

$

755,912

$

—

$

755,912

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

416,168

—

—

416,168

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

—

215,449

99,644

—

315,093

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

129,349

24,504

153,853

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

236,931

—

—

56,331

—

293,262

$

—

$

236,931

$

—

$

631,617

$

1,041,236

$

24,504

$

1,934,288

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

240,531

—

240,531

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

336,768

—

—

336,768

Options

written

(b)

Options

written

at

value

.....................

—

—

—

164,960

46,797

—

211,757

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

28,046

530,032

558,078

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

100,997

—

—

53,170

—

154,167

$

—

$

100,997

$

—

$

501,728

$

368,544

$

530,032

$

1,501,301

(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

December

31,

2021,

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

.......................

$

—

$

—

$

—

$

—

$

(340,416)

$

—

$

(340,416)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(786,243)

—

—

(786,243)

Options

purchased

(a)

....................

—

—

—

(1,692,895)

292,490

—

(1,400,405)

Options

written

........................

—

—

—

1,066,240

391,296

—

1,457,536

Swaps

..............................

—

(482,872)

—

—

(351,458)

(864,724)

(1,699,054)

$

—

$

(482,872)

$

—

$

(1,412,898)

$

(8,088)

$

(864,724)

$

(2,768,582)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

—

—

—

—

611,264

—

611,264

Forward

foreign

currency

exchange

contracts

....

—

—

—

663,562

—

—

663,562

Options

purchased

(b)

....................

—

—

—

(341,235)

83,457

—

(257,778)

Options

written

........................

—

—

—

(78,052)

20,061

—

(57,991)

Swaps

..............................

—

327,079

—

—

(39,097)

(505,956)

(217,974)

$

—

$

327,079

$

—

$

244,275

$

675,685

$

(505,956)

$

741,083

(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.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

34

Schedule

of

Investments

(continued)

December

31,

2021

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

..................................................................................

$

188,835,055

Average

notional

value

of

contracts

—

short

.................................................................................

104,420,898

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

45,453,292

Average

amounts

sold

—

in

USD

........................................................................................

11,753,115

Options

Average

value

of

option

contracts

purchased

................................................................................

2,126,254

Average

value

of

option

contracts

written

...................................................................................

1,047,754

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

6,741,250

Average

notional

value

of

swaption

contracts

written

...........................................................................

40,567,322

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

15,021,516

Average

notional

value

—

sell

protection

...................................................................................

287,045

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

57,361,353

Average

notional

value

—

receives

fixed

rate

................................................................................

13,313,025

Inflation

swaps

Average

notional

value

—

receives

fixed

rate

................................................................................

14,372,195

Total

return

swaps

Average

notional

value

...............................................................................................

1,927,035

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

397,324

$

304,881

Forward

foreign

currency

exchange

contracts

.................................................................

416,168

336,768

Options

(a)(b)

........................................................................................

315,093

211,757

Swaps

—

Centrally

cleared

.............................................................................

47,796

—

Swaps

—

OTC

(c)

....................................................................................

293,262

154,167

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

1,469,643

$

1,007,573

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(474,964)

(317,944)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

994,679

$

689,629

(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.

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

35

Schedule

of

Investments

(continued)

December

31,

2021

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)

ANZ

Banking

Group

Ltd.

...........................

$

813

$

—

$

—

$

—

$

813

Bank

of

America

NA

..............................

270,851

(207,553)

—

—

63,298

Barclays

Bank

plc

................................

209,863

(47,233)

—

—

162,630

BNP

Paribas

SA

.................................

212

(212)

—

—

—

Citibank

NA

....................................

85,433

(74,836)

—

—

10,597

Credit

Suisse

International

..........................

1,843

(1,843)

—

—

—

Deutsche

Bank

AG

...............................

101,338

(62,688)

—

—

38,650

Goldman

Sachs

International

........................

108,057

(28,900)

—

—

79,157

HSBC

Bank

plc

..................................

73,638

(2,991)

—

—

70,647

JPMorgan

Chase

Bank

NA

..........................

20,715

(20,715)

—

—

—

JPMorgan

Securities

LLC

...........................

8,371

(889)

—

—

7,482

Morgan

Stanley

&

Co.

International

plc

..................

74,483

(67,447)

—

—

7,036

Royal

Bank

of

Canada

.............................

8,326

—

—

—

8,326

State

Street

Bank

and

Trust

Co.

......................

9,443

—

—

—

9,443

UBS

AG

......................................

21,293

(21,293)

—

—

—

$

994,679

$

(536,600)

$

—

$

—

$

458,079

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

(c)(d)

Bank

of

America

NA

..............................

$

207,553

$

(207,553)

$

—

$

—

$

—

Barclays

Bank

plc

................................

47,233

(47,233)

—

—

—

BNP

Paribas

SA

.................................

5,483

(212)

—

—

5,271

Citibank

NA

....................................

74,836

(74,836)

—

—

—

Credit

Agricole

Corporate

and

Investment

Bank

SA

..........

8,378

—

—

—

8,378

Credit

Suisse

International

..........................

11,426

(1,843)

—

—

9,583

Deutsche

Bank

AG

...............................

62,688

(62,688)

—

—

—

Goldman

Sachs

International

........................

28,900

(28,900)

—

—

—

HSBC

Bank

plc

..................................

2,991

(2,991)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

82,318

(20,715)

—

—

61,603

JPMorgan

Securities

LLC

...........................

889

(889)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

67,447

(67,447)

—

—

—

Natwest

Markets

plc

..............................

43,124

—

—

—

43,124

UBS

AG

......................................

46,363

(21,293)

—

—

25,070

$

689,629

$

(536,600)

$

—

$

—

$

153,029

(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)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Total

Return

V.I.

Fund

36

Schedule

of

Investments

(continued)

December

31,

2021

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

....................................

$

—

$

20,174,699

$

807,818

$

20,982,517

Corporate

Bonds

Aerospace

&

Defense

....................................

—

11,300,142

—

11,300,142

Air

Freight

&

Logistics

....................................

—

714,101

—

714,101

Airlines

..............................................

—

3,718,489

—

3,718,489

Automobiles

..........................................

—

2,207,442

—

2,207,442

Banks

...............................................

—

39,599,199

—

39,599,199

Beverages

...........................................

—

3,834,537

—

3,834,537

Biotechnology

.........................................

—

5,440,762

—

5,440,762

Building

Products

.......................................

—

1,145,312

—

1,145,312

Capital

Markets

........................................

—

23,229,803

—

23,229,803

Chemicals

............................................

—

3,090,645

—

3,090,645

Commercial

Services

&

Supplies

.............................

—

1,952,208

—

1,952,208

Communications

Equipment

................................

—

1,965,976

—

1,965,976

Construction

&

Engineering

................................

—

277,954

—

277,954

Consumer

Finance

......................................

—

3,703,273

—

3,703,273

Containers

&

Packaging

..................................

—

297,491

—

297,491

Distributors

...........................................

—

61,394

—

61,394

Diversified

Financial

Services

...............................

—

1,844,180

—

1,844,180

Diversified

Telecommunication

Services

........................

—

12,887,050

—

12,887,050

Electric

Utilities

........................................

—

20,325,388

—

20,325,388

Energy

Equipment

&

Services

..............................

—

167,321

—

167,321

Entertainment

.........................................

—

1,265,854

—

1,265,854

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

9,216,555

625,472

9,842,027

Food

&

Staples

Retailing

..................................

—

170,732

—

170,732

Food

Products

.........................................

—

719,993

—

719,993

Gas

Utilities

...........................................

—

1,102,877

—

1,102,877

Health

Care

Equipment

&

Supplies

...........................

—

1,181,015

—

1,181,015

Health

Care

Providers

&

Services

............................

—

11,990,703

—

11,990,703

Hotels,

Restaurants

&

Leisure

..............................

—

3,053,516

—

3,053,516

Household

Durables

.....................................

—

98,173

—

98,173

Independent

Power

and

Renewable

Electricity

Producers

............

—

47,416

—

47,416

Industrial

Conglomerates

..................................

—

809,580

—

809,580

Insurance

............................................

—

2,820,343

—

2,820,343

Internet

&

Direct

Marketing

Retail

............................

—

1,105,570

—

1,105,570

IT

Services

...........................................

—

4,601,520

—

4,601,520

Life

Sciences

Tools

&

Services

..............................

—

1,259,875

—

1,259,875

Machinery

............................................

—

1,241,952

—

1,241,952

Media

...............................................

—

8,254,128

—

8,254,128

Metals

&

Mining

........................................

—

3,055,777

—

3,055,777

Multiline

Retail

.........................................

—

2,308

—

2,308

Multi-Utilities

..........................................

—

1,117,532

—

1,117,532

Oil,

Gas

&

Consumable

Fuels

...............................

—

24,169,502

—

24,169,502

Paper

&

Forest

Products

..................................

—

245,795

—

245,795

Pharmaceuticals

.......................................

—

3,450,055

—

3,450,055

Professional

Services

....................................

—

689,456

—

689,456

Real

Estate

Management

&

Development

.......................

—

2,707,697

—

2,707,697

Road

&

Rail

...........................................

—

5,675,271

—

5,675,271

Semiconductors

&

Semiconductor

Equipment

....................

—

10,263,384

—

10,263,384

Software

.............................................

—

7,614,876

—

7,614,876

Specialty

Retail

........................................

—

2,773,792

—

2,773,792

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,134,329

—

2,134,329

Textiles,

Apparel

&

Luxury

Goods

............................

—

37,215

—

37,215

Thrifts

&

Mortgage

Finance

................................

—

501,217

—

501,217

Tobacco

.............................................

—

2,872,105

—

2,872,105

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

37

Schedule

of

Investments

(continued)

December

31,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Trading

Companies

&

Distributors

............................

$

—

$

599,035

$

—

$

599,035

Wireless

Telecommunication

Services

.........................

—

3,802,122

—

3,802,122

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

41,830

—

41,830

Air

Freight

&

Logistics

....................................

—

268,082

—

268,082

Building

Products

.......................................

—

29,897

31,309

61,206

Chemicals

............................................

—

200,664

—

200,664

Commercial

Services

&

Supplies

.............................

—

142,019

—

142,019

Construction

Materials

....................................

—

227,051

—

227,051

Consumer

Finance

......................................

—

—

18,218

18,218

Diversified

Consumer

Services

..............................

—

149,100

—

149,100

Diversified

Financial

Services

...............................

—

267,140

—

267,140

Health

Care

Equipment

&

Supplies

...........................

—

385,830

—

385,830

Health

Care

Providers

&

Services

............................

—

44,381

—

44,381

Hotels,

Restaurants

&

Leisure

..............................

—

1,250,548

—

1,250,548

Household

Durables

.....................................

—

78,210

—

78,210

Industrial

Conglomerates

..................................

—

—

29,963

29,963

Machinery

............................................

—

11,997

—

11,997

Media

...............................................

—

425,207

—

425,207

Multiline

Retail

.........................................

—

44,879

—

44,879

Oil,

Gas

&

Consumable

Fuels

...............................

—

617,931

—

617,931

Pharmaceuticals

.......................................

—

261,975

—

261,975

Road

&

Rail

...........................................

—

164,909

—

164,909

Software

.............................................

—

156,468

—

156,468

Specialty

Retail

........................................

—

198,579

—

198,579

Thrifts

&

Mortgage

Finance

................................

—

—

534,697

534,697

Foreign

Agency

Obligations

.................................

—

4,519,164

—

4,519,164

Foreign

Government

Obligations

..............................

—

12,731,189

—

12,731,189

Municipal

Bonds

.........................................

—

5,355,557

—

5,355,557

Non-Agency

Mortgage-Backed

Securities

........................

—

11,638,985

98,398

11,737,383

Other

Interests

..........................................

—

—

—

—

Capital

Trusts

...........................................

—

3,274,596

—

3,274,596

U.S.

Government

Sponsored

Agency

Securities

....................

—

314,639,680

—

314,639,680

U.S.

Treasury

Obligations

...................................

—

132,845,237

—

132,845,237

Short-Term

Securities

.......................................

190,346,721

—

—

190,346,721

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

215,449

—

215,449

Interest

rate

contracts

......................................

29,844

69,800

—

99,644

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(59,762,388)

—

(59,762,388)

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(16)

(16)

$

190,376,565

$

709,082,602

$

2,145,859

$

901,605,026

Investments

valued

at

NAV

(b)

......................................

143,797,007

$

—

$

1,045,402,033

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

53,004

$

—

$

53,004

Foreign

currency

exchange

contracts

............................

—

416,168

—

416,168

Interest

rate

contracts

.......................................

755,912

185,680

—

941,592

Other

contracts

...........................................

—

24,504

—

24,504

Liabilities

Credit

contracts

...........................................

—

(42,864)

—

(42,864)

Foreign

currency

exchange

contracts

............................

—

(501,728)

—

(501,728)

Interest

rate

contracts

.......................................

(253,594)

(114,950)

—

(368,544)

Other

contracts

...........................................

—

(530,032)

—

(530,032)

$

502,318

$

(510,218)

$

—

$

(7,900)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

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.

(c)

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

December

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

38

BlackRock

Total

Return

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

771,020,709‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

334,143,728‌

Cash

.............................................................................................................

228,034‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

2,233,050‌

Centrally

cleared

swaps

................................................................................................

1,008,090‌

Foreign

currency,

at

value

(c)

..............................................................................................

4,875,571‌

Receivables:

–‌

Investments

sold

....................................................................................................

133,308,218‌

TBA

sale

commitments

................................................................................................

59,770,526‌

Capital

shares

sold

...................................................................................................

235,647‌

Dividends

—

affiliated

.................................................................................................

342,538‌

Interest

—

unaffiliated

.................................................................................................

3,705,955‌

Variation

margin

on

futures

contracts

.......................................................................................

397,324‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

47,796‌

Swap

premiums

paid

...................................................................................................

183,927‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

416,168‌

OTC

swaps

........................................................................................................

109,335‌

Prepaid

expenses

.....................................................................................................

11,619‌

Total

assets

.........................................................................................................

1,312,038,235‌

LIABILITIES

Options

written,

at

value

(d)

................................................................................................

211,757‌

TBA

sale

commitments,

at

value

(e)

..........................................................................................

59,762,388‌

Payables:

–‌

Investments

purchased

................................................................................................

389,111,383‌

Capital

shares

redeemed

...............................................................................................

13,007,675‌

Distribution

fees

.....................................................................................................

126,450‌

Income

dividend

distributions

............................................................................................

855,607‌

Investment

advisory

fees

..............................................................................................

284,115‌

Directors'

and

Officer's

fees

.............................................................................................

165‌

Other

affiliate

fees

...................................................................................................

1,262‌

Variation

margin

on

futures

contracts

.......................................................................................

304,881‌

Other

accrued

expenses

...............................................................................................

620,877‌

Swap

premiums

received

................................................................................................

58,133‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

336,768‌

OTC

swaps

........................................................................................................

96,034‌

Unfunded

floating

rate

loan

interests

.......................................................................................

16‌

Total

liabilities

........................................................................................................

464,777,511‌

NET

ASSETS

........................................................................................................

$

847,260,724‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

850,318,096‌

Accumulated

loss

.....................................................................................................

(3,057,372‌)

NET

ASSETS

........................................................................................................

$

847,260,724‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

772,414,839‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

334,630,721‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

4,726,061‌

(d)

  Premiums

received

..................................................................................................

$

152,114‌

(e)

  Proceeds

from

TBA

sale

commitments

.....................................................................................

$

59,770,526‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2021

39

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

........................................................................................................

$

232,293,791‌

Shares

outstanding

.................................................................................................

19,391,441‌

Net

asset

value

....................................................................................................

$

11.98‌

Shares

authorized

..................................................................................................

600

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

614,966,933‌

Shares

outstanding

.................................................................................................

51,985,206‌

Net

asset

value

....................................................................................................

$

11.83‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

40

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

2,726,239‌

Interest

—

unaffiliated

................................................................................................

12,615,669‌

Foreign

taxes

withheld

................................................................................................

(8,669‌)

Total

investment

income

.................................................................................................

15,333,239‌

EXPENSES

Investment

advisory

..................................................................................................

3,219,621‌

Distribution

—

class

specific

............................................................................................

1,421,323‌

Transfer

agent

—

class

specific

..........................................................................................

1,262,066‌

Accounting

services

..................................................................................................

171,250‌

Professional

.......................................................................................................

91,057‌

Custodian

.........................................................................................................

63,950‌

Registration

.......................................................................................................

13,851‌

Directors

and

Officer

.................................................................................................

10,399‌

Transfer

agent

......................................................................................................

5,000‌

Miscellaneous

......................................................................................................

228,843‌

Total

expenses

.......................................................................................................

6,487,360‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(33,261‌)

T

ransfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(920,912‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

5,533,187‌

Net

investment

income

..................................................................................................

9,800,052‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(21,615,475‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

(a)

..........................................................................................

2,318,095‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

......................................................................

151,347‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(786,243‌)

Foreign

currency

transactions

.........................................................................................

379,375‌

Futures

contracts

..................................................................................................

(340,416‌)

Options

written

...................................................................................................

1,457,536‌

Swaps

.........................................................................................................

(1,699,054‌)

A

1,480,640‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

(688,594‌)

Investments

—

unaffiliated

...........................................................................................

(23,381,514‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

663,562‌

Foreign

currency

translations

..........................................................................................

(24,852‌)

Futures

contracts

..................................................................................................

611,264‌

Options

written

...................................................................................................

(57,991‌)

Swaps

.........................................................................................................

(217,974‌)

Unfunded

floating

rate

loan

interests

.....................................................................................

(16‌)

A

(23,096,115‌)

Net

realized

and

unrealized

loss

............................................................................................

(21,615,475‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(11,815,423‌)

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

...............................................................

$

(8,104

)

Statements

of

Changes

in

Net

Assets

41

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Year

Ended

December

31,

2021

2020

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

9,800,052‌

$

11,884,090‌

Net

realized

gain

..................................................................................

1,480,640‌

36,104,292‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(23,096,115‌)

5,963,917‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

(11,815,423‌)

53,952,299‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(4,817,382‌)

(17,113,905‌)

  Class

III

.......................................................................................

(9,763,495‌)

(30,384,213‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(14,580,877‌)

(47,498,118‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

152,884,173‌

82,986,578‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

126,487,873‌

89,440,759‌

Beginning

of

year

....................................................................................

720,772,851‌

631,332,092‌

End

of

year

........................................................................................

$

847,260,724‌

$

720,772,851‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

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)

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%.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

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.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Total

Return

V.I.

Fund

Class

I

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

12.40‌

$

12.22‌

$

11.53‌

$

11.91‌

$

11.79‌

Net

investment

income

(a)

.....................................

0.17‌

0.25‌

0.35‌

0.33‌

0.29‌

Net

realized

and

unrealized

gain

(loss)

............................

(0.35‌)

0.82‌

0.73‌

(0.39‌)

0.13‌

Net

increase

(decrease)

from

investment

operations

....................

(0.18‌)

1.07‌

1.08‌

(0.06‌)

0.42‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.17‌)

(0.29‌)

(0.35‌)

(0.32‌)

(0.30‌)

From

net

realized

gain

.......................................

(0.07‌)

(0.60‌)

(0.04‌)

—‌

—‌

Total

distributions

...........................................

(0.24‌)

(0.89‌)

(0.39‌)

(0.32‌)

(0.30‌)

Net

asset

value,

end

of

year

...................................

$

11.98‌

$

12.40‌

$

12.22‌

$

11.53‌

$

11.91‌

Total

Return

(c)

(1.42)%

8.88%

9.49%

(0.46)%

3.60%

Based

on

net

asset

value

......................................

(1.42)%

8.88%

9.49%

(0.46)%

3.60%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

0.65%

0.69%

0.74%

0.85%

(f)

0.94%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.47%

0.51%

0.54%

0.58%

(f)

0.74%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

0.47%

0.51%

0.52%

0.55%

0.62%

Net

investment

income

.......................................

1.44%

1.98%

2.90%

2.84%

2.43%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

232,294‌

$

250,444‌

$

245,548‌

$

246,390‌

$

152,138‌

Portfolio

turnover

rate

(g)

.......................................

647%

674%

536%

488%

627%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

............................

334%

399%

326%

310%

389%

See

notes

to

financial

statements.

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)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

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.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Total

Return

V.I.

Fund

Class

III

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

12.24‌

$

12.07‌

$

11.40‌

$

11.76‌

$

11.65‌

Net

investment

income

(a)

.....................................

0.13‌

0.21‌

0.31‌

0.29‌

0.25‌

Net

realized

and

unrealized

gain

(loss)

............................

(0.34‌)

0.81‌

0.71‌

(0.37‌)

0.12‌

Net

increase

(decrease)

from

investment

operations

....................

(0.21‌)

1.02‌

1.02‌

(0.08‌)

0.37‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..................................

(0.13‌)

(0.25‌)

(0.31‌)

(0.28‌)

(0.26‌)

From

net

realized

gain

.......................................

(0.07‌)

(0.60‌)

(0.04‌)

—‌

—‌

Total

distributions

...........................................

(0.20‌)

(0.85‌)

(0.35‌)

(0.28‌)

(0.26‌)

Net

asset

value,

end

of

year

...................................

$

11.83‌

$

12.24‌

$

12.07‌

$

11.40‌

$

11.76‌

Total

Return

(c)

(1.69)%

8.54%

9.05%

(0.63)%

3.21%

Based

on

net

asset

value

......................................

(1.69)%

8.54%

9.05%

(0.63)%

3.21%

(d)

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.............................................

0.87%

0.92%

0.97%

1.06%

(f)

1.16%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.78%

0.82%

0.85%

0.89%

(f)

1.06%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

0.78%

0.82%

0.83%

0.86%

0.94%

Net

investment

income

.......................................

1.12%

1.67%

2.58%

2.54%

2.15%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

614,967‌

$

470,328‌

$

385,784‌

$

318,595‌

$

267,651‌

Portfolio

turnover

rate

(g)

.......................................

647%

674%

536%

488%

627%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

............................

334

%

399%

326%

310%

389%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2021

BlackRock

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

December

31,

2021,

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

(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. 

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

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

46

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

December

31,

2021,

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. 

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

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

(continued)

47

Notes

to

Financial

Statements

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

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. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage

-backed

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.

Stripped

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

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

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

48

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.

In

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end,

the

Fund

had

the

following

unfunded

floating

rate

loan

interests:

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.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Total

Return

V.I.

Fund

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan

.................

$

6,277‌

$

6,277‌

$

6,261‌

$

(16‌)

Notes

to

Financial

Statements

(continued)

49

Notes

to

Financial

Statements

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

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,

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

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

50

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

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.

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.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

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

Notes

to

Financial

Statements

(continued)

51

Notes

to

Financial

Statements

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

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:

T

he

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

s

ubsidiary

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

year

ended

December

31,

2021,

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

High

Yield

V.I.

Fund

were

approximately

$1,542,403,959.

For

the year

ended

December

31,

2021,

the

Fund

reimbursed

the

Manager $3,334

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

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 year

ended

December

31,

2021,

the

class

specific

distribution

fees

borne

directly

by Class

III

were

$1,421,323.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

m

illion

.......................................................................................................

0.50%

$250

m

illion

-

$500

m

illion

.................................................................................................

0.45

$500

million

-

$750

m

illion

.................................................................................................

0.40

Greater

than

$750

m

illion

.................................................................................................

0.35

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

52

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

year

ended

December

31,

2021

,

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

year ended

December

31,

2021,

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

year

ended

December

31,

2021,

the

amount

waived

was

$

33,261

.

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

year

ended

December

31,

2021,

there

were

no

fees

waived

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

–

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2021,

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

year

ended

December

31,

2021,

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

Class

I

..........................................................................................................

$

417,680‌

Class

III

.........................................................................................................

844,386‌

$

1,262,066‌

Class

I

................................................................................................................

0.00‌%

Class

III

...............................................................................................................

0.0

6‌

Fund

Name/Share

Class

Transfer

Agent

Fees

Reimbursed

BlackRock

Total

Return

V.I.

Fund

Class

I

..........................................................................................................

$

417,680‌

Class

III

.........................................................................................................

503,232‌

$

920,912‌

Class

I

.............................................................................................................

0.60‌%

Class

III

............................................................................................................

1.50‌

Notes

to

Financial

Statements

(continued)

53

Notes

to

Financial

Statements

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

year

ended

December

31,

2021,

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

year

ended

December

31

,

2021,

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

year

ended

December

31,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

mortgage

dollar

rolls

and

excluding

short-term

investments,

were

as

follows:

RULE

ABOVE

For

the

year ended

December

31,

2021,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

$2,570,771,759

and

$2,573,596,428,

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

fiscal

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

December

31,

2021,

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.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2021,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

Purchases

...............................................................................................................

$

154,775‌

Sales

...................................................................................................................

950,266‌

Net

Realized

Loss

..........................................................................................................

(70,355‌)

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

BlackRock

Total

Return

V.I.

Fund

.........................................

$

131,851,617‌

$

78,163,147‌

$

5,421,354,277‌

$

5,246,051,630‌

Fund

Name

Year

Ended

12/31/21

Year

Ended

12/31/20

BlackRock

Total

Return

V.I.

Fund

Ordinary

income

............................................................................................

$

11,815,769‌

$

33,371,010‌

Long-term

capital

gains

........................................................................................

2,765,108‌

14,127,108‌

$

14,580,877‌

$

47,498,118‌

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Net

Unrealized

Gains

(Losses)

(a)

Total

BlackRock

Total

Return

V.I.

Fund

.................................................

$

334,739‌

$

139,955‌

$

(3,532,066‌)

$

(3,057,372‌)

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures,

foreign

currency

exchange

contracts

and

options

contracts,

amortization

methods

of

premiums

and

discounts

on

fixed

income

securities,

the

accounting

for

swap

agreements,

the

accrual

of

income

on

securities

in

default

and

the

classification

of

investments.

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

54

As

of

December

31,

2021, 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,

$2.25

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)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2022

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

year

ended

December

31,

2021,

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.

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. 

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Total

Return

V.I.

Fund

.......................................

$

1,107,555,453‌

$

9,284,881‌

$

(12,338,340‌)

$

(3,053,459‌)

Notes

to

Financial

Statements

(continued)

55

Notes

to

Financial

Statements

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,

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

will

cease

to

be

published

or

no

longer

will

be

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:

Year

Ended

12/31/21

Year

Ended

12/31/20

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Total

Return

V.I.

Fund

Class

I

Shares

sold

.............................................

1,004,821‌

$

12,131,216‌

1,409,606‌

$

17,882,074‌

Shares

issued

in

reinvestment

of

distributions

........................

407,962‌

4,947,460‌

1,381,177‌

17,237,300‌

Shares

redeemed

.........................................

(2,220,302‌)

(26,884,647‌)

(2,687,856‌)

(33,738,108‌)

(807,519‌)

$

(9,805,971‌)

102,927‌

$

1,381,266‌

Class

III

Shares

sold

.............................................

16,331,905‌

$

195,401,044‌

10,034,207‌

$

125,585,927‌

Shares

issued

in

reinvestment

of

distributions

........................

821,013‌

9,828,497‌

2,475,459‌

30,474,770‌

Shares

redeemed

.........................................

(3,579,836‌)

(42,539,397‌)

(6,049,934‌)

(74,455,385‌)

13,573,082‌

$

162,690,144‌

6,459,732‌

$

81,605,312‌

12,765,563‌

$

152,884,173‌

6,562,659‌

$

82,986,578‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

56

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.

Report

of

Independent

Registered

Public

Accounting

Firm

57

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Total

Return

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds

II,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Total

Return

V.I.

Fund

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2021,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2021,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2021,

by

correspondence

with

the

custodian,

agent

banks,

and

brokers;

when

replies

were

not

received

from

agent

banks

or

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

15,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2021

BlackRock

Annual

Report

to

Shareholders

58

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

NOK

Norwegian

Krone

PLN

Polish

Zloty

RUB

New

Russian

Ruble

THB

Thai

Baht

TRY

Turkish

Lira

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

RB

Revenue

Bonds

REMIC

Real

Estate

Mortgage

Investment

Conduit

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

December

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

U.S.

Government

Bond

V.I.

Fund

Fund

Summary

as

of

December

31,

2021

2021

BlackRock

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

12-month

period

ended

December

31,

2021,

the

Fund’s

Class

III

Shares

performed

in

line

with

its

benchmark,

the

Bloomberg

U.S.

Government/Mortgage

Index,

while

the

Fund’s

Class

I

Shares

outperformed

the

benchmark.

What

factors

influenced

performance?

Positive

contributors

to

performance

relative

to

the

benchmark

included

the

Fund’s

interest

rate

volatility

strategies

and

positioning

along

the

yield

curve.

Out-of-benchmark

exposure

to

commercial

mortgage-backed

securities

(“MBS”)

also

added

to

relative

performance.

Exposure

to

non-U.S.

dollar

sovereign

interest

rates

weighed

most

heavily

on

relative

performance

for

the

12

months.

The

Fund’s

long

agency

mortgage

positioning

relative

to

U.S.

Treasuries

also

detracted

toward

the

end

of

the

period.

The

Fund

had

a

modestly

elevated

cash

position

at

period

end

due

to

the

investment

adviser’s

preference

for

using

forward

contracts

to

gain

MBS

exposure

as

opposed

to

holding

cash

bonds.

The

Fund’s

cash

position

did

not

have

any

material

impact

on

Fund

performance

over

the

12

months.

During

the

period,

the

portfolio

held

a

small

percentage

of

assets

in

derivatives

as

a

hedge

to

allocations

in

MBS

and

securitized

assets.

The

Fund’s

use

of

derivatives

had

a

positive

impact

on

Fund

performance.

Describe

recent

portfolio

activity.

During

the

reporting

period,

the

Fund

maintained

an

underweight

bias

with

respect

to

duration

and

corresponding

interest

rate

sensitivity

relative

to

the

benchmark.

Within

agency

MBS,

the

Fund

shifted

from

an

underweight

position

to

a

long

position,

ultimately

closing

the

year

neutrally

positioned.

The

Fund

was

heavily

underweight

specified

pools

relative

to

to-be-announced

securities

(“TBAs”)

throughout

2021.

The

Fund’s

exposure

to

emerging

market

rates

was

reduced

to

a

minimal

level

over

the

period.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

neutral

on

mortgages

and

favored

higher

coupons

on

the

expectation

for

increasing

borrower

burnout

and

reduced

refinancing

activity.

After

having

been

heavily

underweight

specified

pools

versus

an

overweight

in

TBAs

throughout

2021,

the

Fund

has

modestly

increased

specified

pool

exposure.

The

Fund

favored

duration

exposure

in

the

very

front-end

of

the

yield

curve,

on

the

view

that

the

belly

to

the

long

end

of

the

yield

curve

is

more

vulnerable

to

moving

higher.

The

investment

adviser

remains

constructive

on

agency

MBS

despite

the

pivot

by

the

Fed

with

respect

to

its

support

for

the

asset

class

in

late

2021.

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.

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Government

Sponsored

Agency

Securities

..............

50‌

%

U.S.

Treasury

Obligations

.............................

39‌

Non-Agency

Mortgage-Backed

Securities

..................

9‌

Asset-Backed

Securities

..............................

2‌

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.

Fund

Summary

as

of

December

31,

2021

(continued)

3

Fund

Summary

BlackRock

U.S.

Government

Bond

V.I.

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

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.

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance

related

fees

and

expenses.

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

and/or

service

(12b-1)

fees

applicable

to

Class

III

Shares.

(b)

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.

(c)

Bloomberg

U.S.

Government/Mortgage

Index

(formerly

Bloomberg

Barclays

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.

(d)

Bloomberg

U.S.

Mortgage-Backed

Securities

Index

(formerly

Bloomberg

Barclays

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.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

1

Year

5

Years

10

Years

Class

I

(c)

.....................................................

0.49‌%

0.03‌%

(1.59‌)%

2.56‌%

1.94‌%

Class

III

(c)

....................................................

0.18‌

(0.17‌)

(1.81‌)

2.26‌

1.65‌

(d)

Bloomberg

U.S.

Government/Mortgage

Index

..........................

—‌

—‌

(1.77‌)

2.85‌

2.21‌

Bloomberg

U.S.

Mortgage-Backed

Securities

Index

.....................

—‌

—‌

(1.04‌)

2.50‌

2.28‌

(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.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(d)

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.

Fund

Summary

as

of

December

31,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

U.S.

Government

Bond

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Actual

Hypothetical

(a)

Expenses

Paid

During

the

Period

Including

Interest

Expense

and

Fees

Excluding

Interest

Expense

and

Fees

Annualized

Expense

Ratio

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Including

Interest

Expense

and

Fees

(b)

Excluding

Interest

Expense

and

Fees

(b)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Including

Interest

Expense

and

Fees

Excluding

Interest

Expense

and

Fees

Class

I

.......

$

1,000.00‌

$

998.70‌

$

2.72‌

$

2.72‌

$

1,000.00‌

$

1,022.48‌

$

2.75‌

$

1,022.48‌

$

2.75‌

0.54‌%

0.54‌%

Class

III

......

1,000.00‌

997.20‌

4.28‌

4.28‌

1,000.00‌

1,020.92‌

4.33‌

1,020.92‌

4.33‌

0.85‌

0.85‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

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

184/365

(to

reflect

the

six-month

period

shown).

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

(or

from

the

commencement

of

operations

if

less

than

6

months)

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

2021

BlackRock

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

U.S.

Government

Bond

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

2.2%

(a)(b)

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.20%),

1.36%,

08/15/30

.............

USD

700

$

700,331

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.16%,

04/20/31

.......................

495

494,465

Total

Asset-Backed

Securities

—

2.2%

(Cost:

$1,194,809)

...............................

1,194,796

Foreign

Government

Obligations

—

0.0%

Austria

—

0.0%

Republic

of

Austria,

2.10%

,

09/20/17

(b)(c)

....

EUR

5

8,772

Total

Foreign

Government

Obligations

—

0.0%

(Cost:

$10,756)

.................................

8,772

Non-Agency

Mortgage-Backed

Securities

—

9.4%

Commercial

Mortgage-Backed

Securities

—

8.4%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

A,

(LIBOR

USD

1

Month

+

0.88%),

0.99%,

09/15/34

(a)(b)

..........

USD

139

138,831

BFLD

Trust,

Series

2020-EYP,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

1.26%,

10/15/35

(a)(b)

143

143,070

BPR

Trust,

Series

2021-TY,

Class

A,

(LIBOR

USD

1

Month

+

1.05%),

1.16%,

09/15/38

(a)(b)

152

151,710

BX

Commercial

Mortgage

Trust

(b)

Series

2019-XL,

Class

A,

(LIBOR

USD

1

Month

+

0.92%),

1.03%,

10/15/36

(a)

...

92

91,791

Series

2019-XL,

Class

D,

(LIBOR

USD

1

Month

+

1.45%),

1.56%,

10/15/36

(a)

...

255

254,520

Series

2020-FOX,

Class

B,

(LIBOR

USD

1

Month

+

1.35%),

1.46%,

11/15/32

(a)

...

129

128,910

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

198

203,192

Series

2021-CIP,

Class

A,

(LIBOR

USD

1

Month

+

0.92%),

1.02%,

12/15/28

(a)

...

166

165,950

Series

2021-VINO,

Class

A,

(LIBOR

USD

1

Month

+

0.65%),

0.76%,

05/15/38

(a)

...

144

143,372

BX

Trust

(b)

Series

2019-OC11,

Class

A,

3.20%,

12/09/41

.....................

300

315,769

Series

2021-MFM1,

Class

C,

(LIBOR

USD

1

Month

+

1.20%),

1.31%,

01/15/34

(a)

...

36

35,718

Series

2021-VIEW,

Class

A,

(LIBOR

USD

1

Month

+

1.28%),

1.39%,

06/15/23

(a)

...

60

59,948

Citigroup

Commercial

Mortgage

Trust,

Series

2016-P6,

Class

B,

4.22%,

12/10/49

(a)

....

55

58,855

Commercial

Mortgage

Trust

Series

2017-COR2,

Class

AM,

3.80%,

09/10/50

.....................

22

23,514

Series

2017-PANW,

Class

A,

3.24%,

10/10/29

(b)

....................

440

448,567

Credit

Suisse

Mortgage

Capital

Certificates

(b)

Series

2020-NET,

Class

A,

2.26%,

08/15/37

100

100,794

Series

2021-980M,

Class

A,

2.39%,

07/15/31

.....................

100

100,209

CSAIL

Commercial

Mortgage

Trust

Series

2018-CX11,

Class

A5,

4.03%,

04/15/51

(a)

....................

51

56,099

Series

2019-C16,

Class

A3,

3.33%,

06/15/52

157

167,940

CSMC

Trust,

Series

2021-BHAR,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

1.26%,

11/15/38

(a)(b)

.....................

168

168,032

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

A,

(LIBOR

USD

1

Month

+

0.80%),

0.91%,

02/15/38

(a)(b)

..........

100

99,880

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Great

Wolf

Trust,

Series

2019-WOLF,

Class

A,

(LIBOR

USD

1

Month

+

1.03%),

1.14%,

12/15/36

(a)(b)

.....................

USD

135

$

134,836

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2020-TWN3,

Class

A,

(LIBOR

USD

1

Month

+

2.00%),

2.11%,

11/15/37

.....

308

309,116

Series

2021-DM,

Class

A,

(LIBOR

USD

1

Month

+

0.89%),

0.98%,

11/15/36

....

176

175,958

Series

2021-STAR,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

1.05%,

12/15/36

....

140

139,931

Hudson

Yards

Mortgage

Trust,

Series

2019-

30HY,

Class

D,

3.44%,

07/10/39

(a)(b)

.....

101

103,602

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-609M,

Class

A,

(LIBOR

USD

1

Month

+

1.37%),

1.48%,

10/15/33

(a)(b)

.....................

100

99,969

Med

Trust,

Series

2021-MDLN,

Class

A,

(LIBOR

USD

1

Month

+

0.95%),

1.06%,

11/15/38

(a)(b)

.....................

150

149,820

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

B,

4.62%,

07/15/51

.

39

42,875

Series

2018-SUN,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.01%,

07/15/35

(b)

...

145

144,725

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2021-FCMT,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

1.31%,

05/15/31

(a)(b)

....

160

159,903

4,517,406

Interest

Only

Commercial

Mortgage-Backed

Securities

—

1.0%

(a)

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2021-MF3,

Class

XA,

0.74%,

10/15/54

(b)

......................

128

6,978

BANK,

Series

2021-BN33,

Class

XA,

1.06%,

05/15/64

.......................

1,755

134,534

Benchmark

Mortgage

Trust,

Series

2020-B20,

Class

XA,

1.62%,

10/15/53

...........

1,166

118,643

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

XA,

1.56%,

06/15/52

...

1,722

162,676

UBS

Commercial

Mortgage

Trust,

Series

2019-

C17,

Class

XA,

1.48%,

10/15/52

.......

1,002

89,985

512,816

Total

Non-Agency

Mortgage-Backed

Securities

—

9.4%

(Cost:

$5,028,660)

...............................

5,030,222

U.S.

Government

Sponsored

Agency

Securities

—

55.3%

Agency

Obligations

—

1.1%

Federal

Home

Loan

Bank,

4.00%, 04/10/28

..

500

574,602

Collateralized

Mortgage

Obligations

—

0.4%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes,

Series

K104,

Class

X1,

1.13%, 01/25/30

(a)

.................

204

16,062

Federal

National

Mortgage

Association,

Series

2011-8,

Class

ZA,

4.00%, 02/25/41

......

85

91,157

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2014-107,

Class

WX,

6.80%, 07/20/39

(a)

..............

80

91,961

199,180

Commercial

Mortgage-Backed

Securities

—

0.5%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

Series

2019-SB60,

Class

A10F,

3.31%, 01/25/29

................

151

157,401

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2019-SB61,

Class

A10F,

3.17%, 01/25/29

................

USD

138

$

144,111

301,512

Interest

Only

Collateralized

Mortgage

Obligations

—

0.3%

Federal

National

Mortgage

Association

Series

2020-32,

4.00%, 05/25/50

.......

105

15,611

Series

2020-32,

Class

PI,

4.00%, 05/25/50

119

17,576

Government

National

Mortgage

Association

Series

2020-115,

Class

IM,

3.50%, 08/20/50

146

19,245

Series

2020-146,

Class

DI,

2.50%, 10/20/50

173

19,153

Series

2020-162,

Class

TI,

2.50%, 10/20/50

348

36,527

Series

2020-175,

Class

DI,

2.50%, 11/20/50

88

10,100

Series

2020-185,

Class

MI,

2.50%, 12/20/50

274

33,328

151,540

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.9%

Federal

Home

Loan

Mortgage

Corp.,

Series

2015-K718,

Class

X2A,

0.10%, 02/25/48

(b)

.

424

4

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(a)

Series

K094,

Class

X1,

0.88%, 06/25/29

..

209

12,249

Series

K105,

Class

X1,

1.52%, 03/25/53

..

669

71,743

Series

K107,

Class

X1,

1.59%, 01/25/30

..

185

20,665

Series

K109,

Class

X1,

1.58%, 04/25/30

..

141

15,809

Series

K113,

Class

X1,

1.39%, 06/25/30

..

200

20,269

Series

K115,

Class

X1,

1.33%, 06/25/30

..

199

19,428

Series

K116,

Class

X1,

1.43%, 07/25/30

..

107

11,016

Series

K119,

Class

X1,

0.93%, 09/25/30

..

181

12,593

Series

K120,

Class

X1,

1.04%, 10/25/30

..

774

60,104

Series

K122,

Class

X1,

0.88%, 11/25/30

..

256

17,241

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2020-M21,

Class

AX,

1.81%, 01/25/58

(a)

..........

257

44,120

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2002-83,

0.00%, 10/16/42

(d)

......

429

4

Series

2003-17,

0.00%, 03/16/43

(d)

......

453

5

Series

2003-109,

0.00%, 11/16/43

......

703

28

Series

2016-22,

0.72%, 11/16/55

.......

1,396

43,155

Series

2016-45,

0.80%, 02/16/58

.......

602

26,453

Series

2016-92,

0.62%, 04/16/58

.......

157

6,114

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.09%, 02/16/58

..........

720

42,492

Series

2016-151,

1.01%, 06/16/58

......

549

27,618

Series

2017-30,

0.55%, 08/16/58

.......

301

10,052

Series

2017-61,

0.78%, 05/16/59

.......

220

10,702

Series

2017-64,

0.75%, 11/16/57

.......

179

9,001

480,865

Mortgage-Backed

Securities

—

52.1%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 03/01/30

-

04/01/31

...........

120

125,176

3.00%, 09/01/27

-

12/01/46

...........

216

227,682

3.50%, 04/01/31

-

01/01/48

...........

306

329,105

4.00%, 08/01/40

-

12/01/45

...........

42

46,046

4.50%, 02/01/39

-

07/01/47

...........

114

125,009

5.00%, 10/01/41

-

11/01/41

...........

80

90,004

5.50%, 06/01/41

..................

64

73,106

8.00%, 12/01/29

-

07/01/30

...........

15

16,601

Federal

National

Mortgage

Association

3.50%, 11/01/46

..................

98

105,029

4.00%, 01/01/41

..................

4

3,987

Government

National

Mortgage

Association

2.00%, 01/15/52

(e)

.................

1,464

1,477,217

2.50%, 01/15/52

-

02/15/52

(e)

..........

1,095

1,120,902

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.00%, 02/15/45

-

05/20/50

...........

USD

29

$

30,596

3.00%, 01/15/52

(e)

.................

1,412

1,460,930

3.50%, 01/15/42

-

04/20/48

...........

750

794,694

3.50%, 01/15/52

(e)

.................

127

132,732

4.00%, 09/20/40

-

06/20/50

...........

1,196

1,278,907

4.50%, 12/20/39

-

02/15/42

...........

566

628,557

5.00%, 12/15/38

-

07/20/42

...........

52

59,395

5.00%, 01/15/52

(e)

.................

126

134,338

5.50%, 01/15/34

..................

221

248,935

Uniform

Mortgage-Backed

Securities

1.50%, 01/25/37

-

01/25/52

(e)

..........

1,355

1,332,906

2.00%, 10/01/31

-

11/01/50

...........

91

92,721

2.00%, 01/25/37

-

02/25/52

(e)

..........

4,954

4,938,287

2.50%, 04/01/30

-

12/01/35

...........

509

529,982

2.50%, 01/25/52

-

02/25/52

(e)

..........

5,242

5,340,259

3.00%, 04/01/29

-

08/01/50

...........

1,521

1,602,540

3.00%, 01/25/52

-

02/25/52

(e)

..........

984

1,019,268

3.50%, 08/01/30

-

08/01/50

...........

748

799,601

3.50%, 01/25/52

(e)

.................

561

590,864

4.00%, 01/01/26

-

06/01/50

...........

790

862,101

4.00%, 01/25/52

-

02/25/52

(e)

..........

779

828,054

4.50%, 05/01/24

-

04/01/49

...........

369

401,524

4.50%, 01/25/52

(e)

.................

518

554,897

5.00%, 09/01/35

-

08/01/41

...........

129

144,591

5.00%, 01/25/52

(e)

.................

3

3,269

5.50%, 05/01/34

-

12/01/39

...........

146

166,246

6.00%, 04/01/35

-

06/01/41

...........

154

177,258

6.50%, 05/01/40

..................

27

30,970

27,924,286

Total

U.S.

Government

Sponsored

Agency

Securities

—

55.3%

(Cost:

$29,562,145)

...............................

29,631,985

U.S.

Treasury

Obligations

—

43.6%

U.S.

Treasury

Bonds

4.25%, 05/15/39

-

11/15/40

...........

212

291,167

4.50%, 08/15/39

..................

170

240,072

4.38%, 11/15/39

..................

170

236,931

4.63%, 02/15/40

..................

42

60,324

3.88%, 08/15/40

..................

42

55,356

1.75%, 08/15/41

..................

2

2,036

3.13%, 02/15/43

..................

660

795,480

2.88%, 05/15/43

-

11/15/46

...........

1,290

1,512,088

3.63%, 08/15/43

..................

660

856,144

3.75%, 11/15/43

..................

660

872,824

2.50%, 02/15/45

..................

154

169,358

2.75%, 11/15/47

..................

154

179,290

3.00%, 02/15/48

..................

784

956,909

2.25%, 08/15/49

..................

815

872,273

1.63%, 11/15/50

..................

85

79,193

U.S.

Treasury

Notes

1.50%, 01/31/22

-

02/15/30

...........

4,401

4,424,763

1.75%, 04/30/22

-

11/15/29

...........

2,995

3,018,034

2.13%, 12/31/22

-

05/15/25

...........

2,650

2,719,731

0.50%, 03/15/23

-

05/31/27

...........

873

854,838

0.25%, 04/15/23

..................

214

213,281

2.25%, 11/15/24

-

08/15/27

...........

1,627

1,702,196

2.00%, 02/15/25

..................

1,580

1,627,400

0.38%, 04/30/25

..................

367

358,857

0.63%, 03/31/27

..................

146

141,124

2.88%, 08/15/28

..................

380

415,001

3.13%, 11/15/28

..................

380

422,379

BlackRock

U.S.

Government

Bond

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.63%, 08/15/29

..................

USD

266

$

269,855

Total

U.S.

Treasury

Obligations

—

43.6%

(Cost:

$22,580,452)

...............................

23,346,904

Total

Long-Term

Investments

—

110.5%

(Cost:

$58,376,822)

...............................

59,212,679

Shares

Shares

Short-Term

Securities

—

24.1%

Money

Market

Funds

—

15.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

(f)(g)

..................

8,097,193

8,097,193

Total

Money

Market

Funds

—

15.1%

(Cost:

$8,097,193)

...............................

8,097,193

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

9.0%

Federal

Home

Loan

Bank

Discount

Notes,

0.13%, 06/17/22

(h)

................

4,800

4,795,826

Total

U.S.

Government

Sponsored

Agency

Securities

—

9.0%

(Cost:

$4,797,061)

...............................

4,795,826

Total

Short-Term

Securities

—

24.1%

(Cost:

$12,894,254)

...............................

12,893,019

Security

Par

(000)

Par

(000)

Value

Total

Options

Purchased

—

0.0%

(

Cost:

$12,409

)

.................................

$

8,150

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

134.6%

(Cost:

$71,283,485

)

...............................

72,113,848

Total

Options

Written

—

(0.3)%

(Premium

Received

—

$200,196)

.....................

(152,962)

TBA

Sale

Commitments

—

(10.1)%

(e)

Mortgage-Backed

Securities

—

(10.1)%

Government

National

Mortgage

Association

3.50%

,

 01/15/52

..................

USD

30

(31,237)

4.50%

,

 01/15/52

..................

527

(556,599)

Uniform

Mortgage-Backed

Securities

2.00%

,

 01/25/37

-

01/25/52

...........

1,754

(1,763,098)

2.50%

,

 01/25/37

-

02/25/52

...........

2,203

(2,248,690)

3.00%

,

 01/25/37

-

01/25/52

...........

411

(427,023)

3.50%

,

 01/25/37

-

01/25/52

...........

98

(103,156)

4.00%

,

 01/25/52

..................

237

(252,090)

5.00%

,

 01/25/52

..................

3

(3,269)

Total

TBA

Sale

Commitments

—

(10.1)%

(Proceeds:

$5,389,270)

............................

(5,385,162)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

124.2%

(Cost:

$65,694,019

)

...............................

66,575,724

Liabilities

in

Excess

of

Other

Assets

—

(24.2)%

............

(12,989,143)

Net

Assets

—

100.0%

...............................

$

53,586,581

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Represents

or

includes

a

TBA

transaction.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

Affiliate

of

the

Fund.

(h)

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

year

ended

December

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/21

Shares

Held

at

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

2,156,232

$

5,940,961

$

—

$

—

$

—

$

8,097,193

8,097,193

$

274

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

V.I.

Fund

10

Schedule

of

Investments

(continued)

December

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10

Year

Note

...................................................

14

03/22/22

$

1,825

$

(4,716)

U.S.

Treasury

2

Year

Note

....................................................

44

03/31/22

9,598

(10,150)

U.S.

Treasury

5

Year

Note

....................................................

18

03/31/22

2,176

(3,530)

(18,396)

Short

Contracts

Euro-

Buxl

...............................................................

1

03/08/22

235

10,702

U.S.

Treasury

10

Year

Ultra

Note

...............................................

4

03/22/22

584

2,867

U.S.

Treasury

Long

Bond

....................................................

6

03/22/22

960

(4,448)

9,121

$

(9,275)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

10,000

USD

7,239

Bank

of

America

NA

01/18/22

$

37

AUD

10,000

USD

7,150

Deutsche

Bank

AG

01/18/22

126

CLP

8,597,192

USD

10,000

Natwest

Markets

plc

01/18/22

72

MXN

208,167

USD

10,000

UBS

AG

01/18/22

143

ZAR

160,794

USD

10,000

Goldman

Sachs

International

01/18/22

70

AUD

187,115

USD

135,174

Goldman

Sachs

International

03/16/22

986

BRL

388,466

USD

67,000

Deutsche

Bank

AG

03/16/22

1,541

MXN

2,836,406

USD

133,291

HSBC

Bank

plc

03/16/22

3,517

ZAR

1,078,826

USD

66,646

Citibank

NA

03/16/22

381

6,873

RUB

742,772

USD

10,000

Goldman

Sachs

International

01/18/22

(128)

USD

14,259

AUD

20,000

Standard

Chartered

Bank

01/18/22

(293)

USD

11,305

EUR

10,000

State

Street

Bank

and

Trust

Co.

01/18/22

(83)

USD

20,000

MXN

419,303

Goldman

Sachs

International

01/18/22

(430)

USD

10,000

ZAR

160,850

HSBC

Bank

plc

01/18/22

(74)

RUB

9,973,670

USD

133,000

UBS

AG

03/16/22

(1,708)

USD

18,783

CAD

24,000

Royal

Bank

of

Canada

03/16/22

(187)

(2,903)

$

3,970

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

Instant

One-Touch

JPMorgan

Chase

Bank

NA

02/25/22

RUB

65.00

RUB

65.00

USD

3

$

11

USD

Currency

...............

One-Touch

HSBC

Bank

USA,

NA

03/10/22

CNH

6.70

CNH

6.70

USD

12

352

363

Put

USD

Currency

...............

One-Touch

JPMorgan

Chase

Bank

NA

02/25/22

RUB

67.00

RUB

67.00

USD

3

31

$

394

$

–

BlackRock

U.S.

Government

Bond

V.I.

Fund

Schedule

of

Investments

11

Schedule

of

Investments

(continued)

December

31,

2021

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

1.60%

Semi-Annual

1

day

SOFR

Annual

Barclays

Bank

plc

05/16/22

1.60

%

USD

1,000

$

7,756

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

10

Year

Note

......................

7

01/21/22

USD

131.00

USD

700

$

(2,406)

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)

1.75%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

02/28/22

1.75

%

USD

500

$

(9,972)

10-Year

Interest

Rate

Swap

(a)

1.75%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

03/02/22

1.75

USD

200

(4,049)

10-Year

Interest

Rate

Swap

(a)

1.84%

Semi-Annual

3

month

LIBOR

Quarterly

Barclays

Bank

plc

04/20/22

1.84

USD

1,200

(33,885)

10-Year

Interest

Rate

Swap

(a)

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

10/28/22

1.99

USD

1,200

(50,122)

(98,028)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Bank

of

America

NA

02/28/22

1.75

USD

500

(3,184)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Deutsche

Bank

AG

03/02/22

1.75

USD

200

(1,303)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.84%

Semi-Annual

Barclays

Bank

plc

04/20/22

1.84

USD

1,200

(10,566)

2-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.95%

Semi-Annual

Deutsche

Bank

AG

04/28/22

0.95

USD

2,600

(14,966)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

1.40%

Semi-Annual

Barclays

Bank

plc

05/16/22

1.40

USD

5,500

(3,748)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.99%

Semi-Annual

Deutsche

Bank

AG

10/28/22

1.99

USD

1,200

(18,761)

(52,528)

$

(150,556)

(a)

Forward

settling

swaption.

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)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

11/03/23

USD

1,385

$

2,844

$

—

$

2,844

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

04/07/24

USD

72

748

—

748

1.61%

Semi-Annual

3

month

LIBOR

Quarterly

10/01/29

USD

400

(4,247)

—

(4,247)

$

(655)

$

—

$

(655)

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

V.I.

Fund

12

Schedule

of

Investments

(continued)

December

31,

2021

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

month

USCPI

At

Termination

2.47%

At

Termination

04/26/31

USD

334

$

(23,299)

$

—

$

(23,299)

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

250

$

(12,395)

—

$

(12,395)

1

month

USCPI

At

Termination

2.89%

At

Termination

10/29/31

USD

117

$

452

—

$

452

1

month

USCPI

At

Termination

2.88%

At

Termination

11/01/31

USD

117

$

316

—

$

316

1

month

USCPI

At

Termination

2.76%

At

Termination

11/05/31

USD

122

$

(1,243)

—

$

(1,243)

1

month

USCPI

At

Termination

2.77%

At

Termination

11/05/31

USD

122

$

(1,209)

—

$

(1,209)

1

month

USCPI

At

Termination

2.80%

At

Termination

11/08/31

USD

51

$

(317)

—

$

(317)

1

month

USCPI

At

Termination

2.82%

At

Termination

11/10/31

USD

71

$

(240)

—

$

(240)

1

month

USCPI

At

Termination

2.89%

At

Termination

11/15/31

USD

61

$

280

—

$

280

1

month

USCPI

At

Termination

2.93%

At

Termination

11/15/31

USD

61

$

506

—

$

506

$

(37,149)

$

—

$

(37,149)

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)

5.64%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

11/22/23

COP

59,402

$

(26)

$

—

$

(26)

5.69%

Quarterly

1

day

IBR

Quarterly

JPMorgan

Chase

Bank

NA

11/23/23

COP

29,773

(20)

—

(20)

5.76%

Quarterly

1

day

IBR

Quarterly

JPMorgan

Chase

Bank

NA

11/24/23

COP

29,047

(28)

—

(28)

5.80%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

11/29/23

COP

59,671

(60)

—

(60)

5.65%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

12/09/23

COP

29,691

—

—

–

5.62%

Quarterly

1

day

IBR

Quarterly

Goldman

Sachs

International

12/13/23

COP

29,401

6

—

6

1

day

IBR

Quarterly

6.29%

Quarterly

Goldman

Sachs

International

11/22/26

COP

26,143

58

—

58

1

day

IBR

Quarterly

6.36%

Quarterly

JPMorgan

Chase

Bank

NA

11/23/26

COP

13,071

39

—

39

1

day

IBR

Quarterly

6.41%

Quarterly

JPMorgan

Chase

Bank

NA

11/24/26

COP

12,853

45

—

45

1

day

IBR

Quarterly

6.46%

Quarterly

Goldman

Sachs

International

11/29/26

COP

26,215

103

—

103

1

day

IBR

Quarterly

6.24%

Quarterly

Goldman

Sachs

International

12/09/26

COP

13,035

17

—

17

1

day

IBR

Quarterly

6.18%

Quarterly

Goldman

Sachs

International

12/13/26

COP

12,890

7

—

7

$

141

$

—

$

141

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

IBR

...........................................

Colombian

Reference

Banking

Indicator

2.91

%

1

day

SOFR

.........................................

Secured

Overnight

Financing

Rate

0.05

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

7.00

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.21

BlackRock

U.S.

Government

Bond

V.I.

Fund

Schedule

of

Investments

13

Schedule

of

Investments

(continued)

December

31,

2021

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)

...........................................

$

—

$

—

$

5,146

$

(42,950)

$

—

OTC

Swaps

.....................................................

—

—

275

(134)

—

Options

Written

...................................................

N/A

N/A

59,947

(12,713)

(152,962)

(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)

.....

$

—

$

—

$

—

$

—

$

13,569

$

—

$

13,569

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

6,873

—

—

6,873

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

—

394

7,756

—

8,150

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

3,592

1,554

5,146

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

—

—

275

—

275

$

—

$

—

$

—

$

7,267

$

25,192

$

1,554

$

34,013

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

22,844

—

22,844

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

2,903

—

—

2,903

Options

written

(b)

Options

written

at

value

.....................

—

—

—

—

152,962

—

152,962

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

4,247

38,703

42,950

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

—

—

134

—

134

$

—

$

—

$

—

$

2,903

$

180,187

$

38,703

$

221,793

(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.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

V.I.

Fund

14

Schedule

of

Investments

(continued)

December

31,

2021

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

For

the

period

ended

December

31,

2021,

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

.......................

$

—

$

—

$

—

$

—

$

(21,762)

$

—

$

(21,762)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(84,641)

—

—

(84,641)

Options

purchased

(a)

....................

—

—

—

(21,482)

242,743

—

221,261

Options

written

........................

—

—

—

17,537

31,601

—

49,138

Swaps

..............................

—

—

—

—

(57,865)

(70,044)

(127,909)

$

—

$

—

$

—

$

(88,586)

$

194,717

$

(70,044)

$

36,087

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

—

—

—

—

(31,889)

—

(31,889)

Forward

foreign

currency

exchange

contracts

....

—

—

—

23,184

—

—

23,184

Options

purchased

(b)

....................

—

—

—

(2,441)

(743)

—

(3,184

)

Options

written

........................

—

—

—

—

47,234

—

47,234

Swaps

..............................

—

—

—

—

65,953

(33,588)

32,365

$

—

$

—

$

—

$

20,743

$

80

,

555

$

(33,588)

$

67

,

710

(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

..................................................................................

$

14,732,185

Average

notional

value

of

contracts

—

short

.................................................................................

5,587,288

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

1,275,424

Average

amounts

sold

—

in

USD

........................................................................................

311,761

Options:

Average

value

of

option

contracts

purchased

................................................................................

72,429

Average

value

of

option

contracts

written

...................................................................................

1,201

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

1,403,000

Average

notional

value

of

swaption

contracts

written

...........................................................................

7,762,754

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

1,600,458

Average

notional

value

—

receives

fixed

rate

................................................................................

1,033,982

Inflation

swaps:

Average

notional

value

—

receives

fixed

rate

................................................................................

1,179,836

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

3,928

$

5,783

Forward

foreign

currency

exchange

contracts

.................................................................

6,873

2,903

Options

(a)(b)

........................................................................................

8,150

152,962

Swaps

—

Centrally

cleared

.............................................................................

4,147

—

Swaps

—

OTC

(c)

....................................................................................

275

134

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

23,373

$

161,782

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(8,075)

(8,189)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

15,298

$

153,593

(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.

BlackRock

U.S.

Government

Bond

V.I.

Fund

Schedule

of

Investments

15

Schedule

of

Investments

(continued)

December

31,

2021

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

..............................

$

37

$

(37)

$

—

$

—

$

—

Barclays

Bank

plc

................................

7,756

(7,756)

—

—

—

Citibank

NA

....................................

381

—

—

—

381

Deutsche

Bank

AG

...............................

1,667

(1,667)

—

—

—

Goldman

Sachs

International

........................

1,247

(644)

—

—

603

HSBC

Bank

plc

..................................

3,517

(74)

—

—

3,443

HSBC

Bank

USA,

NA

.............................

352

—

—

—

352

JPMorgan

Chase

Bank

NA

..........................

126

(48)

—

—

78

Natwest

Markets

plc

..............................

72

—

—

—

72

UBS

AG

......................................

143

(143)

—

—

—

$

15,298

$

(10,369)

$

—

$

—

$

4,929

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

(c)(d)

Bank

of

America

NA

..............................

$

13,156

$

(37)

$

—

$

—

$

13,119

Barclays

Bank

plc

................................

48,199

(7,756)

—

—

40,443

Deutsche

Bank

AG

...............................

89,201

(1,667)

—

—

87,534

Goldman

Sachs

International

........................

644

(644)

—

—

—

HSBC

Bank

plc

..................................

74

(74)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

48

(48)

—

—

—

Royal

Bank

of

Canada

.............................

187

—

—

—

187

Standard

Chartered

Bank

...........................

293

—

—

—

293

State

Street

Bank

and

Trust

Co.

......................

83

—

—

—

83

UBS

AG

......................................

1,708

(143)

—

—

1,565

$

153,593

$

(10,369)

$

—

$

—

$

143,224

(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)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

V.I.

Fund

16

Schedule

of

Investments

(continued)

December

31,

2021

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

...................................

$

—

$

1,194,796

$

—

$

1,194,796

Foreign

Government

Obligations

..............................

—

8,772

—

8,772

Non-Agency

Mortgage-Backed

Securities

........................

—

5,030,222

—

5,030,222

U.S.

Government

Sponsored

Agency

Securities

....................

—

29,631,976

9

29,631,985

U.S.

Treasury

Obligations

...................................

—

23,346,904

—

23,346,904

Short-Term

Securities

Money

Market

Funds

......................................

8,097,193

—

—

8,097,193

U.S.

Government

Sponsored

Agency

Securities

....................

—

4,795,826

—

4,795,826

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

394

—

394

Interest

rate

contracts

......................................

—

7,756

—

7,756

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(5,385,162)

—

(5,385,162)

$

8,097,193

$

58,631,484

$

9

$

66,728,686

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

............................

$

—

$

6,873

$

—

$

6,873

Interest

rate

contracts

.......................................

13,569

3,867

—

17,436

Other

contracts

...........................................

—

1,554

—

1,554

Liabilities

Foreign

currency

exchange

contracts

............................

—

(2,903)

—

(2,903)

Interest

rate

contracts

.......................................

(25,250)

(154,937)

—

(180,187)

Other

contracts

...........................................

—

(38,703)

—

(38,703)

$

(11,681)

$

(184,249)

$

—

$

(195,930)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Statement

of

Assets

and

Liabilities

December

31,

2021

17

Financial

Statements

BlackRock

U.S.

Government

Bond

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

64,016,655‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

8,097,193‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

51,000‌

Centrally

cleared

swaps

................................................................................................

86,941‌

Foreign

currency,

at

value

(c)

..............................................................................................

243,091‌

Receivables:

–‌

Investments

sold

....................................................................................................

9,493,225‌

TBA

sale

commitments

................................................................................................

5,389,270‌

Capital

shares

sold

...................................................................................................

124,901‌

Dividends

—

affiliated

.................................................................................................

37‌

Interest

—

unaffiliated

.................................................................................................

217,153‌

Variation

margin

on

futures

contracts

.......................................................................................

3,928‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

4,147‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

6,873‌

OTC

swaps

........................................................................................................

275‌

Prepaid

expenses

.....................................................................................................

1,307‌

Total

assets

.........................................................................................................

87,735,996‌

LIABILITIES

Options

written,

at

value

(d)

................................................................................................

152,962‌

TBA

sale

commitments,

at

value

(e)

..........................................................................................

5,385,162‌

Payables:

–‌

Investments

purchased

................................................................................................

28,451,183‌

Capital

shares

redeemed

...............................................................................................

3,902‌

Distribution

fees

.....................................................................................................

1,014‌

Income

dividend

distributions

............................................................................................

27,654‌

Investment

advisory

fees

..............................................................................................

10,686‌

Directors'

and

Officer's

fees

.............................................................................................

2,246‌

Other

affiliate

fees

...................................................................................................

213‌

Variation

margin

on

futures

contracts

.......................................................................................

5,783‌

Other

accrued

expenses

...............................................................................................

105,573‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

2,903‌

OTC

swaps

........................................................................................................

134‌

Total

liabilities

........................................................................................................

34,149,415‌

NET

ASSETS

........................................................................................................

$

53,586,581‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

55,751,823‌

Accumulated

loss

.....................................................................................................

(2,165,242‌)

NET

ASSETS

........................................................................................................

$

53,586,581‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

63,186,292‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

8,097,193‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

232,752‌

(d)

  Premiums

received

..................................................................................................

$

200,196‌

(e)

  Proceeds

from

TBA

sale

commitments

.....................................................................................

$

5,389,270‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2021

2021

BlackRock

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

........................................................................................................

$

48,507,240‌

Shares

outstanding

.................................................................................................

4,619,912‌

Net

asset

value

....................................................................................................

$

10.50‌

Shares

authorized

..................................................................................................

300

million

Par

value

........................................................................................................

$

0.10‌

Class

III

Net

assets

........................................................................................................

$

5,079,341‌

Shares

outstanding

.................................................................................................

483,938‌

Net

asset

value

....................................................................................................

$

10.50‌

Shares

authorized

..................................................................................................

100

million

Par

value

........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2021

19

Financial

Statements

See

notes

to

financial

statements.

BlackRock

U.S.

Government

Bond

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

274‌

Interest

—

unaffiliated

................................................................................................

678,784‌

Foreign

taxes

withheld

................................................................................................

(148‌)

Total

investment

income

.................................................................................................

678,910‌

EXPENSES

Investment

advisory

..................................................................................................

284,229‌

Transfer

agent

—

class

specific

..........................................................................................

111,625‌

Professional

.......................................................................................................

71,072‌

Accounting

services

..................................................................................................

66,150‌

Custodian

.........................................................................................................

17,337‌

Distribution

—

class

specific

............................................................................................

13,309‌

Transfer

agent

......................................................................................................

4,992‌

Miscellaneous

......................................................................................................

22,179‌

Total

expenses

excluding

interest

expense

.....................................................................................

590,893‌

Interest

expense

......................................................................................................

1,053‌

Total

expenses

.......................................................................................................

591,946‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(148,829‌)

Transfer

agent

fees

reimbursed

—

class

specific

...............................................................................

(108,431‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

334,686‌

Net

investment

income

..................................................................................................

344,224‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(1,353,463‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

158,441‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(84,641‌)

Foreign

currency

transactions

.........................................................................................

1,465‌

Futures

contracts

..................................................................................................

(21,762‌)

Options

written

...................................................................................................

49,138‌

Short

sales

—

unaffiliated

............................................................................................

1,658‌

Swaps

.........................................................................................................

(127,909‌)

A

(23,610‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(1,400,207‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

23,184‌

Foreign

currency

translations

..........................................................................................

(540‌)

Futures

contracts

..................................................................................................

(31,889‌)

Options

written

...................................................................................................

47,234‌

Swaps

.........................................................................................................

32,365‌

A

(1,329,853‌)

Net

realized

and

unrealized

loss

............................................................................................

(1,353,463‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(1,009,239‌)

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Annual

Report

to

Shareholders

20

See

notes

to

financial

statements.

BlackRock

U.S.

Government

Bond

V.I.

Fund

Year

Ended

December

31,

2021

2020

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

344,224‌

$

962,550‌

Net

realized

gain

(loss)

..............................................................................

(23,610‌)

1,833,792‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(1,329,853‌)

1,337,365‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

(1,009,239‌)

4,133,707‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(580,924‌)

(1,011,925‌)

  Class

III

.......................................................................................

(44,621‌)

(133,418‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(625,545‌)

(1,145,343‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(6,892,429‌)

2,562,829‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(8,527,213‌)

5,551,193‌

Beginning

of

year

....................................................................................

62,113,794‌

56,562,601‌

End

of

year

........................................................................................

$

53,586,581‌

$

62,113,794‌

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

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

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

10.79‌

$

10.32‌

$

9.93‌

$

10.12‌

$

10.18‌

Net

investment

income

(a)

.....................................

0.07‌

0.16‌

0.23‌

0.21‌

0.16‌

Net

realized

and

unrealized

gain

(loss)

............................

(0.24‌)

0.50‌

0.40‌

(0.18‌)

(0.01‌)

Net

increase

(decrease)

from

investment

operations

....................

(0.17‌)

0.66‌

0.63‌

0.03‌

0.15‌

Distributions

from

net

investment

income

(b)

........................

(0.12‌)

(0.19‌)

(0.24‌)

(0.22‌)

(0.21‌)

Net

asset

value,

end

of

year

...................................

$

10.50‌

$

10.79‌

$

10.32‌

$

9.93‌

$

10.12‌

Total

Return

(c)

(1.59)%

6.46%

6.36%

0.29%

1.52%

Based

on

net

asset

value

......................................

(1.59)%

6.46%

6.36%

0.29%

1.52%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.02%

1.09%

1.70%

1.85%

1.31%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.56%

0.63%

1.31%

1.27%

1.01%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

0.56%

0.54%

0.74%

0.82%

0.87%

Net

investment

income

.......................................

0.63%

1.54%

2.22%

2.10%

1.58%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

48,507‌

$

55,191‌

$

53,865‌

$

54,820‌

$

65,100‌

Portfolio

turnover

rate

(e)

.......................................

706%

672%

699%

737%

1,052%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

............................

373%

415%

445%

435%

681%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

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

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

year

..............................

$

10.78‌

$

10.32‌

$

9.92‌

$

10.11‌

$

10.18‌

Net

investment

income

(a)

.....................................

0.04‌

0.13‌

0.19‌

0.18‌

0.13‌

Net

realized

and

unrealized

gain

(loss)

............................

(0.23‌)

0.49‌

0.42‌

(0.18‌)

(0.02‌)

Net

increase

(decrease)

from

investment

operations

....................

(0.19‌)

0.62‌

0.61‌

0.00‌

0.11‌

Distributions

from

net

investment

income

(b)

........................

(0.09‌)

(0.16‌)

(0.21‌)

(0.19‌)

(0.18‌)

Net

asset

value,

end

of

year

...................................

$

10.50‌

$

10.78‌

$

10.32‌

$

9.92‌

$

10.11‌

Total

Return

(c)

(1.81)%

6.03%

6.14%

(0.01)%

1.10%

Based

on

net

asset

value

......................................

(1.81)%

6.03%

6.14%

(0.01)%

1.10%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

.............................................

1.22%

1.28%

1.89%

2.03%

1.45%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.87%

0.92%

1.61%

1.57%

1.30%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

0.87%

0.84%

1.03%

1.13%

1.17%

Net

investment

income

.......................................

0.34%

1.19%

1.86%

1.86%

1.30%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

5,079‌

$

6,923‌

$

2,698‌

$

3,305‌

$

1,785‌

Portfolio

turnover

rate

(e)

.......................................

706%

672%

699%

737%

1,052%

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(excluding

MDRs)

............................

373%

415%

445%

435%

681%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

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.

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

December

31,

2021

,

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)

or

certain

borrowings

(e.g.,

reverse

repurchase

transactions)

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

or

borrowings.

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.  

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

24

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: 

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.

Notes

to

Financial

Statements

(continued)

25

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. 

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

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

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

26

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. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

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.

Stripped

mortgage-backed

securities

may

be

privately

issued.

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.

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third-party

broker

dealers

in

which

a

fund

sells

securities

to

a

bank

or

broker-dealer

and

agrees

to

repurchase

the

same

securities

at

a

mutually

agreed

upon

date

and

price.

A

fund

receives

cash

from

the

sale

to

use

for

other

investment

purposes.

During

the

term

of

the

reverse

repurchase

agreement,

a

fund

continues

to

receive

the

principal

and

interest

payments

on

the

securities

sold.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Interest

on

the

value

of

the

reverse

repurchase

agreements

issued

and

outstanding

is

based

upon

competitive

market

rates

determined

at

the

time

of

issuance.

A

fund

may

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

If

a

fund

suffers

a

loss

on

its

investment

of

the

transaction

proceeds

from

a

reverse

repurchase

agreement,

a

fund

would

still

be

required

to

pay

the

full

repurchase

price.

Further,

a

fund

remains

subject

to

the

risk

that

the

market

value

of

the

securities

repurchased

declines

below

the

repurchase

price.

In

such

cases,

a

fund

would

be

required

to

return

a

portion

of

the

cash

received

from

the

transaction

or

provide

additional

securities

to

the

counterparty. 

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Statement

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Statement

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

year

ended

December

31,

2021,

the

average

daily

amount

of

reverse

repurchase

agreements

outstanding

and

the

weighted

average

interest

rate

for

the

Fund

were

$1,314,833

and

0.07%,

respectively.

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

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

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. 

Interest

rate

caps

and

floors

—

Interest

rate

caps

and

floors

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

(interest

rate

risk

and/or

other

risk).

Caps

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

exceed

a

specified

rate,

or

“cap.”

Floors

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

fall

below

a

specified

rate,

or

“floor.”

The

maximum

potential

amount

of

future

payments

that

the

Fund

would

be

required

to

make

under

an

interest

rate

cap

would

be

the

notional

amount

times

the

percentage

increase

in

interest

rates

determined

by

the

difference

between

the

interest

rate

index

current

value

and

the

value

at

the

time

the

cap

was

entered

into.

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.

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

28

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,

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

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.

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.

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

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

Notes

to

Financial

Statements

(continued)

29

Notes

to

Financial

Statements

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:

T

he

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:

For

the year

ended

December

31,

2021,

the

Fund

reimbursed

the

Manager $360

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statement

of

Operations.

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 year

ended

December

31,

2021,

the

class

specific

distribution

fees

borne

directly

by

Class

III

were

$13,309.

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

year

ended

December

31,

2021,

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

year ended

December

31,

2021,

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

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

year

ended

December

31,

2021,

the

amount

waived

was

$147,800.

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

year

ended

December

31,

2021,

the

amount

waived

was

$1,029.

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’

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

..........................................................................................................

$

103,70

3‌

Class

III

.........................................................................................................

7,92

2‌

$

111,625‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

30

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

year

ended

December

31,

2021,

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

–

class

specific

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2021,

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

year

ended

December

31,

2021,

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

year

ended

December

31,

2021,

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

year ended

December

31,

2021,

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

year ended

December

31,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

mortgage

dollar

rolls and

excluding

short-term

investments,

were

as

follows:

RULE-ABOVE

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

..........................................................................................................

$

103,703‌

Class

III

.........................................................................................................

4,728‌

$

108,431‌

Class

I

.............................................................................................................

1.25‌%

Class

III

............................................................................................................

1.50‌

Purchases

...............................................................................................................

$

—‌

Sales

...................................................................................................................

59,468‌

Net

Realized

Loss

..........................................................................................................

(5,191‌)

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

U.S.

Government

Bond

V.I

..............................................

$

24,116,336‌

$

28,539,728‌

$

423,805,475‌

$

422,768,282‌

Notes

to

Financial

Statements

(continued)

31

Notes

to

Financial

Statements

For

the

year ended

December

31,

2021,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

$211,214,846

and

$211,476,552,

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

fiscal

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

December

31,

2021,

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.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2021,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

As

of

December

31,

2021, 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,

$2.25

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)

one-month

London

Interbank

Offered

Rate

("LIBOR")

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2022

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

year ended

December

31,

2021,

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

Fund

Name

Year

Ended

12/31/21

Year

Ended

12/31/20

BlackRock

U.S.

Government

Bond

V.I.

Fund

Ordinary

income

............................................................................................

$

625,545‌

$

1,145,343‌

Fund

Name

Undistributed

Ordinary

Income

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

BlackRock

U.S.

Government

Bond

V.I.

Fund

.........................................

$

234,916‌

$

(3,228,744‌)

$

828,586‌

$

(2,165,242‌)

(a)

Subject

to

limitation,

amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures,

options

and

foreign

currency

contracts,

amortization

methods

for

premiums

and

discounts

on

fixed

income

securities

and

the

accounting

for

swap

agreements.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

U.S.

Government

Bond

V.I.

Fund

...............................

$

71,298,511‌

$

1,409

,846‌

$

(591,616‌)

$

818

,230‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

32

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.

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

will

cease

to

be

published

or

no

longer

will

be

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

(continued)

33

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.

Year

Ended

12/31/21

Year

Ended

12/31/20

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

U.S.

Government

Bond

V.I.

Fund

Class

I

Shares

sold

.............................................

360,686‌

$

3,821,135‌

677,367‌

$

7,262,948‌

Shares

issued

in

reinvestment

of

distributions

........................

57,610‌

611,049‌

97,090‌

1,041,697‌

Shares

redeemed

.........................................

(914,738‌)

(9,677,139‌)

(875,669‌)

(9,410,157‌)

(496,442‌)

$

(5,244,955‌)

(101,212‌)

$

(1,105,512‌)

Class

III

Shares

sold

.............................................

680,230‌

$

7,227,585‌

2,446,165‌

$

25,979,537‌

Shares

issued

in

reinvestment

of

distributions

........................

4,581‌

48,594‌

12,220‌

131,707‌

Shares

redeemed

.........................................

(842,934‌)

(8,923,653‌)

(2,077,768‌)

(22,442,903‌)

(158,123‌)

$

(1,647,474‌)

380,617‌

$

3,668,341‌

(654,565‌)

$

(6,892,429‌)

279,405‌

$

2,562,829‌

Report

of

Independent

Registered

Public

Accounting

Firm

2021

BlackRock

Annual

Report

to

Shareholders

34

To

the

Shareholders

of

BlackRock

U.S.

Government

Bond

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds

II,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

U.S.

Government

Bond

V.I.

Fund

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2021,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2021,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2021,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

15,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

35

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

COP

Colombian

Peso

EUR

Euro

MXN

Mexican

Peso

RUB

New

Russian

Ruble

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

CSMC

Credit

Suisse

Mortgage

Capital

IBR

Colombian

Reference

Banking

Indicator

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

Statement

Regarding

Liquidity

Risk

Management

Program

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Variable

Series

Funds,

Inc.

(“Variable

Series

Funds”)

and

BlackRock

Variable

Series

Funds

II,

Inc.

(“Variable

Series

Funds

II”

and

together

with

Variable

Series

Funds,

the

"Companies"

and

each,

a

"Company")

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

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

High

Yield

V.I.

Fund,

BlackRock

International

Index

V.I.

Fund,

BlackRock

International

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,

BlackRock

Small

Cap

Index

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund

(the

"Funds"),

each

a

series

of

Variable

Series

Funds

or

Variable

Series

Funds

II,

as

applicable,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Directors

(the

“Board”)

of

Variable

Series

Funds,

on

behalf

of

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

International

Index

V.I.

Fund,

BlackRock

International

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,

met

on

November

9-10,

2021

and

the

Board

(together

with

the

Board,

the

"Boards")

of

Variable

Series

Funds

II,

on

behalf

of

BlackRock

High

Yield

V.I.

Fund,

BlackRock

Total

Return

V.I.

Fund

and

BlackRock

U.S.

Government

Bond

V.I.

Fund,

met

on

November

18-19,

2021

(the

“Meetings”)

to

review

the

Program.

The

Boards

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meetings,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Boards

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2020

through

September

30,

2021

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

each

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

methodology.

The

Report

provided

to

the

Boards

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Director

and

Officer

Information

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Variable

Series

Funds,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Mark

Stalnecker

1951

Chair

of

the

Board

and

Director

(Since

2019)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

30

RICs

consisting

of

159

Portfolios

None

Bruce

R.

Bond

1946

Director

(Since

2007)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

of

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

to

2005;

Board

Member

of

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

to

2007.

30

RICs

consisting

of

159

Portfolios

None

Susan

J.

Carter

1956

Director

(Since

2019)

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

since

1997;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019;

Advisor

to

Finance

Committee,

Altman

Foundation

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Collette

Chilton

1958

Director

(Since

2019)

Chief

Investment

Officer,

Williams

College

since

2006;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006;

Director,

Boys

and

Girls

Club

of

Boston

since

2017;

Director,

B1

Capital

since

2018;

Director,

David

and

Lucile

Packard

Foundation

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Neil

A.

Cotty

1954

Director

(Since

2019)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

30

RICs

consisting

of

159

Portfolios

None

Lena

G.

Goldberg

1949

Director

(Since

2016)

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

Senior

Lecturer,

Harvard

Business

School,

from

2008

to

2021;

FMR

LLC/Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

30

RICs

consisting

of

159

Portfolios

None

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Henry

R.

Keizer

1956

Director

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

to

2016;

Director,

American

Institute

of

Certified

Public

Accountants

from

2009

to

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

to

2005

and

2010

to

2012;

Director,

KPMG

International

in

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

to

2012

and

U.S.

Vice

Chairman

of

Audit

thereof

from

2005

to

2010;

Global

Head

of

Audit,

KPMGI

(consortium

of

KPMG

firms)

from

2006

to

2010;

Director,

YMCA

of

Greater

New

York

from

2006

to

2010.

30

RICs

consisting

of

159

Portfolios

Hertz

Global

Holdings

(car

rental);

Sealed

Air

Corp.

(packaging);

GrafTech

International

Ltd.

(materials

manufacturing);

Montpelier

Re

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

to

2015;

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020

Cynthia

A.

Montgomery

1952

Director

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

30

RICs

consisting

of

159

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

from

1995

to

2016

Donald

C.

Opatrny

1952

Director

(Since

2015)

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

from

2004

to

2019;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

to

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2017;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

of

Investment

Committee

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Joseph

P.

Platt

1947

Director

(Since

2019)

General

Partner,

Thorn

Partners,

LP

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

30

RICs

consisting

of

159

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

Kenneth

L.

Urish

1951

Director

(Since

2019)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

founding

in

2001;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-Tel

from

2006

to

2007;

Member,

Advisory

Board,

ESG

Competent

Boards

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Claire

A.

Walton

1957

Director

(Since

2019)

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.

30

RICs

consisting

of

159

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

Interested

Directors

(a)(d)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

"interested

persons,"

as

defined

in

the

1940

Act,

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

In

addition,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Director

joined

the

Board,

certain

Independent

Directors

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Bruce

R.

Bond,

2005;

Susan

J.

Carter,

2016;

Collette

Chilton,

2015;

Neil

A.

Cotty,

2016;

Cynthia

A.

Montgomery,

1994;

Joseph

P.

Platt,

1999;

Mark

Stalnecker,

2015;

Kenneth

L.

Urish,

1999;

Claire

A.

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

103

RICs

consisting

of

261

Portfolios

None

John

M.

Perlowski

(e)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

105

RICs

consisting

of

263

Portfolios

None

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company's

Directors

and

Officers

is

available

in

the

Company's

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

December

31,

2021,

Bruce

R.

Bond

retired

as

a

Director

of

the

Company.

Director

and

Officer

Information

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Variable

Series

Funds

II,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Richard

E.

Cavanagh

1946

Co-Chair

of

the

Board

and

Director

(Since

2019)

Director,

The

Guardian

Life

Insurance

Company

of

America

since

1998;

Board

Chair,

Volunteers

of

America

(a

not-for-profit

organization)

from

2015

to

2018

(board

member

since

2009);

Director,

Arch

Chemicals

(chemical

and

allied

products)

from

1999

to

2011;

Trustee,

Educational

Testing

Service

from

1997

to

2009

and

Chairman

thereof

from

2005

to

2009;

Senior

Advisor,

The

Fremont

Group

since

2008

and

Director

thereof

since

1996;

Faculty

Member/Adjunct

Lecturer,

Harvard

University

since

2007

and

Executive

Dean

from

1987

to

1995;

President

and

Chief

Executive

Officer,

The

Conference

Board,

Inc.

(global

business

research

organization)

from

1995

to

2007.

73

RICs

consisting

of

102

Portfolios

None

Karen

P.

Robards

1950

Co-Chair

of

the

Board

and

Director

(Since

2019)

Principal

of

Robards

&

Company,

LLC

(consulting

and

private

investing)

since

1987;

Co-founder

and

Director

of

the

Cooke

Center

for

Learning

and

Development

(a

not-for-profit

organization)

since

1987;

Director

of

Enable

Injections,

LLC

(medical

devices)

since

2019;

Investment

Banker

at

Morgan

Stanley

from

1976

to

1987.

73

RICs

consisting

of

102

Portfolios

Greenhill

&

Co.,

Inc.;

AtriCure,

Inc.

(medical

devices)

from

2000

until

2017

Michael

J.

Castellano

1946

Director

(Since

2019)

Chief

Financial

Officer

of

Lazard

Group

LLC

from

2001

to

2011;

Chief

Financial

Officer

of

Lazard

Ltd

from

2004

to

2011;

Director,

Support

Our

Aging

Religious

(non-profit)

from

2009

to

June

2015

and

from

2017

to

September

2020;

Director,

National

Advisory

Board

of

Church

Management

at

Villanova

University

since

2010;

Trustee,

Domestic

Church

Media

Foundation

since

2012;

Director,

CircleBlack

Inc.

(financial

technology

company)

from

2015

to

July

2020.

73

RICs

consisting

of

102

Portfolios

None

Cynthia

L.

Egan

1955

Director

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

73

RICs

consisting

of

102

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair)

(insurance);

Huntsman

Corporation

(chemical

products);

Envestnet

(investment

platform)

from

2013

until

2016

Frank

J.

Fabozzi

(d)

1948

Director

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

since

2011;

Visiting

Professor,

Princeton

University

for

the

2013

to

2014

academic

year

and

Spring

2017

semester;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Board

Member,

BlackRock

Equity-Liquidity

Funds

from

2014

to

2016;

affiliated

professor

Karlsruhe

Institute

of

Technology

from

2008

to

2011;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year;

Adjunct

Professor

of

Finance,

Carnegie

Mellon

University

in

fall

2020

semester.

75

RICs

consisting

of

104

Portfolios

None

Lorenzo

A.

Flores

1964

Director

(Since

2021)

Vice

Chairman,

Kioxia,

Inc.

since

2019;

Chief

Financial

Officer,

Xilinx,

Inc.

from

2016

to

2019;

Corporate

Controller,

Xilinx,

Inc.

from

2008

to

2016.

73

RICs

consisting

of

102

Portfolios

None

Stayce

D.

Harris

1959

Director

(Since

2021)

Lieutenant

General,

Inspector

General,

Office

of

the

Secretary

of

the

United

States

Air

Force

from

2017

to

2019;

Lieutenant

General,

Assistant

Vice

Chief

of

Staff

and

Director,

Air

Staff,

United

States

Air

Force

from

2016

to

2017;

Major

General,

Commander,

22nd

Air

Force,

AFRC,

Dobbins

Air

Reserve

Base,

Georgia

from

2014

to

2016;

Pilot,

United

Airlines

from

1990

to

2020.

73

RICs

consisting

of

102

Portfolios

The

Boeing

Company

since

2021

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Interested

Directors

(a)(e)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company's

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company's

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Directors

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Richard

E.

Cavanagh,

1994;

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

W.

Carl

Kester,

1995;

and

Karen

P.

Robards,

1998.

Certain

other

Independent

Directors

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Michael

J.

Castellano,

2011;

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Dr.

Kester,

Ms.

Lynch

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

J.

Phillip

Holloman

1955

Director

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

73

RICs

consisting

of

102

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation)

R.

Glenn

Hubbard

1958

Director

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

73

RICs

consisting

of

102

Portfolios

ADP

(data

and

information

services)

2004-2020;

Metropolitan

Life

Insurance

Company

(insurance);

KKR

Financial

Corporation

(finance)

from

2004

until

2014

W.

Carl

Kester

(d)

1951

Director

(Since

2019)

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

since

2008;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

75

RICs

consisting

of

104

Portfolios

None

Catherine

A.

Lynch

(d)

1961

Director

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

75

RICs

consisting

of

104

Portfolios

None

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

103

RICs

consisting

of

261

Portfolios

None

John

M.

Perlowski

(d)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

105

RICs

consisting

of

263

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company’s

Directors

and

Officers

is

available

in

the

Company’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

June

10,

2021,

Stayce

D.

Harris

and

J.

Phillip

Holloman

were

each

appointed

to

serve

as

a

Director

of

the

Company.

Effective

July

30,

2021,

Lorenzo

A.

Flores

was

appointed

to

serve

as

a

Director

of

the

Company.

Effective

December

31,

2021,

Richard

E.

Cavanagh

and

Michael

J.

Castellano

retired

as

Directors

of

the

Company.

Additional

Information

Additional

Information

Proxy

Results

At

a

Special

Meeting

of

Shareholders

of

BlackRock

Total

Return

V.I.

Fund,

a

series

of

BlackRock

Variable

Series

Funds

II,

Inc.,

held

on

October

26,

2021,

Fund

shareholders

were

asked

to

vote

on

the

following

proposals:

Proposal

1.

To

approve

the

amendment

or

elimination,

as

applicable,

of

certain

of

the

Fund’s

fundamental

investment

restrictions

and

an

amendment

to

the

Corporation’s

bylaws

to

reflect

the

amendment

of

such

fundamental

investment

restrictions

with

respect

to

the

Fund.

Proposal

1a.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Concentration.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1b.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Borrowing.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1c.

To

approve

the

amendment

of

the

fundamental

investment

restriction

regarding

the

issuance

of

senior

securities

and

an

amendment

to

the

Corporation’s

bylaws

to

reflect

the

amendment

of

such

fundamental

investment

restriction

with

respect

to

the

Fund.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1d.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

investing

in

real

estate.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1e.

To

approve

the

amendment

of

the

fundamental

investment

restriction

regarding

underwriting

and

an

amendment

to

the

Corporation’s

bylaws

to

reflect

the

amendment

of

such

fundamental

investment

restriction

with

respect

to

the

Fund.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1f.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Investing

in

Commodities.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

1g.

To

Approve

the

Amendment

of

the

Fundamental

Investment

Restriction

Regarding

Lending.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

For

Against

Abstain

60,190,341

4,212,385

5,745,825

For

Against

Abstain

59,931,623

4,278,207

5,938,721

For

Against

Abstain

59,690,626

4,132,370

6,325,555

For

Against

Abstain

58,946,817

5,379,701

5,822,033

For

Against

Abstain

59,048,773

3,934,363

7,165,414

For

Against

Abstain

59,279,625

4,851,336

6,017,590

For

Against

Abstain

58,319,917

5,688,078

6,140,556

Additional

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

Proposal

1h.

To

Approve

the

Elimination

of

the

Fundamental

Investment

Restriction

Regarding

Investing

for

the

Purpose

of

Exercising

Control

or

Management.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

Proposal

2.

To

approve

an

amendment

to

the

Corporation’s

bylaws

to

remove

fundamental

policies

and

all

references

thereto

with

respect

to

the

Fund.

With

respect

to

this

Proposal,

the

shares

of

the

Fund

were

voted

as

follows:

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

reports

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.

For

Against

Abstain

58,425,396

5,590,092

6,133,063

For

Against

Abstain

59,255,851

5,136,019

5,756,681

Additional

Information

(continued)

Additional

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.

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.

Additional

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

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-12/21-AR

Item 2 – Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi

Lorenzo A. Flores
Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions.  Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987.  Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results.  Ms. Robards has over 30 years of experience analyzing financial statements.  She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock High Yield V.I. Fund	$38,784	$39,984	$210	$0	$13,600	$13,600	$0	$0
BlackRock Total Return V.I. Fund	$49,389	$50,898	$210	$0	$14,900	$14,900	$0	$0
BlackRock U.S. Government Bond V.I. Fund	$37,168	$38,352	$210	$0	$14,900	$14,900	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,032,000	$1,984,000

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Non-audit fees of $2,032,000 and $1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock High Yield V.I. Fund	$13,810	$13,600
BlackRock Total Return V.I. Fund	$15,110	$14,900
BlackRock U.S. Government Bond V.I. Fund	$15,110	$14,900

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,032,000	$1,984,000

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 – See Item 2

              (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: February 25, 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: February 25, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds II, Inc.  

Date: February 25, 2022